Company: SEAH
Filing Date: 2025-07-24
Form Type: DRS
Source: 0001213900-25-067275
Chunk: 192

Company: Seahawk Recycling Holdings, Inc.
Filing Date: 2025-07-24
Form: DRS
Chunk 192
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 8% rate applicable to a limited number of exceptions based on the new Japanese tax law. For overseas sales, the Group is exempt from paying consumption tax. The Group can deduct all of its qualified input consumption tax paid when purchasing from suppliers, against the output consumption tax derived from domestic sales. The Group is eligible for consumption tax refund from the tax authorities for excess input consumption tax, which is recorded as consumption tax receivable in the prepaid expenses and other current assets on the balance sheets. Uncertain tax positions The Company evaluates each uncertain tax position (including the potential application of interest and penalties) based on the technical merits, and measures the unrecognized benefits associated with the tax positions. As of March 31, 2025 and 2024, the Company did not have any significant unrecognized uncertain tax positions. The Company did not incur any interest or penalties tax for the years ended March 31, 2025 and 2024. The Company does not anticipate any significant increases or decreases in unrecognized tax benefits in the next twelve months from March 31, 2025. The Company continually evaluates expiring statutes of limitations, audits, proposed settlements, changes in tax law and new authoritative rulings. As of March 31, 2025 and 2024, all of the tax returns of the Company’s Japanese operating entity remain available for statutory examination by Japanese tax authorities.

F-26

SEAHAWK RECYCLING HOLDINGS, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (In U.S. Dollar, except for share data) 13.RELATED PARTY TRANSACTIONS Related Parties The table below sets forth the major related parties and their relationships with the Group:

| No. |     | Name of Related Parties |     | Relationship                                                                   |
| 1   |     | Mr. Shihai Bi           |     | Director and the chief financial officer of the Company                        |
| 2   |     | Mr. Guanglang Jiang     |     | Director, chairman of the Board and the chief executive officer of the Company |

Amounts due to related parties Amounts due to related parties consisted of the following:

|                                      | Amounts due to related parties | As of March 31, |    2025 |     |   |    2024 |
|:-------------------------------------|:-------------------------------|:----------------|--------:|:----|:--|--------:|
| Mr. Guanglang Jiang(1)               |                                | $               |  73,534 |     | $