Company: SEAH
Filing Date: 2025-07-24
Form Type: DRS
Source: 0001213900-25-067275
Chunk: 177

Company: Seahawk Recycling Holdings, Inc.
Filing Date: 2025-07-24
Form: DRS
Chunk 177
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 of revenues Cost of revenues consists of costs directly related to revenue generating activities, which primarily includes recycling procurement cost, freight -incost, technology licensing cost and other miscellaneous cost. (r)Selling and marketing expenses Selling and marketing expenses primarily consist of (i) shipping and delivery expenses, (ii) payroll expenses of sales personnel, (iii) customs clearance fee, and (iv) other marketing expenses related to sales personnel. (s)General and administrative expenses General and administrative expenses primarily consist of (i) staff cost of general and administrative personnel, (ii) depreciation and amortization expenses, (iii) bank charge expenses, (iv) rental expenses, (v) professional services expenses, (vi) travelling expenses, and (vii) other miscellaneous administrative expenses.

F-15 SEAHAWK RECYCLING HOLDINGS, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (In U.S. Dollar, except for share data) 2.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) (t)Employee benefits The Group recognizes a liability in exchange for employee benefits to be paid in the future and records an expense when the employee renders service and the Group receives the related economic benefits. Short-term employee benefits Salaries are usually accrued and paid on a monthly basis and are recognized as an expense. Bonus payments are recognized when, and only when, the Group has a present legal or constructive obligation to make such payments as a result of past events and reliable estimate of the obligation can be made. (u)Income taxes The Group accounts for income taxes under ASC 740, “Income Taxes”. The charge for taxation is based on the results for the fiscal year as adjusted for items, which are non -assessableor disallowed. It is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date. Provision for income taxes consists of taxes currently due plus deferred taxes. Current income taxes are provided for in accordance with the laws of the relevant taxing authorities. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period including the enactment date. Valuation allowances are established, when necessary, to