Company: HNIT
Filing Date: 2025-01-23
Form Type: 10-K
Source: 0001493152-25-003324
Chunk: 154

Company: Huineng Technology Corp
Filing Date: 2025-01-23
Form: 10-K
Item: Item 5
Chunk 154
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 States Dollars (“US$”) and the accompanying financial statements have been
expressed in US$. In addition, the Company’s subsidiary maintains its books and record in Malaysia Ringgits (“MYR”)
and United States Dollars (“US$”), which is the respective functional currency as being the primary currency of the economic
environment in which the entity operates.

In
general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not US$ are translated into
US$, in accordance with ASC Topic 830-30, “Translation of Financial Statement”, using the exchange rate on the balance sheet
date. Revenues and expenses are translated at average rates prevailing during the period. The gains and losses resulting from translation
of financial statements of foreign subsidiary are recorded as a separate component of accumulated other comprehensive income.

Translation
of amounts from the local currency of the Company into US$1 has been made at the following exchange rates for the respective periods:

SCHEDULE
OF EXCHANGE RATES 

    As of November 30, 2024  
    From August 15, 2023 (Date of Inception) to November 30, 2023 

    Year/Period-end MYR : US$1 exchange rate 
     4.44  
     4.66 
  
    Year/Period-average MYR : US$1 exchange rate 
     4.57  
     4.55 
  
    Exchange rate 
     4.57  
     4.55 

Related
Parties

Parties,
which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control
the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also
considered to be related if they are subject to common control or common significant influence.

Fair
Value Measurement

Accounting
Standards Codification (“ASC”) 820 “Fair Value Measurements and Disclosures”, which defines fair value, establishes
a framework for measuring fair value and expands disclosures about fair value measurements. The statement clarifies that the exchange
price is the price in an orderly transaction between market participants to sell the asset or transfer the liability in the market in
which the reporting entity would transact for the asset or liability, that is, the principal or most advantageous market for the asset
or liability. It also emphasizes that fair value is a market-based measurement, not an entity-specific measurement