10-Q Filing

MITEK SYSTEMS INC CIK: 807863 Q1 2017

Filing Information

Form Type	10-Q
Accession Number	`0001564590-17-000968`
Period End Date	20161231
Filing Date	20170203
Fiscal Year	2017
Fiscal Period	Q1
XBRL Instance	mitk-20161231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 68 Income Statement 41 Cash Flow Statement 56

Balance Sheet 68 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`	0.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.75M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$6.21M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$9.01M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$4.35M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Short-term investments	`ShortTermInvestments`	$28.31M	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`	$24.86M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$5.54M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$4.95M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$1.49M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$1.15M	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`	$41.23M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$40.31M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	32.78M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	33.27M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	32.78M	shares	Point-in-time
Long-term investments	`LongTermInvestments`	$1.95M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	33.27M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$310.00K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$440.00K	USD	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$2.47M	USD	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$2.78M	USD	Point-in-time
Goodwill	`Goodwill`	$2.68M	USD	Point-in-time
Goodwill	`Goodwill`	$2.86M	USD	Point-in-time
Other non-current assets	`OtherAssetsNoncurrent`	$40.00K	USD	Point-in-time
Total assets	`Assets`	$48.38M	USD	Point-in-time
Total assets	`Assets`	$46.69M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.32M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.38M	USD	Point-in-time
Accrued payroll and related taxes	`EmployeeRelatedLiabilitiesCurrent`	$1.57M	USD	Point-in-time
Accrued payroll and related taxes	`EmployeeRelatedLiabilitiesCurrent`	$3.26M	USD	Point-in-time
Deferred revenue, current portion	`DeferredRevenueCurrent`	$3.39M	USD	Point-in-time
Deferred revenue, current portion	`DeferredRevenueCurrent`	$2.79M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$316.00K	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$355.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$8.33M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$6.06M	USD	Point-in-time
Deferred revenue, non-current portion	`DeferredRevenueNoncurrent`	$79.00K	USD	Point-in-time
Deferred revenue, non-current portion	`DeferredRevenueNoncurrent`	$259.00K	USD	Point-in-time
Other non-current liabilities	`OtherLiabilitiesNoncurrent`	$611.00K	USD	Point-in-time
Other non-current liabilities	`OtherLiabilitiesNoncurrent`	$314.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$6.75M	USD	Point-in-time
Total liabilities	`Liabilities`	$8.90M	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, 33,274,297 and 32,781,704 issued and outstanding, as of December 31, 2016 and September 30, 2016, respectively	`CommonStockValue`	$33.00K	USD	Point-in-time
Common stock, $0.001 par value, 60,000,000 shares authorized, 33,274,297 and 32,781,704 issued and outstanding, as of December 31, 2016 and September 30, 2016, respectively	`CommonStockValue`	$33.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$72.48M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$71.04M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-42.00K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-433.00K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-31.54M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-32.15M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$39.48M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$39.94M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$46.69M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$48.38M	USD	Point-in-time

Income Statement 41 line items

Line Item	Tag	Value	Unit	Period
Software	`LicensesRevenue`	$4.73M	USD	1 Quarter
Software	`LicensesRevenue`	$5.98M	USD	1 Quarter
SaaS, maintenance and consulting	`SalesRevenueServicesGross`	$2.67M	USD	1 Quarter
SaaS, maintenance and consulting	`SalesRevenueServicesGross`	$3.29M	USD	1 Quarter
Total revenue	`Revenues`	$9.27M	USD	1 Quarter
Total revenue	`Revenues`	$7.40M	USD	1 Quarter
Cost of revenue-software	`LicenseCosts`	$390.00K	USD	1 Quarter
Cost of revenue-software	`LicenseCosts`	$214.00K	USD	1 Quarter
Cost of revenue-SaaS, maintenance and consulting	`CostOfServices`	$552.00K	USD	1 Quarter
Cost of revenue-SaaS, maintenance and consulting	`CostOfServices`	$677.00K	USD	1 Quarter
Selling and marketing	`SellingAndMarketingExpense`	$2.46M	USD	1 Quarter
Selling and marketing	`SellingAndMarketingExpense`	$3.84M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$2.45M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$1.71M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$2.09M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$2.24M	USD	1 Quarter
Acquisition-related costs and expenses	`BusinessCombinationAcquisitionRelatedCosts`	$543.00K	USD	1 Quarter
Acquisition-related costs and expenses	`BusinessCombinationAcquisitionRelatedCosts`	$518.00K	USD	1 Quarter
Total operating costs and expenses	`CostsAndExpenses`	$9.94M	USD	1 Quarter
Total operating costs and expenses	`CostsAndExpenses`	$7.75M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-672.00K	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-342.00K	USD	1 Quarter
Other income, net	`NonoperatingIncomeExpense`	$36.00K	USD	1 Quarter
Other income, net	`NonoperatingIncomeExpense`	$65.00K	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-607.00K	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-306.00K	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$16.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-322.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-607.00K	USD	1 Quarter
Net loss per share basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.02	USD	1 Quarter
Net loss per share basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.01	USD	1 Quarter
Shares used in calculating net loss per share basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	32.38M	shares	1 Quarter
Shares used in calculating net loss per share basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	31.09M	shares	1 Quarter
Net loss	`NetIncomeLoss`	$-322.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-607.00K	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-370.00K	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-130.00K	USD	1 Quarter
Unrealized loss on investments	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-21.00K	USD	1 Quarter
Unrealized loss on investments	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-20.00K	USD	1 Quarter
Other comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-472.00K	USD	1 Quarter
Other comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-998.00K	USD	1 Quarter

Cash Flow Statement 56 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-322.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-607.00K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$989.00K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$1.08M	USD	1 Quarter
Amortization of closing and earnout shares	`AmortizationOfClosingAndEarnoutShares`	$387.00K	USD	1 Quarter
Amortization of closing and earnout shares	`AmortizationOfClosingAndEarnoutShares`	$376.00K	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$144.00K	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$149.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$170.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$109.00K	USD	1 Quarter
Accretion and amortization on debt securities	`AccretionAmortizationOfDiscountsAndPremiumsInvestments`	$-44.00K	USD	1 Quarter
Accretion and amortization on debt securities	`AccretionAmortizationOfDiscountsAndPremiumsInvestments`	$-9.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInReceivables`	$301.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInReceivables`	$631.00K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-364.00K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-55.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$49.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$74.00K	USD	1 Quarter
Accrued payroll and related taxes	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-826.00K	USD	1 Quarter
Accrued payroll and related taxes	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-1.67M	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-755.00K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$727.00K	USD	1 Quarter
Other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$-67.00K	USD	1 Quarter
Other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$239.00K	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$1.02M	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-1.23M	USD	1 Quarter
Purchases of investments	`PaymentsToAcquireInvestments`	$5.81M	USD	1 Quarter
Purchases of investments	`PaymentsToAcquireInvestments`	$5.33M	USD	1 Quarter
Sales and maturities of investments	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$6.39M	USD	1 Quarter
Sales and maturities of investments	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$3.80M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$74.00K	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$45.00K	USD	1 Quarter
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$509.00K	USD	1 Quarter
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-1.57M	USD	1 Quarter
Proceeds from exercise of stock options, net	`ProceedsFromStockOptionsAndWarrantsExercised`	$19.00K	USD	1 Quarter
Proceeds from exercise of stock options, net	`ProceedsFromStockOptionsAndWarrantsExercised`	$116.00K	USD	1 Quarter
Principal payments on capital lease obligations	`RepaymentsOfLongTermCapitalLeaseObligations`	$6.00K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$110.00K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$19.00K	USD	1 Quarter
Foreign currency effect on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations`	$-10.00K	USD	1 Quarter
Foreign currency effect on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations`	$-36.00K	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$1.60M	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-2.79M	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$2.75M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$6.21M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$9.01M	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`	$2.75M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$6.21M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$9.01M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$4.35M	USD	Point-in-time
Cash paid for interest	`InterestPaid`	$1.00K	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaid`	$10.00K	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaid`	$36.00K	USD	1 Quarter
Unrealized holding loss on available-for-sale investments	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-21.00K	USD	1 Quarter
Unrealized holding loss on available-for-sale investments	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-20.00K	USD	1 Quarter

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