Company: FWDI
Filing Date: 2025-09-16
Form Type: 8-K
Source: 0001683168-25-007036
Chunk: 5

Company: Forward Industries, Inc.
Filing Date: 2025-09-16
Form: 8-K
Item: Item 8
Chunk 5
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     2,967,034  
     2,616,261 

    Total liabilities and shareholders’ equity 
    $14,768,356  
    $17,386,142 

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

 F-4 

FORWARD INDUSTRIES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

    For the Fiscal Years Ended September 30, 

    2024  
    2023 

    Revenues, net 
    $19,990,833  
    $22,685,834 
  
    Cost of sales 
     14,807,117  
     15,549,013 
  
    Gross profit 
     5,183,716  
     7,136,821 

    Sales and marketing expenses 
     769,370  
     875,803 
  
    General and administrative expenses 
     6,365,464  
     6,322,147 
  
    Goodwill impairment 
     200,000  
     – 

    Operating loss 
     (2,151,118) 
     (61,129)

    Fair value adjustment of earnout consideration 
     –  
     (70,000)
  
    Interest income 
     (78,863) 
     (23,188)
  
    Interest expense - related party 
     62,662  
     104,201 
  
    Other expense / (income), net 
     8,315  
     (30,019)
  
    Loss from continuing operations before income taxes 
     (2,143,232) 
     (42,123)

    Provision for income taxes 
     22,947  
     20,006 
  
    Loss from continuing operations 
     (2,166,179) 
     (62,129)
  
    Income/(loss) from discontinued operations, net of tax 
     215,592  
     (3,674,528)
  
    Net loss 
    $(1,950,587) 
    $(3,736,657)

    Basic loss per share: 

    Basic loss per share from continuing operations 
     (1.97) 
     (0.06)
  
    Basic income/(loss) per share