Forward Industries, Inc
(NASDAQ:FORD)

Forward Industries, Inc., together with its subsidiaries, designs, markets, and distributes carry and protective solutions primarily for hand held electronic devices. It provides carrying cases and other accessories for medical monitoring and diagnostic kits; and other portable electronic and non-el...

Website: http://www.forwardindustries.com

Founded: 1961

Sector: Consumer Cyclical

Industry: Footwear & Accessories

Consumer Cyclical

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• Market Cap:

• Exchange:

• Shs Outstanding:

• Employees:

• Beta:

• Return on Equity (ROE) ttm:

• Return on Assets (ROA) ttm:

• EPS ttm:

• Book value per Share:

• Cash per Share:

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• P/E forward:

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• P/E ttm low:

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• EBITDA Mgn ttm:

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• Trailing Div yield:

• Forward Div yield:

• Payout Ratio ttm:

• Ex-Dividend date:

• Target Price High:

• Target Price Low:

• Target Price Mean:

• Number of Analysts:

• Debt Ratio ttm:

• Debt to Equity ttm:

• Total Net Debt:

At a glance:

Bull Thesis:

Bear Thesis:

Main Competitors:

Moat:

Income Statements:

Quarterly

Annual

Unit: USD	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2017-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31

revenues	21,435,250	7,945,374	2,494,769	3,122,933	6,615,607	7,218,115	7,769,948	7,830,130	7,151,951	5,093,489	10,127,159	10,657,980	10,809,679	9,820,246	10,588,835	10,314,563	11,613,741	10,944,500	9,964,514	8,395,379	9,717,603	8,605,395	9,548,732
cost of sales	4,585,637	3,087,431	3,115,727	3,301,694	3,491,428	3,637,073	3,728,562	6,222,432	5,509,465	1,983,297	8,303,997	9,145,550	8,890,978	8,241,151	8,671,103	8,061,889	8,994,973	8,999,442	7,781,485	6,651,933	7,454,717	6,914,834	7,773,944	6,478,228	6,672,845
gross profit	16,849,613	4,857,943	-620,958	-178,761	1,501,053	1,352,517	1,605,890	1,607,698	1,642,486	3,110,192	1,823,162	1,512,430	1,918,701	1,579,095	1,917,732	2,252,674	2,618,768	1,945,058	2,183,029	1,743,446	2,262,886	1,690,561	1,774,788	1,453,149	1,720,009		-70,378	1,347,779	1,351,821	1,562,421																										1,117,820	605,088	941,082	1,300,720	1,956,710
yoy	1022.52%	259.18%	-138.67%	-111.12%	-8.61%	-56.51%	-11.92%	6.30%	-14.40%	96.96%	-4.93%	-32.86%	-26.73%	-18.82%	-12.15%	29.21%	15.73%	15.05%	23.00%	19.98%	31.56%		-2621.79%	7.82%	27.24%																															-42.87%
qoq	246.85%	-882.33%	247.37%	-111.91%	10.98%	-15.78%	-0.11%	-2.12%	-47.19%	70.59%	20.55%	-21.17%	21.51%	-17.66%	-14.87%	-13.98%	34.64%	-10.90%	25.21%	-22.95%	33.85%	-4.75%	22.13%	-15.52%			-105.22%	-0.30%	-13.48%																											84.74%	-35.70%	-27.65%	-33.53%
gross margin %	Infinity%	Infinity%	-Infinity%	-Infinity%	22.69%	18.46%	20.36%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%		-Infinity%	Infinity%	Infinity%	Infinity%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%
sales and marketing expenses	535,363	581,742	139,683	147,855	304,719	335,609	349,644	370,839	368,736	-511,290	711,472	773,309	690,300	748,401	664,484	704,102	737,677	701,384	620,737	578,436	602,961
general and administrative expenses	3,252,629	4,664,226	1,799,140	1,495,142	1,679,654	1,447,860	1,637,825	1,776,491	1,654,071	1,628,839	1,633,740	1,583,179	1,695,278	1,576,039	1,639,053	1,871,311	1,666,877	1,293,355	1,293,941	1,981,186	1,827,418
general and administrative expenses - related party	3,444,643
loss on digital assets	560,212,231
impairment of digital assets	33,044,322
goodwill impairment		56,250			225,000																			1,015,000
operating income	-583,639,575	-3,112,849	-2,559,781	-1,821,758	-708,320	-630,952	-381,579	-539,632	-380,321
yoy	82297.73%	393.36%	570.84%	237.59%	86.24%
qoq	18649.37%	21.61%	40.51%	157.19%	12.26%	65.35%	-29.29%	41.89%
operating margin %	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-10.71%	-8.61%	-4.84%	-Infinity%	-Infinity%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%		NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%
interest income	-196,915	-35,163	-6,964	-12,947	-15,594	-22,501	-20,181	-18,712	-17,469	-11,843	-10,489	-856							-32,459	-33,554	-22,747						-755.5		-6	-3,015																										239,619	257,945	249,736	252,120	241,290
interest income - related party	-479,600
interest expense - related party		13,242	12,099	11,836	11,967	12,230	14,451
other expense	238	-350	-340	1,562	3,372					-6,132	-292	965	-24,560	5,832	2,684	2,732	1,362	1,360	1,421	5,392	-3,604	7,167	-148	-1,739	-1,579		2,248.5	-953	6,637	3,308
loss from continuing operations before income taxes	-582,963,298	-163,944,238	-2,404,353	-1,822,209	-708,065			-545,737	-381,175
provision for income taxes	2,687,788																																							1,640																-56,629	-254,981	-77,128	-7,271	90,000
loss from continuing operations	-585,651,086	-163,964,642	-2,404,353	-1,822,209	-708,065			-545,737	-381,175
income from discontinued operations, net of tax			1,554,331	370,598				-7,477	26,955
net income	-585,651,086	-163,964,642	-850,022	-1,451,611	-708,065	-643,568	-399,585	-553,214	-354,220	-1,898,690	-536,744	-870,948	-430,275	-783,027	-418,913	-356,335	180,024	-84,090	243,587	-834,728	1,199,036	-106,808	-215,202	-1,371,614	-81,657		2,273,725	495,110	-687,696	-1,501,791																										-287,064	-608,640	-282,810	-34,717	372,708
yoy	82611.49%	25377.44%	112.73%	162.40%	99.89%	-66.10%	-25.55%	-36.48%	-17.68%	142.48%	28.13%	144.42%	-339.01%	831.18%	-271.98%	-57.31%	-84.99%	-21.27%	-213.19%	-39.14%	-1568.38%		-109.46%	-377.03%	-88.13%																															-177.02%
qoq	257.18%	19189.46%	-41.44%	105.01%	10.02%	61.06%	-27.77%	56.18%	-81.34%	253.74%	-38.37%	102.42%	-45.05%	86.92%	17.56%	-297.94%	-314.08%	-134.52%	-129.18%	-169.62%	-1222.61%	-50.37%	-84.31%	1579.73%			359.24%	-172.00%	-54.21%																											-52.84%	115.21%	714.62%	-109.31%
net income margin %	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-10.70%	-8.78%	-5.07%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	Infinity%	-Infinity%	Infinity%	-Infinity%	Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%		Infinity%	Infinity%	-Infinity%	-Infinity%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	Infinity%
basic earnings per share :
basic loss per share from continuing operations	-5.91	-20.25	-2.17	-1.65	-0.64	-0.295	-0.34	-0.05	-0.04
basic earnings per share from discontinued operations		-1.61	1.4	0.33
basic loss per share	-5.91	-21.86	-0.77	-1.32	-0.64	-0.58	-0.36	-0.05	-0.04
diluted earnings per share:
diluted loss per share from continuing operations	-5.91	-20.25	-2.17	-1.65	-0.64	-0.295	-0.34	-0.05	-0.04
diluted earnings per share from discontinued operations		-1.61	1.4	0.33
diluted loss per share	-5.91	-21.86	-0.77	-1.32	-0.64	-0.58	-0.36	-0.05	-0.04
weighted-average common shares outstanding:
basic	99,099,267	6,791,173	1,113,670	1,101,069	1,101,069	1,101,069	1,101,069	10,061,185	10,061,185	10,061,185	10,061,185	10,061,185	10,061,185	10,061,185	10,061,185	10,061,185	10,061,185	9,950,094	9,963,969	9,909,497	9,885,563	9,583,441	9,534,407	9,533,851	9,533,851			8,364,247	8,486,402	8,443,391																							7,888,727			7,855,439	7,844,376	7,835,454	7,861,438	7,861,438
diluted	99,099,267	6,791,173	1,113,670	1,101,069	1,101,069	1,101,069	1,101,069	10,061,185	10,061,185	10,061,185	10,061,185	10,061,185	10,061,185	10,061,185	10,061,185	10,061,185	10,337,113	10,443,018	10,512,893	9,909,497	10,039,799	9,583,441	9,534,407	9,533,851	9,533,851			8,373,336	8,486,402	8,443,391																							7,888,727			7,855,439	7,844,376	7,835,454	7,861,438	7,978,869
gain on change in fair value of warrant liability		-40,055.75	-160,223
deemed dividend on series b convertible preferred stock		-19,166	-10,278
net loss attributable to common shareholders		-163,983,808	-860,300
revenues, net - related party						108,362	116,778
total revenues					6,615,607	7,326,477	7,886,726
yoy
qoq					-9.70%	-7.10%
cost of sales - related party					1,623,126	2,336,887	2,552,274
total cost of sales					5,114,554	5,973,960	6,280,836
fair value adjustment of earnout consideration										-30,000			-40,000						10,000
other income						2,094	1,218	7,846	-687																																															13,497	7,873	-2,911	-4,565	10,733
income from continuing operations before income taxes						-620,621	-377,067
income from continuing operations						-643,568	-377,067																				-473,335.5	495,110	-687,696	-1,700,754		-282,619	346,818	60,408.5	-226,044	286,493
loss from discontinued operations, net of tax							-22,518
basic loss per share :
basic loss per share from discontinued operations							-0.02
diluted loss per share:
diluted loss per share from discontinued operations							-0.02
interest expense								16,971	19,010	23,987	25,475	26,781	27,958	29,296	30,424	30,864	32,828	33,049	45,802	46,714	46,392	307,237	-37,148	-44,178	-50,949
basic earnings per share:
income from operations										-458,246.25	-522,050	-844,058	-466,877	-745,345	-385,805	-322,739	214,214	-49,681	268,351	-816,176	-167,493	-111,651	-174,906	-1,666,697	-29,129		-444,342.25	494,157		-1,590,460																										-596,809	-1,129,439	-606,763	-289,543	210,685
income before income taxes										-459,491.75	-536,744	-870,948	-430,275	-780,473	-418,913	-356,335	180,024	-84,090	243,587	-834,728	1,199,036				-81,657
loss per share:
basic										-0.045	-0.05	-0.09													-0.01
diluted										-0.045	-0.05	-0.09													-0.01
earnings per share:
basic													-0.04	-0.08	-0.04	-0.04	0.02	-0.01	0.02	-0.08	0.12
diluted													-0.04	-0.08	-0.04	-0.04	0.02	-0.01	0.02	-0.08	0.12
gain on forgiveness of note payable																					-1,356,570
fair value adjustment of earn-out consideration																					-30,000	-700,000		350,000
fair value adjustment of deferred cash consideration																						28,000	-3,000	-9,000
sales and marketing																						471,824	464,247	479,461	535,172		-373,346	497,961	695,628	682,457
general and administrative																						1,330,388	1,485,447	1,625,385	1,213,966		-2,072,871	355,661	1,337,258	2,470,424																										934,924	790,705	627,705	664,136	895,114
net income per share																														-0.23		-0.04	0.04	-0.1	-0.03	0.02	-0.41	-0.41
basic																						-0.01	-0.02																																	-0.04	-0.08	-0.04		0.05
diluted																						-0.01	-0.02																																	-0.04	-0.08	-0.04		0.05
net revenues																								7,931,377
operating expenses:
total operating expenses																								3,119,846	1,749,138		-2,446,217	853,622	2,032,886	3,152,881																										1,714,629	1,734,527	1,547,845	1,590,263	1,746,025
total other income																								295,083																																253,116	265,818	246,825	247,555	252,023
net loss per basic common share																								-0.14
net loss per diluted common share																								-0.14
weighted-average number of common and common equivalent shares outstanding:
basic	99,099,267	6,791,173	1,113,670	1,101,069	1,101,069	1,101,069	1,101,069	10,061,185	10,061,185	10,061,185	10,061,185	10,061,185	10,061,185	10,061,185	10,061,185	10,061,185	10,061,185	9,950,094	9,963,969	9,909,497	9,885,563	9,583,441	9,534,407	9,533,851	9,533,851			8,364,247	8,486,402	8,443,391																							7,888,727			7,855,439	7,844,376	7,835,454	7,861,438	7,861,438
diluted	99,099,267	6,791,173	1,113,670	1,101,069	1,101,069	1,101,069	1,101,069	10,061,185	10,061,185	10,061,185	10,061,185	10,061,185	10,061,185	10,061,185	10,061,185	10,061,185	10,337,113	10,443,018	10,512,893	9,909,497	10,039,799	9,583,441	9,534,407	9,533,851	9,533,851			8,373,336	8,486,402	8,443,391																							7,888,727			7,855,439	7,844,376	7,835,454	7,861,438	7,978,869
net revenues:																									8,392,854
other expenses:
total other expenses																									-52,528
net sales																											5,605,538	7,230,953	7,247,339	7,943,860																										4,953,090	4,438,861	4,401,462	5,875,768
cost of goods sold																											2,412,839	5,883,174	5,895,518	6,381,439																										3,835,270	3,833,773	3,460,380	4,575,048	5,477,712
other expense:
loss on marketable securities																											27,500.25			110,001
loss on change in fair value of warrant liability
total other expense																											28,993.25	-953	6,631	110,294
income from discontinued operations																											49,740.75			198,963
preferred stock dividends and accretion																											-118,895		-1,886	-473,694
net income applicable to common equity																											-542,489.75	495,110		-1,975,485		-348,586
other comprehensive income:
translation adjustments																											22,400	1,091	-839	-867
comprehensive income																											2,296,125	496,201	-688,535	-1,502,658
net income per basic common share:
net income per basic common share																											-0.065	0.06
net income per diluted common share:
net income per diluted common share																											-0.065	0.06
(loss) income from operations																													-681,065
net loss applicable to common equity																													-689,582
net income per basic and diluted common shares:
net income per basic and diluted common shares																													-0.08
operating expenses
net income per share																														-0.23		-0.04	0.04	-0.1	-0.03	0.02	-0.41	-0.41
weighted-average number of common and common equivalent shares outstanding
basic	99,099,267	6,791,173	1,113,670	1,101,069	1,101,069	1,101,069	1,101,069	10,061,185	10,061,185	10,061,185	10,061,185	10,061,185	10,061,185	10,061,185	10,061,185	10,061,185	10,061,185	9,950,094	9,963,969	9,909,497	9,885,563	9,583,441	9,534,407	9,533,851	9,533,851			8,364,247	8,486,402	8,443,391																							7,888,727			7,855,439	7,844,376	7,835,454	7,861,438	7,861,438
diluted	99,099,267	6,791,173	1,113,670	1,101,069	1,101,069	1,101,069	1,101,069	10,061,185	10,061,185	10,061,185	10,061,185	10,061,185	10,061,185	10,061,185	10,061,185	10,061,185	10,337,113	10,443,018	10,512,893	9,909,497	10,039,799	9,583,441	9,534,407	9,533,851	9,533,851			8,373,336	8,486,402	8,443,391																							7,888,727			7,855,439	7,844,376	7,835,454	7,861,438	7,978,869
net sales............................................................................																																6,699,881
cost of goods sold..........................................................																																5,296,250																	2,757,885.75	3,075,481	3,593,423		3,087,482.5	4,406,016	4,108,644
gross profit......................................................................																																1,403,631
sales and marketing................................................																																725,240
general and administrative....................................																																811,769																	451,578.75	512,474	627,807		564,703	673,266	650,622
total operating expenses..............................																																1,537,009																	969,003.5	1,157,509	1,376,383		1,096,513	1,325,314	1,346,109
income from operations...................................																																-133,378
interest expense......................................																																-9,212
(gain) loss on marketable securities, net.............																																-41,407
other expense, net..................................																																199,422
total other expense, net...............																																148,803
income from continuing operations before income tax expense																																-282,181	346,843	60,535.25	-226,044	286,925
income tax expense........................................................																																438
loss from discontinued operations, net of tax expense of 0 and 2,055, and 0 and 2,975, respectively....																																-18,395
net income............................................................																																-301,014
preferred stock dividends and accretion............																																-47,572
change in unrealized gains on marketable securities
translation adjustments........................................																																554
total other comprehensive income																																554	479
comprehensive income.....................................																																-300,460
net income per basic and diluted common share:
income from continuing operations..............																																-0.04
loss from discontinued operations..........................
weighted-average number of common and common equivalent shares outstanding
basic......................................................................																																8,195,808
diluted...................................................................																																8,195,808
net sales..............................................................................................................																																	8,415,477
cost of goods sold.............................................................................................																																	6,570,277															3,202,577
gross profit.........................................................................................................																																	1,845,200
sales and marketing.....................................................................................																																	616,707
general and administrative.........................................................................																																	856,491
total operating expenses...................................................................																																	1,473,198
income from operations..........................................................................																																	372,002
interest income.............................................................................................																																	-8,518
loss (gain) on marketable securities, net.................................................																																	80,839
other expense, net.......................................................................																																	-47,162
total other expense, net....................................................																																	25,159
income tax expense............................................................................................																																	25
income from discontinued operations, net of tax expense of 0 and 920, respectively.................................................................................................																																	4,609
net income..........................................................................................................																																	351,427
preferred stock dividends and accretion...............................................																																	-48,898
net income applicable to common equity.......................................																																	302,529
change in unrealized gains on marketable securities...........................
translation adjustments............................................................................																																	479
comprehensive income....................................................................................																																	351,906
income from continuing operations................................................................																																	0.04
income from discontinued operations.................................................
weighted-average number of common and common equivalent shares outstanding
basic.............................................................................................................																																	8,160,571
diluted..........................................................................................................																																	8,171,011
net sales......................................................................................................................																																		5,837,586	8,590,248
cost of goods sold......................................................................................................																																		4,622,276	6,747,066
gross profit................................................................................................................																																		1,215,310	1,843,182					1,394,644
sales and marketing...........................................................................................																																		405,220	602,038					1,272,739
general and administrative...............................................................................																																		653,099.5	767,588					1,640,175
total operating expenses.........................................................................																																		1,058,319.5	1,369,626					2,912,914
income from operations...............................................................................																																		156,990.5	473,556					-1,518,270
other income:
interest income.................................................................................																																		-94	-120
loss on marketable securities, net..................................................................																																		-93,540	-702,377
other income, net.............................................................................																																		-2,821.25	2,897
total other income, net..........................................................																																		-96,455.25	-699,600
income tax expense..................................................................................................																																		126.75
loss from discontinued operations, net of tax expense (benefit) of (8,977) and (130); and (6,002) and 4,850, respectively.....																																		-49,874.5	-18,659
net income.....................................................................................................																																		10,534	-244,703
change in unrealized gains on marketable securities..................................																																		5,936
translation adjustments..................................................................................																																		-2,338.25	-152
comprehensive income (loss)................................................................................																																		14,131.75	-244,855
income from continuing operations.............................................................																																		0.008	-0.03
loss from discontinued operations........................................................................																																		-0.005
weighted-average number of common and common equivalent shares outstanding
basic.....................................................................................................................																																		2,027,683.5	8,112,685
diluted..................................................................................................................																																		2,030,227.25	8,112,685
net sales..................................................................................																																				7,786,726
cost of goods sold.................................................................																																				6,268,255
gross profit............................................................................																																				1,518,471
sales and marketing.......................................................																																				541,461
general and administrative...........................................																																				770,772
total operating expenses.....................................																																				1,312,233
income from operations............................................																																				206,238
interest income.............................................																																				-1,645
gain on marketable securities, net...............................																																				85,846
other income, net.........................................																																				-3,514
total other income, net.........................................																																				80,687
income tax expense...............................................................																																				432
loss from discontinued operations, net of tax of 2,055 and 3,120, and 2,975 and 4,979, respectively......																																				-138,419
net income.................................................................																																				148,074
change in unrealized gains on marketable securities...
translation adjustments..............................................																																				-14,816
comprehensive income (loss)............................................																																				133,258
income from continuing operations.....................																																				0.04
loss from discontinued operations..................................																																				-0.02
basic...............................................................................																																				8,112,685
diluted..........................................................................																																				8,127,071
net sales.............................................................................																																					5,012,340.75	7,664,252							3,401,211.25	5,058,392	4,419,681
cost of goods sold..............................................................																																					4,247,320.25	6,906,769	5,820,267				3,841,999
gross profit........................................................................																																					765,020.5	757,483	1,344,494				1,154,268
selling...........................................................................																																					231,311.25	282,020	1,363,075				662,447
general and administrative........................................																																					1,740,507	1,088,552	1,554,332				1,099,591
total operating expenses..................................																																					2,490,942	1,370,572	2,917,407				1,762,038
loss from operations........................................................																																					-1,577,116	-613,089					-607,770
interest income...........................................................																																					22,232.75	21,234					29,748				8,700
other income, net.....................................																																					-11,505.75	-38,998					23,234
total other income...........................																																					10,727	-17,764
loss from continuing operations...................................																																					-410,941.75	-630,853
benefit from income taxes.................................................
loss from discontinued operations................................																																					-1,180,554	-2,678,075
net loss ..............................................................................																																					-1,591,495.75	-3,308,928					-554,788
net loss per basic and diluted common share:
loss from continuing operations............................																																					-0.21	-0.08
loss from discontinued operations........................																																					-0.2	-0.33
weighted-average number of common and common equivalent shares outstanding:
basic and diluted.......................................................																																					2,025,119.5	8,105,185
net sales..............................................................................																																							7,164,761
loss from operations.......................................................																																							-1,572,913								-90,957
interest income..........................................................																																							6,928						8,989.75	6,927
other income, net....................................																																							26,213						-14,340.75	-14,306
total other income...........................................																																							33,141
loss before income taxes................................................																																							-1,539,772
provision for income taxes.............................................																																							4,654
net loss .............................................................................																																							-1,544,426								-112,194
net loss per common and common equivalent share
basic and diluted......................................................																																							-0.19						-0.01		-0.01
net sales.....................................................................................................................																																								6,883,529
cost of goods sold.....................................................................................................																																								5,488,885
interest income...................................................................................................																																								41,187
other expense, net.............................................................................................																																								-34,457
total other income..................................................................																																								6,730
income before taxes																																								-1,511,540
net income .....................................................................................................																																								-1,513,180
net income per common and common equivalent share
basic and diluted...............................................................................................																																								-0.19
basic ...................................................................................................................																																								8,091,165
diluted.................................................................................................................																																								8,091,165
net sales.........................................................................																																									4,280,254.25	6,156,543
cost of goods sold.........................................................																																									3,287,733.5	4,717,260
gross profit...................................................................																																									992,520.75	1,439,283
sales and marketing..............................................																																									513,441.75	950,328
general and administrative..................................																																									817,618.75	1,258,564
total operating expenses............................																																									1,331,060.5	2,208,892
income from operations.................................																																									-338,539.75	-769,609
interest income.....................................................																																									17,300.25	33,798
other income, net..............................																																									2,217.75	-2,963
total other income...................																																									19,518	30,835
net income before taxes																																									-319,021.75	-738,774
benefit from income taxes																																									14,012.5	56,050
net income ......................................................																																									-305,009.25	-682,724
basic and diluted...............................................																																									-0.038	-0.08
basic .................................................................																																									2,019,450.75	8,087,139
diluted..............................................................																																									2,019,450.75	8,087,139											-0.025	-0.01	-0.05
net sales.........................................................																																											4,996,267
total other income..........................																																											52,982				-21,237
basic and diluted........................................................																																											-0.07
net sales..........................................................................................................................																																												5,968,208
cost of goods sold..........................................................................................................																																												4,591,675								4,362,639
gross profit.....................................................................................................................																																												1,376,533								944,003
selling.......................................................................................................................																																												440,992								676,088
general and administrative....................................................................................																																												912,320								666,034
total operating expenses..............................................................................																																												1,353,312								1,342,122
income from operations.....................................................................................																																												23,221
interest income........................................................................................................																																												5,654								118,945
other expense, net..................................................................................................																																												-11,400
total other income.......................................................................																																												-5,746
net income ..........................................................................................................																																												17,475
basic.........................................................................................................................																																												8,060,672
diluted......................................................................................................................																																												8,132,408
weighted-average number of common and common equivalent shares outstanding
cost of goods sold............................................................																																													2,603,904	3,787,101
gross profit.......................................................................																																													797,307.25	1,271,291	993,743
selling.........................................................................																																													387,076.75	556,749
general and administrative......................................																																													475,424.5	690,163
total operating expenses................................																																													862,501.25	1,246,912
income from operations.......................................																																													-65,194	24,379
total other income.........................																																													-5,351	-7,379
income before provision for income taxes........																																													-70,545	17,000
net income ............................................................																																													-70,545	17,000
basic...........................................................................																																													1,991,017.5	7,987,285
diluted........................................................................																																													1,991,017.5	8,149,837
cost of goods sold.............................................................																																															3,425,938
selling..........................................................................																																															533,286
general and administrative.......................................																																															551,414
total operating expenses.................................																																															1,084,700
other expense, net.....................................................																																															-29,937
loss before provision for income taxes........................																																															-112,194
weighted-average number of common and common equivalent shares outstanding
net sales.............................................................................................................																																																4,126,772
gross profit.......................................................................................................																																																924,195
selling..........................................................................................................																																																458,272
general and administrative.......................................................................																																																660,121
total operating expenses.................................................................																																																1,118,393
loss from operations.......................................................................................																																																-194,198
interest income...........................................................................................																																																20,332
other expense, net.....................................................................................																																																-13,120
total other income............................................................................																																																7,212
loss before benefit from income taxes.........................................................																																																-186,986
benefit from income taxes..............................................................................
net loss ..............................................................................................................																																																-186,986
basic............................................................................................................																																																-0.02
diluted.........................................................................................................																																																-0.02
net sales..........................................................................																																																	3,417,601.75	4,106,814	4,256,951		3,812,256.5	5,568,232	4,727,704
gross profit.....................................................................																																																	659,716	1,031,333	663,528		724,774	1,162,216	619,060
selling.......................................................................																																																	517,424.75	645,035	748,576		531,810	652,048	695,487
loss from operations....................................................																																																	-309,287.5	-126,176	-712,855		-371,739	-163,098
interest income........................................................																																																	62,094.5	49,137	80,296		129,428.25	104,590	173,504
other income , net.................................																																																	-7,557	13,182
total other income.........................................																																																	54,537.5	62,319	67,527		135,322	97,293	190,879
loss before provision for income taxes............................................................................																																																	-254,750	-63,857
provision for (benefit from) income taxes.................																																																	75,124.75		405,890
net loss ...........................................................................																																																	-329,874.75	-63,857
basic and diluted............................................																																																	-0.043	-0.01	-0.13
other income, net..................................																																																			-12,769		5,893.75	-7,297	17,375
loss before provision for income taxes...........................................................................																																																			-645,328
net loss ...........................................................................																																																			-1,051,218
net sales..........................................................................................																																																				5,306,642
loss from operations....................................................................................................																																																				-398,119
other income, net..................................................................................																																																				-30,641
total other income.........................................................................................																																																				88,304
loss before benefit from income taxes......................................................................																																																				-309,815
benefit from income taxes...........................................................................................																																																				-105,391
net loss ...........................................................................................................................																																																				-204,424
basic.................................................................................................................																																																				-0.03
diluted..............................................................................................................																																																				-0.03
income before provision for income taxes............................................................																																																					-236,417	-65,805
provision for income taxes...........................																																																					-47,371.25	45,191
net income ..........................................................																																																					-189,045.75	-110,996
basic.................................................................																																																					-0.025	-0.01	-0.05
(loss) from operations..................................................																																																							-727,049
income before provision for income taxes............................................................																																																							-536,170
provision for income taxes..........................																																																							-178,047
net income ..........................................................																																																							-358,123
net income per common and common equivalent share
weighted-average number of common and common equivalent shares outstanding
selling																																																								779,705	943,822	920,140	926,127	850,911
income before provision for income taxes																																																								-343,693	-863,621	-359,938	-41,988	462,708
net income per common and common equivalent share
basic																						-0.01	-0.02																																	-0.04	-0.08	-0.04		0.05
diluted																						-0.01	-0.02																																	-0.04	-0.08	-0.04		0.05
net sales.																																																												7,434,422

Balance Sheets:

Quarterly

Annual

Unit: USD	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2018-09-30	2017-03-31	2016-12-31	2016-09-30	2015-12-31	2014-12-31	2014-09-30	2014-06-30	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31

assets
current assets:
cash	25,388,079	38,166,973	1,263,162	1,798,377	2,606,879	3,022,436	2,558,703	2,261,853	3,026,786	3,180,468	2,821,163	2,355,713	2,331,806	2,575,522	2,277,635	1,541,192	2,432,225	1,410,365	1,604,649	1,529,165	2,332,324	2,924,627	3,084,635	1,348,099	2,068,809	3,092,813	4,369,866	3,649,284	4,240,810
accounts receivable	2,994,696	1,635,171	1,193,494	1,776,833	4,862,223	5,609,032	6,486,292	6,484,427	6,534,702	6,968,778	7,659,132	8,184,823	8,523,079	7,542,666	8,738,264	8,685,896	8,788,041	8,760,715	7,683,659	6,331,832	7,729,140	7,602,316	8,264,935	7,368,884	7,320,670	6,695,120	9,024,518	4,424,939	5,766,740	4,864,423	6,523,579	6,154,249	6,124,871																								3,925,324	4,135,117	3,275,789	3,787,868	5,151,837
contract assets	1,067,429	1,064,264	724,905	868,094
loans receivable - digital assets - related party	31,344,451
prepaid expenses and other current assets	2,151,551	355,548	383,536	315,061	402,813	426,240	440,037	457,071	392,282	378,512	689,955	511,020	394,343	417,605	483,232	816,250	630,649	561,072	500,893	385,245	339,292	419,472	502,893	609,903	489,545	441,502	248,434	155,847	129,454	141,421	377,036	445,117	401,510																								626,604	628,786	854,176	621,797	383,718
total current assets	62,946,206	41,221,956	3,565,097	7,667,962	8,624,888	9,644,191	9,728,347	9,512,246	10,494,603	11,370,219	13,063,040	13,972,538	15,388,107	14,336,823	16,370,865	14,940,817	14,823,049	12,794,709	11,696,338	10,395,696	11,658,153	12,222,109	12,579,882	9,962,938	10,979,491	11,838,262	15,211,732	10,959,289	12,687,157	12,339,444	13,109,479	14,176,988	16,429,619																								27,514,913	26,383,795	26,759,995	27,450,614	29,242,910
digital assets	824,334,908	1,430,486,289
digital assets - restricted	2,427,980
property and equipment	98,693	124,331	153,855	164,760	194,029	219,297	234,710	254,971	265,346	274,046	282,308	261,211	261,917	241,146	234,401	247,345	213,826	167,997	183,740	187,744	205,057	215,323	219,375	213,181	221,362	243,002	358,975	31,576	37,035	43,030	109,492	105,233	98,990
operating lease right-of-use assets	2,188,415	2,303,776	2,417,332	2,529,148	2,639,821	2,593,112	2,702,315	2,810,059	2,916,385	3,021,315	3,124,871
other assets	949,915	806,137	303,539	68,737	72,688	72,688	68,737	68,737	68,737	68,737	68,737	68,737	68,737	68,737	72,251	72,251	72,251	72,251	72,251	72,251	72,251	116,697	138,002	184,201	217,486	255,008	63,550	12,843	12,843	12,843	40,962	40,962	40,962																								77,409	57,538	57,538	50,412	50,412
total assets	892,946,117	1,474,942,489	8,294,323	12,338,296	13,492,305	14,768,356	15,226,366	15,191,460	16,343,707	17,386,142	19,243,971	20,287,793	21,858,201	20,939,015	23,228,556	21,973,187	21,977,702	19,855,539	18,931,320	17,199,355	18,608,500	19,356,268	18,640,244	16,184,826	18,705,170	16,094,352	19,227,866	11,003,708	12,737,035	12,395,317	13,259,933	14,323,183	16,569,571																								27,755,278	26,631,875	26,991,241	27,661,516	29,466,386
liabilities and shareholders' equity
current liabilities:
loans payable - digital assets	3,499,535
accounts payable	382,603	433,044	208,811	137,406	194,951	129,060	144,549	147,518	392,202	518,892	684,616	408,838	576,449	268,160	433,412	463,901	307,508	391,992	234,644	324,673	212,928	197,022	297,098	258,442	279,258	315,444	329,967	40,640	145,429	62,136	280,049		666,630																								3,176,938	1,904,946	1,842,564	2,121,406	3,752,000
accounts payable-related party	1,616,434
deferred income	720,185	292,525	309,976	355,038	278,607	399,439	204,995	228,827	250,405	297,407	264,726	166,395	334,588	438,878	623,395	620,572	752,878	187,695	444,445	137,446	169,769	485,078	525,763	707,987	58,883	219,831	125,013
current portion of operating lease liability	426,750	450,949	474,799	463,268	454,509	404,056	410,813	423,042	425,998	416,042	406,223	396,652	387,222	377,940	415,494	405,811	334,126	340,151	348,914	261,536	269,569	259,658	238,413
accrued expenses and other current liabilities	3,438,201	623,512	311,007	418,813	487,461	613,029	642,479	560,494	494,724	1,357,743	1,283,337	957,613	694,644	1,153,906	1,075,757	787,010	662,519	527,974	624,328	454,876	594,647	615,401	625,540	642,516	695,505	694,972	594,887	292,602	342,700	587,741	925,974		548,515																								427,264	303,185	299,242	251,752	391,311
total current liabilities	10,083,708	2,723,543	2,354,593	6,451,699	8,786,812	9,371,596	11,303,866	10,797,779	11,307,574	10,836,099	10,587,151	10,906,939	11,468,835	9,977,764	11,304,275	11,042,179	10,593,630	7,208,043	6,125,378	5,150,540	7,426,762	8,826,366	8,404,042	6,512,640	7,635,764	8,295,680	7,624,290	2,791,138	4,313,557	4,169,553	5,491,877	5,699,216	6,434,309																								3,604,202	2,208,131	2,141,806	2,373,158	4,143,311
other liabilities:
operating lease liability, less current portion	2,000,827	2,094,079	2,185,877	2,307,790	2,426,196	2,429,726	2,531,959	2,623,814	2,723,281	2,833,782	2,942,772	3,046,856	3,149,279	3,249,824	3,407,626	3,514,064	3,676,805	3,559,053	3,644,688	3,232,169	3,288,938	3,359,088	3,278,908
total liabilities	12,084,535	4,817,622	4,943,358	8,759,489	11,213,008	11,801,322	13,835,825	13,421,593	14,030,855	14,769,881	14,759,923	15,283,795	15,998,114	14,672,588	16,231,901	14,601,243	14,315,435	12,412,096	11,440,066	10,045,033	10,783,260	12,773,196	12,458,301	9,857,359	11,042,349	8,383,053	8,128,271	2,836,010	4,361,736	4,221,039	5,603,050	5,825,723	6,549,511
commitments and contingencies
shareholders' equity:
common stock, 0.01 par value...	864,645
treasury stock	-10,882,955																																-1,260,057	-1,260,057	-1,260,057	-1,260,057	-1,260,057	-1,260,057	-1,260,057	-1,260,057	-1,260,057	-1,260,057	-1,260,057	-1,260,057	-1,260,057	-1,260,057	-1,260,057	-1,260,057	-1,260,057	-1,260,057	-1,260,057	-1,260,057	-1,260,057	-1,260,057	-1,260,057	-1,260,057	-1,085,057	-1,085,057	-1,057,257	-853,159	-853,159
additional paid-in capital	1,663,142,458	1,655,874,892	21,051,543	20,439,612	20,413,491	20,393,163	20,373,102	20,263,242	20,253,013	20,202,202	20,171,299	20,154,505	20,139,646	20,115,711	20,062,912	20,019,288	19,953,276	19,914,476	19,878,497	19,785,936	19,622,791	19,579,684	19,074,747	19,005,569	18,969,309	18,936,130	18,720,396	17,862,518	17,832,589	17,783,060	17,629,809	17,493,861	18,747,371
accumulated deficit	-772,262,566	-186,611,480	-22,646,838	-21,796,816	-20,345,205	-19,637,140	-18,993,572	-18,593,987	-18,040,773	-17,686,553	-15,787,863	-15,251,119	-14,380,171	-13,949,896	-13,166,869	-12,747,956	-12,391,621	-12,571,645	-12,487,555	-12,731,142	-11,896,414	-13,095,450	-12,988,642	-12,773,440	-11,401,826	-11,320,169	-7,716,139	-9,760,843		-9,674,805		-10,347,291	-8,371,806
total shareholders' equity	880,861,582	1,470,124,867	3,350,965	3,578,807	2,279,297		1,390,541	1,769,867	2,312,852	2,616,261	4,484,048	5,003,998	5,860,087	6,266,427	6,996,655	7,371,944	7,662,267	7,443,443	7,491,254	7,154,322	7,825,240	6,583,072	6,181,943	6,327,467	7,662,821	7,711,299	11,099,595	8,167,698	8,375,299	8,174,278	7,656,883		9,186,695																								24,151,076	24,423,744	24,849,435	25,288,358	25,323,075
total liabilities and shareholders' equity	892,946,117	1,474,942,489	8,294,323	12,338,296	13,492,305		15,226,366	15,191,460	16,343,707	17,386,142	19,243,971	20,287,793	21,858,201	20,939,015	23,228,556	21,973,187	21,977,702	19,855,539	18,931,320	17,199,355	18,608,500	19,356,268	18,640,244	16,184,826	18,705,170	16,094,352	19,227,866	11,003,708	12,737,035	12,395,317	13,259,933		16,569,571																											27,661,516	29,466,386
assets held for sale				2,909,597
intangible assets			520,818	574,007	627,197	680,386	733,575	786,765	839,954	893,143	946,333	999,522	1,052,711	1,105,901	1,159,090	1,212,279	1,265,469	1,318,658	1,371,847	1,425,036	1,478,227	1,531,415	1,126,299	1,167,030	1,207,648	1,248,712	1,411,182
goodwill			1,333,682	1,333,682	1,333,682	1,558,682	1,758,682	1,758,682	1,758,682	1,758,682	1,758,682	1,758,682	1,758,682	1,758,682	1,758,682	1,758,682	1,758,682	1,758,682	1,758,682	1,758,682	1,758,682	1,758,682	1,167,427	1,167,427	2,182,427	2,182,427	2,182,427
note payable to forward china			600,000	600,000	600,000	600,000	600,000	750,000	850,000	1,100,000	1,200,000	1,300,000	1,350,000	1,400,000	1,450,000	1,500,000	1,550,000	1,600,000			1,600,000	1,600,000
related party payables		923,513
liabilities held for sale				4,477,174
series a-1 convertible preferred stock, par value 0.01 per share...			4,925,000	4,925,000	2,200,000	2,200,000
series b convertible preferred stock, par value 0.01 per share...			10,000
common stock, 300,000,000 shares authorized; par value 0.01 per share...		861,455
due to forward china			450,000		6,771,284	7,226,012	9,301,030	8,687,898	8,894,245	8,246,015	7,948,249	8,977,441	9,475,932	7,713,880	8,756,217	7,239,885	6,961,599	5,733,708	4,439,838	3,890,219	3,451,724	3,622,401	3,199,874	2,307,759	2,726,818	3,236,693	4,197,435	2,457,896	3,825,428	3,519,676	4,285,854	4,593,257	5,215,768
warrant liability			402,888
common stock, 40,000,000 shares authorized; par value 0.01 per share...			11,260	11,011	11,011	11,011
inventories					752,973	489,996	243,315	308,895	405,229	334,384	1,892,790	2,920,982	4,138,879	3,801,030	4,871,734	3,897,479	2,972,134	2,062,557	1,907,137	2,149,454	1,257,397	1,275,694	727,419	636,052	1,100,467	1,608,827	1,568,914	2,729,219	2,550,153	2,572,980	2,884,299	2,595,050	2,374,837																								1,355,400	1,072,360	1,675,242	2,148,821	2,466,059
discontinued assets held for sale									135,604	508,077
liabilities and shareholders’ equity
shareholders’ equity:
total shareholders’ equity						2,967,034																										7,209,723
total liabilities and shareholders’ equity						14,768,356																										14,323,183																									27,755,278	26,631,875	26,991,241
total other liabilities							2,531,959	2,623,814	2,723,281		4,172,772	4,376,856	4,529,279		4,927,626	3,559,064	3,721,805	5,204,053	5,314,688	4,894,493	3,356,498	3,946,830	4,054,259	3,344,719	3,406,585	87,373	503,981
common stock, par value 0.01 per share...							11,011	100,612	100,612	100,612	100,612	100,612	100,612	100,612	100,612	100,612	100,612	100,612	100,312	99,528	98,863	98,838	95,838	95,338	95,338	95,338	95,338							89,022	89,022	88,191	88,191	88,191	88,116	88,116	88,116	88,116	87,943	87,943	87,923	87,913	87,616	87,282	86,714	86,637	86,436	86,411	86,296	86,219	86,219	86,109	84,889	84,889	84,359	84,249	84,249
current portion of earnout consideration														25,000		25,000	25,000	25,000
earnout consideration, less current portion											30,000	30,000	30,000	45,000	70,000	45,000	45,000	45,000	70,000
operating lease right of use assets												3,227,103	3,328,047	3,427,726	3,633,267	3,741,813	3,844,425	3,743,242	3,848,462	3,359,946	3,436,130	3,512,042	3,409,259	3,490,049	3,569,815
line of credit																					1,000,000	1,000,000	1,000,000	400,000	1,300,000	1,300,000	350,000
current portion of notes payable																			29,159	72,341	114,894	983,395	2,196,621
current portion of finance lease liability																		1,523	4,050	9,449	13,231
notes payable, less current portion																						529,973	759,949
finance lease liability, less current portion																				2,324	7,560
current portion of note payable to forward china
note payable to forward china, less current portion																			1,600,000	1,600,000
current portion of deferred consideration																						45,000
deferred consideration, less current portion																				60,000	60,000	45,000
investment																									326,941	326,941
current portion of capital leases payable																						18,411	24,733
capital lease liability, less current portion																						12,769
deferred rent																										60,935	47,605
deferred consideration																							296,000	293,000
capital leases payable, less current portion																							15,402
notes payable																								1,608,125
capital leases payable - short-term portion																								39,306	39,598	39,941	56,876
operating lease liability - short-term portion																								255,505	271,680
capital leases payable - long-term portion																								10,585	18,010	26,438	64,041
operating lease liability - long-term portion																								3,334,134	3,388,575
notes payable - short-term portion																									1,630,022	1,654,799	1,770,112
deferred consideration - short-term portion																									634,000	834,000	200,000
notes payable - long-term portion																											54,335
deferred consideration - long-term portion																											338,000
other liabilities																												44,872	48,179	51,486	111,173	126,507	115,202
8,780,830 shares issued and outstanding																												87,808	87,808
accumulated other comprehensive loss																												-21,785		-21,785		-21,278	-20,411
cash and cash equivalents																														4,760,620	3,324,565	4,982,572	6,477,132																								21,298,124	20,267,791	20,900,189	20,799,128	21,153,296
8,780,830 and 8,641,755 shares issued and outstanding
at september 30, 2016 and 2015, respectively																														87,808
8,658,179 and 8,641,755 shares issued;
8,658,179 and 8,641,755 shares outstanding;
at december 31, 2015 and september 30, 2015, respectively																															86,582
marketable securities																																	1,051,230
accounts payable, accrued expenses and other current liabilities																																1,105,959
6% senior convertible preferred stock, par value 0.01 per share...																																1,287,737		804,018	746,280	716,664	447,983
preferred stock, par value 0.01 per share...
series a participating preferred stock, par value 0.01; 100,000 shares authorized; no shares issued and outstanding
8,443,046 and 9,159,796 shares issued; 8,443,046 and 8,453,386 shares outstanding; at december 31, 2014 and september 30, 2014, respectively																																84,431
current assets of discontinued operations																																	39
current liabilities of discontinued operations																																	3,396
authorized; 648,846 shares issued and outstanding (aggregate liquidation
value of 1,275,000 as of september 30, 2014 and 2013)																																	833,365
2,400,000 undesignated:
series a participating preferred stock, par value 0.01; 100,000 shares
authorized; no shares issued and outstanding
9,159,796 and 9,190,467 shares issued, plus
8,453,386 and 8,484,057 shares outstanding,
at september 30, 2014 and 2013, respectively																																	91,598
assets:
cash and cash equivalents...........................................................................................																																		7,013,700			5,011,600			7,185,538	9,719,455			15,459,220	16,292,122	18,121,051		19,877,077	19,673,323			19,569,788	18,968,569	18,403,988	20,318,859	20,239,507
marketable securities.....................................................................................................																																		1,256,778			405,721
accounts receivable ......................................................................................................																																		5,467,087
inventories.......................................................................................................................																																		2,396,687						2,152,071	1,779,343
prepaid expenses and other current assets................................................................																																		537,191			755,826			395,216	1,924,236			481,485	307,620	294,320		318,770	240,105			363,343	473,192	638,751	341,211	401,140
assets of discontinued operations...............................................................................																																		281,177
total current assets............................................................................................																																		16,952,620
property and equipment, net........................................................................................																																		97,800			123,533
other assets.....................................................................................................................																																		69,310		40,493	40,442			27,601	88,716			108,601	52,276	46,032		46,032	46,032
total assets........................................................................................................................																																		17,119,730			15,236,035			18,845,389	20,178,098			23,694,767	23,245,516	24,624,539		25,575,730	24,545,739			24,249,200	24,415,488	26,484,781	27,134,038	26,036,537
accounts payable...........................................................................................................																																		1,158,057			4,223,383			4,282,528	3,189,347			2,850,614	1,827,080	2,772,204		2,689,086	2,002,490			1,492,029	1,634,390	2,673,512	2,993,680	1,946,106
due to forward china...................................................................................................																																		4,267,782
accrued expenses and other current liabilities...........................................................																																		723,902			868,741			1,327,439	1,044,059			587,028	601,187	535,128		413,477	211,758			200,999	217,474	260,774	339,562	222,531
liabilities of discontinued operations.........................................................................																																		7,421			35,391
total current liabilities.......................................................................................																																		6,157,162
other liabilities................................................................................................................																																		34,306			82,811
total liabilities................................................................................................................																																		6,191,468			5,210,326
series a participating preferred stock, par value 0.01; 100,000 authorized; no shares issued and outstanding............................................................
additional paid-in capital..............................................................................................																																		18,767,535	17,991,289
accumulated deficit.......................................................................................................																																		-7,452,949	-7,076,171
accumulated other comprehensive loss.....................................................................																																		-19,307	-19,972
total shareholders’ equity.............................................................................................																																		10,124,244	9,724,111		9,577,726
total liabilities and shareholders’ equity...................................................................																																		17,119,730	15,566,261		15,236,035
cash and cash equivalents.......................................................................................																																			5,399,113	6,616,995											18,471,520				20,103,502
marketable securities.................................................................................................																																			1,169,743
accounts receivable ..................................................................................................																																			6,079,326
inventories...................................................................................................................																																			2,066,411
prepaid expenses and other current assets............................................................																																			351,490												240,651				228,938
assets of discontinued operations...........................................................................																																			336,263			446,373
total current assets........................................................................................																																			15,402,346			13,084,612
property and equipment, net....................................................................................																																			122,954
other assets.................................................................................................................																																			40,961								88,716
total assets....................................................................................................................																																			15,566,261
accounts payable.......................................................................................................																																			3,857,167												2,439,273				1,824,091
accrued expenses and other current liabilities.......................................................																																			1,152,716			617,625
liabilities of discontinued operations.....................................................................																																			3,176			199,040
total current liabilities...................................................................................																																			5,013,059		5,127,515
other liabilities............................................................................................................																																			82,811
total liabilities............................................................................................................																																			5,095,870
series a participating preferred stock, par value 0.01; 100,000 authorized; no shares issued and outstanding............................................................
marketable securities................................................................................................																																				1,080,747
accounts receivable, net .........................................................................................																																				4,382,406											4,621,181				3,259,462
inventories, net..........................................................................................................																																				2,050,710											1,036,386				666,485
prepaid expenses and other current assets...........................................................																																				390,153
current assets of discontinued operations............................................................																																				339,382
total current assets......................................................................................																																				14,860,393											24,369,738				24,258,387
property and equipment, net.........................................................................................																																				129,987				234,847	300,146			206,846	161,748	116,842
total assets.....................................................................................................................																																				15,030,873		13,257,751									24,530,975				24,480,387
accounts payable.........................................................................................................																																				3,541,193
accrued expenses and other current liabilities.........................................................																																				1,270,457
current liabilities of discontinued operations..........................................................																																				25,438
total current liabilities..................................................................................																																				4,837,088
other liabilities..................................................................................................................																																				82,811
total liabilities...............................................................................................................																																				4,919,899
commitments and contingencies.................................................................................
series a participating preferred stock, par value 0.01; 100,000 shares authorized; no shares issued and outstanding..................................
additional paid-in capital...........................................................................................																																				17,965,327
accumulated deficit....................................................................................................																																				-7,378,700
accumulated other comprehensive loss..................................................................																																				-20,451
total shareholders’ equity............................................................................................																																				9,394,310
total liabilities and shareholders’ equity..................................................................																																				15,030,873
accounts receivable, net ..............................................................................................																																					6,222,761			6,149,205	5,766,202			4,932,793	4,240,424	4,650,380		4,167,352				3,296,321	3,610,855	4,906,185	4,428,783	3,539,101
inventories, net...............................................................................................................																																					2,363,833							1,287,553	1,167,066	1,395,914		1,047,248	821,532			781,030	1,105,884	1,695,969	1,390,535	1,146,816
assets of discontinued operations..............................................................................																																					312,319
total current assets..........................................................................................																																					15,072,060			18,582,941	19,789,236		21,869,408	23,379,320	23,031,492	24,461,665		25,410,447	24,365,697			24,010,482	24,158,500	25,752,814	26,729,736	25,589,734
series a participating preferred stock, par value 0.01; 100,000 a uthorized; no shares issued and outstanding.....................................
capital in excess of par value......................................................................................																																					17,353,932
accumulated deficit......................................................................................................																																					-6,582,790
accumulated other comprehensive loss...................................................................																																					-21,550
cash and cash equivalents.........................................................................................																																						4,024,309
marketable securities...................................................................................................																																						1,122,091
accounts receivable, net ............................................................................................																																						4,735,580
inventories, net.............................................................................................................																																						2,449,337
prepaid expenses and other current assets..............................................................																																						306,922
property and equipment, net..........................................................................................																																						132,697
other assets......................................................................................................................																																						40,442
accounts payable........................................................................................................																																						2,725,251
total liabilities...............................................................................................																																						3,541,916
commitments and contingencies...............................................................................
capital in excess of par value...................................................................................																																						17,247,186
accumulated deficit...................................................................................................																																						-6,338,087
accumulated other comprehensive loss................................................................																																						-21,398
total shareholders’ equity..........................................................................................																																						9,715,835
total liabilities and shareholders’ equity................................................................																																						13,257,751
cash and cash equivalents...................................................................																																							4,608,246
marketable securities.............................................................................																																							420,605
accounts receivable, net ......................................................................																																							7,533,491
inventories, net.......................................................................................																																							3,380,813
prepaid expenses and other current assets........................................																																							367,552
current assets of discontinued operations........................................																																							621,879
total current assets..................................................................																																							16,932,586
property and equipment, net.....................................................................																																							138,774
other assets.................................................................................................																																							40,442
total assets................................................................................................																																							17,111,802
accounts payable...................................................................................																																							5,936,848
accrued expenses and other current liabilities...................................																																							1,725,185
current liabilities of discontinued operations.....................................																																							261,806
total liabilities...........................................................................																																							7,923,839
commitments and contingencies.............................................................
capital in excess of par value................................................................																																							17,020,771
retained earnings (accumulated deficit).............................................																																							-6,624,926
accumulated other comprehensive loss.............................................																																							-35,941
total shareholders’ equity.......................................................................																																							9,187,963
total liabilities and shareholders’ equity.............................................																																							17,111,802
current assets of discontinued operations................................................................																																								2,700,911
current liabilities of discontinued operations.............................................................																																								806,079
total liabilities...................................................................................................																																								6,416,046	4,233,406			3,437,642	2,428,267	3,307,332		3,102,563	2,214,248
commitments and contingencies....................................................................................
capital in excess of par value........................................................................................																																								16,969,695	17,169,221			16,739,607	16,617,027	16,562,207		16,333,630	16,209,522
retained earnings (accumulated deficit)......................................................................																																								-3,356,853
accumulated other comprehensive loss – foreign currency translation................																																								-11,558	-4,112
total shareholders’ equity...............................................................................................																																								12,429,343	15,944,692			20,257,125		21,317,207		22,473,167	22,331,491
total liabilities and shareholders’ equity......................................................................																																								18,845,389	20,178,098			23,694,767		24,624,539		25,575,730	24,545,739			24,249,200	24,415,488	26,484,781	27,134,038	26,036,537
note receivable...............................................................................................................																																									600,000				1,024,260
retained (deficit) earnings.............................................................................................																																									-48,476
cash and cash equivalents....................................................................................																																										11,084,342
accounts receivable, net .......................................................................................																																										6,247,654
inventories................................................................................................................																																										2,129,692
note receivable........................................................................................................																																										750,000	1,000,000
prepaid expenses and other current assets.........................................................																																										2,037,123	1,018,227
total current assets...................................................................................																																										22,248,811
property and equipment, net..................................................................................																																										330,396
other assets..............................................................................................................																																										88,716
total assets.................................................................................................................																																										22,667,923
accounts payable...................................................................................................																																										4,084,082
accrued expenses and other current liabilities...................................................																																										1,276,251
total liabilities...........................................................................................																																										5,360,333
commitments and contingencies............................................................................
capital in excess of par value.................................................................................																																										16,982,665
retained earnings....................................................................................................																																										1,495,950
accumulated other comprehensive income – foreign currency translation..																																										916
total shareholders’ equity.......................................................................................																																										17,307,590
total liabilities and shareholders’ equity..............................................................																																										22,667,923	22,260,282
cash and cash equivalents...................................................................................																																											14,911,844
accounts receivable, net ......................................................................................																																											3,894,118
inventories...............................................................................................................																																											1,045,219
property and equipment, net.....................................................................................																																											302,158
total assets..................................................................................................................																																											22,260,282
accounts payable.....................................................................................................																																											2,947,562
accrued expenses and other current liabilities....................................................																																											630,031
total current liabilities....................................................................................																																											3,577,593									1,693,028	1,851,864	2,934,286	3,333,242	2,168,637
commitments and contingencies.............................................................................
capital in excess of par value.............................................................................																																											16,845,673
retained earnings................................................................................................																																											3,009,130
total shareholders' equity.........................................................................................																																											18,682,689
notes receivable.............................................................................................................																																												1,218,269
retained earnings............................................................................................................																																												4,689,632	5,372,356	5,927,144		7,312,312	7,295,312
total shareholders’ equity..............................................................................................																																													20,817,249
total liabilities and shareholders’ equity....................................................................																																													23,245,516
property, plant, and equipment, net............................................................................																																															115,205				162,468
other assets....................................................................................................................																																															46,032				59,532
accrued expenses and other current liabilities......................................................																																															885,332				133,857
total current liabilities................................................................................																																															3,324,605				1,957,948
capital in excess of par value...............................................................................																																															16,469,142				16,101,568
retained earnings..................................................................................................																																															5,909,669				7,594,492
total shareholders' equity...........................................................................................																																															21,206,370				22,522,439
total liabilities and shareholders’ equity.................................................................																																															24,530,975				24,480,387
property, plant, and equipment, net.............................................................................																																																119,251	134,010
accounts receivable, net .............................................................................................																																																	3,630,737
cash and cash equivalents...............................................................................																																																		19,436,062
accounts receivable, net .................................................................................																																																		3,547,352
inventories, net..................................................................................................																																																		1,011,754
prepaid expenses and other current assets...................................................																																																		172,509
total current assets.............................................................................																																																		24,167,677
property, plant, and equipment, net................................................................																																																		147,533
other assets........................................................................................................																																																		46,032
total assets...........................................................................................................																																																		24,361,242
accounts payable..............................................................................................																																																		1,825,987
accrued expenses and other current liabilities..............................................																																																		149,839
total liabilities......................................................................................																																																		1,975,826
commitments and contingencies.......................................................................
capital in excess of par value............................................................................																																																		16,151,330
retained earnings...............................................................................................																																																		7,407,506
total shareholders’ equity...................................................................................																																																		22,385,416
total liabilities and shareholders’ equity.........................................................																																																		24,361,242
deferred tax asset.......................................................................................................
deferred tax asset...........................................................................................................																																																						107,921	250,348	263,170
property, plant, and equipment, net.................................................................................																																																				179,186	197,456	230,044	135,904	146,714
deferred tax asset...............................................................................................................																																																						406,600	211,217	242,908
other assets.........................................................................................................................																																																				59,532	59,532	95,323	57,181	57,181
capital in excess of par value....................................................................................																																																				16,060,703	16,004,413	15,940,143	15,852,953	15,809,171
retained earnings.......................................................................................................																																																				7,669,115	7,732,972	8,784,190	9,121,681	9,232,677
total shareholders' equity...............................................................................................																																																				22,556,172	22,563,624	23,550,495	23,800,796	23,867,900
deferred tax asset																																																									309,461	279,741	54,599	93,000	88,000
property, plant, and equipment																																																									162,956	160,644	173,708	160,490	173,064
capital in excess of par value																																																									15,560,442		15,335,829	15,287,952	15,287,952
retained earnings																																																									9,590,802	9,877,866	10,486,504	10,769,316	10,804,033
capital in excess of par value.																																																										15,546,046

Cashflow Statements:

Quarterly

Annual

Unit: USD	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31

operating activities:
net loss	-585,651,086	-163,964,642	-850,022	-1,451,611	-708,065	-643,568	-399,585	-553,214	-354,220	-1,898,690	-536,744											-106,808	-215,202	-1,371,614	-81,657
adjustments to reconcile net loss to net cash from operating activities:
share-based compensation	17,159	2,785,962	39,345	26,121	20,328	20,061	20,259	10,229	50,811	30,903	16,794	14,859	23,935	52,799	43,624	66,012	38,800	2,379	3,732	21,287	41,457	138,037	37,678	36,260	33,179	212,669	42,662	-51,176	11,579																			14,396	117,999
depreciation and amortization	25,638	82,710	83,020	82,620	83,875	83,682	83,090	84,485	81,403	81,012	78,797	78,601	77,530	75,733	76,975	83,147	73,384	74,973	80,481	77,899	93,937	70,195	-95,466	228,112	69,132	269,687	12,547	12,384	16,963																			16,580	21,459	23,445	22,841	22,210
credit loss expense		76,443	5,014			16,472	2,240
loss on digital assets	560,212,231
impairment of digital assets	33,044,322
non-cash digital asset revenue	-16,461,936
goodwill impairment			0	0	225,000																	0	0
changes in operating assets and liabilities:
accounts receivable	-1,199,050	-461,499	173,426	93,196	819,236	860,788	-4,105	38,491	445,067	632,002	548,954	307,668	-993,522	990,604	-52,651	42,903	-27,719	-1,069,834	-1,351,827	961,017	-204,224	715,156	-884,534	-3,754	-560,096	-533,667	332,050	494,801	-29,378																			229,826	-859,328	512,079	1,363,969	917,221
contract assets	-3,165	-339,359
prepaid expenses and other current assets	-1,796,003	27,988	-68,475	44,344	23,427	13,797	17,034	-64,789	-13,770	311,443	-178,935	-116,677	23,262	65,627	333,018	-185,601	-69,577	-60,179	-115,648	-45,953	80,180	91,933	107,010	-120,358	-48,043	-225,407	-26,796	102,703	-43,568																			2,182	225,390	-232,379	-238,079	-54,257
accounts payable	-50,441	124,233	71,405	-32,066	65,891	-15,490																																										1,271,992	62,382	-278,842	-1,630,594	1,610,809
accounts payable-related party	692,921
deferred income	427,660	-17,451	-45,062	76,431	-120,832	194,444	-23,832	-21,578	-47,002	32,681	98,331	-168,193	-104,290	-184,517	2,823	-132,306	565,183	-256,750	306,999	-32,323	-315,309	-86,219	-182,224	649,104	-160,948
net changes in operating lease liabilities	-2,090	-2,092	1,434	1,026	214	213	3,660	3,903	4,385	4,385	7,719	7,951	8,416	10,185	11,791	11,556	10,544	10,821
accrued expenses and other current liabilities	2,814,689	218,325	-107,806	-27,281	-125,568	-29,450	81,985	65,770	-863,019	74,406	325,724	262,969	-459,262	78,149	288,747	124,491	133,022	-96,353	169,451	-139,770	-20,755	-144,942	-16,976	-52,989	20,357																							124,079	3,943	47,490	-139,559	-299,102
net cash from operating activities-continuing operations	-7,929,151	-2,302,757
net cash from operating activities-discontinued operations		0
net cash from operating activities	-7,929,151	-2,302,757	-1,227,433	-561,758	-410,139	478,813	456,489	-644,012	115,832	478,865	612,155	98,613	-148,605	377,176	797,285	-777,557	1,137,884	-190,457			-511,203	497,021	-205,622	229,683	-784,028		1,585,612	-981,413	-2,381,062							-768,904	-335,671
capital expenditures	0	3	-18,926	-1,433	-5,418	-15,080	-9,639	-20,921	-19,514	-19,560	-46,705	-24,706	-45,111	-29,289	-10,842	-63,476	-66,024	-6,041			-30,482	-12,718	-28,531	-20,779	-6,428		-2,790	-7,192	-23,206							0	-14,798
free cash flows	-7,929,151	-2,302,754	-1,246,359	-563,191	-415,557	463,733	446,850	-664,933	96,318	459,305	565,450	73,907	-193,716	347,887	786,443	-841,033	1,071,860	-196,498			-541,685	484,303	-234,153	208,904	-790,456		1,582,822	-988,605	-2,404,268							-768,904	-350,469
investing activities:
purchases of property and equipment		3	-18,926	-1,433	-5,418	-15,080	-9,639	-20,921	-19,514	-19,560	-46,705	-24,706	-45,111	-29,289	-10,842	-63,476	-66,024	-6,041	-23,288	-7,396	-30,482	-12,718	-28,531	-20,779	-6,428	50	-2,790	-7,192	-23,206
purchases of digital assets	-335,050,009
sales of digital assets	333,973,402
net cash from investing activities	-1,076,607	-901,240,840	-218,926	-1,433	-5,418	-15,080	-9,639	-20,921	-19,514	-19,560	-46,705	-24,706	-45,111	-29,289	-10,842	-63,476	-66,024	-6,041			-30,482	-334,322	-28,531	-20,779	-6,428	-941,179	-2,790	-7,192	918,023						-267,606	-1,060,025	-14,798							-1	-124,957	-5,304
financing activities:
fees associated with securities purchase agreement	-229,699
proceeds from atm	7,457,186
proceeds from stock options exercised	26,110																	33,900	89,613	142,523	1,675
treasury stock purchases	-10,882,955
deferred financing costs associated with atm	-143,778
net cash from financing activities	-3,773,136	940,447,408				0	-150,000	-100,000	-250,000	-100,000	-100,000	-50,000	-50,000	-50,000	-50,000	-50,000	-50,000	2,214			-50,618	-322,707	1,970,689	-929,614	-233,548	2,046,958	0	-1,289,623	-31,521
net decrease in cash	-12,778,894		-535,215	-563,191	-415,557		296,850	-764,933	-153,682									-194,284	75,484	-803,159	-592,303	-160,008	1,736,536	-720,710	-1,024,004
cash at beginning of period	38,166,973		0	-245,311	3,022,436		0	0	3,180,468		0	0	2,575,522		0	0	1,410,365		0				0
cash at end of period	25,388,079		-535,215	-808,502	2,606,879		296,850	-764,933	3,026,786		465,450	23,907	2,331,806		736,443	-891,033	2,432,225		75,484				1,736,536
supplemental disclosures of cash flow information:
cash paid for interest		13,020	12,098	11,836	11,967	12,230	14,451	16,971	19,010	23,987	25,475	26,781	27,958	29,296	30,446	30,841	32,828	32,739	33,292	42,198	46,281	51,323	31,664	44,178	50,949
cash paid for taxes		16,121	11,725			-1,029	3,600			2,577	2,309			2,761	1,300			1,053	1,700	5,586	50	3,330	0	1,221	303
supplemental disclosures of non-cash investing and financing activities:
operating lease assets obtained in exchange for operating lease liabilities		0	0	0	157,424
digital assets loan receivable	43,316,611
digital assets loan payable	3,499,535
change in fair value of digital assets
change in fair value of warrant liability
goodwill and intangible asset impairment
gain on sale of oem segment		0
related party payables
cash paid for sale of oem segment		-450,000
proceeds from securities purchase agreement
proceeds from equity line of credit
proceeds from registered direct offering
proceeds from waiver and leak-out agreement
proceeds from issuance of series b preferred stock and warrants
repayment of note payable to forward china						0	-150,000	-100,000	-250,000	-100,000	-100,000	-50,000	-50,000	-50,000	-50,000	-50,000	-50,000
net increase in cash										359,305	465,450	23,907	-243,716	297,887	736,443	-891,033	1,021,860
cash at beginning of year																					2,924,627				3,092,813
cash at end of year																					2,332,324				2,068,809
conversion of accounts payable to convertible preferred stock		0	0
fair value of commitment shares issued under equity line of credit
digital assets received in securities purchase agreement
digital assets used in investing activities
unpaid portion of securities purchase agreement fees
reclass of warrant liability to equity
gain on change in fair value of warrant liability
proceeds from issuance of preferred stock and warrants, net of related issuance costs
deferred financing cost associated with equity line of credit
supplemental disclosures of non-cash information:
fair value of commitment shares issued for equity line of credit
net cash from operating activities – continuing operations
net cash from operating activities – discontinued operations
credit loss expense/					24,060
inventories					-262,977	-246,681	65,580	96,334	-70,845	-1,591,771	1,028,192	1,217,897	-337,849	1,070,704	-974,255	-925,345	-909,577	-155,420	242,317	-892,057	18,297	-548,275	-91,367	464,415	508,360	469,085	-468,156	179,371	-220,213																			-412,564	238,434	384,779	211,377	-70,994
discontinued assets held for sale						0	0	135,604	372,473
due to forward china					-454,728	124,983
change in fair value of earn-out consideration																		0	10,000	0	-30,000	0	0
other assets																		0	0	0	44,446	21,305	46,200	33,284	37,522																							-19,871	0	-7,126	0	1,520
change in fair value of earnout consideration											0	0	-40,000
accounts payable and due to forward china								-451,031	521,540	132,042	-753,414	-666,102	2,070,341	-1,207,589	1,485,843	434,679	1,143,407	1,451,218	459,590	550,240	-154,771	300,844	930,771	-439,875	-546,061
bad debt (recoveries) expense									-10,991
bad debt expense										58,352	-23,263	30,588	13,109	204,994	283	59,242	393						-11,517	-44,460	-65,454
net income													-430,275	-783,027	-418,913	-356,335	180,024	-84,090	243,587	-834,728	1,199,036					-1,909,651	495,109	-687,697	-1,501,791																				-608,640	-282,810	-34,717	372,708
adjustments to reconcile net income to net cash from operating activities:
gain on forgiveness of note payable																		0	0	0	-1,356,570
proceeds from line of credit borrowings																		0	0			0	700,000
repayment of line of credit borrowings																		0	0			0	-100,000
repayment of notes payable																		-29,159	-43,182	-42,553	-41,904	-13,752	-8,125	-21,897	-24,777
repayments of finance leases																		-2,527	-7,723	-9,018	-10,389
operating lease right of use assets recorded															0
operating lease liabilities recorded															0
lease assets recorded																	204,881
lease liabilities recorded																	204,881
bad debt expense/																		-7,222	0	436,291	77,400
change in fair value of deferred cash consideration																						4,000	3,000
impairment of investment																						0	0
cash from acquisition of kablooe, inc.
cash acquired in acquisition of kablooe, inc.
proceeds from note payable
payment of deferred cash consideration																						-300,000	0	0	-200,000
common stock issued in kablooe acquisition
fair value of kablooe contingent earnout consideration
lease assets exchanged for lease liabilities
lease assets recorded upon adoption of asc 842
lease liabilities recorded upon adoption of asc 842
adjustments to reconcile net income to net cash used in operating activities:
operating lease liabilities																				11,382	15,673	-1,358	167,005	-149,383	9,681
net cash used in operating activities																																							136,754	237,261	-667,440
net cash used in investing activities
net cash used in financing activities
bad debt (recovery)/expense
deferred rent																										11,984	-3,931	-3,345	11,305
fair value of cost method investment for services provided
proceeds from ppp loan																						0
cash proceeds from stock options exercised																						0
repayments of capital leases																						-8,955
lease assets recorded in accordance with asc 842
lease liabilities recorded in accordance with asc 842
rou assets from the adoption of asc 842																							0	0	3,648,582
lease liabilities arising from obtaining rou assets																							0	0	3,729,341
cash flows from operating activities:
cash flows from investing activities:
cash flows from financing activities:
repayments on capital equipment leases																								-7,717	-8,771
net revenues
cost of sales
gross profit
operating expenses:
sales and marketing
general and administrative
total operating expenses
income from operations
other income
fair value adjustment of earn-out consideration
fair value adjustment of deferred cash consideration
interest expense
other expense
total other income
income before income taxes
benefit from income taxes
earnings per share:
basic
diluted
weighted-average number of common and common equivalent shares outstanding:
balance - september 30, 2018
balance - december 31, 2018
balance - march 31, 2019
balance - june 30, 2019
balance - september 30, 2019
balance - september 30, 2017
restricted stock award forfeitures
foreign currency translation
balance - december 31, 2017
stock issuance for ips purchase
restricted stock award issuance
cashless warrant exercise
balance - march 31, 2018
balance - june 30, 2018
deferred tax asset
net cash from (used in) operating activities
cash acquired in ips purchase
cash used to purchase ips
proceeds from note issued to forward china
cash payment to former ips owners
shares issued to purchase ips
property and equipment funded by capital lease borrowings
realized and unrealized loss on marketable securities																											0	0	110,001
accounts payable, due to forward china, accrued expenses and other current liabilities																											1,202,127	-1,028,454	-735,960
proceeds from sales of marketable securities																											0	0	952,127
purchases of marketable securities																											0	0	-10,898
redemption of 6% senior convertible preferred stock																											0
dividends paid																											0	-1,886	-19,322
restricted stock repurchased and retired																											0	0	-12,199
net increase in cash and cash equivalents																																																1,030,333	-632,398	101,061	-354,168	2,543,925
cash and cash equivalents at beginning of period																											0	0	6,477,132																			20,267,791	0	0	0	18,609,371
cash and cash equivalents at end of period																											1,582,822	-2,278,228	4,982,572																			21,298,124	-632,398	101,061	-354,168	21,153,296
supplemental disclosure of cash flow information:
supplemental disclosure of non-cash investing and financing activities:
preferred stock accretion																											0	0	454,372
retirement of treasury stock																											0	0	1,260,057
reclassification of warrant liability
net decrease in cash and cash equivalents																												-2,278,228	-1,494,560
adjustments to reconcile net loss to net cash from
loss on disposal of property and equipment
other liabilities
sales of marketable securities
proceeds from issuance of convertible preferred stock and warrants
cash and cash equivalents at beginning of year
cash and cash equivalents at end of year
cash paid during the fiscal year for:
income taxes
supplemental disclosure of non-cash financing activities:
reclassification of warrant liabilities to equity
net income..................................................................................................................................
adjustments to reconcile net income to net cash provided by operating activities:
share-based compensation..................................................................................................
change in fair value of warrant liability............................................................................
depreciation and amortization............................................................................................
realized and unrealized loss on marketable securities...................................................
bad debt expense...................................................................................................................
deferred rent...........................................................................................................................
accounts receivable...............................................................................................................
inventories...............................................................................................................................
prepaid expenses and other current assets........................................................................
other assets.............................................................................................................................
accounts payable and due to forward china..................................................................
accrued expenses and other current liabilities..................................................................
other liabilities........................................................................................................................
net cash from operating activities..........................................................................
purchases of marketable securities.....................................................................................
proceeds from sales of marketable securities...................................................................
purchases of property and equipment...............................................................................
net cash from investing activities.....................................................................................
dividends paid on senior convertible preferred stock.................................................
proceeds from the issuance of convertible preferred stock, net.................................
net cash (used in) provided by financing activities.........................................................
net increase in cash and cash equivalents.......................................................................
cash and cash equivalents at beginning of period...........................................................																																					18,471,520								19,862,426	0
cash and cash equivalents at end of period......................................................................
cash paid for:
income taxes.................................................................................................................																																					15,000
supplemental disclosures of non-cash financing activity:
preferred stock accretion............................................................................................
reclassification of warrant liability, net...................................................................
receivable from issuance of convertible preferred stock.......................................
net income.......................................................................................................................
change in fair value of warrant liability...................................................................
share-based compensation.......................................................................................
realized and unrealized loss on marketable securities..............................
depreciation and amortization..................................................................................
bad debt expense.......................................................................................................
deferred rent...............................................................................................................
accounts receivable..................................................................................................																																													-1,246,632	-889,682
inventories..................................................................................................................																																													-418,901	-262,664
prepaid expenses and other current assets............................................................																																													-52,119	59,929
accounts payable......................................................................................................																																													466,882	1,047,574
accrued expenses and other current liabilities......................................................																																													70,947	117,031
net cash from operating activities.........................................................................
purchases of marketable securities.........................................................................
proceeds from sales of marketable securities........................................................
purchases of property and equipment...................................................................
net cash from investing activities........................................................................
dividends paid on senior convertible preferred stock........................................
net cash from financing activities.......................................................................
net decrease in cash and cash equivalents.............................................................
cash and cash equivalents at beginning of period.................................................
cash and cash equivalents at end of period...........................................................
income taxes.......................................................................................................
preferred stock accretion.................................................................................
reclassification of warrant liability................................................................
net income............................................................................................................																																	351,427
realized and unrealized loss on marketable securities...................																																	80,839
change in fair value of warrant liability.......................................................																																	-51,908
share-based compensation...........................................................................																																	26,793
depreciation and amortization......................................................................																																	18,103
bad debt expense............................................................................................
accounts receivable.......................................................................................																																	-1,696,920
inventories.......................................................................................................																																	-15,701
prepaid expenses and other current assets................................................																																	41,314
accounts payable..........................................................................................																																	293,712
accrued expenses and other current liabilities.........................................																																	-65,354
net cash from operating activities.............................................................																																	-1,017,695
purchases of marketable securities.............................................................																																	-4,102,088
proceeds from sales of marketable securities............................................																																	3,932,253
purchases of property and equipment.......................................................																																	-11,070
net cash from investing activities.............................................................																																	-180,905
dividends paid on senior convertible preferred stock.............................																																	-19,282
net cash from financing activities.............................................................																																	-19,282
net decrease in cash and cash equivalents...................................................																																	-1,217,882
cash and cash equivalents at beginning of period.......................................																																	6,616,995
cash and cash equivalents at end of period...................................................																																	5,399,113
income taxes.............................................................................................
deferred preferred stock accretion........................................................																																	29,619
net loss...........................................................................................................................
adjustments to reconcile net loss to net cash provided by (used in) operating activities:
realized and unrealized loss on marketable securities.............................
share-based compensation..........................................................................
depreciation and amortization.....................................................................
bad debt expense...........................................................................................
change in fair value of warrant liability......................................................
loss on disposal of property and equipment............................................
accounts receivable......................................................................................
other assets....................................................................................................
accrued expenses and other current liabilities..........................................
net cash from operating activities...............................................
sales of marketable securities................................................................................
purchases of marketable securities.......................................................................
repayments received from notes receivable.......................................................
purchases of property and equipment.................................................................
net cash from investing activities................................................
proceeds from issuance of convertible preferred stock and warrants, net...
dividends paid.......................................................................................................
net cash from financing activities...............................................................
net increase in cash and cash equivalents.........................................																																		1,605,395
cash and cash equivalents at beginning of year...................................................
cash and cash equivalents at end of year...............................................................
supplemental disclosure of non-cash financing activity:
preferred stock accretion.............................................................................
net income (loss)..........................................................................................................
adjustments to reconcile net income to net cash from operating activities:
realized loss on marketable securities..................................................................
share-based compensation.....................................................................................
depreciation and amortization................................................................................
bad debt expense......................................................................................................
loss on disposal of property and equipment.......................................................
accounts receivable.................................................................................................
inventories.................................................................................................................
prepaid expenses and other current assets...........................................................
other assets...............................................................................................................
accounts payable.....................................................................................................
accrued expenses and other current liabilities....................................................
net cash from operating activities................................................
repayments received from note receivable...........................................................
net cash (used in) provided by investing activities.................................................
proceeds from the issuance of convertible preferred stock, net.......................
net cash from financing activities................................................................
cash and cash equivalents at beginning of period................................................
cash and cash equivalents at end of period............................................................
income taxes......................................................................................................
receivable from issuance of convertible preferred stock...........................
net loss....................................................................................................................................
adjustments to reconcile net loss to net cash used in operating activities:
share-based compensation...............................................................................................																																					93,362
depreciation and amortization..........................................................................................																																					13,161
provision for obsolete inventory.....................................................................................
loss on disposal of property and equipment................................................................
provision for bad debts.....................................................................................................
accounts receivable..........................................................................................................																																					-29,199
inventories...........................................................................................................................																																					-352,136
prepaid expenses and other current assets....................................................................																																					-53,669
other assets.........................................................................................................................
accounts payable..............................................................................................................																																					332,931
accrued expenses and other current liabilities..............................................................																																					-350,204
issuance of notes receivable................................................................................................
purchases of property and equipment................................................................................																																					-14,798
proceeds from exercise of stock options.. .................
net decrease in cash and cash equivalents...............
cash and cash equivalents at end of period.......................................................................																																					18,121,051								18,403,988	79,352
net loss.................................................................................................
share-based compensation...........................................................
depreciation and amortization......................................................
benefit from obsolete inventory.................................................
benefit from bad debts.................................................................
accounts receivable......................................................................																																									-287,890
inventories.......................................................................................
prepaid expenses and other current assets.................................
other assets....................................................................................																																									13,500
accounts payable..........................................................................																																									1,896
accrued expenses and other current liabilities.........................
issuance of note receivable..............................................................
purchases of property and equipment............................................
net decrease in cash and cash equivalents...................................
cash and cash equivalents at beginning of period.......................
cash and cash equivalents at end of period...................................
income taxes.............................................................................
net income....................................................................................................................																																					17,475
benefit from obsolete inventory.....................................................................................																																					-7,392
net decrease in cash and cash equivalents.......................................................................																																					-350,469
net loss..................................................................................................
adjustments to reconcile net loss to net cash (used in) provided by operating activities:
share-based compensation................................................................
depreciation and amortization.............................................................
provision for obsolete inventory............................................................
bad debt expense..............................................................................
loss on disposal of property, plant, and equipment...............................
deferred income taxes.......................................................................
accounts receivable....................................................................................................
inventories.....................................................................................................................
prepaid expenses and other current assets..............................................................
other assets...................................................................................................................
accounts payable........................................................................................................
accrued expenses and other current liabilities........................................................
net cash from operating activities..............................................................
purchases of property, plant, and equipment....................................................................
net cash used in investing activities......................................................................................
proceeds from disgorgement of short-swing profits........................................................
proceeds from exercise of stock options............................................................................
net cash from financing activities..............................................................................
net increase in cash and cash equivalents........................................................
cash and cash equivalents at beginning of period...............................................................
cash and cash equivalents at end of period...........................................................................
income taxes...............................................................................................................
net loss................................................................................................................................
share-based compensation......................................................................................
depreciation and amortization.................................................................................																																													19,767
provision for obsolete inventory............................................................................
provision for bad debt expense...............................................................................																																														0
loss on disposal of property, plant, and equipment...........................................
deferred income taxes...............................................................................................
accounts receivable................................................................................................
prepaid expenses and other current assets..........................................................
accounts payable....................................................................................................
purchases of property, plant, and equipment................................................................																																													-124,957	-5,304
proceeds from exercise of stock options ........................................................................
proceeds from disgorgement of short-swing ................................................................
net cash from financing activities...........................................................................
net loss...............................................................................................
share-based compensation..............................................................
depreciation and amortization.....................................................
provision for bad debt expense....................................................
provision for obsolete inventory.................................................																																								-10,554	17,437
deferred income taxes....................................................................
loss on disposal of property, plant, and equipment................
accounts receivable..........................................................................
inventories..........................................................................................
prepaid expenses and other current assets....................................
other assets........................................................................................
accounts payable..............................................................................
accrued expenses and other current liabilities..............................
purchases of property, plant, and equipment.................................
net cash from financing activities........................................
net decrease in cash and cash equivalents.....................................
cash and cash equivalents at beginning of period.........................
cash and cash equivalents at end of period.....................................
net loss.....................................................................................................																																									-186,986
share-based compensation...........................................................																																									49,963
depreciation and amortization......................................................																																									14,935
inventories......................................................................................																																									-362,706
prepaid expenses and other current assets................................																																									56,429
accrued expenses and other current liabilities..........................																																									15,982
purchases of property, plant, and equipment......................................
net cash from financing activities.............................................
net decrease in cash and cash equivalents..............................................																																									-667,440
cash and cash equivalents at beginning of period..................................																																									20,103,502
cash and cash equivalents at end of period..............................................																																									19,436,062
adjustments to reconcile net loss to net cash provided by (used in) operating activities:
deferred income taxes..................................................................................................																																										0
share-based compensation.........................................................................................																																										40,893
depreciation and amortization....................................................................................																																										16,718
provision for obsolete inventory...............................................................................																																										-3,905
bad debt expense (recovery)......................................................................................
loss on disposal of property, plant, and equipment..............................................																																										0
interest.........................................................................................................................
during the fiscal year ended september 30, 2008, the company accepted 72,917 shares of common stock valued at fair market value on the date of the transaction from a director as consideration to exercise options to purchase 100,000 shares of common stock as part of a cashless exercise.
net loss..................................................................................................................................
provision for bad debt expense..................................................................................
accounts receivable.......................................................................................................
inventories.......................................................................................................................
prepaid expenses and other current assets................................................................
other assets.....................................................................................................................
accounts payable..........................................................................................................
accrued expenses and other current liabilities..........................................................
net cash (used in) provided by operating activities..........................................................
purchases of property, plant, and equipment............................................................
net cash from investing activities..................................................................................
proceeds from disgorgement of short-swing profits...............................................
proceeds from exercise of stock options...................................................................
net cash from financing activities.........................................................................
net increase in cash and cash equivalents....................................................																																													-1,458,438
net loss.....................................................................................................................
deferred income taxes...................................................................................
share-based compensation..........................................................................
provision for bad debt expense...................................................................
provision for obsolete inventory................................................................
accounts receivable.....................................................................................
inventories.....................................................................................................
prepaid expenses and other current assets...............................................
purchases of property, plant, and equipment.....................................................
proceeds from exercise of stock options.............................................................
net cash from financing activities...........................................................
net decrease in cash and cash equivalents............................................................
net loss..............................................................................................................................																																													-204,424
deferred income taxes................................................................................................																																													-105,391	44,513
provision for obsolete inventory.............................................................................																																													86,794	18,945
share-based compensation.......................................................................................																																													46,660	43,892
other assets................................................................................................................																																													2,936	0
net cash (used in) provided by operating activities																																													-1,333,481
net cash from (used in) financing activities....................................................
net (loss) income.................................................................................................................
net cash provided by operating activities																																																1,049,225	-688,953	341,822	-343,901	2,549,115
purchases of treasury stock.............................................................................................
proceeds from exercise of stock options........................................................................
net cash from (used in) financing activities.....................................................
net increase in cash and cash equivalents........................................................................
supplemental disclosure of non-cash activities:
during the nine months ended june 30, 2008, the company accepted 72,917 shares of common stock valued at fair market value on the date of the transaction from a director as consideration to exercise options to purchase 100,000 shares of common stock as part of a cashless exercise.
net (loss) income..............................................................................................................
adjustments to reconcile net income to net cash (used) provided by operating activities:
depreciation and amortization..................................................................................
proceeds from exercise of stock options......................................................................
net cash from financing activities....................................................................
the company accepted 72,917 shares of common stock from a director as consideration to exercise options to purchase 100,000 shares of common stock as part of a cashless exercise.
net (loss) income																																																-287,064
provision for obsolete inventory																																																129,524	364,448	88,800	105,861	54,000
deferred income taxes																																																178	-255,040	38,401	-5,000	-5,000
provision for bad debt expense																																																-20,033
purchases of property, plant, and equipment																																																-18,892	-8,395	-36,663	-10,267	-5,190
net cash used by investing activities																																																-18,892
net cash (used) provided by financing activities																																																	64,950
gain on marketable equity securities
loss on sale of property, plant and equipment
proceeds from sale of marketable equity securities
proceeds from sale of property, plant and equipment
net cash (used) provided by investing activities																																																	-8,395	-36,663	-10,267	-5,190
purchases of treasury stock																																																	-27,800
proceeds from exercise of stock options
proceeds from disgorgement of short-swing profits
interest
tax benefit from exercise of stock options

Forward Industries, Inc(NASDAQ:FORD)

Forward Industries, Inc
(NASDAQ:FORD)