Company: GNOLF
Filing Date: 2025-04-30
Form Type: 20-F
Source: 0001654954-25-004861
Chunk: 45

Company: GENOIL INC
Filing Date: 2025-04-30
Form: 20-F
Item: Item 16
Chunk 45
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Item 16.
A. Audit Committee Financial Expert
 
The Board of Directors has determined that Thomas F. Bugg qualifies as a financial expert. He is an independent director for this purpose.
 
B. Code of Ethics
 
Genoil has adopted a Code of Conduct that meets the requirements of the definition of a "Code of Ethics" as that term is defined in Item 16B(b) of Form 20-F. Genoil's Code of Conduct is applicable to all of its employees, including its principal executive officer and principal financial officer. The Corporation does not currently employ a principal accounting officer. Its Code of Conduct has been amended end of December 2007 and copy was attached as Exhibit 11.1 to Form 20-F in that year.

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C. Audit Fees
 
Michael T. Studer CPA P.C. served as the Corporation’s auditors from 2020 to 2023. The Corporation’s auditors were changed to HHP LLP for the 2024 financial year. The following table summarizes the aggregate fees for professional audit services and other services rendered by the respective firms in the past two years.
 
In US dollars
 

                          2024            2023    
--------------------------------------------------
Audit Fees                 $15,000         $30,000
Audit-Related Fees               -               -
Tax                              -               -
All Other Fees                   -               -
Total                      $15,000         $30,000
Audit Fees
 
Audit fees include fees for professional services rendered in connection with the audit of Genoil's annual financial statements and services provided by the independent auditors in connection with statutory and regulatory filings or engagements. 
Audit Related Fees
 
Audit-related fees are generally fees billed for services that are closely related to the performance of the audit or review of the financial statements.
 
Tax Fees
 
Tax fees are fees for professional services rendered related to tax compliance, tax advice and tax planning.
 
All Other Fees
 
The Company's audit committee is required to pre-approve all audit and non-audit services rendered by and approve the engagement fees and other compensation to be paid to the independent accountant and its affiliates. When deciding whether to approve these items, Genoil's audit committee takes into account whether the provision of any non-audit service is compatible with the independence standards under the guidelines of the SEC and of the Independent Standards Board. To assist in this undertaking, the audit committee requires the independent accountant to submit a report describing all relationships the independent accountant has with the Company and relevant third parties to determine the independent accountant's independence.