Company: RHNO
Filing Date: 2025-11-13
Form Type: 10-K
Source: 0001493152-25-022052
Chunk: 31

Company: RHINO BITCOIN INC.
Filing Date: 2025-11-13
Form: 10-K
Item: Item 1
Chunk 31
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- 
  
    Income taxes paid 
    $-  
    $- 
  
    Interest paid 
    $-  
    $- 

See
accompanying notes to consolidated financial statements.

F-7

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)

1.
DESCRIPTION OF BUSINESS AND ORGANIZATION

Phoenix Plus Corp. (now known as Rhino Bitcoin Inc.) was incorporated on November 5, 2018 under the laws of the state of Nevada.

The
Company, through its subsidiaries, engaged in providing technical consultancy on solar power system and consultancy on green energy solution,
and also focused on the commercialization of a targeted portfolio of solar products (amorphous thin film solar panels and ancillary products)
and technologies for a wide range of applications including electrical power production.

On
March 18, 2019, the Company acquired 100% of the equity interests in Phoenix Plus Corp. (herein referred as the “Malaysia Company”),
a private limited company incorporated in Labuan, Malaysia.

On
July 25, 2019, Phoenix Plus Corp., a Malaysia Company, acquired Phoenix Plus International Limited (herein referred as the “Hong
Kong Company”), a private limited company incorporated in Hong Kong.

On
May 17, 2022, the Company, through its Labuan incorporated subsidiary, Phoenix Plus Corp., subscribed 100% of the equity interests in
Phoenix Green Energy Sdn. Bhd., a private limited company incorporated in Malaysia.

The
Company, through its subsidiaries, mainly provides incubation and corporate development services to the clients. Details of the Company’s
subsidiaries:

SCHEDULE
OF DETAILS OF COMPANY’S SUBSIDIARY

    Company
    name
     
    Place
    and date of incorporation
     
    Particulars
    of issued capital
     
    Principal
    activities
     
    Proportional
    of ownership interest and voting power held

    1.
    Phoenix
    Plus Corp.
     
    Labuan
    / January 4, 2019
     
    100
    shares of ordinary share of US$1 each
     
    Investment