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CONSOLIDATED BALANCE SHEETS - USD ($)
Sep. 30, 2024
Sep. 30, 2023
Current assets:    
Cash $ 3,022,436 $ 3,180,468
Accounts receivable, net of allowances for credit losses of $27,282 and $955,965 as of September 30, 2024 and 2023, respectively 5,609,032 6,968,778
Accounts receivable (related party) 96,487 0
Inventories, net 489,996 334,384
Discontinued assets held for sale 0 508,077
Prepaid expenses and other current assets 426,240 378,512
Total current assets 9,644,191 11,370,219
Property and equipment, net 219,297 274,046
Intangible assets, net 680,386 893,143
Goodwill 1,558,682 1,758,682
Operating lease right-of-use assets, net 2,593,112 3,021,315
Other assets 72,688 68,737
Total assets 14,768,356 17,386,142
Current liabilities:    
Note payable to Forward China (related party) 600,000 0
Accounts payable 129,060 518,892
Due to Forward China (related party) 7,226,012 8,246,015
Deferred income 399,439 297,407
Current portion of operating lease liability 404,056 416,042
Accrued expenses and other current liabilities 613,029 1,357,743
Total current liabilities 9,371,596 10,836,099
Other liabilities:    
Note payable to Forward China (related party) 0 1,100,000
Operating lease liability, less current portion 2,429,726 2,833,782
Total liabilities 11,801,322 14,769,881
Commitments and contingencies(Note 12)  
Shareholders’ equity:    
Series A-1 Convertible Preferred Stock, par value $0.01 per share; stated value of $1,000 per share; 2,700 shares authorized, 2,200 and 0 shares issued and outstanding at September 30, 2024 and 2023, respectively (liquidation preference of $2,200,000) 2,200,000 0
Common stock, 40,000,000 shares authorized; par value $0.01 per share; 1,101,069 shares issued and outstanding at September 30, 2024 and 2023 11,011 11,011
Additional paid-in capital 20,393,163 20,291,803
Accumulated deficit (19,637,140) (17,686,553)
Total shareholders’ equity 2,967,034 2,616,261
Total liabilities and shareholders’ equity $ 14,768,356 $ 17,386,142