Company: HNIT
Filing Date: 2025-10-15
Form Type: 10-Q
Source: 0001493152-25-018080
Chunk: 45

Company: Huineng Technology Corp
Filing Date: 2025-10-15
Form: 10-Q
Item: Item 8
Chunk 45
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 at cost and represent cash on hand, demand deposits placed with banks or other financial institutions
and all highly liquid investments with an original maturity of three months or less as of the purchase date of such investments.

Plant
and equipment

Plant
and equipment are stated at cost less accumulated depreciation and impairment. Depreciation of plant, equipment and software are calculated
on the straight-line method over their estimated useful lives or lease terms generally as follows:

SCHEDULE OF ESTIMATED USEFUL LIVES  

    Classification
     
    Useful
    Life
  
    Office
    Equipment
     
    5
    years

    F-5

Revenue
Recognition

Revenue
is generated through provision of website development and design services to customers. Revenue is recognized when a customer obtains
control of promised goods or services and is recognized in an amount that reflects the consideration that the Company expects to receive
in exchange for those goods or services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty
of revenue and cash flows arising from contracts with customers. The amount of revenue that is recorded reflects the consideration that
the Company expects to receive in exchange for those goods and services. The Company applies the following five-step model in order to
determine this amount:

(i)
identification of the promised goods and services in the contract;

(ii)
determination of whether the promised goods and services are performance obligations, including whether they are distinct in the context
of the contract;

(iii)
measurement of the transaction price, including the constraint on variable consideration;

(iv)
allocation of the transaction price to the performance obligations; and

(v)
recognition of revenue when (or as) the Company satisfies each performance obligation.

The
Company adopted ASU 2014-09, Revenue from Contracts with Customers (Topic 606). Under Topic 606, the Company records revenue when persuasive
evidence of an arrangement exists, delivery has occurred, the fee is fixed or determinable and collectability is probable. The Company
records revenue upon the delivery of the finalized website service to the customer.

Earnings
Per Share

The
Company reports earnings per share in accordance with ASC 260 “Earnings Per Share”, which requires presentation of basic
and diluted earnings per share in conjunction with the disclosure of the methodology used in computing such earnings per share. Basic
earnings per share excludes dilution and is computed by dividing income available to common stockholders by the weighted average common
shares outstanding during the period. Diluted earnings