10-K Filing

MITEK SYSTEMS INC CIK: 807863 FY 2011

Filing Information

Form Type	10-K
Accession Number	`0001193125-11-342502`
Period End Date	20110930
Filing Date	20111215
Fiscal Year	2011
Fiscal Period	FY
XBRL Instance	mitk-20110930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 70 Income Statement 36 Cash Flow Statement 64 Stockholders Equity 24

Balance Sheet 70 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable, allowance	`AllowanceForDoubtfulAccountsReceivableCurrent`	$6.00K	USD	Point-in-time
Accounts receivable, allowance	`AllowanceForDoubtfulAccountsReceivableCurrent`	$21.34K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.31M	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$5.66M	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$674.12K	USD	Point-in-time
Short-term investments	`ShortTermInvestments`	$10.19M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Accounts receivable, net of allowance of $21,344 and $6,003, respectively	`AccountsReceivableNetCurrent`	$1.22M	USD	Point-in-time
Accounts receivable, net of allowance of $21,344 and $6,003, respectively	`AccountsReceivableNetCurrent`	$2.96M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Deferred maintenance fees	`DeferredCostsCurrent`	$108.97K	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Deferred maintenance fees	`DeferredCostsCurrent`	$93.34K	USD	Point-in-time
Inventory, prepaid expenses and other current assets	`InventoryPrepaidExpensesAndOtherCurrentAssets`	$208.41K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Inventory, prepaid expenses and other current assets	`InventoryPrepaidExpensesAndOtherCurrentAssets`	$87.33K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Total current assets	`AssetsCurrent`	$2.71M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	40.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	40.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$19.12M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	24.14M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	17.82M	shares	Point-in-time
Long-term investments	`LongTermInvestments`	$417.23K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	24.14M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$34.29K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$196.52K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	17.82M	shares	Point-in-time
Software development costs, net	`CapitalizedComputerSoftwareNet`	$228.60K	USD	Point-in-time
Software development costs, net	`CapitalizedComputerSoftwareNet`	$91.44K	USD	Point-in-time
Other non-current assets	`OtherAssetsNoncurrent`	$38.25K	USD	Point-in-time
Other non-current assets	`OtherAssetsNoncurrent`	$29.46K	USD	Point-in-time
Total assets	`Assets`	$3.01M	USD	Point-in-time
Total assets	`Assets`	$19.85M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$358.91K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$228.51K	USD	Point-in-time
Accrued payroll and related taxes	`EmployeeRelatedLiabilitiesCurrent`	$196.53K	USD	Point-in-time
Accrued payroll and related taxes	`EmployeeRelatedLiabilitiesCurrent`	$496.01K	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$831.37K	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$873.23K	USD	Point-in-time
Deferred rent, current	`DeferredRentCreditCurrent`	$9.19K	USD	Point-in-time
Deferred rent, current	`DeferredRentCreditCurrent`	$9.19K	USD	Point-in-time
Other accrued liabilities	`OtherAccruedLiabilitiesCurrent`	$35.99K	USD	Point-in-time
Other accrued liabilities	`OtherAccruedLiabilitiesCurrent`	$21.87K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.77M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.29M	USD	Point-in-time
Convertible debt	`ConvertibleDebtNoncurrent`	$679.80K	USD	Point-in-time
Deferred rent, non-current	`DeferredRentCreditNoncurrent`	$23.06K	USD	Point-in-time
Deferred rent, non-current	`DeferredRentCreditNoncurrent`	$39.72K	USD	Point-in-time
Total liabilities	`Liabilities`	$1.80M	USD	Point-in-time
Total liabilities	`Liabilities`	$2.01M	USD	Point-in-time
Preferred stock, $0.001 par value, 1,000,000 shares authorized, none issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.001 par value, 1,000,000 shares authorized, none issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.001 par value, 40,000,000 shares authorized, 24,144,366 and 17,816,249 issued and outstanding, respectively	`CommonStockValue`	$24.14K	USD	Point-in-time
Common stock, $0.001 par value, 40,000,000 shares authorized, 24,144,366 and 17,816,249 issued and outstanding, respectively	`CommonStockValue`	$17.82K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$16.48M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$33.66M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-9.86K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-15.49M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-15.62M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$1.00M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$125.77K	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$18.06M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$19.85M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$3.01M	USD	Point-in-time

Income Statement 36 line items

Line Item	Tag	Value	Unit	Period
Software	`SoftwareRevenue`	$3.21M	USD	Annual
Software	`SoftwareRevenue`	$8.12M	USD	Annual
Maintenance and professional services	`MaintenanceAndProfessionalServicesRevenue`	$1.91M	USD	Annual
Maintenance and professional services	`MaintenanceAndProfessionalServicesRevenue`	$2.14M	USD	Annual
Total revenue	`Revenues`	$5.12M	USD	Annual
Total revenue	`Revenues`	$10.27M	USD	Annual
Cost of revenue-software	`SoftwareCosts`	$662.08K	USD	Annual
Cost of revenue-software	`SoftwareCosts`	$514.92K	USD	Annual
Cost of revenue-maintenance and professional services	`MaintenanceAndProfessionalServicesCosts`	$509.65K	USD	Annual
Cost of revenue-maintenance and professional services	`MaintenanceAndProfessionalServicesCosts`	$435.22K	USD	Annual
Selling and marketing	`SellingAndMarketingExpense`	$929.68K	USD	Annual
Selling and marketing	`SellingAndMarketingExpense`	$2.41M	USD	Annual
Research and development	`ResearchAndDevelopmentExpense`	$3.00M	USD	Annual
Research and development	`ResearchAndDevelopmentExpense`	$2.00M	USD	Annual
General and administrative	`GeneralAndAdministrativeExpense`	$1.62M	USD	Annual
General and administrative	`GeneralAndAdministrativeExpense`	$3.43M	USD	Annual
Total costs and expenses	`CostsAndExpenses`	$5.50M	USD	Annual
Total costs and expenses	`CostsAndExpenses`	$10.01M	USD	Annual
Operating Income (Loss)	`OperatingIncomeLoss`	$256.40K	USD	Annual
Operating Income (Loss)	`OperatingIncomeLoss`	$-383.69K	USD	Annual
Interest and other expense, net	`OtherNonoperatingExpense`	$427.55K	USD	Annual
Interest and other expense, net	`OtherNonoperatingExpense`	$298.12K	USD	Annual
Interest income	`OtherNonoperatingIncome`	$48.58K	USD	Annual
Interest income	`OtherNonoperatingIncome`	$1.79K	USD	Annual
Total other income (expense), net	`OtherNonoperatingIncomeExpense`	$-378.96K	USD	Annual
Total other income (expense), net	`OtherNonoperatingIncomeExpense`	$-296.33K	USD	Annual
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-122.56K	USD	Annual
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-680.01K	USD	Annual
Provision for income taxes	`IncomeTaxExpenseBenefit`	$2.34K	USD	Annual
Provision for income taxes	`IncomeTaxExpenseBenefit`	$2.49K	USD	Annual
Net loss	`NetIncomeLoss`	$-125.06K	USD	Annual
Net loss	`NetIncomeLoss`	$-682.35K	USD	Annual
Net loss per share-basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.01	USD	Annual
Net loss per share-basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.04	USD	Annual
Weighted average number of common shares outstanding-basic and diluted	`WeightedAverageNumberOfSharesOutstandingBasicAndDiluted`	21.51M	shares	Point-in-time
Weighted average number of common shares outstanding-basic and diluted	`WeightedAverageNumberOfSharesOutstandingBasicAndDiluted`	16.95M	shares	Point-in-time

Cash Flow Statement 64 line items

Line Item	Tag	Value	Unit	Period
Common stock, net of issuance costs	`PaymentsOfStockIssuanceCosts`	-	USD	Annual
Common stock, net of issuance costs	`PaymentsOfStockIssuanceCosts`	$1.15M	USD	Annual
Net loss	`NetIncomeLoss`	$-125.06K	USD	Annual
Net loss	`NetIncomeLoss`	$-682.35K	USD	Annual
Stock-based compensation expense	`ShareBasedCompensation`	$406.27K	USD	Annual
Stock-based compensation expense	`ShareBasedCompensation`	$1.27M	USD	Annual
Non-cash interest expense on convertible debt	`PaidInKindInterest`	$294.89K	USD	Annual
Non-cash interest expense on convertible debt	`PaidInKindInterest`	$384.12K	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$172.60K	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$179.29K	USD	Annual
Amortization of capitalized debt issuance costs	`AmortizationOfFinancingCosts`	$36.38K	USD	Annual
Amortization of capitalized debt issuance costs	`AmortizationOfFinancingCosts`	$53.95K	USD	Annual
Provision for bad debts	`ProvisionForDoubtfulAccounts`	$-18.27K	USD	Annual
Provision for bad debts	`ProvisionForDoubtfulAccounts`	$15.34K	USD	Annual
Accounts receivable	`IncreaseDecreaseInReceivables`	$842.52K	USD	Annual
Accounts receivable	`IncreaseDecreaseInReceivables`	$1.75M	USD	Annual
Deferred maintenance fees	`IncreaseDecreaseInDeferredCharges`	$15.64K	USD	Annual
Deferred maintenance fees	`IncreaseDecreaseInDeferredCharges`	$32.65K	USD	Annual
Inventory, prepaid expenses and other assets	`IncreaseDecreaseInInventoryPrepaidExpensesAndOtherCurrentAssets`	$7.74K	USD	Annual
Inventory, prepaid expenses and other assets	`IncreaseDecreaseInInventoryPrepaidExpensesAndOtherCurrentAssets`	$-166.24K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-127.79K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$130.39K	USD	Annual
Accrued payroll and related taxes	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-9.67K	USD	Annual
Accrued payroll and related taxes	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$299.48K	USD	Annual
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$41.86K	USD	Annual
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$130.66K	USD	Annual
Deferred rent	`IncreaseDecreaseInDeferredRentReceivables`	$16.66K	USD	Annual
Deferred rent	`IncreaseDecreaseInDeferredRentReceivables`	$119.20K	USD	Annual
Other accrued liabilities	`IncreaseDecreaseInOtherAccruedLiabilities`	$14.12K	USD	Annual
Other accrued liabilities	`IncreaseDecreaseInOtherAccruedLiabilities`	$-22.15K	USD	Annual
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$316.17K	USD	Annual
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-806.06K	USD	Annual
Purchases of investments	`PaymentsToAcquireInvestments`	$10.61M	USD	Annual
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$204.36K	USD	Annual
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$9.37K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-10.82M	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-9.37K	USD	Annual
Proceeds from the issuance of common stock, net of issuance costs of $1,154,634 and $0, respectively	`ProceedsFromIssuanceOfCommonStock`	$345.00K	USD	Annual
Proceeds from the issuance of common stock, net of issuance costs of $1,154,634 and $0, respectively	`ProceedsFromIssuanceOfCommonStock`	$14.60M	USD	Annual
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$30.22K	USD	Annual
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$220.30K	USD	Annual
Proceeds from exercise of warrants	`ProceedsFromIssuanceOfWarrants`	$37.92K	USD	Annual
Proceeds from exercise of warrants	`ProceedsFromIssuanceOfWarrants`	$148.92K	USD	Annual
Proceeds from the issuance of convertible debt-net	`ProceedsFromConvertibleDebt`	$922.22K	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.45M	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$14.85M	USD	Annual
Net increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$4.35M	USD	Annual
Net increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$630.93K	USD	Annual
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.31M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$5.66M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$674.12K	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.31M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$5.66M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$674.12K	USD	Point-in-time
Cash paid for interest	`InterestPaid`	$2.54K	USD	Annual
Cash paid for interest	`InterestPaid`	$5.33K	USD	Annual
Cash paid for income taxes	`IncomeTaxesPaid`	$2.34K	USD	Annual
Cash paid for income taxes	`IncomeTaxesPaid`	$2.49K	USD	Annual
Conversion of debt to common stock	`ConversionOfDebtToCommonStock`	$1.06M	USD	Annual
Unrealized holding loss on available for sale investments	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-9.86K	USD	Annual
Cashless exercise of options and warrants	`CashlessExerciseOfOptionsAndWarrants`	$369.00	USD	Annual
Cashless exercise of options and warrants	`CashlessExerciseOfOptionsAndWarrants`	$859.00	USD	Annual
Beneficial conversion feature related to convertible debt issued	`DebtInstrumentConvertibleBeneficialConversionFeature`	$401.57K	USD	Annual
Debt discount on convertible note due to warrants	`DebtDiscountOnConvertibleNoteDueToWarrants`	$226.07K	USD	Annual

Stockholders Equity 24 line items

Line Item	Tag	Value	Unit	Period
Balance, shares	`CommonStockSharesOutstanding`	24.14M	shares	Point-in-time
Balance, shares	`CommonStockSharesOutstanding`	17.82M	shares	Point-in-time
Balance	`StockholdersEquity`	$1.00M	USD	Point-in-time
Balance	`StockholdersEquity`	$125.77K	USD	Point-in-time
Balance	`StockholdersEquity`	$18.06M	USD	Point-in-time
Discount on convertible debt	`AdjustmentsToAdditionalPaidInCapitalDiscountOnConvertibleDebt`	$627.64K	USD	Annual
Conversion of debentures	`StockIssuedDuringPeriodValueConversionOfConvertibleSecuritiesNetOfAdjustments`	$1.06M	USD	Annual
Issuance of common stock	`StockIssuedDuringPeriodValueNewIssues`	$345.00K	USD	Annual
Issuance of common stock	`StockIssuedDuringPeriodValueNewIssues`	$14.60M	USD	Annual
Exercise of warrants	`AdjustmentsToAdditionalPaidInCapitalWarrantIssued`	$148.92K	USD	Annual
Exercise of warrants	`AdjustmentsToAdditionalPaidInCapitalWarrantIssued`	$220.30K	USD	Annual
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$30.22K	USD	Annual
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$37.92K	USD	Annual
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$1.27M	USD	Annual
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$406.27K	USD	Annual
Net loss	`NetIncomeLoss`	$-125.06K	USD	Annual
Net loss	`NetIncomeLoss`	$-682.35K	USD	Annual
Change in unrealized loss on investments	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-9.86K	USD	Annual
Total comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-134.91K	USD	Annual
Balance	`StockholdersEquity`	$1.00M	USD	Point-in-time
Balance	`StockholdersEquity`	$125.77K	USD	Point-in-time
Balance	`StockholdersEquity`	$18.06M	USD	Point-in-time
Balance, shares	`CommonStockSharesOutstanding`	24.14M	shares	Point-in-time
Balance, shares	`CommonStockSharesOutstanding`	17.82M	shares	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.