Company: HNIT
Filing Date: 2025-01-23
Form Type: 10-K
Source: 0001493152-25-003324
Chunk: 159

Company: Huineng Technology Corp
Filing Date: 2025-01-23
Form: 10-K
Item: Item 5
Chunk 159
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 paid-up capital.
The 2024 tax rate for company with paid-up capital of MYR 2,500,000 (approximately $562,468) or less and that are not part of a group
containing a company exceeding this capitalization threshold is 15% on first chargeable income of MYR 150,000 (approximately $33,748),
17% on remaining chargeable income up to MYR 600,000 (approximately $134,992) and any chargeable income beyond MYR 600,000 (approximately
$134,992) will be subject to the corporate tax rate of 24%.

As
of November 30, 2024, the operations in Malaysia generated $762 of cumulative net operating losses which can be carried forward to offset
future taxable income. The net operating loss can be carried forward for seven years. The Company has provided for a full valuation allowance
against the deferred tax assets of $114 on the expected future tax benefits from the net operating loss carry forwards as the management
believes it is more likely than not that these assets will not be realized in the future.

The
following table sets forth the significant components of the aggregate deferred tax assets of the Company as of November 30, 2024 and
2023:

SCHEDULE
OF DEFERRED TAX ASSETS 

    As of  November 30, 2024  
    As of  November 30, 2023 
  
    Deferred tax assets: 

    Net operating loss carryforwards 

    – United States of America 
    $9,236  
    $1,159 
  
    – Malaysia 
     114  
     - 
  
    Net operating loss carryforwards 
     114  
     - 

    Less: valuation allowance 
     (9,350) 
     (1,159)
  
    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 $9,350 as of November 30, 2024.

    F-11

11.
CONCENTRATIONS OF RISK

Customer
Concentration

For
the year ended November 30, 2024, there were four customers who accounted for more than 10% of the Company’s