Company: RHNO
Filing Date: 2025-11-13
Form Type: 10-K
Source: 0001493152-25-022052
Chunk: 223

Company: RHINO BITCOIN INC.
Filing Date: 2025-11-13
Form: 10-K
Item: Item 2
Chunk 223
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estimates,” “predicts,” “potential”
or “continue,” or the negative of such terms or other words and terms of similar meaning. Although we believe that the expectations
reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, achievements,
or timeliness of such results. Moreover, neither we nor any other person assumes responsibility for the accuracy and completeness of
such forward-looking statements. We disclaim any obligation to publicly update these statements, or disclose any difference between actual
results and those reflected in these statements, except as may be required under applicable law

You
should read the following description of our financial condition and results of operations in conjunction with the financial statements
and accompanying notes included in this Annual Report beginning on page F-1.

Overview

During
the years ended July 31, 2024 and 2025, Phoenix Plus operated through its wholly owned subsidiary, Phoenix Plus Labuan (which owned 100% of Phoenix Plus International Limited, an operating Hong Kong company and 100% of Phoenix Green Energy
Sdn. Bhd., an operating Malaysia company). During such periods, the Company was engaged in providing technical consultancy on solar power systems and consultancy on green energy
solutions.

On
August 19, 2025, the Company acquired all of the outstanding capital stock of Rhino Digital. The acquisition of Rhino Digital is treated
as a reverse acquisition (the “Reverse Acquisition”), and the business of Rhino Digital became the business of the Company.
Concurrently with the closing of the Reverse Acquisition, all outstanding shares of Phoenix Plus Labuan were transferred to Mr. Lee Chong
Chow, the Company’s former chief executive officer. The financial statements and management’s discussion and analysis included
in this report cover the year ended July 31, 2025 and thus relate to the business of the Company prior to the Reverse Acquisition (see
“Business”), except as otherwise indicated.

Results
of Operations

Revenue

The
Company generated revenue of $478,159 and $1,232,326 for the year ended July 31, 2025 and 2024. The
revenue represented income from solar PV system installation services, consultancy services provided to our customers on engineering,
equipment procurement and transportation, construction on solar plant. The decrease in revenue was mainly due to the completion of several
major solar installation projects in the previous financial year.

7

Cost
of Revenue and Gross Margin

For
the year ended July 31,