Company: RHNO
Filing Date: 2025-11-13
Form Type: 10-K
Source: 0001493152-25-022052
Chunk: 243

Company: RHINO BITCOIN INC.
Filing Date: 2025-11-13
Form: 10-K
Item: Item 2
Chunk 243
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 the total project costs for each project phase by examining documentary evidence such as letters
    of award issued to contractors to support the budgeted gross project cost. We also considered the historical accuracy of management’s
    forecasts for the similar projects within the Company in evaluating the estimated total project costs;
  
    (d)

    Evaluated
    the determination of progress of projects by examining supporting evidence such as contractors’ progress claims and suppliers’
    invoices.

The
Company’s disclosure on contract assets is included in Note 7 to the financial statements. 

    /s/
    JP CENTURION & PARTNERS PLT

    JP
    CENTURION & PARTNERS PLT

    We
    have served as the Company’s auditor since 2022. 

    JP
    Centurion & Partners PLT (PCAOB: 6723)

    Kuala
    Lumpur, Malaysia

    November 13, 2025

F-3

PHOENIX PLUS CORP. (NOW KNOWN AS RHINO BITCOIN INC.)

CONSOLIDATED
BALANCE SHEETS

AS
OF JULY 31, 2025 and 2024

(Currency
expressed in United States Dollars (“US$”), except for number of shares)

(Audited)

    As of  
    As of 

    July 31, 2025 (Audited)  
    July 31, 2024 (Audited) 

    ASSETS 

    Current assets 

    Cash at banks 
    $25,052  
    $434,351 
  
    Trade receivables, net of allowance for credit loss of $0 and $116,687 as of July 31, 2025 and July 31, 2024, respectively 
     202,461  
     10,964 
  
    Retention sum receivables 
     90,461  
     109,945 
  
    Other receivables, prepayments and deposits 
     1,001,736  
     12,801 
  
    Contract assets 
     213,187  
     269,434 
  
    Deferred cost 
     -  
     4,122 
  
    Total current assets 
     1,532,897  
     841,617 
  
    Non-current assets 

    Property, plant and equipment, net 
     18