Rhino Bitcoin Inc.
Key statistics
from XBRL data in SEC filingsAI briefing
from the latest 10-K, 10-Q and 8-K eventsRhino Bitcoin Inc. (formerly Phoenix Plus Corp.) is a Nevada holding company that completed a reverse acquisition of Rhino Digital Inc. in August 2025, shifting from solar consultancy to the business of Rhino Digital, now its operating subsidiary.
What they do
Through Rhino Digital, the Company operates as a wholly owned subsidiary post-reverse acquisition; the 10-K's financials and MD&A cover the pre-acquisition solar consultancy business of Phoenix Plus, including technical consultancy on solar power systems and green energy solutions, and EPCC services via subsidiaries in Hong Kong and Malaysia.
Revenue drivers
- Solar PV installation services — Revenue from solar PV system installation services contributed to $478,159 total revenue for the year ended July 31, 2025, down from $1.2M in 2024 due to completion of major projects.
- Consultancy services — Consultancy services on engineering, equipment procurement, transportation, and construction on solar plants were a primary revenue source, with gross profit of $66,798 in 2025 versus a loss of $(52,604) in 2024.
- EPCC and related services — Phoenix Green Energy Sdn. Bhd. provides renewable energy turnkey solutions (EPCC), financing services, O&M, and supplies solar equipment, but post-acquisition the business shifted to Rhino Digital's operations.
Recent performance
For the year ended July 31, 2025, revenue was $478,159 (down from $1.2M in 2024), cost of revenue $411,361, gross profit $66,798, and net loss $458,364 (vs. $437,781 in 2024). General and administrative expenses rose to $572,495 from $379,088, partly due to management fees. Cash and equivalents fell to $25,052 at July 31, 2025 from $434,351 a year earlier. Quarterly revenue rose to $227,910 in the quarter ended April 30, 2025 from $61,923 in the prior quarter, then fell to $157,619 for the July 31, 2025 quarter. The reverse acquisition closed August 19, 2025, and the financials in the 10-K relate to the pre-acquisition business.
Strategy
Management states the Company will execute a business plan requiring approximately $3.5 million in general and administrative expenses over the next twelve months, including investments in sales, marketing, research, and technical development. The reverse acquisition of Rhino Digital positions the Company under new control with Lyle Hauser as CEO; the business description now relates to Rhino Digital's operations. The Company must obtain additional financing to continue operations.
Risks
- Going concern risk — Management notes substantial doubt about the ability to continue as a going concern, citing the need for additional financing and low cash of $25,052.
- Funding risk — The Company may not be able to obtain additional funding on favorable terms or at all, which could halt operations.
- Post-acquisition integration risk — The reverse acquisition changed control and business focus; integration of Rhino Digital could pose operational and financial risks.
- Revenue decline risk — Revenue fell 61% year-over-year in fiscal 2025 due to completion of major solar projects, indicating reliance on project-based revenue.
Outlook
Management expects to incur about $3.5 million in G&A over the next twelve months to support the business plan. The Company's future operations will be based on Rhino Digital's business, but the 10-K provides no specific outlook for Rhino Digital's revenue or profitability. Additional financing is necessary to continue operations.