<SEC-DOCUMENT>0001140361-13-021859.txt : 20130520
<SEC-HEADER>0001140361-13-021859.hdr.sgml : 20130520
<ACCEPTANCE-DATETIME>20130520170043
ACCESSION NUMBER:		0001140361-13-021859
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20130520
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20130520
DATE AS OF CHANGE:		20130520

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			USA TECHNOLOGIES INC
		CENTRAL INDEX KEY:			0000896429
		STANDARD INDUSTRIAL CLASSIFICATION:	CALCULATING & ACCOUNTING MACHINES (NO ELECTRONIC COMPUTERS) [3578]
		IRS NUMBER:				232679963
		STATE OF INCORPORATION:			PA
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33365
		FILM NUMBER:		13859084

	BUSINESS ADDRESS:	
		STREET 1:		100 DEERFIELD LANE
		STREET 2:		SUITE 140
		CITY:			MALVERN
		STATE:			PA
		ZIP:			19355
		BUSINESS PHONE:		6109890340

	MAIL ADDRESS:	
		STREET 1:		100 DEERFIELD LANE
		STREET 2:		SUITE 140
		CITY:			MALVERN
		STATE:			PA
		ZIP:			19355

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	USA ENTERTAINMENT CENTER INC
		DATE OF NAME CHANGE:	19931029
</SEC-HEADER>
<DOCUMENT>
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<DESCRIPTION>USA TECHNOLOGIES INC 8-K 5-20-2013
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Current Report Pursuant to Section 13 or 15(d) of</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Securities Exchange Act of 1934</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Date of report (Date of earliest event reported): May 20, 2013</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 24pt">USA TECHNOLOGIES, INC.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">100 Deerfield Lane, Suite 140</font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Item 8.01.&#160; </font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Other Events.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Except as set forth in this Form 8-K, USA Technologies, Inc. (&#8220;USAT&#8221;) has never calculated certain adjustments to the conversion price of USAT&#8217;s series A convertible preferred stock (&#8220;Preferred Stock&#8221;) required to be made under Section 4(C)3(c)(i) of the USAT Articles of Incorporation (&#8220;Articles&#8221;). These adjustments to the conversion price of the Preferred Stock do not affect the conversion rate of any accrued and unpaid dividends on the Preferred Stock or the liquidation preference of or redemption price for the Preferred Stock. Further, these adjustments&#160;will not result in any restatement of USAT&#8217;s financial statements and are not anticipated to have a material effect on USAT&#8217;s financial statements for the fiscal year ending June 30, 2013.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Articles provide that each share of Preferred Stock shall be convertible, at the option of the holder thereof, at any time, into that number of shares of USAT&#8217;s common stock (the "Common Stock") as is determined by dividing $1.00 by the conversion price&#160;for the Preferred Stock in effect at the time of conversion (the "Conversion Price"). The Articles provide that the Conversion Price is subject to adjustment to reflect the prior reverse splits of the Common Stock as well as the further adjustments described in Section 4(C)3(c)(i). Section 4(C)3(c)(i) requires that the Conversion Price shall be reduced from time to time to reflect certain issuances by USAT of Common Stock or securities convertible into, or exercisable for, shares of Common Stock at a sales, conversion or exercise price that is less than the Conversion Price in effect at the time of any such issuance.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">As of April 16, 2013, the record date of USAT&#8217;s annual meeting of shareholders scheduled to be held on June 21, 2013, the Conversion Price is $5.1592, each share of Preferred Stock is convertible into .1938 of a share of Common Stock ($1.00 divided by $5.1592), and each share of Preferred Stock is entitled to .1938 of a vote on all matters on which the holders of Common Stock are entitled to vote. The 445,063 shares of Preferred Stock issued and outstanding as of April 16, 2013 would be convertible into an aggregate of 86,253 shares of Common Stock, and would be entitled to an aggregate of 86,253 votes on all matters on which the holders of Common Stock are entitled to vote.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Articles provide that any accrued and unpaid dividends on the Preferred Stock shall be convertible into shares of Common Stock at the time of conversion of the underlying share of Preferred Stock into Common Stock. As of the date hereof, the accrued and unpaid dividends on the Preferred Stock of $11,596,324 would be convertible into 11,596 shares of Common Stock at the rate of $1,000 per share of Common Stock. The conversion rate for the accrued and unpaid dividends is not affected by any of the adjustments required to be made to the Conversion Price under Section 4(C)3(c)(i) of the Articles.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Section 4(C)2 of our Articles provides that each share of Preferred Stock is entitled to a liquidation preference in an amount equal to $10.00 plus all accrued and unpaid dividends thereon. As of the date hereof, the liquidation preference for all of the Preferred Stock is $16,046,954, or $36.05 per share. The liquidation preference is not affected by any of the adjustments required to be made to the Conversion Price under Section 4(C)3(c)(i) of the Articles.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Section 4(C)6 of the Articles provides that USAT may redeem the Preferred Stock at any time for an amount per share equal to $11.00 plus all accrued and unpaid dividends thereon. As of the date hereof, the redemption price for all of the Preferred Stock would be $16,492,017, or $37.05 per share. The redemption price is not affected by any of the adjustments required to be made to the Conversion Price under Section 4(C)3(c)(i) of the Articles.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The foregoing description of the Articles or Preferred Stock does not purport to be complete and is qualified in its entirety by reference to our Articles which are filed hereto as exhibits to this Form 8-K and are incorporated herein by reference.</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">3.1.1&#160;&#160;&#160;&#160;First Amendment to Amended and Restated Articles of Incorporation of the Company filed on March 17, 2005 (Incorporated by reference to Exhibit 3.1.1 to Form S-1 Registration Statement No. 333-124078).</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">3.1.2&#160;&#160;&#160;&#160;Second Amendment to Amended and Restated Articles of Incorporation of the Company filed on December 13, 2005 (Incorporated by reference to Exhibit 3.1.2 to Form S-1 Registration Statement No. 333-130992).</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">3.1.3&#160;&#160;&#160;&#160;Fourth Amendment to Amended and Restated Articles of Incorporation of the Company filed on July 25, 2007 (Incorporated by reference to Exhibit 3.1.3 to Form 10-K filed September 24, 2008).</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">3.1.4&#160;&#160;&#160;&#160;Fifth Amendment to Amended and Restated Articles of Incorporation of the Company filed on March 6, 2008. (Incorporated by reference to Exhibit 3.1.4 to Form 10-K filed September 24, 2008).</font></div>

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<td valign="top" width="50%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Dated: May 20, 2013</font></td>
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