USA Technologies Inc (USAT)

[FUNMAN]

Not a prayer will we see revised financials for at least a few months.

The blue below means they are going state by state to figure out what they owe or are to be refunded tax-wise. Probably owe.

That's accounting for transactions in 50 states, and maybe for every customer.

It's still just math, but the number of equations might be at worse, every transaction run through each machine.

It's probably a revue of every transaction USAT had with it's customers who used Cantaloupe, and maybe even from the beginning of time even prior to USAT buying Cantaloupe (see underline) since they assumed all legal and financial responsibilities once they bought the company.

I wish they disclosed this earlier. They had to have known it (the underlined part).


It's even more complicated:

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’ unissued financial statements, including an accrual for the payment of sales taxes in various jurisdictions and the restoration of the Company’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’s independent auditor to complete its audit procedures.


https://www.sec.gov/Archives/edgar/data/896429/000114036119017030/form8k.htm