Quarterly Report for Quarter Ending August 31, 2025 (Form 10-Q)

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The information contained in this quarter report on Form 10-Q is intended to update the information contained in our Form 10-K dated January 23, 2025, for the year ended November 30, 2024 and presumes that readers have access to, and will have read, the "Management's Discussion and Analysis" and other information contained in such Form 10-K. The following discussion and analysis also should be read together with our financial statements and the notes to the financial statements included elsewhere in this Form 10-Q.

The following discussion contains certain statements that may be deemed "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements appear in a number of places in this Report, including, without limitation, "Management's Discussion and Analysis" These statements are not guarantees of future performance and involve risks, uncertainties and requirements that are difficult to predict or are beyond our control. Forward-looking statements speak only as of the date of this quarter report. You should not put undue reliance on any forward-looking statements. We strongly encourage investors to carefully read the factors described in our Form S-1/A registration statement, filed on February 14, 2024, in the section entitled "Risk Factors" for a description of certain risks that could, among other things, cause actual results to differ from these forward-looking statements. We assume no responsibility to update the forward-looking statements contained in this quarter report on Form 10-Q. The following should also be read in conjunction with the unaudited Condensed Financial Statements and notes thereto that appear elsewhere in this report.

Company Overview

Aceztech Corporation, a Nevada corporation, (herein referred as "the Company") was incorporated under the laws of the State of Nevada on August 15, 2023.

On June 4, 2024, the Company acquired 100% of the equity interest of Aceztech Sdn. Bhd., a limited liability company incorporated in Malaysia.

On January 21, 2025, the Company's Board of Directors approved changing the corporate name from Aceztech Corporation to Huineng Technology Corporation (herein referred as the "Name Change") and approved the application for a new stock symbol (herein referred as the "Symbol Change"). On the same day, the Company filed an Issuer Company-Related Action Notification Form with Financial Industry Regulatory Authority (herein referred as "FINRA") to request effectiveness of the Name Change and Symbol Change.

On February 14, 2025, FINRA announced that the Name Change and Symbol Change would be made effective in the marketplace as of market open on February 18, 2025. Additionally, FINRA approved the Company's request to change its stock symbol from "ACZT" to "HNIT".

On February 20, 2025, our sole director and officer, Kae Ren Tee resigned his positions as Director, President, Chief Executive Officer, Secretary and Treasurer of the Company. Upon such resignations, Mr. Guoxiang Ao was appointed as the new President, Chief Executive Officer, Secretary, Treasurer and Director of the Company.

On April 9, 2025, the Company has decided to dissolve its wholly owned subsidiary, Aceztech Sdn. Bhd. As a result, Aceztech Sdn. Bhd. is being deconsolidated in the Company's financial statements.

Huineng Technology Corporation is headquartered in Kuala Lumpur, Malaysia (herein referred as "Malaysia"). We primarily provide website related services including website development, website design and website maintenance to companies and individual customers in Malaysia and Hong Kong. Our mission is to serve as a trusted partner on our customers' digital journeys.

The Company's executive office is located at 33-01, 33rd Floor, Menara Keck Seng, 203 Jalan Bukit Bintang, 55100 Kuala Lumpur, Malaysia.

Results of operations

Three months ended August 31, 2025 and August 31, 2024

Revenues

For the three months ended August 31, 2025, the Company generated revenue in the amount of $4,900.

For the three months ended August 31, 2024, the Company generated revenue in the amount of $7,200.

The revenue generated was from the Company providing website development, design and maintenance services to the customers.

General and Administrative Expenses

For the three months ended August 31, 2025, the Company had general and administrative expenses in the amount of $9,636. These were primarily comprised of audit fees, stock and registrar fees, OTC fee, other professional fees and service tax.

For the three months ended August 31, 2024, the Company had general and administrative expenses in the amount of $28,342. These were primarily comprised of legal service fee, audit fees, service tax and bank charges.

Net Loss

For the three months ended August 31, 2025, the Company has incurred a net loss of $4,736.

For the three months ended August 31, 2024, the Company has incurred a net loss of $21,142.

Nine months ended August 31, 2025 and August 31, 2024

Revenues

For the nine months ended August 31, 2025, the Company generated revenue in the amount of $9,500.

For the nine months ended August 31, 2024, the Company generated revenue in the amount of $20,700.

The revenue generated was from the Company providing website development, design and maintenance services to the customers.

General and Administrative Expenses

For the nine months ended August 31, 2025, the Company had general and administrative expenses in the amount of $36,063. These were primarily comprised of audit fees, stock and registrar fees, OTC fee, other professional fees and service tax.

For the nine months ended August 31, 2024, the Company had general and administrative expenses in the amount of $49,140. These were primarily comprised of legal service fee, audit fees, service tax and bank charges.

Net Loss

For the nine months ended August 31, 2025, the Company has incurred a net loss of $25,772.

For the nine months ended August 31, 2024, the Company has incurred a net loss of $28,440.

Liquidity and Capital Resources

Cash Used in/Provided by Operating Activities

Net cash used in operating activities was $7,856 for the nine months ended August 31, 2025. The cash used in operating activities was attributable to net loss, decrease in accrued liabilities, decrease in deferred revenue contra by depreciation expenses, decrease in prepayments and deposit, decrease in amount due from a shareholder.

Net cash used in operating activities was $18,770 for the nine months ended August 31, 2024. The cash used in operating activities was attributable to net loss, increase in accounts receivable, increase in prepayment and deposit and decrease in accrued liabilities contra by depreciation expenses, increase in the amount due to our sole director and increase in deferred revenue.

Cash Used in Investing Activity

For the nine months ended August 31, 2025, the Company did not generate nor used any cash in investing activity.

For the nine months ended August 31, 2024, the Company used $729 in investing activity, which was primarily attributable to the purchase of plant and equipment. Specifically, the equipment purchased was office equipment.

Cash Provided by Financing Activity

For the nine months ended August 31, 2025, the Company did not generate nor used any cash in financing activity.

For the nine months ended August 31, 2024, the Company generated $30,900 in financing activity, which was attributable to the share application money pending allotment resulted from the shares subscription by an investor.

Off-Balance Sheet Arrangements

The Company has no off-balance sheet arrangements.

Critical Accounting Policies

Recent accounting pronouncements

In November 2024, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2024-03 Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40) Disaggregation of Income Statement Expenses. The guidance in ASU 2024-03 requires public business entities to disclose in the notes to the financial statements, among other things, specific information about certain costs and expenses including purchases of inventory; employee compensation; and depreciation, amortization 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.