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<b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">UNITED STATES</font></b></p>
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<b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">SECURITIES AND EXCHANGE COMMISSION</font></b></p>
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<b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Washington, D.C. 20549</font></b></p>
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<b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">______________</font></b></p>
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<font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>
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<b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">FORM 8-K</font></b></p>
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<b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">______________</font></b></p>
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<font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>
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<b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">CURRENT REPORT</font></b></p>
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<font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>
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<font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934</font></p>
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<font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>
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<font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Date of Report (Date of earliest event reported):</font><b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">
January 18, 2018</font></b></p>
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<font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>
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<b>
<font color=black face="Times New Roman" lang=EN-US style="background:white;font-size:18.0pt;">Forward Industries, Inc.</font></b></p>
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<font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">(Exact name of registrant as specified in
its charter)</font></p>
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<font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>
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		<b><font face="Times New Roman" style="font-size:10.0pt;">New York</font></b></p>
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		<font face="Times New Roman" style="font-size:10.0pt;">&nbsp; </font>
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		<b>
		<font color=black face="Times New Roman" style="background:white;font-size:10.0pt;">001-34780</font></b></p>
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		<font face="Times New Roman" style="font-size:10.0pt;">&nbsp; </font>
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		<b>
		<font color=black face="Times New Roman" style="background:white;font-size:10.0pt;">13-1950672</font></b></p>
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		<font face="Times New Roman" style="font-size:10.0pt;">(State or Other Jurisdiction</font></p>
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		<font face="Times New Roman" style="font-size:10.0pt;">&nbsp; </font>
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		<font face="Times New Roman" style="font-size:10.0pt;">(Commission</font></p>
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		<font face="Times New Roman" style="font-size:10.0pt;">&nbsp; </font>
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		<font face="Times New Roman" style="font-size:10.0pt;">(I.R.S. Employer</font></p>
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		<font face="Times New Roman" style="font-size:10.0pt;">of Incorporation)</font></p>
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		<font face="Times New Roman" style="font-size:10.0pt;">&nbsp; </font>
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		<font face="Times New Roman" style="font-size:10.0pt;">File Number)</font></p>
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		<font face="Times New Roman" style="font-size:10.0pt;">&nbsp; </font>
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		<font face="Times New Roman" style="font-size:10.0pt;">Identification No.)</font></p>
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<font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>
<p align=center style="background:white;line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;">
<b>
<font color=black face="Times New Roman" lang=EN-US style="font-size:10.0pt;">477 S. Rosemary Ave.&nbsp;&nbsp;Ste. 219</font></b></p>
<p align=center style="background:white;line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;">
<b>
<font color=black face="Times New Roman" lang=EN-US style="font-size:10.0pt;">West Palm Beach, Florida 33401</font></b></p>
<p align=center style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;">
<font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&#160; (Address of Principal Executive Office)
(Zip Code)</font></p>
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<font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>
<p align=center style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;">
<b><u>
<font color=black face="Times New Roman" lang=EN-US style="background:white;font-size:10.0pt;">(561) 465-0030</font></u></b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">
</font></p>
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<font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">(Registrant&#8217;s telephone number, including
area code)</font></p>
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<font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>
<p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;">
<font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>
<p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;">
<font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the
registrant under any of the following provisions:</font></p>
<p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;">
<font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>
<p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;">
<font size="4">&#9633&nbsp;&nbsp;&nbsp;</font><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></p>
<p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;">
<font face="Times New Roman" lang=EN-US style="font-size:10.0pt;"><br></font>
<font size="4">&#9633</font><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></p>
<p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;">
<font face="Times New Roman" lang=EN-US style="font-size:10.0pt;"><br></font>
<font size="4">&#9633</font><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))</font></p>
<p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;">
<font face="Times New Roman" lang=EN-US style="font-size:10.0pt;"><br></font>
<font size="4">&#9633</font><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></p>
<p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;">
<font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>
<p style="background:white;line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;">
<font color=black face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Indicate by check mark whether the registrant is an
emerging growth company as defined in Rule 405 of the Securities Act of 1933
(17 CFR &#167;230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR
&#167;240.12b-2).</font></p>
<p align=right style="background:white;line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">
<font color=black face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Emerging
growth company&nbsp;&nbsp;</font><font size="4">&#9633</font></p>
<p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;">
<font color=black face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>
<p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;">
<font color=black face="Times New Roman" lang=EN-US style="font-size:10.0pt;">If an emerging growth
company, indicate by check mark if the registrant has elected not to use the
extended transition period for complying with any new or revised financial
accounting standards provided pursuant to Section 13(a) of the Exchange Act.
</font><font size="4">&#9633</font></p>
<p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;">
<font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>
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<font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>
<p style="line-height:normal;margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;">
<font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>
<p style="line-height:normal;margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;" align="justify">
<b>
<font color=black face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Item
2.01. Completion of Acquisition or Disposition of Assets.&#160; </font></b></p>
<p style="line-height:normal;margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;">
<font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">On January 18,
2018, Forward Industries, Inc. (the &#8220;Company&#8221;) entered into a Stock Purchase
Agreement (the &#8220;Agreement&#8221;) by and among the Company, Intelligent Product
Solutions, Inc. (&#8220;IPS&#8221;), the holders of all of the common stock of IPS and
Mitchell Maiman (&#8220;Maiman&#8221;).&#160; In consideration for the acquisition of all of
IPS&#8217; outstanding securities, the Company: (i) paid approximately $1.9 million
in cash, (ii) assumed approximately $1.5 million of outstanding debt, (iii)
issued a total of 401,835 shares of the Company&#8217;s common stock to the two
owners of IPS, (iii) agreed to pay $1,000,000 of deferred cash payments (with
the first payment of $500,000 due on May 18, 2018) and (iv) up to $2.2 million
of earnout payments based upon IPS meeting certain EBITDA milestones over a
three year period.&#160; Additionally, the Company entered into three-year
employment agreements with Mitchell Maiman, the President of IPS and Paul
Severino, the Chief Operating Officer of IPS, and agreed to pay them each $256,000
per year.&#160;&#160;&#160; </font></p>
<p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;">
<font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">In order to fund the acquisition of IPS, the
Company issued a $1.6 million promissory note to </font>
<font face="Times New Roman" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">Forward Industries (Asia-Pacific) Corporation (&#8220;Forward China&#8221;) in
consideration for a one-year loan.&#160;&#160; The note bears an interest rate of 8% and
pays monthly interest.&#160; Forward China is an entity which is principally owned
by the Company&#8217;s Chairman and Chief Executive Officer.&#160; </font></p>
<p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;">
<font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>
<p style="line-height:normal;margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;">
<font color=black face="Times New Roman" lang=EN-US style="font-size:10.0pt;">The foregoing description is qualified in its entirety by
reference to the full text of the Agreement and the form of Employment
Agreement, which have been filed as Exhibits 2.1, 4.1 and 10.1, respectively,
to this Current Report on Form 8-K and are incorporated in this Form 8-K by
reference.</font></p>
<p style="line-height:normal;margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;" align="justify">
<font color=black face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in;margin-bottom:.0001pt;" align="justify"><b>
<font color=black face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Item 2.03 Creation of a Direct Financial Obligation or an
Obligation under an Off-Balance Sheet Arrangement of a Registrant.</font></b></p>
<p style="margin:0in;margin-bottom:.0001pt;" align="justify">
<font color=black face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in;margin-bottom:.0001pt;" align="justify">
<font color=black face="Times New Roman" lang=EN-US style="font-size:10.0pt;">As described under Item 2.01 above, a portion of the consideration
was the assumption of debt.&#160; A portion of this relates to a $1,000,000
revolving line of credit of which $950,000 was drawn at closing.&#160; The loan under
the line of credit is: (i) secured by IPS&#8217; assets, (ii) matures on April 8,
2018 and (iii) bears an interest rate of the Wall Street Journal Prime Rate
plus 0.75%.&#160; Additionally, the Company assumed debt relating to: (i) a secured
loan of which the balance is approximately $190,000 which will be fully
amortized (and paid in full) by April 2020 and (ii) a secured loan of
approximately $217,000 of which will be fully amortized (and paid in full) by January
2019.&#160; </font></p>
<p style="margin:0in;margin-bottom:.0001pt;" align="justify">
<font color=black face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in;margin-bottom:.0001pt;" align="justify">
<font color=black face="Times New Roman" lang=EN-US style="font-size:10.0pt;">The disclosure under Item 2.01 above regarding the Forward China
note is incorporated herein under this Item 2.03.</font></p>
<p style="line-height:normal;margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;" align="justify">
<font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in;margin-bottom:.0001pt;" align="justify"><b>
<font color=black face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Item 3.02. Unregistered Sales of Equity Securities.</font></b></p>
<p style="margin:0in;margin-bottom:.0001pt;" align="justify">
<font color=black face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in;margin-bottom:.0001pt;" align="justify">
<font color=black face="Times New Roman" lang=EN-US style="font-size:10.0pt;">The disclosure under Item 2.01 above regarding the issuance of the
Company&#8217;s common stock and the Forward China note is incorporated herein under
this Item 3.02. These securities were issued without registration under the
Securities Act of 1933 in reliance upon the exemption provided in Section
4(a)(2) and Rule 506(b) thereunder.</font></p>
<p style="margin:0in;margin-bottom:.0001pt;" align="justify">
<font color=black face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in;margin-bottom:.0001pt;" align="justify"><b>
<font color=black face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Item 9.01. Financial Statements and Exhibits.</font></b></p>
<p style="margin:0in;margin-bottom:.0001pt;" align="justify">
<font color=black face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in;margin-bottom:.0001pt;" align="justify">
<font color=black face="Times New Roman" lang=EN-US style="font-size:10.0pt;">(a)&#160; Financial statements of businesses acquired.</font></p>
<p style="margin:0in;margin-bottom:.0001pt;" align="justify">
<font color=black face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in;margin-bottom:.0001pt;" align="justify">
<font color=black face="Times New Roman" lang=EN-US style="font-size:10.0pt;">The Company will file the financial statements required by Item
9.01(a) of Form 8-K by an amendment to this Current Report on Form 8-K no later
than 71 days from the date this Current Report on Form 8-K is required to be
filed.</font></p>
<p style="margin:0in;margin-bottom:.0001pt;" align="justify">
<font color=black face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in;margin-bottom:.0001pt;" align="justify">
<font color=black face="Times New Roman" lang=EN-US style="font-size:10.0pt;">(b)&#160; Pro forma financial information.</font></p>
<p style="margin:0in;margin-bottom:.0001pt;" align="justify">
<font color=black face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in;margin-bottom:.0001pt;" align="justify">
<font color=black face="Times New Roman" lang=EN-US style="font-size:10.0pt;">The Company will file the pro forma financial information required
by Item 9.01(b) of Form 8-K by an amendment to this Current Report on Form 8-K
no later than 71 days from the date this Current Report on Form 8-K is required
to be filed.</font></p><a name="_bclFooter2"></a>
<DIV>
	<p style="margin:0in;margin-bottom:.0001pt;" align="justify">
	<font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div><a name="page_3"></a><a name="_bclPageBorder3"></a>
<a name="_bclHeader3"></a>
<p style="margin:0in;margin-bottom:.0001pt;">
<font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>
<p style="line-height:normal;margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;">
<font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>
<p style="line-height:normal;margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;">
<font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">(c)&#160;
</font>
<font color=black face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Exhibits.</font></p>
<p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">
<font color=black face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>
<table cellpadding=0 cellspacing=0 border=0 style="width:100%;">
	<tr>
		<td style="padding:0in 0in 0in 0in;">&nbsp;</td>
		<td style="padding:0in 0in 0in 0in;">&nbsp;</td>
		<td style="padding:0in 0in 0in 0in;">&nbsp;</td>
	</tr>
	<tr>
		<td valign=top style="border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;">
		<p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">
		<b><font face="Times New Roman" style="font-size:8.0pt;">Exhibit No.</font></b></p>
		</td>
		<td valign=top style="padding:0in 0in 0in 0in;">
		<p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">
		<font face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
		</td>
		<td valign=top style="border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;">
		<p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">
		<b><font face="Times New Roman" style="font-size:8.0pt;">Description</font></b></p>
		</td>
	</tr>
	<tr>
		<td valign=top style="padding:0in 0in 0in 0in;">
		<p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">
		<font face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
		</td>
		<td valign=top style="padding:0in 0in 0in 0in;">
		<p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">
		<font face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
		</td>
		<td valign=top style="padding:0in 0in 0in 0in;">
		<p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">
		<font face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
		</td>
	</tr>
	<tr>
		<td valign=top style="padding:0in 0in 0in 0in;">
		<p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">
		<font face="Times New Roman" style="font-size:10.0pt;">2.1</font></p>
		</td>
		<td valign=top style="padding:0in 0in 0in 0in;">
		<p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">
		<font face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
		</td>
		<td valign=top style="padding:0in 0in 0in 0in;">
		<p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">
		<font face="Times New Roman" style="font-size:10.0pt;">
		<a href="ex2-1.htm">Securities Purchase Agreement dated January 18, 2018 *</a></font></p>
		</td>
	</tr>
	<tr>
		<td valign=top style="padding:0in 0in 0in 0in;">
		<p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">
		<font color=blue face="Times New Roman" style="font-size:10.0pt;text-decoration:none;">&nbsp;</font></p>
		</td>
		<td valign=top style="padding:0in 0in 0in 0in;">
		<p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">
		<font face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
		</td>
		<td valign=top style="padding:0in 0in 0in 0in;">
		<p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">
		<font face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
		</td>
	</tr>
	<tr>
		<td valign=top style="padding:0in 0in 0in 0in;">
		<p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">
		<font face="Times New Roman" style="font-size:10.0pt;">4.1</font></p>
		</td>
		<td valign=top style="padding:0in 0in 0in 0in;">
		<p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">
		<font face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
		</td>
		<td valign=top style="padding:0in 0in 0in 0in;">
		<p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">
		<font face="Times New Roman" style="font-size:10.0pt;">
		<a href="ex4-1.htm">Form of Promissory Note dated January 18, 2018</a></font></p>
		</td>
	</tr>
	<tr>
		<td valign=top style="padding:0in 0in 0in 0in;">
		<p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">
		<font face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
		</td>
		<td valign=top style="padding:0in 0in 0in 0in;">
		<p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">
		<font face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
		</td>
		<td valign=top style="padding:0in 0in 0in 0in;">
		<p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">
		<font face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
		</td>
	</tr>
	<tr>
		<td valign=top style="padding:0in 0in 0in 0in;">
		<p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">
		<font face="Times New Roman" style="font-size:10.0pt;">10.1</font></p>
		</td>
		<td valign=top style="padding:0in 0in 0in 0in;">
		<p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">
		<font face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
		</td>
		<td valign=top style="padding:0in 0in 0in 0in;">
		<p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">
		<font face="Times New Roman" style="font-size:10.0pt;">
		<a href="ex10-1.htm">Form of Employment Agreement dated January 18, 2018</a></font></p>
		</td>
	</tr>
</table>
<p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">
<font color=black face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>
<p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;" align="justify">
<font color=black face="Times New Roman" lang=EN-US style="font-size:10.0pt;">*Certain schedules, appendices and exhibits
to this agreement have been omitted in accordance with Item 601(b)(2) of
Regulation S-K. A copy of any omitted schedule and/or exhibit will be furnished
supplementally to the Securities and Exchange Commission staff upon request.</font></p>
<p style="line-height:normal;margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;">
<font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>
<font face="times new roman" style="line-height:107%;"></font>
<p style="line-height:107%;margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;">
<font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>
<div align=center style="line-height:107%;margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;">&nbsp;</div>
<a name="_bclFooter3"></a>
<DIV>
	<p style="margin:0in;margin-bottom:.0001pt;">
	<font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div><a name="page_4"></a><a name="_bclPageBorder4"></a>
<a name="_bclHeader4"></a>
<DIV>
	<p style="margin:0in;margin-bottom:.0001pt;">
	<font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>
</DIV>
<div align=center style="line-height:107%;margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;">
	<hr align=center noshade size=2 width="100%"></div>
<p align=right style="line-height:107%;margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">
<font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp; </font>
</p>
<p style="line-height:107%;margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;">
<font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>
<p align=center style="line-height:107%;margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;">
<b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">SIGNATURES</font></b></p>
<p style="line-height:107%;margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;">
<font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>
<p style="line-height:107%;margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;" align="justify">
<font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">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.</font></p>
<p style="line-height:107%;margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;">
<font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>
<table cellpadding=0 cellspacing=0 border=0 style="width:100%;">
	<tr>
		<td valign=top width=49% style="padding:0in 0in 0in 0in;">
		<p style="line-height:107%;margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;">
		<font face="Times New Roman" style="font-size:10.0pt;">&nbsp; </font>
		</p></td>
		<td colspan=2 valign=top width=39% style="padding:0in 0in 0in 0in;">
		<p style="line-height:107%;margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;">
		<b><font face="Times New Roman" style="font-size:10.0pt;">FORWARD INDUSTRIES, INC.</font></b></p>
		</td>
		<td valign=top width=12% style="padding:0in 0in 0in 0in;">
		<p style="line-height:107%;margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;">
		<font face="Times New Roman" style="font-size:10.0pt;">&nbsp; </font>
		</p></td>
	</tr>
	<tr>
		<td valign=top width=49% style="padding:0in 0in 0in 0in;">
		<p style="line-height:107%;margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;">
		<font face="Times New Roman" style="font-size:10.0pt;">&nbsp; </font>
		</p></td>
		<td valign=top width=3% style="padding:0in 0in 0in 0in;">
		<p style="line-height:107%;margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;">
		<font face="Times New Roman" style="font-size:10.0pt;">&nbsp; </font>
		</p></td>
		<td valign=top width=36% style="padding:0in 0in 0in 0in;">
		<p style="line-height:107%;margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;">
		<font face="Times New Roman" style="font-size:10.0pt;">&nbsp; </font>
		</p></td>
		<td valign=top width=12% style="padding:0in 0in 0in 0in;">
		<p style="line-height:107%;margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;">
		<font face="Times New Roman" style="font-size:10.0pt;">&nbsp; </font>
		</p></td>
	</tr>
	<tr>
		<td valign=top width=49% style="padding:0in 0in 1.5pt 0in;">
		<p style="line-height:107%;margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;">
		<font face="Times New Roman" style="font-size:10.0pt;">Date: January 18, 2018</font></p>
		</td>
		<td valign=top width=3% style="padding:0in 0in 1.5pt 0in;">
		<p style="line-height:107%;margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;">
		<font face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
		</td>
		<td valign=top width=36% style="border-bottom:solid black 1.5pt;padding:0in 0in 0in 0in;">
		<p style="line-height:107%;margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;">
		<font face="Times New Roman" style="font-size:10.0pt;">/s/&nbsp;Michael Matte</font></p>
		</td>
		<td valign=top width=12% style="padding:0in 0in 1.5pt 0in;">
		<p style="line-height:107%;margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;">
		<font face="Times New Roman" style="font-size:10.0pt;">&nbsp; </font>
		</p></td>
	</tr>
	<tr>
		<td valign=top width=49% style="padding:0in 0in 0in 0in;">
		<p style="line-height:107%;margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;">
		<font face="Times New Roman" style="font-size:10.0pt;">&nbsp; </font>
		</p></td>
		<td valign=top width=3% style="padding:0in 0in 0in 0in;">
		<p style="line-height:107%;margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;">
		<font face="Times New Roman" style="font-size:10.0pt;">&nbsp; </font>
		</p></td>
		<td valign=bottom width=36% style="padding:0in 0in 0in 0in;">
		<p style="line-height:107%;margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;">
		<font face="Times New Roman" style="font-size:10.0pt;">Name: Michael Matte</font></p>
		</td>
		<td valign=top width=12% style="padding:0in 0in 0in 0in;">
		<p style="line-height:107%;margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;">
		<font face="Times New Roman" style="font-size:10.0pt;">&nbsp; </font>
		</p></td>
	</tr>
	<tr>
		<td valign=top width=49% style="padding:0in 0in 0in 0in;">
		<p style="line-height:107%;margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;">
		<font face="Times New Roman" style="font-size:10.0pt;">&nbsp; </font>
		</p></td>
		<td valign=top width=3% style="padding:0in 0in 0in 0in;">
		<p style="line-height:107%;margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;">
		<font face="Times New Roman" style="font-size:10.0pt;">&nbsp; </font>
		</p></td>
		<td valign=top width=36% style="padding:0in 0in 0in 0in;">
		<p style="line-height:107%;margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;">
		<font face="Times New Roman" style="font-size:10.0pt;">Title:&nbsp;&nbsp; Chief Financial Officer</font></p>
		</td>
		<td valign=top width=12% style="padding:0in 0in 0in 0in;">
		<p style="line-height:107%;margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;">
		<font face="Times New Roman" style="font-size:10.0pt;">&nbsp; </font>
		</p></td>
	</tr>
</table>
<p style="line-height:107%;margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;">
<font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>
<p style="line-height:107%;margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;">
<b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>
<p style="line-height:normal;margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;">
<font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></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": "001-34780", "film-number": "18534369"}, "business-address": {"street1": "1801 GREEN ROAD", "street2": "SUITE E", "city": "POMPANO BEACH", "state": "FL", "zip": "33064", "phone": "9544199544"}, "mail-address": {"street1": "1801 GREEN RD", "street2": "SUITE E", "city": "POMPANO BEACH", "state": "FL", "zip": "33064"}, "former-company": {"former-conformed-name": "PROGRESS HEAT SEALING CO INC", "date-changed": "19721111"}}
Prepared by EDGARX.com
UNITED STATES
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):
January 18, 2018
Forward Industries, Inc.
(Exact name of registrant as specified in
its charter)
New York
001-34780
13-1950672
(State or Other Jurisdiction
(Commission
(I.R.S. Employer
of Incorporation)
File Number)
Identification No.)
477 S. Rosemary Ave.  Ste. 219
West Palm Beach, Florida 33401
(Address of Principal Executive Office)
(Zip Code)
(561) 465-0030
(Registrant's telephone number, including
area code)
Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the
registrant under any of the following provisions:
□
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
□
Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
□
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
□
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an
emerging growth company as defined in Rule 405 of the Securities Act of 1933
(17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR
§240.12b-2).
Emerging
growth company
□
If an emerging growth
company, indicate by check mark if the registrant has elected not to use the
extended transition period for complying with any new or revised financial
accounting standards provided pursuant to Section 13(a) of the Exchange Act.
□
Item
2.01. Completion of Acquisition or Disposition of Assets.
On January 18,
2018, Forward Industries, Inc. (the "Company") entered into a Stock Purchase
Agreement (the "Agreement") by and among the Company, Intelligent Product
Solutions, Inc. ("IPS"), the holders of all of the common stock of IPS and
Mitchell Maiman ("Maiman").  In consideration for the acquisition of all of
IPS' outstanding securities, the Company: (i) paid approximately $1.9 million
in cash, (ii) assumed approximately $1.5 million of outstanding debt, (iii)
issued a total of 401,835 shares of the Company's common stock to the two
owners of IPS, (iii) agreed to pay $1,000,000 of deferred cash payments (with
the first payment of $500,000 due on May 18, 2018) and (iv) up to $2.2 million
of earnout payments based upon IPS meeting certain EBITDA milestones over a
three year period.  Additionally, the Company entered into three-year
employment agreements with Mitchell Maiman, the President of IPS and Paul
Severino, the Chief Operating Officer of IPS, and agreed to pay them each $256,000
per year.
In order to fund the acquisition of IPS, the
Company issued a $1.6 million promissory note to
Forward Industries (Asia-Pacific) Corporation ("Forward China") in
consideration for a one-year loan.   The note bears an interest rate of 8% and
pays monthly interest.  Forward China is an entity which is principally owned
by the Company's Chairman and Chief Executive Officer.
The foregoing description is qualified in its entirety by
reference to the full text of the Agreement and the form of Employment
Agreement, which have been filed as Exhibits 2.1, 4.1 and 10.1, respectively,
to this Current Report on Form 8-K and are incorporated in this Form 8-K by
reference.
Item 2.03 Creation of a Direct Financial Obligation or an
Obligation under an Off-Balance Sheet Arrangement of a Registrant.
As described under Item 2.01 above, a portion of the consideration
was the assumption of debt.  A portion of this relates to a $1,000,000
revolving line of credit of which $950,000 was drawn at closing.  The loan under
the line of credit is: (i) secured by IPS' assets, (ii) matures on April 8,
2018 and (iii) bears an interest rate of the Wall Street Journal Prime Rate
plus 0.75%.  Additionally, the Company assumed debt relating to: (i) a secured
loan of which the balance is approximately $190,000 which will be fully
amortized (and paid in full) by April 2020 and (ii) a secured loan of
approximately $217,000 of which will be fully amortized (and paid in full) by January
2019.
The disclosure under Item 2.01 above regarding the Forward China
note is incorporated herein under this Item 2.03.
Item 3.02. Unregistered Sales of Equity Securities.
The disclosure under Item 2.01 above regarding the issuance of the
Company's common stock and the Forward China note is incorporated herein under
this Item 3.02. These securities were issued without registration under the
Securities Act of 1933 in reliance upon the exemption provided in Section
4(a)(2) and Rule 506(b) thereunder.
Item 9.01. Financial Statements and Exhibits.
(a)  Financial statements of businesses acquired.
The Company will file the financial statements required by Item
9.01(a) of Form 8-K by an amendment to this Current Report on Form 8-K no later
than 71 days from the date this Current Report on Form 8-K is required to be
filed.
(b)  Pro forma financial information.
The Company will file the pro forma financial information required
by Item 9.01(b) of Form 8-K by an amendment to this Current Report on Form 8-K
no later than 71 days from the date this Current Report on Form 8-K is required
to be filed.
(c)
Exhibits.
Exhibit No.
Description
2.1
Securities Purchase Agreement dated January 18, 2018 *
4.1
Form of Promissory Note dated January 18, 2018
10.1
Form of Employment Agreement dated January 18, 2018
*Certain schedules, appendices and exhibits
to this agreement have been omitted in accordance with Item 601(b)(2) of
Regulation S-K. A copy of any omitted schedule and/or exhibit will be furnished
supplementally to the Securities and Exchange Commission staff upon request.
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.
FORWARD INDUSTRIES, INC.
Date: January 18, 2018
By:
/s/ Michael Matte
Name: Michael Matte
Title:   Chief Financial Officer