Company: HNIT
Filing Date: 2025-10-15
Form Type: 10-Q
Source: 0001493152-25-018080
Chunk: 39

Company: Huineng Technology Corp
Filing Date: 2025-10-15
Form: 10-Q
Item: Item 1
Chunk 39
---

to all periods presented in the financial statements. The Company is currently evaluating the provisions of this guidance and assessing
the potential impact on the Company’s financial statement disclosures.

In
March 2025, the FASB issued ASU 2025-02, Liabilities (Topic 405): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin
No. 122, which removes certain SEC guidance related to obligations to safeguard crypto-assets. The Company does not engage in activities
involving crypto-assets; therefore, the adoption of this ASU is not expected to have a material impact on its financial statements.

In
July 2025, the FASB issued ASU 2025-05, Measurement of Credit Losses for Accounts Receivable and Contract Assets, which provides a practical
expedient for measuring expected credit losses on current trade receivables and contract assets by assuming that current conditions remain
unchanged over the life of the asset, and for non-public business entities, an accounting policy election to consider subsequent cash
collections. The amendments are effective for annual and interim periods beginning after December 15, 2025, with early adoption permitted.
We are currently evaluating the impact of this guidance on our consolidated financial statements.

The
Company reviews new accounting standards as issued. Management has not identified any other new standards that it believes will have
a significant impact on the Company’s financial 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