Company: SEAH
Filing Date: 2025-09-25
Form Type: F-1
Source: 0001213900-25-091701
Chunk: 183

Company: Seahawk Recycling Holdings, Inc.
Filing Date: 2025-09-25
Form: F-1
Chunk 183
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’s payment. Accounts receivable represent revenue recognized for the amounts invoiced and/or prior to invoicing when the Group has satisfied its performance obligation and has an unconditional right to the payment. Contract assets represent the Group’s right to consideration in exchange for goods or services that the Group has transferred to a customer. Other than accounts receivable, the Group had no other contract assets recorded on its consolidated balance sheets as of March 31, 2025 and 2024, respectively. The contract liabilities are advances from customers, which represent the cash received for goods and services in advance of revenue recognition and are recognized as revenue when the Group fulfills its performance obligation. The Group’s advances from customers amounted to US$3,350,549 and US$234,921 as of March 31, 2025 and 2024 respectively. During the years ended March 31, 2025 and 2024, the Group recognized revenue of US$234,921 and nil that was included in opening advances from customers balance, respectively. (q)Cost 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