Company: HNIT
Filing Date: 2025-10-15
Form Type: 10-Q
Source: 0001493152-25-018080
Chunk: 60

Company: Huineng Technology Corp
Filing Date: 2025-10-15
Form: 10-Q
Item: Item 8
Chunk 60
---
 statements.

Item
3 Quantitative and Qualitative Disclosures About Market Risk.

As
a “smaller reporting company” as defined by Item 10 of Regulation S-K, the Company is not required to provide information
required by this Item.

Item
4 Controls and Procedures.

Disclosure
Controls and Procedures

We
maintain disclosure controls and procedures, as defined in Rule 13a-15(e) promulgated under the Securities Exchange Act of 1934 (the
“Exchange Act”), that are designed to ensure that information required to be disclosed by us in the reports that we file
or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Securities
and Exchange Commission’s rules and forms and that such information is accumulated and communicated to our management, including
our principal executive and principal financial officers, or persons performing similar functions, as appropriate, to allow timely decisions
regarding required disclosure.

We
carried out an evaluation, under the supervision and with the participation of our management, including our chief executive officer,
of the effectiveness of our disclosure controls and procedures as of August 31, 2025. Based on the evaluation of these disclosure controls
and procedures, and in light of the material weaknesses found in our internal controls over financial reporting, our chief executive
officer concluded that our disclosure controls and procedures were not effective. The matters involving internal controls and procedures
that our management considered to be material weaknesses under the standards of the Public Company Accounting Oversight Board were: (i)
lack of a functioning audit committee due to a lack of a majority of independent members and a lack of a majority of outside directors
on our board of directors, resulting in ineffective oversight in the establishment and monitoring of required internal controls and procedures;
(ii) inadequate segregation of duties and effective risk assessment; and (iii) insufficient written policies and procedures for accounting
and financial reporting with respect to the requirements and application of both US GAAP and SEC guidelines. The aforementioned material
weaknesses were identified by our chief executive officer in connection with the review of our financial statements as of August 31,
2025.

Management’s
Report on Internal Control over Financial Reporting

Our
management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rules 13a-15(f)
and 15d-15(f) under the Exchange Act. Our internal control over financial reporting is designed to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements for