Company: SEAH
Filing Date: 2025-07-24
Form Type: DRS
Source: 0001213900-25-067275
Chunk: 191

Company: Seahawk Recycling Holdings, Inc.
Filing Date: 2025-07-24
Form: DRS
Chunk 191
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--|:----|:-----|---------:|:--|
| Net operating loss carryforward             |     | $               |        — |   |     | $    |  169,658 |   |
| Allowance for expected credit losses        |     |                 |  175,420 |   |     |      |  177,839 |   |
| Lease liabilities                           |     |                 |   54,703 |   |     |      |   84,212 |   |
| Total deferred tax assets                   |     | $               |  230,123 |   |     | $    |  431,709 |   |
| Defer tax liabilities:                      |     |                 |          |   |     |      |          |   |
| Right-of-use assets                         |     |                 |  (54,703 | ) |     |      |  (84,212 | ) |
| Fair value change on short-term investments |     |                 |  (46,241 | ) |     |      |  (16,178 | ) |
| Total deferred tax liabilities              |     | $               | (100,944 | ) |     | $    | (100,390 | ) |

The Group periodically evaluates the likelihood of the realization of deferred tax assets, and reduces the carrying amount of the deferred tax assets by a valuation allowance to the extent it believes a portion will not be realized. Management considers new evidence, both positive and negative, that could affect the Company’s future realization of deferred tax assets, including its recent cumulative earnings experience, expectation of future income, the carry forward periods available for tax reporting purposes and other relevant factors. As of March 31, 2025 and 2024, the Group’s deferred tax assets were US$230,123 and US$431,709, respectively. Management concluded that the chances to utilize the deferred tax assets to offset future taxable income were probable based on the current growth trend. Accordingly, no valuation allowance for the deferred tax assets was recorded as of March 31, 2025 and 2024, respectively. Consumption tax Consumption tax collected and remitted to tax authorities is excluded from revenue, cost of sales, and expenses in the statements of income and comprehensive income. Before October 1, 2019, the applicable consumption tax rate was 8%, and since October 1, 2019, the Group has been subject to the applicable consumption tax rate of 10%, with an