$MMND
MASTERMIND, INC.

2020 Q2 Form 10-Q Financial Statement

#000143774920017958 Filed on August 14, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q3 2019 Q2
Revenue $862.2K $4.690K $1.257M
YoY Change -31.41% -99.7% -13.9%
Cost Of Revenue $204.4K $1.604M $268.8K
YoY Change -23.96% 4.13% -9.36%
Gross Profit $657.8K -$1.599M $988.3K
YoY Change -33.44% -16089.8% -15.06%
Gross Profit Margin 76.29% -34093.39% 78.61%
Selling, General & Admin $515.3K $892.1K
YoY Change -42.24% 12.93%
% of Gross Profit 78.34% 90.27%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $6.695K $7.220K $7.169K
YoY Change -6.61% -27.8% -1.63%
% of Gross Profit 1.02% 0.73%
Operating Expenses $515.3K -$464.2K $892.1K
YoY Change -42.24% -15.61% 12.57%
Operating Profit $142.5K -$1.135M $96.17K
YoY Change 48.17% -302.65% -74.07%
Interest Expense $490.00 $660.00 $450.00
YoY Change 8.89% -96.7% -97.96%
% of Operating Profit 0.34% 0.47%
Other Income/Expense, Net -$2.008K $2.660K $451.00
YoY Change -545.23% -102.05%
Pretax Income $140.5K -$1.132M $96.62K
YoY Change 45.4% -291.78% -72.31%
Income Tax $35.12K -$2.370K $30.86K
% Of Pretax Income 25.0% 31.94%
Net Earnings $105.4K -$1.129M $65.76K
YoY Change 60.22% -362.59% -76.51%
Net Earnings / Revenue 12.22% -24075.27% 5.23%
Basic Earnings Per Share $0.00 $0.00
Diluted Earnings Per Share $0.00 -$33.34K $0.00
COMMON SHARES
Basic Shares Outstanding 33.87M 33.87M
Diluted Shares Outstanding 33.87M 33.87M

Balance Sheet

Concept 2020 Q2 2019 Q3 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $891.3K $742.2K $432.3K
YoY Change 106.19% -13.7% -22.81%
Cash & Equivalents $891.3K $742.2K $432.3K
Short-Term Investments
Other Short-Term Assets $362.3K $186.1K $129.7K
YoY Change 179.36% 520.3% 332.23%
Inventory
Prepaid Expenses
Receivables $525.9K $414.7K $1.469M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.875M $1.395M $2.334M
YoY Change -19.67% -31.55% 39.76%
LONG-TERM ASSETS
Property, Plant & Equipment $62.96K $78.94K $84.85K
YoY Change -25.8% -14.83% -5.72%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $452.4K $78.94K $84.85K
YoY Change 433.22% -14.83% -5.72%
TOTAL ASSETS
Total Short-Term Assets $1.875M $1.395M $2.334M
Total Long-Term Assets $452.4K $78.94K $84.85K
Total Assets $2.327M $1.474M $2.419M
YoY Change -3.78% -30.82% 37.43%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $100.8K $130.4K $74.99K
YoY Change 34.38% 8.67% -16.68%
Accrued Expenses $101.1K
YoY Change
Deferred Revenue $38.47K $169.8K
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $454.5K $440.2K $256.0K
YoY Change 77.56% 28.34% -37.57%
LONG-TERM LIABILITIES
Long-Term Debt $301.8K $0.00 $0.00
YoY Change
Other Long-Term Liabilities $288.4K
YoY Change
Total Long-Term Liabilities $590.1K $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $454.5K $440.2K $256.0K
Total Long-Term Liabilities $590.1K $0.00 $0.00
Total Liabilities $1.045M $440.2K $256.0K
YoY Change 308.09% 28.34% -37.57%
SHAREHOLDERS EQUITY
Retained Earnings $1.249M $999.8K $2.129M
YoY Change -41.34% -42.99%
Common Stock $33.87K $33.87K $33.87K
YoY Change 0.0% 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.283M $1.034M $2.163M
YoY Change
Total Liabilities & Shareholders Equity $2.327M $1.474M $2.419M
YoY Change -3.78% -30.82% 37.43%

Cashflow Statement

Concept 2020 Q2 2019 Q3 2019 Q2
OPERATING ACTIVITIES
Net Income $105.4K -$1.129M $65.76K
YoY Change 60.22% -362.59% -76.51%
Depreciation, Depletion And Amortization $6.695K $7.220K $7.169K
YoY Change -6.61% -27.8% -1.63%
Cash From Operating Activities -$192.7K $311.2K -$235.5K
YoY Change -18.14% -2.75% 135.45%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$1.310K -$5.310K
YoY Change -100.0% -86.9%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00 -$1.310K -$5.310K
YoY Change -100.0% -86.9% -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 301.8K 0.000 0.000
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -192.7K 311.2K -235.5K
Cash From Investing Activities 0.000 -1.310K -5.310K
Cash From Financing Activities 301.8K 0.000 0.000
Net Change In Cash 109.0K 309.9K -240.8K
YoY Change -145.28% -0.03% -3.7%
FREE CASH FLOW
Cash From Operating Activities -$192.7K $311.2K -$235.5K
Capital Expenditures $0.00 -$1.310K -$5.310K
Free Cash Flow -$192.7K $312.5K -$230.1K
YoY Change -16.25% -5.3% 130.14%

Facts In Submission

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dei Current Fiscal Year End Date
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="; text-indent: 0px; min-width: 700px;" cellspacing="0" cellpadding="0" border="0"> <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: inherit;">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:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:18pt;margin-right:0pt;margin-top:0pt;text-align:justify;">The accompanying unaudited 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: inherit;">8</div>-<div style="display: inline; font-style: italic; font: inherit;">03</div> of Regulation S-<div style="display: inline; font-style: italic; font: inherit;">X.</div> Accordingly, these unaudited consolidated financial statements do <div style="display: inline; font-style: italic; font: inherit;">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 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: inherit;">three</div> and <div style="display: inline; font-style: italic; font: inherit;">nine</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2020 </div><div style="display: inline; font-style: italic; font: inherit;"> may </div><div style="display: inline; font-style: italic; font: inherit;">not</div> necessarily be indicative of results that <div style="display: inline; font-style: italic; font: inherit;"> may </div>be expected for any succeeding period or for the entire fiscal year. These 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: inherit;">10</div>-K as of and for the fiscal years ended <div style="display: inline; font-style: italic; font: inherit;"> September 30, 2019 </div>and <div style="display: inline; font-style: italic; font: inherit;">2018</div> as filed with the Securities and Exchange Commission.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:18pt;margin-right:0pt;margin-top:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:18pt;margin-right:0pt;margin-top:0pt;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 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: inherit;">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:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:18pt;margin-right:0pt;margin-top:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:18pt;margin-right:0pt;margin-top:0pt;text-align:justify;">There have been <div style="display: inline; font-style: italic; font: inherit;">no</div> material changes in the Company's significant accounting policies, other than the adoption of accounting standards update (&#x201c;ASU&#x201d;) <div style="display: inline; font-style: italic; font: inherit;">2016</div>-<div style="display: inline; font-style: italic; font: inherit;">02,</div> Leases (Topic <div style="display: inline; font-style: italic; font: inherit;">842</div>) related to the accounting for leases, in the quarter ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019 </div>as described below, as compared to the significant accounting policies described in the Company's Annual Report on Form <div style="display: inline; font-style: italic; font: inherit;">10</div>-K for the year ended <div style="display: inline; font-style: italic; font: inherit;"> September 30, 2019.</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:18pt;margin-right:0pt;margin-top:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:18pt;margin-right:0pt;margin-top:0pt;text-align:justify;">In <div style="display: inline; font-style: italic; font: inherit;"> February 2016, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font: inherit;">2016</div>-<div style="display: inline; font-style: italic; font: inherit;">02,</div> Leases (Topic <div style="display: inline; font-style: italic; font: inherit;">842</div>) in order to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet for those leases classified as operating leases under prior accounting guidance. ASU <div style="display: inline; font-style: italic; font: inherit;">2016</div>-<div style="display: inline; font-style: italic; font: inherit;">02</div> requires that a lessee should recognize a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term on the balance sheet. We adopted ASU <div style="display: inline; font-style: italic; font: inherit;">2016</div>-<div style="display: inline; font-style: italic; font: inherit;">02</div> in the quarter ending <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019, </div>utilizing the modified retrospective transition method on <div style="display: inline; font-style: italic; font: inherit;"> October 1, 2019. </div>We have elected the package of practical expedients, which allows the Company <div style="display: inline; font-style: italic; font: inherit;">not</div> to reassess (<div style="display: inline; font-style: italic; font: inherit;">1</div>) whether any expired or existing contracts as of the adoption date are or contain a lease, (<div style="display: inline; font-style: italic; font: inherit;">2</div>) lease classification for any expired or existing leases as of the adoption date, (<div style="display: inline; font-style: italic; font: inherit;">3</div>) initial direct costs for any existing leases as of the adoption date and (<div style="display: inline; font-style: italic; font: inherit;">4</div>) the application of hindsight when determining lease term and assessing impairment of right-of-use assets. The adoption of the new standard on <div style="display: inline; font-style: italic; font: inherit;"> October 1, 2019, </div>resulted in a lease obligation and related right-of-use asset of approximately <div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;">$461,740</div>.</div> The impact on the statement of operations was <div style="display: inline; font-style: italic; font: inherit;">not</div> material.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:18pt;margin-right:0pt;margin-top:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:18pt;margin-right:0pt;margin-top:0pt;text-align:justify;">The recently declared pandemic related to the coronavirus (COVID-<div style="display: inline; font-style: italic; font: inherit;">19</div>) could adversely impact our future results, especially if our customers are negatively impacted by the decrease in economic activity caused by the virus. If our customers fail to reach budgeted revenue projections and reduce their expenditures proportionally, we could experience lower than expected growth in revenue or lower overall revenue. We could also experience delays or declines in revenue and new business and or implementations of marketing campaigns if customers or potential customers delay or cancel their plans due to the economic slowdown caused by the virus. Additionally, our operations could be impacted, and we could experience higher costs if, despite our mitigation and prevention efforts, the virus spread prevents affected employees from performing key duties.</div></div>
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;">Mastermind, Inc.</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;">Notes to Consolidated Financial Statements</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-style: italic;">(</div><div style="display: inline; font-style: italic;">u</div><div style="display: inline; font-style: italic;">naudited)</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</div> <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: inherit;">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:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:18pt;margin-right:0pt;margin-top:0pt;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:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:18pt;margin-right:0pt;margin-top:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:18pt;margin-right:0pt;margin-top:0pt;text-align:justify;">On <div style="display: inline; font-style: italic; font: inherit;"> 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: inherit;"> 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:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:18pt;margin-right:0pt;margin-top:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:18pt;margin-right:0pt;margin-top:0pt;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: inherit;">one hundred</div> percent (<div style="display: inline; font-style: italic; font: inherit;">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: inherit;">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: inherit;">29,236,759</div> of our common stock, <div style="display: inline; font-style: italic; font: inherit;">$.001</div> par value (the &#x201c;Common Stock&#x201d;) representing <div style="display: inline; font-style: italic; font: inherit;">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:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:18pt;margin-right:0pt;margin-top:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:18pt;margin-right:0pt;margin-top:0pt;text-align:justify;">On <div style="display: inline; font-style: italic; font: inherit;"> 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: inherit;"> April 27, 2018, </div>in lieu of a meeting of our stockholders, and pursuant to Section <div style="display: inline; font-style: italic; font: inherit;">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: inherit;">85%</div> of our voting securities, approved the Amended Certificate, by written consent. On <div style="display: inline; font-style: italic; font: inherit;"> 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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