Company: FWDI
Filing Date: 2025-02-13
Form Type: 10-Q
Source: 0001683168-25-000993
Chunk: 16

Company: Forward Industries, Inc.
Filing Date: 2025-02-13
Form: 10-Q
Item: Item 1
Chunk 16
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 Gross carrying amount 
    $585,000  
    $1,390,000  
    $1,975,000  
    $585,000  
    $1,390,000  
    $1,975,000 
  
    Less accumulated amortization 
     (252,000) 
     (1,096,000) 
     (1,348,000) 
     (242,000) 
     (1,053,000) 
     (1,295,000)
  
    Net carrying amount 
    $333,000  
    $294,000  
    $627,000  
    $343,000  
    $337,000  
    $680,000 

     12 

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

The Company’s intangible
assets resulted from the acquisitions of Kablooe and IPS in Fiscal 2020 and Fiscal 2018, respectively, and relate to the design segment
of our business. Intangible assets are amortized over their expected useful lives of 15 years for the trademarks and eight years for the
customer relationships. Amortization expense related to intangible assets was $53,000 for the three months ended December 31, 2024 and
2023, which is included in general and administrative expenses on the condensed consolidated statements of operations.

At December 31, 2024, estimated
amortization expense for the Company’s intangible assets is as follows:

    Schedule of estimated amortization expense 

    Remainder of Fiscal 2025 
    $160,000 
  
    Fiscal 2026 
     121,000 
  
    Fiscal 2027 
     82,000 
  
    Fiscal 2028 
     78,000 
  
    Fiscal 2029 
     39,000 
  
    Fiscal 2030 
     39,000 
  
    Thereafter 
     108,000 
  
    Total 
    $627,000 

Goodwill

Goodwill
represents the future economic benefits of assets acquired in a business combination that are not individually identified or separately
recognized. The Company’s goodwill resulted from the acquisitions of Kablooe and IPS in Fiscal 2020 and Fiscal 2018, respectively.
The goodwill associated with