Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement of a Registrant.
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. Forward China is an entity which is owned by the Company's Chairman and
Chief Executive Officer.
In connection with the extension, the Company and Forward China entered into an
amendment to the Note.
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