Such risk factors include, among others: the loss of any key customer or material sales in our Diabetic Products line, where customer and sales concentration are high; whether important customers reduce or discontinue inclusion of carry solutions “in box” with their electronic products; the impact on our business and results of operations of an acquisition or the failure to make an acquisition; the potential lag in time between increased operating expenses incurred to implement our growth strategy and the time we begin to realize the benefits in increased revenue, if at all; the concentration of our accounts receivable in a small number of customers and our ability to collect payment; the adverse impact of customer pricing pressures on gross margins; failure of a third party borrower to repay us in full the principal of a note; fluctuations in foreign currency exchange rates that could result in increased costs or reduced revenues; levels of demand and pricing generally for electronic devices sold by our customers for which we supply carry solutions; the development of quality control, delivery, or pricing issues involving our Asian suppliers; uncertainties in the financial and credit markets; changes in, governmental regulations; variability in order flow from our OEM customers; a significant change in the Company’s relationship with one or more key customers (including changes affecting their businesses); and the loss of key sales personnel who have significant influence on our relationships with some of our largest customers.
About Forward Industries
Forward Industries, Inc. designs and distributes custom carrying case solutions for hand held electronic devices. Forward’s products can be viewed online at www.fwdinnovations.com and www.forwardindustries.com.
FORWARD INDUSTRIES, INC.
CONSOLIDATED UNAUDITED STATEMENTS OF OPERATIONS
|Three Months Ended March 31,||Six Months Ended March 31,|
|Cost of goods sold||3,841,999||3,425,938||8,433,676||6,628,515|
|General and administrative||1,099,591||551,414||2,011,911||1,211,535|
|Total operating expenses||1,762,038||1,084,700||3,115,348||2,203,093|
|Loss from operations||(607,770||)||(90,957||)||(584,550||)||(285,155||)|
|Other income (expense):|
|Other income (expense), net||23,234||(29,937||)||11,834||(43,057||)|
|Total other income (expense)||52,982||(21,237||)||47,237||(14,025||)|
|Net loss per common and common equivalent share|
|Basic and diluted||$||(0.07||)||$||(0.01||)||$||(0.07||)||$||(0.04||)|
|Weighted average number of common and common equivalent shares outstanding|
|Basic and diluted||8,085,875||7,964,938||8,125,304||7,952,462|
FORWARD INDUSTRIES, INC.
CONSOLIDATED BALANCE SHEETS
|March 31,||September 30,|
|Cash and cash equivalents||$||16,292,122||$||18,471,520|
|Accounts receivable, net||4,240,424||4,621,181|
|Prepaid expenses and other current assets||307,620||240,651|
|Total current assets||23,031,492||24,369,738|
|Property and equipment, net||161,748||115,205|
Liabilities and shareholders’ equity
|Accrued expenses and other current liabilities||601,187||885,332|
|Commitments and contingencies|
|Preferred stock, par value $0.01 per share; 4,000,000 shares authorized;|
|no shares issued and outstanding||--||--|
|Common stock, par value $0.01 per share; 40,000,000 shares authorized,|
|8,792,296 and 8,761,629 shares issued; and|
|8,085,886 and 8,055,219 shares outstanding, respectively||87,923||87,616|
|Capital in excess of par value||16,617,027||16,469,142|
|Treasury stock, 706,410 shares at cost||(1,260,057||)||(1,260,057||)|
|Total shareholders’ equity||20,817,249||21,206,370|
|Total liabilities and shareholders’ equity||$||23,245,516||$||24,530,975|
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