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Name | Symbol | Market | Type |
---|---|---|---|
USA Technologies Inc | NASDAQ:USATP | NASDAQ | Preference Share |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 21.89 | 12.50 | 199,999.99 | 0 | 01:00:00 |
Pennsylvania
|
001-33365
|
23‑2679963
|
(State or other jurisdiction of incorporation or organization)
|
(Commission File Number)
|
(I.R.S. Employer Identification No.)
|
☐
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
☐
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
☐
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
☐
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
Item 2.02. | Results of Operations and Financial Condition |
Item 9.01. | Financial Statements and Exhibits |
Exhibit 99.1 | Press Release of the Company dated September 10, 2015 |
USA TECHNOLOGIES, INC.
|
||
Dated: September 11, 2015
|
By:
|
/s/Stephen P. Herbert
|
Stephen P. Herbert,
|
||
Chairman and Chief Executive Officer
|
Exhibit No.
|
Description of Exhibit
|
Press Release of the Company dated September 10, 2015
|
· | Record net connections of 31,000 for a total on the service of 333,000 |
· | Record total revenue of $17.6 million, a year-over-year increase of 57% |
· | Record license and transaction fee revenue of $11.9 million, a year-over-year increase of 26% |
· | Free cashflow of $2.7 million* |
Three months ended
June 30,
|
||||||||||||||||
2015
|
2014
|
$ Change
|
% Change
|
|||||||||||||
($ in thousands except-per share data)
|
||||||||||||||||
Revenues:
|
||||||||||||||||
License and transaction fees
|
$
|
11,938
|
$
|
9,460
|
$
|
2,478
|
26
|
%
|
||||||||
Equipment sales
|
5,708
|
1,747
|
3,961
|
227
|
%
|
|||||||||||
Total revenues
|
$
|
17,646
|
$
|
11,208
|
$
|
6,439
|
57
|
%
|
||||||||
Operating income (loss)
|
$
|
94
|
$
|
(568
|
)
|
$
|
662
|
116
|
%
|
|||||||
Adjusted EBITDA
|
$
|
1,701
|
$
|
1,266
|
$
|
435
|
34
|
%
|
||||||||
Net income (loss)
|
$
|
69
|
$
|
(39
|
)
|
$
|
108
|
277
|
%
|
|||||||
Non-GAAP net income (loss)
|
$
|
59
|
$
|
(619
|
)
|
$
|
677
|
109
|
%
|
|||||||
Net earnings (loss) per common share - diluted
|
$
|
(0.01
|
)
|
$
|
-
|
$
|
(0.01
|
)
|
-100
|
%
|
||||||
Non-GAAP net earnings (loss) per common share - diluted
|
$
|
-
|
$
|
(0.02
|
)
|
$
|
0.02
|
100
|
%
|
Three months ended
30-Jun
|
|
|||||||||||
2015
|
2014
|
% Change
|
||||||||||
Gross New Connections ('000s)
|
34
|
25
|
36
|
%
|
||||||||
% from Existing Customer Base
|
89
|
%
|
84
|
%
|
5
|
%
|
||||||
Net New Connections ('000s)
|
31
|
22
|
41
|
%
|
||||||||
Total Connections ('000s)
|
333
|
266
|
25
|
%
|
||||||||
New Customers Added
|
675
|
650
|
4
|
%
|
||||||||
Total Customers
|
9,600
|
7,300
|
32
|
%
|
||||||||
Total Number of Transactions (millions)
|
62
|
47
|
32
|
%
|
||||||||
Total Volume ($ millions)
|
$
|
112.8
|
$
|
82.9
|
36
|
%
|
· | Record net connections of 67,000 for the year |
· | Record total revenue of $58.1 million, a year-over-year increase of 37% |
· | Year end cash position of $11.4 million |
Year ended
June 30,
|
|
|
||||||||||||||
2015
|
2014
|
$ Change
|
% Change
|
|||||||||||||
($ in thousands except-per share data)
|
||||||||||||||||
Revenues:
|
||||||||||||||||
License and transaction fees
|
$
|
43,633
|
$
|
35,638
|
$
|
7,995
|
22
|
%
|
||||||||
Equipment sales
|
14,444
|
6,707
|
7,737
|
115
|
%
|
|||||||||||
Total revenues
|
$
|
58,077
|
$
|
42,345
|
$
|
15,732
|
37
|
%
|
||||||||
Operating income
|
$
|
210
|
$
|
436
|
$
|
(226
|
)
|
-52
|
%
|
|||||||
Adjusted EBITDA
|
$
|
6,709
|
$
|
6,451
|
$
|
258
|
4
|
%
|
||||||||
Net income (loss)
|
$
|
(819
|
)
|
$
|
27,531
|
$
|
(28,350
|
)
|
-103
|
%
|
||||||
Non-GAAP net income (loss)
|
$
|
(20
|
)
|
$
|
189
|
$
|
(209
|
)
|
-111
|
%
|
||||||
Net earnings (loss) per common share - diluted
|
$
|
(0.04
|
)
|
$
|
0.78
|
$
|
(0.82
|
)
|
-105
|
%
|
||||||
Non-GAAP loss per common share - diluted
|
$
|
(0.02
|
)
|
$
|
(0.01
|
)
|
$
|
(0.01
|
)
|
-100
|
%
|
Three months ended
June 30,
|
Year ended
June 30,
|
|||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
Revenues:
|
||||||||||||||||
License and transaction fees
|
$
|
11,937,898
|
$
|
9,460,303
|
$
|
43,633,462
|
$
|
35,638,121
|
||||||||
Equipment sales
|
5,708,297
|
1,747,157
|
14,444,012
|
6,706,843
|
||||||||||||
Total revenues
|
17,646,195
|
11,207,460
|
58,077,474
|
42,344,964
|
||||||||||||
Cost of services
|
7,863,105
|
6,327,432
|
29,429,385
|
23,018,001
|
||||||||||||
Cost of equipment
|
4,975,089
|
1,217,884
|
11,825,455
|
4,254,127
|
||||||||||||
Gross profit
|
4,808,001
|
3,662,144
|
16,822,634
|
15,072,836
|
||||||||||||
Operating expenses:
|
||||||||||||||||
Selling, general and administrative
|
4,558,816
|
4,067,804
|
16,001,255
|
14,036,016
|
||||||||||||
Depreciation and amortization
|
155,697
|
162,151
|
611,682
|
600,488
|
||||||||||||
Total operating expenses
|
4,714,513
|
4,229,955
|
16,612,937
|
14,636,504
|
||||||||||||
Operating income (loss)
|
93,488
|
(567,811
|
)
|
209,697
|
436,332
|
|||||||||||
Other income (expense):
|
||||||||||||||||
Interest income
|
42,204
|
8,995
|
82,695
|
30,337
|
||||||||||||
Other income
|
52,178
|
-
|
52,178
|
-
|
||||||||||||
Interest expense
|
(92,078
|
)
|
(74,529
|
)
|
(301,767
|
)
|
(256,844
|
)
|
||||||||
Change in fair value of warrant liabilities
|
262,643
|
53,125
|
(393,144
|
)
|
65,429
|
|||||||||||
Total other income (expense), net
|
264,947
|
(12,409
|
)
|
(560,038
|
)
|
(161,078
|
)
|
|||||||||
Income (loss) before provision for income taxes
|
358,435
|
(580,220
|
)
|
(350,341
|
)
|
275,254
|
||||||||||
Benefit (provision) for income taxes
|
(289,436
|
)
|
541,501
|
(469,141
|
)
|
27,255,398
|
||||||||||
Net income (loss)
|
68,999
|
(38,719
|
)
|
(819,482
|
)
|
27,530,652
|
||||||||||
Cumulative preferred dividends
|
-
|
-
|
(664,452
|
)
|
(664,452
|
)
|
||||||||||
Net income (loss) applicable to common shares
|
$
|
68,999
|
$
|
(38,719
|
)
|
$
|
(1,483,934
|
)
|
$
|
26,866,200
|
||||||
Net earnings (loss) per common share - basic
|
$
|
-
|
$
|
-
|
$
|
(0.04
|
)
|
$
|
0.78
|
|||||||
Basic weighted average number of common shares outstanding
|
35,716,603
|
35,517,099
|
35,663,386
|
34,613,497
|
||||||||||||
Net earnings (loss) per common share - diluted
|
$
|
(0.01
|
)
|
$
|
-
|
$
|
(0.04
|
)
|
$
|
0.78
|
||||||
Diluted weighted average number of common shares outstanding
|
36,310,919
|
35,517,099
|
35,663,386
|
34,613,497
|
June 30,
|
||||||||
2015
|
2014
|
|||||||
Assets
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
11,373,973
|
$
|
9,072,320
|
||||
Accounts receivable, less allowance for uncollectible accounts of $494,000 and $63,000, respectively
|
4,671,544
|
2,683,579
|
||||||
Finance receivables
|
941,150
|
119,793
|
||||||
Inventory
|
4,216,396
|
1,486,777
|
||||||
Prepaid expenses and other current assets
|
574,479
|
363,367
|
||||||
Deferred income taxes
|
1,257,796
|
907,691
|
||||||
Total current assets
|
23,035,338
|
14,633,527
|
||||||
Finance receivables, less current portion
|
3,697,513
|
352,794
|
||||||
Other assets
|
350,041
|
190,703
|
||||||
Property and equipment, net
|
12,868,808
|
21,138,580
|
||||||
Deferred income taxes
|
25,608,187
|
26,353,330
|
||||||
Intangibles, net
|
432,100
|
432,100
|
||||||
Goodwill
|
7,663,208
|
7,663,208
|
||||||
Total assets
|
$
|
73,655,195
|
$
|
70,764,242
|
||||
Liabilities and shareholders’ equity
|
||||||||
Current liabilities:
|
||||||||
Accounts payable
|
$
|
8,792,672
|
$
|
7,753,911
|
||||
Accrued expenses
|
2,107,530
|
1,915,799
|
||||||
Line of credit
|
4,000,000
|
5,000,000
|
||||||
Current obligations under long-term debt
|
477,522
|
172,911
|
||||||
Income taxes payable
|
54,086
|
21,021
|
||||||
Deferred gain from sale-leaseback transactions
|
860,391
|
380,895
|
||||||
Total current liabilities
|
16,292,201
|
15,244,537
|
||||||
Long-term liabilities:
|
||||||||
Long-term debt, less current portion
|
1,854,424
|
249,865
|
||||||
Accrued expenses, less current portion
|
49,160
|
186,174
|
||||||
Warrant liabilities
|
978,353
|
585,209
|
||||||
Deferred gain from sale-leaseback transactions, less current portion
|
900,348
|
761,790
|
||||||
Total long-term liabilities
|
3,782,285
|
1,783,038
|
||||||
Total liabilities
|
20,074,486
|
17,027,575
|
||||||
Commitments and contingencies
|
||||||||
Shareholders’ equity:
|
||||||||
Preferred stock, no par value:
|
||||||||
Authorized shares- 1,800,000 Series A convertible preferred- Authorized shares- 900,000 Issued and outstanding shares- 442,968 (liquidation preference of $17,354,908 and $16,690,456, respectively)
|
3,138,056
|
3,138,056
|
||||||
Common stock, no par value: Authorized shares- 640,000,000 Issued and outstanding shares- 35,747,242 and 35,514,685, respectively
|
224,873,721
|
224,210,197
|
||||||
Accumulated deficit
|
(174,431,068
|
)
|
(173,611,586
|
)
|
||||
Total shareholders’ equity
|
53,580,709
|
53,736,667
|
||||||
Total liabilities and shareholders’ equity
|
$
|
73,655,195
|
$
|
70,764,242
|
Three months ended June 30
|
Year ended June 30
|
|||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
OPERATING ACTIVITIES:
|
||||||||||||||||
Net income (loss)
|
$
|
68,999
|
$
|
(38,719
|
)
|
$
|
(819,482
|
)
|
$
|
27,530,652
|
||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
|
||||||||||||||||
Charges incurred in connection with the vesting and issuance of common stock for employee and director compensation
|
174,598
|
280,161
|
715,762
|
529,041
|
||||||||||||
(Gain) loss on disposal of property and equipment
|
(3,926
|
)
|
(2,808
|
)
|
(17,357
|
)
|
4,245
|
|||||||||
Non-cash interest and amortization of debt discount
|
-
|
-
|
-
|
2,095
|
||||||||||||
Bad debt expense
|
47,184
|
67,403
|
649,528
|
134,176
|
||||||||||||
Depreciation
|
1,380,983
|
1,553,875
|
5,731,356
|
5,463,985
|
||||||||||||
Amortization
|
-
|
-
|
-
|
21,953
|
||||||||||||
Change in fair value of warrant liabilities
|
(262,643
|
)
|
(53,125
|
)
|
393,144
|
(65,429
|
)
|
|||||||||
Deferred income taxes, net
|
211,086
|
(587,369
|
)
|
395,038
|
(27,301,266
|
)
|
||||||||||
Gain on sale of finance receivables
|
(52,178
|
)
|
-
|
(52,178
|
)
|
-
|
||||||||||
Recognition of deferred gain from sale-leaseback transactions
|
(215,097
|
)
|
(9,522
|
)
|
(833,619
|
)
|
(9,522
|
)
|
||||||||
Changes in operating assets and liabilities:
|
||||||||||||||||
Accounts receivable
|
(1,260,064
|
)
|
(736,633
|
)
|
(2,517,493
|
)
|
(157,071
|
)
|
||||||||
Finance receivables
|
(331,606
|
)
|
(39,938
|
)
|
(4,113,898
|
)
|
52,531
|
|||||||||
Inventory
|
(638,693
|
)
|
31,689
|
(1,930,857
|
)
|
370,104
|
||||||||||
Prepaid expenses and other current assets
|
(96,924
|
)
|
(128,280
|
)
|
(304,229
|
)
|
(190,783
|
)
|
||||||||
Accounts payable
|
3,528,851
|
1,341,699
|
918,761
|
412,664
|
||||||||||||
Accrued expenses
|
93,273
|
567,988
|
54,717
|
267,004
|
||||||||||||
Income taxes payable
|
37,312
|
21,021
|
33,065
|
21,021
|
||||||||||||
Net cash provided by (used in) operating activities
|
2,681,155
|
2,267,442
|
(1,697,742
|
)
|
7,085,400
|
|||||||||||
INVESTING ACTIVITIES:
|
||||||||||||||||
Purchase of property and equipment
|
(6,080
|
)
|
(50,760
|
)
|
(60,309
|
)
|
(111,121
|
)
|
||||||||
Purchase of property for rental program
|
-
|
(3,671,812
|
)
|
(1,641,993
|
)
|
(10,883,473
|
)
|
|||||||||
Proceeds from sale of rental equipment under sale-leaseback transaction
|
-
|
2,995,095
|
4,993,879
|
2,995,095
|
||||||||||||
Proceeds from sale of property and equipment
|
7,676
|
51,672
|
61,914
|
82,047
|
||||||||||||
Net cash provided by (used in) investing activities
|
1,596
|
(675,805
|
)
|
3,353,491
|
(7,917,452
|
)
|
||||||||||
FINANCING ACTIVITIES:
|
||||||||||||||||
Net proceeds from the issuance (retirement) of common stock and exercise of common stock warrants
|
-
|
(13,913
|
)
|
(61,987
|
)
|
2,272,936
|
||||||||||
Excess tax benefits from share-based compensation
|
9,749
|
24,847
|
9,749
|
24,847
|
||||||||||||
Proceeds from (repayment of) line of credit
|
-
|
1,000,000
|
(1,000,000
|
)
|
2,000,000
|
|||||||||||
Proceeds from long-term debt
|
304,007
|
-
|
2,056,724
|
-
|
||||||||||||
Repayment of long-term debt
|
(97,240
|
)
|
(107,368
|
)
|
(358,582
|
)
|
(374,411
|
)
|
||||||||
Net cash provided by financing activities
|
216,516
|
903,566
|
645,904
|
3,923,372
|
||||||||||||
Net increase in cash and cash equivalents
|
2,899,267
|
2,495,203
|
2,301,653
|
3,091,320
|
||||||||||||
Cash and cash equivalents at beginning of period
|
8,474,706
|
6,577,117
|
9,072,320
|
5,981,000
|
||||||||||||
Cash and cash equivalents at end of period
|
$
|
11,373,973
|
$
|
9,072,320
|
$
|
11,373,973
|
$
|
9,072,320
|
||||||||
Supplemental disclosures of cash flow information:
|
||||||||||||||||
Cash paid for interest
|
$
|
99,474
|
$
|
70,617
|
$
|
301,767
|
$
|
259,820
|
||||||||
Depreciation expense allocated to cost of services
|
$
|
1,252,485
|
$
|
1,386,803
|
$
|
5,119,674
|
$
|
4,880,529
|
||||||||
Reclass of rental program property to inventory, net
|
$
|
(718,816
|
)
|
$
|
6,463
|
$
|
674,280
|
$
|
33,266
|
|||||||
Prepaid items financed with debt
|
$
|
-
|
$
|
-
|
$
|
103,125
|
$
|
101,850
|
||||||||
Equipment and software acquired under capital lease
|
$
|
-
|
$
|
107,670
|
$
|
107,903
|
$
|
325,431
|
||||||||
Disposal of property and equipment
|
$
|
447,338
|
$
|
475,781
|
$
|
842,204
|
$
|
709,638
|
||||||||
Disposal of property and equipment under sale-leaseback transactions
|
$
|
-
|
$
|
1,918,920
|
$
|
3,873,275
|
$
|
1,918,920
|
Three months ended
June 30,
2015
|
Three months ended
March 31,
2015
|
Three months ended
December 31,
2014
|
Three months ended
September 30,
2014
|
Three months ended
June 30,
2014
|
||||||||||||||||
Net income (loss)
|
$
|
68,999
|
$
|
(566,610
|
)
|
$
|
(260,915
|
)
|
$
|
(60,956
|
)
|
$
|
(38,719
|
)
|
||||||
Non-GAAP adjustments:
|
||||||||||||||||||||
Non-cash portion of income tax provision/benefit
|
252,124
|
121,046
|
402,358
|
(369,452
|
)
|
(527,001
|
)
|
|||||||||||||
Fair value of warrant adjustment
|
(262,643
|
)
|
1,101,241
|
(135,402
|
)
|
(310,052
|
)
|
(53,125
|
)
|
|||||||||||
Non-GAAP net income (loss)
|
$
|
58,480
|
$
|
655,677
|
$
|
6,041
|
$
|
(740,460
|
)
|
$
|
(618,845
|
)
|
||||||||
Net income (loss)
|
$
|
68,999
|
$
|
(566,610
|
)
|
$
|
(260,915
|
)
|
$
|
(60,956
|
)
|
$
|
(38,719
|
)
|
||||||
Cumulative preferred dividends
|
-
|
(332,226
|
)
|
-
|
(332,226
|
)
|
-
|
|||||||||||||
Net income (loss) applicable to common shares
|
$
|
68,999
|
$
|
(898,836
|
)
|
$
|
(260,915
|
)
|
$
|
(393,182
|
)
|
$
|
(38,719
|
)
|
||||||
Non-GAAP net income (loss)
|
$
|
58,480
|
$
|
655,677
|
$
|
6,041
|
$
|
(740,460
|
)
|
$
|
(618,845
|
)
|
||||||||
Cumulative preferred dividends
|
-
|
(332,226
|
)
|
-
|
(332,226
|
)
|
-
|
|||||||||||||
Non-GAAP net income (loss) applicable to common shares
|
$
|
58,480
|
$
|
323,451
|
$
|
6,041
|
$
|
(1,072,686
|
)
|
$
|
(618,845
|
)
|
||||||||
Net earnings (loss) per common share - basic
|
$
|
-
|
$
|
(0.03
|
)
|
$
|
(0.01
|
)
|
$
|
(0.01
|
)
|
$
|
-
|
|||||||
Non-GAAP net earnings (loss) per common share - basic
|
$
|
-
|
$
|
0.01
|
$
|
-
|
$
|
(0.03
|
)
|
$
|
(0.02
|
)
|
||||||||
Basic weighted average number of common shares outstanding
|
35,716,603
|
35,687,650
|
35,657,519
|
35,586,455
|
35,517,099
|
|||||||||||||||
Net loss per common share - diluted
|
$
|
(0.01
|
)
|
$
|
(0.03
|
)
|
$
|
(0.01
|
)
|
$
|
(0.01
|
)
|
$
|
-
|
||||||
Non-GAAP net earnings (loss) per common share - diluted
|
$
|
-
|
$
|
0.01
|
$
|
-
|
$
|
(0.03
|
)
|
$
|
(0.02
|
)
|
||||||||
Diluted weighted average number of common shares outstanding
|
36,310,919
|
35,687,650
|
35,657,519
|
35,586,455
|
35,517,099
|
Year ended June 30,
|
||||||||
2015
|
2014
|
|||||||
Net income (loss)
|
$
|
(819,482
|
)
|
$
|
27,530,652
|
|||
Non-GAAP adjustments:
|
||||||||
Non-cash portion of income tax provision/benefit
|
406,076
|
(27,276,419
|
)
|
|||||
Fair value of warrant adjustment
|
393,144
|
(65,429
|
)
|
|||||
Non-GAAP net income (loss)
|
$
|
(20,262
|
)
|
$
|
188,804
|
|||
Net income (loss)
|
$
|
(819,482
|
)
|
$
|
27,530,652
|
|||
Cumulative preferred dividends
|
(664,452
|
)
|
(664,452
|
)
|
||||
Net income (loss) applicable to common shares
|
$
|
(1,483,934
|
)
|
$
|
26,866,200
|
|||
Non-GAAP net income (loss)
|
$
|
(20,262
|
)
|
$
|
188,804
|
|||
Cumulative preferred dividends
|
(664,452
|
)
|
(664,452
|
)
|
||||
Non-GAAP net loss applicable to common shares
|
$
|
(684,714
|
)
|
$
|
(475,648
|
)
|
||
Net earnings (loss) per common share - basic and diluted
|
$
|
(0.04
|
)
|
$
|
0.78
|
|||
Non-GAAP net loss per common share - basic and diluted
|
$
|
(0.02
|
)
|
$
|
(0.01
|
)
|
||
Weighted average number of common shares outstanding - basic and diluted
|
35,663,386
|
34,613,497
|
Three months ended
June 30,
2015
|
Three months ended
March 31,
2015
|
Three months ended
December 31,
2014
|
Three months ended
September 30,
2014
|
Three months ended
June 30,
2014
|
||||||||||||||||
Net income (loss)
|
$
|
68,999
|
$
|
(566,610
|
)
|
$
|
(260,915
|
)
|
$
|
(60,956
|
)
|
$
|
(38,719
|
)
|
||||||
Less interest income
|
(42,204
|
)
|
(26,394
|
)
|
(4,015
|
)
|
(10,082
|
)
|
(8,995
|
)
|
||||||||||
Plus interest expense
|
92,078
|
85,349
|
49,429
|
74,911
|
74,529
|
|||||||||||||||
Plus income tax expense (benefit)
|
289,436
|
137,820
|
402,358
|
(360,473
|
)
|
(541,501
|
)
|
|||||||||||||
Plus depreciation expense
|
1,380,983
|
1,433,251
|
1,443,710
|
1,473,412
|
1,553,875
|
|||||||||||||||
Plus change in fair value of warrant liabilities
|
(262,643
|
)
|
1,101,241
|
(135,402
|
)
|
(310,052
|
)
|
(53,125
|
)
|
|||||||||||
Plus stock-based compensation
|
174,598
|
216,469
|
185,891
|
138,804
|
280,161
|
|||||||||||||||
Adjusted EBITDA
|
$
|
1,701,247
|
$
|
2,381,126
|
$
|
1,681,056
|
$
|
945,564
|
$
|
1,266,225
|
Year ended June 30,
|
||||||||
2015
|
2014
|
|||||||
Net income (loss)
|
$
|
(819,482
|
)
|
$
|
27,530,652
|
|||
Less interest income
|
(82,695
|
)
|
(30,337
|
)
|
||||
Plus interest expense
|
301,767
|
256,844
|
||||||
Plus income tax expense (benefit)
|
469,141
|
(27,255,398
|
)
|
|||||
Plus depreciation expense
|
5,731,356
|
5,463,985
|
||||||
Plus amortization expense
|
-
|
21,953
|
||||||
Plus change in fair value of warrant liabilities
|
393,144
|
(65,429
|
)
|
|||||
Plus stock-based compensation
|
715,762
|
529,041
|
||||||
Adjusted EBITDA
|
$
|
6,708,993
|
$
|
6,451,311
|
Three months ended
June 30,
2015
|
Three months ended
March 31,
2015
|
Three months ended
December 31,
2014
|
Three months ended
September 30,
2014
|
Three months ended
June 30,
2014
|
||||||||||||||||
Revenues:
|
||||||||||||||||||||
License and transaction fees
|
$
|
11,937,898
|
$
|
11,059,846
|
$
|
10,479,496
|
$
|
10,156,222
|
$
|
9,460,303
|
||||||||||
Equipment sales
|
5,708,297
|
4,297,894
|
2,341,441
|
2,096,380
|
1,747,157
|
|||||||||||||||
Total revenues
|
17,646,195
|
15,357,740
|
12,820,937
|
12,252,602
|
11,207,460
|
|||||||||||||||
Cost of services
|
7,863,105
|
7,157,333
|
7,157,840
|
7,251,107
|
6,327,432
|
|||||||||||||||
Cost of equipment
|
4,975,089
|
3,054,268
|
1,929,841
|
1,866,257
|
1,217,884
|
|||||||||||||||
Gross profit
|
4,808,001
|
5,146,139
|
3,733,256
|
3,135,238
|
3,662,144
|
|||||||||||||||
Operating expenses:
|
||||||||||||||||||||
Selling, general and administrative
|
4,558,816
|
4,279,888
|
3,530,064
|
3,632,487
|
4,067,804
|
|||||||||||||||
Depreciation and amortization
|
155,697
|
134,845
|
151,737
|
169,403
|
162,151
|
|||||||||||||||
Total operating expenses
|
4,714,513
|
4,414,733
|
3,681,801
|
3,801,890
|
4,229,955
|
|||||||||||||||
Operating income (loss)
|
93,488
|
731,406
|
51,455
|
(666,652
|
)
|
(567,811
|
)
|
|||||||||||||
Other income (expense):
|
||||||||||||||||||||
Interest income
|
42,204
|
26,394
|
4,015
|
10,082
|
8,995
|
|||||||||||||||
Other income
|
52,178
|
-
|
-
|
-
|
-
|
|||||||||||||||
Interest expense
|
(92,078
|
)
|
(85,349
|
)
|
(49,429
|
)
|
(74,911
|
)
|
(74,529
|
)
|
||||||||||
Change in fair value of warrant liabilities
|
262,643
|
(1,101,241
|
)
|
135,402
|
310,052
|
53,125
|
||||||||||||||
Total other income (expense), net
|
264,947
|
(1,160,196
|
)
|
89,988
|
245,223
|
(12,409
|
)
|
|||||||||||||
Income (loss) before provision for income taxes
|
358,435
|
(428,790
|
)
|
141,443
|
(421,429
|
)
|
(580,220
|
)
|
||||||||||||
Benefit (provision) for income taxes
|
(289,436
|
)
|
(137,820
|
)
|
(402,358
|
)
|
360,473
|
541,501
|
||||||||||||
Net income (loss)
|
68,999
|
(566,610
|
)
|
(260,915
|
)
|
(60,956
|
)
|
(38,719
|
)
|
|||||||||||
Cumulative preferred dividends
|
-
|
(332,226
|
)
|
-
|
(332,226
|
)
|
-
|
|||||||||||||
Net income (loss) applicable to common shares
|
$
|
68,999
|
$
|
(898,836
|
)
|
$
|
(260,915
|
)
|
$
|
(393,182
|
)
|
$
|
(38,719
|
)
|
||||||
Net earnings (loss) per common share - basic
|
$
|
-
|
$
|
(0.03
|
)
|
$
|
(0.01
|
)
|
$
|
(0.01
|
)
|
$
|
-
|
|||||||
Basic weighted average number of common shares outstanding
|
35,716,603
|
35,687,650
|
35,657,519
|
35,586,455
|
35,517,099
|
|||||||||||||||
Net earnings (loss) per common share - diluted
|
$
|
(0.01
|
)
|
$
|
(0.03
|
)
|
$
|
(0.01
|
)
|
$
|
(0.01
|
)
|
$
|
-
|
||||||
Diluted weighted average number of common shares outstanding
|
36,310,919
|
35,687,650
|
35,657,519
|
35,586,455
|
35,517,099
|
June 30,
2015
|
March 31,
2015
|
December 31,
2014
|
September 30,
2014
|
June 30,
2014
|
||||||||||||||||
Assets
|
||||||||||||||||||||
Current assets:
|
||||||||||||||||||||
Cash
|
$
|
11,373,973
|
$
|
8,474,706
|
$
|
6,734,077
|
$
|
10,916,078
|
$
|
9,072,320
|
||||||||||
Accounts receivable, less allowance for uncollectible accounts
|
4,671,544
|
3,403,489
|
2,758,475
|
2,444,748
|
2,683,579
|
|||||||||||||||
Finance receivables
|
941,150
|
749,631
|
362,898
|
279,216
|
119,793
|
|||||||||||||||
Inventory
|
4,216,396
|
4,241,057
|
3,448,374
|
2,629,361
|
1,486,777
|
|||||||||||||||
Prepaid expenses and other current assets
|
574,479
|
414,046
|
586,144
|
376,823
|
363,367
|
|||||||||||||||
Deferred income taxes
|
1,257,796
|
907,691
|
907,691
|
907,691
|
907,691
|
|||||||||||||||
Total current assets
|
23,035,338
|
18,190,620
|
14,797,659
|
17,553,917
|
14,633,527
|
|||||||||||||||
Finance receivables, less current portion
|
3,697,513
|
3,505,248
|
1,643,363
|
948,833
|
352,794
|
|||||||||||||||
Prepaid expenses and other assets
|
350,041
|
423,255
|
410,838
|
382,563
|
190,703
|
|||||||||||||||
Property and equipment, net
|
12,868,808
|
13,574,402
|
16,450,712
|
17,780,294
|
21,138,580
|
|||||||||||||||
Deferred income taxes
|
25,608,187
|
26,169,378
|
26,290,424
|
26,713,803
|
26,353,330
|
|||||||||||||||
Intangibles, net
|
432,100
|
432,100
|
432,100
|
432,100
|
432,100
|
|||||||||||||||
Goodwill
|
7,663,208
|
7,663,208
|
7,663,208
|
7,663,208
|
7,663,208
|
|||||||||||||||
Total assets
|
$
|
73,655,195
|
$
|
69,958,211
|
$
|
67,688,304
|
$
|
71,474,718
|
$
|
70,764,242
|
||||||||||
Liabilities and shareholders’ equity
|
||||||||||||||||||||
Current liabilities:
|
||||||||||||||||||||
Accounts payable
|
$
|
8,792,672
|
$
|
5,208,646
|
$
|
5,385,822
|
$
|
7,632,643
|
$
|
7,753,911
|
||||||||||
Accrued expenses
|
2,107,530
|
1,994,746
|
1,726,614
|
1,779,037
|
1,915,799
|
|||||||||||||||
Line of credit
|
4,000,000
|
4,000,000
|
4,000,000
|
5,000,000
|
5,000,000
|
|||||||||||||||
Current obligations under long-term debt
|
477,522
|
416,695
|
203,621
|
207,383
|
172,911
|
|||||||||||||||
Income taxes payable
|
54,086
|
16,774
|
-
|
-
|
21,021
|
|||||||||||||||
Deferred gain from sale-leaseback transactions
|
860,391
|
860,390
|
860,390
|
860,390
|
380,895
|
|||||||||||||||
Total current liabilities
|
16,292,201
|
12,497,251
|
12,176,447
|
15,479,453
|
15,244,537
|
|||||||||||||||
Long-term liabilities:
|
||||||||||||||||||||
Long-term debt, less current portion
|
1,854,424
|
1,708,484
|
261,716
|
222,907
|
249,865
|
|||||||||||||||
Accrued expenses, less current portion
|
49,160
|
68,671
|
102,338
|
137,045
|
186,174
|
|||||||||||||||
Warrant liabilities
|
978,353
|
1,240,996
|
139,755
|
275,157
|
585,209
|
|||||||||||||||
Deferred gain from sale-leaseback transactions, less current portion
|
900,348
|
1,115,446
|
1,330,544
|
1,545,641
|
761,790
|
|||||||||||||||
Total long-term liabilities
|
3,782,285
|
4,133,597
|
1,834,353
|
2,180,750
|
1,783,038
|
|||||||||||||||
Total liabilities
|
20,074,486
|
16,630,848
|
14,010,800
|
17,660,203
|
17,027,575
|
|||||||||||||||
Commitments and contingencies
|
||||||||||||||||||||
Shareholders’ equity:
|
||||||||||||||||||||
Total shareholders’ equity
|
53,580,709
|
53,327,363
|
53,677,504
|
53,814,515
|
53,736,667
|
|||||||||||||||
Total liabilities and shareholders’ equity
|
$
|
73,655,195
|
$
|
69,958,211
|
$
|
67,688,304
|
$
|
71,474,718
|
$
|
70,764,242
|
Three months ended
June 30,
2015
|
Three months ended
March 31,
2015
|
Three months ended
December 31,
2014
|
Three months ended
September 30,
2014
|
Three months ended
June 30,
2014
|
||||||||||||||||
OPERATING ACTIVITIES:
|
||||||||||||||||||||
Net income (loss)
|
$
|
68,999
|
$
|
(566,610
|
)
|
$
|
(260,915
|
)
|
$
|
(60,956
|
)
|
(38,719
|
)
|
|||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
|
||||||||||||||||||||
Charges incurred in connection with the vesting and issuance of common stock for employee and director compensation
|
174,598
|
216,469
|
185,891
|
138,804
|
280,161
|
|||||||||||||||
(Gain) loss on disposal of property and equipment
|
(3,926
|
)
|
(6,353
|
)
|
(3,794
|
)
|
(3,284
|
)
|
(2,808
|
)
|
||||||||||
Non-cash interest and amortization of debt discount
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Bad debt expense (recoveries), net
|
47,184
|
302,632
|
140,996
|
158,716
|
67,403
|
|||||||||||||||
Depreciation
|
1,380,983
|
1,433,251
|
1,443,710
|
1,473,412
|
1,553,875
|
|||||||||||||||
Amortization
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Change in fair value of warrant liabilities
|
(262,643
|
)
|
1,101,241
|
(135,402
|
)
|
(310,052
|
)
|
(53,125
|
)
|
|||||||||||
Deferred income taxes, net
|
211,086
|
121,046
|
423,379
|
(360,473
|
)
|
(551,848
|
)
|
|||||||||||||
Gain on sale of finance receivables
|
(52,178
|
)
|
-
|
-
|
-
|
-
|
||||||||||||||
Recognition of deferred gain from sale-leaseback transactions
|
(215,097
|
)
|
(215,098
|
)
|
(215,097
|
)
|
(188,327
|
)
|
(9,522
|
)
|
||||||||||
Changes in operating assets and liabilities:
|
||||||||||||||||||||
Accounts receivable
|
(1,260,064
|
)
|
(974,176
|
)
|
(363,368
|
)
|
80,115
|
(736,633
|
)
|
|||||||||||
Finance receivables
|
(331,606
|
)
|
(2,248,618
|
)
|
(778,212
|
)
|
(755,462
|
)
|
(39,938
|
)
|
||||||||||
Inventory
|
(638,693
|
)
|
650,784
|
(804,629
|
)
|
(1,138,319
|
)
|
31,689
|
||||||||||||
Prepaid expenses and other current assets
|
(96,924
|
)
|
150,159
|
(246,709
|
)
|
(110,755
|
)
|
(128,280
|
)
|
|||||||||||
Accounts payable
|
3,528,851
|
(150,646
|
)
|
(2,338,176
|
)
|
(121,268
|
)
|
1,341,699
|
||||||||||||
Accrued expenses
|
93,273
|
234,465
|
(87,130
|
)
|
(185,891
|
)
|
567,988
|
|||||||||||||
Income taxes payable
|
37,312
|
16,774
|
-
|
(21,021
|
)
|
(14,500
|
)
|
|||||||||||||
Net cash provided by (used in) operating activities
|
2,681,155
|
65,320
|
(3,039,456
|
)
|
(1,404,761
|
)
|
2,267,442
|
|||||||||||||
INVESTING ACTIVITIES:
|
||||||||||||||||||||
Purchase of property and equipment
|
(6,080
|
)
|
(3,860
|
)
|
(18,879
|
)
|
(31,490
|
)
|
(50,760
|
)
|
||||||||||
Purchase of property for rental program
|
-
|
-
|
-
|
(1,641,993
|
)
|
(3,671,812
|
)
|
|||||||||||||
Proceeds from sale of rental equipment under sale-leaseback transaction
|
-
|
-
|
-
|
4,993,879
|
2,995,095
|
|||||||||||||||
Proceeds from sale of property and equipment
|
7,676
|
19,327
|
11,177
|
23,734
|
51,672
|
|||||||||||||||
Net cash provided by (used in) investing activities
|
1,596
|
15,467
|
(7,702
|
)
|
3,344,130
|
(675,805
|
)
|
|||||||||||||
FINANCING ACTIVITIES:
|
||||||||||||||||||||
Net proceeds from the issuance (retirement) of common stock and
|
||||||||||||||||||||
exercise of common stock warrants
|
-
|
-
|
(61,987
|
)
|
-
|
(13,913
|
)
|
|||||||||||||
Excess tax benefits from share-based compensation
|
9,749
|
-
|
-
|
-
|
24,847
|
|||||||||||||||
Proceeds from (repayment of) line of credit
|
-
|
-
|
(1,000,000
|
)
|
-
|
1,000,000
|
||||||||||||||
Proceeds from long-term debt
|
304,007
|
1,752,717
|
-
|
-
|
-
|
|||||||||||||||
Repayment of long-term debt
|
(97,240
|
)
|
(92,875
|
)
|
(72,856
|
)
|
(95,611
|
)
|
(107,368
|
)
|
||||||||||
Net cash provided by (used in) financing activities
|
216,516
|
1,659,842
|
(1,134,843
|
)
|
(95,611
|
)
|
903,566
|
|||||||||||||
Net increase (decrease) in cash
|
2,899,267
|
1,740,629
|
(4,182,001
|
)
|
1,843,758
|
2,495,203
|
||||||||||||||
Cash at beginning of period
|
8,474,706
|
6,734,077
|
10,916,078
|
9,072,320
|
6,577,117
|
|||||||||||||||
Cash at end of period
|
$
|
11,373,973
|
$
|
8,474,706
|
$
|
6,734,077
|
$
|
10,916,078
|
$
|
9,072,320
|
||||||||||
Supplemental disclosures of cash flow information:
|
||||||||||||||||||||
Cash paid for interest
|
$
|
99,474
|
$
|
67,102
|
$
|
55,992
|
$
|
79,199
|
$
|
70,617
|
||||||||||
Depreciation expense allocated to cost of services
|
$
|
1,252,485
|
$
|
1,288,884
|
$
|
1,282,860
|
$
|
1,295,445
|
$
|
1,386,803
|
||||||||||
Reclass of rental program property to inventory, net
|
$
|
(718,816
|
)
|
$
|
1,374,447
|
$
|
14,384
|
$
|
4,265
|
$
|
6,463
|
|||||||||
Prepaid items financed with debt
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
103,125
|
$
|
(144,312
|
)
|
|||||||||
Equipment and software acquired under capital lease
|
$
|
-
|
$
|
-
|
$
|
107,903
|
$
|
-
|
$
|
107,670
|
||||||||||
Disposal of property and equipment
|
$
|
447,338
|
$
|
342,963
|
$
|
(755
|
)
|
$
|
52,658
|
$
|
475,781
|
|||||||||
Disposal of property and equipment under sale-leaseback transactions
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
3,873,275
|
$
|
1,918,920
|
1 Year USA Technologies Chart |
1 Month USA Technologies Chart |
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