Company: RHNO
Filing Date: 2025-06-09
Form Type: 10-Q
Source: 0001641172-25-014247
Chunk: 49

Company: RHINO BITCOIN INC.
Filing Date: 2025-06-09
Form: 10-Q
Item: Item 8
Chunk 49
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 Insolvency Department.

The
Company also advertised the Winding Up Order in the newspaper NST and had it gazetted.

As
of October 31, 2024, the Winding Up Petition was completed and closed at the stage of advertisement and gazettement of the Winding Up
Order.

    F-11

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)

6.
TRADE RECEIVABLES

Trade
receivables consisted of the following at April 30, 2025 and July 31, 2024:

SCHEDULE OF TRADE RECEIVABLES

    As of April 30, 2025  
    As of July 31, 2024 

    (Unaudited)  
    (Audited) 
  
    Trade receivables 
    $38,240  
    $36,330 
  
    Less: Allowance for credit losses 
     (27,011) 
     (25,366)
  
    Total trade receivables 
    $11,229  
    $10,964 

7.
CONTRACT ASSETS

Contract
assets as of April 30, 2025 and July 31, 2024 are summarized below:

SCHEDULE OF CONTRACT ASSETS

    As of April 30, 2025  
    As of July 31, 2024 

    (Unaudited)  
    (Audited) 
  
    Cost incurred 
    $1,680,194  
    $1,321,934 
  
    Attributable profit 
     (20,340) 
     (45,312)
  
    Contract assets, gross 
     1,659,854  
     1,276,622 
  
    Progress billings 
     (1,374,905) 
     (1,007,188)
  
    Total contract assets 
    $284,949  
    $269,434 

8.
OTHER RECEIVABLES, PREPAYMENT AND DEPOSITS

Other
receivables, prepayment and deposits consisted of the following at April 30, 2025 and July