Company: RHNO
Filing Date: 2025-06-09
Form Type: 10-Q
Source: 0001641172-25-014247
Chunk: 43

Company: RHINO BITCOIN INC.
Filing Date: 2025-06-09
Form: 10-Q
Item: Item 8
Chunk 43
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 in income
in the period that includes the enactment date.

ASC
740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclose in their financial statements
uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the
financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax
positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of
being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts.

Going
concern

The
accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement
of liabilities and commitments in the normal course of business. As reflected in the accompanying financial statements, for the period
ended April 30, 2025, the Company suffered an accumulated deficit of $2,934,191, negative operating cash flow of $256,857 and net loss
of $346,760. These factors raise substantial doubt about the Company’s ability to continue as a going concern within one year of
the date that the financial statements are issued. The financial statements do not include any adjustments that might be necessary if
the Company is unable to continue as a going concern.

The
Company’s ability to continue as a going concern is dependent upon improving its profitability and the continuing financial support
from its shareholders. Management believes the existing shareholders or external financing will provide the additional cash to meet the
Company’s obligations as they become due. No assurance can be given that any future financing, if needed, will be available or,
if available, that it will be on terms that are satisfactory to the Company. Even if the Company is able to obtain additional financing,
if needed, it may contain undue restrictions on its operations, in the case of debt financing, or cause substantial dilution for its
stock holders, in the case of equity financing.

    F-8

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)

Net
loss per share

The
Company calculates net loss per share in accordance with ASC Topic 260,