Generative AI Solutions Corp Faces Auditor Changes and More
Generative AI Solutions Corp Announces Important Auditing Changes
Generative AI Solutions Corp. (CSE: AICO) recently announced the resignation of its auditor, Manning Elliott LLP. This significant change was effective September 29, 2025, leading to the withdrawal of their audit report concerning the company’s financial statements for the year ending January 31, 2024. The board of directors informed stakeholders that the audit report should not be relied upon due to this recent development.
Accepting Auditor Resignation and Finding a Successor
The board and audit committee promptly accepted the resignation from the Former Auditor. They are currently searching for a successor auditor, adhering to the guidelines provided by National Instrument 51-102 concerning continuous disclosure obligations. The company expects this vacancy to be filled promptly.
Disagreements with Former Auditor
Interestingly, the resignation was accompanied by reportable events defined under NI 51-102. There were disagreements between the company and the Former Auditor related to certain aspects of the financial statements for 2024. These disagreements stemmed from the auditor's concerns regarding insufficient evidence to back the valuation and accounting treatment of specific transactions within the financial statements.
Compliance with Regulatory Requirements
In light of the resignation, Generative AI Solutions Corp. is committed to complying with all applicable regulations concerning the audit process and has initiated the filing of the required Notice of Change of Auditor. This notice, along with the auditor's response, will be accessible on the company’s profile on SEDAR+, ensuring transparency with investors and stakeholders.
Impact of Failure-to-File Cease Trade Order
Compounding its challenges, the company is currently under a failure-to-file cease trade order issued by the British Columbia Securities Commission because of delays in filing its annual financial statements for the fiscal year ending January 31, 2025. As long as this order remains in effect, trading of the company’s shares will be suspended on the Canadian Securities Exchange.
Moving Forward
Generative AI Solutions Corp. is working diligently to appoint a successor auditor and finalize its forthcoming financial filings. The aim is to lift the cease trade order and enhance investor confidence as it continues its operations in the innovative AI sector.
Company Overview
Generative AI Solutions Corp. is an artificial intelligence firm focused on creating a vertically integrated business through its proprietary MAI Cloud™ platform. It is dedicated to developing AI-powered tools and solutions that cater to a range of industries. As it navigates these recent changes, the company is committed to fulfilling its obligations to investors while continuing its growth in the AI solutions market.
Contact Information
For further inquiries, interested parties may contact:
Generative AI Solutions Corp.
Toll-free North America: +1-833-879-7632
Outside North America: +1-406-879-7632
Email: info@genai-solutions.com
Website: www.genai-solutions.com
Frequently Asked Questions
What led to the resignation of the former auditor?
The resignation was primarily due to unresolved disagreements regarding audit evidence supporting the valuation and accounting of certain transactions.
How is the company handling the auditor change?
The board and audit committee have accepted the resignation and are currently in the process of appointing a successor auditor to ensure compliance with regulations.
What is National Instrument 51-102?
NI 51-102 is a guideline that outlines continuous disclosure obligations for companies, ensuring that they communicate vital financial information to stakeholders.
What impact does the cease trade order have?
As a result of the cease trade order, trading of the company's shares is currently suspended, affecting liquidity and market presence until its compliance is restored.
What products does Generative AI Solutions Corp offer?
The company develops a range of AI-powered tools and solutions through its proprietary MAI Cloud™ platform, addressing various industries.
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