Forward Industries Files 2024 10-K
Ticker: FWDI · Form: 10-K · Filed: Dec 27, 2024 · CIK: 38264
Sentiment: neutral
Topics: 10-K, annual-report, financials
TL;DR
FORWARD INDUSTRIES 2024 10-K FILED. CHECK FINANCIALS.
AI Summary
Forward Industries, Inc. filed its 10-K for the fiscal year ending September 30, 2024. The company, incorporated in New York and headquartered in Hauppauge, NY, operates in the plastics products sector. The filing covers the period from October 1, 2023, to September 30, 2024, and includes financial data for the fiscal years 2024 and 2023.
Why It Matters
This 10-K filing provides a comprehensive overview of Forward Industries' financial performance and business operations for the fiscal year 2024, crucial for investors to assess the company's health and future prospects.
Risk Assessment
Risk Level: low — This is a standard annual report filing with no immediate red flags or significant new information presented in the provided snippet.
Key Numbers
- 0.00% — Change in P8Y (Indicates no significant change in a key metric over the period.)
- 1758682 — P8Y Value (A specific financial metric for the period.)
- 1558682 — P8Y Value (Another specific financial metric for the period.)
Key Players & Entities
- Forward Industries, Inc. (company) — Filer of the 10-K
- 0001683168-24-009011 (filing_id) — Accession number for the filing
- 20240930 (date) — Fiscal year end date
- 20241227 (date) — Filing date
- Hauppauge, NY (location) — Company headquarters
FAQ
What is the primary business of Forward Industries, Inc.?
Forward Industries, Inc. operates in the PLASTICS PRODUCTS, NEC sector, SIC code 3089.
When is the fiscal year end for Forward Industries?
The fiscal year end for Forward Industries is September 30 (0930).
What is the filing date of this 10-K?
This 10-K filing was made on December 27, 2024 (20241227).
What is the SEC file number for Forward Industries?
The SEC file number for Forward Industries is 001-34780.
Where is Forward Industries, Inc. located?
Forward Industries, Inc. is located at 700 Veterans Memorial Hwy, Suite 100, Hauppauge, NY 11788.
Filing Stats: 4,454 words · 18 min read · ~15 pages · Grade level 14.1 · Accepted 2024-12-27 16:02:44
Key Financial Figures
- $0.01 — ch registered Common Stock, par value $0.01 FORD The Nasdaq Stock Market LLC (T
- $100,000 — hem a monthly service fee calculated at $100,000 plus 4% of "Adjusted Gross Profit", whi
- $83,333 — on of the sourcing fee from $100,000 to $83,333 per month for the remaining term of the
- $65,833 — the sourcing fee was further reduced to $65,833 per month. Other terms in the agreement
- $35,000 — he fixed portion of the sourcing fee to $35,000 per month, and (iii) change the payment
- $1,951,000 — We incurred net losses of approximately $1,951,000 and $3,737,000 in Fiscal 2024 and 2023,
- $3,737,000 — losses of approximately $1,951,000 and $3,737,000 in Fiscal 2024 and 2023, respectively.
Filing Documents
- forward_i10k-093024.htm (10-K) — 1024KB
- forward_ex0402.htm (EX-4.2) — 19KB
- forward_ex1901.htm (EX-19.1) — 50KB
- forward_ex2301.htm (EX-23.1) — 2KB
- forward_ex3101.htm (EX-31.1) — 8KB
- forward_ex3102.htm (EX-31.2) — 8KB
- forward_ex3201.htm (EX-32.1) — 7KB
- forward_ex9700.htm (EX-97) — 29KB
- image_001.jpg (GRAPHIC) — 106KB
- image_002.jpg (GRAPHIC) — 71KB
- 0001683168-24-009011.txt ( ) — 6359KB
- ford-20240930.xsd (EX-101.SCH) — 47KB
- ford-20240930_cal.xml (EX-101.CAL) — 66KB
- ford-20240930_def.xml (EX-101.DEF) — 173KB
- ford-20240930_lab.xml (EX-101.LAB) — 421KB
- ford-20240930_pre.xml (EX-101.PRE) — 347KB
- forward_i10k-093024_htm.xml (XML) — 763KB
Business
Business 1 Item 1A.
Risk Factors
Risk Factors 5 Item 1B. Unresolved Staff Comments 16 Item 1C. Cybersecurity 16 Item 2.
Properties
Properties 17 Item 3.
Legal Proceedings
Legal Proceedings 17 Item 4. Mine Safety Disclosures 17 PART II Item 5. Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities 18 Item 6. Reserved 18 Item 7.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 18 Item 7A.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 26 Item 8.
Financial Statements and Supplementary Data
Financial Statements and Supplementary Data 26 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 26 Item 9A.
Controls and Procedures
Controls and Procedures 26 Item 9B. Other Information 27 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. 27 PART III Item 10. Directors, Executive Officers and Corporate Governance 28 Item 11.
Executive Compensation
Executive Compensation 28 Item 12.
Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters
Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters 28 Item 13. Certain Relationships and Related Transactions and Director Independence 28 Item 14. Principal Accountant Fees and Services 28 PART IV Item 15. Exhibits and Financial Statement Schedules 29 Item 16. Form 10-K Summary 29
Signatures
Signatures 30 i PART I
BUSINESS
ITEM 1. BUSINESS General Forward Industries, Inc. ("Forward", "we", "our" or the "Company"), through its wholly-owned subsidiaries, Forward Industries (IN), Inc. ("Forward US"), Forward Industries (Switzerland) GmbH ("Forward Switzerland"), Forward Industries UK Limited ("Forward UK"), Intelligent Product Solutions, Inc. ("IPS"), and Kablooe, Inc. ("Kablooe"), is a global design, sourcing and distribution company serving top tier medical and technology customers worldwide. The principal customer in our original equipment manufacturer ("OEM") distribution business has been OEMs or the contract manufacturing firms of these OEM customers, that either package our products as accessories "in box" together with their branded product offerings or sell them through their retail distribution channels. Our OEM products include carrying cases and other accessories for medical monitoring and diagnostic kits and a variety of other portable electronic and non-electronic products such as sporting and recreational products, bar code scanners, GPS location devices, tablets and firearms. Our OEM customers are located in various regions worldwide. We do not manufacture any of our OEM or retail distribution products and source substantially all these products from independent suppliers in China through Forward Industries Asia-Pacific Corporation, a British Virgin Islands corporation ("Forward China"). Forward China is owned by our Chairman and Chief Executive Officer. Our design business provides hardware and software product design and engineering services to customers predominantly located in the U.S. Our expertise in various disciplines enables us to serve a wide variety of industries and provide clients with a single source solution for concepts, industrial design, mechanical engineering, embedded software and systems architecture, mobile and enterprise application software, and optical engineering. Discontinued Operations Considering the recurring losses incurred by the
RISK FACTORS
ITEM 1A. RISK FACTORS Investing in our common stock involves a high degree of risk. You should carefully consider the following risk factors before deciding whether to purchase or sell stock in the Company. Additional risks and uncertainties not presently known to us, or that we currently deem immaterial, may also impair our business operations or our financial condition. If any of the events discussed below occur, our business, consolidated financial condition, results of operations or prospects could be materially and adversely affected. In such case, the value and marketability of the common stock could decline. 5 Risks Relating to Our Business, Liquidity and Operations We have experienced recurring losses and our ability to continue as a going concern is in doubt. We incurred net losses of approximately $1,951,000 and $3,737,000 in Fiscal 2024 and 2023, respectively. We expect to generate losses for the foreseeable future. We will need to generate increased revenues to achieve profitability in the future. Despite our efforts, we may not achieve profitability in the future or sustain profitability for a prolonged period of time. In December 2024, our largest design customer notified us of its plan to discontinue their insulin patch program on which we were providing design services. In Fiscal 2024, this design customer was responsible for 25.2% of our revenues. While we plan to mitigate the impact of this lost revenue with cost reduction efforts, seeking continued flexibility on payments to Forward China and exploring additional sources of financing, these efforts may not be sufficient to meet our liquidity needs through December 31, 2025. Accordingly, our independent registered public accounting firm stated in their report on our annual financial statements for the fiscal year ended September 30, 2024, that these conditions raise substantial doubt about our ability to continue as a going concern. If we are unable to continue as a going concern, our sha