Company: FWDI
Filing Date: 2025-09-16
Form Type: 8-K
Source: 0001683168-25-007036
Chunk: 28

Company: Forward Industries, Inc.
Filing Date: 2025-09-16
Form: 8-K
Item: Item 8
Chunk 28
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 INCOME
TAXES

The following table summarizes
the Company’s consolidated provision from continuing operations for U.S. federal, state and foreign taxes on income:

     Schedule of income tax provision 

    Fiscal 2024  
    Fiscal 2023 
  
    Current: 

    Federal 
    $–  
    $– 
  
    State 
     23,000  
     20,000 
  
    Foreign 
     –  
     – 

    Deferred: 

    Federal 
     (141,000) 
     112,000 
  
    State 
     (71,000) 
     (244,000)
  
    Foreign 
     (16,000) 
     (39,000)
  
     Deferred income tax expense (benefit) 
     (205,000) 
     (151,000)
  
    Change in valuation allowance 
     228,000  
     171,000 
  
    Income tax provision 
    $23,000  
    $20,000 

The deferred tax provision is
the change in the deferred tax assets and liabilities representing the tax consequences of changes in the amounts of temporary differences,
net operating loss carryforwards and changes in tax rates during the fiscal year.

     F-19 

The Company’s deferred
tax assets and liabilities are comprised of the following:

     Schedule of deferred tax
    assets and liabilities 

    September 30, 

    2024  
    2023 
  
    Deferred tax assets 

    Net operating losses 
    $3,586,000  
    $2,976,000 
  
    Share-based compensation 
     269,000  
     242,000 
  
    AMT & other tax credits 
     –  
     5,000 
  
    Excess tax over book basis in inventory 
     –  
     18,000 
  
    Reserves and other allowances 
     388,000  
     893,000 
  
    Lease liability 
     702,000  
     794,000 
  
    Accrued compensation 
     32,000  
     101,000 
  
    Accrued related party interest 
     5,000  
     5,000 
  
    Charitable contributions 
     1,000