Company: HNIT
Filing Date: 2025-01-23
Form Type: 10-K
Source: 0001493152-25-003324
Chunk: 51

Company: Huineng Technology Corp
Filing Date: 2025-01-23
Form: 10-K
Item: Item 2
Chunk 51
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.

ITEM
9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

Not
Applicable

ITEM
9A. CONTROLS AND PROCEDURES

Evaluation
of Disclosure Controls and Procedures

We
conducted an evaluation under the supervision and with the participation of our management, including our Chief Executive Officer, of
the effectiveness of the design and operation of our disclosure controls and procedures. The term “disclosure controls and procedures”,
as defined in Rules 13a-15(e) and 15d-15(e) under the Securities and Exchange Act of 1934, as amended (“Exchange Act”), means
controls and other procedures of a company that are designed to ensure that information required to be disclosed by the company in the
reports it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified
in the Securities and Exchange Commission’s rules and forms. Disclosure controls and procedures also include, without limitation,
controls and procedures designed to ensure that information required to be disclosed by a company in the reports that it files or submits
under the Exchange Act is accumulated and communicated to the company’s management, including its principal executive and principal
financial officers, or persons performing similar functions, as appropriate, to allow timely decisions regarding required disclosure.
Based on this evaluation, our Chief Executive Officer concluded as of November 30, 2024, that our disclosure controls and procedures
were not effective. The matters involving internal controls and procedures that our management considered to be material weaknesses under
the standards of the Public Company Accounting Oversight Board were: (1) lack of a functioning audit committee due to a lack of a majority
of independent members and a lack of a majority of outside directors on our board of directors, resulting in ineffective oversight in
the establishment and monitoring of required internal controls and procedures; (2) inadequate segregation of duties and effective risk
assessment; (3) insufficient written policies and procedures for accounting and financial reporting with respect to the requirements
and application of both US GAAP and SEC guidelines; and (4) lack of internal audit function due to the fact that the Company lacks qualified
resources to perform the internal audit functions properly and that the scope and effectiveness of the internal audit function are yet
to be developed. The aforementioned material weaknesses were identified by our Chief Executive Officer in connection with the review
of our financial statements as of November 30, 2024.

12

Management
believes that