Capstone Green Energy Files 2022 10-K Amendment

TL;DR

Capstone Green Energy amended its 2022 10-K, showing $14.7M current assets vs $11.3M current liabilities. Watch cash flow.

AI Summary

Capstone Green Energy Holdings, Inc. filed an amendment to its 2022 10-K on June 13, 2024, reporting financial data for the fiscal year ending March 31, 2022. The filing includes significant figures such as $14.7 million in current assets and $11.3 million in current liabilities, indicating a need for careful financial management. The company, formerly Capstone Turbine Corp, is focused on engines and turbines.

Why It Matters

This amendment provides updated financial details for Capstone Green Energy's 2022 fiscal year, which could impact investor understanding of the company's financial health and operational performance.

Risk Assessment

Risk Level: medium — The filing contains detailed financial figures that require careful analysis to assess the company's financial health and potential risks.

Key Numbers

• $14.7M — Current Assets (Indicates liquidity for the fiscal year ending 03/31/2022.)
• $11.3M — Current Liabilities (Represents short-term obligations for the fiscal year ending 03/31/2022.)
• 03312022 — Fiscal Year End (The period covered by the financial statements in this 10-K/A.)

Key Players & Entities

• Capstone Green Energy Holdings, Inc. (company) — Filer
• Capstone Turbine Corp (company) — Former company name
• 20220331 (date) — Fiscal year end
• 20240613 (date) — Filing date
• $14.7 million (dollar_amount) — Current assets
• $11.3 million (dollar_amount) — Current liabilities

FAQ

Filing Documents

• tmb-20220331x10ka.htm (10-K/A) — 6510KB
• tmb-20220331xex21.htm (EX-21) — 1KB
• tmb-20220331xex31d1.htm (EX-31.1) — 15KB
• tmb-20220331xex31d2.htm (EX-31.2) — 15KB
• tmb-20220331xex32.htm (EX-32) — 11KB
• 0001558370-24-009107.txt ( ) — 31881KB
• tmb-20220331.xsd (EX-101.SCH) — 103KB
• tmb-20220331_cal.xml (EX-101.CAL) — 69KB
• tmb-20220331_def.xml (EX-101.DEF) — 448KB
• tmb-20220331_lab.xml (EX-101.LAB) — 758KB
• tmb-20220331_pre.xml (EX-101.PRE) — 748KB
• tmb-20220331x10ka_htm.xml (XML) — 9982KB

Business

Business 6 Item 1A.

Risk Factors

Risk Factors 20 Item 1B. Unresolved Staff Comments 41 Item 2.

Properties

Properties 41 Item 3.

Legal Proceedings

Legal Proceedings 41 Item 4. Mine Safety Disclosures 42 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 42 Item 6.

Selected Financial Data

Selected Financial Data 43 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 44 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 58 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 58 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 58 Item 9A.

Controls and Procedures

Controls and Procedures 58 Item 9B. Other Information 60 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 61 PART III Item 10. Directors, Executive Officers and Corporate Governance 61 Item 11.

Executive Compensation

Executive Compensation 62 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 62 Item 13. Certain Relationships and Related Transactions, and Director Independence 62 Item 14. Principal Accounting Fees and Services 62 PART IV Item 15. Exhibits, Financial Statement Schedules 63 Item 16. Form 10-K Summary 63 Table of Contents EXPLANATORY NOTE All references in this Annual Report on Form 10-K/A to "the Company," "we," "us," "our," or "Capstone" are to Capstone Green Energy Corporation and its consolidated subsidiaries prior to the Effective Date (as defined below) and to Capstone Green Energy Holdings, Inc. and its consolidated subsidiaries following the Effective Date. As previously disclosed in the Current Report on Form 8-K of the Company with the SEC on September 19, 2023, the Audit Committee of the Board Directors of the Company (the "Audit Committee"), in consultation with Company's management, concluded that, as a result of apparent errors primarily related to revenue recognition associated with bill and hold transactions, certain previously issued consolidated financial statements were materially incorrect and should no longer be relied upon. As a result of the Investigation and additional procedures performed by management, the Audit Committee and management, in consultation with the Company's independent auditors, determined that certain previously issued financial statements were required to be restated to correct for the following: (i) Revenue recognition related to bill-and-hold arrangements; (ii) Accounting for factory protection plan contracts; and (iii) Reclassification of term note payable. As previously reported in the Current Report on Form 8-K of the "Company filed with the Securities and Exchange Commission (the "SEC") on September 28, 2023, the Company and its wholly owned direct subsidiaries, Capstone Turbine International, Inc. and Capstone Turbine Financial Services, LLC. (together with the Comp

, Item 1, Business – Sales and R&D

Part I, Item 1, Business – Sales and R&D

, Item 1.A., Risk Factors

Part I, Item 1.A., Risk Factors

, Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations

Part II, Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations

, Item 8, Financial Statements and Supplementary Data

Part II, Item 8, Financial Statements and Supplementary Data

, Item 9A, Controls and Procedures

Part II, Item 9A, Controls and Procedures

, Item 15, Exhibits and Financial Statement Schedules

Part IV, Item 15, Exhibits and Financial Statement Schedules Additionally, in accordance with Rule 12b-15 under the Securities Exchange Act of 1934, as amended, the Company is including with this Amendment No. 1 currently dated certifications from its Chief Executive Officer and Chief Financial Officer of the Company. These certifications are filed or furnished, as applicable, as Exhibit 31.1, 31.2, 32.1 and 32.2. Except as described above, this Amendment No. 1 does not amend, update or change any other disclosures in the Original Report. This Amendment No. 1 should be read in conjunction with the Company's filings with the SEC subsequent to the Original Report. The Company has not filed, and does not intend to file, amendments to the Quarterly Reports on Form 10-Q as of and for the three months ended June 30, September 30, and December 31, of Fiscal 2022 and 2021 (the "Affected Quarterly Periods"). Accordingly, investors should rely only on the financial information and other disclosures regarding the Affected Quarterly Periods in this Amendment or in the Company's future filings with the SEC (as applicable), and not on any previously furnished or filed reports, related earnings releases, investor presentations or similar communications of the Company describing the Company's financial results for the Affected Quarterly Periods. Audit Committee Investigation in Respect of FPP Based on information learned as part of the Restatement process, the Audit Committee commenced an additional investigation (the "FPP Investigation" and, together with the Revenue Recognition Investigation, the "Audit Committee 3 Table of Contents Investigations") into FPP related practices. The FPP Investigation was conducted with the assistance of outside counsel retained by the Audit Committee. Through the FPP Investigation, the Audit Committee identified evidence that, at times during the fiscal years covered in this Annual Report, former senior executives delayed shipment of av

Business

Item 1. Business. Overview Capstone Green Energy Corporation ("Capstone", "We" or the "Company") is a provider of customized microgrid solutions, on-site resilient green Energy as a Service (EaaS) solutions, and on-site energy technology systems focused on helping customers around the globe meet their environmental, energy savings, and resiliency goals. In April 2021, we added additional products to our portfolio and shifted our focus to four key business lines. Our Energy Conversion Products business line is driven by the Company's industry-leading, highly efficient, low-emission, resilient microturbine energy systems offering scalable solutions in addition to a broad range of customer-tailored solutions, including hybrid energy systems and larger frame industrial turbines. Through our Energy as a Service business line, we offer rental solutions utilizing our microturbine energy systems and battery storage systems, comprehensive factory protection plan service contracts that guarantee life-cycle costs, as well as aftermarket spare parts. Our two emerging business lines are Energy Storage Products and Hydrogen Energy Solutions. Our Energy Storage Products business line designs and installs microgrid storage systems creating customized solutions using a combination of battery technologies and monitoring software. Through our Hydrogen Energy Solutions business line, we offer customers a variety of hydrogen products, including the Company's microturbine energy systems. Because these are new offerings, Energy Storage Products and Hydrogen Energy Solutions revenue has been immaterial to date. We develop, manufacture, market and service microturbine technology solutions for use in stationary distributed power generation and distribution networks applications, including energy efficient cogeneration combined heat and power ("CHP"), integrated combined heat and power ("ICHP"), and combined cooling, heat and power ("CCHP"), as well as renewable energy, natural resources

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View this 10-K/A filing on SEC EDGAR