Company: GNOLF
Filing Date: 2025-04-30
Form Type: 20-F
Source: 0001654954-25-004861
Chunk: 24

Company: GENOIL INC
Filing Date: 2025-04-30
Form: 20-F
Item: Item 7
Chunk 24
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Item 7. Major Shareholders and Related Party Transactions

A. Major shareholders.

The following table sets forth information as of April 30, 2025, with respect to each person known to the Corporation to own more than 5% of its Common Shares. As used in this table, "beneficial ownership" means the sole or shared power to vote or direct the voting or to dispose or direct the disposition of any security. For purposes of this table, a person is deemed to be the beneficial owner of securities that can be acquired within 60 days from December 31, 2024, through the exercise of any option or warrant. Shares subject to options or warrants that are currently exercisable or exercisable within 60 days are deemed outstanding for computing the ownership percentage of the person holding such options or warrants, but are not deemed outstanding for computing the ownership percentage of any other person. The amounts and percentages are based upon 1,969,322,429 Common Shares issued and outstanding.

  Class of Share      Identity of Person or Group        Number of Shares      Percentage of Share Stock  
                                                                                                          
                                                       Beneficially Owned             Beneficially Owned  
 ──────────────────────────────────────────────────────────────────────────────────────────────────────────
  Common Shares       David K. Lifschultz                     757,606,362                         38.47%  
  Common Shares       Bruce Abbott                            446,742,210                         22.69%  

David Lifschultz has acquired his shareholdings incrementally during the past years through companies under his control and personally by way of a series of purchases on the open market and private placement subscriptions made for the purpose of providing financial assistance to the Corporation so as to ensure it continues to meet its financial obligations. Mr. Lifschultz is a resident in New York.

As of the date of this form and to the knowledge of our directors and officers, there is no other person or entity who beneficially owns, directly or indirectly, over more than 5% of the issued and outstanding Common Shares.

To the best of its knowledge, Genoil is not directly owned or controlled by another corporation, by any foreign government or by any natural or legal person.

To the best of its knowledge, Genoil is not aware of any arrangements which may result in a change of control of Genoil at a subsequent date.

B. Related party transactions.

                                                   December 31                    December 31                
                                                                                                             
                                                   2024                           2023                       
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