Forward Industries, Inc. (FWDI): debt financing — Forward Industries extends $1.4M related-party note maturity to Dec 2024

Forward Industries, Inc.

Board approved extension of $1.4M promissory note (originally $1.6M, $200k repaid) issued to Forward China, owned by Chairman/CEO.
Maturity date extended to December 31, 2024 from prior date.
Amendment to note executed on November 15, 2022.
Forward China is an entity wholly owned by Forward Industries' Chairman and CEO.
The note represents a direct financial obligation of the registrant.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Forward Industries, Inc. amended loan of $1.4 million with Forward Industries (Asia-Pacific) Corporation maturing December 31, 2024.

Instrument: loan
Principal: $1.4 million
Counterparty: Forward Industries (Asia-Pacific) Corporation
Maturity: December 31, 2024
Event: amendment

Exact text from the filing

On November 15, 2022, the Board of Directors of Forward Industries, Inc. (the “Company”) approved the extension of the maturity date of that certain $1.6 million promissory note (which, after $200,000 of principal payments, the principal balance has been reduced to $1.4 million) issued by the Company to Forward Industries (Asia-Pacific) Corporation (“Forward China”) to December 31, 2024.

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Source: SEC EDGAR

accession 0001683168-22-007818

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