Company: FWDI
Filing Date: 2025-12-11
Form Type: 10-K
Source: 0001683168-25-009068
Chunk: 6

Company: Forward Industries, Inc.
Filing Date: 2025-12-11
Form: 10-K
Item: Item 1
Chunk 6
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 addition,
Solana is optimized for speed and security, and is naturally growing into decentralization as hardware and bandwidth costs fall over time,
which we believe will position it well along the so-called “blockchain trilemma,” which refers to the trade-offs between scalability,
security, and decentralization.

While Solana Labs and the Solana
Foundation have played important roles in the development of the Solana ecosystem, no single entity owns or controls the Solana network.
However, concentration of influence in these entities, particularly in early-stage protocol governance, presents risks that investors
should consider.

The Solana Ecosystem

Solana’s performance and
technical capabilities enable many use cases from DeFi to decentralized physical infrastructure networks, AI agents, social media, gaming,
stablecoins, real-world assets, among others. We believe Solana is advantaged by best-in-class technology and strong network effects that
have attracted a large, growing, and vibrant ecosystem of users, developers, and decentralized applications.

See “–Regulation
and Environmental Protection” below for a description of the current normative framework applicable to Solana and SOL.

 4 

Discontinued Operations

In July 2023, the Company decided
to cease operations of its retail distribution segment (“Retail Exit”) and is presenting the results of operations for this
segment within discontinued operations in the periods presented herein. Our retail distribution business sourced and sold smart-enabled
furniture, hot tubs and saunas and a variety of other products through various online retailer websites to customers predominantly located
in the U.S. and Canada. The inventory of the retail segment was presented as discontinued assets held for sale on the balance sheet on
September 30, 2023.

In March 2025, the Company committed
to a plan to sell the original equipment manufacturer (“OEM”) distribution segment of the business (“OEM Plan”).
In May 2025, the Company completed the sale of this line of business and is presenting its results of operations within discontinued operations
in the current and prior periods presented herein. The OEM distribution segment sourced and sold carrying cases and other accessories
for medical monitoring and diagnostic kits as well as a variety of other portable electronic and non-electronic devices to OEMs or their
contract manufacturers worldwide, that either packaged our products as accessories “in box” together with their branded product
offerings or sold them through their retail distribution channels. The Company did not manufacture any of its OEM products and sourced
substantially all of these products from independent suppliers