Company: HNIT
Filing Date: 2025-01-23
Form Type: 10-K
Source: 0001493152-25-003324
Chunk: 226

Company: Huineng Technology Corp
Filing Date: 2025-01-23
Form: 10-K
Item: Item 9
Chunk 226
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 estimate credit losses over the life of a financial asset based on historical experience, current conditions, and reasonable forecasts.

The
adoption of the CECL model applies to the Company’s portfolio of trade receivables and other financial assets, and resulted in
changes to the methodology for determining the allowance for credit losses. Under the CECL model, the Company recognizes an allowance
for credit losses at the inception of a financial asset and adjusts it over the life of the asset based on updated expectations of credit
losses.

Recently
issued and adopted accounting pronouncements

In November 2023, the FASB issued ASU 2023-07, “Segment Reporting
(Topic 280): Improvements to Reportable Segment Disclosures”, which expands annual and interim disclosure requirements for reportable
segments, primarily through enhanced disclosures about significant segment expenses. The ASU 2023-07 is effective for annual reporting
periods beginning after December 15, 2023, and interim periods in fiscal years beginning after December 15, 2024. Early adoption is permitted.
The Company is currently evaluating the impact this ASU may have on its consolidated financial statements and related disclosures.

In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic
740): Improvements to Income Tax Disclosures”, which requires disaggregated information about the reporting entity’s effective
tax rate reconciliation as well as information on income taxes paid. The ASU 2023-09 is effective for annual periods beginning after December
15, 2024. Early adoption is permitted. The Company is currently evaluating the impact this ASU may have on its consolidated financial
statements and related disclosures.

The
Company reviews new accounting standards as issued. Management has not identified any other new standards that it believes will have
a significant impact on the Company’s financial statements.

    F-9

3.
GOING CONCERN UNCERTAINTIES

The
accompanying financial statements have been prepared assuming that the Company will continue as a going concern. For the year ended
November 30, 2024, the Company incurred a net loss of $39,224
and used cash in operating activities of $27,461. As of November 30, 2024, the Company had an accumulated deficit
of $44,744
and a working capital deficit of $11,869.

The
Company’s cash position may not be significant enough to support the Company’s daily operations.