10-Q Filing

MITEK SYSTEMS INC CIK: 807863 Q2 2013

Filing Information

Form Type	10-Q
Accession Number	`0001193125-13-205834`
Period End Date	20130331
Filing Date	20130508
Fiscal Year	2013
Fiscal Period	Q2
XBRL Instance	mitk-20130331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 64 Income Statement 72 Cash Flow Statement 62

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
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$6.22M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$5.66M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$9.99M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	-	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	-	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$6.70M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	-	shares	Point-in-time
Short-term investments	`ShortTermInvestments`	$5.82M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	-	shares	Point-in-time
Short-term investments	`ShortTermInvestments`	$4.90M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$1.10M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$793.70K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$485.17K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	60.00M	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$720.43K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	40.00M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	27.04M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	26.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$16.41M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$14.10M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	26.00M	shares	Point-in-time
Long-term investments	`LongTermInvestments`	$418.02K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	27.04M	shares	Point-in-time
Long-term investments	`LongTermInvestments`	$2.09M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$491.08K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$1.12M	USD	Point-in-time
Other non-current assets	`OtherAssetsNoncurrent`	$42.05K	USD	Point-in-time
Other non-current assets	`OtherAssetsNoncurrent`	$42.05K	USD	Point-in-time
Total assets	`Assets`	$17.99M	USD	Point-in-time
Total assets	`Assets`	$16.72M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.78M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$711.95K	USD	Point-in-time
Accrued payroll and related taxes	`EmployeeRelatedLiabilitiesCurrent`	$922.67K	USD	Point-in-time
Accrued payroll and related taxes	`EmployeeRelatedLiabilitiesCurrent`	$726.97K	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$2.44M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$1.63M	USD	Point-in-time
Other current liabilities	`OtherAccruedLiabilitiesCurrent`	$31.66K	USD	Point-in-time
Other current liabilities	`OtherAccruedLiabilitiesCurrent`	$122.85K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$3.10M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$5.26M	USD	Point-in-time
Other non-current liabilities	`OtherLiabilitiesNoncurrent`	$818.84K	USD	Point-in-time
Other non-current liabilities	`OtherLiabilitiesNoncurrent`	$63.59K	USD	Point-in-time
Total liabilities	`Liabilities`	$3.17M	USD	Point-in-time
Total liabilities	`Liabilities`	$6.08M	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, 60,000,000 and 40,000,000 shares authorized, respectively, 27,044,039 and 25,995,216 issued and outstanding, respectively	`CommonStockValue`	$26.00K	USD	Point-in-time
Common stock, $0.001 par value, 60,000,000 and 40,000,000 shares authorized, respectively, 27,044,039 and 25,995,216 issued and outstanding, respectively	`CommonStockValue`	$27.04K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$39.10M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$36.99M	USD	Point-in-time
Accumulated other comprehensive income (loss)	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$1.92K	USD	Point-in-time
Accumulated other comprehensive income (loss)	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-616.00	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-23.46M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-27.21M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$13.56M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$11.91M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$16.72M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$17.99M	USD	Point-in-time

Income Statement 72 line items

Line Item	Tag	Value	Unit	Period
Software	`LicensesRevenue`	$505.45K	USD	1 Quarter
Software	`LicensesRevenue`	$2.17M	USD	1 Quarter
Software	`LicensesRevenue`	$4.75M	USD	2 Qtrs
Software	`LicensesRevenue`	$3.40M	USD	2 Qtrs
Maintenance and professional services	`SalesRevenueServicesGross`	$1.05M	USD	1 Quarter
Maintenance and professional services	`SalesRevenueServicesGross`	$1.31M	USD	2 Qtrs
Maintenance and professional services	`SalesRevenueServicesGross`	$1.79M	USD	2 Qtrs
Maintenance and professional services	`SalesRevenueServicesGross`	$686.29K	USD	1 Quarter
Total revenue	`Revenues`	$6.53M	USD	2 Qtrs
Total revenue	`Revenues`	$3.22M	USD	1 Quarter
Total revenue	`Revenues`	$4.71M	USD	2 Qtrs
Total revenue	`Revenues`	$1.19M	USD	1 Quarter
Cost of revenue-software	`LicenseCosts`	$257.19K	USD	2 Qtrs
Cost of revenue-software	`LicenseCosts`	$109.53K	USD	1 Quarter
Cost of revenue-software	`LicenseCosts`	$154.26K	USD	1 Quarter
Cost of revenue-software	`LicenseCosts`	$346.86K	USD	2 Qtrs
Cost of revenue-maintenance and professional services	`OtherCostOfServices`	$200.21K	USD	1 Quarter
Cost of revenue-maintenance and professional services	`OtherCostOfServices`	$262.84K	USD	1 Quarter
Cost of revenue-maintenance and professional services	`OtherCostOfServices`	$410.23K	USD	2 Qtrs
Cost of revenue-maintenance and professional services	`OtherCostOfServices`	$354.82K	USD	2 Qtrs
Selling and marketing	`SellingAndMarketingExpense`	$2.68M	USD	2 Qtrs
Selling and marketing	`SellingAndMarketingExpense`	$1.56M	USD	2 Qtrs
Selling and marketing	`SellingAndMarketingExpense`	$712.04K	USD	1 Quarter
Selling and marketing	`SellingAndMarketingExpense`	$1.42M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$3.04M	USD	2 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$1.64M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$2.91M	USD	2 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$1.73M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$1.30M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$3.82M	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$2.15M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$2.46M	USD	2 Qtrs
Total costs and expenses	`CostsAndExpenses`	$7.55M	USD	2 Qtrs
Total costs and expenses	`CostsAndExpenses`	$4.05M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$5.62M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$10.30M	USD	2 Qtrs
Operating loss	`OperatingIncomeLoss`	$-2.40M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-2.84M	USD	2 Qtrs
Operating loss	`OperatingIncomeLoss`	$-3.77M	USD	2 Qtrs
Operating loss	`OperatingIncomeLoss`	$-2.86M	USD	1 Quarter
Interest and other expense	`OtherNonoperatingExpense`	$29.21K	USD	1 Quarter
Interest and other expense	`OtherNonoperatingExpense`	$62.64K	USD	1 Quarter
Interest and other expense	`OtherNonoperatingExpense`	$129.70K	USD	2 Qtrs
Interest and other expense	`OtherNonoperatingExpense`	$72.90K	USD	2 Qtrs
Interest income	`OtherNonoperatingIncome`	$86.24K	USD	2 Qtrs
Interest income	`OtherNonoperatingIncome`	$36.12K	USD	1 Quarter
Interest income	`OtherNonoperatingIncome`	$146.14K	USD	2 Qtrs
Interest income	`OtherNonoperatingIncome`	$72.11K	USD	1 Quarter
Total other income (expense), net	`OtherNonoperatingIncomeExpense`	$13.34K	USD	2 Qtrs
Total other income (expense), net	`OtherNonoperatingIncomeExpense`	$16.43K	USD	2 Qtrs
Total other income (expense), net	`OtherNonoperatingIncomeExpense`	$6.91K	USD	1 Quarter
Total other income (expense), net	`OtherNonoperatingIncomeExpense`	$9.48K	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-2.39M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-2.82M	USD	2 Qtrs
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-3.75M	USD	2 Qtrs
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-2.85M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$800.00	USD	2 Qtrs
Provision for income taxes	`IncomeTaxExpenseBenefit`	$800.00	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$-3.84K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$800.00	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-3.75M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-2.82M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-2.85M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.39M	USD	1 Quarter
Net loss per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.09	USD	1 Quarter
Net loss per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.14	USD	2 Qtrs
Net loss per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.11	USD	2 Qtrs
Net loss per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.11	USD	1 Quarter
Shares used in calculating net loss per share - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	26.25M	shares	2 Qtrs
Shares used in calculating net loss per share - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	24.70M	shares	2 Qtrs
Shares used in calculating net loss per share - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	26.47M	shares	1 Quarter
Shares used in calculating net loss per share - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	25.01M	shares	1 Quarter

Cash Flow Statement 62 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-3.75M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-2.82M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-2.85M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.39M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$1.15M	USD	2 Qtrs
Stock-based compensation expense	`ShareBasedCompensation`	$1.36M	USD	2 Qtrs
Accretion and amortization on debt securities	`AmortizationOfFinancingCostsAndDiscounts`	$98.82K	USD	2 Qtrs
Accretion and amortization on debt securities	`AmortizationOfFinancingCostsAndDiscounts`	$124.44K	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$123.12K	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$117.15K	USD	2 Qtrs
Provision (recovery) for doubtful accounts	`ProvisionForDoubtfulAccounts`	$6.18K	USD	2 Qtrs
Provision (recovery) for doubtful accounts	`ProvisionForDoubtfulAccounts`	$-3.77K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInReceivables`	$-1.50M	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInReceivables`	$-307.38K	USD	2 Qtrs
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$264.32K	USD	2 Qtrs
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$284.40K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$1.06M	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`	$195.70K	USD	2 Qtrs
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$673.52K	USD	2 Qtrs
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$804.91K	USD	2 Qtrs
Other liabilities	`IncreaseDecreaseInOtherAccruedLiabilities`	$854.70K	USD	2 Qtrs
Other liabilities	`IncreaseDecreaseInOtherAccruedLiabilities`	$-46.58K	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$842.35K	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$781.94K	USD	2 Qtrs
Purchases of investments	`PaymentsToAcquireInvestments`	$8.16M	USD	2 Qtrs
Purchases of investments	`PaymentsToAcquireInvestments`	$1.42M	USD	2 Qtrs
Sales and maturities of investments	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$3.94M	USD	2 Qtrs
Sales and maturities of investments	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$7.44M	USD	2 Qtrs
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$748.66K	USD	2 Qtrs
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$87.05K	USD	2 Qtrs
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-810.91K	USD	2 Qtrs
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$1.77M	USD	2 Qtrs
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$541.92K	USD	2 Qtrs
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$745.49K	USD	2 Qtrs
Principal payments on capital lease obligations	`RepaymentsOfLongTermCapitalLeaseObligations`	$7.17K	USD	2 Qtrs
Principal payments on capital lease obligations	`RepaymentsOfLongTermCapitalLeaseObligations`	$8.26K	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$737.23K	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$534.74K	USD	2 Qtrs
Net increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$3.29M	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`	$6.22M	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`	$9.99M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$6.70M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$6.22M	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`	$9.99M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$6.70M	USD	Point-in-time
Cash paid for interest	`InterestPaid`	$4.25K	USD	2 Qtrs
Cash paid for interest	`InterestPaid`	$3.12K	USD	2 Qtrs
Cash paid for income taxes	`IncomeTaxesPaid`	$800.00	USD	2 Qtrs
Cash paid for income taxes	`IncomeTaxesPaid`	$800.00	USD	2 Qtrs
Unrealized holding gain on available for sale investments	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$10.05K	USD	2 Qtrs
Unrealized holding gain on available for sale investments	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$5.12K	USD	1 Quarter
Unrealized holding gain on available for sale investments	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-1.84K	USD	1 Quarter
Unrealized holding gain on available for sale investments	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$2.54K	USD	2 Qtrs
Cashless exercise of options and warrants	`CashlessExerciseOfOptionsAndWarrants`	$357.00	USD	2 Qtrs
Cashless exercise of options and warrants	`CashlessExerciseOfOptionsAndWarrants`	$121.00	USD	2 Qtrs
Cashless settlement of restricted stock units	`CashlessSettlementOfRestrictedStockUnits`	$12.00	USD	2 Qtrs
Capital lease obligations incurred	`CapitalLeaseObligationsIncurred`	$95.39K	USD	2 Qtrs

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