10-Q Filing

MITEK SYSTEMS INC CIK: 807863 Q3 2014

Filing Information

Form Type	10-Q
Accession Number	`0001193125-14-302858`
Period End Date	20140630
Filing Date	20140808
Fiscal Year	2014
Fiscal Period	Q3
XBRL Instance	mitk-20140630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 64 Income Statement 71 Cash Flow Statement 64

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`	$6.70M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$22.95M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$23.29M	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`	$9.14M	USD	Point-in-time
Short-term investments	`ShortTermInvestments`	$15.59M	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`	$1.49M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$2.52M	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
Other current assets	`OtherAssetsCurrent`	$805.09K	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$661.71K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$28.06M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	30.48M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$31.18M	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
Long-term investments	`LongTermInvestments`	$1.62M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$1.63M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$1.41M	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`	$31.13M	USD	Point-in-time
Total assets	`Assets`	$32.85M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.59M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.88M	USD	Point-in-time
Accrued payroll and related taxes	`EmployeeRelatedLiabilitiesCurrent`	$1.46M	USD	Point-in-time
Accrued payroll and related taxes	`EmployeeRelatedLiabilitiesCurrent`	$1.59M	USD	Point-in-time
Deferred revenue, current portion	`DeferredRevenueCurrent`	$3.60M	USD	Point-in-time
Deferred revenue, current portion	`DeferredRevenueCurrent`	$2.34M	USD	Point-in-time
Other current liabilities	`OtherAccruedLiabilitiesCurrent`	$151.54K	USD	Point-in-time
Other current liabilities	`OtherAccruedLiabilitiesCurrent`	$145.38K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$6.93M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$5.82M	USD	Point-in-time
Deferred revenue, non-current portion	`DeferredRevenueNoncurrent`	$361.20K	USD	Point-in-time
Deferred revenue, non-current portion	`DeferredRevenueNoncurrent`	$511.12K	USD	Point-in-time
Other non-current liabilities	`OtherLiabilitiesNoncurrent`	$795.04K	USD	Point-in-time
Other non-current liabilities	`OtherLiabilitiesNoncurrent`	$677.01K	USD	Point-in-time
Total liabilities	`Liabilities`	$7.97M	USD	Point-in-time
Total liabilities	`Liabilities`	$7.12M	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`	$59.16M	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`	$2.73K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-36.03M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-30.74M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$23.16M	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`	$31.13M	USD	Point-in-time

Income Statement 71 line items

Line Item	Tag	Value	Unit	Period
Software	`LicensesRevenue`	$9.47M	USD	3 Qtrs
Software	`LicensesRevenue`	$3.18M	USD	1 Quarter
Software	`LicensesRevenue`	$7.44M	USD	3 Qtrs
Software	`LicensesRevenue`	$2.69M	USD	1 Quarter
Maintenance and professional services	`SalesRevenueServicesGross`	$1.48M	USD	1 Quarter
Maintenance and professional services	`SalesRevenueServicesGross`	$1.19M	USD	1 Quarter
Maintenance and professional services	`SalesRevenueServicesGross`	$2.98M	USD	3 Qtrs
Maintenance and professional services	`SalesRevenueServicesGross`	$4.14M	USD	3 Qtrs
Total revenue	`Revenues`	$4.66M	USD	1 Quarter
Total revenue	`Revenues`	$13.61M	USD	3 Qtrs
Total revenue	`Revenues`	$3.88M	USD	1 Quarter
Total revenue	`Revenues`	$10.42M	USD	3 Qtrs
Cost of revenue-software	`LicenseCosts`	$240.05K	USD	1 Quarter
Cost of revenue-software	`LicenseCosts`	$293.88K	USD	1 Quarter
Cost of revenue-software	`LicenseCosts`	$787.54K	USD	3 Qtrs
Cost of revenue-software	`LicenseCosts`	$586.91K	USD	3 Qtrs
Cost of revenue-maintenance and professional services	`OtherCostOfServices`	$313.71K	USD	1 Quarter
Cost of revenue-maintenance and professional services	`OtherCostOfServices`	$839.95K	USD	3 Qtrs
Cost of revenue-maintenance and professional services	`OtherCostOfServices`	$229.39K	USD	1 Quarter
Cost of revenue-maintenance and professional services	`OtherCostOfServices`	$639.62K	USD	3 Qtrs
Selling and marketing	`SellingAndMarketingExpense`	$4.14M	USD	3 Qtrs
Selling and marketing	`SellingAndMarketingExpense`	$1.81M	USD	1 Quarter
Selling and marketing	`SellingAndMarketingExpense`	$1.46M	USD	1 Quarter
Selling and marketing	`SellingAndMarketingExpense`	$5.61M	USD	3 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$5.02M	USD	3 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$1.59M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$1.98M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$4.75M	USD	3 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$2.30M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$5.85M	USD	3 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$6.97M	USD	3 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$2.03M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$5.94M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$16.24M	USD	3 Qtrs
Total costs and expenses	`CostsAndExpenses`	$6.31M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$18.95M	USD	3 Qtrs
Operating loss	`OperatingIncomeLoss`	$-1.65M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-2.06M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-5.82M	USD	3 Qtrs
Operating loss	`OperatingIncomeLoss`	$-5.34M	USD	3 Qtrs
Interest and other expense, net	`OtherNonoperatingExpense`	$1.54K	USD	1 Quarter
Interest and other expense, net	`OtherNonoperatingExpense`	$1.99K	USD	1 Quarter
Interest and other expense, net	`OtherNonoperatingExpense`	$5.29K	USD	3 Qtrs
Interest and other expense, net	`OtherNonoperatingExpense`	$4.82K	USD	3 Qtrs
Interest income, net	`OtherNonoperatingIncome`	$24.22K	USD	3 Qtrs
Interest income, net	`OtherNonoperatingIncome`	$7.58K	USD	1 Quarter
Interest income, net	`OtherNonoperatingIncome`	$55.94K	USD	3 Qtrs
Interest income, net	`OtherNonoperatingIncome`	$19.48K	USD	1 Quarter
Total other income (expense), net	`OtherNonoperatingIncomeExpense`	$18.93K	USD	3 Qtrs
Total other income (expense), net	`OtherNonoperatingIncomeExpense`	$51.12K	USD	3 Qtrs
Total other income (expense), net	`OtherNonoperatingIncomeExpense`	$17.93K	USD	1 Quarter
Total other income (expense), net	`OtherNonoperatingIncomeExpense`	$5.59K	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-5.29M	USD	3 Qtrs
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-1.63M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-5.80M	USD	3 Qtrs
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-2.05M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$800.00	USD	3 Qtrs
Provision for income taxes	`IncomeTaxExpenseBenefit`	$2.23K	USD	3 Qtrs
Provision for income taxes	`IncomeTaxExpenseBenefit`	$95.00	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-5.29M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-1.63M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.05M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-5.80M	USD	3 Qtrs
Net loss per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.22	USD	3 Qtrs
Net loss per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.08	USD	1 Quarter
Net loss per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.17	USD	3 Qtrs
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`	30.48M	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`	30.45M	shares	3 Qtrs

Cash Flow Statement 64 line items

Line Item	Tag	Value	Unit	Period
Issuance of common stock, issuance costs	`PaymentsOfStockIssuanceCosts`	-	USD	3 Qtrs
Issuance of common stock, issuance costs	`PaymentsOfStockIssuanceCosts`	$1.12M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-5.29M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-1.63M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.05M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-5.80M	USD	3 Qtrs
Stock-based compensation expense	`ShareBasedCompensation`	$2.05M	USD	3 Qtrs
Stock-based compensation expense	`ShareBasedCompensation`	$2.67M	USD	3 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$355.32K	USD	3 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$209.26K	USD	3 Qtrs
Accretion and amortization on debt securities	`AmortizationOfFinancingCostsAndDiscounts`	$300.72K	USD	3 Qtrs
Accretion and amortization on debt securities	`AmortizationOfFinancingCostsAndDiscounts`	$154.01K	USD	3 Qtrs
Provision for bad debt	`ProvisionAndRecoveryForDoubtfulAccounts`	$3.20K	USD	3 Qtrs
Provision for bad debt	`ProvisionAndRecoveryForDoubtfulAccounts`	$1.77K	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInReceivables`	$-526.70K	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInReceivables`	$1.02M	USD	3 Qtrs
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$169.50K	USD	3 Qtrs
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$171.99K	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-281.53K	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$1.62M	USD	3 Qtrs
Accrued payroll and related taxes	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$131.24K	USD	3 Qtrs
Accrued payroll and related taxes	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$511.72K	USD	3 Qtrs
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$1.12M	USD	3 Qtrs
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$1.05M	USD	3 Qtrs
Other liabilities	`IncreaseDecreaseInOtherAccruedLiabilities`	$1.48M	USD	3 Qtrs
Other liabilities	`IncreaseDecreaseInOtherAccruedLiabilities`	$-110.21K	USD	3 Qtrs
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$1.62M	USD	3 Qtrs
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-2.31M	USD	3 Qtrs
Purchases of investments	`PaymentsToAcquireInvestments`	$4.06M	USD	3 Qtrs
Purchases of investments	`PaymentsToAcquireInvestments`	$20.69M	USD	3 Qtrs
Sales and maturities of investments	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$8.93M	USD	3 Qtrs
Sales and maturities of investments	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$5.34M	USD	3 Qtrs
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$132.20K	USD	3 Qtrs
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.28M	USD	3 Qtrs
Net cash (used in) provided by investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-11.89M	USD	3 Qtrs
Net cash (used in) provided by investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$3.36K	USD	3 Qtrs
Proceeds from the issuance of common stock, net of issuance costs of $0 and $1,122,549, respectively	`ProceedsFromIssuanceOfCommonStock`	-	USD	3 Qtrs
Proceeds from the issuance of common stock, net of issuance costs of $0 and $1,122,549, 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`	$58.83K	USD	3 Qtrs
Principal payments on capital lease obligations	`RepaymentsOfLongTermCapitalLeaseObligations`	$12.52K	USD	3 Qtrs
Principal payments on capital lease obligations	`RepaymentsOfLongTermCapitalLeaseObligations`	$13.98K	USD	3 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$14.62M	USD	3 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$44.85K	USD	3 Qtrs
Net (decrease) increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-14.15M	USD	3 Qtrs
Net (decrease) increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$16.24M	USD	3 Qtrs
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$6.70M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$22.95M	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`	$9.14M	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`	$22.95M	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`	$9.14M	USD	Point-in-time
Cash paid for interest	`InterestPaid`	$4.77K	USD	3 Qtrs
Cash paid for interest	`InterestPaid`	$6.23K	USD	3 Qtrs
Cash paid for income taxes	`IncomeTaxesPaid`	$2.23K	USD	3 Qtrs
Cash paid for income taxes	`IncomeTaxesPaid`	$800.00	USD	3 Qtrs
Unrealized holding gain (loss) on available-for-sale investments	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-4.95K	USD	1 Quarter
Unrealized holding gain (loss) on available-for-sale investments	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-5.48K	USD	1 Quarter
Unrealized holding gain (loss) on available-for-sale investments	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$897.00	USD	3 Qtrs
Unrealized holding gain (loss) on available-for-sale investments	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-2.94K	USD	3 Qtrs
Cashless exercise of stock options	`CashlessExerciseOfOptionsAndWarrants`	$3.00	USD	3 Qtrs
Cashless exercise of stock options	`CashlessExerciseOfOptionsAndWarrants`	$125.00	USD	3 Qtrs

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