Company: RHNO
Filing Date: 2025-11-13
Form Type: 10-K
Source: 0001493152-25-022052
Chunk: 434

Company: RHINO BITCOIN INC.
Filing Date: 2025-11-13
Form: 10-K
Item: Item 5
Chunk 434
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9 as permitted by ASU 2016-02. ASC 842 originally required
all entities to use a “modified retrospective” transition approach that is intended to maximize comparability and be less
complex than a full retrospective approach. On July 30, 2018, the FASB issued ASU 2018-11 to provide entities with relief from the costs
of implementing certain aspects of the new leasing standard, ASU 2016-02 of which permits entities may elect not to recast the comparative
years presented when transitioning to ASC 842. As permitted by ASU 2018-11, the Company elect not to recast comparative years, thusly.

As
of July 1, 2021, the Company recognized approximately US$40,445, lease liability as well as right-of-use asset for all leases (with the
exception of short-term leases) at the commencement date. Lease liabilities are measured at present value of the sum of remaining rental
payments as of July 1, 2021, with borrowing rate of 5.60 % adopted from CIMB Bank Berhad’s base lending rate as a reference for
discount rate.

As
of June 1, 2022, the Company recognized another approximately US$9,343, lease liability as well as right-of-use asset for all leases
(with the exception of short-term leases) at the commencement date. Lease liabilities are measured at present value of the sum of
remaining rental payments as of June 1, 2022, with borrowing rate of 5.56 % adopted from CIMB Bank Berhad’s base lending rate
as a reference for discount rate.

On
June 3, 2023, Phoenix Plus International Limited and Phoenix Green Energy Sdn. Bhd. respectively entered into 2 two-years lease with
landlord for renting office space, from August 1, 2023 to July 31, 2025, with an option to renew after the end of the tenancy
agreement. Phoenix Plus International Limited and Phoenix Green Energy Sdn. Bhd. respectively recognized lease liabilities of
approximately US$25,967 and US$60,850, with a corresponding right-of-use asset in the same
amount based on the present value of the future minimum rental payments of the lease, with borrowing rate of 6.85% adopted
from CIMB Bank Berhad’s base lending rate as a reference for discount rate. The tenancy agreement entered into by Phoenix