The Adventures of Pinocchio was an Italian animation film made by CAIR. If it was released it would have been Italy's first animated movie and it also would have been the first animated film adaptation of the novel. The film was meant to be released in 1936. However, the production was troubled as they were dealing with many technical and internal problems. The film went way over budget and this caused the company to run out of money to make the film and CAIR ceased all productions. This caused the film to be stored away. Raoul Verdini, who was one of the animators, tried to complete the film and also attempted to convert the movie to color (since the film was in black and white). The attempts were unsuccessful and the movie remained unfinished. The film is assumed to be lost and the only things that exist are a few stills and the script. Some people argue that the film still exists in the archives of the American Study.