USA Technologies Inc (USAT)

[FUNMAN]

OMG - Late to file AGAIN !?!?!?!? Is USAT mgmt pulling all of our chains. Just how incompetent can they be? Or are they working to totally screw the shareholders between now and the shareholder meeting.

FORM 12b-25

NOTIFICATION OF LATE FILING

https://usatechnologiesinc.gcs-web.com/node/18806/html

PART III - NARRATIVE

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.

USA Technologies, Inc. (the “Company”) 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 “Form 10-Q”).

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, 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’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’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.

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).