Forward Industries Inc
For the period ended Sep 30, 2024. Filed Dec 27, 2024.
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FY2024 · Filed Dec 27, 2024
FWDI$5.24-5.2%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Consolidated Balance Sheets at September 30, 2024 and 2023
| September 30, | ||
|---|---|---|
| 2024 | 2023 | |
| Assets | ||
| Current assets: | ||
| Cash | $3,022,436 | $3,180,468 |
| Accounts receivable, net of allowances for credit losses of $27,282 and $955,965 as of September 30, 2024 and 2023, respectively | 5,609,032 | 6,968,778 |
| Accounts receivable (related party) | 96,487 | – |
| Inventories, net | 489,996 | 334,384 |
| Discontinued assets held for sale | – | 508,077 |
| Prepaid expenses and other current assets | 426,240 | 378,512 |
| Total current assets | 9,644,191 | 11,370,219 |
| Property and equipment, net | 219,297 | 274,046 |
| Intangible assets, net | 680,386 | 893,143 |
| Goodwill | 1,558,682 | 1,758,682 |
| Operating lease right-of-use assets, net | 2,593,112 | 3,021,315 |
| Other assets | 72,688 | 68,737 |
| Total assets | $14,768,356 | $17,386,142 |
| Liabilities and shareholders’ equity | ||
| Current liabilities: | ||
| Note payable to Forward China (related party) | $600,000 | $– |
| Accounts payable | 129,060 | 518,892 |
| Due to Forward China (related party) | 7,226,012 | 8,246,015 |
| Deferred income | 399,439 | 297,407 |
| Current portion of operating lease liability | 404,056 | 416,042 |
| Accrued expenses and other current liabilities | 613,029 | 1,357,743 |
| Total current liabilities | 9,371,596 | 10,836,099 |
| Other liabilities: | ||
| Note payable to Forward China (related party) | – | 1,100,000 |
| Operating lease liability, less current portion | 2,429,726 | 2,833,782 |
| Total liabilities | 11,801,322 | 14,769,881 |
| Commitments and contingencies(Note 12) | ||
| 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 and 0 shares issued and outstanding at September 30, 2024 and 2023, respectively (liquidation preference of $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 September 30, 2024 and 2023 | 11,011 | 11,011 |
| Additional paid-in capital | 20,393,163 | 20,291,803 |
| Accumulated deficit | (19,637,140) | (17,686,553) |
| Total shareholders’ equity | 2,967,034 | 2,616,261 |
| Total liabilities and shareholders’ equity | $14,768,356 | $17,386,142 |
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