Company: FWDI
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001683168-25-003548
Chunk: 29

Company: Forward Industries, Inc.
Filing Date: 2025-05-14
Form: 10-Q
Item: Item 1
Chunk 29
---
,771,000 
  
    Less current portion of lease liabilities 
     (463,000)
  
    Long-term portion of lease liabilities 
    $2,308,000 

  NOTE 11
  SUBSEQUENT EVENTS

In
connection with the OEM Plan, on April 30, 2025, the Company and Forward China agreed to extend the Supply Agreement until May 2, 2025.
On May 2, 2025, the Company and Forward China agreed to extend the Supply Agreement until May 9, 2025. All other terms in the agreement
remained unchanged from the prior agreement.

 18 

ITEM 2.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion
and analysis should be read in conjunction with our unaudited condensed consolidated financial statements, and the notes thereto, and
other financial information appearing elsewhere in this Quarterly Report on Form 10-Q and the audited consolidated financial statements
and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended September 30, 2024.  The following discussion
and analysis compares our condensed consolidated results of operations for the three and six months ended March 31, 2025 (the “2025
Quarter” and the “2025 Period”, respectively) with those for the three and six months ended March 31, 2024 (the “2024
Quarter” and “2024 Period”, respectively).  All dollar amounts and percentages presented herein have been rounded
to approximate values.

Cautionary Note Regarding
Forward-Looking Statements 

This report contains “forward-looking
statements” (as such term is defined in the Private Securities Litigation Reform Act of 1995).  These statements include, among
other things, statements regarding our liquidity, plans on repaying outstanding debt obligations, planned sale of the OEM business, closing
of an equity line of credit or other equity financing as well as other statements regarding our future operations, financial condition
and prospects, and business strategies. Forward-looking statements generally can be identified by words such as "anticipates,"
"believes," "estimates," "expects," "intends," "plans," "predicts," "projects,"
"will be," "will continue," "will likely result," and similar expressions. These forward-looking statements
are based on current expectations and assumptions that are subject to risks and uncertainties, which could