Company: SEAH
Filing Date: 2025-09-25
Form Type: F-1
Source: 0001213900-25-091701
Chunk: 189

Company: Seahawk Recycling Holdings, Inc.
Filing Date: 2025-09-25
Form: F-1
Chunk 189
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) 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 2024, the Group recovered credit losses of US$11,333 and recognized expected credit losses of US$321,644, respectively. The movement of the allowance for expected credit losses is as follows:

|                                      |     | As of March 31, |    2025 |   |     |   |    2024 |   |
|:-------------------------------------|:----|:----------------|--------:|:--|:----|:--|--------:|:--|
| Balance at the beginning of the year |     | $               | 307,381 |   |     | $ |       — |   |
| Additions                            |     |                 |       — |   |     |   | 321,644 |   |
| Reversal                             |     |                 | (11,333 | ) |     |   |       — |   |
| Foreign currency translation         |     |                 |   2,517 |   |     |   | (14,263 | ) |
| Balance at the end of the year       |     | $               | 298,565 |   |     | $ | 307,381 |   |

All of the March 31, 2024 accounts receivable balance has been collected in year ended March 31, 2025. For the accounts receivable balance as of March 31, 2025, 87.2% has been subsequently collected, and the remaining