UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of report (Date of earliest event reported): November 27, 2023
COMMONWEALTH INCOME & GROWTH FUND VII, LP |
(Exact name of registrant as specified in its charter) |
Commission File Number: 333-156357
Pennsylvania | | 26-3733264 |
(State or other jurisdiction of incorporation or organization) | | (I.R.S. Employer Identification Number) |
4532 US Highway 19
Suite 200
New Port Richey, FL 34652
(Address, including zip code, of principal executive offices)
(877) 654-1500
(Registrant’s telephone number including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17CFR 240.14d-2(b)) |
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☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17CFR 240.13e-4(c)) |
Section 4 – Matters Related to Accountants and Financial Statements
Item 4.02 Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review.
On November 15, 2023, the General Partner of Commonwealth Income & Growth Fund VII, LP, (the “Partnership”), in consultation with management and MORISON COGEN, LLP, the Partnership's independent registered public accounting firm, concluded that the Partnership’s previously issued interim financial statements contained within the quarterly Report on Form 10-Q for the quarter ended (Q3), should no longer be relied upon due to errors in such financial statements, and therefore a restatement of these prior financial statements is required.
Commonwealth Income & Growth Fund VII, LP announced it’s in the process of re-stating its 10-Qs and 10-K financials for fiscal 2022. The restatement was deemed appropriate given the increase in notes payable and additional revenue within associated private entities in which the partnership is invested.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| COMMONWEALTH INCOME & GROWTH FUND VII, LP | |
| BY: COMMONWEALTH INCOME & GROWTH FUND, INC., General Partner | |
Date: November 28, 2023 | By: | /s/ Kimberly A. Springsteen-Abbott | |
| Kimberly A. Springsteen-Abbott | |
| Chief Executive Officer Commonwealth Income & Growth Fund, Inc. | |
