Forward Industries Amends 2024 10-K Filing

TL;DR

Forward Industries 10-K/A filed Jan 17, 2025, revises Part III for FY ended Sep 30, 2024.

AI Summary

Forward Industries, Inc. filed an amendment (10-K/A) to its annual report for the fiscal year ended September 30, 2024. This filing, dated January 17, 2025, revises Part III of the previous 10-K filing. The company, incorporated in New York, is involved in the plastics products industry.

Why It Matters

This amendment indicates that Forward Industries is making corrections or additions to its previously filed annual report, which could contain important updates for investors regarding the company's financial performance and business operations.

Risk Assessment

Risk Level: low — This filing is an amendment to a previous report and does not introduce new financial data or significant business changes.

Key Numbers

• 0930 — Fiscal Year End (The filing pertains to the fiscal year ending on this date.)
• 20250117 — Filing Date (This is the date the amendment was filed with the SEC.)

Key Players & Entities

• Forward Industries, Inc. (company) — Registrant
• 001-34780 (company) — Commission File Number
• 20240930 (date) — Fiscal Year End
• 20250117 (date) — Filing Date

FAQ

Key Financial Figures

• $0.01 — ch registered Common Stock, par value $0.01 FORD The Nasdaq Stock Market LLC (T
• $100,000 — fiscal year whose compensation exceeded $100,000. We refer to these individuals as our "
• $1,000 — _______ (1) Mr. Wise's salary includes $1,000 per month for a total of $12,000 in lie
• $12,000 — ncludes $1,000 per month for a total of $12,000 in lieu of reimbursement for company ex
• $250,000 — icer on July 1, 2023, and her salary is $250,000. Because of the date of Ms. Weisberg's
• $10,000 — a. Mr. Wild primarily represents (i) $10,000 in reimbursements for auto and phone al
• $10,238 — Company contributions to 401k plans of $10,238. b. Mr. Severino primarily represents
• $18,000 — . Mr. Severino primarily represents (i) $18,000 of reimbursements for auto and phone al
• $9,975 — Company contributions to 401k plans of $9,975. c. Mr. KraMer represents the Company
• $7,799 — pany's contribution to a 401(k) plan of $7,799; and (ii) a benefits allowance of $9,96
• $9,960 — 7,799; and (ii) a benefits allowance of $9,960. Named Executive Officer Employment C
• $300,000 — Wise received an annual base salary of $300,000. This Employment Agreement has expired.
• $325,000 — Mr. Wise's base salary was increased to $325,000 per year, effective January 1, 2022. Mr
• $235,000 — Wild was paid an annual base salary of $235,000. Mr. Wild's base salary has since been
• $290,000 — base salary has since been increased to $290,000 per year. Mr. Wild receives an addition

Filing Documents

• forward_10ka1-093024.htm (10-K/A) — 239KB
• forward_ex3101.htm (EX-31.1) — 3KB
• forward_ex3102.htm (EX-31.2) — 3KB
• 0001683168-25-000424.txt ( ) — 491KB
• ford-20240930.xsd (EX-101.SCH) — 3KB
• ford-20240930_lab.xml (EX-101.LAB) — 36KB
• ford-20240930_pre.xml (EX-101.PRE) — 24KB
• forward_10ka1-093024_htm.xml (XML) — 6KB

Executive Compensation

Executive Compensation 5 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 11 Item 13. Certain Relationships and Related Transactions and Director Independence 12 Item 14. Principal Accountant Fees and Services 13 PART IV Item 15. Exhibits and Financial Statement Schedules 14

Signatures

Signatures 16 i EXPLANATORY NOTE This Amendment No. 1 on Form 10-K/A (this "Amendment") amends our Annual Report on Form 10-K for the fiscal year ended September 30, 2024 (the "Original Form 10-K"), as filed with of the Securities and Exchange Commission ("SEC") on December 27, 2024, solely to include the information required by and not included in Part III of the Original Form 10-K because we do not intend to file our definitive proxy pursuant to the rules of the SEC, we are including new certifications of our principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 with this Amendment. Accordingly, Item 15 of Part IV has also been amended to reflect the filing of these new certifications. Because no financial statements are contained within this Amendment, we are not filing currently dated certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Except as described above, no other changes have been made to the Original Form 10-K. The Original Form 10-K continues to speak as of the date of the Original Form 10-K, and we have not updated the disclosure contained therein to reflect any events which occurred at a date subsequent to the filing of the Original Form 10-K other than as expressly indicated in this Amendment. ii PART III ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS The following table represents our Board of Directors as of January 17, 2025: Name Age Appointed Sangita Shah 58 February 2015 Sharon Hrynkow 64 February 2022 Terence Wise 77 February 2012 Director Biographies Sangita Shah . Ms. Shah currently serves as director and owner of Odyssean Enterprises Limited, a private advisory and investment company, in addition to serving as non-executive chairman of Kinovo PLC, a leading UK provider of specialist property serv

EXECUTIVE COMPENSATION

ITEM 11. EXECUTIVE COMPENSATION Compensation of Directors Table 2024 In fiscal 2024, our non-employee directors were compensated for as follows: Name (a) Fees Earned or Paid in Cash ($)(b) Stock Awards ($)(c) Option Awards ($)(d)(1) Non-Equity Incentive Plan ($)(e) Change in Pension Value and Nonqualified Deferred Compensation Earnings ($)(f) All Other Compensation ($)(g) Total ($)(j) Sangita Shah 60,000 – 40,000 – – – 100,000 Sharon Hrynkow 45,000 – 40,000 – – – 85,000 James Ziglar (2) 30,000 – 40,000 – – – 70,000 _______________________ (1) Amounts reported represent the aggregate grant date fair value of awards granted without regard to forfeitures, computed in accordance with ASC 718. This amount does not reflect the actual economic value realized by the directors. (2) Mr. Ziglar resigned as a director in February 2024. These options were forfeited upon his resignation. 5

Executive Compensation

Executive Compensation The following information is related to the compensation earned in fiscal 2024 and 2023 by all Chief Executive Officers (principal executive officers) serving during the last fiscal year and the other most highly compensated executive officers serving at the end of the last fiscal year whose compensation exceeded $100,000. We refer to these individuals as our "Named Executive Officers" or "NEOs". Summary Compensation Table Name and Principal Position (a) Year (b) Salary ($)(c)(1) Bonus ($)(d)(2) Stock Awards ($)(e) Option Awards ($)(f) All other Compensation ($)(i)(3) Total ($)(j) Terence Wise 2024 240,750 – – – 12,000 252,750 Chief Executive Officer 2023 325,000 – – – 12,000 337,000 Paul Severino 2024 285,000 8,222 – – 28,470 321,692 Executive Officer of IPS 2023 278,750 63,397 – – 28,118 370,264 Robert Wild 2024 286,250 8,222 – – 20,733 315,205 Executive Officer of IPS 2023 271,250 60,118 – – 20,043 351,411 Tom KraMer 2024 250,000 – – – 17,759 267,759 Executive Officer of Kablooe 2023 250,000 – – – 19,709 269,709 Kathleen Weisberg 2024 250,000 – – – 7,995 257,995 Chief Financial Officer 2023 62,500 – – – 1,999 64,499 _________________________ (1) Mr. Wise's salary includes $1,000 per month for a total of $12,000 in lieu of reimbursement for company expenses. Ms. Weisberg was appointed Chief Financial Officer on July 1, 2023, and her salary is $250,000. Because of the date of Ms. Weisberg's appointment, only three months compensation is disclosed for fiscal 2023 above. (2) Represents cash bonuses (3) All other compensation for: a. Mr. Wild primarily represents (i) $10,000 in reimbursements for auto and phone allowances and (ii) Company contributions to 401k plans of $10,238. b. Mr. Severino primarily represents (i) $18,000 of reimbursements for auto and phone allowances and (ii) Company contributions to 401k plans of $9,975.

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View this 10-K/A filing on SEC EDGAR