Company: SEAH
Filing Date: 2025-11-24
Form Type: F-1/A
Source: 0001213900-25-113788
Chunk: 197

Company: Seahawk Recycling Holdings, Inc.
Filing Date: 2025-11-24
Form: F-1/A
Chunk 197
---
paid expenses and other current assets, net |     | $               | 695,740 |   |     | $ | 804,303 |   |

____________ (1)Prepaid insurance fee represents the life insurance the Group bought for the employees and heads of departments of the Group. (2)As of March 31, 2024, the Group had prepaid a brokerage fee of US$96,103 related to the sale of its property located in Tokyo, Japan, in the year ended March 31, 2025. This amount represents an advance payment for professional services to be rendered by a brokerage firm in connection with the marketing and transaction facilitation of the property sale. (3)As of March 31, 2024, the Group had receivables from a third party of US$66,129, which represented amounts advanced for its daily operational purposes. These receivables were non -interestbearing, unsecured and recoverable within one year. As of March 31, 2025, the Group had fully withdrawn these amounts, and no balance remained outstanding. The Group recognizes credit losses on prepaid expenses and other current assets that are not expected to be recoverable. For the years ended March 31, 2025 and 2024, the Group recognized expected credit losses of nil and US$4,141, respectively. The movement of the allowance for expected credit losses is as follows:

|                                      |     | As of March 31, |  2025 |     |   |  2024 |   |
|:-------------------------------------|:----|:----------------|------:|:----|:--|------:|:--|
| Balance at the beginning of the year |     | $               | 8,378 |     | $ | 5,036 |   |
| Additions                            |     |                 |     — |     |   | 4,141 |   |
| Foreign currency translation         |     |                 |    74 |     |   |  (799 | ) |
| Balance at the end of the year       |     | $               | 8,452 |     | $ | 8,378 |   |

6.PROPERTY, PLANT AND EQUIPMENT, NET Property, plant and equipment, net, consisted of the following:

|                                    |     | As of March 31, |      2025 |   |     |   |      2024 |   |
|:-----------------------------------|:----