Company: SEAH
Filing Date: 2025-07-24
Form Type: DRS
Source: 0001213900-25-067275
Chunk: 164

Company: Seahawk Recycling Holdings, Inc.
Filing Date: 2025-07-24
Form: DRS
Chunk 164
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The accompanying notes are an integral part of these consolidated financial statements.

F-6

SEAHAWK RECYCLING HOLDINGS, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (In U.S. Dollar, except for share data) 1.ORGANIZATION AND PRINCIPAL ACTIVITIES (a)Principal activities Seahawk Recycling Holdings, Inc. (the “Company” or “Seahawk”) was incorporated under the laws of the British Virgin Islands (“BVI”) on February 27, 2025 as an exempted company with limited liability. The Company primarily engages in the domestic and international sales of recyclable resources, including waste paper and scrap metal, through its operating Japanese subsidiary, Kaiyo Japan Co., Ltd. (collectively referred to as the “Group”). (b)Reorganization In anticipation of an initial public offering (“IPO”) of its equity securities, the Group undertook a reorganization (the “Reorganization”) of its corporate structure which was completed on March 27, 2025 in the following steps: •On February27, 2025, as part of the restructuring of Kaiyo Japan Co., Ltd. (“Kaiyo”) and Top edge development limited BVI (“Top Edge”), Shihai Bi (“Mr.Shihai Bi”) and Guanglang Jiang (“Mr.Guanglang Jiang”) established a new holding company — Seahawk. •Seahawk acquired 100% of the equity interests in Kaiyo on March10, 2025, and subsequently acquired 100% of the equity interests in Top Edge on March27, 2025, thereby becoming the sole shareholder of both entities. Upon the completion of the above Reorganization, the Group became the ultimate holding company of all other entities mentioned above. The Group is effectively controlled by the same group of controlling shareholders before and after the Reorganization; therefore, the Reorganization is considered a recapitalization of these entities under common control. The consolidation of the Company and its subsidiaries was accounted for at carrying amount and prepared on the basis as if the aforementioned transactions had become effective as of the beginning of the first period presented in the accompanying consolidated financial statements. Results of operations for the period presented comprise those of the previous separate entries combined from the beginning of the period to the end of the period, eliminating the effects of intra -entitytransactions. The consolidated financial statements of the Group include the following entities:

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