Company: SEAH
Filing Date: 2025-11-24
Form Type: F-1/A
Source: 0001213900-25-113788
Chunk: 80

Company: Seahawk Recycling Holdings, Inc.
Filing Date: 2025-11-24
Form: F-1/A
Chunk 80
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 when, or as, a performance obligation is satisfied. Our revenue recognition policies effective on the adoption date of A$C 606 are as presented below. We currently generate our revenue from the following main sources: Revenue from recycling sales Revenue from recycling sales primarily consists of scrap metal and waste paper sold to both domestic and international customers. Revenue is recognized at a point in time. The exact timing of which depends on the terms of each contract, either upon the goods are loaded onto the vessel, or upon arrival at the location designated by the customers, which is the point when the risks and titles are transferred to the customer. Our products are sold with no right of return and we do not provide other credits or sales incentives to customers. Revenue is reported on a gross basis, as we act as the principal in these transactions, for which we bear inventory risk, exercises discretion over pricing, and are responsible for fulfilling the obligation to deliver the specified goods to customers. Revenue from technology licensing We grant licenses to a third party for the use of relevant technologies related to the classification, dismantling, treatment, and recycling of scrap metals. Revenue from technology licensing is recognized on a straight -linebasis over the contract periods. Revenue is reported on a gross basis, as we act as the principal in these transactions, for which we control the patent delivery process before licensing to the third party, and are responsible for the technical support and providing guidance, and also have discretion over the pricing and terms. Income taxes We account for income taxes under ASC 740, “Income Taxes”. The charge for taxation is based on the results for the fiscal year as adjusted for items, which are non -assessableor disallowed. It is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date. Provision for income taxes consists of taxes currently due plus deferred taxes. Current income taxes are provided for in accordance with the laws of the relevant taxing authorities. 52 Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period including the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. The provisions of ASC 740