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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

______________

 

FORM 8-K

______________

 

CURRENT REPORT

 

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): February 14, 2024

 

Forward Industries, Inc.

(Exact name of registrant as specified in its charter)

 

New York   001-34780   13-1950672
(State or Other Jurisdiction   (Commission   (I.R.S. Employer
of Incorporation)   File Number)   Identification No.)

 

700 Veterans Memorial Hwy. Suite 100

Hauppauge, New York 11788

(Address of Principal Executive Office) (Zip Code)

 

(631) 547-3055

(Registrant’s telephone number, including area code)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock, par value $0.01 per share FORD The NASDAQ Capital Market

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ 

 

   

 

 

Item 2.02.Results of Operations and Financial Condition

 

On February 14, 2024, Forward Industries, Inc. (the “Company”) issued a press release announcing its financial results for the first quarter ended December 31, 2023. A copy of such press release is furnished as Exhibit 99.1 to this report. 

 

The information in Item 2.02 of this report, including the information in the press release attached as Exhibit 99.1 to this report, is furnished pursuant to Item 2.02 of Form 8-K and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section. Furthermore, the information in Item 2.02 of this report, including the information in the press release attached as Exhibit 99.1 to this report, shall not be deemed to be incorporated by reference in the filings of the registrant under the Securities Act of 1933.

 

Item 9.01. Financial Statements and Exhibits.

 

(d) Exhibits.

 

Exhibit No. Description of Exhibit
99.1

Press release dated February 14, 2024

104Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

 

 

 

 

 

 

 

 

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SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  FORWARD INDUSTRIES, INC.  
       
Date: February 14, 2024 By: /s/ Kathleen Weisberg  
    Name: Kathleen Weisberg  
    Title: Chief Financial Officer  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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Exhibit 99.1

 

 

FORWARD REPORTS FISCAL 2024 FIRST QUARTER RESULTS

 

Hauppauge, NY – February 14, 2024 – Forward Industries, Inc. (NASDAQ:FORD), a global design, sourcing and distribution group, today announced financial results for its first quarter ended December 31, 2023.

 

First Quarter Fiscal Year 2024 Financial Highlights

 

·Revenues were $7.2 million, a decrease of 26.7% from $9.8 million for 2023.
·Gross margin increased to 23.0% compared to 20.2% for 2023.
·Loss from continuing operations was $0.4 million compared to $0.1 million in 2023 and net loss was $0.4 million compared to $0.4 million in 2023.
·Basic and diluted loss per share from continuing operations was $0.04 compared to $0.01 for 2023.
·Cash balance of $3.0 million at December 31, 2023 compared to $3.2 million at September 30, 2023, a decrease of 5%.

 

Terry Wise, Chief Executive Officer of Forward Industries, stated “A relatively static quarter with a pleasing improvement in gross margin. Our effort to turnaround the business into profitability continues with several initiatives now in place. We remain committed to the path of growth and recovery.”

 

The tables below are derived from the Company’s condensed consolidated financial statements included in its Form 10-Q filed on February 14, 2024 with the Securities and Exchange Commission. Please refer to the Form 10-Q for complete financial statements and further information regarding the Company’s results of operations and financial condition relating to the fiscal quarters ended December 31, 2023 and 2022. Please also refer to the Company’s Form 10-K for a discussion of risk factors applicable to the Company and its business. 

 

Cautionary Note Regarding Forward-Looking Statements

 

This press release contains certain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 including statements regarding our optimism for improved performance in fiscal year 2024 and profitability and growth in our businesses. Forward has tried to identify these forward-looking statements by using words such as “may”, “should,” “expect,” “hope,” “anticipate,” “believe,” “intend,” “plan,” “estimate” and similar expressions. These forward-looking statements are based on information currently available to the Company and are subject to a number of risks, uncertainties and other factors that could cause its actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks include the inability to expand our customer base, loss of additional customers, competition, pricing pressures, supply chain issues, inability of our design division’s customers to pay for our services, loss of talented employees, unanticipated issues with our affiliated sourcing agent, and issues at Chinese factories that source our products. No assurance can be given that the actual results will be consistent with the forward-looking statements. Investors should read carefully the factors described in the “Risk Factors” section of the Company’s filings with the SEC, including the Company’s Form 10-K for the year ended September 30, 2023 for information regarding risk factors that could affect the Company’s results. Except as otherwise required by Federal securities laws, Forward undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changed circumstances or any other reason.

 

About Forward Industries

 

Forward is a global design, sourcing and distribution group serving top tier medical and technology customers worldwide. Through its acquisitions of Intelligent Product Solutions, Inc. and Kablooe Design, Inc., the Company has expanded its ability to design and develop solutions for its existing multinational client base and expand beyond the diabetic product line into a variety of industries with a full spectrum of hardware and software product design and engineering services.

 

For more information, contact:

Kathleen Weisberg, CFO, Forward Industries, Inc.

(631) 547-3055, kweisberg@forwardindustries.com

 

 

 

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FORWARD INDUSTRIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

 

   December 31,   September 30, 
   2023   2023 
   (Unaudited)     
Assets          
           
Current assets:          
Cash  $3,026,786   $3,180,468 
Accounts receivable, net   6,534,702    6,968,778 
Inventories, net   405,229    334,384 
Discontinued assets held for sale   135,604    508,077 
Prepaid expenses and other current assets   392,282    378,512 
Total current assets   10,494,603    11,370,219 
           
Property and equipment, net   265,346    274,046 
Intangible assets, net   839,954    893,143 
Goodwill   1,758,682    1,758,682 
Operating lease right-of-use assets, net   2,916,385    3,021,315 
Other assets   68,737    68,737 
Total assets  $16,343,707   $17,386,142 
           
Liabilities and shareholders' equity          
           
Current liabilities:          
Note payable to Forward China  $850,000   $ 
Accounts payable   392,202    518,892 
Due to Forward China   8,894,245    8,246,015 
Deferred income   250,405    297,407 
Current portion of operating lease liability   425,998    416,042 
Accrued expenses and other current liabilities   494,724    1,357,743 
Total current liabilities   11,307,574    10,836,099 
           
Other liabilities:          
Note payable to Forward China       1,100,000 
Operating lease liability, less current portion   2,723,281    2,833,782 
Total other liabilities   2,723,281    3,933,782 
Total liabilities   14,030,855    14,769,881 
           
Commitments and contingencies          
           
Shareholders' equity:          
Common stock, par value $0.01 per share; 40,000,000 shares authorized; 10,061,185 shares issued and outstanding at December 31, 2023 and September 30, 2023   100,612    100,612 
Additional paid-in capital   20,253,013    20,202,202 
Accumulated deficit   (18,040,773)   (17,686,553)
Total shareholders' equity   2,312,852    2,616,261 
Total liabilities and shareholders' equity  $16,343,707   $17,386,142 

 

 

 

 

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FORWARD INDUSTRIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

 

 
  

For the Three Months Ended

December 31,

 
   2023   2022 
         
Revenues, net  $7,151,951   $9,752,684 
Cost of sales   5,509,465    7,786,614 
Gross profit   1,642,486    1,966,070 
           
Sales and marketing expenses   368,736    411,174 
General and administrative expenses   1,654,071    1,682,812 
Operating loss   (380,321)   (127,916)
           
Fair value adjustment of earnout consideration       (40,000)
Interest income   (17,469)    
Interest expense   19,010    27,958 
Other income, net   (687)   (24,560)
Loss from continuing operations before income taxes   (381,175)   (91,314)
           
Provision for income taxes        
Loss from continuing operations   (381,175)   (91,314)
Income / (loss) from discontinued operations, net of tax   26,955    (338,961)
Net loss  $(354,220)  $(430,275)
           
           
Basic earnings/(loss) per share :          
Basic loss per share from continuing operations  $(0.04)  $(0.01)
Basic earnings/(loss) per share from discontinued operations   0.00    (0.03)
Basic loss per share  $(0.04)  $(0.04)
           
Diluted earnings/(loss) per share:          
Diluted loss per share from continuing operations  $(0.04)  $(0.01)
Diluted earnings/(loss) per share from discontinued operations   0.00    (0.03)
Diluted loss per share  $(0.04)  $(0.04)
           
Weighted average common shares outstanding:          
Basic   10,061,185    10,061,185 
Diluted   10,061,185    10,061,185 

 

 

 

 

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Feb. 14, 2024
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