Company: RHNO
Filing Date: 2025-06-09
Form Type: 10-Q
Source: 0001641172-25-014247
Chunk: 21

Company: RHINO BITCOIN INC.
Filing Date: 2025-06-09
Form: 10-Q
Item: Item 1
Chunk 21
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 of income earned in various tax jurisdictions that apply a broad
range of income tax rates. The Company has subsidiaries that operate in various countries: United States, Labuan and Hong Kong that are
subject to taxes in the jurisdictions in which they operate, as follows:

United
States of America

The
Company is registered in the State of Nevada and is subject to the tax laws of the United States of America. As of April 30, 2024 the
operations in the United States of America incurred $929,416 of cumulative net operating losses which can be carried forward to offset
a maximum of 80% future taxable income. The net operating loss carry forwards begin to expire in 2038, if unutilized. The Company has
provided for a full valuation allowance of $743,533 against the deferred tax assets on the expected future tax benefits from the net
operating loss carry forwards as the management believes it is more likely than not that these assets will not be realized in the future.

Labuan

Under
the current laws of the Labuan, Phoenix Plus Corp.is governed under the Labuan Business Activity Act, 1990. The tax charge for such company
is based on 3% of 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