ACQUISITION (Tables)

12 Months Ended

Sep. 30, 2021

Business Combination and Asset Acquisition [Abstract]

Total purchase consideration

Cash at closing (1)	$	353,000
Value of Forward's common stock (2)		370,000
Fair value of contingent earnout consideration (3)		90,000
Total Purchase Consideration	$	813,000

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(1)	Cash paid by Forward at closing.
(2)	Forward issued 300,000 shares of its common stock valued at $1.23 per share, which represents the August 17, 2020 closing price of $1.37 per share, less an estimated 10% reduction in fair value related to restrictions that limit their marketability for a period of six months.
(3)	Fair value of the contingent consideration is measured using the Black-Scholes option pricing method. Contingent consideration is to be paid in cash only upon Kablooe meeting certain earnings milestones over a five-year period.

Assets acquired and liabilities assumed

Cash	$	31,000
Accounts receivable		96,000
Customer relationships (8 yr life)		340,000
Trademark (15 yr life)		110,000
Property and equipment		9,000
Other assets		9,000
Total identifiable assets acquired		595,000
Accounts payable		(22,000	)
Accrued liabilities		(135,000	)
Deferred revenue		(46,000	)
Debt		(170,000	)
Total liabilities assumed		(373,000	)
Net identifiable assets acquired		222,000
Goodwill		591,000
Net assets acquired	$	813,000