Company: RHNO
Filing Date: 2025-11-13
Form Type: 10-K
Source: 0001493152-25-022052
Chunk: 523

Company: RHINO BITCOIN INC.
Filing Date: 2025-11-13
Form: 10-K
Item: Item 7
Chunk 523
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 and corporate development services to the clients. Details of the Company’s
subsidiaries:

SCHEDULE
OF DETAILS OF COMPANY’S SUBSIDIARY

    Company
    name
     
    Place
    and date of incorporation
     
    Particulars
    of issued capital
     
    Principal
    activities
     
    Proportional
    of ownership interest and voting power held

    1.
    Phoenix
    Plus Corp.
     
    Labuan
    / January 4, 2019
     
    100
    shares of ordinary share of US$1 each
     
    Investment
    holding
     
    100%

    2.
    Phoenix
    Plus International Limited
     
    Hong
    Kong / March 19, 2019
     
    1
    ordinary share of HK$1 each
     
    Providing
    technical consultancy on solar power system and consultancy on green energy solution
     
    100%

    3.
    
    Phoenix
    Green Energy Sdn. Bhd.
     
    Malaysia
    / May 17, 2022
     
    1,200,000
    shares of ordinary share of MYR1 each
     
    Providing
    renewable energy turnkey solutions from engineering, procurement, construction and commissioning services
     
    100%

On August 19, 2025, the Company closed its previously
disclosed agreement and plan of merger (the “Merger Agreement”) among the Company, Rhino Merger Acquisition Sub, Inc., a newly
formed wholly-owned subsidiary of the Company (“Merger Sub”), Rhino Digital Inc. (“Rhino”), and solely with respect
to Section 9.1(d) of the Merger Agreement, the Selling Shareholders named therein.

Pursuant to the Merger Agreement,
effective upon the closing thereof, (i) Merger Sub merged with and into Rhino, with Rhino surviving as the wholly-owned subsidiary of
the Company, (ii) each share of common stock of Rhino converted into the right to receive two shares of common stock of the Company, (iii)
the outstanding shares of Series A Preferred Stock of Rhino converted into an aggregate of 200,000 shares of newly created Series A Preferred
Stock of the Company with substantially identical terms as the Rhino Series A Preferred Stock, (iv) convertible notes of Rhino converted
into shares of common stock of the Company at a conversion