Company: HNIT
Filing Date: 2025-04-14
Form Type: 10-Q
Source: 0001641172-25-003960
Chunk: 18

Company: Huineng Technology Corp
Filing Date: 2025-04-14
Form: 10-Q
Item: Item 1
Chunk 18
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 incurred a net loss of $9,391.

For
the three months ended February 29, 2024, the Company has incurred a net loss of $3,702.

Liquidity
and Capital Resources

Cash
Used in/Provided by Operating Activities

Net
cash used in operating activities was $9,697 for the three months ended February 28, 2025. The cash used in operating activities
was attributable to net loss, increase in accounts receivable, increase in the amount due from a shareholder, and decrease in accrued
liabilities contra by depreciation expenses, decrease in prepayments and deposit, and increase in deferred revenue.

Net
cash provided by operating activities was $3,058 for the three months ended February 29, 2024. The cash provided by operating activities
was attributable to depreciation expenses, decrease in prepayments and deposit, increase in the amount due to a shareholder, increase
in deferred revenue contra by net loss and decrease in accrued liabilities.

Cash
Used in Investing Activity

For
the three months ended February 28, 2025, the Company did not generate nor used any cash in investing activity.

For
the three months ended February 29, 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 three months ended February 28, 2025, the Company received $39,000 from financing activities primarily from issuance of shares of
common stock pursuant to subscription by a shareholder on February 21, 2025.

For
the three months ended February 29, 2024, the Company did not generate nor used any cash in financing activity.

Off-Balance
Sheet Arrangements

The
Company has no off-balance sheet arrangements.

-4-

Critical
Accounting Policies

Recent
accounting pronouncements

In
November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures”,
which expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant
segment expenses. The ASU 2023-07 is effective for annual reporting periods beginning after December 15, 2023, and interim periods in
fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company already adopted