Company: SEAH
Filing Date: 2025-07-24
Form Type: DRS
Source: 0001213900-25-067275
Chunk: 165

Company: Seahawk Recycling Holdings, Inc.
Filing Date: 2025-07-24
Form: DRS
Chunk 165
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 Name                                         
 Seahawk Recycling Holdings, Inc. (“Seahawk”) 
 Top Edge Developments Limited (“Top Edge”)   |     | Date of           
 Incorporation     
 February 27, 2025 
 February 18, 2022 |     | Place of      
 Incorporation 
 BVI           
 BVI           |     | Percentage of 
 Effective     
 Ownership     
 100%          
 100%          |     | Principal Activities                                                 
 Investment holding                                                   
 Investment holding                                                   |
|:---------------------------------------------|:----|:------------------|:----|:--------------|:----|:--------------|:----|:---------------------------------------------------------------------|
| Kaiyo Japan Co., Ltd. (“Kaiyo”)              |     | March 5, 2013     |     | Japan         |     | 100%          |     | Trading of recyclable resources such as waste paper and scrap metal. |

2.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (a)Basis of presentation The accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and pursuant to the rules and regulations of the Securities Exchange Commission (“SEC”).

F-7

SEAHAWK RECYCLING HOLDINGS, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (In U.S. Dollar, except for share data) 2.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) (b)Basis of consolidation The consolidated financial statements include the financial statements of the Company and its subsidiaries. All intercompany transactions and balances among the Company and its subsidiaries have been eliminated upon consolidation. (c)Use of estimates The preparation of the consolidated financial statements in accordance with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, related disclosures of contingent assets and liabilities at the balance sheet date, and the reported revenues and expenses during the reported periods in the consolidated financial statements and accompanying notes. Significant accounting estimates include, but not limited to provision of allowance for expected credit losses, useful lives of property and equipment and intangible assets, estimates used in lease accounting, fair value measurement and valuation allowance for deferred tax assets. Changes in facts and circumstances may result in revised estimates. Actual results could differ from those estimates, and as such, differences may be material to the consolidated financial statements. (d)Foreign currency The functional currency for Seahawk and Top Edge is the U.S Dollar (“US$”). However, Seah