Company: RHNO
Filing Date: 2025-11-13
Form Type: 10-K
Source: 0001493152-25-022052
Chunk: 463

Company: RHINO BITCOIN INC.
Filing Date: 2025-11-13
Form: 10-K
Item: Item 6
Chunk 463
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 project costs (which is used to determine gross profit margin of project activities
undertaken by the Company). The amount of revenue and profit recognized from project activities are dependent on, amongst others, the
extent of costs incurred to the total estimated costs of construction to derive the percentage-of-completion and the estimated total
revenue for each of the respective projects.

In
addressing this area of focus, we performed, amongst others, the following procedures:

    (a)
    Obtained
    an understanding of the processes and internal controls over the accuracy and timing of revenue recognized in the financial statements,
    including controls performed by management in estimating the total project costs, profit margin and progress of projects;
  
    (b)
    For
    individually significant projects, we read the contracts entered into with customers to obtain an understanding of the specific terms
    and conditions;
  
    (c)
    Evaluated
    the assumptions applied in estimating the total project costs for each project phase by examining documentary evidence such as letters
    of award issued to contractors to support the budgeted gross project cost. We also considered the historical accuracy of management’s
    forecasts for the similar projects within the Company in evaluating the estimated total project costs;
  
    (d)

    Evaluated
    the determination of progress of projects by examining supporting evidence such as contractors’ progress claims and suppliers’
    invoices.

The
Company’s disclosure on contract assets is included in Note 7 to the financial statements. 

    /s/
    JP CENTURION & PARTNERS PLT

    JP
    CENTURION & PARTNERS PLT

    We
    have served as the Company’s auditor since 2022. 

    JP
    Centurion & Partners PLT (PCAOB: 6723)

    Kuala
    Lumpur, Malaysia

    November 13, 2025

F-3

PHOENIX PLUS CORP. (NOW KNOWN AS RHINO BITCOIN INC.)

CONSOLIDATED
BALANCE SHEETS

AS
OF JULY 31, 2025 and 2024

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

(Audited)

    As of  
    As of 

    July 31, 2025 (Audited)  
    July 31, 2024 (Audited) 

    ASSETS 

    Current assets 

    Cash at banks