Company: FWDI
Filing Date: 2025-02-13
Form Type: 10-Q
Source: 0001683168-25-000993
Chunk: 1

Company: Forward Industries, Inc.
Filing Date: 2025-02-13
Form: 10-Q
Item: Item 1
Chunk 1
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 liabilities 
     487,461  
     613,029 
  
    Total current liabilities 
     8,786,812  
     9,371,596 

    Other liabilities: 

    Operating lease liability, less current portion 
     2,426,196  
     2,429,726 

    Total liabilities 
     11,213,008  
     11,801,322 

    Commitments and contingencies 
     –  
     – 

    Shareholders' equity: 

    Series A-1 Convertible Preferred Stock, par value $0.01 per share; stated value of $1,000 per share; 2,700 shares authorized, 2,200 shares issued and outstanding at December 31, 2024 and September 30, 2024 (liquidation preference of $2,200,000) 
     2,200,000  
     2,200,000 
  
    Common stock, 40,000,000 shares authorized; par value $0.01 per share; 1,101,069 shares issued and outstanding at December 31, 2024 and September 30, 2024 
     11,011  
     11,011 
  
    Additional paid-in capital 
     20,413,491  
     20,393,163 
  
    Accumulated deficit 
     (20,345,205) 
     (19,637,140)

    Total shareholders' equity 
     2,279,297  
     2,967,034 

    Total liabilities and shareholders' equity 
    $13,492,305  
    $14,768,356 

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

 3 

FORWARD INDUSTRIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

    For the Three Months Ended December 31, 

    2024  
    2023 

    Revenues, net 
    $6,615,607  
    $7,031,925 
  
    Revenues, net - related party 
     –  
     120,026 
  
    Total revenues, net 
     6,615,607  
     7,