Company: HNIT
Filing Date: 2025-04-14
Form Type: 10-Q
Source: 0001641172-25-003960
Chunk: 13

Company: Huineng Technology Corp
Filing Date: 2025-04-14
Form: 10-Q
Item: Item 1
Chunk 13
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provided for a full valuation allowance against its deferred tax assets of $11,391 as of February 28, 2025.

    F-9

11.
CONCENTRATIONS OF RISK

Customer
Concentration

For
the three months ended February 28, 2025, there were four customers who accounted for more than 10% of the Company’s revenues.
The customer who accounted for more than 10% of the Company’s revenues and its outstanding receivable balance at period-end is
presented below:

 SCHEDULE OF REVENUES AND OUTSTANDING RECEIVABLES BALANCE

    For the three months ended February 28, 2025 

    Revenue  
    Percentage of Revenue  
    Accounts receivable 
  
    Customer A 
    $300  
     25% 
    $- 
  
    Customer B 
     300  
     25% 
     - 
  
    Customer C 
     300  
     25% 
     - 
  
    Customer D 
     300  
     25% 
     - 
  
    Total 
    $1,200  
     100% 
    $- 

For
the three months ended February 29, 2024, there was one customer who accounted for more than 10% of the Company’s revenues. The
customer who accounted for more than 10% of the Company’s revenues and its outstanding receivable balance at period-end is presented
below:

    For the three months ended February 29, 2024 

    Revenue  
    Percentage of Revenue  
    Accounts receivable 
  
    Customer A 
    $6,000  
     91% 
    $- 
  
    Total 
    $6,000  
     91% 
    $            - 

12.
SEGMENT REPORTING

ASC
280, “Segment Reporting” establishes standards for reporting information about operating segments on a basis consistent with
the Company’s internal organization structure as well as information about services categories, business segments and major customers
in financial statements. The Company has three reportable segments based on business unit, website development, website design and website
maintenance services business and two reportable segments based on country, Malaysia and Hong Kong.

In
accordance with the “Segment Reporting” Topic of the ASC, the Company’s chief operating decision maker has been identified
as the Chief Executive