Company: RHNO
Filing Date: 2025-11-13
Form Type: 10-K
Source: 0001493152-25-022052
Chunk: 62

Company: RHINO BITCOIN INC.
Filing Date: 2025-11-13
Form: 10-K
Item: Item 1A
Chunk 62
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 19, 2025, the Company acquired all of the outstanding capital stock of Rhino Digital. The acquisition of Rhino Digital is treated
as a reverse acquisition (the “Reverse Acquisition”), and the business of Rhino Digital became the business of the Company.
Concurrently with the closing of the Reverse Acquisition, all outstanding shares of Phoenix Plus Labuan were transferred to Mr. Lee Chong
Chow, the Company’s former chief executive officer. The financial statements and management’s discussion and analysis included
in this report cover the year ended July 31, 2025 and thus relate to the business of the Company prior to the Reverse Acquisition (see
“Business”), except as otherwise indicated.

Results
of Operations

Revenue

The
Company generated revenue of $478,159 and $1,232,326 for the year ended July 31, 2025 and 2024. The
revenue represented income from solar PV system installation services, consultancy services provided to our customers on engineering,
equipment procurement and transportation, construction on solar plant. The decrease in revenue was mainly due to the completion of several
major solar installation projects in the previous financial year.

7

Cost
of Revenue and Gross Margin

For
the year ended July 31, 2025 and 2024, cost incurred in providing consultancy services and installation
services was $411,361 and $1,284,930. The Company generated gross profit / (loss) of $66,798 and $(52,604) for the year ended July
31, 2025 and 2024.

General
and Administrative Expenses

General
and administrative expenses for the year ended July 31, 2025 and 2024 amounted to $572,495 and $379,088 respectively. These expenses
are comprised of salary, consultancy fees for listing advisory, professional fee, compliance fee, office and outlet operation expenses
and depreciation. The increase was mainly due to management fee paid to related company.

Other
operating expenses

Other
operating expenses for the year ended July 31, 2025 and 2024 amounted to $360 and $4,951 respectively. These expenses derived from foreign
exchange loss.

Other
Income

The
Company recorded an amount of $57,491 and $3,692 as other income for the year ended July 31, 2025 and 2024 respectively. This income
is derived from unrealized gain on foreign exchange, bank interest income and gain on derecognition of right-of