10-Q Filing

MITEK SYSTEMS INC CIK: 807863 Q2 2014

Filing Information

Form Type	10-Q
Accession Number	`0001193125-14-194431`
Period End Date	20140331
Filing Date	20140512
Fiscal Year	2014
Fiscal Period	Q2
XBRL Instance	mitk-20140331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 64 Income Statement 72 Cash Flow Statement 60

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`	$9.99M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$7.92M	USD	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`	$6.70M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	-	shares	Point-in-time
Short-term investments	`ShortTermInvestments`	$18.32M	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`	$5.73M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$3.12M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$1.49M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$609.91K	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`	$31.18M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	30.48M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$29.97M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	30.36M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	30.36M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	30.48M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$1.51M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$1.63M	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`	$31.52M	USD	Point-in-time
Total assets	`Assets`	$32.85M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.88M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.68M	USD	Point-in-time
Accrued payroll and related taxes	`EmployeeRelatedLiabilitiesCurrent`	$1.45M	USD	Point-in-time
Accrued payroll and related taxes	`EmployeeRelatedLiabilitiesCurrent`	$1.46M	USD	Point-in-time
Deferred revenue, current portion	`DeferredRevenueCurrent`	$3.23M	USD	Point-in-time
Deferred revenue, current portion	`DeferredRevenueCurrent`	$2.34M	USD	Point-in-time
Other current liabilities	`OtherAccruedLiabilitiesCurrent`	$156.88K	USD	Point-in-time
Other current liabilities	`OtherAccruedLiabilitiesCurrent`	$151.54K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$6.52M	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`	$411.18K	USD	Point-in-time
Other non-current liabilities	`OtherLiabilitiesNoncurrent`	$795.04K	USD	Point-in-time
Other non-current liabilities	`OtherLiabilitiesNoncurrent`	$715.77K	USD	Point-in-time
Total liabilities	`Liabilities`	$7.12M	USD	Point-in-time
Total liabilities	`Liabilities`	$7.64M	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, 30,481,168 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, 30,481,168 and 30,361,442 issued and outstanding, respectively	`CommonStockValue`	$30.48K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$56.43M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$58.24M	USD	Point-in-time
Accumulated other comprehensive gain	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$1.84K	USD	Point-in-time
Accumulated other comprehensive gain	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$7.68K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-30.74M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-34.40M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$23.88M	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`	$31.52M	USD	Point-in-time

Income Statement 72 line items

Line Item	Tag	Value	Unit	Period
Software	`LicensesRevenue`	$4.75M	USD	2 Qtrs
Software	`LicensesRevenue`	$2.17M	USD	1 Quarter
Software	`LicensesRevenue`	$6.29M	USD	2 Qtrs
Software	`LicensesRevenue`	$3.12M	USD	1 Quarter
Maintenance and professional services	`SalesRevenueServicesGross`	$1.79M	USD	2 Qtrs
Maintenance and professional services	`SalesRevenueServicesGross`	$2.65M	USD	2 Qtrs
Maintenance and professional services	`SalesRevenueServicesGross`	$1.05M	USD	1 Quarter
Maintenance and professional services	`SalesRevenueServicesGross`	$1.36M	USD	1 Quarter
Total revenue	`Revenues`	$8.95M	USD	2 Qtrs
Total revenue	`Revenues`	$4.48M	USD	1 Quarter
Total revenue	`Revenues`	$6.53M	USD	2 Qtrs
Total revenue	`Revenues`	$3.22M	USD	1 Quarter
Cost of revenue-software	`LicenseCosts`	$346.86K	USD	2 Qtrs
Cost of revenue-software	`LicenseCosts`	$154.26K	USD	1 Quarter
Cost of revenue-software	`LicenseCosts`	$172.57K	USD	1 Quarter
Cost of revenue-software	`LicenseCosts`	$493.67K	USD	2 Qtrs
Cost of revenue-maintenance and professional services	`OtherCostOfServices`	$276.65K	USD	1 Quarter
Cost of revenue-maintenance and professional services	`OtherCostOfServices`	$262.84K	USD	1 Quarter
Cost of revenue-maintenance and professional services	`OtherCostOfServices`	$526.24K	USD	2 Qtrs
Cost of revenue-maintenance and professional services	`OtherCostOfServices`	$410.23K	USD	2 Qtrs
Selling and marketing	`SellingAndMarketingExpense`	$1.42M	USD	1 Quarter
Selling and marketing	`SellingAndMarketingExpense`	$3.80M	USD	2 Qtrs
Selling and marketing	`SellingAndMarketingExpense`	$1.95M	USD	1 Quarter
Selling and marketing	`SellingAndMarketingExpense`	$2.68M	USD	2 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$1.63M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$3.04M	USD	2 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$3.16M	USD	2 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$1.64M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$4.67M	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$3.82M	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$2.67M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$2.15M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$6.70M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$12.64M	USD	2 Qtrs
Total costs and expenses	`CostsAndExpenses`	$5.62M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$10.30M	USD	2 Qtrs
Operating loss	`OperatingIncomeLoss`	$-3.77M	USD	2 Qtrs
Operating loss	`OperatingIncomeLoss`	$-3.69M	USD	2 Qtrs
Operating loss	`OperatingIncomeLoss`	$-2.40M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-2.21M	USD	1 Quarter
Interest and other expense, net	`OtherNonoperatingExpense`	$1.58K	USD	1 Quarter
Interest and other expense, net	`OtherNonoperatingExpense`	$3.28K	USD	2 Qtrs
Interest and other expense, net	`OtherNonoperatingExpense`	$1.11K	USD	1 Quarter
Interest and other expense, net	`OtherNonoperatingExpense`	$3.31K	USD	2 Qtrs
Interest income, net	`OtherNonoperatingIncome`	$36.46K	USD	2 Qtrs
Interest income, net	`OtherNonoperatingIncome`	$21.25K	USD	1 Quarter
Interest income, net	`OtherNonoperatingIncome`	$16.64K	USD	2 Qtrs
Interest income, net	`OtherNonoperatingIncome`	$8.02K	USD	1 Quarter
Total other income (expense), net	`OtherNonoperatingIncomeExpense`	$6.91K	USD	1 Quarter
Total other income (expense), net	`OtherNonoperatingIncomeExpense`	$13.34K	USD	2 Qtrs
Total other income (expense), net	`OtherNonoperatingIncomeExpense`	$19.68K	USD	1 Quarter
Total other income (expense), net	`OtherNonoperatingIncomeExpense`	$33.19K	USD	2 Qtrs
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-3.66M	USD	2 Qtrs
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-2.39M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-2.19M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-3.75M	USD	2 Qtrs
Provision for income taxes	`IncomeTaxExpenseBenefit`	$800.00	USD	2 Qtrs
Provision for income taxes	`IncomeTaxExpenseBenefit`	$1.17K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$800.00	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$2.13K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-3.75M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-3.66M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-2.39M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.19M	USD	1 Quarter
Net loss per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.14	USD	2 Qtrs
Net loss per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.09	USD	1 Quarter
Net loss per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.07	USD	1 Quarter
Net loss per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.12	USD	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`	30.43M	shares	2 Qtrs
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`	30.45M	shares	1 Quarter

Cash Flow Statement 60 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-3.75M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-3.66M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-2.39M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.19M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$1.75M	USD	2 Qtrs
Stock-based compensation expense	`ShareBasedCompensation`	$1.36M	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$236.52K	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$117.15K	USD	2 Qtrs
Accretion and amortization on debt securities	`AmortizationOfFinancingCostsAndDiscounts`	$195.94K	USD	2 Qtrs
Accretion and amortization on debt securities	`AmortizationOfFinancingCostsAndDiscounts`	$98.82K	USD	2 Qtrs
Provision for bad debt	`ProvisionAndRecoveryForDoubtfulAccounts`	$3.77K	USD	2 Qtrs
Provision for bad debt	`ProvisionAndRecoveryForDoubtfulAccounts`	$4.50K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInReceivables`	$-307.38K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInReceivables`	$1.62M	USD	2 Qtrs
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-46.13K	USD	2 Qtrs
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$264.32K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-191.27K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$1.06M	USD	2 Qtrs
Accrued payroll and related taxes	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-7.67K	USD	2 Qtrs
Accrued payroll and related taxes	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$195.70K	USD	2 Qtrs
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$790.49K	USD	2 Qtrs
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$804.91K	USD	2 Qtrs
Other liabilities	`IncreaseDecreaseInOtherAccruedLiabilities`	$-64.72K	USD	2 Qtrs
Other liabilities	`IncreaseDecreaseInOtherAccruedLiabilities`	$854.70K	USD	2 Qtrs
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.53M	USD	2 Qtrs
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$781.94K	USD	2 Qtrs
Purchases of investments	`PaymentsToAcquireInvestments`	$17.65M	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`	$4.87M	USD	2 Qtrs
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$114.09K	USD	2 Qtrs
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$748.66K	USD	2 Qtrs
Net cash (used in) provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-12.89M	USD	2 Qtrs
Net cash (used in) provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$1.77M	USD	2 Qtrs
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$58.83K	USD	2 Qtrs
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$745.49K	USD	2 Qtrs
Principal payments on capital lease obligations	`RepaymentsOfLongTermCapitalLeaseObligations`	$8.26K	USD	2 Qtrs
Principal payments on capital lease obligations	`RepaymentsOfLongTermCapitalLeaseObligations`	$9.21K	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$737.23K	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$49.63K	USD	2 Qtrs
Net (decrease) increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-15.37M	USD	2 Qtrs
Net (decrease) increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$3.29M	USD	2 Qtrs
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$9.99M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$7.92M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$23.29M	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`	$9.99M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$7.92M	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`	$6.70M	USD	Point-in-time
Cash paid for interest	`InterestPaid`	$4.25K	USD	2 Qtrs
Cash paid for interest	`InterestPaid`	$3.29K	USD	2 Qtrs
Cash paid for income taxes	`IncomeTaxesPaid`	$2.13K	USD	2 Qtrs
Cash paid for income taxes	`IncomeTaxesPaid`	$800.00	USD	2 Qtrs
Unrealized holding gain on available-for-sale investments	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$2.54K	USD	2 Qtrs
Unrealized holding gain on available-for-sale investments	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$6.69K	USD	1 Quarter
Unrealized holding gain on available-for-sale investments	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$5.84K	USD	2 Qtrs
Unrealized holding gain on available-for-sale investments	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-1.84K	USD	1 Quarter
Cashless exercise of stock options	`CashlessExerciseOfOptionsAndWarrants`	$3.00	USD	2 Qtrs
Cashless exercise of stock options	`CashlessExerciseOfOptionsAndWarrants`	$121.00	USD	2 Qtrs

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