Company: RHNO
Filing Date: 2025-11-13
Form Type: 10-K
Source: 0001493152-25-022052
Chunk: 261

Company: RHINO BITCOIN INC.
Filing Date: 2025-11-13
Form: 10-K
Item: Item 2
Chunk 261
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, and purchasing new office equipment. The leasehold improvement has completed on September 2019.

Depreciation
expense for the year ended July 31, 2025 and July 31, 2024 was $5,677 and $2,896 respectively.

5.
EQUITY METHOD INVESTMENT

SCHEDULE
OF EQUITY METHOD INVESTMENT

    As of  July 31, 2025 (audited)  
    As of  July 31, 2024 (audited) 
  
    Investment, at cost 
    $232,040  
    $232,040 
  
    Equity method loss 
     (335) 
     (335)
  
    Impairment loss on investment 
     (231,705) 
     (231,705)
  
    Equity method investment 
    $-  
    $- 

The
Company holds investment in business that is accounted for pursuant to the equity method due to the Company’s ability to exert
significant influence over decisions relating to its operating and financial affairs. Revenue and expenses of this investment are not
consolidated into the Company’s financial statements; rather, the proportionate share of the earnings/losses is reflected as equity
method earnings/losses in statements of operations and comprehensive income/loss.

As
of July 31, 2022, the Company holds 33.9% interest in Vettons City Angels Sdn. Bhd, a Malaysia corporation (hereinafter referred as “VCASB”).
The Company accounted $335 of equity method loss of investment in VCASB for the year ended July 31, 2022.

On
October 26, 2022, VCASB was served with a winding up petition, which the hearing of petition of the case was held on May 31, 2023 and
the Malaysian court has given order that VCASB is to wind up under the provisions of the Companies Act Malaysia 2016.

    F-15

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)

On
May 23, 2023, the Company’s solicitor, Messrs. Amos