Company: SEAH
Filing Date: 2025-08-29
Form Type: DRS/A
Source: 0001213900-25-082696
Chunk: 192

Company: Seahawk Recycling Holdings, Inc.
Filing Date: 2025-08-29
Form: DRS/A
Chunk 192
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 basis to annual periods beginning after December 15, 2024. The Company is currently evaluating the effect of adoption of this standard to its consolidated financial statements and disclosures. Other accounting standards that have been issued by FASB that do not require adoption until a future date are not expected to have a material impact on the consolidated financial statements upon adoption. The Group does not discuss recent standards that are not anticipated to have an impact on or are unrelated to its consolidated financial condition, results of operations, cash flows or disclosures. F-19

SEAHAWK RECYCLING HOLDINGS, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (In U.S. Dollar, except for share data) 3.ACCOUNTS RECEIVABLE, NET Accounts receivable, net consisted of the following:

|                                      |     | As of March 31, |      2025 |   |     |   |      2024 |   |
|:-------------------------------------|:----|:----------------|----------:|:--|:----|:--|----------:|:--|
| Accounts receivable                  |     | $               | 7,124,870 |   |     | $ | 2,886,306 |   |
| Allowance for expected credit losses |     |                 |  (298,565 | ) |     |   |  (307,381 | ) |
| Accounts receivable, net             |     | $               | 6,826,305 |   |     | $ | 2,578,925 |   |

The Group recognizes credit losses on accounts receivable that are not expected to be recoverable. For the years ended March 31, 2025 and 2024, the Group recovered credit losses of US$11,333 and recognized expected credit losses of US$321,644, 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 |     | $               | 307,381 |   |     | $ |       — |   |
| Additions                            |     |                 |       — |   |     |   | 321,644 |   |
| Revers