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<title>Prepared by E-services, LLC;www.edgar2.net</title>

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<p align="center"><b>SECURITIES AND
EXCHANGE COMMISSION</b></p>

<p align=center>Washington, D.C. 20549</p>

<p align="center"><b>FORM 8-K</b></p>

<p align=center>CURRENT REPORT</p>

<p align=center>Pursuant
to Section 13 or 15(d) of<br>
the Securities Exchange Act of
1934</p>

<p align=center>Date
of Report (Date of Earliest Event Reported):<br>
October 24, 2002</p>

<p align="center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FORWARD
INDUSTRIES,
INC.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</b></u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>
(Exact Name of Registrant as Specified in Charter)</p>

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    <td width="449" valign="top">

<p align="center"><b><u>&nbsp;&nbsp;&nbsp;&nbsp;New
York&nbsp;&nbsp; </u>&nbsp;&nbsp;<u><br>
</u></b>(State
or Other&nbsp;<br>
Jurisdiction of &nbsp;<br>
&nbsp;Incorporation)&nbsp;</p>

    </td>
    <td width="593" valign="top">
    <p align="center"><b>&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
0-6669&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </u>&nbsp;</b>
    <br>
    (Commission
File<br>
    Number)&nbsp;</td>
    <td width="262" valign="top">
    <p align="center"><u><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
13-1950672&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>
    </b></u>(IRS Employer<br>
    Identification No.)</td>
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<p align=center><b>1801
Green Road <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;E.
Pompano Beach, Florida 33064&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;<br>
</u> </b>(Address of Principal Executive Offices)</p>

<p align="center">Registrant's Telephone Number, including<br>
area code<b>: <u>&nbsp;(954) 360-6420</u></b></p>

<hr color="#000000" width="50%">

<p align=center>(Former Address, if changed since last report)</p>

<i><br clear=all>
</i>

<hr color="#000080">

<p>&nbsp;</p>

<p><b>Item 5: <u>Other Events</u></b></p>

<p align="justify">On October 24, 2002, the registrant issued a press
release announcing its intention to appeal a Nasdaq Staff Determination to
delist the Company's common stock from the Nasdaq Smallcap Market effective
with the opening of business on November 1, 2002.&nbsp; The staff's determination was based on the
Company's noncompliance with Marketplace Rule 4310(c)(4)
that requires the Company to maintain a minimum bid price for its common stock
of $1.00.&nbsp; The Company's common stock
will continue to be listed on the Nasdaq Smallcap market pending the outcome of
the appeal.&nbsp; A copy of the press release
is attached.</p>

<p><b>Item 7 <u>Financial Statements</u></b></p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) Exhibits</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Exhibit
No</u>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Exhibit</u></p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Press Release of Forward
Industries Inc. on October 24, 2002</p>



<p>&nbsp;</p>



<hr color="#000000">
<p align="center"><b>SIGNATURES</b></p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned hereunto duly authorized.</p>



<p><b>Dated: October 24, 2002</b></p>

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    <td width="287">&nbsp;</td>
    <td width="474">FORWARD INDUSTRIES, INC.</td>
  </tr>
  <tr>
    <td width="287">&nbsp;</td>
    <td width="474">&nbsp;</td>
  </tr>
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    <td width="287">&nbsp;</td>
    <td width="474">&nbsp;</td>
  </tr>
  <tr>
    <td width="287">&nbsp;</td>
    <td width="474">By:<u>
/s/&nbsp;Douglas W. Sabra&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></td>
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    <td width="287">&nbsp;</td>
    <td width="474">&nbsp;&nbsp;&nbsp;&nbsp; Douglas W. Sabra</td>
  </tr>
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    <td width="287">&nbsp;</td>
    <td width="474">&nbsp;&nbsp;&nbsp;&nbsp; Chief
Financial Officer and</td>
  </tr>
  <tr>
    <td width="287">&nbsp;</td>
    <td width="474">&nbsp;&nbsp;&nbsp;&nbsp; Vice-President
- Chief Financial Officer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </td>
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<p>&nbsp;</p>

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<p align="center"><b>EXHIBIT INDEX</b></p>

<p> <u>Exhibit #</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Exhibit</u></p>

<p>99.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Press Release issued by Forward
Industries, Inc. on October 24, 2002.</p>

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{"company-data": {"conformed-name": "FORWARD INDUSTRIES INC", "cik": "0000038264", "assigned-sic": "3089", "irs-number": "131950672", "state-of-incorporation": "NY", "fiscal-year-end": "0930"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-06669", "film-number": "02797917"}, "business-address": {"street1": "400 POST AVENUE", "city": "WESTBURY", "state": "NY", "zip": "11590", "phone": "5163380700"}, "mail-address": {"street1": "400 POST AVENUE", "city": "WESTBURY", "state": "NY", "zip": "11590"}, "former-company": {"former-conformed-name": "PROGRESS HEAT SEALING CO INC", "date-changed": "19721111"}}
Prepared by E-services, LLC;www.edgar2.net
SECURITIES AND
EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant
to Section 13 or 15(d) of
the Securities Exchange Act of
1934
Date
of Report (Date of Earliest Event Reported):
October 24, 2002
FORWARD
INDUSTRIES,
INC.
(Exact Name of Registrant as Specified in Charter)
New
York
(State
or Other
Jurisdiction of
Incorporation)
0-6669
(Commission
File
Number)
13-1950672
(IRS Employer
Identification No.)
1801
Green Road
E.
Pompano Beach, Florida 33064
(Address of Principal Executive Offices)
Registrant's Telephone Number, including
area code
:
(954) 360-6420
(Former Address, if changed since last report)
Item 5:
Other Events
On October 24, 2002, the registrant issued a press
release announcing its intention to appeal a Nasdaq Staff Determination to
delist the Company's common stock from the Nasdaq Smallcap Market effective
with the opening of business on November 1, 2002.  The staff's determination was based on the
Company's noncompliance with Marketplace Rule 4310(c)(4)
that requires the Company to maintain a minimum bid price for its common stock
of $1.00.  The Company's common stock
will continue to be listed on the Nasdaq Smallcap market pending the outcome of
the appeal.  A copy of the press release
is attached.
Item 7
Financial Statements
(c) Exhibits
Exhibit
No
.
Exhibit
99.1                 Press Release of Forward
Industries Inc. on October 24, 2002
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned hereunto duly authorized.
Dated: October 24, 2002
FORWARD INDUSTRIES, INC.
By:
/s/ Douglas W. Sabra
Douglas W. Sabra
Chief
Financial Officer and
Vice-President
- Chief Financial Officer
EXHIBIT INDEX
Exhibit #
Exhibit
99.1                 Press Release issued by Forward
Industries, Inc. on October 24, 2002.