Company: RHNO
Filing Date: 2025-06-09
Form Type: 10-Q
Source: 0001641172-25-014247
Chunk: 15

Company: RHINO BITCOIN INC.
Filing Date: 2025-06-09
Form: 10-Q
Item: Item 1
Chunk 15
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 information that helps investors better understand
how an entity’s operations, tax risks, tax planning and operational opportunities affect its tax rate and prospects for future
cash flows. The amendments in this update primarily relate to requiring greater disaggregated disclosure of information in the rate reconciliation,
income taxes paid, income (loss) from continuing operations before income tax expense (benefit), and income tax expense (benefit) from
continuing operations. The ASU is effective for fiscal years beginning after December 15, 2024, and early adoption is permitted. The
standard can be applied prospectively or retrospectively.

In
November 2024, the FASB issued ASU 2024-03, 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-10

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)

3.
COMMON STOCK

As
of April 30, 2025, the Company has an issued and outstanding common share of 332,699,500.

4.
PLANT AND EQUIPMENT

Plant
and equipment as of April 30, 2025 and July 31, 2024 are summarized below:

SCHEDULE
OF PROPERTY, PLANT AND EQUIPMENT

    As of April 30, 2025  
    As of July 31, 202