Company: GNOLF
Filing Date: 2025-04-30
Form Type: 20-F
Source: 0001654954-25-004861
Chunk: 9

Company: GENOIL INC
Filing Date: 2025-04-30
Form: 20-F
Item: Item 4
Chunk 9
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 feedstock agreements in place for up to 200,000 barrels per day and three refined product offtake contracts have been secured as well. Eight square kilometers of land has been secured in the Special Economic Zone Authority of Duqm (SEZAD). The local licenses allow for export and import of products, sea and coastal oil and gas water transport and construction of petrochemical complexes. The local licenses have no limitation on project capacity and will allow for expansion in the future.
 
During the second quarter of 2022, the Company sold a total of 13,030,000 shares of common stock (and warrants) in private placements for total proceeds of $130,300.
 
During the second quarter of 2022, the Company issued a total of 6,120,000 shares of common stock as compensation for services.  The fair value of the shares issued (at dates of issuance) totaled $61,200.
 
During the third quarter of 2022, the Company sold a total of 16,830,000 shares of common stock (and warrants) in private placements for total proceeds of $168,300.
 
During the third quarter of 2022, the Company issued a total of 2,500,000 shares of common stock as compensation for services.  The fair value of the shares issued (at dates of issuance) totaled $25,000.
 
For Personal reasons, on October 27, 2022, Bengt Koch resigned as a Director of the Company.
 
During the fourth quarter of 2022, the Company sold a total of 4,150,000 shares of common stock (and warrants) in private placements for total proceeds of $41,500.
 
Effective December 31, 2022, as a result of the inflation protection provision, the principal balances of Convertible Notes were increased 8.003% or a total of $394,798 (from $4,933,122 to $5,327,920) and the accrued interest balances were increased 8.003% or a total of $417,071 (from $5,211,424 to $5,628,495). 
 
B.    Business overview. 
 
General Development of the Business

Genoil's principal business is the development of technologies relating to the oil and gas industry.  Its present goal is to commercialize its technologies internationally.  
 

8
 
The Corporation owns rights to several patented and proprietary technologies.  A number of products that have been created from these