USA Technologies, Inc. (NASDAQ: USAT) (the “Company”), a premier digital payment, consumer engagement and logistics service provider for the self-service retail market, today announced that the Company has entered into a second consent letter (the “Second 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 Second Consent Agreement, among other things, further extends until December 31, 2018 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 Company’s unaudited financial statements for the fiscal quarter ended September 30, 2018, as well as the related compliance certificates.
The first consent letter previously entered into by the Company and the Lender had, among other things, extended until November 15, 2018 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.
As previously reported, the Company was unable to timely file its Annual Report on Form 10-K for the fiscal year ended June 30, 2018 (the “Annual Report”) and its Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2018 (the “Quarterly Report”) 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 the Audit Committee is working closely with its advisors to complete its investigation in as timely a manner as possible. Once the investigation has been completed, the Company plans to file the Annual Report and the Quarterly Report as soon as practicable. The Company will not be in a position to file the Annual Report or the Quarterly Report until the Company and its independent auditor assess the results of the investigation, and the Company implements any remedial actions which may be deemed necessary by the Board of Directors.