Company: SEAH
Filing Date: 2025-11-24
Form Type: F-1/A
Source: 0001213900-25-113788
Chunk: 201

Company: Seahawk Recycling Holdings, Inc.
Filing Date: 2025-11-24
Form: F-1/A
Chunk 201
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 March 31, 2025, the Group had fully repaid the loan. 11.LEASES The Group has entered into operating leases mainly for an office, parking lots and equipment with terms ranging from 2 to 7 years for its daily operations. On August 17, 2023, the Group renewed the leased office with the original lease term to be expired on October 15, 2023 and extended the lease term for another two years to October 15, 2025. The Group’s operating lease right -of -useassets and lease liabilities recognized in the consolidated balances sheets consisted of the following:

|                                          |     | As of March 31, |     2025 |   |     |   |     2024 |   |
|:-----------------------------------------|:----|:----------------|---------:|:--|:----|:--|---------:|:--|
| Operating lease right-of-use assets      |     | $               |  325,596 |   |     | $ |  322,754 |   |
| Amortization of right-of-use assets      |     |                 | (167,446 | ) |     |   |  (79,290 | ) |
| Operating lease right-of-use assets, net |     |                 |  158,150 |   |     |   |  243,464 |   |
| Lease liabilities, current               |     |                 |  (67,915 | ) |     |   |  (86,694 | ) |
| Lease liabilities, non-current           |     |                 |  (90,235 | ) |     |   | (156,770 | ) |
| Total operating lease liabilities        |     | $               | (158,150 | ) |     | $ | (243,464 | ) |

Operating lease expenses for lease payments are recognized on a straight -linebasis over the lease terms. Leases with an initial term of twelve months or less are not recorded on the consolidated balance sheets. A summary of lease cost was as follows:

|                                                               |     | For the years ended 
 March 31,           |   2025 |     |   |    2024 |
|:--------------------------------------------------------------|:----|:--------------------|-------:|:----|:--|--------:|
| Operating leases expenses excluding short-term lease expenses |     | $                   | 87,961 |     | $ |  92,764 |
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