Company: HNIT
Filing Date: 2025-04-14
Form Type: 10-Q
Source: 0001641172-25-003960
Chunk: 12

Company: Huineng Technology Corp
Filing Date: 2025-04-14
Form: 10-Q
Item: Item 1
Chunk 12
---

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 $11,208 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.

Malaysia

Aceztech
Sdn. Bhd. are subject to the Malaysia Corporate Tax Laws at a two-tier corporate income tax rate based on amount of paid-up capital.
For the year 2025, a company with a paid-up capital of MYR 2,500,000 (approximately $560,538) or less, and which is owned by a
foreign company with more than 20% shareholding, is subject to the standard corporate tax rate of 24%.

As
of February 28, 2025, 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 $183  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 February 28, 2025 and
November 30, 2024:

 SCHEDULE OF DEFERRED TAX ASSETS

    As of  February 28, 2025  
    As of  November 30, 2024 
  
    Deferred tax assets: 

    Net operating loss carryforwards 

    – United States of America 
    $11,208  
    $9,236 
  
    – Malaysia 
     183  
     114 
  
    Net operating loss carryforwards 
     183  
     114 

    Less: valuation allowance 
     (11,391) 
     (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