Company: GNOLF
Filing Date: 2025-04-30
Form Type: 20-F
Source: 0001654954-25-004861
Chunk: 14

Company: GENOIL INC
Filing Date: 2025-04-30
Form: 20-F
Item: Item 4
Chunk 14
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 as CEO since 2001. Since working for Genoil, David has not received any cash compensation nor has he sold any Genoil stock. No executives or board members of Genoil receive any cash compensation. They receive only shares and options or Price Appreciation Certificates. 
 
The Company has been building its internal capabilities. Genoil utilizes independent contractors to provide engineering and other services for projects as needed. 
 
The company seeks to work through commission agents who will receive compensation only when revenues are generated. 
 
Some consultants and agents generally act as representatives on Genoil’s behalf with respect to commercial opportunities in their respective cities and countries.  The Corporation intends to rely upon the services of these representatives and to remunerate them by means of sales commissions and incentive stock options. 
 
Genoil has the following subsidiaries:
 

·                                                                                                                         Genoil USA Inc., incorporated in Delaware, United States, which is a wholly owned subsidiary of Genoil.                                                                                                                       
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·   Genoil Emirates LLC, incorporated in the United Arab Emirates, which will focus upon the fields of oil and water processing and treatment in the United Arab Emirates. Emirates LLC is jointly owned by S.B.K. Commercial Business Group LLC and Genoil. As of December 31, 2022, Emirates LLC had not yet commenced operations and holds no assets.
D. Property, plant and equipment. 
 
Human Resources and Facilities

The Company has been building its internal capabilities. Genoil utilizes independent contractors to provide engineering and other services for projects as needed.  The Company seeks to work through commission agents who will receive compensation when revenues are generated. Management has been aggressive in attracting talented individuals who are very experienced, knowledgeable and will assist Genoil in realizing its objectives in different markets.