Company: SEAH
Filing Date: 2025-07-24
Form Type: DRS
Source: 0001213900-25-067275
Chunk: 189

Company: Seahawk Recycling Holdings, Inc.
Filing Date: 2025-07-24
Form: DRS
Chunk 189
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, 2025 and 2024, respectively. (4)JPY TIBOR rates, which reflect the prevailing Japan unsecured call market rates, every business day. (5)On June 25, 2025, the Group repaid the outstanding borrowing of US$30,020 from Mizuho Bank, Ltd. Interest expenses were US$71,332 and US$57,363 for the years ended March 31, 2025 and 2024, respectively. As of March 31, 2025 and 2024, the weighted average interest rates were 1.12% and 0.91% per annum, respectively.

F-23

SEAHAWK RECYCLING HOLDINGS, INC. NOTES TO CONSOLIDATED 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 -