Company: FWDI
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001683168-25-006141
Chunk: 9

Company: Forward Industries, Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Item 1
Chunk 9
---
,144  
     (500,000)

    Net decrease in cash 
     (1,513,963) 
     (497,513)
  
    Cash at beginning of period 
     2,777,125  
     2,822,509 
  
    Cash at end of period 
    $1,263,162  
    $2,324,996 

    Supplemental Disclosures of Cash Flow Information: 

    Cash paid for interest 
    $35,901  
    $35,981 
  
    Cash paid for taxes 
    $15,950  
    $4,498 

    Supplemental Disclosures of Non-Cash Information: 

    Operating lease assets obtained in exchange for operating lease liabilities 
    $157,424  
    $– 
  
    Conversion of accounts payable to convertible preferred stock 
    $2,725,000  
    $– 
  
    Fair value of commitment shares issued for equity line of credit 
    $175,000  
    $– 

The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.

 6 

FORWARD INDUSTRIES, INC. AND
SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

  NOTE 1
  OVERVIEW

Business

Forward Industries, Inc.
(“Forward”, “we”, “our” or the “Company”) is a global design company serving top tier
medical and technology customers. The Company provides hardware and software product design and
engineering services to customers predominantly located in the U.S.

Reverse Stock Split

The Company’s shareholders
authorized, and the Board of Directors approved, a 1-for-10 reverse stock split, which became effective on June 18, 2024. Any fractional
shares that would have otherwise resulted from the reverse stock split were rounded up to the nearest whole share. Accordingly, all references
made to shares, per share, or common share amounts in the accompanying condensed consolidated financial statements and applicable disclosures
have been retroactively adjusted to reflect the reverse stock split. The reverse stock split did not change the par value of the common
stock nor the authorized number of shares of common stock or any series of preferred stock.

Discontinued Operations

In July 2023, the Company
decided to cease operations of its retail distribution segment (“Retail Exit”) and is presenting the results of operations