Company: RHNO
Filing Date: 2025-06-09
Form Type: 10-Q
Source: 0001641172-25-014247
Chunk: 57

Company: RHINO BITCOIN INC.
Filing Date: 2025-06-09
Form: 10-Q
Item: Item 8
Chunk 57
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     6.85%

Lease
expenses were $759 for the period ended April 30, 2025 and $3,743 for the period ended April 30, 2024. The Company adopt ASC 842 on and
after August 1, 2019.

    F-16

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)

15.
CONCENTRATION OF RISK

The
Company is exposed to the following concentrations of risk:

 SCHEDULE
OF CONCENTRATION OF RISK

    (a)
    Major
    customers

For
the three months ended April 30, 2025 and 2024, the customer who accounted for 10% or more of the Company’s sales and its outstanding
receivable balance at period-end.

    Three months ended April 30 

    2025  
    2024  
    2025  
    2024  
    2025  
    2024 

    Revenue  
    Percentage of Revenue  
    Trade Receivable 
  
    Customer A 
    $5,859  
    $72,124  
     3% 
     51% 
    $-  
    $67,989 
  
    Customer  B 
     -  
     57,514  
     -  
     41% 
     -  
     3,995 
  
    Customer C 
     210,510  
     -  
     92% 
     -  
     -  
     - 

    $216,369  
    $129,638  
     95% 
     92% 
    $-  
    $71,984 

For
the nine months ended April 30, 2025 and 2024, the customers who accounted for 10% or more of the Company’s sales and its outstanding
receivable balance at period-end are presented as follows:

    Nine months ended April 30 

    2025  
    2024  
    2025  
    2024  
    202