Company: RHNO
Filing Date: 2025-11-13
Form Type: 10-K
Source: 0001493152-25-022052
Chunk: 90

Company: RHINO BITCOIN INC.
Filing Date: 2025-11-13
Form: 10-K
Item: Item 1A
Chunk 90
---
 statements include the accounts of the Company and its subsidiaries in which the Company is the primary beneficiary.
All inter-company accounts and transactions have been eliminated upon consolidation.

    F-9

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) 

Use
of estimates

Management
uses estimates and assumptions in preparing these financial statements in accordance with US GAAP. Those estimates and assumptions affect
the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities in the balance sheets, and the reported
revenue and expenses during the year reported. Actual results may differ from these estimates.

Revenue
recognition

In
accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic
606, Revenue from Contracts. ASC 606 creates a five-step model that requires entities to exercise judgment when considering the
terms of contracts, which includes (1) identifying the contracts or agreements with a customer, (2) identifying our performance obligations
in the contract or agreement, (3) determining the transaction price, (4) allocating the transaction price to the separate performance
obligations, and (5) recognizing revenue as each performance obligation is satisfied. The Company only applies the five-step model to
contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the services it transfers
to its clients.

Revenue
is measured at the fair value of the consideration received or receivable, net of discounts and taxes applicable to the revenue. The
Company derives its revenue from solar PV system installation services, consultancy services provided to our customers on engineering,
equipment procurement and transportation, construction on solar plant.

The
revenue from long term contract is recognized by reference to the stage of completion of the contract activity at the end of the reporting
period, the stage of completion is measured by the proportion that costs incurred for work performed to date bear to the estimated total
costs. The revenue from non-contract customers is recognized upon the delivery of services.

The
Company applied judgements and assumptions that significantly affect the determination of the amount and timing of revenue recognized
from contracts with customers for providing renewable energy turnkey solutions, including engineering, procurement, construction and
commissioning (“