Company: SEAH
Filing Date: 2025-07-24
Form Type: DRS
Source: 0001213900-25-067275
Chunk: 193

Company: Seahawk Recycling Holdings, Inc.
Filing Date: 2025-07-24
Form: DRS
Chunk 193
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078 and $207,599 of such loans during the same respective periods. (ii).Other payables by a related party During the year ended March31, 2025, Mr.Guanglang Jiang, paid certain expenses on behalf of the Group primarily related to the Company’s establishment and general operating activities. These payments were unsecured, non -interestbearing, and repayable on demand. Loan guaranteed by a related party As of March31, 2025 and 2024, the Group’s bank borrowings of US$3,440,354 and US$4,062,684 were guaranteed by Mr.Shihai Bi (see Note 9).

F-27 SEAHAWK RECYCLING HOLDINGS, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (In U.S. Dollar, except for share data) 14.EQUITY Ordinary Shares On February 27, 2025, the Company was incorporated in the BVI and had an initial authorized share capital of US$50,000 with a par value of US$1.00 each. On February 27, 2025, the Company issued 10,000 ordinary shares with a par value of US$1.00 to its shareholders, of which the share and per share information are presented on a retrospective basis as of the beginning of the first period presented to reflect the Reorganization. The share subscription receivable represented the receivable for the issuance of ordinary shares of the Company and is reported as a deduction of equity and presented on a retrospective basis before the incorporation of the Company. Subscription receivable has no payment terms nor any interest receivable accrual. On June27, 2025, the Company approved a dual -classshare structure. Therefore, the authorized share capital of Seahawk is US$50,000 divided into (i) 42,500 Class A ordinary shares and (ii) 7,500 Class B ordinary shares, with par value of $1.00 per share. The total number of shares of ordinary shares issued and outstanding is 10,000, which consists of 8,500shares of Class A ordinary shares and 1,500shares of Class B ordinary shares. Holders of Class A ordinary shares and Class B ordinary shares have the same rights, except for voting and conversion rights. In respect of matters requiring the votes of stockholders, each share of Class A ordinary shares is entitled to one vote, and each share of Class B ordinary shares is entitled to twenty votes. Class B