Mitek Systems (MITK) 10-Q 5 Feb 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Dec. 31, 2015	Jan. 29, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Dec. 31, 2015
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Trading Symbol	MITK
Entity Registrant Name	MITEK SYSTEMS INC
Entity Central Index Key	807,863
Current Fiscal Year End Date	--09-30
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		31,998,256

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Dec. 31, 2015	Sep. 30, 2015
Current assets:
Cash and cash equivalents	$ 4,353,905	$ 2,752,638
Short-term investments	21,105,395	23,921,328
Accounts receivable, net	4,237,736	3,936,687
Other current assets	825,856	798,212
Total current assets	30,522,892	31,408,865
Long-term investments	2,144,565
Property and equipment, net	940,449	975,335
Intangible assets, net	3,172,179	3,397,571
Goodwill	2,806,850	2,872,677
Other non-current assets	92,049	92,049
Total assets	39,678,984	38,746,497
Current liabilities:
Accounts payable	1,611,130	1,537,545
Accrued payroll and related taxes	1,233,672	2,061,204
Deferred revenue, current portion	4,225,050	3,516,487
Other current liabilities	317,553	288,937
Total current liabilities	7,387,405	7,404,173
Deferred revenue, non-current portion	189,865	221,833
Other non-current liabilities	734,407	687,379
Total liabilities	$ 8,311,677	$ 8,313,385
Stockholders’ equity:
Preferred stock, $0.001 par value, 1,000,000 shares authorized, none issued and outstanding
Common stock, $0.001 par value, 60,000,000 shares authorized, 31,860,865 and 31,721,114 issued and outstanding, respectively	$ 31,861	$ 31,721
Additional paid-in capital	65,311,694	63,905,459
Accumulated other comprehensive loss	(153,362)	(3,241)
Accumulated deficit	(33,822,886)	(33,500,827)
Total stockholders’ equity	31,367,307	30,433,112
Total liabilities and stockholders’ equity	$ 39,678,984	$ 38,746,497

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2015	Sep. 30, 2015
Statement Of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	60,000,000	60,000,000
Common stock, shares issued	31,860,865	31,721,114
Common stock, shares outstanding	31,860,865	31,721,114

Consolidated Statements of Oper

Consolidated Statements of Operations and Other Comprehensive Income (Loss) (Unaudited) - USD ($)	3 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Revenue
Software	$ 4,729,595	$ 3,746,517
Services	2,674,847	1,642,805
Total revenue	7,404,442	5,389,322
Operating costs and expenses
Cost of revenue-software	390,637	213,910
Cost of revenue-services	551,742	283,491
Selling and marketing	2,462,974	1,438,066
Research and development	1,706,747	1,155,142
General and administrative	2,090,874	2,164,839
Acquisition-related costs and expenses	543,233
Total operating costs and expenses	7,746,207	5,255,448
Operating income (loss)	(341,765)	133,874
Other income (expense), net
Interest and other expense	(601)	(1,050)
Interest and other income	36,650	16,253
Total other income (expense), net	36,049	15,203
Income (loss) before income taxes	(305,716)	149,077
Income tax provision	16,343	2,897
Net income (loss)	$ (322,059)	$ 146,180
Net income (loss) per share – basic	$ (0.01)	$ 0
Net income (loss) per share – diluted	$ (0.01)	$ 0
Shares used in calculating net income (loss) per share – basic	31,094,417	30,618,097
Shares used in calculating net income (loss) per share – diluted	31,094,417	31,173,815
Other comprehensive income (loss):
Net income (loss)	$ (322,059)	$ 146,180
Foreign currency translation adjustment	(129,834)	0
Unrealized loss on investments	(20,287)	(2,187)
Other comprehensive income (loss)	$ (472,180)	$ 143,993

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Operating activities:
Net income (loss)	$ (322,059)	$ 146,180
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Stock-based compensation expense	988,857	814,060
Amortization of closing and earnout shares	386,756
Amortization of intangible assets	149,200	0
Depreciation and amortization	108,764	107,700
Accretion and amortization on debt securities	43,621	98,312
Provision for bad debt		10,100
Changes in assets and liabilities:
Accounts receivable	(300,856)	(572,520)
Other assets	55,031	136,760
Accounts payable	73,959	(355,962)
Accrued payroll and related taxes	(825,856)	(374,752)
Deferred revenue	727,698	950,712
Other liabilities	(67,093)	(38,624)
Net cash provided by operating activities	1,018,022	921,966
Investing activities:
Purchases of investments	(5,811,978)	(2,826,867)
Sales and maturities of investments	6,395,000	6,931,088
Purchases of property and equipment	(74,245)	(13,393)
Net cash provided by investing activities	508,777	4,090,828
Financing activities:
Proceeds from exercise of stock options, net	115,705	9,748
Principal payments on capital lease obligations	(5,650)	(5,061)
Net cash provided by financing activities	110,055	4,687
Foreign currency effect on cash and cash equivalents	(35,587)
Net increase in cash and cash equivalents	1,601,267	5,017,481
Cash and cash equivalents at beginning of period	2,752,638	7,766,590
Cash and cash equivalents at end of period	4,353,905	12,784,071
Supplemental disclosures of cash flow information:
Cash paid for interest	601	1,191
Cash paid for income taxes	10,500	2,897
Supplemental disclosures of non-cash investing and financing activities:
Unrealized holding loss on available-for-sale investments	$ (20,287)	$ (2,187)

Nature of Operations and Summar

Nature of Operations and Summary of Significant Accounting Policies	3 Months Ended
	Dec. 31, 2015
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Nature of Operations and Summary of Significant Accounting Policies	1. NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations Mitek Systems, Inc. (the “Company”) develops, markets and sells proprietary mobile capture and identity verification software solutions for enterprise customers. The Company applies its patented technology in image capture, correction and intelligent data extraction in the mobile financial and business services markets. The Company’s technology allows users to remotely deposit checks, open accounts, get insurance quotes, pay bills as well as verify their identity by taking pictures of various documents with their camera-equipped smartphones and tablets instead of using the device ’s keyboard. As of December 31, 2015, the Company has been granted 23 patents and it has an additional 19 patent applications pending. The Mobile Verify™ products combine the Mitek MiSnap auto capture experience with a variety of advanced computer vision techniques to provide verification of ID documents. Mobile Verify provides a check of authenticity of U.S . state-issued driver’s licenses and includes full global coverage. These products enable banks and other businesses to improve k now y our c ustomer processes. Mobile Fill™ enables the camera to serve as a keyboard. Using Mobile Fill, consumers can quickly pre-fill any form with personal data by simply snapping a picture of their driver license, credit card, or other document. The Company’s Mobile Deposit ® product is software that allows users to remotely deposit a check using their camera-equipped smartphone or tablet. As of December 31, 2015, 4, 789 financial institutions have signed agreements to deploy Mobile Deposit ® . These include all of the top ten, and nearly all of the top 50 U.S. retail banks. The Company’s mobile imaging software solutions are available for iOS and Android operating systems. The C ompany markets and sells the Mitek Mobile Identity Suite of mobile capture and identity verification software products directly to enterprise customers or through channel partners. These software solutions are embedded in mobile banking or enterprise applications developed by banks, insurance companies or their partners, and then marketed under their own proprietary brands. Basis of Presentation The accompanying unaudited consolidated financial statements of the Company as of December 31 , 2015 have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X and, accordingly, they do not include all information and footnote disclosures required by accounting principles generally accepted in the U.S. (“GAAP”). The Company believes the footnotes and other disclosures made in the financial statements are adequate for a fair presentation of the results of the interim periods presented. The financial statements include all adjustments (solely of a normal recurring nature) which are, in the opinion of management, necessary to make the information presented not misleading. You should read these financial statements and the accompanying notes in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fisc al year ended September 30, 2015 , filed with the U.S. Securities and Exchange Comm ission (the “SEC”) on December 7, 2015 (the “Form 10-K”). Results for the three months ended December 31 , 2015 are not necessarily indicative of results for any other interim period or for a full year. P rinciples of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. Foreign Currency The Company has foreign subsidiaries that operate and sell its products and services in various countries and jurisdictions around the world. As a result, the Company is exposed to foreign currency exchange risks. For those subsidiaries whose functional currency is not the U.S. dollar, assets and liabilities are translated into U.S. dollar equivalents at the exchange rate in effect on the balance sheet date and revenues and expenses are translated into U.S. dollars using the average exchange rate over the period. Resulting currency translation adjustments are recorded in accumulated other comprehensive income in the consolidated balance sheet. The Company recorded net losses resulting from foreign exchange translation of $ 129,834 and $ 0 for the three months ended December 31 , 2015 and 2014, respectively . Use of Estimates 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 (“VSOE”) of fair value related to revenue recognition and income taxes. Goodwill and Purchased Intangible Assets Our goodwill resulted from our acquisition of IDchecker in fiscal year 2015. Goodwill and intangible assets with indefinite useful lives are not amortized, but are tested for impairment at least annually or as circumstances indicate that their value may no longer be recoverable. In accordance with ASC Topic 350, Intangibles—Goodwill and Other (“ASC Topic 350”), we review our goodwill and indefinite-lived intangible asset for impairment at least annually in our fiscal fourth quarter and more frequently if events or changes in circumstances occur that indicate a potential reduction in the fair value of our reporting unit and/or our indefinite-lived intangible asset below their respective carrying values. Examples of such events or circumstances include: a significant adverse change in legal factors or in the business climate, a significant decline in our stock price, a significant decline in our projected revenue or cash flows, an adverse action or assessment by a regulator, unanticipated competition, a loss of key personnel, or the presence of other indicators that would indicate a reduction in the fair value of a reporting unit. Our goodwill is considered to be impaired if we determine that the carrying value of the reporting unit to which the goodwill has been assigned exceeds management’s estimate of its fair value. Based on the guidance provided by ASC Topic 350 and ASC Topic 280, Segment Reporting , (“ASC Topic 280”) management has determined that our Company operates in one segment and consists of one reporting unit given the similarities in economic characteristics between our operations and the common nature of our products, services and customers. Because we have only one reporting unit, and because we are publicly traded, we determine the fair value of the reporting unit based on our market capitalization as we believe this represents the best evidence of fair value. In the fourth quarter of fiscal 2015 , we completed our annual goodwill impairment test as of September 30, 2015 and concluded that our goodwill was not impaired. Our conclusion that goodwill was not impaired was based on a comparison of our net assets as of September 30, 2015 to our market capitalization. Because we determine the fair value of our reporting unit based on our market capitalization, our future reviews of goodwill for impairment may be impacted by changes in the price of our common stock. For example, a significant decline in the price of our common stock may cause the fair value of our goodwill to fall below its carrying value. Therefore, we cannot assure you that when we complete our future reviews of goodwill for impairment a material impairment charge will not be recorded. Intangible assets are amortized over their useful lives. Each period , the Company evaluates the estimated remaining useful life of its intangible assets and whether events or changes in circumstances warrant a revision to the remaining period of amortization. The carrying amounts of these assets are periodically reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of these assets may not be recoverable. Recoverability of these assets is measured by comparing the carrying amount of each asset to the future undiscounted cash flows the asset is expected to generate. The carrying amount of such assets is reduced to fair value i f the undiscounted cash flows used in the test for recoverability are less than the carrying amount of these assets . Net Income (Loss) Per Share The Company calculates net income (loss) per share in accordance with Financial Accounting Standards Board (“ FASB ”) Accounting Standards Codification (“ ASC ”) Topic 260, Earnings per Share . Basic net income (loss) per share is based on the weighted average number of common shares outstanding during the period. Diluted net income (loss) per share also gives effect to all potentially dilutive securities outstanding during the period, such as options and restricted stock units (“RSUs”), if dilutive. In a period with a net loss position, potentially dilutive securities are not included in the computation of diluted net loss because to do so would be antidilutive, and the number of shares used to calculate basic and diluted net loss is the same. For the three months ended December 31 , 2015 and 2014, the following potentially dilutive common shares were excluded from the calculation of net income (loss) per share, as they would have been antidilutive: Three Months Ended December 31, 2015 2014 Stock options 3,621,853 2,412,625 Restricted stock units 1,769,588 501,989 IDchecker closing shares 652,904 - Total potentially dilutive common shares outstanding 6,044,345 2,914,614 The calculation of basic and diluted net income (loss) per share is as follows: Three Months Ended December 31, 2015 2014 Net income (loss) $ (322,059 ) $ 146,180 Weighted-average common shares outstanding: Basic 31,094,417 30,618,097 Diluted 31,094,417 31,173,815 Net income (loss) per share: Basic $ (0.01 ) $ 0.00 Diluted $ (0.01 ) $ 0.00 Revenue Recognition Revenue from sales of software licenses sold through direct and indirect channels is recognized upon shipment of the related product, if the requirements of FASB ASC Topic 985-605, Software Revenue Recognition (“ASC 985-605”) are met, including evidence of an arrangement, delivery, fixed or determinable fee, collectability and VSOE of the fair value of the undelivered element. If the requirements of ASC 985-605 are not met at the date of shipment, revenue is not recognized until such elements are known or resolved. Revenue from customer support services, or maintenance revenue, includes post-contract support and the rights to unspecified upgrades and enhancements. VSOE of fair value for customer support services is determined by reference to the price the customer pays for such element when sold separately; that is, the renewal rate offered to customers. In those instances when objec tive and reliable evidence of fair value exists for the undelivered items but not for the delivered items, the residual method is used to allocate the arrangement consideration. Under the residual method, the amount of arrangement consideration allocated to the delivered items equals the total arrangement consideration less the aggregate fair value of the undelivered items. Revenue from post-contract customer support is recognized ratably over the term of the contract. Certain customers have agreements that provide for usage fees above fixed minimums. Usage fees above fixed minimums are recognized as revenue when such amounts are reasonably estimable and billable. Revenue from professional services is recognized when such services are delivered. When a software sales arrangement requires professional services related to significant production, modification or customization of software, or when a customer considers professional services essential to the functionality of the software product, revenue is recognized based on predetermined milestone objectives required to complete the project, as those milestone objectives are deemed to be substantive in relation to the work performed. Any expected losses on contracts in progress are recorded in the period in which the losses become probable and reasonably estimable. The Company provide s hosting services that give customers access to software that resides on Company servers. The Company’s model typically includes an up-front fee and a monthly commitment from the customer that commences upon completion of the implementation through the remainder of the customer life. The up-front fee is the initial setup fee, or the implementation fee. The monthly commitment includes, but is not limited to, a fixed monthly fee or a transactional fee based on system usage that exceeds monthly minimums. If the up-front fee does not have standalone value, revenue is deferred until the date the customer commences use of the Company’s services, at which point the up-front fees are recognized ratably over the life of the customer arrangement. If the up-front fee has standalone value, revenue is deferred until the work has been performed. In determining whether professional services have standalone value , the Company considers the following factors for each customer arrangement: availability of the services from other vendors, the nature of the professional services, the timing of when the professional services contract was signed in comparison to the subscription service start date and the contractual dependence of the subscription service on the customer’s satisfaction with the professional services work. Investments Investments consist of corporate notes and bonds, and commercial paper. The Company classifies investments as available-for-sale at the time of purchase and reevaluates such classification as of each balance sheet date. All investments are recorded at estimated fair value. Unrealized gains and losses for available-for-sale securities are included in accumulated other comprehensive income, a component of stockholders’ equity. The Company evaluates its investments to assess whether those with unrealized loss positions are other than temporarily impaired. Impairments are considered to be other-than-temporary if they are related to deterioration in credit risk or if it is likely that the Company will sell the securities before the recovery of its cost basis. Realized gains and losses and declines in value judged to be other-than-temporary are determined based on the specific identification method and are reported in other income (expense), net in the Statements of Other Comprehensive Income (Loss). No other-than-temporary impairment charges were recognized in the three months ended December 3 1, 2015 or 2014 . All investments whose maturity or sale is expected within one year are classified as “current” on the balance sheet. All other securities are classified as “long-term” on the balance sheet. Accounts Receivable and Allowance for Doubtful Accounts Trade accounts receivable are recorded at the net invoice value and are not interest bearing. The Company considers receivables past due based on the contractual payment terms. Allowances for doubtful accounts are established based on various factors, including credit profiles of the Company’s customers, contractual terms and conditions, historical payments, and current economic trends. The Company reviews its allowances by assessing individual accounts receivable over a specific aging and amount. Accounts receivable are written off on a case-by-case basis, net of any amounts that may be collected. The Company maintained an allowance for doubtful accounts of $ 12,300 and $ 12,900 as of December 31 , 2015 and September 30, 2015 , respectively . Capitalized Software Development Costs Costs incurred for the development of software that will be sold, leased or otherwise marketed are capitalized when technological feasibility has been established. Software development costs consist primarily of compensation of development personnel and related overhead incurred to develop new products and upgrade and enhance the Company’s current products, as well as fees paid to outside consultants. Capitalization of software development costs ceases and amortization of capitalized software development costs commences when the products are available for general release. For the three months ended December 31 , 2015 and 2014, no software development costs were capitalized because the time period and costs incurred between technological feasibility and general release for all software product releases were not material or were not realizable. Guarantees In the ordinary course of business, the Company is not subject to potential obligations under guarantees that fall within the scope of FASB ASC Topic 460, Guarantees (“ASC 460”), except for standard indemnification and warranty provisions that are contained within many of the Company’s customer license and service agreements and certain supplier agreements, and give rise only to the disclosure requirements prescribed by ASC 460. Indemnification and warranty provisions contained within the Company’s customer license and service agreements and certain supplier agreements are generally consistent with those prevalent in the Company’s industry. The Company has not previously incurred significant costs to settle claims or pay awards under these indemnification or warranty obligations. The Company accounts for these obligations in accordance with FASB ASC Topic 450, Contingencies (“ASC 450 ”) , and records a liability for these obligations when a loss is probable and reasonably estimable. The Company has not recorded any liabilities for these obligations as of December 31 , 2015 or 2014 . Fair Value of Equity Instruments The fair value of equity instruments involves significant estimates based on underlying assumptions made by management. The fair value for purchase rights under the Company’s equity plans is measured at the grant date using a Black-Scholes valuation model, which involves estimates of stock volatility, expected life of the instruments and other assumptions, and using the closing price of the Company’s common stock on the grant date for RSUs. The fair value of stock-based awards is recognized as an expense over the respective terms of the awards. Deferred Income Taxes Deferred income taxes reflect the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the tax basis of such assets and liabilities. The Company maintains a valuation allowance against its deferred tax assets due to the uncertainty regarding the future realization of such assets, which is based on historical taxable income, projected future taxable income and the expected timing of the reversals of existing temporary differences. Until such time as the Company can demonstrate that it will no longer incur losses, or if the Company is unable to generate sufficient future taxable income, it could be required to maintain the valuation allowance against its deferred tax assets. Comprehensive Income (Loss) Comprehensive income (loss) consists of net income (loss), unrealized gains and losses on available-for-sale securities and foreign currency translation adjustments. Included on the consolidated balance sheet at December 31 , 2015 is an accumulated other comprehensive loss of $ 153,362 , compared to $ 3,241 at September 30, 2015 , related to the Company’s available-for-sale securities and foreign currency translation adjustments. Recent Accounting Pronouncements In September 2015, the FASB issued Accounting Standards Update No. 2015-16, “Simplifying the Accounting for Measurement-Period Adjustments (Topic 805)” (“ASU 2015-16”) which eliminates the requirement to restate prior period financial statements for measurement period adjustments. ASU 2015-16 requires that the cumulative impact of a measurement period adjustment (including the impact on prior periods) be recognized in the reporting period in which the adjustment is identified. The new standard is effective for interim and annual periods beginning after December 15, 2015 and early adoption is permitted. The Company does not believe the adoption of ASU 2015-16 will have a material impact on its consolidated financial statements. In January 2016, the FASB issued Accounting Standards Update No. 2016-01, “ Financial Instruments—Overall (Subtopic 825-10) Recognition and Measurement of Financial A ssets and Financial Liabilities” (“ASU 2016-01” ) . ASU 2016-01 is intended to provide users of financial statements with more useful information on the recognition, measurement, presentation, and disclosure of financial instruments. ASU 2016-01 is effective for fiscal years beginning after December 15, 2017 with early adoption permitted. We are assessing the impact of adopting ASU 2016-01 on the Company’s consolidated financial statements. No other new accounting pronouncement issued or effective during the three months ended December 31, 2015 had, or is expected to have, a material impact on the Company’s c onsolidated f inancial s tatements.

Business Combination

Business Combination	3 Months Ended
	Dec. 31, 2015
Business Combinations [Abstract]
Business Combination	2. BUSINESS COMBINATION On June 17, 2015 , the Company completed the acquisition (the “Acquisition”) of ID checker NL B.V. , a company incorporated un der the laws of the Netherlands (“IDC NL”) , and ID C hecker , Inc., a California corporation and wholly owned subsidiary of IDC NL (“IDC Inc.” and together with IDC NL, “IDchecker”), pursuant to a Share Purchase Agreement (the “Share Purchase Agreement”) dated May 26, 2015, by and among the Company, IDC NL, ID Checker Holding B.V. (“Parent”), Stichting Administratiekantoor OPID (together with Parent, the “Sellers” ) , and the other individuals specified therein. Upon completion of the Acquisition, IDC NL and IDC Inc. became wholly owned subsidiaries of the Company and the transaction has been accounted for as an acquisition of a business. IDchecker is a provider of cloud-based identification document verification services. The total consideration for the ID c hecker acquisition was $5,600,000 million in cash, subject to adjustments for transaction expenses, indebtedness, and working capital adjustments , forgiveness of the outstanding balance of approximately $255,000 on a promissory note issued by the Company to ID c hecker , and approximately $2,745,000 in shares of the Company’s common stock (the “Closing Shares”), par value $0.001 per share (“Common Stock”), or 712,790 share s, were issued to the Sellers. In January 2016, the Company issued 137,306 shares (the “Paid Earnout Shares ”) for achievement of certain revenue and net income targets for the nine-month period ending on September 30, 2015. In addition, the Company will issue to the Sellers up to an aggregate of $1,000,000 in shares of Common Stock ( together with the Paid Earnout Shares, the “Earnout Shares”) subject to the achievement of certain revenue and net income targets by IDchecker twelve-month period ending on September 30, 2016 (“Earnout Period”). If the revenue or net income achieved by IDchecker during the Earnout Period is less than the applicable target but equal to or greater than 80% of such target, the Sellers will receive a prorated amount of Earnout Shares. Vesting of both the Closing Sh ares and Earnout Shares is subject to the continued employment of the founders of IDchecker and such shares are being accounted for as compensation for future services in accordance with FASB ASC 718 , Compensation – Stock Compensation. For additional information regarding the Closing Shares and Earnout Shares, see Note 5 to these consolidated financial statements. Upon the closing of the Acquisition, the Company deposited $ 1,820,000 of the Cash Payment and 20 % of the Closing Shares into an escrow fund to serve as collateral and partial security for working capital adjustments and certain indemnification rights. In January 2016, the Company also deposited 27,461 Earnout Shares into an escrow fund, and t o the extent any future Earnout Shares are issued to the Sellers, 20% of such Earnout Shares will be placed in the escrow fund. The escrow fund will be maintained for up to 24 months following the last issuance of Earnout Shares or until such earlier time as the escrow fund is exhausted. The purchase price is subject to a post-closing adjustment in net working capital as provided in the S hare Purchase Agreement. The following table summarizes the estimated fair values of the assets acquired and liabilities assumed as part of the Acquisition as of June 17, 2015: June 17, 2015 Current assets $ 619,949 Property, plant and equipment 42,173 Intangible assets 3,570,000 Assets acquired $ 4,232,122 Current liabilities $ (475,752 ) Other liabilities (809,754 ) Liabilities assumed $ (1,285,506 ) Fair value of net assets acquired $ 2,946,616 Total consideration paid 5,819,293 Goodwill before effect in exchange rates $ 2,872,677 Effect of movements in exchange rates (65,827 ) Goodwill $ 2,806,850 The Company estimated the fair value of identifiable acquisition-related intangible assets primarily based on discounted cash flow projections that will arise from these assets. The Company exercised significant judgment with regard to assumptions used in the determination of fair value such as discount rates and the determination of the estimated useful lives of the intangible assets , see Note 4 . The excess of the purchase price over the fair value of the assets acquired and liabilities assumed was allocated to goodwill. Goodwill in the amount of $ 2,806,850 was recorded. The goodwill recognized is due to expected synergies and other factors and is not expected to be deductible for income tax purposes .

Investments

Investments	3 Months Ended
	Dec. 31, 2015
Investments Debt And Equity Securities [Abstract]
Investments	3 . INVESTMENTS The following table summarizes investments by type of security as of December 31 , 201 5 : Cost Gross Unrealized Gains Gross Unrealized Losses Fair Market Value Available-for-sale securities: Corporate debt securities, short-term $ 19,570,392 $ — $ (16,520 ) $ 19,553,872 Corporate debt securities, long-term 751,610 — (3,860 ) 747,750 Government debt securities, short-term 1,551,424 257 (158 ) 1,551,523 Government debt securities, long-term 1,399,745 — (2,930 ) 1,396,815 Total $ 23,273,171 $ 257 $ (23,468 ) $ 23,249,960 The following table summarizes investments by type of security as of September 30, 201 5 : Cost Gross Unrealized Gains Gross Unrealized Losses Fair Market Value Available-for-sale securities: Corporate debt securities, short-term $ 23,924,252 $ 3,466 $ (6,390 ) $ 23,921,328 Corporate debt securities, long-term — — — — Total $ 23,924,252 $ 3,466 $ (6,390 ) $ 23,921,328 The cost of securities sold is based on the specific identification method. Amortization of premiums, accretion of discounts, interest, dividend income and realized gains and losses are included in investment income. The Company determines the appropriate designation of investments at the time of purchase and reevaluates such designation as of each balance sheet date. All of the Company’s investments are designated as available-for-sale debt securities. As of December 31 , 2015 and Sept ember 3 0 , 201 5 , the Company’s short-term investments have maturity dates of less than one year from the balance sheet date and the Company’s long-term investments have maturity dates of greater than one year from the balance sheet date. Available-for-sale marketable securities are carried at fair value as determined by quoted market prices for identical or similar assets, with unrealized gains and losses, net of tax, and reported as a separate component of stockholders’ equity. Management reviews the fair value of the portfolio at least monthly, and evaluates individual securities with fair value below amortized cost at the balance sheet date. For debt securities, in order to determine whether impairment is other than temporary, management must conclude whether the Company intends to sell the impaired security and whether it is more likely than not that the Company will be required to sell the security before recovering its amortized cost basis. If management intends to sell an impaired debt security or it is more likely than not that the Company will be required to sell the security prior to recovering its amortized cost basis, an other-than-temporary impairment is deemed to have occurred. The amount of an other-than-temporary impairment on debt securities related to a credit loss, or securities that management intends to sell before recovery, is recognized in earnings. The amount of an other-than-temporary impairment on debt securities related to other factors is recorded consistent with changes in the fair value of all other available-for-sale securities as a component of stockholders’ equity in other comprehensive income. No other-than-temporary impairment charges were r ecognized in the three months ended December 31 , 2015 and 201 4 . Fair Value Measurements and Disclosures FASB ASC Topic 820, Fair Value Measurements (“ASC 820”) defines fair value, establishes a framework for measuring fair value under GAAP and enhances disclosures about fair value measurements. Fair value is defined under ASC 820 as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value under ASC 820 must maximize the use of observable inputs and minimize the use of unobservable inputs. ASC 820 describes a fair value hierarchy based on the following three levels of inputs that may be used to measure fair value, of which the first two are considered observable and the last , unobservable: Level 1—Quoted prices in active markets for identical assets or liabilities; Level 2—Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Based on the fair value hierarchy, all of the Company’s investments are classified as Level 2, as repre sented in the following table: Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) December 31, 2015: Assets: Short-term investments: Corporate debt securities Industrial $ 9,688,759 $ — Financial 7,065,722 — Utility 602,586 — Commercial paper Financial 1,498,154 — Industrial 698,651 — Government debt securities U.S. Treasury 1,551,523 — Long-term investments: Corporate debt securities Financial 747,750 — Government debt securities U.S. Treasury 1,396,815 — Total assets at fair value $ 23,249,960 $ — Liabilities: Acquisition-related contingent consideration — 123,730 Total liabilities at fair value $ — $ 123,730 Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) September 30, 2015: Assets: Short-term investments: Corporate debt securities Financial $ 10,308,482 $ — Industrial 9,665,243 — Utility 1,801,803 — Commercial paper Industrial 1,447,655 — Financial 698,145 — Total assets at fair value $ 23,921,328 $ — Liabilities: Acquisition-related contingent consideration — 46,743 Total liabilities at fair value $ — $ 46,743 The following table includes a summary of the contingent consideration measured at fair value using significant unobservable inputs (Level 3) during the three months ended December 31, 2015: Balance at September 30, 2015 $ 46,743 Expenses recorded due to changes in fair value 76,987 Payments — Balance at December 31, 2015 $ 123,730

Goodwill and Intangible Assets

Goodwill and Intangible Assets	3 Months Ended
	Dec. 31, 2015
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	4. GOODWILL AND INTANGIBLE ASSETS Goodwill The Company has goodwill balances of $ 2, 806,850 and $ 2,872,677 at December 31 , 2015 and Sept ember 3 0 , 201 5 , respectively , associated with the acquisition of ID c hecker which occurred during fiscal year 2015. For information regarding the acquisition of ID c he c ker, see Note 2 . Goodwill represents the excess of costs over fair value of assets of businesses acquired. Goodwill acquired in a business combination and determined to have an indefinite useful life is not amortized, but instead is tested for impairment at least annually in accordance with FASB ASC Topic 350, Intangibles – Goodwill and Other . Intangible assets Intangible assets include the value assigned to completed technology, customer relationships, and trade names. The estimated useful lives for all of these intangible assets, range from five to six years. Intangible assets are summarized as follows : Weighted Average Amortization Period Cost Accumulated Amortization Net Completed technologies 6 years $ 2,315,692 $ 207,122 $ 2,108,570 Customer relationships 6 years 947,772 84,771 863,001 Tradenames 5 years 224,730 24,122 200,608 Total intangible assets $ 3,488,194 $ 316,015 $ 3,172,179 Amortization expense related to acquired intangible assets was $ 149,200 and $ 0 for each of the three months ended December 31 , 2015 and 2014, respectively. The estimated future amortization expense related to intangible assets for each of the five succeeding fiscal years is expected to be as follows: Estimated Future Amortization Expense 2016 (remaining nine months) $ 439,239 2017 585,652 2018 585,652 2019 585,652 2020 573,907 Thereafter 402,077 Total $ 3,172,179

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Dec. 31, 2015
Equity [Abstract]
Stockholders' Equity	5 . STOCKHOLDERS’ EQUITY Stock-Based Compensation Expense The following table summarizes stock-based compensation expense related to stock options and RSUs, which was allocated as follows: Three Months Ended December 31, 2015 2014 Sales and marketing $ 243,027 $ 175,118 Research and development 180,642 137,406 General and administrative 565,188 501,536 Stock-based compensation expense included in operating expenses $ 988,857 $ 814,060 T he fair value calculations for stock-based compensation awards to employees for the three months ended De c ember 31 , 2015 and 2014 were based on the following assumptions: Three Months Ended December 31, 2015 Three Months Ended December 31, 2014 Risk-free interest rate 1.57% – 1.75% 1.63% – 1.66% Expected life (years) 5.90 5.25 Expected volatility 83% 98% Expected dividends None None The expected life of options granted is derived using assumed exercise rates based on historical exercise patterns and vesting terms, and represents the period of time that options granted are expected to be outstanding. Expected stock price volatility is based upon implied volatility and other factors, including historical volatility. After assessing all available information on either historical volatility, implied volatility, or both, the Company concluded that a combination of both historical and implied volatility provides the best estimate of expected volatility. As of December 31 , 2015, the Company had $ 8,579,699 of unrecognized compensation expense related to outstanding stock options and RSUs expected to be recognized over a weighted-average period of approximately 2.84 years. 2012 Incentive Plan In January 2012, the Company’s board of directors (the “Board”) adopted the Mitek Systems, Inc. 2012 Incentive Plan (the “2012 Plan”), upon the recommendation of the compensation committee of the Board . On February 19, 2014, the Company’s stockholders approved an amendment to the 2012 Plan that increased the total number of shares of C ommon S tock reserved for issuance thereunder from 2,000,000 shares to 4,000,000 shares plus that number of shares of C ommon S tock that would otherwise return to the available pool of unissued shares reserved for awards under its 1999 Stock Option Plan, 2000 Stock Option Plan, 2002 Stock Option Plan, 2006 Stock Option Plan and 2010 Stock Option Plan (collectively, the “Prior Plans”). As of December 31 , 2015, (i) stock options to purchase 2,360,520 shares of C ommon S tock and 1,0 04,588 RSUs were outstanding under the 2012 Plan, and 4 96,356 shares of C ommon S tock were reserved for future grants under the 2012 Plan and (ii) stock options to purchase an aggregate of 1,261,333 shares of C ommon S tock were outstanding under the Prior Plans. Director Restricted Stock Unit Plan In January 2011, the B oard adopted the Mitek Systems, Inc. Director Restricted Stock Unit Plan, as amended and restated (the “Director Plan”), reserving up to 1,000,000 shares of C ommon S tock for the issuance of RSUs that may be granted to both employee and non-employee members of the B oard. As of December 31 , 2015, (i) 7 64,998 RSUs were outstanding under the Director Plan and (ii) 1 30,171 shares of C ommon S tock were reserved for future grants under the Director Plan. Stock Options The following table summarizes stock option activity under the Company’s equity plans during the three months ended December 31 , 2015: Number of Shares Weighted- Average Exercise Price Weighted-Average Remaining Contractual Term (in Years) Outstanding, September 30, 2015 3,647,705 $ 3.70 7.15 Granted 56,000 $ 4.31 Exercised (45,674 ) $ 2.52 Cancelled (36,178 ) $ 3.52 Outstanding, December 31, 2015 3,621,853 $ 3.73 6.92 The Company recognized $ 488,663 and $ 474,091 in stock-based compensation expense related to outstanding sto ck options in the three months ended December 31 , 2015 and 2014 , respecti vely. As of December 31 , 2015, the Company had $ 2,742,665 of unrecognized compensation expense related to outstanding stock options expected to be recognized over a weighted-average period of approximately 2.8 years. As of December 31 , 2014, the Company had $ 3, 891,848 of unrecognized compensation expense related to outstanding stock options expected to be recognized over a weighted average period of approximately 2.9 years. Aggregate intrinsic value represents the value of the Company’s closing stock price on the last trading day of the fiscal period in excess of the weighted-average exercise price, multiplied by the number of options outstanding and exercisable. The total intrinsic value of o ptions exercised during the three months ended December 31 , 2015 and 2014 was $ 104,842 and $ 4,083 , respectively. The per-share weighted - average fair value of options granted during the three months ended December 31 , 2015 was $ 4.31 . As of December 31 , 2015, there were 3,621,853 options outstanding with a weighted-average remaining contractual term, weighted-average exercise price and aggregate intrinsic value of 6.9 years, $ 3.73 and $ 4,688,679 , respectively. As of December 31 , 2014, there were 3,523,065 options outstanding with a weighted average remaining contractual term, weighted average exercise price and aggregate intrinsic value of 7.2 years, $ 3.52 and $ 3,138,317 , respectively. Restricted Stock Units The following table summarizes RSU activity under the Company’s equity plans during the three months ended December 31 , 2015: Number of Shares Weighted-Average Fair Market Value Per Share Outstanding, September 30, 2015 802,917 $ 4.49 Granted 1,083,000 $ 4.31 Settled (94,077 ) $ 3.38 Cancelled (22,252 ) $ 3.85 Outstanding, December 31, 2015 1,769,588 $ 4.37 The cost of RSUs is determined using the fair value of Common S tock on the award date, and the compensation expense is recognized ratably over the vesting period. The Company recognized $ 500,194 and $ 339,970 in stock-based compensation expense related to outsta nding RSUs in the three months ended December 31 , 2015 and 2014 , respectively. As of December 31 , 2015, the Company had $ 5,837,034 of unrecognized compensation expense related to outstanding RSUs expected to be recognized over a weighted-average period of approximately 3.0 years. As of December 31 , 2014, the Company had $ 2,958,057 of unrecognized compensation expense related to outstanding RSUs expected to be recognized over a weighted-average period of approximately 2.8 years. Closing Shares In connection with the Acquisition, the Company issued to the S eller s 712,790 shares of C ommon S tock. Vesting of these shares is subject to the continued employment of the founders of ID checker and occurs over a period of 27 months from the date of issuance . The cost of the C losing S hares is determined using the fair value of Common S tock on the award date, and the stock based compensation is recognized ratably over the vesting period. The Company recognized $ 302,5 39 in stock based compensation expense related to the C losing S hares for the three months ended December 31 , 2015. As of December 31 , 2015, the Company had $ 2,074,078 of unrecognized compensation expense related to C losing S hares expected to be recognized over the remaining service period. Earnout Shares In addition to the cash payments made to the Sellers and the issuance of Closing Shares, in each case at the closing of the Acquisition, and subject to the achievement of certain revenue and net income targets for ID checker for the twelve-month period ending on September 30, 2016, the Company will issue to the Sellers up to an aggregate of $ 1 ,000,000 in shares of Common Stock ( together with the Paid Earnout Shares, the “Earnout Shares”) . In January 2016, the Company issued 137,306 Paid Earnout Shares for achievement of certain revenue targets for the nine-month period ending on September 30, 2015. Within 75 days after the last date of the respective earnout period (the “Earnout Determination Date”) , the Company shall deliver to the S eller s a written statement of the calculation of the revenue and net income for the applicable earnout period. The number of shares issuable upon achievement of the revenue targets and net income targets, as applicable, will be calculated based on the volume weighted average closing price of the Common Stock over the 10 trading-day period ending on and including the applicable Earnout Determination Date. Earnout Shares issued, if any, shall vest and be eligible for resale such that 12.5 % of the Earnout Shares shall vest and be released for resale on the six-month anniversary of the Earnout Determination Date applicable to such Earnout Shares and thereafter, the remaining 87.5 % of the applicable Earnout Shares shall vest and be released for resale in equal quarterly installments. Vesting of the Earnout Shares is subject to the continued employment of the founders of IDC NL and occurs over a period of 27 months from the applicable Earnout Determination Date. T he Company calculated the fair value of the E arnout S hares using the Monte-Carlo simulation (using the Company’s valuation date stock price, the annual risk-free interest rate, expected volatility, the probability of reaching the performance targets and a 10 trading day average stock price). This model will be updated and the respective fair value adjusted each reporting period based on the relevant facts and conditions at the reporting date. The Company recognized $ 84,217 in stock based compensation expense related to the E arnout S hares for the three months ended December 31 , 2015.

Income Taxes

Income Taxes	3 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Income Taxes	6 . INCOME TAXES The Company’s deferred tax assets are primarily comprised of federal and state net operating loss carryforwards. Such federal and state net operating loss carryforwards begin to expire in the fiscal years ending September 30, 2018 and September 30, 201 6 , respectively. The Company carries a deferred tax valuation allowance equal to 100 % of the net deferred tax assets. In recording this allowance, management has considered a number of factors, particularly the Company’s recent history of sustained operating losses. Management has concluded that a valuation allowance is required for 100% of the net deferred tax assets as it is more likely than not that the deferred tax assets will not be realized. There can be no assurance that the Company will ever realize the benefit of any or all of the federal and state net operating loss carryforwards or the credit carryforwards, either due to ongoing operating losses or due to ownership changes, which may limit the usefulness of the net operating loss carryforwards. Due to the 100% valuation allowance on the net deferred tax assets, the Company does not anticipate that future changes in the Company’s unrecognized tax benefits will impact its effective tax rate. The Company’s policy is to classify interest and penalties related to income tax matters as income tax expense. The Company had no accrual for interest or penalties as of December 31 , 2015 or Sept ember 3 0 , 201 5 , and has not recognized interest and/or penalties in the consolidated statements of operations for the three months ended December 31 , 2015 or December 31 , 2014.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Dec. 31, 2015
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	7 . COMMITMENTS AND CONTINGENCIES Legal Matters Rothschild Mobile Imaging Innovations, Inc. On May 16, 2014, Rothschild Mobile Imaging Innovations, Inc. (“RMII”) filed a complaint against the Company in the U.S. District Court for the District of Delaware alleging that certain of the Company’s mobile imaging products infringe four RMII-owned patents related to mobile imaging technology. On June 1, 2014, RMII amended its complaint to add JPMorgan Chase & Co. and JPMorgan Chase Bank, N.A. (together, “Chase”), one of the Company’s customers, as a defendant in the lawsuit (as amended, the “Initial Lawsuit”). On September 8, 2014, RMII filed three additional complaints (the “Subsequent Lawsuits” and together with the Initial Lawsuit, the “RMII Lawsuits”) against the Company in the U.S. District Court for the District of Delaware. The Subsequent Lawsuits contain allegations substantially similar to the Initial Lawsuit regarding infringement by the Company’s mobile imaging products of the four RMII-owned patents related to mobile imaging technology, but name as co-defendants Citibank, N.A., Citigroup Inc., Wells Fargo & Company, Wells Fargo Bank, N.A., Bank of America Corporation and Bank of America, N.A. (together with Chase, the “Bank Defendants”), each of whom offers the Company’s mobile imaging technology as part of its mobile banking applications. On July 8, 2015, RMII amended the Subsequent Lawsuits to name as additional defend a nts Fiserv, Inc. and NCR Corporation (the “Distributor Defendants”) each of whom Mitek alleges distribute the Company’s mobile imaging technology to the Bank Defendants. The trial has been scheduled for April 3, 2017 . On November 10, 2014, the Company filed a motion to sever and stay the claims against Chase in the Initial Lawsuit pending resolution of RMII’s claims against the Company, which motion was granted on August 3, 2015. On November 19, 2014, the Company filed joinders to the motion to stay with respect to the Subsequent Lawsuits, which joinders were also granted on August 3, 2015. Additionally, the U.S. Patent and Trademark Office instituted the Company’s petitions for Inter Partes Review (“IPR”) of all four asserted patents, and the Court agreed to stay the litigation in its entirety until all of the decisions are rendered in the IPR proceedings . Based on the Company’s current understanding of the claims, the Company has agreed to accept the demands for indemnity and defense tendered by each of the Bank Defendants and Distributor Defendants in connection with their respective RMII Lawsuits. The Company is currently controlling the defense of such claims and has taken actions to defend the RMII Lawsuits, as more fully described above. The Company believes that RMII’s claims are without merit and intends to vigorously defend against those claims. The Company does not believe that the results of the RMII Lawsuits will have a material adverse effect on its financial condition or results of operations. Other Legal Matters In addition to the foregoing, the Company is subject to various claims and legal proceedings arising in the ordinary course of its business. The Company accrues for such liabilities when it is both (i) probable that a loss has occurred and (ii) the amount of the loss can be reasonably estimated in accordance with ASC 450. While any legal proceeding has an element of uncertainty, the Company believes that the disposition of such matters, in the aggregate, will not have a material effect on the Company’s financial condition or results of operations. Facility Lease The Company’s principal executive offices, as well as its research and development facility, are located in approximately 22,523 square feet of office space in San Diego, California. The term of the lease for the Company’s offices continues through June 30, 2019 . The annual base rent under the lease is approximately $ 471,000 per year and is subject to annual increases of approximately 3 % per year. In connection with the lease, the Company received tenant improvement allowances totaling $ 675,690 . These lease incentives are being amortized as a reduction of rent expense over the term of the lease. As of December 31 , 2015, the unamortized balance of the lease incentives was $ 367,166 , of which $ 104,905 has been included in other current liabilities and $ 262,261 has been included in other non-current liabilities. Under the terms of the lease, the Company issued a standby letter of credit to the landlord that allows for one or more draws of up to $ 210,000 over the term of the lease. The offices of IDchecker are located in the Netherlands and the term of the lease continues through May 31, 2020 . The annual base rent under the lease is approximately € 48,000 per year. The Company believes its existing properties are in good condition and are sufficient and suitable for the conduct of its business.

Revenue and Vendor Concentratio

Revenue and Vendor Concentrations	3 Months Ended
	Dec. 31, 2015
Risks And Uncertainties [Abstract]
Revenue and Vendor Concentrations	8 . REVENUE AND VENDOR CONCENTRATIONS Revenue Concentration For the three months ended December 31 , 2015, the Company derived revenue of $ 3,740,753 from three customers, with such customers accounting for 20 % , 19 % and 12 %, respectively, of the Company’s total revenue. For the three months ended December 31 , 2014, the Company derived revenue of $ 2,097,705 from two customer s , with such customers accounting for 29 % and 10 % , respectively, of the Company’s total revenue. The corresponding accounts receivable balances of customers from which revenues were in excess of 10 % of total revenue were $ 2,290,705 and $ 1,915,160 at December 31 , 2015 and 2014 , respectively . The Company’s revenue is derived primarily from the sale by the Company to channel partners, including systems integrators and resellers, and end-users of licenses to sell products covered by the Company’s patented technologies. These contractual arrangements do not obligate the Company’s channel partners to order, purchase or distribute any fixed or minimum quantities of the Company’s products. In most cases, the channel partners purchase the license from the Company after they receive an order from an end-user. The channel partners receive orders from various individual end-users; therefore, the sale of a license to a channel partner may represent sales to multiple end-users. End-users can purchase the Company’s products through more than one channel partner. Revenues can fluctuate based on the timing of license renewals by channel partners. When a channel partner purchases or renews a license, the Company receives a license fee in consideration for the grant of a license to sell the Company’s products and there are no future payment obligations related to such agreement; therefore, the license fee the Company receives with respect to a particular license renewal in one period does not have a correlation with revenue in future periods. During the last several quarters, sales of licenses to one or more channel partners have comprised a significant part of the Company’s revenue. This is attributable to the timing of renewals or purchases of licenses and does not represent a dependence on any single channel partner. The Company believes that it is not dependent upon any single channel partner, even those from which revenues were in excess of 10 % of the Company’s total revenue in a specific reporting period, and that the loss or termination of the Company’s relationship with any such channel partner would not have a material adverse effect on the Company’s future operations because either the Company or another channel partner could sell the Company’s products to the end-user that had purchased from the channel partner the Company lost. International sales accounted for approximately 10 % and 2 % of the Company’s total revenue for each of the three months ended December 31, 2015 and 2014 . Vendor Concentration The Company purchases its integrated software components from multiple third-party software providers at compet itive prices. For the three months ended December 31 , 2015 and 2014, the Company did not make purchases from any one vendor comprising 10% or more of the Company’s total purchases. The Company has entered into contractual relationships with some of its vendors; however, the Company does not believe it is substantially dependent upon nor exposed to any significant concentration risk related to purchases from any of its vendors given the availability of alternative sources for its necessary integrated software components.

Nature of Operations and Summ14

Nature of Operations and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Nature of Operations	Nature of Operations Mitek Systems, Inc. (the “Company”) develops, markets and sells proprietary mobile capture and identity verification software solutions for enterprise customers. The Company applies its patented technology in image capture, correction and intelligent data extraction in the mobile financial and business services markets. The Company’s technology allows users to remotely deposit checks, open accounts, get insurance quotes, pay bills as well as verify their identity by taking pictures of various documents with their camera-equipped smartphones and tablets instead of using the device ’s keyboard. As of December 31, 2015, the Company has been granted 23 patents and it has an additional 19 patent applications pending. The Mobile Verify™ products combine the Mitek MiSnap auto capture experience with a variety of advanced computer vision techniques to provide verification of ID documents. Mobile Verify provides a check of authenticity of U.S . state-issued driver’s licenses and includes full global coverage. These products enable banks and other businesses to improve k now y our c ustomer processes. Mobile Fill™ enables the camera to serve as a keyboard. Using Mobile Fill, consumers can quickly pre-fill any form with personal data by simply snapping a picture of their driver license, credit card, or other document. The Company’s Mobile Deposit ® product is software that allows users to remotely deposit a check using their camera-equipped smartphone or tablet. As of December 31, 2015, 4, 789 financial institutions have signed agreements to deploy Mobile Deposit ® . These include all of the top ten, and nearly all of the top 50 U.S. retail banks. The Company’s mobile imaging software solutions are available for iOS and Android operating systems. The C ompany markets and sells the Mitek Mobile Identity Suite of mobile capture and identity verification software products directly to enterprise customers or through channel partners. These software solutions are embedded in mobile banking or enterprise applications developed by banks, insurance companies or their partners, and then marketed under their own proprietary brands.
Basis of Presentation	Basis of Presentation The accompanying unaudited consolidated financial statements of the Company as of December 31 , 2015 have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X and, accordingly, they do not include all information and footnote disclosures required by accounting principles generally accepted in the U.S. (“GAAP”). The Company believes the footnotes and other disclosures made in the financial statements are adequate for a fair presentation of the results of the interim periods presented. The financial statements include all adjustments (solely of a normal recurring nature) which are, in the opinion of management, necessary to make the information presented not misleading. You should read these financial statements and the accompanying notes in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fisc al year ended September 30, 2015 , filed with the U.S. Securities and Exchange Comm ission (the “SEC”) on December 7, 2015 (the “Form 10-K”). Results for the three months ended December 31 , 2015 are not necessarily indicative of results for any other interim period or for a full year.
Principles of Consolidation	P rinciples of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.
Foreign Currency	Foreign Currency The Company has foreign subsidiaries that operate and sell its products and services in various countries and jurisdictions around the world. As a result, the Company is exposed to foreign currency exchange risks. For those subsidiaries whose functional currency is not the U.S. dollar, assets and liabilities are translated into U.S. dollar equivalents at the exchange rate in effect on the balance sheet date and revenues and expenses are translated into U.S. dollars using the average exchange rate over the period. Resulting currency translation adjustments are recorded in accumulated other comprehensive income in the consolidated balance sheet. The Company recorded net losses resulting from foreign exchange translation of $ 129,834 and $ 0 for the three months ended December 31 , 2015 and 2014, respectively .
Use of Estimates	Use of Estimates 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 (“VSOE”) of fair value related to revenue recognition and income taxes.
Goodwill and Purchased Intangible Assets	Goodwill and Purchased Intangible Assets Our goodwill resulted from our acquisition of IDchecker in fiscal year 2015. Goodwill and intangible assets with indefinite useful lives are not amortized, but are tested for impairment at least annually or as circumstances indicate that their value may no longer be recoverable. In accordance with ASC Topic 350, Intangibles—Goodwill and Other (“ASC Topic 350”), we review our goodwill and indefinite-lived intangible asset for impairment at least annually in our fiscal fourth quarter and more frequently if events or changes in circumstances occur that indicate a potential reduction in the fair value of our reporting unit and/or our indefinite-lived intangible asset below their respective carrying values. Examples of such events or circumstances include: a significant adverse change in legal factors or in the business climate, a significant decline in our stock price, a significant decline in our projected revenue or cash flows, an adverse action or assessment by a regulator, unanticipated competition, a loss of key personnel, or the presence of other indicators that would indicate a reduction in the fair value of a reporting unit. Our goodwill is considered to be impaired if we determine that the carrying value of the reporting unit to which the goodwill has been assigned exceeds management’s estimate of its fair value. Based on the guidance provided by ASC Topic 350 and ASC Topic 280, Segment Reporting , (“ASC Topic 280”) management has determined that our Company operates in one segment and consists of one reporting unit given the similarities in economic characteristics between our operations and the common nature of our products, services and customers. Because we have only one reporting unit, and because we are publicly traded, we determine the fair value of the reporting unit based on our market capitalization as we believe this represents the best evidence of fair value. In the fourth quarter of fiscal 2015 , we completed our annual goodwill impairment test as of September 30, 2015 and concluded that our goodwill was not impaired. Our conclusion that goodwill was not impaired was based on a comparison of our net assets as of September 30, 2015 to our market capitalization. Because we determine the fair value of our reporting unit based on our market capitalization, our future reviews of goodwill for impairment may be impacted by changes in the price of our common stock. For example, a significant decline in the price of our common stock may cause the fair value of our goodwill to fall below its carrying value. Therefore, we cannot assure you that when we complete our future reviews of goodwill for impairment a material impairment charge will not be recorded. Intangible assets are amortized over their useful lives. Each period , the Company evaluates the estimated remaining useful life of its intangible assets and whether events or changes in circumstances warrant a revision to the remaining period of amortization. The carrying amounts of these assets are periodically reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of these assets may not be recoverable. Recoverability of these assets is measured by comparing the carrying amount of each asset to the future undiscounted cash flows the asset is expected to generate. The carrying amount of such assets is reduced to fair value i f the undiscounted cash flows used in the test for recoverability are less than the carrying amount of these assets .
Net Income (Loss) Per Share	Net Income (Loss) Per Share The Company calculates net income (loss) per share in accordance with Financial Accounting Standards Board (“ FASB ”) Accounting Standards Codification (“ ASC ”) Topic 260, Earnings per Share . Basic net income (loss) per share is based on the weighted average number of common shares outstanding during the period. Diluted net income (loss) per share also gives effect to all potentially dilutive securities outstanding during the period, such as options and restricted stock units (“RSUs”), if dilutive. In a period with a net loss position, potentially dilutive securities are not included in the computation of diluted net loss because to do so would be antidilutive, and the number of shares used to calculate basic and diluted net loss is the same. For the three months ended December 31 , 2015 and 2014, the following potentially dilutive common shares were excluded from the calculation of net income (loss) per share, as they would have been antidilutive: Three Months Ended December 31, 2015 2014 Stock options 3,621,853 2,412,625 Restricted stock units 1,769,588 501,989 IDchecker closing shares 652,904 - Total potentially dilutive common shares outstanding 6,044,345 2,914,614 The calculation of basic and diluted net income (loss) per share is as follows: Three Months Ended December 31, 2015 2014 Net income (loss) $ (322,059 ) $ 146,180 Weighted-average common shares outstanding: Basic 31,094,417 30,618,097 Diluted 31,094,417 31,173,815 Net income (loss) per share: Basic $ (0.01 ) $ 0.00 Diluted $ (0.01 ) $ 0.00
Revenue Recognition	Revenue Recognition Revenue from sales of software licenses sold through direct and indirect channels is recognized upon shipment of the related product, if the requirements of FASB ASC Topic 985-605, Software Revenue Recognition (“ASC 985-605”) are met, including evidence of an arrangement, delivery, fixed or determinable fee, collectability and VSOE of the fair value of the undelivered element. If the requirements of ASC 985-605 are not met at the date of shipment, revenue is not recognized until such elements are known or resolved. Revenue from customer support services, or maintenance revenue, includes post-contract support and the rights to unspecified upgrades and enhancements. VSOE of fair value for customer support services is determined by reference to the price the customer pays for such element when sold separately; that is, the renewal rate offered to customers. In those instances when objec tive and reliable evidence of fair value exists for the undelivered items but not for the delivered items, the residual method is used to allocate the arrangement consideration. Under the residual method, the amount of arrangement consideration allocated to the delivered items equals the total arrangement consideration less the aggregate fair value of the undelivered items. Revenue from post-contract customer support is recognized ratably over the term of the contract. Certain customers have agreements that provide for usage fees above fixed minimums. Usage fees above fixed minimums are recognized as revenue when such amounts are reasonably estimable and billable. Revenue from professional services is recognized when such services are delivered. When a software sales arrangement requires professional services related to significant production, modification or customization of software, or when a customer considers professional services essential to the functionality of the software product, revenue is recognized based on predetermined milestone objectives required to complete the project, as those milestone objectives are deemed to be substantive in relation to the work performed. Any expected losses on contracts in progress are recorded in the period in which the losses become probable and reasonably estimable. The Company provide s hosting services that give customers access to software that resides on Company servers. The Company’s model typically includes an up-front fee and a monthly commitment from the customer that commences upon completion of the implementation through the remainder of the customer life. The up-front fee is the initial setup fee, or the implementation fee. The monthly commitment includes, but is not limited to, a fixed monthly fee or a transactional fee based on system usage that exceeds monthly minimums. If the up-front fee does not have standalone value, revenue is deferred until the date the customer commences use of the Company’s services, at which point the up-front fees are recognized ratably over the life of the customer arrangement. If the up-front fee has standalone value, revenue is deferred until the work has been performed. In determining whether professional services have standalone value , the Company considers the following factors for each customer arrangement: availability of the services from other vendors, the nature of the professional services, the timing of when the professional services contract was signed in comparison to the subscription service start date and the contractual dependence of the subscription service on the customer’s satisfaction with the professional services work.
Investments	Investments Investments consist of corporate notes and bonds, and commercial paper. The Company classifies investments as available-for-sale at the time of purchase and reevaluates such classification as of each balance sheet date. All investments are recorded at estimated fair value. Unrealized gains and losses for available-for-sale securities are included in accumulated other comprehensive income, a component of stockholders’ equity. The Company evaluates its investments to assess whether those with unrealized loss positions are other than temporarily impaired. Impairments are considered to be other-than-temporary if they are related to deterioration in credit risk or if it is likely that the Company will sell the securities before the recovery of its cost basis. Realized gains and losses and declines in value judged to be other-than-temporary are determined based on the specific identification method and are reported in other income (expense), net in the Statements of Other Comprehensive Income (Loss). No other-than-temporary impairment charges were recognized in the three months ended December 3 1, 2015 or 2014 . All investments whose maturity or sale is expected within one year are classified as “current” on the balance sheet. All other securities are classified as “long-term” on the balance sheet.
Accounts Receivable and Allowance for Doubtful Accounts	Accounts Receivable and Allowance for Doubtful Accounts Trade accounts receivable are recorded at the net invoice value and are not interest bearing. The Company considers receivables past due based on the contractual payment terms. Allowances for doubtful accounts are established based on various factors, including credit profiles of the Company’s customers, contractual terms and conditions, historical payments, and current economic trends. The Company reviews its allowances by assessing individual accounts receivable over a specific aging and amount. Accounts receivable are written off on a case-by-case basis, net of any amounts that may be collected. The Company maintained an allowance for doubtful accounts of $ 12,300 and $ 12,900 as of December 31 , 2015 and September 30, 2015 , respectively .
Capitalized Software Development Costs	Capitalized Software Development Costs Costs incurred for the development of software that will be sold, leased or otherwise marketed are capitalized when technological feasibility has been established. Software development costs consist primarily of compensation of development personnel and related overhead incurred to develop new products and upgrade and enhance the Company’s current products, as well as fees paid to outside consultants. Capitalization of software development costs ceases and amortization of capitalized software development costs commences when the products are available for general release. For the three months ended December 31 , 2015 and 2014, no software development costs were capitalized because the time period and costs incurred between technological feasibility and general release for all software product releases were not material or were not realizable.
Guarantees	Guarantees In the ordinary course of business, the Company is not subject to potential obligations under guarantees that fall within the scope of FASB ASC Topic 460, Guarantees (“ASC 460”), except for standard indemnification and warranty provisions that are contained within many of the Company’s customer license and service agreements and certain supplier agreements, and give rise only to the disclosure requirements prescribed by ASC 460. Indemnification and warranty provisions contained within the Company’s customer license and service agreements and certain supplier agreements are generally consistent with those prevalent in the Company’s industry. The Company has not previously incurred significant costs to settle claims or pay awards under these indemnification or warranty obligations. The Company accounts for these obligations in accordance with FASB ASC Topic 450, Contingencies (“ASC 450 ”) , and records a liability for these obligations when a loss is probable and reasonably estimable. The Company has not recorded any liabilities for these obligations as of December 31 , 2015 or 2014 .
Fair Value of Equity Instruments	Fair Value of Equity Instruments The fair value of equity instruments involves significant estimates based on underlying assumptions made by management. The fair value for purchase rights under the Company’s equity plans is measured at the grant date using a Black-Scholes valuation model, which involves estimates of stock volatility, expected life of the instruments and other assumptions, and using the closing price of the Company’s common stock on the grant date for RSUs. The fair value of stock-based awards is recognized as an expense over the respective terms of the awards.
Deferred Income Taxes	Deferred Income Taxes Deferred income taxes reflect the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the tax basis of such assets and liabilities. The Company maintains a valuation allowance against its deferred tax assets due to the uncertainty regarding the future realization of such assets, which is based on historical taxable income, projected future taxable income and the expected timing of the reversals of existing temporary differences. Until such time as the Company can demonstrate that it will no longer incur losses, or if the Company is unable to generate sufficient future taxable income, it could be required to maintain the valuation allowance against its deferred tax assets.
Comprehensive Income (Loss)	Comprehensive Income (Loss) Comprehensive income (loss) consists of net income (loss), unrealized gains and losses on available-for-sale securities and foreign currency translation adjustments. Included on the consolidated balance sheet at December 31 , 2015 is an accumulated other comprehensive loss of $ 153,362 , compared to $ 3,241 at September 30, 2015 , related to the Company’s available-for-sale securities and foreign currency translation adjustments.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In September 2015, the FASB issued Accounting Standards Update No. 2015-16, “Simplifying the Accounting for Measurement-Period Adjustments (Topic 805)” (“ASU 2015-16”) which eliminates the requirement to restate prior period financial statements for measurement period adjustments. ASU 2015-16 requires that the cumulative impact of a measurement period adjustment (including the impact on prior periods) be recognized in the reporting period in which the adjustment is identified. The new standard is effective for interim and annual periods beginning after December 15, 2015 and early adoption is permitted. The Company does not believe the adoption of ASU 2015-16 will have a material impact on its consolidated financial statements. In January 2016, the FASB issued Accounting Standards Update No. 2016-01, “ Financial Instruments—Overall (Subtopic 825-10) Recognition and Measurement of Financial A ssets and Financial Liabilities” (“ASU 2016-01” ) . ASU 2016-01 is intended to provide users of financial statements with more useful information on the recognition, measurement, presentation, and disclosure of financial instruments. ASU 2016-01 is effective for fiscal years beginning after December 15, 2017 with early adoption permitted. We are assessing the impact of adopting ASU 2016-01 on the Company’s consolidated financial statements. No other new accounting pronouncement issued or effective during the three months ended December 31, 2015 had, or is expected to have, a material impact on the Company’s c onsolidated f inancial s tatements.

Nature of Operations and Summ15

Nature of Operations and Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Potentially Dilutive Common Shares Excluded from Net Loss per Share Calculation	For the three months ended December 31 , 2015 and 2014, the following potentially dilutive common shares were excluded from the calculation of net income (loss) per share, as they would have been antidilutive: Three Months Ended December 31, 2015 2014 Stock options 3,621,853 2,412,625 Restricted stock units 1,769,588 501,989 IDchecker closing shares 652,904 - Total potentially dilutive common shares outstanding 6,044,345 2,914,614
Calculation of Basic and Diluted Net Income (Loss) Per Share	The calculation of basic and diluted net income (loss) per share is as follows: Three Months Ended December 31, 2015 2014 Net income (loss) $ (322,059 ) $ 146,180 Weighted-average common shares outstanding: Basic 31,094,417 30,618,097 Diluted 31,094,417 31,173,815 Net income (loss) per share: Basic $ (0.01 ) $ 0.00 Diluted $ (0.01 ) $ 0.00

Business Combination (Tables)

Business Combination (Tables)	3 Months Ended
	Dec. 31, 2015
ID Checker [Member]
Business Acquisition [Line Items]
Schedule of Estimated Fair Values of Assets acquired and Liabilities Assumed	The following table summarizes the estimated fair values of the assets acquired and liabilities assumed as part of the Acquisition as of June 17, 2015: June 17, 2015 Current assets $ 619,949 Property, plant and equipment 42,173 Intangible assets 3,570,000 Assets acquired $ 4,232,122 Current liabilities $ (475,752 ) Other liabilities (809,754 ) Liabilities assumed $ (1,285,506 ) Fair value of net assets acquired $ 2,946,616 Total consideration paid 5,819,293 Goodwill before effect in exchange rates $ 2,872,677 Effect of movements in exchange rates (65,827 ) Goodwill $ 2,806,850

Investments (Tables)

Investments (Tables)	3 Months Ended
	Dec. 31, 2015
Summary of Investments by Type of Security	The following table summarizes investments by type of security as of December 31 , 201 5 : Cost Gross Unrealized Gains Gross Unrealized Losses Fair Market Value Available-for-sale securities: Corporate debt securities, short-term $ 19,570,392 $ — $ (16,520 ) $ 19,553,872 Corporate debt securities, long-term 751,610 — (3,860 ) 747,750 Government debt securities, short-term 1,551,424 257 (158 ) 1,551,523 Government debt securities, long-term 1,399,745 — (2,930 ) 1,396,815 Total $ 23,273,171 $ 257 $ (23,468 ) $ 23,249,960 The following table summarizes investments by type of security as of September 30, 201 5 : Cost Gross Unrealized Gains Gross Unrealized Losses Fair Market Value Available-for-sale securities: Corporate debt securities, short-term $ 23,924,252 $ 3,466 $ (6,390 ) $ 23,921,328 Corporate debt securities, long-term — — — — Total $ 23,924,252 $ 3,466 $ (6,390 ) $ 23,921,328
Summary of Fair Value of Investments Measured on Recurring Basis	Based on the fair value hierarchy, all of the Company’s investments are classified as Level 2, as repre sented in the following table: Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) December 31, 2015: Assets: Short-term investments: Corporate debt securities Industrial $ 9,688,759 $ — Financial 7,065,722 — Utility 602,586 — Commercial paper Financial 1,498,154 — Industrial 698,651 — Government debt securities U.S. Treasury 1,551,523 — Long-term investments: Corporate debt securities Financial 747,750 — Government debt securities U.S. Treasury 1,396,815 — Total assets at fair value $ 23,249,960 $ — Liabilities: Acquisition-related contingent consideration — 123,730 Total liabilities at fair value $ — $ 123,730 Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) September 30, 2015: Assets: Short-term investments: Corporate debt securities Financial $ 10,308,482 $ — Industrial 9,665,243 — Utility 1,801,803 — Commercial paper Industrial 1,447,655 — Financial 698,145 — Total assets at fair value $ 23,921,328 $ — Liabilities: Acquisition-related contingent consideration — 46,743 Total liabilities at fair value $ — $ 46,743
Contingent Consideration
Summary of Contingent Consideration Measured at Fair Value	The following table includes a summary of the contingent consideration measured at fair value using significant unobservable inputs (Level 3) during the three months ended December 31, 2015: Balance at September 30, 2015 $ 46,743 Expenses recorded due to changes in fair value 76,987 Payments — Balance at December 31, 2015 $ 123,730

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	3 Months Ended
	Dec. 31, 2015
Goodwill And Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets	Intangible assets include the value assigned to completed technology, customer relationships, and trade names. The estimated useful lives for all of these intangible assets, range from five to six years. Intangible assets are summarized as follows : Weighted Average Amortization Period Cost Accumulated Amortization Net Completed technologies 6 years $ 2,315,692 $ 207,122 $ 2,108,570 Customer relationships 6 years 947,772 84,771 863,001 Tradenames 5 years 224,730 24,122 200,608 Total intangible assets $ 3,488,194 $ 316,015 $ 3,172,179
Schedule of Estimated Future Amortization Expense	The estimated future amortization expense related to intangible assets for each of the five succeeding fiscal years is expected to be as follows: Estimated Future Amortization Expense 2016 (remaining nine months) $ 439,239 2017 585,652 2018 585,652 2019 585,652 2020 573,907 Thereafter 402,077 Total $ 3,172,179

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Dec. 31, 2015
Equity [Abstract]
Stock-Based Compensation Expense Related to Stock Options and RSUs	The following table summarizes stock-based compensation expense related to stock options and RSUs, which was allocated as follows: Three Months Ended December 31, 2015 2014 Sales and marketing $ 243,027 $ 175,118 Research and development 180,642 137,406 General and administrative 565,188 501,536 Stock-based compensation expense included in operating expenses $ 988,857 $ 814,060
Fair Value Calculations for Stock-Based Compensation Awards	T he fair value calculations for stock-based compensation awards to employees for the three months ended De c ember 31 , 2015 and 2014 were based on the following assumptions: Three Months Ended December 31, 2015 Three Months Ended December 31, 2014 Risk-free interest rate 1.57% – 1.75% 1.63% – 1.66% Expected life (years) 5.90 5.25 Expected volatility 83% 98% Expected dividends None None
Stock Option Activity	The following table summarizes stock option activity under the Company’s equity plans during the three months ended December 31 , 2015: Number of Shares Weighted- Average Exercise Price Weighted-Average Remaining Contractual Term (in Years) Outstanding, September 30, 2015 3,647,705 $ 3.70 7.15 Granted 56,000 $ 4.31 Exercised (45,674 ) $ 2.52 Cancelled (36,178 ) $ 3.52 Outstanding, December 31, 2015 3,621,853 $ 3.73 6.92
RSU Activity	The following table summarizes RSU activity under the Company’s equity plans during the three months ended December 31 , 2015: Number of Shares Weighted-Average Fair Market Value Per Share Outstanding, September 30, 2015 802,917 $ 4.49 Granted 1,083,000 $ 4.31 Settled (94,077 ) $ 3.38 Cancelled (22,252 ) $ 3.85 Outstanding, December 31, 2015 1,769,588 $ 4.37

Nature of Operations and Summ20

Nature of Operations and Summary of Significant Accounting Policies - Additional Information (Detail)	3 Months Ended		12 Months Ended
	Dec. 31, 2015USD ($)PatentsInstitution	Dec. 31, 2014USD ($)	Sep. 30, 2015USD ($)
Accounting Policies [Abstract]
Number of patents granted | Patents	23
Number of patent applications pending | Patents	19
Number of financial institutions signed agreements to deploy mobile deposit | Institution	4,789
Number of top U.S. retail banks that deployed mobile deposit | Institution	50
Foreign currency translation adjustment	$ 129,834	$ 0
Impairment of goodwill and intangibles	0		$ 0
Other-than-temporary impairment charges recognized	0	0
Allowance for doubtful accounts receivable	12,300		12,900
Software development costs capitalized	0	$ 0
Accumulated other comprehensive loss	$ 153,362		$ 3,241

Nature of Operations and Summ21

Nature of Operations and Summary of Significant Accounting Policies - Potentially Dilutive Common Shares (Detail) - shares	3 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total potentially dilutive common shares outstanding	6,044,345	2,914,614
Restricted stock units [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total potentially dilutive common shares outstanding	1,769,588	501,989
Stock options [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total potentially dilutive common shares outstanding	3,621,853	2,412,625
ID Checker [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total potentially dilutive common shares outstanding	652,904

Nature of Operations and Summ22

Nature of Operations and Summary of Significant Accounting Policies - Calculation of Basic and Diluted Net Income (Loss) Per Share (Detail) - USD ($)	3 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Earnings Per Share Basic And Diluted [Abstract]
Net income (loss)	$ (322,059)	$ 146,180
Weighted-average common shares outstanding - basic	31,094,417	30,618,097
Weighted-average common shares outstanding - diluted	31,094,417	31,173,815
Net income (loss) per share - Basic	$ (0.01)	$ 0
Net income (loss) per share - Diluted	$ (0.01)	$ 0

Business Combination - Addition

Business Combination - Additional Information (Detail) - USD ($)	Jun. 17, 2015	Jan. 31, 2016	Dec. 31, 2015	Sep. 30, 2015
Business Acquisition [Line Items]
Common stock, par value			$ 0.001	$ 0.001
Goodwill			$ 2,806,850	$ 2,872,677
Maximum [Member]
Business Acquisition [Line Items]
Business combination, escrow fund period	24 months
ID Checker [Member]
Business Acquisition [Line Items]
Acquisition date	Jun. 17, 2015
Payments to acquire businesses, gross	$ 5,600,000
Business combination consideration transfer, promissory notes	255,000
Common stock issued during acquisition, value	$ 2,745,000
Common stock, par value	$ 0.001
Cash payment to escrow fund related to business acquisition	$ 1,820,000
Business combination, percentage of closing shares in escrow fund	20.00%
Goodwill	$ 2,806,850
ID Checker [Member] | Closing Shares [Member]
Business Acquisition [Line Items]
Common stock issued during acquisition, share	712,790
ID Checker [Member] | Maximum [Member]
Business Acquisition [Line Items]
Business combination, earnout shares	$ 1,000,000		$ 1,000,000
ID Checker [Member] | Subsequent Event [Member]
Business Acquisition [Line Items]
Business combination, paid earnout shares issued		137,306
Business combination, deposited earnout shares in escrow fund		27,461

Business Combination - Schedule

Business Combination - Schedule of Estimated Fair Values of Assets acquired and Liabilities Assumed (Detail) - USD ($)	Dec. 31, 2015	Sep. 30, 2015	Jun. 17, 2015
Business Acquisition [Line Items]
Goodwill	$ 2,806,850	$ 2,872,677
ID Checker [Member]
Business Acquisition [Line Items]
Current assets			$ 619,949
Property, plant and equipment			42,173
Intangible assets			3,570,000
Assets acquired			4,232,122
Current liabilities			(475,752)
Other liabilities			(809,754)
Liabilities assumed			(1,285,506)
Fair value of net assets acquired			2,946,616
Total consideration paid			5,819,293
Goodwill before effect in exchange rates			2,872,677
Effect of movements in exchange rates			(65,827)
Goodwill			$ 2,806,850

Investments - Summary of Invest

Investments - Summary of Investments by Type of Security (Detail) - USD ($)	Dec. 31, 2015	Sep. 30, 2015
Schedule Of Available For Sale Securities [Line Items]
Cost	$ 23,273,171	$ 23,924,252
Gross Unrealized Gains	257	3,466
Gross Unrealized Losses	(23,468)	(6,390)
Fair Market Value	23,249,960	23,921,328
Corporate debt securities [Member] | Short-term [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost	19,570,392	23,924,252
Gross Unrealized Gains		3,466
Gross Unrealized Losses	(16,520)	(6,390)
Fair Market Value	19,553,872	$ 23,921,328
Corporate debt securities [Member] | Long-term [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost	751,610
Gross Unrealized Losses	(3,860)
Fair Market Value	747,750
Government debt securities [Member] | Short-term [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost	1,551,424
Gross Unrealized Gains	257
Gross Unrealized Losses	(158)
Fair Market Value	1,551,523
Government debt securities [Member] | Long-term [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost	1,399,745
Gross Unrealized Losses	(2,930)
Fair Market Value	$ 1,396,815

Investments - Additional Inform

Investments - Additional Information (Detail) - USD ($)	3 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Investments Debt And Equity Securities [Abstract]
Other-than-temporary impairment charges recognized	$ 0	$ 0

Investments - Summary of Fair V

Investments - Summary of Fair Value of Investments Measured on Recurring Basis (Detail) - USD ($)	Dec. 31, 2015	Sep. 30, 2015
Significant Other Observable Inputs (Level 2)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value of investments measured on recurring basis, total	$ 23,249,960	$ 23,921,328
Significant Unobservable Inputs (Level 3)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Acquisition-related contingent consideration	123,730	46,743
Total liabilities at fair value	123,730	46,743
Short-term [Member] | Significant Other Observable Inputs (Level 2) | Corporate debt securities [Member] | Industrial [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value of investments measured on recurring basis, total	9,688,759	9,665,243
Short-term [Member] | Significant Other Observable Inputs (Level 2) | Corporate debt securities [Member] | Financial [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value of investments measured on recurring basis, total	7,065,722	10,308,482
Short-term [Member] | Significant Other Observable Inputs (Level 2) | Corporate debt securities [Member] | Utility [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value of investments measured on recurring basis, total	602,586	1,801,803
Short-term [Member] | Significant Other Observable Inputs (Level 2) | Commercial paper [Member] | Industrial [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value of investments measured on recurring basis, total	698,651	1,447,655
Short-term [Member] | Significant Other Observable Inputs (Level 2) | Commercial paper [Member] | Financial [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value of investments measured on recurring basis, total	1,498,154	$ 698,145
Short-term [Member] | Significant Other Observable Inputs (Level 2) | Government debt securities [Member] | U.S. Treasury [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value of investments measured on recurring basis, total	1,551,523
Long-term [Member] | Significant Other Observable Inputs (Level 2) | Corporate debt securities [Member] | Financial [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value of investments measured on recurring basis, total	747,750
Long-term [Member] | Significant Other Observable Inputs (Level 2) | Government debt securities [Member] | U.S. Treasury [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value of investments measured on recurring basis, total	$ 1,396,815

Investments - Summary of Contin

Investments - Summary of Contingent Consideration (Detail) - Contingent Consideration	3 Months Ended
	Dec. 31, 2015USD ($)
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Balance at September 30, 2015	$ 46,743
Expenses recorded due to changes in fair value	76,987
Balance at December 31, 2015	$ 123,730

Goodwill and Intangible Asset29

Goodwill and Intangible Assets - Additional Information (Detail) - USD ($)	3 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Sep. 30, 2015
Disclosure - Goodwill and Intangible Assets - Additional Information (Detail) [Line Items]
Goodwill	$ 2,806,850		$ 2,872,677
Amortization of intangible assets	$ 149,200	$ 0
Minimum [Member]
Disclosure - Goodwill and Intangible Assets - Additional Information (Detail) [Line Items]
Estimated useful lives of intangible assets	5 years
Maximum [Member]
Disclosure - Goodwill and Intangible Assets - Additional Information (Detail) [Line Items]
Estimated useful lives of intangible assets	6 years

Goodwill and Intangible Asset30

Goodwill and Intangible Assets - Schedule of Intangible Assets (Detail) - USD ($)	3 Months Ended
	Dec. 31, 2015	Sep. 30, 2015
Indefinite Lived Intangible Assets By Major Class [Line Items]
Cost	$ 3,488,194
Accumulated Amortization	316,015
Net	$ 3,172,179	$ 3,397,571
Completed technologies [Member]
Indefinite Lived Intangible Assets By Major Class [Line Items]
Weighted Average Amortization Period	6 years
Cost	$ 2,315,692
Accumulated Amortization	207,122
Net	$ 2,108,570
Customer relationships [Member]
Indefinite Lived Intangible Assets By Major Class [Line Items]
Weighted Average Amortization Period	6 years
Cost	$ 947,772
Accumulated Amortization	84,771
Net	$ 863,001
Tradenames [Member]
Indefinite Lived Intangible Assets By Major Class [Line Items]
Weighted Average Amortization Period	5 years
Cost	$ 224,730
Accumulated Amortization	24,122
Net	$ 200,608

Goodwill and Intangible Asset31

Goodwill and Intangible Assets - Schedule of Estimated Future Amortization Expense (Detail) - USD ($)	Dec. 31, 2015	Sep. 30, 2015
Goodwill And Intangible Assets Disclosure [Abstract]
2016 (remaining nine months)	$ 439,239
2,017	585,652
2,018	585,652
2,019	585,652
2,020	573,907
Thereafter	402,077
Net	$ 3,172,179	$ 3,397,571

Stockholders' Equity - Stock-Ba

Stockholders' Equity - Stock-Based Compensation Expense Related to Stock Options and RSUs (Detail) - USD ($)	3 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense included in operating expenses	$ 988,857	$ 814,060
Sales and Marketing [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense included in operating expenses	243,027	175,118
Research and Development [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense included in operating expenses	180,642	137,406
General and Administrative [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense included in operating expenses	$ 565,188	$ 501,536

Stockholders' Equity - Fair Val

Stockholders' Equity - Fair Value Calculations for Stock-Based Compensation Awards (Detail)	3 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Equity [Abstract]
Risk-free interest rate, Minimum	1.57%	1.63%
Risk-free interest rate, Maximum	1.75%	1.66%
Expected life (years)	5 years 10 months 24 days	5 years 3 months
Expected volatility	83.00%	98.00%
Expected dividends	0.00%	0.00%

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Detail) - USD ($)	Jun. 17, 2015	Jan. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Sep. 30, 2015	Feb. 19, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense			$ 8,579,699
Weighted average period for unrecognized compensation expense expected to be recognized			2 years 10 months 2 days
Purchase of common stock			3,621,853	3,523,065	3,647,705
Recognized compensation expense			$ 988,857	$ 814,060
Unrecognized compensation expense			2,742,665	3,891,848
Total intrinsic value of options exercised			$ 104,842	$ 4,083
Weighted average fair value of options granted			$ 4.31
Weighted-average remaining contractual term			6 years 10 months 24 days	7 years 2 months 12 days
Weighted-average exercise price, outstanding shares			$ 3.73	$ 3.52	$ 3.70
Aggregate intrinsic value, outstanding shares			$ 4,688,679	$ 3,138,317
Percentage of earnout shares vest and eligible for resale			12.50%
Percentage of remaining earnout shares vest and eligible for resale			87.50%
Earnout Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Recognized compensation expense			$ 84,217
Vesting period of shares received			27 months
Common stock trading period			10 days
Earnout Shares [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Delivery period of written statement of calculation of revenue and net income for earnout period			75 days
ID Checker [Member] | Subsequent Event [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Business combination, paid earnout shares issued		137,306
ID Checker [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Business combination, earnout shares	$ 1,000,000		$ 1,000,000
ID Checker [Member] | Closing Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Recognized compensation expense			302,539
Unrecognized compensation expense			$ 2,074,078
Common stock issued during acquisition, share	712,790
Vesting period of shares received	27 months
2012 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for issuance						4,000,000
Purchase of common stock			2,360,520
Number of common stock reserved for future grants			496,356
2010 Stock Option Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Purchase of common stock			1,261,333
Director Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of common stock reserved for future grants			130,171
Scenario, Previously Reported [Member] | 2012 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for issuance						2,000,000
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average period for unrecognized compensation expense expected to be recognized			3 years	2 years 9 months 18 days
Common stock reserved for issuance			1,000,000
Options outstanding			1,769,588		802,917
Recognized compensation expense			$ 500,194	$ 339,970
Restricted Stock Units (RSUs) [Member] | 2012 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding			1,004,588
Restricted Stock Units (RSUs) [Member] | Director Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Purchase of common stock			764,998
Stock options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average period for unrecognized compensation expense expected to be recognized			2 years 9 months 18 days	2 years 10 months 24 days
Recognized compensation expense			$ 488,663	$ 474,091
Restricted stock units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense			$ 5,837,034	$ 2,958,057

Stockholders' Equity - Stock Op

Stockholders' Equity - Stock Option Activity (Detail) - $ / shares	3 Months Ended	12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Number of Shares, Beginning balance	3,647,705
Number of Shares, Granted	56,000
Number of Shares, Exercised	(45,674)
Number of Shares, Cancelled	(36,178)
Number of Shares, Ending balance	3,621,853	3,647,705
Weighted Average Exercise Price Per Share, Beginning balance	$ 3.70
Weighted Average Exercise Price Per Share, Granted	4.31
Weighted Average Exercise Price Per Share, Exercised	2.52
Weighted Average Exercise Price Per Share, Cancelled	3.52
Weighted Average Exercise Price Per Share, Ending balance	$ 3.73	$ 3.70
Weighted Average Remaining Contractual Term (in Years)	6 years 11 months 1 day	7 years 1 month 24 days

Stockholders' Equity - RSU Acti

Stockholders' Equity - RSU Activity (Detail) - Restricted Stock Units (RSUs) [Member]	3 Months Ended
	Dec. 31, 2015$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares, Beginning balance | shares	802,917
Number of Shares, Granted | shares	1,083,000
Number of Shares, Settled | shares	(94,077)
Number of Shares, Cancelled | shares	(22,252)
Number of Shares, Ending balance | shares	1,769,588
Weighted Average Fair Market Value Per Share, Beginning balance | $ / shares	$ 4.49
Weighted Average Fair Market Value Per Share, Granted | $ / shares	4.31
Weighted Average Fair Market Value Per Share, Settled | $ / shares	3.38
Weighted Average Fair Market Value Per Share, Cancelled | $ / shares	3.85
Weighted Average Fair Market Value Per Share, Ending balance | $ / shares	$ 4.37

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($)	3 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Sep. 30, 2015
Income Taxes [Line Items]
Deferred tax valuation allowance, percentage	100.00%
Accrued interest or penalties	$ 0		$ 0
Recognized income tax interest and/or penalties	$ 0	$ 0
Federal [Member]
Income Taxes [Line Items]
Net operating loss carryforwards will begin to expire	Sep. 30, 2018
State [Member]
Income Taxes [Line Items]
Net operating loss carryforwards will begin to expire	Sep. 30, 2016

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - 3 months ended Dec. 31, 2015	USD ($)ft²	EUR (€)ft²
Loss Contingencies [Line Items]
Expiration date of term of lease	Jun. 30, 2019
Annual base rent	$ 471,000
Increased percentage of Company's annual base rent	3.00%	3.00%
Tenant improvement allowances	$ 675,690
Unamortized lease incentives	$ 367,166
ID Checker [Member]
Loss Contingencies [Line Items]
Expiration date of term of lease	May 31, 2020
Annual base rent | €		€ 48,000
Building [Member]
Loss Contingencies [Line Items]
Amended office space subject to the lease | ft²	22,523	22,523
Other current liabilities [Member]
Loss Contingencies [Line Items]
Unamortized lease incentives	$ 104,905
Other non-current liabilities [Member]
Loss Contingencies [Line Items]
Unamortized lease incentives	262,261
Standby letter of credit [Member]
Loss Contingencies [Line Items]
Standby letter of credit to the landlord	$ 210,000

Revenue and Vendor Concentrat39

Revenue and Vendor Concentrations - Additional Information (Detail) - USD ($)	3 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Sep. 30, 2015
Revenue, Major Customer [Line Items]
Revenue	$ 7,404,442	$ 5,389,322
Accounts receivable, net	4,237,736		$ 3,936,687
Customer Concentration Risk [Member]
Revenue, Major Customer [Line Items]
Revenue	$ 3,740,753	$ 2,097,705
Customer Concentration Risk [Member] | Sales Revenue Net [Member]
Revenue, Major Customer [Line Items]
Total revenue, percentage	10.00%	10.00%
Geographic Concentration Risk [Member] | Sales Revenue Net [Member]
Revenue, Major Customer [Line Items]
Total revenue, percentage	10.00%	2.00%
Customer One [Member] | Customer Concentration Risk [Member] | Sales Revenue Net [Member]
Revenue, Major Customer [Line Items]
Total revenue, percentage	20.00%	29.00%
Customer Two | Customer Concentration Risk [Member] | Sales Revenue Net [Member]
Revenue, Major Customer [Line Items]
Total revenue, percentage	19.00%	10.00%
Customer Three | Customer Concentration Risk [Member] | Sales Revenue Net [Member]
Revenue, Major Customer [Line Items]
Total revenue, percentage	12.00%
Major Customers [Member] | Customer Concentration Risk [Member]
Revenue, Major Customer [Line Items]
Accounts receivable, net	$ 2,290,705	$ 1,915,160
Channel Partners [Member] | Supplier Concentration Risk [Member] | Sales Revenue Net [Member]
Revenue, Major Customer [Line Items]
Total revenue, percentage	10.00%