Company: FWDI
Filing Date: 2025-12-11
Form Type: 10-K
Source: 0001683168-25-009068
Chunk: 182

Company: Forward Industries, Inc.
Filing Date: 2025-12-11
Form: 10-K
Item: Item 1A
Chunk 182
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 capital beyond our current cash balance to fund the opportunity.

Cash Flows

During Fiscal 2025 and Fiscal
2024, our sources and uses of cash were as follows:

Operating Activities

During Fiscal 2025, cash used
in operating activities of $4,502,000 resulted from the net loss of $166,974,000, non-cash net digital asset revenue of $4,412,000, the
$1,406,000 gain on sale of the OEM business, and the net change in other operating assets and liabilities of $120,000, partially offset
by non-cash charges of $160,035,000 related to the fair value adjustment to digital assets, non-cash charges of $3,309,000 for depreciation,
amortization, share-based compensation and credit loss expense, non-cash charges of $658,000 related to the fair value adjustment to the
warrant liability, non-cash charges of $2,026,000 for the impairment of goodwill and intangible assets, a $1,153,000 increase in accounts
payable and related party payables, an $833,000 decrease in accounts receivable and contract assets and $396,000 cash provided by discontinued
operations.

During Fiscal 2024, cash provided
by operating activities of $520,000 resulted from a net decrease in accounts receivable and contract assets of $1,224,000, cash provided
by discontinued operations of $1,672,000, non-cash charges for depreciation, amortization, share-based compensation, credit loss expense
and goodwill impairment of $653,000 and the net change in other operating assets and liabilities of $53,000, partially offset by the net
loss of $1,951,000, a decrease in accrued expenses and other current liabilities $739,000, a decrease in accounts payable $392,000.

 37 

Investing Activities

In Fiscal 2025 cash used for
investing activities included $900,791,000 used to purchase digital assets, $650,000 in payments related to the sale of the OEM business,
and $26,000 used to purchase property and equipment. In Fiscal 2024, cash used for investing activities of $65,000 resulted from purchases
of property and equipment.

Financing Activities

In Fiscal 2025, the Company generated
$900,104,000 in cash from the sale of shares under our securities purchase agreement and related pre-funded warrants, $