10-Q Filing

MITEK SYSTEMS INC CIK: 807863 Q3 2013

Filing Information

Form Type	10-Q
Accession Number	`0001193125-13-321455`
Period End Date	20130630
Filing Date	20130806
Fiscal Year	2013
Fiscal Period	Q3
XBRL Instance	mitk-20130630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 63 Income Statement 70 Cash Flow Statement 65

Balance Sheet 63 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`	$22.95M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$6.70M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	-	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$5.66M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$6.19M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	-	shares	Point-in-time
Short-term investments	`ShortTermInvestments`	$5.82M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	-	shares	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	-	shares	Point-in-time
Short-term investments	`ShortTermInvestments`	$6.52M	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
Accounts receivable, net	`AccountsReceivableNetCurrent`	$572.38K	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$1.10M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$608.15K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	40.00M	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$485.17K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	60.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$14.10M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	26.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$30.64M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	29.92M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	29.92M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	26.00M	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`	$1.56M	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`	$32.24M	USD	Point-in-time
Total assets	`Assets`	$16.72M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.34M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$711.95K	USD	Point-in-time
Accrued payroll and related taxes	`EmployeeRelatedLiabilitiesCurrent`	$1.24M	USD	Point-in-time
Accrued payroll and related taxes	`EmployeeRelatedLiabilitiesCurrent`	$726.97K	USD	Point-in-time
Deferred revenue, current portion	`DeferredRevenueCurrent`	$2.69M	USD	Point-in-time
Deferred revenue, current portion	`DeferredRevenueCurrent`	$1.63M	USD	Point-in-time
Other current liabilities	`OtherAccruedLiabilitiesCurrent`	$179.87K	USD	Point-in-time
Other current liabilities	`OtherAccruedLiabilitiesCurrent`	$31.66K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$6.44M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$3.10M	USD	Point-in-time
Other non-current liabilities	`OtherLiabilitiesNoncurrent`	$63.59K	USD	Point-in-time
Other non-current liabilities	`OtherLiabilitiesNoncurrent`	$1.38M	USD	Point-in-time
Total liabilities	`Liabilities`	$7.82M	USD	Point-in-time
Total liabilities	`Liabilities`	$3.17M	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, 29,916,403 and 25,995,216 issued and outstanding, respectively	`CommonStockValue`	$29.92K	USD	Point-in-time
Common stock, $0.001 par value, 60,000,000 and 40,000,000 shares authorized, respectively, 29,916,403 and 25,995,216 issued and outstanding, respectively	`CommonStockValue`	$26.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$36.99M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$53.66M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-616.00	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-3.56K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-23.46M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-29.26M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$13.56M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$24.42M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$32.24M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$16.72M	USD	Point-in-time

Income Statement 70 line items

Line Item	Tag	Value	Unit	Period
Software	`LicensesRevenue`	$2.46M	USD	1 Quarter
Software	`LicensesRevenue`	$7.44M	USD	3 Qtrs
Software	`LicensesRevenue`	$2.69M	USD	1 Quarter
Software	`LicensesRevenue`	$5.86M	USD	3 Qtrs
Maintenance and professional services	`SalesRevenueServicesGross`	$697.81K	USD	1 Quarter
Maintenance and professional services	`SalesRevenueServicesGross`	$2.01M	USD	3 Qtrs
Maintenance and professional services	`SalesRevenueServicesGross`	$2.98M	USD	3 Qtrs
Maintenance and professional services	`SalesRevenueServicesGross`	$1.19M	USD	1 Quarter
Total revenue	`Revenues`	$3.16M	USD	1 Quarter
Total revenue	`Revenues`	$10.42M	USD	3 Qtrs
Total revenue	`Revenues`	$3.88M	USD	1 Quarter
Total revenue	`Revenues`	$7.87M	USD	3 Qtrs
Cost of revenue-software	`LicenseCosts`	$170.41K	USD	1 Quarter
Cost of revenue-software	`LicenseCosts`	$427.60K	USD	3 Qtrs
Cost of revenue-software	`LicenseCosts`	$240.05K	USD	1 Quarter
Cost of revenue-software	`LicenseCosts`	$586.91K	USD	3 Qtrs
Cost of revenue-maintenance and professional services	`OtherCostOfServices`	$188.81K	USD	1 Quarter
Cost of revenue-maintenance and professional services	`OtherCostOfServices`	$639.62K	USD	3 Qtrs
Cost of revenue-maintenance and professional services	`OtherCostOfServices`	$229.39K	USD	1 Quarter
Cost of revenue-maintenance and professional services	`OtherCostOfServices`	$543.63K	USD	3 Qtrs
Selling and marketing	`SellingAndMarketingExpense`	$4.14M	USD	3 Qtrs
Selling and marketing	`SellingAndMarketingExpense`	$2.64M	USD	3 Qtrs
Selling and marketing	`SellingAndMarketingExpense`	$1.46M	USD	1 Quarter
Selling and marketing	`SellingAndMarketingExpense`	$1.08M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$5.03M	USD	3 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$5.02M	USD	3 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$2.12M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$1.98M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$5.85M	USD	3 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$2.03M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$1.63M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$4.09M	USD	3 Qtrs
Total costs and expenses	`CostsAndExpenses`	$12.73M	USD	3 Qtrs
Total costs and expenses	`CostsAndExpenses`	$5.18M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$16.24M	USD	3 Qtrs
Total costs and expenses	`CostsAndExpenses`	$5.94M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-5.82M	USD	3 Qtrs
Operating loss	`OperatingIncomeLoss`	$-2.02M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-4.86M	USD	3 Qtrs
Operating loss	`OperatingIncomeLoss`	$-2.06M	USD	1 Quarter
Interest and other expense	`OtherNonoperatingExpense`	$110.12K	USD	3 Qtrs
Interest and other expense	`OtherNonoperatingExpense`	$37.21K	USD	1 Quarter
Interest and other expense	`OtherNonoperatingExpense`	$191.97K	USD	3 Qtrs
Interest and other expense	`OtherNonoperatingExpense`	$62.27K	USD	1 Quarter
Interest income	`OtherNonoperatingIncome`	$129.05K	USD	3 Qtrs
Interest income	`OtherNonoperatingIncome`	$42.81K	USD	1 Quarter
Interest income	`OtherNonoperatingIncome`	$218.92K	USD	3 Qtrs
Interest income	`OtherNonoperatingIncome`	$72.78K	USD	1 Quarter
Total other income (expense), net	`OtherNonoperatingIncomeExpense`	$10.51K	USD	1 Quarter
Total other income (expense), net	`OtherNonoperatingIncomeExpense`	$26.95K	USD	3 Qtrs
Total other income (expense), net	`OtherNonoperatingIncomeExpense`	$18.93K	USD	3 Qtrs
Total other income (expense), net	`OtherNonoperatingIncomeExpense`	$5.59K	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-5.80M	USD	3 Qtrs
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-2.01M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-2.05M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-4.83M	USD	3 Qtrs
Provision for income taxes	`IncomeTaxExpenseBenefit`	$800.00	USD	3 Qtrs
Provision for income taxes	`IncomeTaxExpenseBenefit`	$800.00	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-4.83M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-2.01M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-5.80M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-2.05M	USD	1 Quarter
Net loss per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.19	USD	3 Qtrs
Net loss per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.08	USD	1 Quarter
Net loss per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.08	USD	1 Quarter
Net loss per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.22	USD	3 Qtrs
Shares used in calculating net loss per share - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	25.61M	shares	1 Quarter
Shares used in calculating net loss per share - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	27.11M	shares	1 Quarter
Shares used in calculating net loss per share - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	26.53M	shares	3 Qtrs
Shares used in calculating net loss per share - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	24.98M	shares	3 Qtrs

Cash Flow Statement 65 line items

Line Item	Tag	Value	Unit	Period
Issuance of common stock, issuance costs	`PaymentsOfStockIssuanceCosts`	$1.12M	USD	3 Qtrs
Issuance of common stock, issuance costs	`PaymentsOfStockIssuanceCosts`	-	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-4.83M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-2.01M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-5.80M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-2.05M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$1.98M	USD	3 Qtrs
Stock-based compensation expense	`ShareBasedCompensation`	$2.05M	USD	3 Qtrs
Accretion and amortization on debt securities	`AmortizationOfFinancingCostsAndDiscounts`	$199.44K	USD	3 Qtrs
Accretion and amortization on debt securities	`AmortizationOfFinancingCostsAndDiscounts`	$154.01K	USD	3 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$185.49K	USD	3 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$209.26K	USD	3 Qtrs
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$702.00	USD	3 Qtrs
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$-1.77K	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInReceivables`	$234.52K	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInReceivables`	$-526.70K	USD	3 Qtrs
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$171.99K	USD	3 Qtrs
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$219.15K	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$1.62M	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$920.41K	USD	3 Qtrs
Accrued payroll and related taxes	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$219.37K	USD	3 Qtrs
Accrued payroll and related taxes	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$511.72K	USD	3 Qtrs
Deferred revenue, current portion	`IncreaseDecreaseInDeferredRevenue`	$1.05M	USD	3 Qtrs
Deferred revenue, current portion	`IncreaseDecreaseInDeferredRevenue`	$795.90K	USD	3 Qtrs
Other liabilities	`IncreaseDecreaseInOtherAccruedLiabilities`	$-47.15K	USD	3 Qtrs
Other liabilities	`IncreaseDecreaseInOtherAccruedLiabilities`	$1.48M	USD	3 Qtrs
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.03M	USD	3 Qtrs
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$1.62M	USD	3 Qtrs
Purchases of investments	`PaymentsToAcquireInvestments`	$8.17M	USD	3 Qtrs
Purchases of investments	`PaymentsToAcquireInvestments`	$4.06M	USD	3 Qtrs
Sales and maturities of investments	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$5.34M	USD	3 Qtrs
Sales and maturities of investments	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$9.34M	USD	3 Qtrs
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$213.30K	USD	3 Qtrs
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.28M	USD	3 Qtrs
Net cash provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$3.36K	USD	3 Qtrs
Net cash provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$947.66K	USD	3 Qtrs
Proceeds from the issuance of common stock, net of issuance costs of $1,122,549 and $0, respectively	`ProceedsFromIssuanceOfCommonStock`	$13.88M	USD	3 Qtrs
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$751.44K	USD	3 Qtrs
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$626.25K	USD	3 Qtrs
Principal payments on capital lease obligations	`RepaymentsOfLongTermCapitalLeaseObligations`	$10.99K	USD	3 Qtrs
Principal payments on capital lease obligations	`RepaymentsOfLongTermCapitalLeaseObligations`	$12.52K	USD	3 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$14.62M	USD	3 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$615.25K	USD	3 Qtrs
Net increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$16.24M	USD	3 Qtrs
Net increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$537.30K	USD	3 Qtrs
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$22.95M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$6.70M	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`	$6.19M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$22.95M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$6.70M	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`	$6.19M	USD	Point-in-time
Cash paid for interest	`InterestPaid`	$6.23K	USD	3 Qtrs
Cash paid for interest	`InterestPaid`	$8.07K	USD	3 Qtrs
Cash paid for income taxes	`IncomeTaxesPaid`	$800.00	USD	3 Qtrs
Cash paid for income taxes	`IncomeTaxesPaid`	$800.00	USD	3 Qtrs
Unrealized holding gain on available for sale investments	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-1.07K	USD	1 Quarter
Unrealized holding gain on available for sale investments	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$2.94K	USD	3 Qtrs
Unrealized holding gain on available for sale investments	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$8.98K	USD	3 Qtrs
Unrealized holding gain on available for sale investments	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-5.48K	USD	1 Quarter
Cashless exercise of options and warrants	`CashlessExerciseOfOptionsAndWarrants`	$399.00	USD	3 Qtrs
Cashless exercise of options and warrants	`CashlessExerciseOfOptionsAndWarrants`	$125.00	USD	3 Qtrs
Cashless settlement of restricted stock units	`CashlessSettlementOfRestrictedStockUnits`	$16.00	USD	3 Qtrs
Capital lease obligations incurred	`CapitalLeaseObligationsIncurred`	$95.39K	USD	3 Qtrs

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