Company: RHNO
Filing Date: 2025-06-09
Form Type: 10-Q
Source: 0001641172-25-014247
Chunk: 68

Company: RHINO BITCOIN INC.
Filing Date: 2025-06-09
Form: 10-Q
Item: Item 8
Chunk 68
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 Insolvency Department.

The
hearing of petition of the case was held on May 31, 2023. On the same day, the court has given order that:

    a.
    VCASB
    is wound up under the provisions of the Companies Act Malaysia 2016;

    b.
    The
    Malaysian Receiver Officer (Director General of Insolvency/ Department of Insolvency Malaysia) is appointed as Liquidator for VCASB;
    and

    c.
    The
    cost of RM5,000 will be paid from the assets of VCASB to petitioner.

The
Company also advertised the Winding Up Order in the newspaper NST and had it gazetted.

Therefore,
the Winding Up Petition was completed and closed at the stage of advertisement and gazettement of the Winding Up Order.

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 to set aside the judgment
and initiate another round of case management. Additionally, on April 25, 2024, the solicitor delivered on-behalf PGESB a letter on to
LHSB’s solicitor, proposing a settlement of MYR90,000.00 (“Proposed Settlement”). As of June 12, PGESB are still awaiting
response from LHSB.

In
the event that LHSB