Company: RHNO
Filing Date: 2025-06-09
Form Type: 10-Q
Source: 0001641172-25-014247
Chunk: 13

Company: RHINO BITCOIN INC.
Filing Date: 2025-06-09
Form: 10-Q
Item: Item 1
Chunk 13
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 subsidiary whose functional currency is not the US$ are translated
into US$, in accordance with ASC Topic 830-30, “Translation of Financial Statement”, using the exchange rate on the
balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. The gains and losses resulting
from translation of financial statements of foreign subsidiary are recorded as a separate component of accumulated other comprehensive
income/loss within the statement of stockholders’ equity.

Translation
of amounts from MYR into US$1 and HK$ into US$1 has been made at the following exchange rates for the respective periods:

SCHEDULE
OF FOREIGN CURRENCY TRANSLATION

    As of and for the period ended April 30, 2025  
    As of and for the period ended April 30, 2024 

    Period-end RM : US$1 exchange rate 
     4.32  
     4.77 
  
    Period-average RM : US$1 exchange rate 
     4.28  
     4.75 
  
    Period-end HK$: US$1 exchange rate 
     4.32  
     7.82 
  
    Period-average HK$ : US$1 exchange rate 
     4.28  
     7.74 

Related
parties

Parties,
which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control
the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also
considered to be related if they are subject to common control or common significant influence.

    F-9

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)

Fair
value of financial instruments:

The
carrying value of the Company’s financial instruments: cash and cash equivalents, prepayment, deposits, accounts payable and accrued
liabilities and amount due to a director approximate at their fair values because of the short-term nature of these financial instruments.

The
Company also follows the guidance of the ASC Topic 820-10, “Fair Value Measurements and Disclosures” (“ASC 820-10”),
with respect to financial assets and liabilities that