10-Q Filing

MITEK SYSTEMS INC CIK: 807863 Q2 2012

Filing Information

Form Type	10-Q
Accession Number	`0001193125-12-233770`
Period End Date	20120331
Filing Date	20120515
Fiscal Year	2012
Fiscal Period	Q2
XBRL Instance	mitk-20120331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 64 Income Statement 80 Cash Flow Statement 58

Balance Sheet 64 line items

Line Item	Tag	Value	Unit	Period
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.31M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$5.66M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.30M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$6.22M	USD	Point-in-time
Short-term investments	`ShortTermInvestments`	$10.19M	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
Short-term investments	`ShortTermInvestments`	$10.40M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$2.96M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$1.45M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$317.38K	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$599.70K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Total current assets	`AssetsCurrent`	$19.12M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	40.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$18.67M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	40.00M	shares	Point-in-time
Long-term investments	`LongTermInvestments`	$417.23K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	25.51M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	24.14M	shares	Point-in-time
Long-term investments	`LongTermInvestments`	$818.78K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	24.14M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	25.51M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$324.42K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$196.52K	USD	Point-in-time
Other non-current assets	`OtherAssetsNoncurrent`	$54.41K	USD	Point-in-time
Other non-current assets	`OtherAssetsNoncurrent`	$120.90K	USD	Point-in-time
Total assets	`Assets`	$19.85M	USD	Point-in-time
Total assets	`Assets`	$19.87M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$358.91K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$761.06K	USD	Point-in-time
Accrued payroll and related taxes	`EmployeeRelatedLiabilitiesCurrent`	$496.01K	USD	Point-in-time
Accrued payroll and related taxes	`EmployeeRelatedLiabilitiesCurrent`	$508.59K	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$873.23K	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$1.55M	USD	Point-in-time
Other current liabilities	`OtherAccruedLiabilitiesCurrent`	$37.67K	USD	Point-in-time
Other current liabilities	`OtherAccruedLiabilitiesCurrent`	$45.19K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.77M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.85M	USD	Point-in-time
Other non-current liabilities	`OtherLiabilitiesNoncurrent`	$72.22K	USD	Point-in-time
Other non-current liabilities	`OtherLiabilitiesNoncurrent`	$23.06K	USD	Point-in-time
Total liabilities	`Liabilities`	$2.93M	USD	Point-in-time
Total liabilities	`Liabilities`	$1.80M	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, 25,512,030 and 24,144,366 issued and outstanding, respectively	`CommonStockValue`	$25.51K	USD	Point-in-time
Common stock, $0.001 par value, 40,000,000 shares authorized, 25,512,030 and 24,144,366 issued and outstanding, respectively	`CommonStockValue`	$24.14K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$33.66M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$35.35M	USD	Point-in-time
Accumulated other comprehensive income (loss)	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-9.86K	USD	Point-in-time
Accumulated other comprehensive income (loss)	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$194.00	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-15.62M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-18.44M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$18.06M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$16.94M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$19.85M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$19.87M	USD	Point-in-time

Income Statement 80 line items

Line Item	Tag	Value	Unit	Period
Software	`SoftwareRevenue`	$2.34M	USD	1 Quarter
Software	`SoftwareRevenue`	$505.45K	USD	1 Quarter
Software	`SoftwareRevenue`	$3.40M	USD	2 Qtrs
Software	`SoftwareRevenue`	$3.28M	USD	2 Qtrs
Maintenance and professional services	`MaintenanceAndProfessionalServicesRevenue`	$993.05K	USD	2 Qtrs
Maintenance and professional services	`MaintenanceAndProfessionalServicesRevenue`	$530.18K	USD	1 Quarter
Maintenance and professional services	`MaintenanceAndProfessionalServicesRevenue`	$686.29K	USD	1 Quarter
Maintenance and professional services	`MaintenanceAndProfessionalServicesRevenue`	$1.31M	USD	2 Qtrs
Total revenue	`Revenues`	$1.19M	USD	1 Quarter
Total revenue	`Revenues`	$4.27M	USD	2 Qtrs
Total revenue	`Revenues`	$4.71M	USD	2 Qtrs
Total revenue	`Revenues`	$2.87M	USD	1 Quarter
Cost of revenue-software	`SoftwareCosts`	$257.19K	USD	2 Qtrs
Cost of revenue-software	`SoftwareCosts`	$109.53K	USD	1 Quarter
Cost of revenue-software	`SoftwareCosts`	$113.86K	USD	1 Quarter
Cost of revenue-software	`SoftwareCosts`	$206.25K	USD	2 Qtrs
Cost of revenue-maintenance and professional services	`MaintenanceAndProfessionalServicesCosts`	$200.21K	USD	1 Quarter
Cost of revenue-maintenance and professional services	`MaintenanceAndProfessionalServicesCosts`	$142.22K	USD	1 Quarter
Cost of revenue-maintenance and professional services	`MaintenanceAndProfessionalServicesCosts`	$354.82K	USD	2 Qtrs
Cost of revenue-maintenance and professional services	`MaintenanceAndProfessionalServicesCosts`	$257.53K	USD	2 Qtrs
Selling and marketing	`SellingAndMarketingExpense`	$1.56M	USD	2 Qtrs
Selling and marketing	`SellingAndMarketingExpense`	$964.21K	USD	2 Qtrs
Selling and marketing	`SellingAndMarketingExpense`	$564.90K	USD	1 Quarter
Selling and marketing	`SellingAndMarketingExpense`	$712.04K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$1.23M	USD	2 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$1.73M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$642.98K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$2.91M	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$1.30M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$834.19K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$1.46M	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$2.46M	USD	2 Qtrs
Total costs and expenses	`CostsAndExpenses`	$4.05M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$4.12M	USD	2 Qtrs
Total costs and expenses	`CostsAndExpenses`	$7.55M	USD	2 Qtrs
Total costs and expenses	`CostsAndExpenses`	$2.30M	USD	1 Quarter
Operating income (loss)	`OperatingIncomeLoss`	$154.18K	USD	2 Qtrs
Operating income (loss)	`OperatingIncomeLoss`	$-2.86M	USD	1 Quarter
Operating income (loss)	`OperatingIncomeLoss`	$570.21K	USD	1 Quarter
Operating income (loss)	`OperatingIncomeLoss`	$-2.84M	USD	2 Qtrs
Interest and other expense, net	`OtherNonoperatingExpense`	$169.00	USD	1 Quarter
Interest and other expense, net	`OtherNonoperatingExpense`	$129.70K	USD	2 Qtrs
Interest and other expense, net	`OtherNonoperatingExpense`	$62.64K	USD	1 Quarter
Interest and other expense, net	`OtherNonoperatingExpense`	$384.42K	USD	2 Qtrs
Interest income	`OtherNonoperatingIncome`	$72.11K	USD	1 Quarter
Interest income	`OtherNonoperatingIncome`	$146.14K	USD	2 Qtrs
Interest income	`OtherNonoperatingIncome`	$1.94K	USD	2 Qtrs
Interest income	`OtherNonoperatingIncome`	$696.00	USD	1 Quarter
Total other income (expense), net	`OtherNonoperatingIncomeExpense`	$9.48K	USD	1 Quarter
Total other income (expense), net	`OtherNonoperatingIncomeExpense`	$527.00	USD	1 Quarter
Total other income (expense), net	`OtherNonoperatingIncomeExpense`	$-382.48K	USD	2 Qtrs
Total other income (expense), net	`OtherNonoperatingIncomeExpense`	$16.43K	USD	2 Qtrs
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$570.74K	USD	1 Quarter
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-228.30K	USD	2 Qtrs
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-2.82M	USD	2 Qtrs
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-2.85M	USD	1 Quarter
Benefit (provision) for income taxes	`IncomeTaxExpenseBenefit`	$2.49K	USD	2 Qtrs
Benefit (provision) for income taxes	`IncomeTaxExpenseBenefit`	$-3.84K	USD	1 Quarter
Benefit (provision) for income taxes	`IncomeTaxExpenseBenefit`	$800.00	USD	2 Qtrs
Benefit (provision) for income taxes	`IncomeTaxExpenseBenefit`	$800.00	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-230.79K	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$-2.85M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$569.94K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-2.82M	USD	2 Qtrs
Net income (loss) per share - basic	`EarningsPerShareBasic`	$-0.01	USD	2 Qtrs
Net income (loss) per share - basic	`EarningsPerShareBasic`	$-0.11	USD	2 Qtrs
Net income (loss) per share - basic	`EarningsPerShareBasic`	$0.03	USD	1 Quarter
Net income (loss) per share - basic	`EarningsPerShareBasic`	$-0.11	USD	1 Quarter
Net income (loss) per share - diluted	`EarningsPerShareDiluted`	$0.02	USD	1 Quarter
Net income (loss) per share - diluted	`EarningsPerShareDiluted`	$-0.01	USD	2 Qtrs
Net income (loss) per share - diluted	`EarningsPerShareDiluted`	$-0.11	USD	1 Quarter
Net income (loss) per share - diluted	`EarningsPerShareDiluted`	$-0.11	USD	2 Qtrs
Shares used in calculating basic net income (loss) per share	`WeightedAverageNumberOfSharesOutstandingBasic`	19.68M	shares	2 Qtrs
Shares used in calculating basic net income (loss) per share	`WeightedAverageNumberOfSharesOutstandingBasic`	25.01M	shares	1 Quarter
Shares used in calculating basic net income (loss) per share	`WeightedAverageNumberOfSharesOutstandingBasic`	24.70M	shares	2 Qtrs
Shares used in calculating basic net income (loss) per share	`WeightedAverageNumberOfSharesOutstandingBasic`	20.54M	shares	1 Quarter
Shares used in calculating diluted net income (loss) per share	`WeightedAverageNumberOfDilutedSharesOutstanding`	24.70M	shares	2 Qtrs
Shares used in calculating diluted net income (loss) per share	`WeightedAverageNumberOfDilutedSharesOutstanding`	25.01M	shares	1 Quarter
Shares used in calculating diluted net income (loss) per share	`WeightedAverageNumberOfDilutedSharesOutstanding`	19.68M	shares	2 Qtrs
Shares used in calculating diluted net income (loss) per share	`WeightedAverageNumberOfDilutedSharesOutstanding`	23.24M	shares	1 Quarter

Cash Flow Statement 58 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-230.79K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-2.85M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$569.94K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.82M	USD	2 Qtrs
Stock-based compensation expense	`ShareBasedCompensation`	$529.58K	USD	2 Qtrs
Stock-based compensation expense	`ShareBasedCompensation`	$1.15M	USD	2 Qtrs
Accretion and amortization on debt securities	`AmortizationOfFinancingCostsAndDiscounts`	$124.44K	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$82.84K	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$123.12K	USD	2 Qtrs
Provision for bad debt	`ProvisionForDoubtfulAccounts`	$6.18K	USD	2 Qtrs
Non-cash interest expense on convertible debt	`PaidInKindInterest`	$384.12K	USD	2 Qtrs
Amortization of capitalized debt issuance costs	`AmortizationOfFinancingCosts`	$53.95K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInReceivables`	$-1.50M	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInReceivables`	$1.78M	USD	2 Qtrs
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$175.75K	USD	2 Qtrs
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$284.40K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$287.24K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$402.15K	USD	2 Qtrs
Accrued payroll and related taxes	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$12.58K	USD	2 Qtrs
Accrued payroll and related taxes	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$149.96K	USD	2 Qtrs
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$732.74K	USD	2 Qtrs
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$673.52K	USD	2 Qtrs
Other liabilities	`IncreaseDecreaseInOtherAccruedLiabilities`	$71.12K	USD	2 Qtrs
Other liabilities	`IncreaseDecreaseInOtherAccruedLiabilities`	$-46.58K	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$104.73K	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$842.35K	USD	2 Qtrs
Purchases of investments	`PaymentsToAcquireInvestments`	$8.16M	USD	2 Qtrs
Sales and maturities of investments	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$7.44M	USD	2 Qtrs
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$87.05K	USD	2 Qtrs
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$90.55K	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-810.91K	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-90.55K	USD	2 Qtrs
Proceeds from the issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$750.00K	USD	2 Qtrs
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$130.08K	USD	2 Qtrs
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$541.92K	USD	2 Qtrs
Proceeds from line of credit	`ProceedsFromLinesOfCredit`	$105.00K	USD	2 Qtrs
Principal payments on capital lease obligations	`RepaymentsOfLongTermCapitalLeaseObligations`	$7.17K	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$534.74K	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$985.08K	USD	2 Qtrs
Net Increase in Cash and Cash Equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$999.26K	USD	2 Qtrs
Net Increase in Cash and Cash Equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$566.19K	USD	2 Qtrs
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`	$2.30M	USD	Point-in-time
Cash and Cash Equivalents at Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$6.22M	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`	$2.30M	USD	Point-in-time
Cash and Cash Equivalents at End of Period	`CashAndCashEquivalentsAtCarryingValue`	$6.22M	USD	Point-in-time
Cash paid for interest	`InterestPaid`	$3.12K	USD	2 Qtrs
Cash paid for interest	`InterestPaid`	$250.00	USD	2 Qtrs
Cash paid for income taxes	`IncomeTaxesPaid`	$800.00	USD	2 Qtrs
Cash paid for income taxes	`IncomeTaxesPaid`	$2.49K	USD	2 Qtrs
Capital lease obligations	`CapitalLeaseObligationsIncurred`	$95.39K	USD	2 Qtrs
Unrealized holding gain on available for sale investments	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-10.05K	USD	2 Qtrs
Cashless exercise of option and warrants	`CashlessExerciseOfOptionsAndWarrants`	$479.00	USD	2 Qtrs
Cashless exercise of option and warrants	`CashlessExerciseOfOptionsAndWarrants`	$357.00	USD	2 Qtrs
Conversion of debt to common stock	`ConversionOfDebtToCommonStock`	$1.06M	USD	2 Qtrs

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