Company: FWDI
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001683168-25-006141
Chunk: 35

Company: Forward Industries, Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Item 1
Chunk 35
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, engineering, and administrative office space and the related expense is recorded in general and administrative
expenses on the condensed consolidated financial statements. Total operating lease expense for the three and nine months ended June 30,
2025 was $155,000 and $465,000, respectively and total operating lease expense for the three and nine months ended June 30, 2024 was $155,000
and $464,000, respectively. Cash paid for amounts included in operating lease liabilities for the nine months ended June 30, 2025 and
2024, which have been included in cash flows from operating activities, was $452,000 and $441,000, respectively.

The Company signed a renewal
to extend the lease term of one of its New York locations through April 2027. Payments under this operating lease commenced February 1,
2025 and escalate 4.0% per year. The monthly rent payment is $6,000 per month.

At June 30, 2025, the Company’s
operating leases had a weighted average remaining lease term of 6.1 years and a weighted average discount rate of 5.9%.

At June 30, 2025, future
minimum payments under non-cancellable operating leases were as follows:

    Schedule of future
minimum payments under non-cancellable operating leases 

    Remainder of Fiscal 2025 
    $154,000 
  
    Fiscal 2026 
     587,000 
  
    Fiscal 2027 
     465,000 
  
    Fiscal 2028 
     428,000 
  
    Fiscal 2029 
     440,000 
  
    Thereafter 
     1,111,000 
  
    Total future minimum lease payments 
     3,185,000 
  
    Less imputed interest 
     (524,000)
  
    Present value of lease liabilities 
     2,661,000 
  
    Less current portion of lease liabilities 
     (475,000)
  
    Long-term portion of lease liabilities 
    $2,186,000 

  NOTE 11
  ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Accrued expenses and other current liabilities
at June 30, 2025 and September 30, 2024 are as follows:

    Schedule of accrued expenses and other current liabilities 

    June 30,  
    September 30, 

    2025