Company: RHNO
Filing Date: 2025-06-09
Form Type: 10-Q
Source: 0001641172-25-014247
Chunk: 53

Company: RHINO BITCOIN INC.
Filing Date: 2025-06-09
Form: 10-Q
Item: Item 8
Chunk 53
---
 net audited profit.

Hong
Kong

Phoenix
Plus International Limited is subject to Hong Kong Profits Tax, which is charged at the statutory income rate of 16.5% on its assessable
income.

Malaysia

Phoenix
Green Energy Sdn. Bhd. is subject to Malaysia Corporate Tax, which is charged at the statutory income tax rate range from 24% on its
assessable income.

    F-14

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)

14.
LEASE RIGHT-OF-USE ASSET AND LEASE LIABILITIES

The
Company officially adopted ASC 842 for the year on and after August 1, 2019 as permitted by ASU 2016-02. ASC 842 originally required
all entities to use a “modified retrospective” transition approach that is intended to maximize comparability and be less
complex than a full retrospective approach. On July 30, 2018, the FASB issued ASU 2018-11 to provide entities with relief from the costs
of implementing certain aspects of the new leasing standard, ASU 2016-02 of which permits entities may elect not to recast the comparative
years presented when transitioning to ASC 842. As permitted by ASU 2018-11, the Company elect not to recast comparative years, thusly.

As
of July 1, 2021, the Company recognized approximately US$40,445, lease liability as well as right-of-use asset for all leases (with the
exception of short-term leases) at the commencement date. Lease liabilities are measured at present value of the sum of remaining rental
payments as of July 1, 2021, with borrowing rate of 5.60% adopted from CIMB Bank Berhad’s fixed deposit rate as a reference for
discount rate.

As
of June 1, 2022, the Company recognized another approximately US$9,343, lease liability as well as right-of-use asset for all leases
(with the exception of short-term leases) at the commencement date. Lease liabilities are measured at present value of the sum of remaining
rental payments as of June 1, 2022, with borrowing rate