---
schema_version: "secwatch.filing_event.v1"
accession: "0001558370-23-015948"
form_type: "8-K"
ticker: "CGEH"
cik: "0001009759"
company_name: "Capstone Energy Plus, Inc."
filed_at: "2023-09-22T23:59:59+00:00"
generated_at: "2026-06-10T09:28:06.524477+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.9
calibrated_materiality_score: 0.9
confidence: "high"
source: SEC EDGAR
---

# Capstone Green Energy restates financials for bill-and-hold revenue errors, issues $3M in notes

## Summary
- Company issued $3M additional senior secured notes at SOFR+8.75%, due Sept 2024, to fund operations.
- Audit committee found FY2021, FY2022, and first three quarters of FY2023 financials are materially incorrect.
- Errors relate to bill-and-hold revenue recognition; restatement not yet completed, full impact undetermined.
- Company has not timely filed FY2023 10-K or FY2024 Q1 10-Q; FY2024 Q2 10-Q may also be delayed.
- Negotiations with lender for near-term financing resolution ongoing, but no assurance of success.

## SEC filing metadata
- accession: 0001558370-23-015948
- form_type: 8-K
- ticker: CGEH
- cik: 0001009759
- company_name: Capstone Energy Plus, Inc.
- filed_at: 2023-09-22T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.9
- calibrated_materiality_score: 0.9
- confidence: high
- sec_items: 1.01, 2.03, 4.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1009759/000155837023015948/0001558370-23-015948-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1009759/000155837023015948/cgrn-20230919x8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001558370-23-015948
- JSON: https://secwatch.observer/filing/0001558370-23-015948.json
- Plain text: https://secwatch.observer/filing/0001558370-23-015948.txt

## Key facts
- Auditor Changes
  Capstone Energy Plus, Inc. reported that prior financial statements should not be relied upon.
  - Action: non reliance
  - Auditor: Marcum LLP
  source text: the Company’s previously issued consolidated financial statements as of each and for each of the following fiscal periods are materially incorrect, require restatement and should no longer be relied upon
  evidence_url: https://www.sec.gov/Archives/edgar/data/1009759/000155837023015948/0001558370-23-015948-index.htm
- Debt Financings
  Capstone Energy Plus, Inc. incurred senior notes of $3,000,000 with Goldman Sachs Specialty Lending Group, L.P. at SOFR Rate plus 8.75% per annum maturing September 1, 2024.
  - Instrument: senior notes
  - Principal: $3,000,000
  - Counterparty: Goldman Sachs Specialty Lending Group, L.P.
  - Rate: SOFR Rate plus 8.75% per annum
  - Maturity: September 1, 2024
  - Event: incurrence
  source text: the Company issued and the Purchaser purchased for $3,000,000 in cash additional senior secured notes on the Effective Date (the “Additional Notes”). The Additional Notes bear interest at the SOFR Rate plus 8.75% per annum
  evidence_url: https://www.sec.gov/Archives/edgar/data/1009759/000155837023015948/0001558370-23-015948-index.htm
- Material Agreements
  Capstone Energy Plus, Inc. amended Sixth Amendment with Goldman Sachs Specialty Lending Group, L.P. valued at $3,000,000 (effective 2023-09-22).
  - Action: amendment
  - Agreement: notes offering
  - Counterparty: Goldman Sachs Specialty Lending Group, L.P.
  - Value: $3,000,000
  - Effective: 2023-09-22
  source text: On September 22, 2023 (the “Effective Date”), Capstone Green Energy Corporation (the “Company”) entered into a Sixth Amendment (the “Sixth Amendment”) to the Amended and Restated Note Purchase Agreement dated October 1, 2020
  evidence_url: https://www.sec.gov/Archives/edgar/data/1009759/000155837023015948/0001558370-23-015948-index.htm

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