Company: SEAH
Filing Date: 2025-09-25
Form Type: F-1
Source: 0001213900-25-091701
Chunk: 71

Company: Seahawk Recycling Holdings, Inc.
Filing Date: 2025-09-25
Form: F-1
Chunk 71
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     | (1,889,910 | ) |     |  (75.3 | ) |
| Cash and cash equivalents, restricted cash, at end of the year       |     |                     1,645,553 |   |     |    620,245 |   |     |  1,025,308 |   |     |  165.3 |   |

46 Operating activities Our net cash provided by operating activities was approximately US$1.33 million for the year ended March 31, 2025, which was primarily attributable to a net income of approximately US$1.22 million, as adjusted for (1) certain non -cashitems, primarily including gain from changes in fair value of short -terminvestments of approximately US$0.32 million, deferred tax benefit of approximately US$0.20 million, gain on disposal of property, plant and equipment of approximately US$0.17 million, depreciation and amortization of approximately US$0.12 million; and (2) changes in working capital that positively affected the cash flow from operating activities, primarily including an increase of approximately US$6.22 million in accounts payable mainly due to the growth in procurement in March 2025, which was in line with the sales increased for the corresponding period, an increase of approximately US$3.06 million in advance from customers due to the increases in the contracts signed and advances received from customers; partially offset by (3) changes in working capital that negatively affected the cash flow from operating activities, primarily including an increase of approximately US$5.04 million in inventories due to the in -transitinventories, and an increase of approximately US$4.14 million in accounts receivable due to the increasing sales particularly in March 2025. Our net cash used in operating activities was approximately US$1.50 million for the year ended March 31, 2024, which was primarily attributable to a net loss of approximately US$0.30 million, as adjusted for (1) certain non -cashitems, primarily including gain on disposal of property, plant and equipment of approximately US$0.43 million, deferred tax expense of approximately US$0.35 million, provision for expected credit loss of approximately US$0.33 million, gain from changes in fair value of short -terminvestments of approximately US$0.14 million; and (2) changes in working capital that negatively affected the cash flow from operating activities, primarily including an increase of approximately