---
schema_version: "secwatch.filing_event.v1"
accession: "0001558370-22-002729"
form_type: "8-K"
ticker: "CGEH"
cik: "0001009759"
company_name: "Capstone Energy Plus, Inc."
filed_at: "2022-03-03T23:59:59+00:00"
generated_at: "2026-06-27T01:49:05.247202+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Capstone furloughs 55% of workforce, cuts executive pay as it shifts to Energy-as-a-Service model

## Summary
- CRO James Crouse terminated effective April 1, 2022; CAO Neshan Tavitian furloughed for 120 days.
- CFO Frederick Hencken assumes additional role as CAO; CEO and CFO take 25% base salary reduction for 120 days.
- Approximately 55% of direct workforce furloughed or pay reduced beginning Feb 28, 2022; furloughed eligible for unemployment.
- Plan aims to reach consistent quarterly positive adjusted EBITDA, aligning cost structure with growing EaaS rental revenues.

## SEC filing metadata
- accession: 0001558370-22-002729
- form_type: 8-K
- ticker: CGEH
- cik: 0001009759
- company_name: Capstone Energy Plus, Inc.
- filed_at: 2022-03-03T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 5.02, 7.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1009759/000155837022002729/0001558370-22-002729-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1009759/000155837022002729/cgrn-20220225x8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001558370-22-002729
- JSON: https://secwatch.observer/filing/0001558370-22-002729.json
- Plain text: https://secwatch.observer/filing/0001558370-22-002729.txt

## Key facts
- Executive change
  Neshan Tavitian departed as Chief Accounting Officer at Capstone Energy Plus, Inc..
  - Action: furloughed
  - Role: Chief Accounting Officer
  source text: the Company also furloughed Neshan “Nino” Tavitian, the Company’s Chief Accounting Officer, effective February 28, 2022, for 120 days.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1009759/000155837022002729/0001558370-22-002729-index.htm
- Executive change
  Frederick S. Hencken III changed role as Chief Accounting Officer at Capstone Energy Plus, Inc..
  - Action: assumed the role of Chief Accounting Officer
  - Role: Chief Accounting Officer
  source text: In his absence, Mr. Frederick S. Hencken III has assumed the role of Chief Accounting Officer.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1009759/000155837022002729/0001558370-22-002729-index.htm
- Executive change
  James Crouse was terminated as Chief Revenue Officer at Capstone Energy Plus, Inc..
  - Action: terminated
  - Role: Chief Revenue Officer
  source text: the employment of James Crouse, the Chief Revenue Officer of the Company, will terminate effective April 1, 2022.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1009759/000155837022002729/0001558370-22-002729-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.