Business Context and Reporting Period
Company: Forward Industries, Inc. (FORD)
Filing Type: Form 8-K (Current Report)
Date of Report: March 28, 2025
Reporting Period: Immediate event reporting regarding changes in the registrant's certifying accountant.
Key Financial Metrics
This filing does not contain specific financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity figures. The document focuses exclusively on corporate governance regarding the audit firm.
Material Changes
The primary material change reported is the replacement of the independent registered public accounting firm:
- Dismissal: CohnReznick LLP was dismissed effective March 28, 2025.
- Appointment: CBIZ CPAs P.C. was appointed as the new independent registered public accounting firm effective March 28, 2025.
- Audit History: CohnReznick's reports for fiscal years ended September 30, 2024, and 2023 did not contain adverse opinions or disclaimers. However, the 2024 report included an explanatory paragraph regarding the Company's ability to continue as a going concern.
- Disagreements: The Company reported no disagreements with CohnReznick on accounting principles, practices, or auditing scope during the relevant periods.
Guidance, Outlook, and Risks
Going Concern Risk: The filing explicitly notes that the prior auditor's report for the fiscal year ended September 30, 2024, contained an explanatory paragraph concerning the Company's ability to continue as a going concern. This indicates significant uncertainty regarding the realization of assets and satisfaction of liabilities in the ordinary course of business.
Consultations: No consultations were made with the new auditor (CBIZ) regarding accounting principles or audit opinions prior to their appointment.
Investor Verification Checklist
- Verify the specific reasons for the dismissal of CohnReznick LLP, as the filing states no disagreements occurred but does not detail the strategic rationale.
- Review the most recent financial statements (likely the 2024 10-K) to assess the severity of the "going concern" warning issued by the previous auditor.
- Confirm the timeline for the new auditor (CBIZ) to complete any necessary reviews or audits of recent financial periods.
- Monitor subsequent filings for any updates on liquidity or debt restructuring efforts given the prior going concern qualification.