Company: HNIT
Filing Date: 2025-10-15
Form Type: 10-Q
Source: 0001493152-25-018080
Chunk: 29

Company: Huineng Technology Corp
Filing Date: 2025-10-15
Form: 10-Q
Item: Item 1
Chunk 29
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ization and depletion expenses for each caption on the income statement where such expenses are included. ASU 2024-03
is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15,
2027. Early adoption is permitted, and the amendments may be applied prospectively to reporting periods after the effective date or retrospectively
to all periods presented in the financial statements. The Company is currently evaluating the provisions of this guidance and assessing
the potential impact on the Company’s financial statement disclosures.

In
March 2025, the FASB issued ASU 2025-02, Liabilities (Topic 405): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin
No. 122, which removes certain SEC guidance related to obligations to safeguard crypto-assets. The Company does not engage in activities
involving crypto-assets; therefore, the adoption of this ASU is not expected to have a material impact on its financial statements.

In
July 2025, the FASB issued ASU 2025-05, Measurement of Credit Losses for Accounts Receivable and Contract Assets, which provides a practical
expedient for measuring expected credit losses on current trade receivables and contract assets by assuming that current conditions remain
unchanged over the life of the asset, and for non-public business entities, an accounting policy election to consider subsequent cash
collections. The amendments are effective for annual and interim periods beginning after December 15, 2025, with early adoption permitted.
We are currently evaluating the impact of this guidance on our consolidated financial statements.

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-8

4.
AMOUNT DUE FROM RELATED PARTY

As
of August 31, 2025 and November 30, 2024, the Company has an outstanding amount due from a related party, in aggregate amount of $124
and $0 respectively, which is unsecured and non-interest bearing with no fixed terms of repayment.

5.
PREPAYMENTS AND DEPOSIT

SCHEDULE OF PREPAYMENTS AND DEPOSIT 

    As of August 31, 2025 (Unaudited)  
    As of November 30, 2024 (Audited) 

    Prepaid expenses 
     4,237  
     8,391