Company: SEAH
Filing Date: 2025-08-29
Form Type: DRS/A
Source: 0001213900-25-082696
Chunk: 198

Company: Seahawk Recycling Holdings, Inc.
Filing Date: 2025-08-29
Form: DRS/A
Chunk 198
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ATED FINANCIAL STATEMENTS (In U.S. Dollar, except for share data) 10.ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES Accrued expenses and other current liabilities consisted of the following:

|                                              |     | As of March 31, |   2025 |     |   |    2024 |
|:---------------------------------------------|:----|:----------------|-------:|:----|:--|--------:|
| Payroll payable                              |     | $               | 42,718 |     | $ |  37,481 |
| Loan from a third party(1)                   |     |                 |      — |     |   | 529,031 |
| Other payables                               |     |                 |  2,076 |     |   |  18,854 |
| Total accrued expenses and other liabilities |     | $               | 44,794 |     | $ | 585,366 |

____________ (1)In March 2024, the Group received an interest -freeloan of US$529,031 from a third party for the purchase of a property for its daily operations. As of 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 |     |                 |