10-Q Filing

MITEK SYSTEMS INC CIK: 807863 Q1 2014

Filing Information

Form Type	10-Q
Accession Number	`0001193125-14-040698`
Period End Date	20131231
Filing Date	20140207
Fiscal Year	2014
Fiscal Period	Q1
XBRL Instance	mitk-20131231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 65 Income Statement 35 Cash Flow Statement 54

Balance Sheet 65 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
Preferred stock, shares issued	`PreferredStockSharesIssued`	-	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$23.29M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	-	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$10.18M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$9.59M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$6.70M	USD	Point-in-time
Short-term investments	`ShortTermInvestments`	$13.18M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	-	shares	Point-in-time
Short-term investments	`ShortTermInvestments`	$5.73M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	-	shares	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`	$2.86M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$1.49M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$563.62K	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$661.71K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	60.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	60.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$26.78M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	30.36M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$31.18M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	30.43M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	30.36M	shares	Point-in-time
Long-term investments	`LongTermInvestments`	$4.05M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	30.43M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$1.63M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$1.53M	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`	$32.85M	USD	Point-in-time
Total assets	`Assets`	$32.40M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.88M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.54M	USD	Point-in-time
Accrued payroll and related taxes	`EmployeeRelatedLiabilitiesCurrent`	$1.46M	USD	Point-in-time
Accrued payroll and related taxes	`EmployeeRelatedLiabilitiesCurrent`	$1.36M	USD	Point-in-time
Deferred revenue, current portion	`DeferredRevenueCurrent`	$2.34M	USD	Point-in-time
Deferred revenue, current portion	`DeferredRevenueCurrent`	$3.03M	USD	Point-in-time
Other current liabilities	`OtherAccruedLiabilitiesCurrent`	$120.55K	USD	Point-in-time
Other current liabilities	`OtherAccruedLiabilitiesCurrent`	$151.54K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$6.05M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$5.82M	USD	Point-in-time
Deferred revenue, non-current portion	`DeferredRevenueNoncurrent`	$511.12K	USD	Point-in-time
Deferred revenue, non-current portion	`DeferredRevenueNoncurrent`	$461.15K	USD	Point-in-time
Other non-current liabilities	`OtherLiabilitiesNoncurrent`	$795.04K	USD	Point-in-time
Other non-current liabilities	`OtherLiabilitiesNoncurrent`	$763.76K	USD	Point-in-time
Total liabilities	`Liabilities`	$7.12M	USD	Point-in-time
Total liabilities	`Liabilities`	$7.27M	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 shares authorized, 30,431,192 and 30,361,442 issued and outstanding, respectively	`CommonStockValue`	$30.36K	USD	Point-in-time
Common stock, $0.001 par value, 60,000,000 shares authorized, 30,431,192 and 30,361,442 issued and outstanding, respectively	`CommonStockValue`	$30.43K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$57.30M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$56.43M	USD	Point-in-time
Accumulated other comprehensive gain	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$1.84K	USD	Point-in-time
Accumulated other comprehensive gain	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$997.00	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-30.74M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-32.20M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$25.13M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$25.73M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$32.85M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$32.40M	USD	Point-in-time

Income Statement 35 line items

Line Item	Tag	Value	Unit	Period
Software	`LicensesRevenue`	$2.57M	USD	1 Quarter
Software	`LicensesRevenue`	$3.17M	USD	1 Quarter
Maintenance and professional services	`SalesRevenueServicesGross`	$738.96K	USD	1 Quarter
Maintenance and professional services	`SalesRevenueServicesGross`	$1.29M	USD	1 Quarter
Total revenue	`Revenues`	$4.46M	USD	1 Quarter
Total revenue	`Revenues`	$3.31M	USD	1 Quarter
Cost of revenue-software	`LicenseCosts`	$192.61K	USD	1 Quarter
Cost of revenue-software	`LicenseCosts`	$321.10K	USD	1 Quarter
Cost of revenue-maintenance and professional services	`OtherCostOfServices`	$249.60K	USD	1 Quarter
Cost of revenue-maintenance and professional services	`OtherCostOfServices`	$147.39K	USD	1 Quarter
Selling and marketing	`SellingAndMarketingExpense`	$1.85M	USD	1 Quarter
Selling and marketing	`SellingAndMarketingExpense`	$1.26M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$1.53M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$1.40M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$1.67M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$2.00M	USD	1 Quarter
Total operating costs and expenses	`CostsAndExpenses`	$4.68M	USD	1 Quarter
Total operating costs and expenses	`CostsAndExpenses`	$5.94M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-1.37M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-1.48M	USD	1 Quarter
Interest and other expense, net	`OtherNonoperatingExpense`	$2.02K	USD	1 Quarter
Interest and other expense, net	`OtherNonoperatingExpense`	$1.70K	USD	1 Quarter
Interest income	`OtherNonoperatingIncome`	$8.45K	USD	1 Quarter
Interest income	`OtherNonoperatingIncome`	$15.21K	USD	1 Quarter
Total other income (expense), net	`OtherNonoperatingIncomeExpense`	$13.51K	USD	1 Quarter
Total other income (expense), net	`OtherNonoperatingIncomeExpense`	$6.42K	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-1.36M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-1.47M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$961.00	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.36M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.47M	USD	1 Quarter
Net loss per share-basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.05	USD	1 Quarter
Net loss per share-basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.05	USD	1 Quarter
Shares used in calculating net loss per share-basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	26.02M	shares	1 Quarter
Shares used in calculating net loss per share-basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	30.40M	shares	1 Quarter

Cash Flow Statement 54 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-1.36M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.47M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$656.53K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$829.07K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$116.17K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$48.62K	USD	1 Quarter
Accretion and amortization on debt securities	`AmortizationOfFinancingCostsAndDiscounts`	$97.75K	USD	1 Quarter
Accretion and amortization on debt securities	`AmortizationOfFinancingCostsAndDiscounts`	$94.72K	USD	1 Quarter
Provision for (recovery of) bad debt	`ProvisionAndRecoveryForDoubtfulAccounts`	$2.77K	USD	1 Quarter
Provision for (recovery of) bad debt	`ProvisionAndRecoveryForDoubtfulAccounts`	$-1.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInReceivables`	$524.14K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInReceivables`	$1.36M	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$2.16K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-92.64K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-335.67K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$443.95K	USD	1 Quarter
Accrued payroll and related taxes	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-93.09K	USD	1 Quarter
Accrued payroll and related taxes	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$144.59K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$641.03K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$807.50K	USD	1 Quarter
Other liabilities	`IncreaseDecreaseInOtherAccruedLiabilities`	$-57.73K	USD	1 Quarter
Other liabilities	`IncreaseDecreaseInOtherAccruedLiabilities`	$485.80K	USD	1 Quarter
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.54M	USD	1 Quarter
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$796.03K	USD	1 Quarter
Purchases of investments	`PaymentsToAcquireInvestments`	$14.07M	USD	1 Quarter
Purchases of investments	`PaymentsToAcquireInvestments`	$308.96K	USD	1 Quarter
Sales and maturities of investments	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$2.48M	USD	1 Quarter
Sales and maturities of investments	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$2.69M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$16.22K	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$315.12K	USD	1 Quarter
Net cash (used in) provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-11.61M	USD	1 Quarter
Net cash (used in) provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$2.06M	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$37.24K	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$39.42K	USD	1 Quarter
Principal payments on capital lease obligations	`RepaymentsOfLongTermCapitalLeaseObligations`	$4.06K	USD	1 Quarter
Principal payments on capital lease obligations	`RepaymentsOfLongTermCapitalLeaseObligations`	$4.53K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$33.18K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$34.89K	USD	1 Quarter
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-13.12M	USD	1 Quarter
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$2.89M	USD	1 Quarter
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$23.29M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$10.18M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$9.59M	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`	$23.29M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$10.18M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$9.59M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$6.70M	USD	Point-in-time
Cash paid for interest	`InterestPaid`	$1.72K	USD	1 Quarter
Cash paid for interest	`InterestPaid`	$2.19K	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaid`	$961.00	USD	1 Quarter
Cashless exercise of stock options	`CashlessExerciseOfOptionsAndWarrants`	$3.00	USD	1 Quarter
Unrealized holding (loss) gain on available-for-sale investments	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$4.38K	USD	1 Quarter
Unrealized holding (loss) gain on available-for-sale investments	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-841.00	USD	1 Quarter

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