Company: RHNO
Filing Date: 2025-11-13
Form Type: 10-K
Source: 0001493152-25-022052
Chunk: 618

Company: RHINO BITCOIN INC.
Filing Date: 2025-11-13
Form: 10-K
Item: Item 8
Chunk 618
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 Concurrently with the closing of the Merger Agreement, all outstanding shares of the Company’s
wholly-owned subsidiary, Phoenix Plus Corp., a Labuan, Malaysia corporation (“Phoenix Plus Labuan”), were transferred to Mr.
Lee.

In connection with the closing of the Merger Agreement, the Company filed a certificate of designation of Series
A Preferred Stock with Secretary of State of Nevada, pursuant to which the Company designated 200,000 shares as Series A Preferred Stock,
and issued 200,000 shares of Series A Preferred Stock to The Vantage Group Ltd. (“Vantage”), an entity owned by Mr. Hauser.
The Series A Preferred Stock entitles the holder to 51% of the total voting power of the Company’s stockholders, is convertible
into shares of common stock at a ratio of 4.44 shares of common stock for each share of Series A Preferred Stock (subject to adjustment
for stock dividends, stock splits, and similar transactions), has a stated value of $3.00 per share, and will entitle the holder upon
any liquidation of the Company to the stated value prior to any distributions to holders of common stock.

    F-8

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) 

2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The
accompanying consolidated financial statements reflect the application of certain significant accounting policies as described in this
note and elsewhere in the accompanying consolidated financial statements and notes.

Going
Concern

The
accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement
of liabilities and commitments in the normal course of business. As reflected in the accompanying financial statements, for the year
ended July 31, 2025, the Company suffered an accumulated deficit of $3,045,795, negative operating cash flows of $387,521 and net
loss of $458,364 of the date that the financial statements are issued. The financial statements do not include any adjustments that might
be necessary if the Company is unable to continue as a going concern.

The
Company’s ability to continue as a going concern is dependent upon improving its profitability and the continuing financial support