TLDR: Generative AI Solutions Corp. (GenAI) announced the resignation of its auditor, Manning Elliott LLP, effective September 29, 2025, and the withdrawal of its audit report for the fiscal year ended January 31, 2024. This follows unresolved disagreements over the valuation and accounting of certain transactions. The company remains under a cease trade order issued by the British Columbia Securities Commission (BCSC) since August 6, 2025, due to delayed financial filings for the fiscal year ended January 31, 2025, which has suspended its stock trading in Canada.
VANCOUVER, BC – Generative AI Solutions Corp. (CSE: AICO, OTCQB: AICOF), known as GenAI, has disclosed significant corporate developments, including the resignation of its auditor and the continued imposition of a cease trade order on its securities. Manning Elliott LLP, the company’s former auditor, officially resigned on September 29, 2025, and concurrently withdrew its audit report dated May 30, 2024, pertaining to GenAI’s consolidated financial statements for the fiscal year ended January 31, 2024. This withdrawal means the audit report should no longer be relied upon.
The auditor’s resignation and withdrawal of the report stem from ‘reportable events’ as defined under National Instrument 51-102 – Continuous Disclosure Obligations (NI 51-102). These events relate to unresolved disagreements between GenAI and Manning Elliott LLP concerning specific aspects of the 2024 Financial Statements. Specifically, the former auditor indicated insufficient audit evidence to support the valuation, accounting treatment, and economic rationale for certain transactions reflected in those statements. Despite discussions between the company’s board of directors and audit committee with the former auditor, these issues remained unresolved.
Adding to the company’s challenges, GenAI remains subject to a failure-to-file cease trade order (FFCTO) issued by the British Columbia Securities Commission (BCSC) on August 6, 2025. This FFCTO prohibits trading in the company’s securities across Canada and was imposed due to GenAI’s delay in filing its annual financial statements and management’s discussion and analysis for the fiscal year ended January 31, 2025, by the prescribed deadline of May 31, 2025.
As a direct consequence of the FFCTO, GenAI’s common shares are currently suspended from trading on the Canadian Securities Exchange. The order is expected to remain in effect until a successor auditor is appointed, and both the 2025 Filings and the audit report for the fiscal year ended January 31, 2024, by the new auditor are completed and filed.
GenAI’s board of directors and audit committee have acknowledged and accepted the auditor’s resignation. The company has stated it is actively in the process of appointing a successor auditor in compliance with NI 51-102 requirements and anticipates filling the vacancy ‘in short order.’ Further press releases and necessary filings under NI 51-102 are expected once a successor auditor is appointed.
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Generative AI Solutions Corp. is an artificial intelligence company focused on developing a vertically integrated AI solutions business, offering AI-powered tools and solutions for businesses and consumers through its proprietary MAI Cloud™ platform. The current financial and regulatory hurdles pose significant operational and market challenges for the AI firm.
