Company: RHNO
Filing Date: 2025-06-09
Form Type: 10-Q
Source: 0001641172-25-014247
Chunk: 54

Company: RHINO BITCOIN INC.
Filing Date: 2025-06-09
Form: 10-Q
Item: Item 8
Chunk 54
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 of 5.56% adopted from Affin Bank Berhad’s fixed deposit rate as a reference
for discount rate.

On
June 3, 2023, Phoenix Plus International Limited and Phoenix Green Energy Sdn. Bhd. respectively entered into 2 two-years lease with
landlord for renting office space, from August 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 fixed deposit rate as a reference for discount rate.

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 April 30, 2025 (Unaudited)  
    As of July 31, 2024 (Audited) 
  
    Gross lease payable 
    $107,053  
    $107,053 
  
    Less: imputed interest 
     (9,359) 
     (9,359)
  
    Recognition 
    $97,694  
    $97,694 

As
of April 30, 2025 and July 31, 2024, operating lease right of use asset as follow:

 SCHEDULE OF OPERATING LEASE RIGHT OF USE ASSET 

    As of April 30, 2025 (Unaudited)  
    As of July 31, 2024 (Audited) 
  
    Initial recognition as of August 1, 2019 
    $26,772  
    $26,772 
  
    Additional portion from July 31, 2020 to June 30, 2021 
     2,719  
     2,719 
  
    Add: new lease addition from July 1, 2021 to June 30, 2023 
     40