{"url_path":"/sec/gnolf/10-k/2026/item-16","section_key":"item-16","section_title":"Item 16 **","topic":"sec","document":{"doc_type":"20-F","doc_date":"2026-05-13","source_url":"https://www.sec.gov/Archives/edgar/data/1261002/0001654954-26-004801-index.html","accession_number":"0001654954-26-004801","cik":"0001261002","ticker":"GNOLF","issuer_name":"GENOIL INC","edgar_url":"https://www.sec.gov/Archives/edgar/data/1261002/0001654954-26-004801-index.html","primary_entity_key":"0001261002","primary_entity_name":"GENOIL INC"},"word_count":1163,"has_tables":true,"body_markdown":"**Item 16.**\n\n \n\n*A. Audit Committee Financial Expert*\n\n \n\nThe Board of Directors has determined that Thomas F. Bugg qualifies as a financial expert. He is an independent director for this purpose.\n\n \n\n*B. Code of Ethics*\n\n \n\nGenoil has adopted a Code of Conduct that meets the requirements of the definition of a “Code of Ethics” as that term is defined in Item 16B(b) of Form 20-F. Genoil's Code of Conduct is applicable to all of its employees, including its principal executive officer and principal financial officer. The Corporation does not currently employ a principal accounting officer. Its Code of Conduct has been amended end of December 2007 and copy was attached as Exhibit 11.1 to Form 20-F in that year.\n\n \n\n \n\n31\n\n*Table of Contents*\n\n \n\n*C. Audit Fees*\n\n \n\nMichael T. Studer CPA P.C. served as the Corporation’s auditors from 2020 to 2023. The Corporation’s auditors were changed to HHP LLP for the 2024 financial year and forward. The following table summarizes the aggregate fees for professional audit services and other services rendered by the respective firms in the past two years.\n\n \n\nIn US dollars\n\n \n\n \n\n \n\n**2025**\n\n \n\n \n\n**2024**\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nAudit Fees\n\n \n$17,500\n \n\n \n$15,000\n \n\nAudit-Related Fees\n\n \n\n \n-\n \n\n \n\n \n-\n \n\nTax\n\n \n\n \n-\n \n\n \n\n \n-\n \n\nAll Other Fees\n\n \n\n \n-\n \n\n \n\n \n-\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nTotal\n\n \n$17,500\n \n\n \n$15,000\n \n\n \n\n*Audit Fees*\n\n \n\nAudit 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.\n\n \n\n*Audit Related Fees*\n\n \n\nAudit-related fees are generally fees billed for services that are closely related to the performance of the audit or review of the financial statements.\n\n \n\n*Tax Fees*\n\n \n\nTax fees are fees for professional services rendered related to tax compliance, tax advice and tax planning.\n\n \n\n*All Other Fees*\n\n \n\nThe 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.\n\n \n\n \n\n32\n\n*Table of Contents*\n\n \n\n*Exemptions from the Listing Standards for Audit Committees*\n\n \n\nNot applicable.\n\n \n\n*Purchases of Equity Securities by the Issuer and Affiliated Purchasers*\n\n \n\nNot applicable*.*\n\n \n\n*E. Share Repurchases*\n\n \n\nThe Company has not repurchased any shares.\n\n \n\n*F*. *Change in registrant’s Certifying Accountant*\n\n \n\nThe 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, 2025.\n\n \n\n*I. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections*\n\n \n\nNot Applicable\n\n \n\n*J. Insider Trading Policies*\n\n \n\nThe registrant has not formally adopted insider trading policies and procedures governing the purchase, sale, and other dispositions of the registrant’s securities by directors, senior management, and employees that are reasonably designed to promote compliance with applicable insider trading laws, rules and regulations, due to the intimate composition of the Company’s personnel. There are only two officers of the Company.\n\n \n\n*K. Cybersecurity*\n\n \n\nCybersecurity incident means an unauthorized occurrence, or a series of related unauthorized occurrences, on or conducted through a registrant’s information systems that jeopardizes the confidentiality, integrity, or availability of a registrant’s information systems or any information residing therein. Cybersecurity threat means any potential unauthorized occurrence on or conducted through a registrant’s information systems that may result in adverse effects on the confidentiality, integrity, or availability of a registrant’s information systems or any information residing therein.\n\n \n\nDue to the intimate nature of the Company, its limited resources and the assessed minimal risk of such an occurrence, the Company has no formal processes for assessing, identifying, and managing material risks from cybersecurity threats.\n\n \n\n \n\n33\n\n*Table of Contents*\n\n \n\n**PART III**\n\n \n\n**Financial Statements**\n\n \n\nThe Consolidated Financial Statements for years ended December 31, 2025 and 2024 are attached as Exhibit 15.1.\n\n \n\n**Financial Statements**\n\n \n\nThe registrant has elected to provide financial statements using accounting principles generally accepted in the United States of America (“GAAP”) for the 2025 and 2024 year ends.\n\n \n\n**Exhibits**\n\n \n\n(a) The Consolidated Financial Statements for the years ended December 31, 2025 and, 2024\n\n \n\n(b) Exhibits\n\n \n\nExhibit Number\n\n \n\nDescription\n\n[1.1*](http://www.sec.gov/Archives/edgar/data/1261002/000113031903000690/o10537exv1w1.htm)\n\n \n\n[Articles of Incorporation of Genoil Inc. dated April 1, 1996](http://www.sec.gov/Archives/edgar/data/1261002/000113031903000690/o10537exv1w1.htm)\n\n \n\n \n\n \n\n[1.2*](http://www.sec.gov/Archives/edgar/data/1261002/000113031903000690/o10537exv1w2.htm)\n\n \n\n[Articles of Amendment of Genoil Inc. dated June 27, 1996](http://www.sec.gov/Archives/edgar/data/1261002/000113031903000690/o10537exv1w2.htm)\n\n \n\n \n\n \n\n[1.3***](http://www.sec.gov/Archives/edgar/data/1261002/000113031906000574/o32334exhibit1w3.htm)\n\n \n\n[Certificate and Articles of Amalgamation of Genoil Inc. dated September 5, 1996](http://www.sec.gov/Archives/edgar/data/1261002/000113031906000574/o32334exhibit1w3.htm)\n\n \n\n \n\n \n\n[1.4***](http://www.sec.gov/Archives/edgar/data/1261002/000113031906000574/o32334exhibit1w4.htm)\n\n \n\n[Certificate and Articles of Amendment of Genoil Inc. dated May 31, 2006](http://www.sec.gov/Archives/edgar/data/1261002/000113031906000574/o32334exhibit1w4.htm)\n\n \n\n \n\n \n\n[1.5***](http://www.sec.gov/Archives/edgar/data/1261002/000113031906000574/o32334exhibit1w5.htm)\n\n \n\n[By-laws of Genoil Inc. as adopted on May 2, 2006](http://www.sec.gov/Archives/edgar/data/1261002/000113031906000574/o32334exhibit1w5.htm)\n\n \n\n \n\n \n\n2.2**\n\n \n\nNote and Warrant Purchase Agreement and form of Convertible Note dated December 23, 2004\n\n \n\n \n\n \n\n[2.3***](http://www.sec.gov/Archives/edgar/data/1261002/000113031906000574/o32334exhibit2w3.htm)\n\n \n\n[$750,000 Convertible Promissory Note Dated October 24, 2005 with Lifschultz Enterprises Co., LLC.](http://www.sec.gov/Archives/edgar/data/1261002/000113031906000574/o32334exhibit2w3.htm)\n\n \n\n \n\n \n\n2.4***\n\n \n\n$750,000 Convertible Promissory Note Dated December 23, 2005 with Lifschultz Terminal and Leasing Ltd.\n\n \n\n \n\n \n\n[2.5****](http://www.sec.gov/Archives/edgar/data/1261002/000114544307001938/d21592_ex2-5.htm)\n\n \n\n[$968,825.19 Convertible Promissory Notes Dated October 6, 2006 with Lifschultz Enterprises Co., LLC, Lifschultz Family Partnership LP and Sidney B. Lifschultz 1992 Family Trust](http://www.sec.gov/Archives/edgar/data/1261002/000114544307001938/d21592_ex2-5.htm)\n\n \n\n \n\n \n\n[2.6****](http://www.sec.gov/Archives/edgar/data/1261002/000114544307001938/d21592_ex2-6.htm)\n\n \n\n[Stock Option Plan of Genoil Inc., as amended October 25, 2001 and January 13, 2003, March 30, 2004, June 3, 2005, March 1, 2006, May 31, 2006, and May 14, 2007.](http://www.sec.gov/Archives/edgar/data/1261002/000114544307001938/d21592_ex2-6.htm)\n\n \n\n \n\n \n\n[2.7 */](http://www.sec.gov/Archives/edgar/data/1261002/000126100210000010/convertibleloanagreement.htm)\n\n \n\n[$1,227,355.84 Convertible Promissory Notes Dated October 6, 2009 with Lifschultz Enterprises Co., LLC, Sidney B. Lifschultz 1992 Family Trust, David K. Lifschultz and Bruce Abbott](http://www.sec.gov/Archives/edgar/data/1261002/000126100210000010/convertibleloanagreement.htm)\n\n \n\n \n\n \n\n[2.8 *//](http://www.sec.gov/Archives/edgar/data/1261002/000126100213000005/notesextension.htm)\n\n \n\n[Convertible Promissory Notes Dated October 6, 2011 with Lifschultz Enterprises Co, LLC, Sidney B. Lifschultz 1992 Family Trust, David K Lifschultz and Bruce Abbott](http://www.sec.gov/Archives/edgar/data/1261002/000126100213000005/notesextension.htm)\n\n \n\n \n\n \n\n4.1*\n\n \n\nSample Marketing Agreement\n\n \n\n \n\n \n\n[4.2*****](http://www.sec.gov/Archives/edgar/data/1261002/000126100208000003/f2007finalx44x1.jpg)\n\n \n\n[Funding Agreement with David K Lifschultz](http://www.sec.gov/Archives/edgar/data/1261002/000126100208000003/f2007finalx44x1.jpg)\n\n \n\n \n\n \n\n[11.1*****](http://www.sec.gov/Archives/edgar/data/1261002/000126100208000003/f2007finalx45x1.jpg)\n\n \n\n[Amended Code of Conduct as adopted on December 15, 2007](http://www.sec.gov/Archives/edgar/data/1261002/000126100208000003/f2007finalx45x1.jpg)\n\n \n\n \n\n \n\n[12.1](gnolf_ex121.htm)\n\n \n\n[Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](gnolf_ex121.htm)\n\n \n\n \n\n \n\n[13.1](gnolf_ex131.htm)\n\n \n\n[Certification of Chief Executive Officer and Chief Financial Officer pursuant to Pursuant to 18 U.S.C. SECTION 1350](gnolf_ex131.htm)\n\n \n\n \n\n \n\n[14.1](gnolf_ex141.htm)\n\n \n\n[Independent Auditor’s Consent of HHL LLP](gnolf_ex141.htm)\n\n \n\n \n\n \n\n[15.1](gnolf_ex151.htm)\n\n \n\n[Audited Consolidated Financial Statements December 31, 2025](gnolf_ex151.htm)\n\n \n\n_______________\n\n* These exhibits were filed with Genoil's 2003 Form 20‑F.\n\n** This exhibit was filed with Genoil's 2004 Form 20-F.\n\n*** These exhibits were filed with Genoil's 2005 Form 20‑F.\n\n**** These exhibits were filed with Genoil’s 2006 Form 20-F.\n\n*****These exhibits were filed with Genoil’s 2007 Form 20-F.\n\n*/ This exhibit was filed with Genoil’s 2009 Form 20-F.\n\n*// This exhibit is filed with Genoil’s 2012 Form 20-F/\n\n \n\n \n\n34\n\n*Table of Contents*\n\n \n\n**SIGNATURES**\n\n \n\nThe registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this annual report on its behalf.\n\nDated May 11, 2026.\n\n \n\n**GENOIL INC**.\n\n \n\n \n\n \n\n \n\n \n\n \n\nBy:\n\n*/s/ David K. Lifschultz*\n\n \n\n \n\n \n\n**David K. Lifschultz**\n\nChief Executive Officer\n\n \n\n \n\n \n\n35"}