USA Technologies, Inc. (NASDAQ: USAT) (the “Company”), a premier digital payment, consumer engagement and logistics service provider for the self-service retail market, today provided an update on the work underway to file its Annual Report on Form 10-K for the fiscal year ended June 30, 2018 (the “Annual Report”).
As announced on September 11, 2018 and reported by the Company in its Form 12b-25 filed with the Securities and Exchange Commission on September 13, 2018, the Company was unable to file its Form 10-K within the prescribed time period due to an internal investigation being conducted by the Audit Committee of the Company’s Board of Directors into certain of the Company’s contractual arrangements, including the accounting treatment, financial reporting and internal controls related to such arrangements.
The investigation remains ongoing and, as such, the Company was not in a position to file the Annual Report within the 15 calendar day extension provided by the 12b-25 filing. The Audit Committee is working closely with its independent advisors to complete its investigation in as timely a manner as possible.
Additionally, on September 28, 2018, the Company entered into a consent letter (the “Consent Agreement”), with JPMorgan Chase Bank, N.A. (the “Lender”), relating to the Company’s Credit Agreement by and among the Company, the Lender, and certain other parties. The Consent Agreement, among other things, extends the time period for delivery to the Lender of the Company’s audited financial statements for the fiscal year ended June 30, 2018, and the related compliance certificate, until November 15, 2018.
About USA Technologies, Inc.
USA Technologies, Inc. is a premier payment technology service provider of integrated cashless and mobile transactions in the self-service retail market. The company also provides a broad line of cashless acceptance technologies including its NFC-ready ePort® G-series, ePort Mobile® for customers on the go, ePort® Interactive, and QuickConnect, an API Web service for developers. Through its recent acquisition of Cantaloupe Systems, Inc. ("Cantaloupe"), the company also offers logistics, dynamic route scheduling, automated pre-kitting, responsive merchandising, inventory management, warehouse and accounting management solutions. Cantaloupe is a premier provider of cloud and mobile solutions for vending, micro markets, and office coffee services.
