Company: SEAH
Filing Date: 2025-08-29
Form Type: DRS/A
Source: 0001213900-25-082696
Chunk: 189

Company: Seahawk Recycling Holdings, Inc.
Filing Date: 2025-08-29
Form: DRS/A
Chunk 189
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 competitors at the same development stage. F-17

SEAHAWK RECYCLING HOLDINGS, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (In U.S. Dollar, except for share data) 2.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) The Group does not distinguish between markets or segments for the purpose of internal reporting. As the Group’s long -livedassets are all located in Japan, no geographical segment information of long -livedassets is presented. The CODM does not review any information regarding total assets on a reportable segment basis. Revenue by products The following table disaggregates the Group’s revenues by products and technology licensing revenues for the years ended March 31, 2025 and 2024. Products revenues relate to recycling sales of scrap metal and waste paper.

| Recycling sales:              |     | For the years ended 
 March 31,           
 2025                |            |     | 2024 |            |
|:------------------------------|:----|:--------------------|-----------:|:----|:-----|-----------:|
| Scrap metal                   |     | $                   | 45,599,553 |     | $    | 38,217,051 |
| Waste paper                   |     |                     | 19,603,775 |     |      | 12,786,719 |
| Subtotal                      |     |                     | 65,203,328 |     |      | 51,003,770 |
| Other:                        |     |                     |            |     |      |            |
| Technology licensing revenues |     |                     |    196,666 |     |      |          — |
| Total                         |     | $                   | 65,399,994 |     | $    | 51,003,770 |

Geographic information The majority of the Group’s revenue for the fiscal years ended March 31, 2025 and 2024 was generated from recycling sales to different geographic areas including Japan and other countries. The following table sets forth the disaggregation of revenue by geographic area:

|                |     | For the years ended 
 March 31,           |       2025 |     |   |       2024 |
|:---------------|:----|:--------------------|-----------:|:----|:--|-----------:|
| East Asia      |     | $                   | 57,836,793 |     | $ | 46,278,606