<SEC-DOCUMENT>0001140361-20-002826.txt : 20200211
<SEC-HEADER>0001140361-20-002826.hdr.sgml : 20200211
<ACCEPTANCE-DATETIME>20200211163215
ACCESSION NUMBER:		0001140361-20-002826
CONFORMED SUBMISSION TYPE:	NT 10-Q
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20191231
FILED AS OF DATE:		20200211
DATE AS OF CHANGE:		20200211
EFFECTIVENESS DATE:		20200211

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:		NT 10-Q
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33365
		FILM NUMBER:		20597052

	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>NT 10-Q
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<DESCRIPTION>NT 10-Q
<TEXT>
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    <div style="text-align: center; font-size: 14pt; font-weight: bold;">UNITED STATES</div>
    <div style="text-align: center; font-size: 14pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
    <div style="text-align: center; margin-left: 5.4pt; font-size: 12pt; font-weight: bold;">Washington, D.C. 20549</div>
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          <td style="width: 25%; vertical-align: top;">&#160;</td>
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            <div style="text-align: center; font-size: 18pt; font-weight: bold;">FORM 12b-25</div>
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            <div style="font-weight: bold;">SEC File Number</div>
            <div style="font-weight: bold;">001-33365</div>
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          <td style="width: 25%; vertical-align: top;">&#160;</td>
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            <div style="text-align: center; font-weight: bold;">NOTIFICATION OF LATE FILING</div>
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            <div style="font-weight: bold;">CUSIP Number</div>
            <div>90328S</div>
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            <div style="text-align: justify; font-style: italic;">(Check one):</div>
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          <td style="width: 4%; vertical-align: middle;">&#9744;</td>
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            <div style="text-align: justify;">Form 10-K</div>
          </td>
          <td style="width: 2.16%; vertical-align: middle; text-align: center;">&#9744;</td>
          <td style="width: 12%; vertical-align: middle;">
            <div style="text-align: justify;">Form 20-F</div>
          </td>
          <td style="width: 2%; vertical-align: middle; text-align: center;">&#9744;</td>
          <td style="width: 11.5%; vertical-align: middle;">
            <div style="text-align: justify;">Form 11-K</div>
          </td>
          <td style="width: 3.25%; vertical-align: middle;">
            <div style="text-align: center;">&#9746;</div>
          </td>
          <td style="width: 11.5%; vertical-align: middle;">
            <div style="text-align: justify;">Form 10-Q</div>
          </td>
          <td style="width: 2.16%; vertical-align: middle; text-align: center;">&#9744;</td>
          <td style="width: 11.5%; vertical-align: middle;">
            <div style="text-align: justify;">Form 10-D</div>
          </td>
          <td style="width: 2.16%; vertical-align: middle; text-align: center;">&#9744;</td>
          <td style="width: 13.71%; vertical-align: middle;">
            <div style="text-align: justify;">Form N-SAR</div>
          </td>
        </tr>
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          <td style="width: 4%; vertical-align: middle;">&#9744;</td>
          <td style="width: 13%; vertical-align: middle;">
            <div style="text-align: justify;">Form N-CSR</div>
          </td>
          <td style="width: 2.16%; vertical-align: middle;">&#160;</td>
          <td style="width: 12%; vertical-align: middle;">&#160;</td>
          <td style="width: 2%; vertical-align: middle;">&#160;</td>
          <td style="width: 11.5%; vertical-align: middle;">&#160;</td>
          <td style="width: 3.25%; vertical-align: middle;">&#160;</td>
          <td style="width: 11.5%; vertical-align: middle;">&#160;</td>
          <td style="width: 2.16%; vertical-align: middle;">&#160;</td>
          <td style="width: 11.5%; vertical-align: middle;">&#160;</td>
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          <td colspan="3" style="vertical-align: middle; padding-bottom: 2px;">
            <div style="text-align: justify;">For Period Ended:</div>
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          <td colspan="5" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify;">December 31, 2019 &#160;</div>
          </td>
          <td style="width: 2.16%; vertical-align: middle; padding-bottom: 2px;">&#160;</td>
          <td style="width: 11.5%; vertical-align: middle; padding-bottom: 2px;">&#160;</td>
          <td style="width: 2.16%; vertical-align: middle; padding-bottom: 2px;">&#160;</td>
          <td style="width: 13.71%; vertical-align: middle; padding-bottom: 2px;">&#160;</td>
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          <td style="width: 4%; vertical-align: middle;">&#9744;</td>
          <td colspan="5" style="vertical-align: middle;">
            <div style="text-align: justify;">Transition Report on Form 10-K</div>
          </td>
          <td style="width: 3.25%; vertical-align: middle;">&#160;</td>
          <td style="width: 11.5%; vertical-align: middle;">&#160;</td>
          <td style="width: 2.16%; vertical-align: middle;">&#160;</td>
          <td style="width: 11.5%; vertical-align: middle;">&#160;</td>
          <td style="width: 2.16%; vertical-align: middle;">&#160;</td>
          <td style="width: 13.71%; vertical-align: middle;">&#160;</td>
        </tr>
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          <td style="width: 4%; vertical-align: middle;">&#9744;</td>
          <td colspan="5" style="vertical-align: middle;">
            <div style="text-align: justify;">Transition Report on Form 20-F</div>
          </td>
          <td style="width: 3.25%; vertical-align: middle;">&#160;</td>
          <td style="width: 11.5%; vertical-align: middle;">&#160;</td>
          <td style="width: 2.16%; vertical-align: middle;">&#160;</td>
          <td style="width: 11.5%; vertical-align: middle;">&#160;</td>
          <td style="width: 2.16%; vertical-align: middle;">&#160;</td>
          <td style="width: 13.71%; vertical-align: middle;">&#160;</td>
        </tr>
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          <td style="width: 4%; vertical-align: middle;">&#9744;</td>
          <td colspan="5" style="vertical-align: middle;">
            <div style="text-align: justify;">Transition Report on Form 11-K</div>
          </td>
          <td style="width: 3.25%; vertical-align: middle;">&#160;</td>
          <td style="width: 11.5%; vertical-align: middle;">&#160;</td>
          <td style="width: 2.16%; vertical-align: middle;">&#160;</td>
          <td style="width: 11.5%; vertical-align: middle;">&#160;</td>
          <td style="width: 2.16%; vertical-align: middle;">&#160;</td>
          <td style="width: 13.71%; vertical-align: middle;">&#160;</td>
        </tr>
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          <td style="width: 4%; vertical-align: middle;">&#9744;</td>
          <td colspan="5" style="vertical-align: middle;">
            <div style="text-align: justify;">Transition Report on Form 10-Q</div>
          </td>
          <td style="width: 3.25%; vertical-align: middle;">&#160;</td>
          <td style="width: 11.5%; vertical-align: middle;">&#160;</td>
          <td style="width: 2.16%; vertical-align: middle;">&#160;</td>
          <td style="width: 11.5%; vertical-align: middle;">&#160;</td>
          <td style="width: 2.16%; vertical-align: middle;">&#160;</td>
          <td style="width: 13.71%; vertical-align: middle;">&#160;</td>
        </tr>
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          <td style="width: 4%; vertical-align: middle;">&#9744;</td>
          <td colspan="5" style="vertical-align: middle;">
            <div style="text-align: justify;">Transition Report on Form N-SAR</div>
          </td>
          <td style="width: 3.25%; vertical-align: middle;">&#160;</td>
          <td style="width: 11.5%; vertical-align: middle;">&#160;</td>
          <td style="width: 2.16%; vertical-align: middle;">&#160;</td>
          <td style="width: 11.5%; vertical-align: middle;">&#160;</td>
          <td style="width: 2.16%; vertical-align: middle;">&#160;</td>
          <td style="width: 13.71%; vertical-align: middle;">&#160;</td>
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          <td colspan="4" style="vertical-align: middle; padding-bottom: 2px;">
            <div style="text-align: justify;">For the Transition Period Ended:</div>
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          <td colspan="8" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify;">&#160;</div>
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            <div style="text-align: center; font-weight: bold;">Nothing in this form shall be construed to imply that the Commission has verified any information contained herein.</div>
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            <div style="text-align: justify;">If the notification relates to a portion of the filing checked above, identify the Item(s) to which the notification relates:</div>
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            <div style="text-align: justify; font-weight: bold;">PART I - REGISTRANT INFORMATION</div>
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          <td style="width: 100%; vertical-align: top;">&#160;</td>
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          <td style="width: 100%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: justify; font-weight: bold;">USA TECHNOLOGIES, INC.</div>
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            <div style="text-align: justify;">Full Name of Registrant</div>
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            <div style="text-align: justify;">Former Name if Applicable</div>
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          <td style="width: 100%; vertical-align: top;">&#160;</td>
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            <div style="text-align: justify;">100 Deerfield Lane, Suite 300</div>
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          <td style="width: 100%; vertical-align: top; border-top: #000000 2px solid;">
            <div style="text-align: justify;">Address of Principal Executive Office <font style="font-style: italic;">(Street and Number)</font></div>
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          <td style="width: 100%; vertical-align: top;">&#160;</td>
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            <div style="text-align: justify;">Malvern, PA 19355</div>
          </td>
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          <td style="width: 100%; vertical-align: top; border-top: #000000 2px solid;">
            <div style="text-align: justify;">City, State and Zip Code</div>
          </td>
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    <div style="text-align: justify; font-weight: bold;">PART II - RULES 12B-25(b) AND (c)</div>
    <div><br>
    </div>
    <div style="text-align: justify;">If the subject report could not be filed without unreasonable effort or expense and the registrant seeks relief pursuant to Rule 12b-25(b), the following should be completed. (Check box if appropriate.)</div>
    <div><br>
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            <div>&#9746;</div>
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          <td style="width: 3.92%; vertical-align: top; text-align: center;">
            <div>(a)</div>
          </td>
          <td style="width: 92.16%; vertical-align: middle;">
            <div style="text-align: justify;">The reason described in reasonable detail in Part III of this form could not be eliminated without unreasonable effort or expense.</div>
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          <td style="width: 3.92%; vertical-align: top; text-align: center;">
            <div>(b)</div>
          </td>
          <td style="width: 92.16%; vertical-align: middle;">
            <div style="text-align: justify;">The subject annual report, semi-annual report, transition report on Form 10-K, Form 20-F, Form 11-K, Form N-SAR or Form N-CSR, or portion thereof, will be filed on or before the fifteenth calendar day following
              the prescribed due date; or the subject quarterly report or transition report on Form 10-Q or subject distribution report on Form 10-D, or portion thereof, will be filed on or before the fifth calendar day following the prescribed due date;
              and</div>
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          <td style="width: 3.92%; vertical-align: top; text-align: center;">
            <div>(c)</div>
          </td>
          <td style="width: 92.16%; vertical-align: middle;">
            <div style="text-align: justify;">The accountant's statement or other exhibit required by Rule 12b-25(c) has been attached if applicable.</div>
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    <div style="text-align: justify; font-weight: bold;">PART III - NARRATIVE</div>
    <div><br>
    </div>
    <div style="text-align: justify;">State below in reasonable detail why Forms 10-K, 20-F, 11-K, 10-Q,10-D, N-SAR, N-CSR, or the transition report or portion thereof, could not be filed within the prescribed time period.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">USA Technologies, Inc. (the &#8220;Company&#8221;) is unable to file within the prescribed time period, without unreasonable effort or expense, its Quarterly Report on Form 10-Q for the fiscal quarter ended December 31, 2019 (the
      &#8220;Form 10-Q&#8221;).</div>
    <div><br>
    </div>
    <div style="text-align: justify;">During the course of preparing its financial statements for the fiscal quarter ended December 31, 2019, the Company identified certain adjustments that are required to be made to its financial statements. These
      adjustments consist of the following: (i) incorrect allocation of transaction price between equipment revenues and license and transaction fees in connection with a customer contract which resulted in the inappropriate deferral of equipment revenues
      on hardware devices shipped during the fourth quarter of the fiscal year ended June 30, 2019 and the first quarter of the fiscal year ending June 30, 2020; and (ii) inaccurate accounting treatment of the leasing/rental contracts of its wholly-owned
      subsidiary,&#160; Cantaloupe Systems, Inc., relating primarily to the fiscal year ended June 30, 2019 and the first quarter of the fiscal year ending June 30, 2020, and which affected cost of goods sold, inventory and property, plant and equipment. These
      adjustments do not relate to the Audit Committee&#8217;s internal investigation which was substantially completed in January 2019. The Company is in the process of analyzing the materiality of these adjustments, including whether the Company would be
      required to restate any previously issued financial statements. Given the additional time required to complete the Company&#8217;s assessment of this matter, the Company is unable to file its Form 10-Q within the prescribed time period without unreasonable
      effort or expense.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify;">The Company believes that it will be in a position to file the Form 10-Q within the five calendar-day extension period provided by Rule 12b-25(b).</div>
    <div style="text-align: justify;"><br>
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    <div style="text-align: justify; font-weight: bold;">PART IV - OTHER INFORMATION</div>
    <div><br>
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              <div style="margin-left: 18pt;">1.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">Name and telephone number of person to contact in regard to this notification</div>
            </td>
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            <td style="width: 55%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">Donald W. Layden, Jr., interim Chief Executive Officer</div>
            </td>
            <td style="width: 19.94%; vertical-align: middle; border-bottom: #000000 2px solid;">
              <div style="text-align: center; font-weight: bold;">610</div>
            </td>
            <td style="width: 20.1%; vertical-align: middle; border-bottom: #000000 2px solid;">
              <div style="text-align: center; font-weight: bold;">989-0340</div>
            </td>
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            <td style="width: 55%; vertical-align: middle;">
              <div style="text-align: center;">(Name)</div>
            </td>
            <td style="width: 19.94%; vertical-align: middle;">
              <div style="text-align: center;">(Area Code)</div>
            </td>
            <td style="width: 20.1%; vertical-align: middle;">
              <div style="text-align: center;">(Telephone Number)</div>
            </td>
          </tr>

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              <div style="margin-left: 18pt;">2.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">Have all other periodic reports required under Section 13 or 15(d) of the Securities Exchange Act of 1934 or Section 30 of the Investment Company Act of 1940 during the preceding 12 months or for such shorter
                period that the registrant was required to file such report(s) been filed?</div>
            </td>
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    <div style="margin-left: 38.25pt;">Yes &#9746;&#160; &#160; &#160; &#160; &#160;&#160; No &#9744;</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;">If answer is no, identify report(s).</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 18pt;">&#160;</div>
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              <div style="margin-left: 18pt;">3.</div>
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              <div style="text-align: justify;">Is it anticipated that any significant change in results of operations from the corresponding period for the last fiscal year will be reflected by the earnings statements to be included in the subject report
                or portion thereof?</div>
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    <div style="margin-left: 38.25pt;">Yes &#9746;&#160; &#160; &#160; &#160; &#160;&#160; No &#9744;</div>
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    <div style="text-align: justify; margin-left: 36pt;">If so, attach an explanation of the anticipated change, both narratively and quantitatively, and, if appropriate, state the reasons why a reasonable estimate of the results cannot be made.</div>
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    </div>
    <div style="text-align: justify; margin-left: 36pt;">For the reasons set forth in Part III above, the Company is unable to provide a reasonable estimate of its results of operations for the fiscal quarter ended December 31, 2019 and is not able to
      provide a quantitative description of changes in its results of operations between current and prior periods.</div>
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    <div style="text-align: justify; margin-left: 36pt;">&#160;<font style="font-weight: bold;">Forward-looking Statements</font>:</div>
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    </div>
    <div style="text-align: justify; margin-left: 36pt;">&#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 Form 12b-25 are forward-looking
      statements. When used in this Form 12b-25, 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 Company&#8217;s expectations that it will file the Form 10-Q within the extension period provided by Rule 12b-25(b); the risk that certain adjustments to the Company&#8217;s financial
      statements are deemed material and that previously issued financial statements of the Company would have to be restated; and the subsequent discovery of additional adjustments to the Company&#8217;s previously issued financial statements. Readers are
      cautioned not to place undue reliance on these forward-looking statements. Any forward-looking statement made by the Company speaks only as of the date of this Form 12b-25. 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; font-weight: bold;">USA Technologies, Inc.</div>
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            <div style="text-align: center;">(Name of Registrant as Specified in Charter)</div>
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    <div style="text-align: justify;">has caused this notification to be signed on its behalf by the undersigned hereunto duly authorized</div>
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            <div>Date:</div>
          </td>
          <td style="width: 25.54%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: justify;">February 11, 2020</div>
          </td>
          <td style="width: 17%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">
            <div style="text-align: justify;">By:</div>
          </td>
          <td style="width: 45%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify;">/s/ Donald W. Layden, Jr.</div>
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          <td style="width: 7.15%; vertical-align: top;">&#160;</td>
          <td style="width: 25.54%; vertical-align: top; border-top: #000000 2px solid;">&#160;</td>
          <td style="width: 17%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 45%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify;">Donald W. Layden, Jr.</div>
            <div style="text-align: justify;">Interim Chief Executive Officer</div>
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    <div style="text-align: justify;">INSTRUCTION: The form may be signed by an executive officer of the registrant or by any other duly authorized representative. The name and title of the person signing the form shall be typed or printed beneath the
      signature. If the statement is signed on behalf of the registrant by an authorized representative (other than an executive officer), evidence of the representative's authority to sign on behalf of the registrant shall be filed with the form.</div>
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            <div style="text-align: center; font-weight: bold;">ATTENTION</div>
            <div style="text-align: center; font-weight: bold;">Intentional misstatements or omissions of fact constitute Federal Criminal Violations (See 18 U.S.C. 1001).</div>
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