Company: RHNO
Filing Date: 2025-11-13
Form Type: 10-K
Source: 0001493152-25-022052
Chunk: 634

Company: RHINO BITCOIN INC.
Filing Date: 2025-11-13
Form: 10-K
Item: Item 8
Chunk 634
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 income tax rate at    24%
on its assessable income.

    F-18

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)

15.
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 base lending 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 of 5.56 % adopted from CIMB Bank Berhad’s base lending rate
as a reference for discount rate.

On
June 3, 2023, Phoenix Plus International Limited and Phoenix Green Energy Sdn. Bhd. respectively entered into 2 two-years lease with
landlord for renting office space, from August