Company: HNIT
Filing Date: 2025-10-15
Form Type: 10-Q
Source: 0001493152-25-018080
Chunk: 32

Company: Huineng Technology Corp
Filing Date: 2025-10-15
Form: 10-Q
Item: Item 1
Chunk 32
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808 against the deferred tax assets on the expected future tax benefits from the net operating loss carryforwards
as the management believes it is more likely than not that these assets will not be realized in the future.

SCHEDULE OF DEFERRED TAX ASSETS 

    As of  August 31, 2025  
    As of  November 30, 2024 
  
    Deferred tax assets: 

    Net operating loss carryforwards 

    – United States of America 
    $14,808  
    $9,236 
  
    – Malaysia 
     -  
     114 
  
    Net operating loss carryforwards 
     -  
     114 

    Less: valuation allowance 
     (14,808) 
     (9,350)
  
    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 $14,808 as of August 31, 2025.

    F-10

12.
CONCENTRATIONS OF RISK

Customer
Concentration

For
the nine months ended August 31, 2025, there were two 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 nine months ended August 31, 2025 

    Revenue  
    Percentage of Revenue  
    Accounts receivable 
  
    Customer F 
    $2,800  
     29% 
    $- 
  
    Customer G 
     4,000  
     42% 
     - 
  
    Total 
    $6,800  
     71% 
    $- 

For
the nine months ended August 31, 2024, there were three 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:

    For the nine months ended August 31, 2024