Company: SEAH
Filing Date: 2025-09-25
Form Type: F-1
Source: 0001213900-25-091701
Chunk: 193

Company: Seahawk Recycling Holdings, Inc.
Filing Date: 2025-09-25
Form: F-1
Chunk 193
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____________ (1)Deposits included (i) cooperative security deposits, which were pledged to the customers as the guarantee for payment fulfillment to facilitate the cooperative partnership, and (ii) rental deposits. (2)The Group’s Japanese entity, Kaiyo, has purchased life insurance policies from Japanese insurance companies. A portion of the premiums paid represented the cash surrender value, which is refundable upon termination of the policy and was recorded as an asset on the Group’s consolidated balance sheet. The remaining portion was recognized as insurance expense in general and administrative expenses when incurred. The allocation between asset and expense is determined in accordance with the contractual terms. The Group recognizes credit losses on other non -currentassets that are not expected to be recoverable. The Group did not recognize additional expected credit losses for the years ended March 31, 2025 and 2024. 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 |     | $               | 198,386 |     | $ | 225,989 |   |
| Foreign currency translation         |     |                 |   1,747 |     |   | (27,603 | ) |
| Balance at the end of the year       |     | $               | 200,133 |     | $ | 198,386 |   |

F-22

SEAHAWK RECYCLING HOLDINGS, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (In U.S. Dollar, except for share data) 9.BORROWINGS As of March 31, 2025 and 2024, the Group had the below borrowings for working capital purposes:

| Lender                                    |     | Annual Interest 
 Rate            |     | Maturity   |     | As of March 31, 
 2025            
 Long-term       
 borrowings,     
 current         
 portion         |         |     | Long-term  
 borrowings |           |     | 2024        
 Long-term   
 borrowings, 
 current     
 portion     |           |     | Long-term  
 borrowings |           |
|:------------------------------------------|:----|:----------------|:----|:-----------|:----|:----------------|--------:|