Company: RHNO
Filing Date: 2025-06-09
Form Type: 10-Q
Source: 0001641172-25-014247
Chunk: 82

Company: RHINO BITCOIN INC.
Filing Date: 2025-06-09
Form: 10-Q
Item: Item 4
Chunk 82
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Evaluation
of Disclosure Controls and Procedures:

We
carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Exchange
Act Rules 13a-15(e) and 15d-15(e)) as of April 30, 2025. This evaluation was carried out under the supervision and with the participation
of our Chief Executive Officer. Based upon that evaluation, our Chief Executive Officer concluded that, as of April 30, 2025, our disclosure
controls and procedures were not effective due to the presence of material weaknesses in internal control over financial reporting.

A
material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is
a reasonable possibility that a material misstatement of the company’s annual or interim financial statements will not be prevented
or detected on a timely basis. Management has identified the following material weaknesses which have caused management to conclude that,
as of April 30, 2025, our disclosure controls and procedures were not effective: (i) inadequate segregation of duties and effective risk
assessment; and (ii) insufficient written policies and procedures for accounting and financial reporting with respect to the requirements
and application of both US GAAP and SEC guidelines.

Changes
in Internal Control over Financial Reporting:

There
were no changes in our internal control over financial reporting during the quarter ended April 30, 2025, that have materially affected,
or are reasonably likely to materially affect, our internal control over financial reporting.

6

PART
II — OTHER INFORMATION

Item
1. Legal Proceedings

“VCASB”
holding 33.96% of the issued share capital of VCASB, had requested to convene an Extraordinary General Meeting (“EGM”) of
VCASB pursuant to Section 310(b) and Section 311 of the Companies Act 2016 within 14 days from the date thereof and to be held at Level
5, Tower 8, Avenue 5, Horizon 2, Bangsar South City, 59200 Kuala Lumpur to explain on VCASB company business status and other related
issues, yet the Company received no response from the director to the shareholders of VCASB.

The
EGM was held on September 20, 2022, during the EGM the Company seek to discuss the operational affairs of VCASB, however, the EGM could
not proceed further without the presence of the director of VCASB.

Given