Company: RHNO
Filing Date: 2025-06-09
Form Type: 10-Q
Source: 0001641172-25-014247
Chunk: 40

Company: RHINO BITCOIN INC.
Filing Date: 2025-06-09
Form: 10-Q
Item: Item 8
Chunk 40
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    1,200,000
    shares of ordinary share of MYR1 each
     
    Providing
    renewable energy turnkey solutions from engineering, procurement, construction and commissioning services

2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis
of presentation

The
unaudited condensed financial statements for Phoenix Plus Corporation for the period ended April 30, 2025  are prepared in accordance
with accounting principles generally accepted in the United States of America (“US GAAP”) for interim financial statement,
instructions to Form 10-Q and Regulations S-X. Accordingly, certain information and footnote disclosures normally included in financial
statements prepared in accordance with GAAP have been condensed or omitted. These condensed financial statements should be read in conjunction
with the financial statements and notes thereto included in our annual report on Form 10-K for the year ended July 31, 2024. In management’s
opinion, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation to make our financial
statements not misleading have been included. The results of operations for the periods ended April 30, 2025 and 2024 presented are not
necessarily indicative of the results to be expected for the full year. The Company has adopted July 31 as its fiscal year end.

Basis
of consolidation

The
consolidated financial statements include the accounts of the Company and its subsidiaries. All inter-company accounts and transactions
have been eliminated upon consolidation.

    F-6

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)

Use
of estimates

Management
uses estimates and assumptions in preparing these financial statements in accordance with US GAAP. Those estimates and assumptions affect
the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities in the balance sheets, and the reported
revenue and expenses during the periods reported. Actual results may differ from these estimates.

Revenue
recognition

In
accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic
606, Revenue from Contracts. ASC 606 creates a five-step model that requires entities to exercise judgment when considering the
terms of contracts, which includes (1) identifying