Company: SEAH
Filing Date: 2025-07-24
Form Type: DRS
Source: 0001213900-25-067275
Chunk: 188

Company: Seahawk Recycling Holdings, Inc.
Filing Date: 2025-07-24
Form: DRS
Chunk 188
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,398 and US$3,149 for the years ended March 31, 2025 and 2024, respectively. 8.OTHER NON-CURRENT ASSETS, NET Other non -currentassets, net consisted of the following:

|                                         |     | As of March 31, |     2025 |   |     |   |      2024 |   |
|:----------------------------------------|:----|:----------------|---------:|:--|:----|:--|----------:|:--|
| Deposits(1)                             |     | $               |  684,748 |   |     | $ |   807,061 |   |
| Receivables from insurance companies(2) |     |                 |  249,624 |   |     |   |   497,122 |   |
| Others                                  |     |                 |   47,306 |   |     |   |    36,698 |   |
| Subtotal                                |     |                 |  981,678 |   |     |   | 1,340,881 |   |
| Allowance for expected credit losses    |     |                 | (200,133 | ) |     |   |  (198,386 | ) |
| Other non-current assets, net           |     | $               |  781,545 |   |     | $ | 1,142,495 |   |

____________ (1)Deposits included (i) cooperative security deposits, which were pledged to the customers as the guarantee for payment fulfillment to facilitate the cooperative partnership, and (ii) rental deposits. (2)The Group’s Japanese entity, Kaiyo, has purchased life insurance policies from Japanese insurance companies. A portion of the premiums paid represented the cash surrender value, which is refundable upon termination of the policy and was recorded as an asset on the Group’s consolidated balance sheet. The remaining portion was recognized as insurance expense in general and administrative expenses when incurred. The allocation between asset and expense is determined in accordance with the contractual terms. The Group recognizes credit losses on other non -currentassets that are not expected to be recoverable. The Group did not recognize additional expected credit losses for the years ended March 31, 2025 and 2024. The movement of the allowance for expected credit losses is as follows:

|                                      |     | As of March 31, |    2025 |     |   |    2024