This filing is a non-event for trading — no new financial data. The going concern warning and pre-revenue renewables burn rate remain the key risks. Monitor the next quarterly filing for progress on the Baytown plastics recycling plant and any ELOC drawdowns. The Feb 2026 $20M offering provides a cash runway but does not resolve the structural cash burn.
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Executive Summary
This is a purely administrative amendment (10-K/A) to correct a minor omission in the original audit report — CBIZ CPAs P.C. inadvertently left out a Critical Audit Matters paragraph. The financial statements and all other disclosures remain unchanged. The filing also includes updated Sarbanes-Oxley certifications and auditor consent, but no restatement, no change in financials, and no new material information.
Key Facts
- Amendment adds a 'no critical audit matters' paragraph to CBIZ's audit report — no restatement or error correction
- Financial statements, balance sheet, and all disclosures are unchanged from the original 10-K filed March 23, 2026
- Company reports FY2025 net loss of $29.5M, accumulated deficit of $46.1M, and negative working capital of $1.04M
- Auditor expresses substantial doubt about going concern — company needs additional funding within one year
- Share exchange (reverse acquisition) closed July 1, 2025 — AGIG became accounting acquirer; $13.0M goodwill recorded
- Renewables segment (pre-revenue) incurred $11.3M adjusted operating loss; O&G segment generated $189K adjusted operating income
- ELOC facility ($100M cap) and subsequent $20M registered direct offering (Feb 2026) provide near-term liquidity
Financial Impact
No change to reported financials. FY2025 net loss was $29.5M, accumulated deficit $46.1M, cash $4.6M, total debt $10.2M.
Risk Factors
- Going concern — substantial doubt about ability to continue operations within one year
- Renewables segment is pre-revenue with $11.3M adjusted operating loss in FY2025
- UK government grant expired March 2025 — no further grant income expected
- Negative working capital of $1.04M as of Dec 31, 2025
- Disputed $1.4M fee claim from A.G.P./Alliance Global Partners (Feb 2026)
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 9 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 10-K/A Filing (Primary) | 0001493152-26-022630 |
| Exhibit: ex31-1.htm | 0001493152-26-022630 |
| Exhibit: ex31-2.htm | 0001493152-26-022630 |
| Exhibit: ex32-2.htm | 0001493152-26-022630 |
| Exhibit: ex32-1.htm | 0001493152-26-022630 |
| Exhibit: ex23-1.htm | 0001493152-26-022630 |
| Document: 0001493152-26-022630-index-headers.html | 0001493152-26-022630 |
| Document: 0001493152-26-022630-index.html | 0001493152-26-022630 |
| Document: 0001493152-26-022630.txt | 0001493152-26-022630 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 26, 2026 8w ago | 8-K | $0.9500 | awaiting T+60 | — | $1.00 (+5.55%) |
Aug 17, 2026 10w ago | 8-K | $0.9270 | awaiting T+60 | — | $1.00 (+8.17%) |
Aug 4, 2026 12w ago | Press Release | $0.9300 | awaiting T+60 | — | $1.00 (+7.82%) |
Jun 9, 2026 20w ago | 8-K | $1.16 $1.14 | ▼ −1.72% | ▼ −5.54% | $1.00 (−13.56%) |
May 13, 2026 23w ago | 10-K/A | $1.17 $0.8300 | ▼ −29.06% | ▼ −33.50% | $1.00 (−14.30%) |
May 12, 2026 24w ago | Insider Cluster | $1.21 $0.8896 | ▼ −26.48% | ▼ −30.86% | $1.00 (−17.13%) |
Apr 1, 2026 29w ago | Press Release | $1.35 $0.9659 | ▼ −28.45% | ▼ −41.83% | $1.00 (−25.73%) |
US Market Status
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