Company: RHNO
Filing Date: 2025-11-13
Form Type: 10-K
Source: 0001493152-25-022052
Chunk: 635

Company: RHINO BITCOIN INC.
Filing Date: 2025-11-13
Form: 10-K
Item: Item 8
Chunk 635
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 1, 2023 to July 31, 2025, with an option to renew after the end of the tenancy
agreement. Phoenix Plus International Limited and Phoenix Green Energy Sdn. Bhd. respectively recognized lease liabilities of
approximately US$25,967 and US$60,850, with a corresponding right-of-use asset in the same
amount based on the present value of the future minimum rental payments of the lease, with borrowing rate of 6.85% adopted
from CIMB Bank Berhad’s base lending rate as a reference for discount rate. The tenancy agreement entered into by Phoenix Plus
International Limited and Phoenix Green Energy Sdn. Bhd. was early terminated on June 5, 2025.

A
single lease cost is recognized over the lease term on a generally straight-line basis. All cash payments of operating lease cost are
classified within operating activities in the statement of cash flows.

The
initial recognition of operating lease right and lease liability as follow:

 SCHEDULE OF INITIAL RECOGNITION OF OPERATING LEASE
RIGHT AND LEASE LIABILITY

    As of  July 31, 2025  
    As of  July 31, 2024 

     (Audited)   
     (Audited)  
  
    Gross lease payable 
    $107,053  
    $107,053 
  
    Less: imputed interest 
     (9,359) 
     (9,359)
  
    Initial recognition 
    $97,694  
    $97,694 

    F-19

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)

As
of July 31, 2025 and July 31, 2024, operating lease right of use asset as follow:

 SCHEDULE OF OPERATING LEASE RIGHT OF USE ASSET 

    As of  July 31, 2025  
    As of  July 31, 2024 

     (Audited)  
     (Audited) 
  
    Initial recognition as of August 1, 2019 
    $26,772  
    $26