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

Company: GENOIL INC
Filing Date: 2025-04-30
Form: 20-F
Item: Item 7
Chunk 25
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────────────────────────────────────────────────────────────────────────────
  Due from related parties                         $                  37,181      $                 102,330  
  Accrued interest payable to related parties                        (38,612                        (10,406  
  Convertible notes                                                 (214,375                       (208,232  
  Due to related parties                                             (46,875                        (46,875  
  Net                                              $                (262,681      $                (163,183  

Transactions with Affiliates, Directors or Officers

Genoil's approach for transactions with affiliates is that they must be on terms no less favourable to the Corporation than could be obtained from unaffiliated third parties.

In the case of transactions involving a director, any of the Corporation's directors who, in any way, whether directly or indirectly, have an interest in a proposed contract or transaction with it, must disclose the nature and extent of his interest to the Corporation's Board and abstain from voting on the approval of the proposed contract or transaction. If he or she fails to do so, he or she must account to the Corporation for any profit made as a consequence of entering into the contract or transaction, unless the contract was fair and reasonable to the Corporation at the time it was entered into, and after full disclosure of the nature and extent of his or her interest, it is approved by the Corporation's shareholders by way of a resolution passed by a majority of not less than two-thirds of the votes cast at a duly convened shareholders' meeting. In addition, any of the Corporation's directors and officers who holds any office or possesses any property whereby, whether directly or indirectly, duties or interests might be created in conflict with his or her duties or interests as a director or officer, must disclose that fact and the nature and extent of the conflict. In the case of a director, the disclosure must be made at a Board meeting.

In the case of transactions involving an officer, the disclosure must be made in writing to the Corporation's Chairman at a Board meeting.

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C. Interests of experts and counsel.

Not required as this is an annual report under the Exchange Act.

Item 8. Financial Information