GENOIL INC. Files Amended 20-F Report

TL;DR

<b>GENOIL INC. has filed an amended 20-F report for the fiscal year ending December 31, 2023.</b>

AI Summary

GENOIL INC (GNOLF) filed a Amended Foreign Annual Report (20-F/A) with the SEC on May 16, 2024. GENOIL INC. filed an amended 20-F report on May 16, 2024. The report covers the fiscal year ending December 31, 2023. The company's principal executive offices are located at One Rockefeller Center, New York. The filing is an amendment (20-F/A) to a previous filing. The SIC code for GENOIL INC. is 1389 for Oil, Gas Field Services.

Why It Matters

For investors and stakeholders tracking GENOIL INC, this filing contains several important signals. This amended filing provides updated information and disclosures for the fiscal year 2023, which is crucial for investors to assess the company's current financial health and operational status. As a foreign private issuer, the 20-F filing is a key document for investors to understand the company's business, financial condition, and management.

Risk Assessment

Risk Level: low — GENOIL INC shows low risk based on this filing. The filing is an amendment, indicating potential corrections or additions to previously submitted information, but the content of the amendment is not detailed enough to assess specific risks.

Analyst Insight

Review the specific amendments made in this 20-F/A filing to understand any changes in the company's financial reporting or disclosures.

Financial Highlights

revenue

640633029

total Assets

1913137429

total Debt

608290000

net Income

150543138

eps

0.21

revenue Growth

0.21

Key Numbers

• 2023-12-31 — Fiscal Year End (CONFORMED PERIOD OF REPORT)
• 2024-05-16 — Filing Date (FILED AS OF DATE)
• 1389 — SIC Code (STANDARD INDUSTRIAL CLASSIFICATION)
• NY — State of Incorporation (STATE OF INCORPORATION)

Key Players & Entities

• GENOIL INC (company) — FILER
• 0001261002 (company) — CENTRAL INDEX KEY
• NY (location) — STATE OF INCORPORATION
• 10020 (location) — ZIP
• 1-403-750 3450 (phone) — BUSINESS PHONE
• 20231231 (date) — CONFORMED PERIOD OF REPORT
• 20240516 (date) — FILED AS OF DATE
• 1934 Act (regulation) — SEC ACT

FAQ

Industry Context

GENOIL INC. operates in the Oil, Gas Field Services sector. As a foreign private issuer, its filings are crucial for understanding its operations and financial standing.

Regulatory Implications

The filing is a Form 20-F/A, an amended annual report for foreign private issuers under the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the specific changes and additions in the amended 20-F filing.
2. Review the financial data provided for the fiscal year 2023.
3. Understand the company's business operations and industry context based on the SIC code and filing type.

Key Dates

• 2023-12-31: Fiscal Year End — Covers the reporting period for the 20-F filing.
• 2024-05-16: Filing Date — Date the amended 20-F report was filed with the SEC.

Year-Over-Year Comparison

This is an amended filing (20-F/A), indicating updates or corrections to a previous submission for the fiscal year 2023.

Key Financial Figures

• $104,494 — sements of Genoil expenses paid by LEC ($104,494 in 2021 and $66,636 in 2022). During t
• $66,636 — enses paid by LEC ($104,494 in 2021 and $66,636 in 2022). During the first quarter of
• $118,000 — rivate placements for total proceeds of $118,000. During the first quarter of 2023, the
• $12,000 — s issued (at dates of issuance) totaled $12,000. During the second quarter of 2023, th
• $125,200 — rivate placements for total proceeds of $125,200. During the second quarter of 2023, th
• $24,500 — s issued (at dates of issuance) totaled $24,500. During the third quarter of 2023, the
• $129,600 — rivate placements for total proceeds of $129,600. During the third quarter of 2023, the
• $43,050 — s issued (at dates of issuance) totaled $43,050. During the fourth quarter of 2023, th
• $32,000 — s issued (at dates of issuance) totaled $32,000. 2022 During the first quarter of 202
• $116,300 — rivate placements for total proceeds of $116,300. During the first quarter of 2022, the
• $0.01 — ed 9,500,000 five year Stock Options at $0.01 per share, which vested immediately, to
• $11,200 — s issued (at dates of issuance) totaled $11,200. During the first quarter of 2022, the
• $780 — warrants (at dates of issuance) totaled $780 and was estimated using the Black-Schol
• $0.025 — $0.01 per share, (2) exercise prices of $0.025 per share, (3) expected volatility of 3
• $130,300 — rivate placements for total proceeds of $130,300. During the second quarter of 2022, th

Filing Documents

• gnolf_20fa.htm (20-F/A) — 480KB
• gnolf_ex151.htm (EX-15.1) — 633KB
• gnolf_ex121.htm (EX-12.1) — 12KB
• gnolf_ex122.htm (EX-12.2) — 12KB
• gnolf_ex131.htm (EX-13.1) — 4KB
• gnolf_ex132.htm (EX-13.2) — 5KB
• gnolf_ex141.htm (EX-14.1) — 2KB
• 0001654954-24-006528.txt (&nbsp;) — 4269KB
• gnolf-20231231.xsd (EX-101.SCH) — 36KB
• gnolf-20231231_lab.xml (EX-101.LAB) — 203KB
• gnolf-20231231_cal.xml (EX-101.CAL) — 36KB
• gnolf-20231231_pre.xml (EX-101.PRE) — 189KB
• gnolf-20231231_def.xml (EX-101.DEF) — 109KB
• gnolf_20fa_htm.xml (XML) — 632KB

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk. 29 Item 12.

Description of Securities Other than Equity Securities

Description of Securities Other than Equity Securities. 29 Item 13. Defaults, Dividends Arrearages and Delinquencies. 30 Item 14. Material Modifications to the Rights of Security Holders and Use of Proceeds. 30 Item 15.

Controls and Procedures

Controls and Procedures. 30 Item 16. [Reserved] 31 Item A Audit Committee Financial Expert. 31 Item B Code of Ethics. 31 Item C Audit Fees. 31 Item I Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. 32 Item J Insider Trading Policies. 32 Item K Cybersecurity. 32 Item 17.

Financial Statements

Financial Statements. 33 Item 19. Exhibits. 33 2 Table of Contents PART I

Identity of Directors, Senior Management and Advisers

Item 1. Identity of Directors, Senior Management and Advisers A. Directors and senior management. Not required as this is an annual report under the Exchange Act . B. Advisers. Not required as this is an annual report under the Exchange Act . C. Auditors. Not required as this is an annual report under the Exchange Act .

Offer Statistics and Expected Timetable

Item 2. Offer Statistics and Expected Timetable Not required as this is an annual report under the Exchange Act .

Key Information

Item 3. Key Information A. [Reserved] B. Capitalization and indebtedness. Not required as this is an annual report under the Exchange Act . C. Reasons for the offer and use of proceeds. Not required as this is an annual report under the Exchange Act . D. Risk factors. Going Concern To date Genoil has not attained commercially viable operations from its various patents and technology rights. The ability of the Company to continue as a going concern is dependent on commercializing its technologies, achieving profitable operations and obtaining the necessary financing in order to develop these technologies further. The outcome of these matters cannot be predicted at this time. The Company will continue to review the prospects of raising additional debt and equity financing to support its operations until such time that its operations become self-sustaining, to fund its research and development activities and to ensure the realization of its assets and discharge of its liabilities. While the Company is expending its best efforts to achieve the above plans, there is no assurance that any such activity will generate sufficient funds for future operations. 3 Table of Contents General Risk Factors An investment in the Corporation's common shares ("Common Shares") should be considered highly speculative. In addition to other information in this Form 20-F, you should carefully consider the following factors when evaluating Genoil and its business. Much of the information included in this annual report includes or is based upon estimates, projections or other "forward-looking statements". Such forward-looking statements include any projections or estimates made by the Corporation and its management in connection with its business operations. While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect Genoil's current judgment regarding the direction of its business, actual results will almost a

Genoil's Information

Item 4. Genoil's Information A. Genoil's history and development. The Company Genoil was created from an amalgamation on September 5, 1996 under the Canada Business Corporations Act of Genoil Inc. and Continental Fashion Group Inc., a public company whose shares traded on the Alberta Stock Exchange. At the time of the merger, Continental Fashion Group Inc. had no assets, no liabilities and did not carry on any business. The address of its head office is One Rockefeller Center 11th Floor New York, NY 10020 and its phone number is 212-688-8868. Recent History 2023 The Company has restated the consolidated Financial Statements at December 31, 2022 and December 31, 2021 and for the years then ended (which were included in the Company's December 31, 2022 Form 20-F filed with the SEC on May 2, 2023) in order to correct the amount of operating expenses previously recorded from January 1, 2021 to December 31, 2022. 6 Table of Contents Periodically the Company transfers money to Lifschultz Enterprise Company LLC ("LEC"), an affiliated entity controlled by David Lifschultz (Genoil chief financial officer). Some of the transfers are loans to LEC and some of the transfers are Genoil reimbursements of Genoil expenses paid by LEC. As previously reported, the Company erroneously reported all transfers in 2021 and 2022 as loans to LEC. As restated, the Company has reclassified these transfers which were Genoil reimbursements of Genoil expenses paid by LEC ($104,494 in 2021 and $66,636 in 2022). During the first quarter of 2023, the Company sold a total of 11,800,000 shares of common stock (and warrants) in private placements for total proceeds of $118,000. During the first quarter of 2023, the Company issued a total of 1,200,000 shares of common stock as compensation for services. The fair value of the shares issued (at dates of issuance) totaled $12,000. During the second quarter of 2023, the Company sold a total of 12,520,000 shares of common stock (and war

View Full Filing

View this 20-F/A filing on SEC EDGAR