Company: RHNO
Filing Date: 2025-06-09
Form Type: 10-Q
Source: 0001641172-25-014247
Chunk: 48

Company: RHINO BITCOIN INC.
Filing Date: 2025-06-09
Form: 10-Q
Item: Item 8
Chunk 48
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2019.

Depreciation
expense for the period ended April 30, 2025 and April 30, 2024 was $4,184 and $1,840 respectively.

5.
EQUITY METHOD INVESTMENT

SCHEDULE
OF EQUITY METHOD INVESTMENT

    As of April 30, 2025  
    As of July 31, 2024 

    (Unaudited)  
    (Audited) 
  
    Investment, at cost 
    $232,040  
    $232,040 
  
    Less: Equity method loss 
     (335) 
     (335)
  
    Less: Impairment loss on investment 
     -  
     (231,705)
  
    Less: Write off on investment 
     (231,705) 
     - 
  
    Equity method investment 
    $-  
    $- 

The
Company holds investment in business that is accounted for pursuant to the equity method due to the Company’s ability to exert
significant influence over decisions relating to its operating and financial affairs. Revenue and expenses of this investment are not
consolidated into the Company’s financial statements; rather, the proportionate share of the earnings/losses is reflected as equity
method earnings/losses in statements of operations and comprehensive income/loss.

As
of July 31, 2022, the Company holds 33.9% interest in Vettons City Angels Sdn. Bhd, a Malaysia corporation (hereinafter referred as “VCASB”).
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.

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