Company: FWDI
Filing Date: 2025-02-13
Form Type: 10-Q
Source: 0001683168-25-000993
Chunk: 19

Company: Forward Industries, Inc.
Filing Date: 2025-02-13
Form: 10-Q
Item: Item 1
Chunk 19
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614,000 
  
    Design 
     5,346,000  
     5,820,000 
  
    Total segment assets 
     7,576,000  
     8,434,000 
  
    General corporate assets 
     5,916,000  
     6,334,000 
  
    Total assets 
    $13,492,000  
    $14,768,000 

The Company had certain customers
whose individual percentage of the Company’s consolidated revenues and accounts receivable was 10% or greater. Revenues from one
customer in the design segment represented 22.6% and 27.5% of the Company’s consolidated net revenues for the three months ended
December 31, 2024 and 2023, respectively. There were no customers in the OEM distribution segment whose individual percentage of the Company’s
consolidated revenues was 10% or greater during the three months ended December 31, 2024 or 2023.

Accounts receivable from
three customers in the design segment represented 40.2% of the Company’s consolidated accounts receivable at December 31, 2024 and
accounts receivable from one customer in the design segment represented 19.0% of the Company’s consolidated accounts receivable
at September 30, 2024. One customer in the OEM segment, or its affiliates or contract manufacturers, represented 11.4% and 14.5% of the
Company’s consolidated accounts receivable at December 31, 2024 and September 30, 2024, respectively.

In December 2024, our largest
design customer notified us of its plan to discontinue their insulin patch pump program, on which we were working. The Company expects
this to cause a material decrease in design segment revenues beginning in the second quarter of Fiscal 2025.

     14 

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

  NOTE 6
  SHAREHOLDERS’ EQUITY

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