Company: RHNO
Filing Date: 2025-11-13
Form Type: 10-K
Source: 0001493152-25-022052
Chunk: 482

Company: RHINO BITCOIN INC.
Filing Date: 2025-11-13
Form: 10-K
Item: Item 6
Chunk 482
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The Company accounted $335 of equity method loss of investment in VCASB for the year ended July 31, 2022.

On
October 26, 2022, VCASB was served with a winding up petition, which the hearing of petition of the case was held on May 31, 2023 and
the Malaysian court has given order that VCASB is to wind up under the provisions of the Companies Act Malaysia 2016.

    F-15

PHOENIX PLUS CORP. (NOW KNOWN AS RHINO BITCOIN INC.)

NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS

FOR
THE YEARS ENDED JULY 31, 2025 AND 2024

(Currency
expressed in United States Dollars (“US$”), except for number of shares)

On
May 23, 2023, the Company’s solicitor, Messrs. Amos Ho, Sew & Kiew, has delivered an affidavit on compliance of all provisions
of Companies Winding UP Rules 1972 (Malaysia). On the same day, the Company’s solicitor also delivered an affidavit to the local
court to confirm serving of Memorandum of Advertisement and Gazetting to Registrar of Companies and Insolvency Department.

The
Company also advertised the Winding Up Order in the newspaper NST and had it gazetted.

6.
TRADE RECEIVABLES

Trade
receivables consisted of the following at July 31, 2025 and July 31, 2024:

SCHEDULE OF TRADE RECEIVABLES

    As of  July 31, 2025 (Audited)  
    As of  July 31, 2024 (Audited) 
  
    Trade receivables 
    $202,461  
    $127,651 
  
    Less: Allowance for credit losses 
     (116,687) 
     (116,687)
  
    Add: Reversal of allowance for credit losses 
     116,687  
     - 
  
    Total trade receivables 
    $202,461  
    $10,964 

7.
CONTRACT ASSETS

Contract
assets as of July 31, 2025 and July 31, 2024 are summarized below:

SCHEDULE OF CONTRACT ASSETS

    As of  July 31, 2025 (Audited)  
    As of  July 31,