Forward Industries enters related-party buying agency deal, reduces monthly fee, defers $7.4M payables

Forward Industries, Inc.

New Buying Agency and Supply Agreement with FC (owned by CEO) reduces monthly service fee from $100k to $65,833 plus 4% of Adjusted Gross Profit.
Deferred Payment Agreement limits FC collection of $7,365,238 payables to $500k per 12-month period to preserve liquidity.
Extended Consultancy Agreement with Justwise Group (owned by CEO) for $10k/month effective September 1, 2023, month-to-month.
Agreements are with entities controlled by CEO Terence Wise; director Jenny P. Yu owns >5% of FORD common stock.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Forward Industries, Inc. entered into Deferred Payment Agreement with Forward Industries (Asia-Pacific) Corporation valued at Company owed FC $7,365,238; FC limited collection to $500,000 in any 12-month period (effective 2023-11-02).

Action: entry
Counterparty: Forward Industries (Asia-Pacific) Corporation
Value: Company owed FC $7,365,238; FC limited collection to $500,000 in any 12-month period
Effective: 2023-11-02

Exact text from the filing

the “Company”) and Forward Industries (Asia-Pacific) Corporation (“FC”) entered into a Buying Agency and Supply Agreement (the “New Agreement”).

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Forward Industries, Inc. entered into Buying Agency and Supply Agreement with Forward Industries (Asia-Pacific) Corporation valued at monthly service fee $65,833 plus 4% of Adjusted Gross Profit (effective 2023-11-02).

Action: entry
Agreement: supply
Counterparty: Forward Industries (Asia-Pacific) Corporation
Value: monthly service fee $65,833 plus 4% of Adjusted Gross Profit
Effective: 2023-11-02

Exact text from the filing

On November 2, 2023, Forward Industries, Inc. (the “Company”) and Forward Industries (Asia-Pacific) Corporation (“FC”) entered into a Buying Agency and Supply Agreement (the “New Agreement”).

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Forward Industries, Inc. entered into Consultancy Agreement Extension with Justwise Group Ltd. valued at $10,000 per month (effective 2023-11-03).

Action: entry
Counterparty: Justwise Group Ltd.
Value: $10,000 per month
Effective: 2023-11-03

Exact text from the filing

on November 3, 2023, the Company and Justwise Group Ltd. (“Justwise”), a company owned by Mr. Wise, entered into an agreement to extend its previously executed Consultancy Agreement.

View on SEC.gov

273 material agreements filed in the last 30 days. Browse all material agreements →

Forward Industries, Inc. filing history →

Source: SEC EDGAR

accession 0001683168-23-007729

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