Company: RHNO
Filing Date: 2025-11-13
Form Type: 10-K
Source: 0001493152-25-022052
Chunk: 997

Company: RHINO BITCOIN INC.
Filing Date: 2025-11-13
Form: 10-K
Item: Item 14
Chunk 997
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 accounting officer)

19

INDEX
TO FINANCIAL STATEMENTS

    Page
  
    Financial
    Statements

    Report of Independent Registered Public Accounting Firm
    F-2
    – F-3 

    Consolidated Balance Sheets
    F-4

    Consolidated Statements of Operations and Comprehensive Loss
    F-5

    Consolidated Statements of Changes in Stockholders’ Equity
    F-6

    Consolidated Statements of Cash Flows
    F-7

    Notes to Consolidated Financial Statements
    F-8
    - F-23

F-1

REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The
Board of Directors and Stockholders 

of
Phoenix Plus Corp. (now known as Rhino Bitcoin Inc.) 

1200
Brickell Avenue #310

Miami,
FL 33131

Opinion
on the Financial Statements

We
have audited the accompanying consolidated balance sheets of Phoenix Plus Corp. (now known as Rhino Bitcoin Inc.) (the
‘Company’) as of July 31, 2025 and 2024, and the related statements of consolidated statements of operations and
comprehensive loss, consolidated statements of changes in stockholders’ equity, and consolidated statements of cash flows for
each of the years in the two-year period ended July 31, 2025 and 2024, and the related notes (collectively referred to as the
“financial statements”). In our opinion, the financial statements present fairly, in all material respects, the
financial position of the Company as of July 31, 2025 and 2024, and the results of its operations and its cash flows for each of the
years in the two-year period ended July 31, 2025 and 2024, in conformity with accounting principles generally accepted in the United
States of America.

Substantial
Doubt About the Entity’s Ability to Continue as a Going Concern

The
accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in
Note 2 to the financial statements, for the year ended July 31, 2025, the Company has accumulated deficit of $3,045,795, negative
net operating cash flow of $387,521 and net loss of $458,364. These conditions raise substantial doubt about the Company’s
ability to continue as a going concern. Management’s plan in regard to these matters are also described in Note