Company: SEAH
Filing Date: 2025-09-25
Form Type: F-1
Source: 0001213900-25-091701
Chunk: 174

Company: Seahawk Recycling Holdings, Inc.
Filing Date: 2025-09-25
Form: F-1
Chunk 174
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 following exchange rates:

|                 |     | March 31, 2025 |     |          |     | March 31, 2024 |     |          |
|:----------------|:----|---------------:|:----|---------:|:----|---------------:|:----|---------:|
|                 |     |       Year-end 
      spot rate |     |  Average 
     rate |     |       Year-end 
      spot rate |     |  Average 
     rate |
| US$ against JPY |     |       149.9000 |     | 152.4030 |     |       151.2200 |     | 144.5144 |

(e)Cash and cash equivalents Cash and cash equivalents consist of cash in banks, one -yeartime deposits that are not subject to withdrawal restrictions, and highly liquid investment with an original maturity of three months or less when purchased to be cash equivalents. As of March 31, 2025 and 2024, substantially all of the Group’s cash were held in bank or other reputable financial institutions located in Japan, which are unrestricted as to withdrawal and use. The Group has not experienced any losses in bank accounts and believes it is not exposed to any credit risks on its cash in bank accounts.

F-8 SEAHAWK RECYCLING HOLDINGS, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (In U.S. Dollar, except for share data) 2.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) (f)Expected credit losses On April 1, 2022, the Group adopted ASU 2016 -13, “Financial Instruments — Credit Losses (Topic 326): Measurement on Credit Losses on Financial Instruments”, including certain subsequent amendments, transitional guidance and other interpretive guidance within ASU 2018 -19, ASU 2019 -04, ASU 2019 -05, ASU 2019 -11, ASU 2020 -02and ASU 2020 -03(collectively, including ASU 2016 -13, “ASC 326”). ASC 326 introduces an approach based on expected losses to estimate the allowance for doubtful accounts, replacing the previous incurred loss impairment model, which makes allowances when there is substantial doubt as to the collectability and a loss is determined to be probable. The Group’s accounts receivable, receivables from a third party and other receivables included in