Company: SEAH
Filing Date: 2025-07-24
Form Type: DRS
Source: 0001213900-25-067275
Chunk: 101

Company: Seahawk Recycling Holdings, Inc.
Filing Date: 2025-07-24
Form: DRS
Chunk 101
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, the major customer contributed $18,257,031, which accounted for 35.80% of our total revenues. Our Suppliers We do not generally enter into long -termsupply agreements with our suppliers. Instead, we source the products by placing fixed -termpurchase orders to our suppliers on a deal -by -dealbasis after the transactions are matched. While we do not enter into long -termsupply agreements with our suppliers, the fixed -termpurchase orders contain all the general terms and conditions of our purchases, including warranties, product specifications, quantities, indemnities and certain other terms to secure our contractual rights. For the waste papers, our suppliers are mostly waste paper collection companies throughout Japan. For the paper pulps, our suppliers primarily consisted of recycled pulp mills located in Japan. For the old metal appliances, our suppliers are mostly metal appliances collection companies located in Japan. For processed and dismantled metal wires, our suppliers primarily consisted of dismantling factories operating in the same area. For the fiscal year ended March 31, 2025, we had one major supplier who accounted for more than 10% of our total purchases. For the fiscal year ended March 31, 2025, our purchases from the major supplier amounted to $22,388,322, which accounted for 35.67% of our total purchases. For the fiscal year ended March 31, 2024, we had one major supplier who accounted for more than 10% of our total purchases. For the fiscal year ended March 31, 2024, our purchases from the major supplier amounted to $18,306,002, which accounted for 36.58% of our total purchases. 79

Competition The waste paper recycling and scrap metal recycling industries in Japan, East Asia and Southeast Asia are both highly competitive and fragmented. As a relatively new and small -scalecompany in both industries, we not only face competition from the large -scaleand vertically -integratedcompanies with more resources, extended operating histories and connections to the industries that operate their own collecting, sorting and processing facilities, such as Mitsubishi Corporation (TYO: 8058), Nippon Paper Industries Co., Ltd. (TYO: 3863) and Dowa Holdings Co., Ltd. (TYO: 5714) but also compete with other similar -sizecompanies who focus on the trading of waste paper and/or scrap metal. In addition, as we export our products to serve a broad customer base across countries in East Asia and