Company: SEAH
Filing Date: 2025-07-24
Form Type: DRS
Source: 0001213900-25-067275
Chunk: 176

Company: Seahawk Recycling Holdings, Inc.
Filing Date: 2025-07-24
Form: DRS
Chunk 176
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| At a point in time            |     | $                   | 65,203,328 |     | $    | 51,003,770 |
| Over time                     |     |                     |    196,666 |     |      |          — |
| Total                         |     | $                   | 65,399,994 |     | $    | 51,003,770 |

The following tables illustrates the disaggregation of revenues of recycling sales by geographical markets based on the location of customers for the years ended March 31, 2025 and 2024:

|                       |     | For the years ended 
 March 31,           |       2025 |     |   |       2024 |
|:----------------------|:----|:--------------------|-----------:|:----|:--|-----------:|
| East Asia             |     | $                   | 57,836,793 |     | $ | 46,278,606 |
| Southeast Asia        |     |                     |  7,366,535 |     |   |  4,725,164 |
| Total Recycling sales |     | $                   | 65,203,328 |     | $ | 51,003,770 |

Contract balances When either party to a revenue contract has performed, the Group presents the contract in the consolidated balance sheets as a contract asset or a contract liability, depending on the relationship between the Group’s performance and the customer’s payment. Accounts receivable represent revenue recognized for the amounts invoiced and/or prior to invoicing when the Group has satisfied its performance obligation and has an unconditional right to the payment. Contract assets represent the Group’s right to consideration in exchange for goods or services that the Group has transferred to a customer. Other than accounts receivable, the Group had no other contract assets recorded on its consolidated balance sheets as of March 31, 2025 and 2024, respectively. The contract liabilities are advances from customers, which represent the cash received for goods and services in advance of revenue recognition and are recognized as revenue when the Group fulfills its performance obligation. The Group’s advances from customers amounted to US$3,350,549 and US$234,921 as of March 31, 2025 and 2024 respectively. During the years ended March 31, 2025 and 2024, the Group recognized revenue of US$234,921 and nil that was included in opening advances from customers balance, respectively. (q)Cost