Forward Industries converts $225K payables to Preferred Stock with insider entity

Forward Industries, Inc.

FC, owned by CEO/Chairman, converts $225K accounts payable into 225 Series A-1 Convertible Preferred shares at $1,000/share.
Conversion reduces cash liability but adds preferred equity with conversion rights; terms identical to prior such agreements.
Shares issued as restricted securities under Section 4(a)(2) and Rule 506(b); no public offering.
Transaction involves related party Forward Industries (Asia-Pacific) solely owned by CEO Terence Wise.
This is the latest in a series of similar conversions; no explicit financial impact guidance provided.

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