Company: GNOLF
Filing Date: 2025-04-30
Form Type: 20-F
Source: 0001654954-25-004861
Chunk: 43

Company: GENOIL INC
Filing Date: 2025-04-30
Form: 20-F
Item: Item 15
Chunk 43
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 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.

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Exemptions from the Listing Standards for Audit Committees

Not applicable.

Purchases of Equity Securities by the Issuer and Affiliated Purchasers

Not applicable.

E. Share Repurchases

The Company has not repurchased any shares.

F. Change in registrant’s Certifying Accountant

The Company’s Board of Directors appointed HHL LLP as its new independent registered public accounting firm, effective as of December 26, 2024. Pursuant to Rule 2-01 (17 CFR 210.2-01(c)(6)) of the Sarbanes-Oxley Act of 2002, public companies are required to rotate their audit partners every five years. The Company filed Form 6-K on April 21,