Company: SEAH
Filing Date: 2025-11-24
Form Type: F-1/A
Source: 0001213900-25-113788
Chunk: 71

Company: Seahawk Recycling Holdings, Inc.
Filing Date: 2025-11-24
Form: F-1/A
Chunk 71
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$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. 46

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 with our suppliers. Advance from customers amounted to approximately US$3.35 million and approximately US$0.23 million as of March 31, 2025 and 2024, respectively, which will be recognized as revenue when the products are delivered. As of March 31, 2025, we had a current portion of long -termloans of approximately US$0.84 million and long -termloans of approximately US$2.84million. These loans were mainly borrowed from Banks in Japan for working capital purposes, including Mizuho Bank, Ltd, Japan Finance Corporation, The Chiba Bank, Ltd, Kiraboshi Bank, Ltd, The Sugamo Shinkin Bank, and The Tokyo Shinkin Bank. The loans have maturities from 2024 to 2037, with fixed interest rates of 0.13% to 10.0% or tied to Tokyo Interbank Offered Rate (“TIBOR”) plus a spread. Certain loans from Mizuho Bank, The Tokyo Sh