Company: HNIT
Filing Date: 2025-07-14
Form Type: 10-Q
Source: 0001641172-25-018889
Chunk: 51

Company: Huineng Technology Corp
Filing Date: 2025-07-14
Form: 10-Q
Item: Item 2
Chunk 51
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 due to our sole director and increase in deferred revenue.

Cash
Used in Investing Activity

For
the six months ended May 31, 2025, the Company did not generate nor used any cash in investing activity.

For
the six months ended May 31, 2024, the Company used $729 in investing activity, which was primarily attributable to the purchase of plant
and equipment. Specifically, the equipment purchased was office equipment.

Cash
Provided by Financing Activity

For
the six months ended May 31, 2025, the Company did not generate nor used any cash in financing activity.

For
the six months ended May 31, 2024, the Company generated $900 in financing activity, which was attributable to the share application
money pending allotment resulted from the shares subscription by an investor.

Off-Balance
Sheet Arrangements

The
Company has no off-balance sheet arrangements.

-4-

Critical
Accounting Policies

Recent
accounting pronouncements

In
December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”, which requires
disaggregated information about the reporting entity’s effective tax rate reconciliation as well as information on income taxes
paid. The ASU 2023-09 is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The standard can
be applied prospectively or retrospectively. The Company is currently evaluating this guidance to determine the impact it may have on
its condensed consolidated financial statements.

In
November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-03
Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40) Disaggregation of Income
Statement Expenses. The guidance in ASU 2024-03 requires public business entities to disclose in the notes to the financial statements,
among other things, specific information about certain costs and expenses including purchases of inventory; employee compensation; and
depreciation, amortization and depletion expenses for each caption on the income statement where such expenses are included. ASU 2024-03
is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15,
2027. Early adoption is permitted, and the amendments may be applied prospectively to reporting periods after the