$MMND
MASTERMIND, INC.

2019 Q3 Form 10-K Financial Statement

#000143774921003526 Filed on February 22, 2021

View on sec.gov

Income Statement

Concept 2019 Q3 2019 2018 Q3
Revenue $4.690K $3.954M $1.560M
YoY Change -99.7% -24.39%
Cost Of Revenue $1.604M $2.148M $1.540M
YoY Change 4.13% 3.43%
Gross Profit -$1.599M $1.806M $10.00K
YoY Change -16089.8% -42.71%
Gross Profit Margin -34093.39% 45.68% 0.64%
Selling, General & Admin $2.429M
YoY Change 27.67%
% of Gross Profit 134.48%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $7.220K $29.19K $10.00K
YoY Change -27.8% 0.45%
% of Gross Profit 1.62% 100.0%
Operating Expenses -$464.2K $2.429M -$550.0K
YoY Change -15.61% 27.67% -1200.0%
Operating Profit -$1.135M -$622.9K $560.0K
YoY Change -302.65% -149.82%
Interest Expense $660.00 $2.670K $20.00K
YoY Change -96.7% -131.19%
% of Operating Profit 3.57%
Other Income/Expense, Net $2.660K $5.328K $0.00
YoY Change 207.98%
Pretax Income -$1.132M -$617.5K $590.0K
YoY Change -291.78% -151.75% -1280.0%
Income Tax -$2.370K $136.4K $160.0K
% Of Pretax Income 27.12%
Net Earnings -$1.129M -$753.9K $430.0K
YoY Change -362.59% -182.4% -960.0%
Net Earnings / Revenue -24075.27% -19.07% 27.56%
Basic Earnings Per Share -$2.00
Diluted Earnings Per Share -$33.34K -$0.02 $11.50K
COMMON SHARES
Basic Shares Outstanding 33.87M
Diluted Shares Outstanding 33.87M

Balance Sheet

Concept 2019 Q3 2019 2018 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $742.2K $742.2K $860.0K
YoY Change -13.7% -13.84% 8500.0%
Cash & Equivalents $742.2K $742.2K $861.4K
Short-Term Investments
Other Short-Term Assets $186.1K $186.1K $30.00K
YoY Change 520.3% 516.19%
Inventory
Prepaid Expenses
Receivables $414.7K $466.6K $1.146M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.395M $1.395M $2.038M
YoY Change -31.55% -31.55% 20278.83%
LONG-TERM ASSETS
Property, Plant & Equipment $78.94K $78.94K $92.69K
YoY Change -14.83% -14.83% -5.24%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $78.94K $78.94K $92.69K
YoY Change -14.83% -14.83%
TOTAL ASSETS
Total Short-Term Assets $1.395M $1.395M $2.038M
Total Long-Term Assets $78.94K $78.94K $92.69K
Total Assets $1.474M $1.474M $2.131M
YoY Change -30.82% -30.82% 21205.68%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $130.4K $130.4K $120.0K
YoY Change 8.67% 5.28% 500.0%
Accrued Expenses $100.0K
YoY Change
Deferred Revenue $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 $440.2K $440.2K $342.9K
YoY Change 28.34% 28.34% 389.93%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $260.0K
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $440.2K $440.2K $342.9K
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $440.2K $440.2K $342.9K
YoY Change 28.34% 28.34% 389.93%
SHAREHOLDERS EQUITY
Retained Earnings $999.8K $1.754M
YoY Change -42.99%
Common Stock $33.87K $33.87K
YoY Change 0.0% 746.78%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.034M $1.034M $1.788M
YoY Change
Total Liabilities & Shareholders Equity $1.474M $1.474M $2.131M
YoY Change -30.82% -30.82% 21205.68%

Cashflow Statement

Concept 2019 Q3 2019 2018 Q3
OPERATING ACTIVITIES
Net Income -$1.129M -$753.9K $430.0K
YoY Change -362.59% -182.4% -960.0%
Depreciation, Depletion And Amortization $7.220K $29.19K $10.00K
YoY Change -27.8% 0.45%
Cash From Operating Activities $311.2K -$110.3K $320.0K
YoY Change -2.75% -116.43%
INVESTING ACTIVITIES
Capital Expenditures -$1.310K $15.45K -$10.00K
YoY Change -86.9% -164.52%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$1.310K -$15.45K -$10.00K
YoY Change -86.9% -35.48%
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 6.589K 0.000
YoY Change -101.98%
NET CHANGE
Cash From Operating Activities 311.2K -110.3K 320.0K
Cash From Investing Activities -1.310K -15.45K -10.00K
Cash From Financing Activities 0.000 6.589K 0.000
Net Change In Cash 309.9K -119.2K 310.0K
YoY Change -0.03% -137.79%
FREE CASH FLOW
Cash From Operating Activities $311.2K -$110.3K $320.0K
Capital Expenditures -$1.310K $15.45K -$10.00K
Free Cash Flow $312.5K -$125.8K $330.0K
YoY Change -5.3% -118.08%

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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:0;font-family:'Times New Roman', Times, serif;font-size:10pt; min-width: 700px;"> <tr> <td style="vertical-align:top;width:3.3%;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">1.</div> </div></div> </td> <td style="vertical-align:top;width:96.7%;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><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-bottom:0pt;margin-left:25.2pt;margin-right:7.2pt;margin-top:0pt;text-align:left;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:25.2pt;margin-right:7.2pt;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:25.2pt;margin-right:7.2pt;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:25.2pt;margin-right:7.2pt;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:25.2pt;margin-right:7.2pt;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:25.2pt;margin-right:7.2pt;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 have been 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:25.2pt;margin-right:7.2pt;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:25.2pt;margin-right:7.2pt;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 style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:25.2pt;margin-right:7.2pt;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:25.2pt;margin-right:7.2pt;margin-top:0pt;text-align:justify;"><div style="display: inline; font-style: italic;">Fiscal Year</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:25.2pt;margin-right:7.2pt;margin-top:0pt;text-align:justify;"><div style="display: inline; font-style: italic;">&nbsp;</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:25.2pt;margin-right:7.2pt;margin-top:0pt;text-align:justify;">Our fiscal year ends on <div style="display: inline; font-style: italic; font: inherit;"> September 30. </div>References herein to fiscal <div style="display: inline; font-style: italic; font: inherit;">2020</div> and/or fiscal <div style="display: inline; font-style: italic; font: inherit;">2019</div> refer to the fiscal years ended <div style="display: inline; font-style: italic; font: inherit;"> September 30, 2020 </div>and/or <div style="display: inline; font-style: italic; font: inherit;">2019,</div> respectively.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:25.2pt;margin-right:7.2pt;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:25.2pt;margin-right:7.2pt;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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