Company: SEAH
Filing Date: 2025-09-25
Form Type: F-1
Source: 0001213900-25-091701
Chunk: 176

Company: Seahawk Recycling Holdings, Inc.
Filing Date: 2025-09-25
Form: F-1
Chunk 176
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 properly reflect inventory value. No inventory write -downswere recorded for years ended March 31, 2025 and 2024, respectively. F-9

SEAHAWK RECYCLING HOLDINGS, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (In U.S. Dollar, except for share data) 2.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) (i)Property, plant and equipment, net Property, plant and equipment, net are stated at cost less accumulated depreciation and impairment, if any, and depreciated on a straight -linebasis over the estimated useful lives of the assets. Cost represents the purchase price of the asset and other costs incurred to bring the asset into its intended use. Depreciation expenses are included in general and administrative expenses. Land is not depreciated since it has an indefinite useful life. Estimated useful lives are as follows:

| Category    |     | Estimated useful lives |
| Buildings   |     | 3 – 46 years           |
| Automobiles |     | 2 – 6 years            |
| Land        |     | Infinite               |
| Tools       |     | 5 – 8 years            |

Expenditures for maintenance and repairs, which do not materially extend the useful lives of the assets, are charged to expense as incurred. Expenditures for major renewals and betterments which substantially extend the useful life of assets are capitalized. The cost and related accumulated depreciation of assets retired or sold are removed from the respective accounts, and any gain or loss is recognized in the consolidated statements of operations and comprehensive income (loss). (j)Intangible assets, net Intangible assets, net with finite useful lives are carried at cost less accumulated amortization and any recorded impairment. Estimated useful lives by intangible asset class are as follows:

| Category                 |     | Estimated useful lives |
| Patent                   |     | 10 years               |
| Trademark license rights |     | 10 years               |
| Software                 |     | 5 years                |

The Group purchased patents, trademark license rights and software from third parties. Intangible assets acquired are measured at cost at the time of its initial recognition. After initial recognition, the Group amortizes these costs on straight -linebasis over their useful lives. Amortization expenses are included in general and administrative expenses. The estimated useful lives of intangible assets are reassessed if circumstances occur that indicate the original estimated useful lives may have changed. The estimated useful lives of