Company: RHNO
Filing Date: 2025-06-09
Form Type: 10-Q
Source: 0001641172-25-014247
Chunk: 47

Company: RHINO BITCOIN INC.
Filing Date: 2025-06-09
Form: 10-Q
Item: Item 8
Chunk 47
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 Clarifying the Effective Date. The ASU is effective for fiscal years beginning
after December 15, 2026, and interim periods beginning after December 15, 2027. Companies have the option to apply this guidance either
on a retrospective or prospective basis, and early adoption is permitted.

The
Company reviews new accounting standards as issued. Management has not identified any other new standards that it believes will have
a significant impact on the Company’s financial statements.

    F-10

PHOENIX
PLUS CORP.

NOTES
TO CONDENSED FINANCIAL STATEMENTS

FOR
THE NINE MONTHS ENDED APRIL 30, 2025

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

(UNAUDITED)

3.
COMMON STOCK

As
of April 30, 2025, the Company has an issued and outstanding common share of 332,699,500.

4.
PLANT AND EQUIPMENT

Plant
and equipment as of April 30, 2025 and July 31, 2024 are summarized below:

SCHEDULE
OF PROPERTY, PLANT AND EQUIPMENT

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

    (Unaudited)  
    (Audited) 
  
    Leasehold improvement 
    $114,263  
    $114,263 
  
    Computer hardware and software 
     10,392  
     10,294 
  
    Machinery 
     377  
     377 
  
    Motor vehicle 
     11,304  
     11,304 
  
    Tools and gauges 
     3,393  
     3,123 
  
    Signage 
     1,071  
     - 
  
    Total 
     140,800  
     139,361 
  
    Accumulated depreciation 
     (122,634) 
    $(118,450)
  
    Effect of translation exchange 
     1,096  
     (94)
  
    Plant and equipment, net 
    $19,262  
    $20,817 

These
leasehold improvements include, but are not strictly limited to, preparing the interior of the office space for the Company’s use,
improving functionality, and purchasing new office equipment. The leasehold improvement has completed on September