Company: HNIT
Filing Date: 2025-01-23
Form Type: 10-K
Source: 0001493152-25-003324
Chunk: 230

Company: Huineng Technology Corp
Filing Date: 2025-01-23
Form: 10-K
Item: Item 9
Chunk 230
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 TAX ASSETS 

    As of  November 30, 2024  
    As of  November 30, 2023 
  
    Deferred tax assets: 

    Net operating loss carryforwards 

    – United States of America 
    $9,236  
    $1,159 
  
    – Malaysia 
     114  
     - 
  
    Net operating loss carryforwards 
     114  
     - 

    Less: valuation allowance 
     (9,350) 
     (1,159)
  
    Deferred tax assets 
    $-  
    $- 

Management
believes that it is more likely than not that the deferred tax assets will not be fully realizable in the future. Accordingly, the Company
provided for a full valuation allowance against its deferred tax assets of $9,350 as of November 30, 2024.

    F-11

11.
CONCENTRATIONS OF RISK

Customer
Concentration

For
the year ended November 30, 2024, there were four customers who accounted for more than 10% of the Company’s revenues. The customers
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 year ended November 30, 2024 

    Revenue  
    Percentage of Revenue  
    Accounts receivable 
  
    Customer A 
    $6,900  
     27% 
    $- 
  
    Customer B 
     6,600  
     26% 
     - 
  
    Customer C 
     6,300  
     25% 
     - 
  
    Customer D 
     3,500  
     14% 
     - 
  
    Total 
    $23,300  
     92% 
    $- 

From
August 15, 2023 (Date of Inception) to November 30, 2023, there were two customers who accounted for 100% of the Company’s revenues.
The customers who accounted for 100% of the Company’s revenues and its outstanding receivable balance at period-end is presented
below:

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