Company: SEAH
Filing Date: 2025-08-29
Form Type: DRS/A
Source: 0001213900-25-082696
Chunk: 203

Company: Seahawk Recycling Holdings, Inc.
Filing Date: 2025-08-29
Form: DRS/A
Chunk 203
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 result of a change in foreign currency exchange rates. The reporting currency of the Group’s operations was in USD, and the Group’s subsidiaries generally use their local currencies as functional currencies, i.e., JPY. The Group is mainly exposed to foreign exchange risk in respect of operating activities when purchase of goods and services in geographic areas is using transaction currencies other than JPY. (c)Concentration of credit risk Assets that potentially subject the Group to significant concentrations of credit risk primarily consist of cash, accounts receivable, net and deposits within other receivables. The maximum exposure of such assets to credit risk is their carrying amounts as of the balance sheet dates. All of the Group’s cash is held by financial institutions that the Group’s management believes to have high credit quality. Based on the Group’s historical experiences in the collection of other receivables, the Group considers the credit risk of these receivables to be relatively low. Management regularly conducts assessments on expected credit losses arising from non -performanceby these counterparties. F-28

SEAHAWK RECYCLING HOLDINGS, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (In U.S. Dollar, except for share data) 15.SIGNIFICANT RISKS AND UNCERTAINTIES (cont.) (d)Concentration of customers and suppliers The following customers represent more than 10% of the Group’s total revenue for the years ended March 31, 2025 and 2024:

|                                         |     | For the years ended 
           March 31, |   |     |       |   |
|                                         |     |                2025 |   |     |  2024 |   |
| Percentage of the Group’s total revenue |     |                     |   |     |       |   |
| Customer A                              |     |               33.95 | % |     | 35.80 | % |

The following customers represent more than 10% of the Group’s total accounts receivable as of March 31, 2025 and 2024:

|                                               |     | As of March 31, |   |     |       |   |
|                                               |     |            2025 |   |     |  2024 |   |
| Percentage of the Group’s accounts receivable |     |                 |   |     |       |   |
| Customer A                                    |     |           39.64 | % |     | 71.02 | % |
| Customer