TLDR: Generative AI Solutions Corp. (GenAI) has announced a further delay in filing its annual financial statements for the fiscal year ended January 31, 2025. The delay is attributed to ongoing quality review by external auditors concerning company acquisitions, leading to a Management Cease Trade Order (MCTO) affecting its CEO and CFO.
VANCOUVER, BC – Generative AI Solutions Corp. (CSE: AICO, OTCQB: AICOF), commonly known as GenAI, issued an update on July 18, 2025, regarding the status of its annual audited financial statements and related documents for the fiscal year ended January 31, 2025. The company confirmed that these required documents have not yet been filed.
The delay, as previously reported, is primarily due to an ongoing quality review of audit procedures and financial review procedures being conducted by GenAI’s external auditor. This review specifically pertains to the accounting treatment and presentation of certain company acquisitions within the financial statements. The company has stated that this delay is outside of its direct control.
GenAI had initially anticipated filing these documents around June 30, 2025. However, due to the complexities of the ongoing processes, additional time is now required to complete the necessary filings.
In response to the delay, the British Columbia Securities Commission (OSC) has granted a Management Cease Trade Order (MCTO) under National Policy 12-203 – Management Cease Trade Orders. This order restricts CEO Patrick Gray and CFO Paul Ciullo from trading in the company’s securities until the required documents are filed and the MCTO is revoked. It is important to note that this MCTO does not impact the ability of other shareholders to trade their securities.
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Generative AI Solutions Corp. has affirmed its commitment to complying with the provisions of NP 12-203. The company intends to issue bi-weekly default status reports, providing stakeholders with updates on any material changes, actions taken to remedy the default, and other relevant information concerning the company’s affairs. GenAI is working diligently with its auditors and expects the required documents to be filed as soon as possible.
