10-Q Filing

MITEK SYSTEMS INC CIK: 807863 Q1 2016

Filing Information

Form Type	10-Q
Accession Number	`0001564590-16-012359`
Period End Date	20151231
Filing Date	20160205
Fiscal Year	2016
Fiscal Period	Q1
XBRL Instance	mitk-20151231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 69 Income Statement 49 Cash Flow Statement 57

Balance Sheet 69 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`	$7.77M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$12.78M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.75M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$4.35M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Short-term investments	`ShortTermInvestments`	$21.11M	USD	Point-in-time
Short-term investments	`ShortTermInvestments`	$23.92M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$3.94M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$4.24M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	60.00M	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$825.86K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	60.00M	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$798.21K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$30.52M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$31.41M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	31.86M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	31.72M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	31.86M	shares	Point-in-time
Long-term investments	`LongTermInvestments`	$2.14M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	31.72M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$940.45K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$975.34K	USD	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$3.40M	USD	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$3.17M	USD	Point-in-time
Goodwill	`Goodwill`	$2.87M	USD	Point-in-time
Goodwill	`Goodwill`	$2.81M	USD	Point-in-time
Other non-current assets	`OtherAssetsNoncurrent`	$92.05K	USD	Point-in-time
Other non-current assets	`OtherAssetsNoncurrent`	$92.05K	USD	Point-in-time
Total assets	`Assets`	$38.75M	USD	Point-in-time
Total assets	`Assets`	$39.68M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.61M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.54M	USD	Point-in-time
Accrued payroll and related taxes	`EmployeeRelatedLiabilitiesCurrent`	$2.06M	USD	Point-in-time
Accrued payroll and related taxes	`EmployeeRelatedLiabilitiesCurrent`	$1.23M	USD	Point-in-time
Deferred revenue, current portion	`DeferredRevenueCurrent`	$3.52M	USD	Point-in-time
Deferred revenue, current portion	`DeferredRevenueCurrent`	$4.23M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$288.94K	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$317.55K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$7.40M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$7.39M	USD	Point-in-time
Deferred revenue, non-current portion	`DeferredRevenueNoncurrent`	$189.87K	USD	Point-in-time
Deferred revenue, non-current portion	`DeferredRevenueNoncurrent`	$221.83K	USD	Point-in-time
Other non-current liabilities	`OtherLiabilitiesNoncurrent`	$687.38K	USD	Point-in-time
Other non-current liabilities	`OtherLiabilitiesNoncurrent`	$734.41K	USD	Point-in-time
Total liabilities	`Liabilities`	$8.31M	USD	Point-in-time
Total liabilities	`Liabilities`	$8.31M	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, 31,860,865 and 31,721,114 issued and outstanding, respectively	`CommonStockValue`	$31.72K	USD	Point-in-time
Common stock, $0.001 par value, 60,000,000 shares authorized, 31,860,865 and 31,721,114 issued and outstanding, respectively	`CommonStockValue`	$31.86K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$65.31M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$63.91M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-3.24K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-153.36K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-33.82M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-33.50M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$30.43M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$31.37M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$39.68M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$38.75M	USD	Point-in-time

Income Statement 49 line items

Line Item	Tag	Value	Unit	Period
Software	`LicensesRevenue`	$4.73M	USD	1 Quarter
Software	`LicensesRevenue`	$3.75M	USD	1 Quarter
Services	`SalesRevenueServicesGross`	$2.67M	USD	1 Quarter
Services	`SalesRevenueServicesGross`	$1.64M	USD	1 Quarter
Total revenue	`Revenues`	$5.39M	USD	1 Quarter
Total revenue	`Revenues`	$7.40M	USD	1 Quarter
Cost of revenue-software	`LicenseCosts`	$213.91K	USD	1 Quarter
Cost of revenue-software	`LicenseCosts`	$390.64K	USD	1 Quarter
Cost of revenue-services	`CostOfServices`	$551.74K	USD	1 Quarter
Cost of revenue-services	`CostOfServices`	$283.49K	USD	1 Quarter
Selling and marketing	`SellingAndMarketingExpense`	$1.44M	USD	1 Quarter
Selling and marketing	`SellingAndMarketingExpense`	$2.46M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$1.71M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$1.16M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$2.16M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$2.09M	USD	1 Quarter
Acquisition-related costs and expenses	`BusinessCombinationAcquisitionRelatedCosts`	$543.23K	USD	1 Quarter
Total operating costs and expenses	`CostsAndExpenses`	$7.75M	USD	1 Quarter
Total operating costs and expenses	`CostsAndExpenses`	$5.26M	USD	1 Quarter
Operating income (loss)	`OperatingIncomeLoss`	$133.87K	USD	1 Quarter
Operating income (loss)	`OperatingIncomeLoss`	$-341.76K	USD	1 Quarter
Interest and other expense	`InterestExpenseOther`	$601.00	USD	1 Quarter
Interest and other expense	`InterestExpenseOther`	$1.05K	USD	1 Quarter
Interest and other income	`InterestAndOtherIncome`	$16.25K	USD	1 Quarter
Interest and other income	`InterestAndOtherIncome`	$36.65K	USD	1 Quarter
Total other income (expense), net	`NonoperatingIncomeExpense`	$36.05K	USD	1 Quarter
Total other income (expense), net	`NonoperatingIncomeExpense`	$15.20K	USD	1 Quarter
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-305.72K	USD	1 Quarter
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$149.08K	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$16.34K	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$2.90K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-322.06K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$146.18K	USD	1 Quarter
Net income (loss) per share basic	`EarningsPerShareBasic`	$-0.01	USD	1 Quarter
Net income (loss) per share basic	`EarningsPerShareBasic`	-	USD	1 Quarter
Net income (loss) per share diluted	`EarningsPerShareDiluted`	$-0.01	USD	1 Quarter
Net income (loss) per share diluted	`EarningsPerShareDiluted`	-	USD	1 Quarter
Shares used in calculating net income (loss) per share basic	`WeightedAverageNumberOfSharesOutstandingBasic`	30.62M	shares	1 Quarter
Shares used in calculating net income (loss) per share basic	`WeightedAverageNumberOfSharesOutstandingBasic`	31.09M	shares	1 Quarter
Shares used in calculating net income (loss) per share diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	31.09M	shares	1 Quarter
Shares used in calculating net income (loss) per share diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	31.17M	shares	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-322.06K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$146.18K	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-129.83K	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	-	USD	1 Quarter
Unrealized loss on investments	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-20.29K	USD	1 Quarter
Unrealized loss on investments	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-2.19K	USD	1 Quarter
Other comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$-472.18K	USD	1 Quarter
Other comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$143.99K	USD	1 Quarter

Cash Flow Statement 57 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$-322.06K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$146.18K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$988.86K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$814.06K	USD	1 Quarter
Amortization of closing and earnout shares	`AmortizationOfClosingAndEarnoutShares`	$386.76K	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$149.20K	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	-	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$107.70K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$108.76K	USD	1 Quarter
Accretion and amortization on debt securities	`AccretionAmortizationOfDiscountsAndPremiumsInvestments`	$-98.31K	USD	1 Quarter
Accretion and amortization on debt securities	`AccretionAmortizationOfDiscountsAndPremiumsInvestments`	$-43.62K	USD	1 Quarter
Provision for bad debt	`ProvisionForDoubtfulAccounts`	$10.10K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInReceivables`	$300.86K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInReceivables`	$572.52K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-55.03K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-136.76K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$73.96K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-355.96K	USD	1 Quarter
Accrued payroll and related taxes	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-374.75K	USD	1 Quarter
Accrued payroll and related taxes	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-825.86K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$727.70K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$950.71K	USD	1 Quarter
Other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$-38.62K	USD	1 Quarter
Other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$-67.09K	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$1.02M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$921.97K	USD	1 Quarter
Purchases of investments	`PaymentsToAcquireInvestments`	$5.81M	USD	1 Quarter
Purchases of investments	`PaymentsToAcquireInvestments`	$2.83M	USD	1 Quarter
Sales and maturities of investments	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$6.93M	USD	1 Quarter
Sales and maturities of investments	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$6.39M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$13.39K	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$74.25K	USD	1 Quarter
Net cash provided by investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$508.78K	USD	1 Quarter
Net cash provided by investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$4.09M	USD	1 Quarter
Proceeds from exercise of stock options, net	`ProceedsFromStockOptionsAndWarrantsExercised`	$9.75K	USD	1 Quarter
Proceeds from exercise of stock options, net	`ProceedsFromStockOptionsAndWarrantsExercised`	$115.70K	USD	1 Quarter
Principal payments on capital lease obligations	`RepaymentsOfLongTermCapitalLeaseObligations`	$5.06K	USD	1 Quarter
Principal payments on capital lease obligations	`RepaymentsOfLongTermCapitalLeaseObligations`	$5.65K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$4.69K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$110.06K	USD	1 Quarter
Foreign currency effect on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations`	$-35.59K	USD	1 Quarter
Net increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$1.60M	USD	1 Quarter
Net increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$5.02M	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$7.77M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$12.78M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$2.75M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$4.35M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$7.77M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$12.78M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$2.75M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$4.35M	USD	Point-in-time
Cash paid for interest	`InterestPaid`	$601.00	USD	1 Quarter
Cash paid for interest	`InterestPaid`	$1.19K	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaid`	$2.90K	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaid`	$10.50K	USD	1 Quarter
Unrealized holding loss on available-for-sale investments	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-20.29K	USD	1 Quarter
Unrealized holding loss on available-for-sale investments	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-2.19K	USD	1 Quarter

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