Company: RHNO
Filing Date: 2025-11-13
Form Type: 10-K
Source: 0001493152-25-022052
Chunk: 392

Company: RHINO BITCOIN INC.
Filing Date: 2025-11-13
Form: 10-K
Item: Item 5
Chunk 392
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 ended July 31, 2025 and 2024, net cash used in investing activities was $3,030 and $13,967. The investing cash
flow performance primarily reflects the purchase of property, plant and equipment.

Credit
Facilities

We
do not have any credit facilities or other access to bank credit.

8

Critical
Accounting Policies and Estimates

Going
Concern

The
accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement
of liabilities and commitments in the normal course of business. As reflected in the accompanying financial statements, for the year
ended July 31, 2025, the Company suffered an accumulated deficit of $3,045,795, negative operating cash flows of $387,521 and net loss
of $458,364. The financial statements do not include any adjustments that might
be necessary if the Company is unable to continue as a going concern.

The
Company’s ability to continue as a going concern is dependent upon improving its profitability and the continuing financial support
from its major shareholders. Management believes the existing shareholders or external financing will provide the additional cash to
meet the Company’s obligations as they become due. No assurance can be given that any future financing, if needed, will be available
or, if available, that it will be on terms that are satisfactory to the Company. Even if the Company is able to obtain additional financing,
if needed, it may contain undue restrictions on its operations, in the case of debt financing, or cause substantial dilution for its
stock holders, in the case of equity financing.

Basis
of presentation

The
consolidated financial statements for Phoenix Plus Corp. (now known as Rhino Bitcoin Inc.) and its subsidiaries for the year ended July
31, 2025 is prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”)
and include the accounts of Phoenix Plus Corp. (now known as Rhino Bitcoin Inc.) and its wholly owned subsidiaries, Phoenix Plus Corp.,
Phoenix Plus International Limited and Phoenix Green Energy Sdn. Bhd. Intercompany accounts and transactions have been eliminated on
consolidation. The Company has adopted July 31 as its fiscal year end.

Basis
of consolidation

The
consolidated financial statements include the accounts of the Company and its subsidiaries. All inter-company accounts and transactions
have been eliminated upon consolidation.

Use
of estimates

Management
uses estimates and assumptions in preparing