Company: SEAH
Filing Date: 2025-07-24
Form Type: DRS
Source: 0001213900-25-067275
Chunk: 166

Company: Seahawk Recycling Holdings, Inc.
Filing Date: 2025-07-24
Form: DRS
Chunk 166
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awk and Top Edge currently only serve as the holding companies and did not have active operations as of the date of this report. The Company’s operating entity, Kaiyo, maintains its books and records in its local currency, the Japanese YEN (“JPY”), which is its functional currency and the primary currency of the economic environment in which its operations are conducted. Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in other income (expenses) in the consolidated statements of operations and comprehensive income (loss). The reporting currency of the Group is the United States Dollars (“US$” or “$”), and the accompanying consolidated financial statements have been expressed in US$. In accordance with Accounting Standards Codification (“ASC”) Topic 830 -30, “Translations of Financial Statements”, assets and liabilities of the Company whose functional currency is not US$ are translated into US$, using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the reporting period. The gains and losses resulting from the translation of financial statements are recorded as a separate component of accumulated other comprehensive loss within the statements of changes in shareholders’ equity. Translation of amounts from local currency of the Group into US$1 has been made at the following exchange rates:

|                 |     | March 31, 2025 |     |          |     | March 31, 2024 |     |          |
|:----------------|:----|---------------:|:----|---------:|:----|---------------:|:----|---------:|
|                 |     |       Year-end 
      spot rate |     |  Average 
     rate |     |       Year-end 
      spot rate |     |  Average 
     rate |
| US$ against JPY |     |       149.9000 |     | 152.4030 |     |       151.2200 |     | 144.5144 |

(e)Cash and cash equivalents Cash and cash equivalents consist of cash in banks, one -yeartime deposits that are not subject to withdrawal restrictions, and highly liquid investment with an original maturity of three months or less when purchased to be cash equivalents. As of March 31, 2025 and 2024, substantially all of the Group