Company: SEAH
Filing Date: 2025-07-24
Form Type: DRS
Source: 0001213900-25-067275
Chunk: 183

Company: Seahawk Recycling Holdings, Inc.
Filing Date: 2025-07-24
Form: DRS
Chunk 183
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 included in the income statement as well as disclosures about specific types of expenses included in the expense captions presented in the income statement. ASU 2024 -03, as clarified by ASU 2025 -01, is effective for us for our annual reporting for fiscal 2028 and for interim period reporting beginning in fiscal 2029 on a prospective basis. Both early adoption and retrospective application are permitted. The Group is currently evaluating the impact that the adoption of these standards will have on its consolidated financial statements and disclosures. In March 2025, the FASB issued ASU 2025 -02 — Liabilities (405): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 122.The amendments in this Update are effective immediately and on a fully retrospective basis to annual periods beginning after December 15, 2024. The Company is currently evaluating the effect of adoption of this standard to its consolidated financial statements and disclosures. Other accounting standards that have been issued by FASB that do not require adoption until a future date are not expected to have a material impact on the consolidated financial statements upon adoption. The Group does not discuss recent standards that are not anticipated to have an impact on or are unrelated to its consolidated financial condition, results of operations, cash flows or disclosures. F-19

SEAHAWK RECYCLING HOLDINGS, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (In U.S. Dollar, except for share data) 3.ACCOUNTS RECEIVABLE, NET Accounts receivable, net consisted of the following:

|                                      |     | As of March 31, |      2025 |   |     |   |      2024 |   |
|:-------------------------------------|:----|:----------------|----------:|:--|:----|:--|----------:|:--|
| Accounts receivable                  |     | $               | 7,124,870 |   |     | $ | 2,886,306 |   |
| Allowance for expected credit losses |     |                 |  (298,565 | ) |     |   |  (307,381 | ) |
| Accounts receivable, net             |     | $               | 6,826,305 |   |     | $ | 2,578,925 |   |

The Group recognizes credit losses on accounts receivable that are not expected to be recoverable. For the years ended March 31, 2025 and