Company: HNIT
Filing Date: 2025-07-14
Form Type: 10-Q
Source: 0001641172-25-018889
Chunk: 15

Company: Huineng Technology Corp
Filing Date: 2025-07-14
Form: 10-Q
Item: Item 1
Chunk 15
---
    – Malaysia 
     -  
     - 
  
    Loss from operation before income tax 
    $(21,827) 
    $(7,298)

United
States of America

The
Tax Act reduces the U.S. statutory corporate tax rate from 35% to 21% for our tax years beginning in 2018, which resulted in the re-measurement
of the federal portion of our deferred tax assets from the 35% to 21% tax rate. The Company is registered in the State of Nevada and
is subject to United States of America tax law. As of May 31, 2025, the operations in the United States of America incurred $65,780 of
cumulative net operating losses (NOL’s) which can be carried forward to offset future taxable income. The NOL carryforwards begin
to expire in 2045, if unutilized. The Company has provided for a full valuation allowance of approximately $13,814 against the deferred
tax assets on the expected future tax benefits from the net operating loss carryforwards as the management believes it is more likely
than not that these assets will not be realized in the future.

SCHEDULE OF DEFERRED TAX ASSETS 

    As of  May 31, 2025  
    As
of  November 30, 2024 
  
    Deferred tax assets: 

    Net operating loss carryforwards 

    – United States of America 
    $13,814  
    $9,236 
  
    – Malaysia 
     -  
     114 
  
    Net operating loss carryforwards 
     -  
     114 

    Less: valuation allowance 
     (13,814) 
     (9,350)
  
    Deferred tax assets 
    $-  
    $- 

Management
believes that it is more likely than not that the deferred tax assets will not be fully realizable in the future. Accordingly, the Company
provided for a full valuation allowance against its deferred tax assets of $13,814 as of May 31, 2025.

    F-9

11.
CONCENTRATIONS OF RISK

Customer
Concentration

For
the six months ended May 31, 2025, there were four customers who accounted for more than 10% of the Company’s revenues. The customer
who accounted for more than 10% of the Company