Company: SEAH
Filing Date: 2025-11-24
Form Type: F-1/A
Source: 0001213900-25-113788
Chunk: 70

Company: Seahawk Recycling Holdings, Inc.
Filing Date: 2025-11-24
Form: F-1/A
Chunk 70
---
 in interest expenses from approximately US$0.06 million for the year ended March 31, 2024 to approximately US$0.07 million for the year ended March 31, 2025. Investment income, net Our investment income, net increased from approximately US$0.14 million for the year ended March 31, 2024 to approximately US$0.32 million for the year ended March 31, 2025, primarily due to fair value changes and realized gains (losses) on short -terminvestments. Income tax (expense) benefit Income tax (expense) benefit increased from income tax benefit of approximately US$0.16 million for the year ended March 31, 2024 to income tax expense of approximately US$0.39 million for the year ended March 31, 2025 mainly due to turnaround from a net loss to net profit, coupled with a decrease in deferred tax benefit. Our effective income tax rate was 24.2% and (34.6)% for the years ended March31, 2025 and 2024, respectively. Impairment of a long-term investment We recognized an impairment loss of approximately US$0.04 million related to a long -terminvestment for the year ended March 31, 2024 primarily due to the investee company’s cessation of operations. Net income (loss) As a result of the foregoing, we recorded a net income of approximately US$1.22 million for the year ended March 31, 2025 and a net loss of approximately US$0.30 million for the year ended March 31, 2024, respectively. The increase in net income was primarily attributable to (i) an increase in market demand leading to a larger volume of recycling sales, (ii) our effort in further optimization of standardized operations, which led to improvement in overall cost control, and (iii) an increase in other income. Liquidity and Capital Resources Our primary sources of liquidity have been cash flows from our operating activities, loans from related parties and loans from banks. As of March 31, 2025 and 2024, we had cash and cash equivalents of approximately US$1.65 million and approximately US$0.62 million, respectively. We incurred net income of approximately US$1.22 million and net loss of approximately US$0.30 million for the years ended March 31, 2025 and 2024, respectively. Net cash provided by operating activities was approximately US