Company: SEAH
Filing Date: 2025-08-29
Form Type: DRS/A
Source: 0001213900-25-082696
Chunk: 200

Company: Seahawk Recycling Holdings, Inc.
Filing Date: 2025-08-29
Form: DRS/A
Chunk 200
---
 uncertain tax positions. The Company did not incur any interest or penalties tax for the years ended March 31, 2025 and 2024. The Company does not anticipate any significant increases or decreases in unrecognized tax benefits in the next twelve months from March 31, 2025. The Company continually evaluates expiring statutes of limitations, audits, proposed settlements, changes in tax law and new authoritative rulings. As of March 31, 2025 and 2024, all of the tax returns of the Company’s Japanese operating entity remain available for statutory examination by Japanese tax authorities.

F-26

SEAHAWK RECYCLING HOLDINGS, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (In U.S. Dollar, except for share data) 13.RELATED PARTY TRANSACTIONS Related Parties The table below sets forth the major related parties and their relationships with the Group:

| No. |     | Name of Related Parties |     | Relationship                                                                   |
| 1   |     | Mr. Shihai Bi           |     | Director and the chief financial officer of the Company                        |
| 2   |     | Mr. Guanglang Jiang     |     | Director, chairman of the Board and the chief executive officer of the Company |

Amounts due to related parties Amounts due to related parties consisted of the following:

|                                      | Amounts due to related parties | As of March 31, |    2025 |     |   |    2024 |
|:-------------------------------------|:-------------------------------|:----------------|--------:|:----|:--|--------:|
| Mr. Guanglang Jiang(1)               |                                | $               |  73,534 |     | $ |       — |
| Mr. Shihai Bi(2)                     |                                |                 |  66,711 |     |   | 264,515 |
| Total amounts due to related parties |                                | $               | 140,245 |     | $ | 264,515 |

____________ (1)These payables were for the ordinary course of the Group’s operation, which were interest free, unsecure and could be settled on demand. (2)On May 14, 2022, the Group entered into a five -yearloan agreement with Mr. Shihai Bi, allowing borrowings of up to JPY 100 million (US$0.7 million) per transaction for operational purposes. Each loan was interest free and must be rep