Company: RHNO
Filing Date: 2025-11-13
Form Type: 10-K
Source: 0001493152-25-022052
Chunk: 319

Company: RHINO BITCOIN INC.
Filing Date: 2025-11-13
Form: 10-K
Item: Item 3
Chunk 319
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 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 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 reject the Proposed Settlement, both parties are required to serve Written Submission and Reply Submission by June
21, 2024 and July 5, 2024, respectively. A judgement are scheduled on July 24, 2024, which could be withdrawn with the acceptance of
Proposed Settlement by LHSB prior to the date.

On
August 27, 2024, LHSB’s solicitor, on behalf of LHSB, confirmed acceptance of the proposed settlement, with payment due on or before
September 6, 2024. PGESB made full payment of the proposed settlement on September 4, 2024. On September 6, 2024, the court was issued
the notice of discontinuance.

12.
OTHER PAYABLES AND ACCRUED LIABILITIES

Other
payables and accrued liabilities consisted of the following at July 31, 2025 and July 31, 2024:

SCHEDULE OF OTHER PAYABLES AND ACCRUED