Company: GNOLF
Filing Date: 2025-05-01
Form Type: 20-F/A
Source: 0001654954-25-004987
Chunk: 26

Company: GENOIL INC
Filing Date: 2025-05-01
Form: 20-F/A
Chunk 26
---
ultz 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 312024 |   |     |   | December 312023 |   |
|:--------------------------------------------|:----|:--|----------------:|:--|:----|:--|----------------:|:--|
| 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