Company: HNIT
Filing Date: 2025-10-15
Form Type: 10-Q
Source: 0001493152-25-018080
Chunk: 24

Company: Huineng Technology Corp
Filing Date: 2025-10-15
Form: 10-Q
Item: Item 1
Chunk 24
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 is insufficient, then the Company shall rely on the financial support from its controlling
shareholder.

These
and other factors raise substantial doubt about the Company’s ability to continue as a going concern within one year after the
date that financial statements are issued. These financial statements do not include any adjustments to reflect the possible future effects
on the recoverability and classification of assets or the amounts and classification of liabilities that may result in the Company not
being able to continue as a going concern.

3.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis
of Presentation

The
financial statements for Huineng Technology Corporation for the period ended August 31, 2025 are prepared in accordance with accounting
principles generally accepted in the United States of America (“US GAAP”). The Company has adopted November 30 as its fiscal
year end.

The
reporting currency of the Company is United States Dollars (“US$”), which is also the functional currency of the Company.

Use
of Estimates

Management
uses estimates and assumptions in preparing these financial statements in accordance with US GAAP. Those estimates and assumptions affect
the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities in the balance sheets, and the reported
revenue and expenses during the periods reported. Actual results may differ from these estimates.

Cash
and Cash Equivalents

Cash
and cash equivalents are carried at cost and represent cash on hand, demand deposits placed with banks or other financial institutions
and all highly liquid investments with an original maturity of three months or less as of the purchase date of such investments.

Plant
and equipment

Plant
and equipment are stated at cost less accumulated depreciation and impairment. Depreciation of plant, equipment and software are calculated
on the straight-line method over their estimated useful lives or lease terms generally as follows:

SCHEDULE OF ESTIMATED USEFUL LIVES  

    Classification
     
    Useful
    Life
  
    Office
    Equipment
     
    5
    years

    F-5

Revenue
Recognition

Revenue
is generated through provision of website development and design services to customers. Revenue is recognized when a customer obtains
control of promised goods or services and is recognized in an amount that reflects the consideration that the Company expects to receive
in exchange for those goods or services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty
of revenue and cash flows arising from contracts with customers. The amount of revenue that is