Company: RHNO
Filing Date: 2025-06-09
Form Type: 10-Q
Source: 0001641172-25-014247
Chunk: 17

Company: RHINO BITCOIN INC.
Filing Date: 2025-06-09
Form: 10-Q
Item: Item 1
Chunk 17
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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.

On
May 23, 2023, the Company’s solicitor, Messrs. Amos Ho, Sew & Kiew, has delivered an affidavit on compliance of all provisions
of Companies Winding UP Rules 1972 (Malaysia). On the same day, the Company’s solicitor also delivered an affidavit to the local
court to confirm serving of Memorandum of Advertisement and Gazetting to Registrar of Companies and Insolvency Department.

The
Company also advertised the Winding Up Order in the newspaper NST and had it gazetted.

As
of October 31, 2024, the Winding Up Petition was completed and closed at the stage of advertisement and gazettement of the Winding Up
Order.

    F-11

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)

6.
TRADE RECEIVABLES

Trade
receivables consisted of the following at April 30, 2025 and July 31, 2024:

SCHEDULE OF TRADE RECEIVABLES

    As of April 30, 2025  
    As of July 31, 2024 

    (Unaudited)  
    (Audited) 
  
    Trade receivables 
    $38,240  
    $36,330 
  
    Less: Allowance for credit losses 
     (27,011) 
     (25,366)
  
    Total trade