According to Roger James Hamilton, Genius Group completed a court-approved spin-off of ERL in August 2023 with ERL shares distributed pro rata to GNS holders of record on August 31, 2023, but a full shareholder reconciliation was not possible at that time due to DTCC providing only aggregate broker-held totals without a detailed holder list (source: Roger James Hamilton, X post dated Jan 12, 2026). Hamilton states ERL conducted direct verification of GNS holdings with support from Upstream Exchange from August 2023 to August 2025, yet only 32% of broker-reported GNS shares could be matched to actual shareholders after two years (source: Roger James Hamilton, X post dated Jan 12, 2026). He reports that out of 74.0 million GNS issued as of August 31, 2023, 54.4 million were reported via DTCC as broker-held, which should have converted to 9.97 million ERL shares under the spin-off, but the limited verification left 6.8 million ERL shares out of 16.7 million unallocated (40.9%) (source: Roger James Hamilton, X post dated Jan 12, 2026). Hamilton adds that in July 2025, Genius Group agreed an Asset Purchase Agreement returning ERL to Genius Group with ERL holders to receive three GNS shares per ERL share, creating 50 million GNS shares, which ERL currently holds in restricted form under Rule 144 (source: Roger James Hamilton, X post dated Jan 12, 2026). He notes that following the new Share Count Date of February 13, 2026, ERL plans to distribute these GNS shares via Vstock Transfer to verified ERL investors, but 40.9% (20.4 million GNS shares) cannot be distributed due to unverified ownership (source: Roger James Hamilton, X post dated Jan 12, 2026). Hamilton states the company has notified DTCC of the discrepancy and requested a full account of GNS shareholders and holdings to resolve the issue by the new date (source: Roger James Hamilton, X post dated Jan 12, 2026). He further indicates that investors who held GNS on August 31, 2023 and have not completed verification can still do so by February 13, 2026 by emailing investor@geniusgroup.ai with their details and broker statement (source: Roger James Hamilton, X post dated Jan 12, 2026). For traders, the key catalysts are the Feb 13, 2026 share count, potential distribution flows via Vstock, and the 20.4 million-share unallocated block remaining restricted pending verification, as described by Hamilton (source: Roger James Hamilton, X post dated Jan 12, 2026).