Financial Performance - The company reported a loss from continuing operations before income taxes of $1,924,600 for 2024, compared to a profit of $178,664 in 2023[41]. - Basic loss per share from continuing operations was $(1.77) in 2024, compared to a profit of $0.14 in 2023[41]. - The company reported a net loss of $1,950,587 for Fiscal 2024, compared to a net loss of $3,736,657 in Fiscal 2023, indicating an improvement in financial performance[93]. - For Fiscal 2024, total consolidated net revenues were $30,195,000, a decrease of 17.8% from $36,688,000 in Fiscal 2023[165]. - The OEM distribution segment generated revenues of $10,204,000 in Fiscal 2024, a decline of 27.5% from $14,002,000 in Fiscal 2023[197]. - The design segment revenues were $19,991,000 in Fiscal 2024, down 11.9% from $22,686,000 in Fiscal 2023[197]. - For the fiscal year ended September 30, 2024, the company reported a net loss from continuing operations of $1,951,000, compared to a loss of $3,736,000 for the fiscal year ended September 30, 2023[202]. - The basic earnings per share for the fiscal year ended September 30, 2024, was $(1.77), a decrease from $(3.39) in the previous year[202]. Assets and Liabilities - Total assets decreased from $17,386,142 in 2023 to $14,768,356 in 2024, a decline of approximately 15%[39]. - Current liabilities reduced from $10,836,099 in 2023 to $9,371,596 in 2024, representing a decrease of about 13.5%[39]. - Goodwill decreased from $1,758,682 in 2023 to $1,558,682 in 2024, a reduction of approximately 11.4%[39]. - Total shareholders' equity increased from $2,616,261 in 2023 to $2,967,034 in 2024, an increase of about 13.4%[39]. - As of September 30, 2024, the company had an accumulated deficit of $19,637,140 and working capital of $273,000[96]. - Accounts receivable amounted to $4,460,000 at September 30, 2024, down from $6,949,000 at September 30, 2023[79]. - The company had cash at the end of the year amounting to $3,022,436, a decrease from $3,180,468 at the beginning of the year[93]. - The company had total accrued expenses of $613,000 as of September 30, 2024, down from $1,358,000 in 2023[122]. - The total amount related to the retail segment included in Due to Forward China was approximately $641,000 and $1,002,000 at September 30, 2024, and 2023, respectively[130]. - The company had approximately $4,881,000 in outstanding payables to Forward China as of September 30, 2024, which is subject to a collection limit agreement[212]. Operational Changes - The company ceased operations of its retail distribution segment in July 2023, which is now classified as discontinued operations[46]. - The retail distribution segment was fully discontinued as of September 30, 2024, following a strategic shift due to recurring losses, with remaining retail inventory liquidated[114]. - The company entered into an agreement with Forward China to limit outstanding payables to $500,000 in any 12-month period, effective November 2023[47]. - The company entered into agreements to convert $2,200,000 of payables to Forward China into 2,200 shares of Series A-1 convertible preferred stock[213]. - The company reduced the fixed portion of the sourcing fee to Forward China from $100,000 to $65,833 per month effective October 2023[211]. Expenses and Costs - Sales and marketing expenses decreased from $1,663,791 in 2023 to $1,424,829 in 2024, a decline of approximately 14.3%[41]. - General and administrative expenses slightly decreased from $6,541,036 in 2023 to $6,516,246 in 2024, a reduction of about 0.4%[41]. - The company recognized share-based compensation of $101,360 in Fiscal 2024, up from $86,491 in Fiscal 2023[93]. - The Company recognized stock option compensation expenses of $101,000 in fiscal 2024, compared to $86,000 in fiscal 2023[159]. - The Company incurred interest payments of $63,000 on a promissory note to Forward China in Fiscal 2024, compared to $104,000 in Fiscal 2023[192]. - The Company recorded service fees to Forward China of $891,000 in Fiscal 2024, down from $1,266,000 in Fiscal 2023[187]. - Total operating lease expense for fiscal 2024 was $619,000, slightly down from $621,000 in fiscal 2023[206]. - The company has future minimum lease payments totaling $3,464,000, with a present value of lease liabilities at $2,834,000[208]. Impairments and Valuation - The company performed a goodwill impairment analysis, resulting in a charge of $200,000 for Fiscal 2024[93]. - The Company recognized a goodwill impairment charge of $200,000 for the Kablooe reporting unit in fiscal 2024, primarily due to a reduction in expected future performance[135]. - The carrying amount of the Kablooe reporting unit decreased from $1,759,000 on September 30, 2023, to $1,559,000 on September 30, 2024, after the impairment[137]. - The fair value of the earnout liability from the acquisition of Kablooe is measured using a Black-Scholes valuation model, categorized within level 3 of the fair value hierarchy[122]. - The Company maintained a full valuation allowance against its net deferred tax assets, with the valuation allowance increasing from $4,102,000 in 2023 to $4,307,000 in 2024, reflecting a change of $205,000[164]. Tax and NOLs - The Company recorded a provision for income taxes of $23,000 in Fiscal 2024, compared to $20,000 in Fiscal 2023, primarily for state income tax expenses[175]. - The Company had available net operating losses (NOLs) of $13,012,000 for U.S. federal income tax purposes and $7,425,000 for state income tax purposes as of September 30, 2024[176]. Future Outlook - The company’s forecasted operating results are sensitive to significant assumptions regarding future revenue and expenses[66]. - The company has suffered recurring losses from operations, raising substantial doubt about its ability to continue as a going concern[63]. - Revenue from a significant customer in the design segment represented 25.2% of consolidated net revenues in Fiscal 2024, down from 27.9% in Fiscal 2023, with expectations of a material revenue decrease starting Q2 Fiscal 2025 due to program discontinuation[167].

Core Insights - Neuvotion, Inc. is an early-stage medical device company focused on AI-driven neuromodulation technologies for neurorehabilitation, brain-computer interface, and physical therapy markets [1][4] - The company has expanded its partnership with Intelligent Product Solutions (IPS) to accelerate the market launch of its first product, NeuStim™ [1][2] - Forward Industries, the parent company of IPS, has made an undisclosed investment in Neuvotion to support its growth [1] Company Overview - Neuvotion aims to develop innovative technologies that enhance patient outcomes, independence, and quality of life, particularly for those recovering from stroke or spinal cord injuries [3][4] - The company's technologies integrate high-precision neurostimulation with artificial intelligence to improve the effectiveness and efficiency of rehabilitation [4] Partnership Details - The partnership with IPS is expected to leverage their expertise in medical device design and engineering to bring NeuStim™ to market [3][5] - IPS specializes in all stages of product development, including research, design, and manufacturing, which will support Neuvotion's product launch [5]

Core Insights - Intelligent Product Solutions (IPS) has partnered in the Advancing a Sustainable Hospital-at-Home Ecosystem at Scale (HaH) project to enhance at-home digitally-enabled care [1][2] - The project aims to improve connected health and patient care at home, addressing the need for interoperable health-at-home devices [2][3] - The initiative involves over 20 partners working to define the hospital-at-home technology stack for broader availability and adoption [3] Company Overview - IPS is a global product design and development firm specializing in MedTech and wearable technology solutions, headquartered in New York [4] - The company is a division of Forward Industries (NASDAQ: FORD) and serves leading brands in consumer electronics and medical devices [4]

Core Viewpoint - Ford Motor Company is facing a class action lawsuit due to alleged breaches of fiduciary duties by its board of directors, particularly concerning undisclosed quality issues and rising warranty costs that have negatively impacted profitability [1][4]. Financial Performance - On July 24, 2024, Ford reported second quarter financial results, indicating that profitability was adversely affected by increased warranty reserves and higher warranty costs [2]. - Warranty and recall costs for the second quarter totaled $2.3 billion, which is $800 million higher than the first quarter and $700 million more than the same period last year [2]. Stock Market Reaction - Following the announcement of the financial results, Ford's share price dropped by $2.51, or 18.36%, closing at $11.16 per share on July 25, 2024, with unusually high trading volume [3]. Allegations in Class Action - The class action complaint alleges that Ford's management made materially false or misleading statements and failed to disclose significant adverse facts about the company's operations and prospects, including: 1. Deficiencies in quality assurance of vehicle models since 2022 [4]. 2. Higher warranty costs resulting from these deficiencies [4]. 3. Inaccurate warranty reserves that did not reflect the quality issues in vehicles sold since 2022 [4]. 4. Likely suffering of profitability due to these issues [4]. 5. Misleading positive statements regarding the company's business and operations [4].

NEW YORK, Oct. 06, 2024 (GLOBE NEWSWIRE) -- WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of securities of Ford Motor Company (NYSE: F) between April 27, 2022 and July 24, 2024, both dates inclusive (the "Class Period"), of the important October 7, 2024 lead plaintiff deadline. SO WHAT: If you purchased Ford securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. WHAT TO DO N ...

NEW YORK, Oct. 03, 2024 (GLOBE NEWSWIRE) -- WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of securities of Ford Motor Company (NYSE: F) between April 27, 2022 and July 24, 2024, both dates inclusive (the "Class Period"), of the important October 7, 2024 lead plaintiff deadline. SO WHAT: If you purchased Ford securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. WHAT TO DO N ...

HAUPPAUGE, N.Y., Aug. 20, 2024 (GLOBE NEWSWIRE) -- Intelligent Product Solutions (IPS), a Forward Industries (NASDAQ: FORD) company, announced today that Brad Carlson joined the company as Vice President of Technology and Business Development. A leading research and development executive, Dr. Carlson has more than 20 years of experience in medical devices and industrial markets specializing in product strategy, new product development, and revenue growth through differentiated product launches. "We are plea ...

Core Viewpoint - A class action lawsuit has been filed against Ford Motor Company due to alleged misleading statements and failure to disclose material facts regarding warranty costs and vehicle quality issues, leading to significant financial losses for investors [1][5]. Financial Performance - Ford's second quarter 2024 financial results indicated that profitability was negatively impacted by an increase in warranty reserves and higher warranty costs, totaling $2.3 billion, which is $800 million more than the first quarter and $700 million more than the same period last year [3][4]. Stock Market Reaction - Following the announcement of the financial results, Ford's share price dropped by $2.51, or 18.36%, closing at $11.16 per share on July 25, 2024, with unusually high trading volume [4]. Allegations in the Lawsuit - The lawsuit claims that Ford's management made materially false and misleading statements and failed to disclose significant quality assurance deficiencies, resulting in higher warranty costs and an inaccurate reflection of warranty reserves, which ultimately affected the company's profitability [5].

Core Viewpoint - Ford Motor Company is under investigation for potential violations of federal securities laws and unlawful business practices, following a significant drop in its stock price after disappointing financial results [4][5][7]. Group 1: Investigation Details - Bragar Eagel & Squire, P.C. is leading the investigation on behalf of Ford stockholders [4]. - The investigation focuses on whether Ford has engaged in unlawful business practices that may have harmed investors [4]. Group 2: Financial Performance - On July 24, 2024, Ford reported its second quarter financial results, which fell short of consensus estimates due to quality issues with new vehicles leading to increased warranty costs [7]. - Following the announcement of these results, Ford's stock price decreased by $2.51, or 18.4%, closing at $11.16 per share on July 25, 2024 [5].

Core Viewpoint - Penske Automotive Group, Inc. has announced the acquisition of Bill Brown Ford in southeastern Michigan, which is expected to generate an estimated annualized revenue of $550 million, expanding its retail operations in the Midwest [1][3]. Group 1: Acquisition Details - The acquisition includes over 200,000 square feet of facilities across 29 acres, comprising a main dealership, a pre-owned facility, a fleet maintenance center, and a collision center [2]. - Bill Brown Ford has received the Ford President's Award 18 times, indicating a strong commitment to performance, customer service, and satisfaction [2]. Group 2: Company Operations and Performance - Year-to-date 2024, Penske Automotive Group has completed acquisitions totaling nearly $2 billion in estimated annualized revenue [3]. - The company operates dealerships in multiple countries, including the United States, Canada, and Australia, and is a leading retailer of commercial trucks in North America [4]. Group 3: Employment and Community Engagement - Penske Automotive Group employs over 28,500 people globally and emphasizes building partnerships within the community and empowering employees [3][4].