$MMND
MASTERMIND, INC.

2019 Q2 Form 10-Q Financial Statement

#000143774919017115 Filed on August 19, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2018 Q3 2018 Q2
Revenue $1.257M $1.560M $1.460M
YoY Change -13.9%
Cost Of Revenue $268.8K $1.540M $296.6K
YoY Change -9.36%
Gross Profit $988.3K $10.00K $1.163M
YoY Change -15.06%
Gross Profit Margin 78.61% 0.64% 79.68%
Selling, General & Admin $892.1K $790.0K
YoY Change 12.93% 7800.0%
% of Gross Profit 90.27% 67.9%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $7.169K $10.00K $7.288K
YoY Change -1.63%
% of Gross Profit 0.73% 100.0% 0.63%
Operating Expenses $892.1K -$550.0K $792.5K
YoY Change 12.57% -1200.0% 7824.94%
Operating Profit $96.17K $560.0K $370.9K
YoY Change -74.07%
Interest Expense $450.00 $20.00K $22.01K
YoY Change -97.96%
% of Operating Profit 0.47% 3.57% 5.93%
Other Income/Expense, Net $451.00 $0.00 -$22.01K
YoY Change -102.05%
Pretax Income $96.62K $590.0K $348.9K
YoY Change -72.31% -1280.0% -3589.39%
Income Tax $30.86K $160.0K $68.98K
% Of Pretax Income 31.94% 27.12% 19.77%
Net Earnings $65.76K $430.0K $280.0K
YoY Change -76.51% -960.0% -2899.59%
Net Earnings / Revenue 5.23% 27.56% 19.17%
Basic Earnings Per Share $0.00 $0.01
Diluted Earnings Per Share $0.00 $11.50K $0.01
COMMON SHARES
Basic Shares Outstanding 33.87M 31.58M
Diluted Shares Outstanding 33.87M 33.87M

Balance Sheet

Concept 2019 Q2 2018 Q3 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $432.3K $860.0K $560.0K
YoY Change -22.81% 8500.0% 5500.0%
Cash & Equivalents $432.3K $861.4K $555.9K
Short-Term Investments
Other Short-Term Assets $129.7K $30.00K $30.00K
YoY Change 332.23%
Inventory
Prepaid Expenses
Receivables $1.469M $1.146M $1.080M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $2.334M $2.038M $1.670M
YoY Change 39.76% 20278.83% 16600.0%
LONG-TERM ASSETS
Property, Plant & Equipment $84.85K $92.69K $90.00K
YoY Change -5.72% -5.24%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $84.85K $92.69K $90.00K
YoY Change -5.72%
TOTAL ASSETS
Total Short-Term Assets $2.334M $2.038M $1.670M
Total Long-Term Assets $84.85K $92.69K $90.00K
Total Assets $2.419M $2.131M $1.760M
YoY Change 37.43% 21205.68% 17500.0%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $74.99K $120.0K $90.00K
YoY Change -16.68% 500.0% 800.0%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $256.0K $342.9K $410.0K
YoY Change -37.57% 389.93% 583.33%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $256.0K $342.9K $410.0K
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $256.0K $342.9K $410.0K
YoY Change -37.57% 389.93% 583.33%
SHAREHOLDERS EQUITY
Retained Earnings $2.129M $1.754M
YoY Change
Common Stock $33.87K $33.87K $33.87K
YoY Change 0.0% 746.78% 746.78%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.163M $1.788M $1.355M
YoY Change
Total Liabilities & Shareholders Equity $2.419M $2.131M $1.760M
YoY Change 37.43% 21205.68% 17500.0%

Cashflow Statement

Concept 2019 Q2 2018 Q3 2018 Q2
OPERATING ACTIVITIES
Net Income $65.76K $430.0K $280.0K
YoY Change -76.51% -960.0% -2899.59%
Depreciation, Depletion And Amortization $7.169K $10.00K $7.288K
YoY Change -1.63%
Cash From Operating Activities -$235.5K $320.0K -$100.0K
YoY Change 135.45% 150.0%
INVESTING ACTIVITIES
Capital Expenditures -$5.310K -$10.00K $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$5.310K -$10.00K $100.0K
YoY Change -105.31%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 0.000 -250.0K
YoY Change -100.0% -600.0%
NET CHANGE
Cash From Operating Activities -235.5K 320.0K -100.0K
Cash From Investing Activities -5.310K -10.00K 100.0K
Cash From Financing Activities 0.000 0.000 -250.0K
Net Change In Cash -240.8K 310.0K -250.0K
YoY Change -3.7% -2600.0%
FREE CASH FLOW
Cash From Operating Activities -$235.5K $320.0K -$100.0K
Capital Expenditures -$5.310K -$10.00K $0.00
Free Cash Flow -$230.1K $330.0K -$100.0K
YoY Change 130.14%

Facts In Submission

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<div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="; text-indent: 0px; min-width: 700px;"> <tr style="vertical-align: top;"> <td style="width: 18pt;"> <div style=" margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div></div><div style="display: inline; font-weight: bold;">. </div></div> </td> <td> <div style=" margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;">Interim Financial Statements and Basis of Presentation</div></div> </td> </tr> </table> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 18pt; text-align: justify;">The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (&#x201c;U.S. GAAP&#x201d;) for interim financial information pursuant to Rule <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">03</div> of Regulation S-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">X.</div> Accordingly, these unaudited condensed consolidated financial statements do <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> include all of the information and disclosures required by U.S. GAAP for complete financial statements. In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all adjustments (consisting only of normal recurring adjustments), which we consider necessary, for a fair presentation of those financial statements. The results of operations and cash flows for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019 </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> necessarily be indicative of results that <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>be expected for any succeeding period or for the entire fiscal year. These condensed consolidated financial statements should be read in conjunction with our audited financial statements included in our Annual Report on Form <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div>-K as of and for the fiscal years ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2018 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> as filed with the Securities and Exchange Commission.</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 18pt; text-align: justify;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and judgments, which are evaluated on an ongoing basis, and that affect the amounts reported in our unaudited condensed financial statements and accompanying notes. Management bases its estimates on historical experience and on various other assumptions that it believes are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the amounts of revenues and expenses that are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> readily apparent from other sources. Actual results could differ from those estimates and judgments. In particular, significant estimates and judgments include those related to revenue recognition, allowance for doubtful accounts, useful lives and valuation of property and equipment.</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">&nbsp;</div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left"></div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 18pt; text-align: justify;">We adopted the Accounting Standard Codification (&#x201c;ASC&#x201d;) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606,</div> &#x201c;Revenue from Contracts with Customers&#x201d; as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 1, 2018, </div>using the modified retrospective method, and concluded that, consistent with prior reporting, our revenues are primarily generated from our involvement marketing services and contracts which are typically billed based on time and materials or at a fixed price. If billed at a fixed price, revenue is recognized on a proportional performance basis as the services specified in the arrangement are performed. The determination of proportional performance revenue recognition is dependent on the nature of the services specified in the arrangement. Advanced payments on services and contracts are deferred and recorded as unearned revenues on our balance sheet until the earnings process has been completed and revenue is then recognized. In all cases, we evaluate involvement marketing contracts to determine that the time and amount of services reflects the consideration expected to be received for the performance obligations that have been provided in accordance with the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">five</div>-step process to recognize revenues as defined in ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606.</div> ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606</div> defines contracts as written, oral and through customary business practice. Under this definition, we consider contracts to be created at the time that an order to provide services is agreed upon regardless of whether or <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> there is a written contract. Results for reporting periods after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2018 </div>are presented under ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606.</div></div></div>
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="; text-indent: 0px; min-width: 700px;"> <tr style="vertical-align: top;"> <td style="width: 18pt;"> <div style=" margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.</div> </div></div> </td> <td> <div style=" margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;">Business</div></div> </td> </tr> </table> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 18pt; text-align: justify;">Mastermind, Inc. (the &#x201c;Company&#x201d;, &#x201c;we&#x201d;, &#x201c;us&#x201d;, or the &#x201c;organization&#x201d;) is an involvement marketing service agency that designs, creates and develops branding and marketing campaigns, primarily for large corporate clients with well-known brands. We specialize in customer conversion initiatives that we believe facilitate the involvement of more of the &#x201c;right customers&#x201d; with the brands of our clients. We focus on converting prospects to customers. Our programs can take on various forms, including creating and managing content marketing, influencer marketing, social marketing/community management, digital issues management promotions, Augmented Reality Marketing, and UX Analytics &amp; Digital Intelligence.</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 18pt; text-align: justify;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 18pt; text-align: justify;">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 14, 2018, </div>we consummated a transactions pursuant to a Joint Venture Interest Contribution Agreement (the &#x201c;Contribution Agreement&#x201d;) made and entered into as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 14, 2018 </div>by and among (i) us, (ii) Mastermind Involvement Marketing, a Georgia joint venture (&#x201c;MIM&#x201d;), and (iii) Mastermind Marketing, Inc, a Georgia Corporation (&#x201c;MM Inc.&#x201d;), Digital Advize, LLC, a Georgia limited liability company (&#x201c;Advize&#x201d;), and Villanta Corporation, a Georgia Corporation (&#x201c;Villanta&#x201d;, together with Advize and MM Inc., the &#x201c;Sellers&#x201d; or &#x201c;Majority Stockholders&#x201d;).</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 18pt; text-align: justify;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 18pt; text-align: justify;">Pursuant to the Contribution Agreement the Sellers contributed, transferred, assigned and conveyed to us all right, title and interest in and to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one hundred</div> percent (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">100%</div>) of such joint venture interest in MIM (the &#x201c;Contributed Joint Venture Interest&#x201d;), together with any and all rights, privileges, benefits, obligations and liabilities appertaining thereto, reserving unto such Seller <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> rights or interests therein whatsoever, and (ii) we accepted the contribution of the Contributed Joint Venture Interest, and in consideration for such contribution the Sellers collectively were entitled to receive from us <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">29,236,759</div> of our common stock, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$.001</div> par value (the &#x201c;Common Stock&#x201d;) representing <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">85%</div> of our total outstanding Common Stock after the issuance of the Contribution Consideration (the &#x201c;Contribution Consideration&#x201d;) with each Seller receiving for its respective percentage of Contributed Joint Venture Interest that same percentage of the Contribution Consideration (such transaction, the &#x201c;Business Combination&#x201d;). As a result of the Business Combination, the Sellers became our controlling shareholders of and we became a wholly-owned subsidiary. The Business Combination was treated as a &#x201c;reverse acquisition&#x201d; for accounting purposes, whereby MIM is considered the acquirer for accounting purposes, and our historical financial statements before the Business Combination will be replaced with the historical financial statements of MIM and its consolidated entities before the Business Combination in all future filings.</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 18pt; text-align: justify;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 18pt; text-align: justify;">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 19, 2018, </div>our Board of Directors took action by written consent to approve an amendment to our certificate of incorporation (the &#x201c;Amended Certificate&#x201d;) to change of our name from CoConnect, Inc. to Mastermind, Inc. (the &#x201c;Name Change&#x201d;), subject to stockholder approval. On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 27, 2018, </div>in lieu of a meeting of our stockholders, and pursuant to Section <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">78.320</div> of the Nevada Revised Statutes of the State of Nevada, the Majority Stockholders, who represent <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">85%</div> of our voting securities, approved the Amended Certificate, by written consent. On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 24, 2018, </div>we filed the Certificate of Amendment with the Secretary of State of the State of Nevada to change our name to Mastermind, Inc.</div></div>
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