Company: RHNO
Filing Date: 2025-11-13
Form Type: 10-K
Source: 0001493152-25-022052
Chunk: 155

Company: RHINO BITCOIN INC.
Filing Date: 2025-11-13
Form: 10-K
Item: Item 1B
Chunk 155
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5.

    F-16

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

NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS

FOR
THE YEARS ENDED JULY 31, 2025 AND 2024

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

9.
DEFERRED COST 

For
service contracts where the performance obligation is not completed, deferred costs are recorded for any costs incurred in advance of
the performance obligation.

10. AMOUNT DUE TO A RELATED PARTY 

Amount due to a related party is unsecured, interest free and has no fixed
terms of repayment.

11.
TRADE PAYABLES

Trade
payables consisted of the following at July 31, 2025 and July 31, 2024:

SCHEDULE
OF TRADE PAYABLES 

    As of  July 31, 2025 (Audited)  
    As of  July 31, 2024 (Audited) 
  
    Trade payables 
    $138,348  
    $81,466 
  
    Total trade payables 
    $138,348  
    $81,466 

Lenggong
Hydro Sdn. Bhd.

On
February 20, 2024, a WRIT and Statement of Claim were sent to one of the Company’s subsidiary, Phoenix Green Energy Sdn. Bhd. (hereinafter
referred as “PGESB”), from one of PGESB’s supplier, Lenggong Hydro Sdn. Bhd. (hereinafter referred as “LHSB”),
demanding a claim of RM153,588.76. The claim is in relation to unpaid invoices for PGESB’s Helio L3 Solar Project which took place
in Selangor, Malaysia. According to the WRIT, an online case management review was scheduled on March 19, 2024. Due to unexpected circumstances,
the Writ and Statement of Claim only came to PGESB’s attention after March 19, 2024.

Upon
receiving the WRIT, PGESB have appointed Messrs. Andrew, Jye & Co. as solicitor on this matter.

On
April 12, 2024, Messrs. Andrew, Jye & Co submitted on behalf of PGESB a written response to the court, seeking