Company: RHNO
Filing Date: 2025-11-13
Form Type: 10-K
Source: 0001493152-25-022052
Chunk: 196

Company: RHINO BITCOIN INC.
Filing Date: 2025-11-13
Form: 10-K
Item: Item 1C
Chunk 196
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 into an aggregate of 200,000 shares of newly created Series A Preferred
Stock of the Company with substantially identical terms as the Rhino Series A Preferred Stock, (iv) convertible notes of Rhino converted
into shares of common stock of the Company at a conversion price of $0.18 or $0.25, as applicable, (v) options to purchase shares of common
stock of Rhino converted into options to purchase shares of common stock of the Company with the same aggregate exercise price, (vi) the
sole officer and director of the Company (Lee Chong Chow) resigned and the sole officer and director of Rhino, Lyle Hauser was appointed
as the chief executive officer, president, secretary and director of the Company, (vii) Rhino purchased from the Selling Shareholders
an aggregate of 6,232,742 shares of common stock of the Company for an aggregate purchase price of $440,000 and returned such shares to
the Company for cancellation. In accordance with the foregoing, the Company issued an aggregate of 73,289,871 shares of common stock to
stockholders and note holders of Rhino. Concurrently with the closing of the Merger Agreement, all outstanding shares of the Company’s
wholly-owned subsidiary, Phoenix Plus Corp., a Labuan, Malaysia corporation (“Phoenix Plus Labuan”), were transferred to Mr.
Lee.

In connection with the closing of the Merger Agreement, the Company filed a certificate of designation of Series
A Preferred Stock with Secretary of State of Nevada, pursuant to which the Company designated 200,000 shares as Series A Preferred Stock,
and issued 200,000 shares of Series A Preferred Stock to The Vantage Group Ltd. (“Vantage”), an entity owned by Mr. Hauser.
The Series A Preferred Stock entitles the holder to 51% of the total voting power of the Company’s stockholders, is convertible
into shares of common stock at a ratio of 4.44 shares of common stock for each share of Series A Preferred Stock (subject to adjustment
for stock dividends, stock splits, and similar transactions), has a stated value of $3.00 per share, and will entitle the holder upon
any liquidation of the Company to the stated value prior to any distributions to holders of common stock.

    F-8

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

NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS

FOR
THE YEARS ENDED JULY