Company: RHNO
Filing Date: 2025-11-13
Form Type: 10-K
Source: 0001493152-25-022052
Chunk: 204

Company: RHINO BITCOIN INC.
Filing Date: 2025-11-13
Form: 10-K
Item: Item 1C
Chunk 204
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03, Disaggregation of Income Statement Expenses. The new standard requires entities to disclose
additional information about certain expenses, such as purchases of inventory, employee compensation, depreciation, intangible asset
amortization, as well as selling expenses included in commonly presented expense captions on the income statement. The FASB further clarified
the effective date in January 2025 with the issuance of ASU 2025-01, Income Statement – Reporting Comprehensive Income –
Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date. The ASU is effective for fiscal years beginning
after December 15, 2026, and interim periods beginning after December 15, 2027. Companies have the option to apply this guidance either
on a retrospective or prospective basis, and early adoption is permitted.

The
Company reviews new accounting standards as issued. Management has not identified any other new standards that it believes will have
a significant impact on the Company’s financial statements.

    F-13

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)

3.
COMMON STOCK

On
November 5, 2018, the founder of the Company, Mr. Fong Teck Kheong subscribed 100,000 restricted common shares of the Company at a par
value of $0.0001 per share for the Company’s initial working capital.

On
March 25, 2019, Mr. Fong Teck Kheong further subscribed 119,900,000 restricted common shares of the Company at a par value of $0.0001
per share for additional working capital of $11,990.

Between
March 28, 2019 to April 1, 2019, the others founder of the Company, subscribed 180,000,000 restricted common shares of the Company at
a par value of $0.0001 per share, for total additional working capital of $18,000.

Between
April 9, 2019 to April 16, 2019, the Company has issued 25,100,000 restricted common shares of the Company at $0.03 per share, for a
total consideration of $753,000