Company: RHNO
Filing Date: 2025-06-09
Form Type: 10-Q
Source: 0001641172-25-014247
Chunk: 67

Company: RHINO BITCOIN INC.
Filing Date: 2025-06-09
Form: 10-Q
Item: Item 8
Chunk 67
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 a combination of deficiencies, in internal control over financial reporting, such that there is
a reasonable possibility that a material misstatement of the company’s annual or interim financial statements will not be prevented
or detected on a timely basis. Management has identified the following material weaknesses which have caused management to conclude that,
as of April 30, 2025, our disclosure controls and procedures were not effective: (i) inadequate segregation of duties and effective risk
assessment; and (ii) insufficient written policies and procedures for accounting and financial reporting with respect to the requirements
and application of both US GAAP and SEC guidelines.

Changes
in Internal Control over Financial Reporting:

There
were no changes in our internal control over financial reporting during the quarter ended April 30, 2025, that have materially affected,
or are reasonably likely to materially affect, our internal control over financial reporting.

6

PART
II — OTHER INFORMATION

Item
1. Legal Proceedings

“VCASB”
holding 33.96% of the issued share capital of VCASB, had requested to convene an Extraordinary General Meeting (“EGM”) of
VCASB pursuant to Section 310(b) and Section 311 of the Companies Act 2016 within 14 days from the date thereof and to be held at Level
5, Tower 8, Avenue 5, Horizon 2, Bangsar South City, 59200 Kuala Lumpur to explain on VCASB company business status and other related
issues, yet the Company received no response from the director to the shareholders of VCASB.

The
EGM was held on September 20, 2022, during the EGM the Company seek to discuss the operational affairs of VCASB, however, the EGM could
not proceed further without the presence of the director of VCASB.

Given
there were no response from VCASB, the Company on October 20, 2022 filed a winding up petition against VCASB. VCASB were served with
the winding up petition on October 26, 2022.

On
May 23, 2023, the Company’s solicitor, Messrs. Amos Ho, Sew & Kiew, has delivered an affidavit on compliance of all provisions
of Companies Winding UP Rules 1972 (Malaysia). On the same day, the Company’s solicitor also delivered an affidavit to the local
court to confirm serving of Memorandum of Advertisement and Gazetting to Registrar of Companies and