<SEC-DOCUMENT>0001140361-19-017030.txt : 20190920
<SEC-HEADER>0001140361-19-017030.hdr.sgml : 20190920
<ACCEPTANCE-DATETIME>20190920142134
ACCESSION NUMBER:		0001140361-19-017030
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20190920
ITEM INFORMATION:		Other Events
FILED AS OF DATE:		20190920
DATE AS OF CHANGE:		20190920

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:		191104058

	BUSINESS ADDRESS:	
		STREET 1:		100 DEERFIELD LANE
		STREET 2:		SUITE 300
		CITY:			MALVERN
		STATE:			PA
		ZIP:			19355
		BUSINESS PHONE:		6109890340

	MAIL ADDRESS:	
		STREET 1:		100 DEERFIELD LANE
		STREET 2:		SUITE 300
		CITY:			MALVERN
		STATE:			PA
		ZIP:			19355

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	USA ENTERTAINMENT CENTER INC
		DATE OF NAME CHANGE:	19931029
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>form8k.htm
<DESCRIPTION>8-K
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        <div style="text-align: center; color: rgb(0, 0, 0); font-size: 14pt;">SECURITIES AND EXCHANGE COMMISSION</div>
        <div style="text-align: center; color: rgb(0, 0, 0); font-size: 12pt;">Washington, D.C. 20549</div>
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        <div style="text-align: center; color: rgb(0, 0, 0); font-size: 18pt; font-weight: bold;">FORM 8-K</div>
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        <div style="text-align: center; color: #000000;">Current Report Pursuant to Section 13 or 15(d) of</div>
        <div style="text-align: center; color: #000000;">The Securities Exchange Act of 1934</div>
        <div><br>
        </div>
        <div style="text-align: center; color: #000000;">Date of report (Date of earliest event reported): September 20, 2019</div>
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        <div style="text-align: center; color: #000000;"><font style="font-size: 24pt; font-weight: bold;">USA TECHNOLOGIES, INC</font><font style="font-size: 24pt;">.</font></div>
        <div style="text-align: center; color: #000000;">(Exact name of registrant as specified in its charter)</div>
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                <div style="text-align: center; color: #000000;">Pennsylvania</div>
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                <div style="text-align: center; color: #000000;">001-33365</div>
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                <div style="text-align: center; color: #000000;">232679963</div>
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                <div style="text-align: center; color: #000000;">(State or other jurisdiction of incorporation or organization)</div>
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                <div style="text-align: center; color: #000000;">(Commission File Number)</div>
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                <div style="text-align: center; color: #000000;">(I.R.S. Employer Identification No.)</div>
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        <div style="text-align: center; color: #000000;">100 Deerfield Lane, Suite 300</div>
        <div style="text-align: center; color: #000000;">Malvern, Pennsylvania 19355</div>
        <div style="text-align: center; color: #000000;">(Address of principal executive offices and zip code)</div>
        <div><br>
        </div>
        <div style="text-align: center; color: #000000;">Registrant&#8217;s telephone number, including area code: 610-989-0340</div>
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        </div>
        <div style="text-align: center; color: #000000;">n/a</div>
        <div style="text-align: center; color: #000000;">Former name or former address, if changed since last report</div>
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        <div><br>
        </div>
        <div style="text-align: justify; color: #000000;">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:</div>
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                    <div style="color: #000000;">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</div>
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                    <div style="color: #000000;">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</div>
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                    <div style="color: #000000;">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</div>
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                  <td style="width: 22.5pt; vertical-align: top; align: right; color: #000000; font-family: 'Segoe UI Symbol', sans-serif;">&#9744;</td>
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                    <div style="color: #000000;">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</div>
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        <div style="color: #000000;">Securities registered pursuant to Section 12(b) of the Act:</div>
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                <div style="text-align: center; margin-right: 0.75pt; color: #231F20;">Title of each class</div>
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                <div style="text-align: center; color: #231F20;">Trading</div>
                <div style="text-align: center; color: #231F20;">Symbol(s)</div>
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                <div style="text-align: center; color: #231F20;">Name of each exchange on which registered</div>
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                <div style="margin-right: 0.75pt; color: #000000;">Common Stock, no par value</div>
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                <div style="text-align: center; color: #000000;">USAT</div>
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                <div style="color: #000000;">The NASDAQ Stock Market LLC</div>
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                <div style="margin-right: 0.75pt; color: #000000;">Series A Convertible Preferred Stock, no par value</div>
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            <td style="width: 15%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
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                <div style="text-align: center; color: #000000;">USATP</div>
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            <td style="width: 35.24%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div>
                <div style="color: #000000;">The NASDAQ Stock Market LLC</div>
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        <div style="text-align: justify; color: #000000;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange
          Act of 1934 (&#167;240.12b-2 of this chapter).</div>
      </div>
      <div>
        <div style="text-align: right; color: #000000;">Emerging growth company &#9744;</div>
      </div>
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        <div><br>
        </div>
        <div style="text-align: justify; color: #000000;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards
          provided pursuant to Section 13(a) of the Exchange Act.&#160; &#9744;</div>
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                  <td style="width: 45pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">Item. 8.01</td>
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                    <div style="color: #000000; font-weight: bold;">Other Events.</div>
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        <div style="text-align: justify; color: #000000;">On September 20, 2019, USA Technologies, Inc. (the "Company") notified the Nasdaq Hearings Panel (the "Panel") that the Company believes that it is unlikely that the Company will meet the Panel&#8217;s
          September 23, 2019 deadline to regain compliance with its periodic filing obligations.</div>
        <div><br>
        </div>
        <div style="text-align: justify; color: #000000;">As previously reported, the Company has not been in a position to file the Annual Report on Form 10-K for the fiscal year ended June 30, 2018,&#160; the Quarterly Report on Form 10-Q for the fiscal
          quarter ended September 30, 2018, the Quarterly Report on Form 10-Q for the fiscal quarter ended December 31, 2018, and the Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2019.</div>
        <div><br>
        </div>
        <div style="text-align: justify; color: #000000;">These delays resulted from an internal investigation conducted by the Audit Committee of the Company&#8217;s Board of Directors (the &#8220;Audit Committee&#8221;), the commencement and results of which were
          disclosed in Current Reports on Form 8-K filed on September 11, 2018 and January 14, 2019, respectively. As disclosed in the Current Report on Form 8-K filed on February 6, 2019, based upon the adjustments to previously reported revenues proposed
          by the Audit Committee, the Board of Directors determined that the following financial statements shall no longer be relied upon: the audited financial statements for the fiscal year ended June 30, 2017; and the quarterly and year-to-date
          unaudited financial statements for September 30, 2017, December 31, 2017, and March 31, 2018. The Company indicated that it intended to&#160; file restated financial statements for these fiscal periods as soon as practicable. As disclosed in the
          Current Report on Form 8-K filed on September 4, 2019, the filing of its periodic reports was further delayed by, among other things, the remaining <a name="z_Hlk19864844"></a>analysis required in connection with the accounting treatment by the
          Company of the leasing/rental contracts of Cantaloupe Systems, Inc. (&#8220;Cantaloupe&#8221;), which was acquired by the Company on November 9, 2017. These issues are not related to the internal investigation, were recently discovered during the audit
          process, and must be resolved by the Company in order for the Company&#8217;s independent auditor to complete its audit procedures.</div>
        <div><br>
        </div>
        <div style="text-align: justify; color: #000000;">As reported in the Form 12b-25 filed on September 16, 2019, the Company was unable to file, without unreasonable effort or expense, its Annual Report on Form 10-K for the fiscal year ended June 30,
          2019 (the &#8220;2019 Form 10-K&#8221;) within the prescribed time period. As stated therein, the Company believed that it would file the 2019 Form 10-K within the fifteen calendar-day extension period provided by Rule 12b-25(b) promulgated under the
          Securities Exchange Act of 1934, as amended.</div>
        <div style="text-align: justify;"><br>
        </div>
        <div style="text-align: justify; color: #000000;">Since the filing of the Form 12b-25, the Company has determined that it is unlikely that the Company will regain compliance with its periodic filing obligations by the September 23, 2019 deadline.
          In this regard, the Company is completing its analysis of the Cantaloupe leasing/rental contracts as well as additional adjustments to its previously issued and prior fiscal years&#8217; unissued financial statements, including an accrual for the
          payment of sales taxes in various jurisdictions and the restoration of the Company&#8217;s income tax valuation allowance. These additional adjustments are not related to the internal investigation, were discovered during the audit process, and must be
          resolved by the Company in order for the Company&#8217;s independent auditor to complete its audit procedures.</div>
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        <div style="text-align: justify; color: #000000;">The Company will continue to work diligently towards regaining compliance with its periodic reporting obligations, completion of the 2019 Form 10-K, and completion of any required restatements of
          its previously issued financial statements, as soon as practicable.</div>
        <div><br>
        </div>
        <div style="text-align: justify; color: #000000;">As previously disclosed, the Panel has informed the Company that, if the Company does not regain compliance with its periodic reporting obligations by September 23, 2019, it will issue a delisting
          determination and the Company&#8217;s securities will be suspended from trading on The Nasdaq Stock Market LLC (&#8220;Nasdaq&#8221;). Following a suspension of trading in the Company&#8217;s securities on Nasdaq, the Company expects that its securities would be quoted
          on the OTC Markets.</div>
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        <div style="text-align: justify; color: #000000; font-weight: bold;">Forward-looking Statements:</div>
        <div><br>
        </div>
        <div style="text-align: justify; color: #000000;">&#8220;Safe Harbor&#8221; Statement under the Private Securities Litigation Reform Act of 1995: All statements other than statements of historical fact included in this Current Report on Form 8-K are
          forward-looking statements. When used in this Current Report on Form 8-K, words such as &#8220;anticipate,&#8221; &#8220;believe,&#8221; &#8220;estimate,&#8221; &#8220;expect,&#8221; &#8220;intend,&#8221; and similar expressions, as they relate to the Company or its management, identify forward-looking
          statements. Such forward-looking statements are based on the beliefs of the Company&#8217;s management, as well as assumptions made by and information currently available to the Company&#8217;s management. Actual results could differ materially from those
          contemplated by the forward-looking statements as a result of certain factors, including but not limited to, the ability to timely complete the financial statements required to be included in its unfiled periodic reports, including the 2019 Form
          10-K, or restatement of the affected financial statements; the risk that non-investigatory adjustments which have been identified during the course of the audit and which do not relate to the Cantaloupe financial integration, will result in the
          restatement of&#160; additional previously issued financial statements of the Company or further delay in regaining compliance with its periodic filing obligations; the ability to file the 2019 Form 10-K within the fifteen calendar-day extension
          period provided by Rule 12b-25(b); the ability of the Company to complete the analysis of the Cantaloupe financial integration issues or the additional adjustments on a timely basis; risks relating to the substantial costs and diversion of
          personnel&#8217;s attention and resources deployed to address the restatement of the affected financial statements, the unfiled periodic reports, and internal control matters&#894; the risk associated with the currently pending litigation or possible
          regulatory action arising from the internal investigation and its findings, from the failure to timely file the Company&#8217;s periodic reports with the SEC, from the restatement of the affected financial statements, from allegations related to the
          registration statement for the follow-on public offering, or from potential litigation or other claims arising from the shareholder demands for derivative actions&#894; any subsequent discovery of additional adjustments to the Company&#8217;s previously
          issued or prior fiscal years&#8217; financial statements, including the 2019 Form 10-K, which would further delay the preparation and filing thereof&#894; the timing of the review by, and the conclusions of, the Company&#8217;s independent auditor with respect to
          the previously issued or prior fiscal years&#8217; financial statements, including the 2019 Form 10-K&#894; and the risk that the filing of the unfiled periodic reports, including the 2019 Form 10-K, or the restatement of the affected financial statements
          will take longer than anticipated, resulting in delisting of the Company&#8217;s securities. Readers are cautioned not to place undue reliance on these forward-looking statements. Any forward-looking statement made by us speaks only as of the date of
          this Current Report on Form 8-K. Unless required by law, the Company does not undertake to release publicly any revisions to these forward-looking statements to reflect future events or circumstances or to reflect the occurrence of unanticipated
          events.</div>
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        <div style="text-align: center; color: #000000;">SIGNATURES</div>
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        <div><br>
        </div>
        <div style="text-align: justify; color: #000000;">Pursuant to the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</div>
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            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td colspan="2" style="vertical-align: top;">
              <div style="color: #000000;">USA TECHNOLOGIES, INC.</div>
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            <td style="width: 50%; vertical-align: top;"><br>
            </td>
            <td colspan="2" style="vertical-align: top;">&#160;</td>
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              <div style="color: #000000;">Dated: September 20, 2019</div>
            </td>
            <td style="vertical-align: top;">
              <div style="color: #000000;">By:&#160;<u></u></div>
            </td>
            <td style="vertical-align: top;"><u>/s/ Stephen P. Herbert</u></td>
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            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 3%; vertical-align: top;">
              <div style="color: #000000;"><br>
              </div>
            </td>
            <td style="width: 47%; vertical-align: top;">
              <div style="color: #000000;">Stephen P. Herbert,</div>
            </td>
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            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 3%; vertical-align: top;">
              <div style="color: #000000;"><br>
              </div>
            </td>
            <td style="width: 47%; vertical-align: top;">
              <div style="color: #000000;">Chief Executive Officer</div>
            </td>
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