Company: HNIT
Filing Date: 2025-07-14
Form Type: 10-Q
Source: 0001641172-25-018889
Chunk: 37

Company: Huineng Technology Corp
Filing Date: 2025-07-14
Form: 10-Q
Item: Item 8
Chunk 37
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 2025  
    As
of  November 30, 2024 
  
    Deferred tax assets: 

    Net operating loss carryforwards 

    – United States of America 
    $13,814  
    $9,236 
  
    – Malaysia 
     -  
     114 
  
    Net operating loss carryforwards 
     -  
     114 

    Less: valuation allowance 
     (13,814) 
     (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 $13,814 as of May 31, 2025.

    F-9

11.
CONCENTRATIONS OF RISK

Customer
Concentration

For
the six months ended May 31, 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 six months ended May 31, 2025 

    Revenue  
    Percentage of Revenue  
    Accounts
                                                                               receivable 
  
    Customer C 
    $600  
     13% 
    $      - 
  
    Customer D 
     600  
     13% 
     - 
  
    Customer E 
     600  
     13% 
     - 
  
    Customer F 
     2,500  
     54% 
     - 
  
    Total 
    $4,300  
     93% 
    $- 

For
the six months ended May 31, 2024, 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:

    For the six months ended May 31, 2024 

    Revenue  
    Percentage of Revenue  
    Accounts
                                                                               receivable 
  
    Customer A