Company: SEAH
Filing Date: 2025-11-24
Form Type: F-1/A
Source: 0001213900-25-113788
Chunk: 200

Company: Seahawk Recycling Holdings, Inc.
Filing Date: 2025-11-24
Form: F-1/A
Chunk 200
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4,062,684 were guaranteed by Mr. Shihai Bi, a beneficial shareholder, director and the chief financial officer of the Company (See Note 13). (2)This bank borrowing was pledged by a land with a net book value of US$260,355 and US$258,083 as of March 31, 2025 and 2024, respectively. (3)This bank borrowing was pledged by a building and land with a net book value of nil and US$1,586,511 as of March 31, 2025 and 2024, respectively. (4)JPY TIBOR rates, which reflect the prevailing Japan unsecured call market rates, every business day. (5)On June 25, 2025, the Group repaid the outstanding borrowing of US$30,020 from Mizuho Bank, Ltd. Interest expenses were US$71,332 and US$57,363 for the years ended March 31, 2025 and 2024, respectively. As of March 31, 2025 and 2024, the weighted average interest rates were 1.12% and 0.91% per annum, respectively.

F-23

SEAHAWK RECYCLING HOLDINGS, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (In U.S. Dollar, except for share data) 10.ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES Accrued expenses and other current liabilities consisted of the following:

|                                              |     | As of March 31, |   2025 |     |   |    2024 |
|:---------------------------------------------|:----|:----------------|-------:|:----|:--|--------:|
| Payroll payable                              |     | $               | 42,718 |     | $ |  37,481 |
| Loan from a third party(1)                   |     |                 |      — |     |   | 529,031 |
| Other payables                               |     |                 |  2,076 |     |   |  18,854 |
| Total accrued expenses and other liabilities |     | $               | 44,794 |     | $ | 585,366 |

____________ (1)In March 2024, the Group received an interest -freeloan of US$529,031 from a third party for the purchase of a property for its daily operations. As of