Company: SEAH
Filing Date: 2025-08-29
Form Type: DRS/A
Source: 0001213900-25-082696
Chunk: 175

Company: Seahawk Recycling Holdings, Inc.
Filing Date: 2025-08-29
Form: DRS/A
Chunk 175
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 the Group is the United States Dollars (“US$” or “$”), and the accompanying consolidated financial statements have been expressed in US$. In accordance with Accounting Standards Codification (“ASC”) Topic 830 -30, “Translations of Financial Statements”, assets and liabilities of the Company whose functional currency is not US$ are translated into US$, using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the reporting period. The gains and losses resulting from the translation of financial statements are recorded as a separate component of accumulated other comprehensive loss within the statements of changes in shareholders’ equity. Translation of amounts from local currency of the Group into US$1 has been made at the following exchange rates:

|                 |     | March 31, 2025 |     |          |     | March 31, 2024 |     |          |
|:----------------|:----|---------------:|:----|---------:|:----|---------------:|:----|---------:|
|                 |     |       Year-end 
      spot rate |     |  Average 
     rate |     |       Year-end 
      spot rate |     |  Average 
     rate |
| US$ against JPY |     |       149.9000 |     | 152.4030 |     |       151.2200 |     | 144.5144 |

(e)Cash and cash equivalents Cash and cash equivalents consist of cash in banks, one -yeartime deposits that are not subject to withdrawal restrictions, and highly liquid investment with an original maturity of three months or less when purchased to be cash equivalents. As of March 31, 2025 and 2024, substantially all of the Group’s cash were held in bank or other reputable financial institutions located in Japan, which are unrestricted as to withdrawal and use. The Group has not experienced any losses in bank accounts and believes it is not exposed to any credit risks on its cash in bank accounts.

F-8 SEAHAWK RECYCLING HOLDINGS, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (In U.S. Dollar, except for share data) 2.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) (f)Expected credit losses On April 1, 2022, the Group adopted ASU 2016 -13, “Financial Instruments — Credit Losses (Topic 326): Measurement on Credit Losses on Financial Instruments”, including certain subsequent amendments,