Company: SEAH
Filing Date: 2025-08-29
Form Type: DRS/A
Source: 0001213900-25-082696
Chunk: 68

Company: Seahawk Recycling Holdings, Inc.
Filing Date: 2025-08-29
Form: DRS/A
Chunk 68
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 million for the year ended March 31, 2025 and a net loss of approximately US$0.30 million for the year ended March 31, 2024, respectively. The increase in net income was primarily attributable to (i) an increase in market demand leading to a larger volume of recycling sales, (ii) our effort in further optimization of standardized operations, which led to improvement in overall cost control, and (iii) an increase in other income. Liquidity and Capital Resources Our primary sources of liquidity have been cash flows from our operating activities, loans from related parties and loans from banks. As of March 31, 2025 and 2024, we had cash and cash equivalents of approximately US$1.65 million and approximately US$0.62 million, respectively. We incurred net income of approximately US$1.22 million and net loss of approximately US$0.30 million for the years ended March 31, 2025 and 2024, respectively. Net cash provided by operating activities was approximately US$1.33 million and used in operating activities was approximately US$1.50 million for the years ended March 31, 2025 and 2024, respectively. Retained earnings were approximately US$2.22 million and approximately US$1.00 million as of March 31, 2025 and 2024, respectively. 45

Accounts receivable amounted to approximately US$2.58 million and approximately US$6.83 million as of March 31, 2024 and 2025, respectively. The accounts receivable balance as of March 31, 2024 was fully collected. Approximately 87.2%, or US$5.95 million, of the March 31, 2025 accounts receivable balance has been subsequently collected as of the date of this prospectus and the remaining balance is expected to be collected by September 2025. As of March 31, 2025, we had inventory in transit balance of approximately US$5.12 million. The inventory in transit has been fully received by the customer as of the date of this prospectus. Accounts payable amounted to approximately US$7.71 million and approximately US$1.27 million as of March 31, 2025 and 2024, respectively. These accounts payable are related to the purchase of recycling and waste paper, which are critical to our ongoing operations. The management is actively monitoring the payment schedules to ensure timely settlement and maintain strong relationships