$MITK
MITEK SYSTEMS INC

2015 Q1 Form 10-Q Financial Statement

#000156459016017529 Filed on May 04, 2016

View on sec.gov

Income Statement

Concept 2015 Q1
Revenue $5.672M
YoY Change 26.49%
Cost Of Revenue $558.0K
YoY Change 24.0%
Gross Profit $5.114M
YoY Change 26.77%
Gross Profit Margin 90.16%
Selling, General & Admin $3.240M
YoY Change -29.81%
% of Gross Profit 63.36%
Research & Development $1.390M
YoY Change -14.76%
% of Gross Profit 27.18%
Depreciation & Amortization $100.0K
YoY Change -16.67%
% of Gross Profit 1.96%
Operating Expenses $4.628M
YoY Change -25.9%
Operating Profit $486.0K
YoY Change -121.97%
Interest Expense $20.00K
YoY Change 0.0%
% of Operating Profit 4.12%
Other Income/Expense, Net $21.00K
YoY Change 10.53%
Pretax Income $508.0K
YoY Change -123.18%
Income Tax $0.00
% Of Pretax Income 0.0%
Net Earnings $507.0K
YoY Change -123.12%
Net Earnings / Revenue 8.94%
Basic Earnings Per Share $0.02
Diluted Earnings Per Share $0.02
COMMON SHARES
Basic Shares Outstanding 30.70M shares
Diluted Shares Outstanding 31.32M shares

Balance Sheet

Concept 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $25.70M
YoY Change -1.91%
Cash & Equivalents $5.740M
Short-Term Investments $20.00M
Other Short-Term Assets $1.000M
YoY Change 63.96%
Inventory
Prepaid Expenses
Receivables $3.000M
Other Receivables $0.00
Total Short-Term Assets $29.70M
YoY Change -0.9%
LONG-TERM ASSETS
Property, Plant & Equipment $1.100M
YoY Change -27.02%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $2.500M
YoY Change
Other Assets $42.05K
YoY Change 0.0%
Total Long-Term Assets $3.685M
YoY Change 137.85%
TOTAL ASSETS
Total Short-Term Assets $29.70M
Total Long-Term Assets $3.685M
Total Assets $33.39M
YoY Change 5.92%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.300M
YoY Change -22.83%
Accrued Expenses $1.200M
YoY Change -14.29%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $6.306M
YoY Change -3.21%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $558.5K
YoY Change -21.97%
Total Long-Term Liabilities $558.5K
YoY Change -21.97%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.306M
Total Long-Term Liabilities $558.5K
Total Liabilities $7.100M
YoY Change -7.09%
SHAREHOLDERS EQUITY
Retained Earnings -$35.37M
YoY Change 2.84%
Common Stock $61.67M
YoY Change 202228.46%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $26.28M
YoY Change
Total Liabilities & Shareholders Equity $33.39M
YoY Change 5.92%

Cashflow Statement

Concept 2015 Q1
OPERATING ACTIVITIES
Net Income $507.0K
YoY Change -123.12%
Depreciation, Depletion And Amortization $100.0K
YoY Change -16.67%
Cash From Operating Activities $1.610M
YoY Change -262.63%
INVESTING ACTIVITIES
Capital Expenditures -$10.00K
YoY Change -88.89%
Acquisitions
YoY Change
Other Investing Activities -$8.630M
YoY Change 625.21%
Cash From Investing Activities -$8.650M
YoY Change 575.78%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities 1.610M
Cash From Investing Activities -8.650M
Cash From Financing Activities 0.000
Net Change In Cash -7.040M
YoY Change 212.89%
FREE CASH FLOW
Cash From Operating Activities $1.610M
Capital Expenditures -$10.00K
Free Cash Flow $1.620M
YoY Change -280.0%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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<div> <p style="margin-bottom:0pt;margin-top:18pt;margin-left:4.54%;text-indent:0%;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Use of Estimates </p> <p style="margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, expenses and related disclosure of contingent assets and liabilities. On an ongoing basis, management reviews its estimates based upon currently available information. Actual results could differ materially from those estimates. These estimates include, but are not limited to, assessing the collectability of accounts receivable, estimation of the value of stock-based compensation awards, fair value of assets and liabilities acquired, impairment of goodwill, useful lives of intangible assets, vendor specific objective evidence (&#8220;VSOE&#8221;) of fair value related to revenue recognition and income taxes.</p></div>
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4.43
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
2.57
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
3.92
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
3.76
CY2015 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y1M24D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y8M5D
CY2016Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
2500000
CY2015Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
3700000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
300000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
4083
us-gaap Income Tax Examination Penalties And Interest Expense
IncomeTaxExaminationPenaltiesAndInterestExpense
0
us-gaap Income Tax Examination Penalties And Interest Expense
IncomeTaxExaminationPenaltiesAndInterestExpense
0
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3710721
mitk Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Terms2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerms2
P6Y8M5D
mitk Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Terms2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerms2
P7Y1M6D
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
3.51
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
11900000
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
2700000
mitk Percentage Of Earnout Shares Vest And Eligible For Resale
PercentageOfEarnoutSharesVestAndEligibleForResale
0.125
mitk Percentage Of Remaining Earnout Shares Vest And Eligible For Resale
PercentageOfRemainingEarnoutSharesVestAndEligibleForResale
0.875
CY2016Q1 mitk Deferred Tax Valuation Allowance Net Of Assets Percentage
DeferredTaxValuationAllowanceNetOfAssetsPercentage
1.00
CY2016Q1 us-gaap Income Tax Examination Penalties And Interest Accrued
IncomeTaxExaminationPenaltiesAndInterestAccrued
0
CY2015Q3 us-gaap Income Tax Examination Penalties And Interest Accrued
IncomeTaxExaminationPenaltiesAndInterestAccrued
0
CY2016Q1 us-gaap Income Tax Examination Penalties And Interest Expense
IncomeTaxExaminationPenaltiesAndInterestExpense
0
CY2015Q1 us-gaap Income Tax Examination Penalties And Interest Expense
IncomeTaxExaminationPenaltiesAndInterestExpense
0
us-gaap Lease Expiration Date1
LeaseExpirationDate1
2019-06-30
CY2016Q1 mitk Annual Base Rent
AnnualBaseRent
500000
CY2016Q1 us-gaap Operating Leases Of Lessee Contingent Rentals Basis Spread On Variable Rate
OperatingLeasesOfLesseeContingentRentalsBasisSpreadOnVariableRate
0.03
CY2016Q1 us-gaap Tenant Improvements
TenantImprovements
700000
CY2016Q1 mitk Unamortized Lease Incentives
UnamortizedLeaseIncentives
300000

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