Rhino Bitcoin Inc. filed its annual report and detailed a reverse acquisition that shifted control and strategy. On August 19, 2025, the company (formerly Phoenix Plus Corp.) acquired Rhino Digital in a reverse acquisition, issued 73,289,871 common shares to Rhino holders, and created 200,000 shares of Series A Preferred Stock held by The Vantage Group, which carry 51% of total voting power. The company subsequently changed its name to Rhino Bitcoin Inc.
Financials in this report reflect the pre‑acquisition solar consultancy business for the year ended July 31, 2025: revenue was $478,159 versus $1,232,326 a year earlier, with gross profit of $66,798 and a net loss of $458,364. Cash and cash equivalents were $25,052 at July 31, 2025, down from $434,351. The auditor and management cited substantial doubt about the company’s ability to continue as a going concern.
Post‑deal, Rhino positions as a Bitcoin financial services platform offering USD and Bitcoin accounts, trading, custody, and remittances through partners including Cybrid, Cross River Bank, and Fireblocks. Internal controls were deemed ineffective due to material weaknesses. As of November 11, 2025, common shares outstanding totaled 74,191,114, and non‑affiliate market value at the last business day of the second fiscal quarter was approximately $4.1 million.