<SEC-DOCUMENT>0001140361-20-003543.txt : 20200218
<SEC-HEADER>0001140361-20-003543.hdr.sgml : 20200218
<ACCEPTANCE-DATETIME>20200218163727
ACCESSION NUMBER:		0001140361-20-003543
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20200214
ITEM INFORMATION:		Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review
FILED AS OF DATE:		20200218
DATE AS OF CHANGE:		20200218

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:		20625856

	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
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<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>
        <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): February 14, 2020</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>
        <div><br>
        </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>
      </div>
      <div>
        <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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                    <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>
                <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>
              </div>
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                <div style="text-align: center; color: #000000;">USATP</div>
              </div>
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            <td style="width: 40%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div>
                <div style="color: #000000;">The NASDAQ Stock Market LLC</div>
              </div>
            </td>
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      <div>
        <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>
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        <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: 53.5pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">Item 4.02</td>
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                    <div style="color: #000000; font-weight: bold;">Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review.</div>
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        <div style="text-align: justify; color: rgb(0, 0, 0);">(a) On February 14, 2020, the Board of Directors (the &#8220;Board&#8221;) of USA Technologies, Inc. (the &#8220;Company&#8221;), upon the recommendation of
          the Audit Committee of the Board (the &#8220;Audit Committee&#8221;), and following discussions with management, determined that the unaudited consolidated financial statements for the fiscal quarter ended September 30, 2019 should no longer be relied upon.
          Similarly, related press releases, earnings releases, and investor communications describing the Company&#8217;s financial statements for that period should no longer be relied upon.</div>
        <div><br>
        </div>
        <div style="text-align: justify; color: rgb(0, 0, 0);">The determination of the Board to restate the above-referenced financial statements was based upon certain adjustments to its
          financial statements that were identified by management during the course of preparing the Company&#8217;s financial statements for the fiscal quarter ended December 31, 2019. These adjustments consisted primarily 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 three
          months ended June 30, 2019 and the three months ended September 30, 2019; and (ii) inaccurate accounting treatment of the leasing/rental contracts of its wholly-owned subsidiary, Cantaloupe Systems, Inc., relating primarily to the fiscal year
          ended June 30, 2019 and the three months ended September 30, 2019, which affected cost of sales, 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. In addition, the Company identified other miscellaneous immaterial adjustments relating to the inaccurate accounting for: a customer rebate; certain accrued expenses; timing of hardware revenue recognition for a
          specific contract; timing of recognition for activation revenue; and timing of recognition for certain license and transaction fees.</div>
        <div><br>
        </div>
        <div style="text-align: justify; color: rgb(0, 0, 0);">Following the filing of this Current Report on Form 8-K, the Company will&#160; sequentially file an Amendment No. 1 to its previously
          filed Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2019 (the &#8220;Form 10-Q/A&#8221;), and then its Quarterly Report on Form 10-Q for the fiscal quarter ended December 31, 2019. The Form 10-Q/A contains the restatements of the
          Company&#8217;s unaudited consolidated financial statements for the fiscal quarter ended September 30, 2019, and additional data regarding these restatements.</div>
        <div><br>
        </div>
        <div style="text-align: justify; color: rgb(0, 0, 0);">The Company also analyzed the impact of the aforementioned adjustments and other accumulated misstatements on the financial statements
          for the interim and annual periods prior to the fiscal quarter ended September 30, 2019, and concluded that a correction of the errors would not be material individually or in the aggregate to any such prior interim or annual period. However, the
          Company concluded that correcting the cumulative impact of the errors would be material to its results of operations for the three months ended December 31, 2019 and fiscal year 2020. Accordingly, the Company has also included in the Form 10-Q/A
          the revised prior period interim and annual financial information for the fiscal year ended June 30, 2019 which reflects the correction of these errors and other accumulated misstatements.</div>
        <div><br>
        </div>
        <div style="text-align: justify; color: rgb(0, 0, 0);">The Audit Committee has discussed the matters disclosed pursuant to this Item 4.02(a) with the Company&#8217;s independent auditor, BDO USA
          LLP.</div>
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        <div style="text-align: center; color: rgb(0, 0, 0);">SIGNATURES</div>
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        <div style="text-align: justify; color: rgb(0, 0, 0);">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;" rowspan="1"><font style="color: rgb(0, 0, 0);">Dated: February 18, 2020</font>&#160;&#160; <br>
            </td>
            <td style="width: 3%; vertical-align: top;" rowspan="1" colspan="2"><font style="color: rgb(0, 0, 0);">USA TECHNOLOGIES, INC.</font> <br>
            </td>
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            <td style="width: 50%; vertical-align: top;" rowspan="1">&#160;</td>
            <td style="width: 3%; vertical-align: top;" rowspan="1">&#160;</td>
            <td style="width: 47%; vertical-align: top;" rowspan="1">&#160;</td>
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            <td style="width: 50%; vertical-align: top;">&#160;</td>
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              <div style="text-align: justify; color: rgb(0, 0, 0);">By:</div>
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            <td style="width: 47%; vertical-align: top;">
              <div style="text-align: justify; color: rgb(0, 0, 0);"><u>/s/ Donald W. Layden, Jr.</u></div>
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            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 3%; vertical-align: top;">&#160;</td>
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              <div style="text-align: justify; color: rgb(0, 0, 0);">Donald W. Layden, Jr.,</div>
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            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 3%; vertical-align: top;">&#160;</td>
            <td style="width: 47%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">Interim Chief Executive Officer</div>
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</SEC-DOCUMENT>
