Company: FWDI
Filing Date: 2025-12-11
Form Type: 10-K
Source: 0001683168-25-009068
Chunk: 76

Company: Forward Industries, Inc.
Filing Date: 2025-12-11
Form: 10-K
Item: Item 1
Chunk 76
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371,596 

    Other liabilities: 

    Operating lease liability, less current portion 
     2,094,079  
     2,429,726 
  
    Total liabilities 
     4,817,622  
     11,801,322 

    Commitments and contingencies  (Note 12) 
     –  
     – 

    Shareholders' equity: 

    Series A-1 Convertible Preferred Stock, par value $0.01 per share; stated value of $1,000 per share; 6,700 shares authorized, 0 and 2,200 shares issued and outstanding at September 30, 2025 and 2024, respectively 
     –  
     2,200,000 
  
    Series B Convertible Preferred Stock, par value $0.01 per share; stated value of $1 per share; 1,000,000 shares authorized, 0 shares issued and outstanding at September 30, 2025 and 2024 
     –  
     – 
  
    Common stock, 300,000,000 shares authorized; par value $0.01 per share; 86,145,514 and 1,101,069 shares issued and outstanding at September 30, 2025 and 2024, respectively 
     861,455  
     11,011 
  
    Additional paid-in capital 
     1,655,874,892  
     20,393,163 
  
    Accumulated deficit 
     (186,611,480) 
     (19,637,140)
  
    Total shareholders' equity 
     1,470,124,867  
     2,967,034 

    Total liabilities and shareholders' equity 
    $1,474,942,489  
    $14,768,356 

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

 F-5 

FORWARD INDUSTRIES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

    For the Fiscal Years Ended September 30, 

    2025  
    2024 

    Revenues, net 
    $18,187,525  
    $19,990,833 
  
    Cost of sales 
     12,996,281  
     14,