Company: SEAH
Filing Date: 2025-07-24
Form Type: DRS
Source: 0001213900-25-067275
Chunk: 184

Company: Seahawk Recycling Holdings, Inc.
Filing Date: 2025-07-24
Form: DRS
Chunk 184
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2024, the Group recovered credit losses of US$11,333 and recognized expected credit losses of US$321,644, respectively. 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 |     | $               | 307,381 |   |     | $ |       — |   |
| Additions                            |     |                 |       — |   |     |   | 321,644 |   |
| Reversal                             |     |                 | (11,333 | ) |     |   |       — |   |
| Foreign currency translation         |     |                 |   2,517 |   |     |   | (14,263 | ) |
| Balance at the end of the year       |     | $               | 298,565 |   |     | $ | 307,381 |   |

All of the March 31, 2024 accounts receivable balance has been collected in year ended March 31, 2025. For the accounts receivable balance as of March 31, 2025, 87.2% has been subsequently collected, and the remaining balance is expected to be collected by September30, 2025. 4.INVENTORIES Inventories consisted of the following:

|                        |     | As of March 31, 
 2025            |           |     | 2024 |   |
|:-----------------------|:----|:----------------|----------:|:----|:-----|:--|
| Inventories in transit |     | $               | 5,124,240 |     | $    | — |
| Inventories            |     | $               | 5,124,240 |     | $    | — |

Inventories in transit represent products that have been shipped to the customers but have not yet been received by them as of the balance sheet date. Inventories in transit as of March 31, 2025 were delivered to customers within one to three months after the balance sheet date. All the inventories have been delivered to the customers as the issuance date of these consolidated financial statements. The Group reviews its inventories periodically to determine if