Company: RHNO
Filing Date: 2025-06-09
Form Type: 10-Q
Source: 0001641172-25-014247
Chunk: 12

Company: RHINO BITCOIN INC.
Filing Date: 2025-06-09
Form: 10-Q
Item: Item 1
Chunk 12
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 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 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.

    F-8

PHOENIX
PLUS CORP.

NOTES
TO CONDENSED FINANCIAL STATEMENTS

FOR
THE NINE MONTHS ENDED APRIL 30, 2025

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

(UNAUDITED)

Net
loss per share

The
Company calculates net loss per share in accordance with ASC Topic 260, “Earnings per Share.” Basic loss per share
is computed by dividing the net loss by the weighted-average number of common shares outstanding during the period. Diluted income per
share is computed similar to basic loss per share except that the denominator is increased to include the number of additional common
shares that would have been outstanding if the potential common stock equivalents had been issued and if the additional common shares
were dilutive.

Foreign
currencies translation

Transactions
denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing
at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated
into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded
in the statements of operations.

The
reporting currency of the Company is United States Dollars (“US$”). The Company’s subsidiary in Labuan and Hong Kong
maintains its books and record in United States Dollars (“US$”) respectively, and the Company’s subsidiary in Malaysia
maintains its books and record in Ringgit Malaysia (“MYR”) which is also its functional currency, as it reflects the primary
economic environment in which the entity operates.

In
general, for consolidation purposes, assets and liabilities of its