$MMND
MASTERMIND, INC.

2021 Q1 Form 10-Q Financial Statement

#000143774921012503 Filed on May 17, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q3 2020 Q1
Revenue $932.8K $762.1K $947.8K
YoY Change -1.59% 16149.89% -35.7%
Cost Of Revenue $303.9K $161.3K $369.4K
YoY Change -17.72% -89.94% -30.13%
Gross Profit $628.9K $600.8K $578.5K
YoY Change 8.71% -137.58% -38.81%
Gross Profit Margin 67.42% 78.84% 61.03%
Selling, General & Admin $579.9K $893.5K $462.5K
YoY Change 25.4% -22.08%
% of Gross Profit 92.22% 148.71% 79.95%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $5.190K $6.490K $6.634K
YoY Change -21.77% -10.11% -7.87%
% of Gross Profit 0.83% 1.08% 1.15%
Operating Expenses $579.9K $893.5K $462.5K
YoY Change 25.39% -292.5% -22.08%
Operating Profit $48.92K -$292.7K $116.0K
YoY Change -57.83% -74.21% -67.04%
Interest Expense $200.00 $420.00 $200.00
YoY Change 0.0% -36.36%
% of Operating Profit 0.41% 0.17%
Other Income/Expense, Net $195.00 -$1.160K $199.00
YoY Change -2.01% -143.61%
Pretax Income $49.11K -$293.4K $116.2K
YoY Change -57.73% -74.07% -66.98%
Income Tax $12.99K -$185.6K $22.04K
% Of Pretax Income 26.45% 18.97%
Net Earnings $36.12K -$107.8K $94.15K
YoY Change -61.63% -90.45% -61.41%
Net Earnings / Revenue 3.87% -14.15% 9.93%
Basic Earnings Per Share $0.00 $0.00
Diluted Earnings Per Share $0.00 -$3.183K $0.00
COMMON SHARES
Basic Shares Outstanding 34.48M shares 33.87M
Diluted Shares Outstanding 33.48M shares 33.87M

Balance Sheet

Concept 2021 Q1 2020 Q3 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $470.9K $807.3K $782.3K
YoY Change -39.81% 8.77% 16.23%
Cash & Equivalents $470.9K $807.3K $782.3K
Short-Term Investments
Other Short-Term Assets $149.9K $173.4K $256.4K
YoY Change -41.55% -6.81% 230.71%
Inventory
Prepaid Expenses
Receivables $479.9K $747.5K $387.1K
Other Receivables $117.7K $117.7K $0.00
Total Short-Term Assets $1.896M $1.886M $1.549M
YoY Change 22.4% 35.2% -31.21%
LONG-TERM ASSETS
Property, Plant & Equipment $61.94K $65.83K $69.66K
YoY Change -11.08% -16.61% -19.67%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $376.1K $430.5K $483.5K
YoY Change -22.22% 445.4% 457.66%
TOTAL ASSETS
Total Short-Term Assets $1.896M $1.886M $1.549M
Total Long-Term Assets $376.1K $430.5K $483.5K
Total Assets $2.272M $2.316M $2.033M
YoY Change 11.79% 57.17% -13.09%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $188.1K $223.2K $127.3K
YoY Change 47.73% 71.18% 2.57%
Accrued Expenses $105.4K $102.5K $99.73K
YoY Change 5.64%
Deferred Revenue $82.45K $159.9K
YoY Change -51.45%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $478.0K $577.6K $541.2K
YoY Change -11.68% 31.23% 123.85%
LONG-TERM LIABILITIES
Long-Term Debt $301.8K $301.8K $0.00
YoY Change
Other Long-Term Liabilities $208.8K $262.2K $314.2K
YoY Change -33.53%
Total Long-Term Liabilities $510.6K $564.0K $314.2K
YoY Change 62.51%
TOTAL LIABILITIES
Total Short-Term Liabilities $478.0K $577.6K $541.2K
Total Long-Term Liabilities $510.6K $564.0K $314.2K
Total Liabilities $988.6K $1.142M $855.4K
YoY Change 15.57% 159.36% 253.79%
SHAREHOLDERS EQUITY
Retained Earnings $1.182M $1.141M $1.143M
YoY Change 3.36% 14.12%
Common Stock $34.51K $33.87K $33.87K
YoY Change 1.87% 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.284M $1.175M $1.177M
YoY Change
Total Liabilities & Shareholders Equity $2.272M $2.316M $2.033M
YoY Change 11.79% 57.17% -13.09%

Cashflow Statement

Concept 2021 Q1 2020 Q3 2020 Q1
OPERATING ACTIVITIES
Net Income $36.12K -$107.8K $94.15K
YoY Change -61.63% -90.45% -61.41%
Depreciation, Depletion And Amortization $5.190K $6.490K $6.634K
YoY Change -21.77% -10.11% -7.87%
Cash From Operating Activities $41.49K -$74.66K $439.7K
YoY Change -90.56% -123.99% -566.2%
INVESTING ACTIVITIES
Capital Expenditures -$2.820K -$9.360K -$3.710K
YoY Change -23.99% 614.5% -33.87%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$2.820K -$9.360K -$3.710K
YoY Change -23.99% 614.5% -33.87%
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
YoY Change
NET CHANGE
Cash From Operating Activities 41.49K -74.66K 439.7K
Cash From Investing Activities -2.820K -9.360K -3.710K
Cash From Financing Activities 0.000 0.000
Net Change In Cash 38.67K -84.02K 436.0K
YoY Change -91.13% -127.11% -536.32%
FREE CASH FLOW
Cash From Operating Activities $41.49K -$74.66K $439.7K
Capital Expenditures -$2.820K -$9.360K -$3.710K
Free Cash Flow $44.31K -$65.30K $443.4K
YoY Change -90.01% -120.89% -599.86%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
dei Entity Interactive Data Current
EntityInteractiveDataCurrent
Yes
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--09-30
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2021
dei Document Period End Date
DocumentPeriodEndDate
2021-03-31
dei Document Type
DocumentType
10-Q
CY2020Q3 us-gaap Stockholders Equity
StockholdersEquity
1174847
CY2020Q4 us-gaap Stockholders Equity
StockholdersEquity
1179586
dei Entity Central Index Key
EntityCentralIndexKey
0001088638
CY2021Q2 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
34505520
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
false
dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
dei Entity Registrant Name
EntityRegistrantName
MASTERMIND, INC.
dei Entity Shell Company
EntityShellCompany
false
dei Entity Small Business
EntitySmallBusiness
true
CY2021Q1 mmnd Accounts Payable And Accrued Liabilities Related Parties Current
AccountsPayableAndAccruedLiabilitiesRelatedPartiesCurrent
100000
CY2020Q3 mmnd Accounts Payable And Accrued Liabilities Related Parties Current
AccountsPayableAndAccruedLiabilitiesRelatedPartiesCurrent
100000
CY2021Q1 mmnd Common Stock To Be Issued
CommonStockToBeIssued
45
CY2020Q3 mmnd Common Stock To Be Issued
CommonStockToBeIssued
CY2021Q1 mmnd Common Stock To Be Issued Shares
CommonStockToBeIssuedShares
45000
CY2020Q3 mmnd Common Stock To Be Issued Shares
CommonStockToBeIssuedShares
CY2021Q1 mmnd Consideration For Perpetual License Fees Agreed To Pay
ConsiderationForPerpetualLicenseFeesAgreedToPay
1920000
CY2021Q1 mmnd Consideration For Perpetual License Fees Agreed To Pay Next Rolling Twelve Months
ConsiderationForPerpetualLicenseFeesAgreedToPayNextRollingTwelveMonths
60000
CY2021Q1 mmnd Consideration For Perpetual License Fees Agreed To Pay Rolling After Year Five
ConsiderationForPerpetualLicenseFeesAgreedToPayRollingAfterYearFive
1620000
CY2021Q1 mmnd Consideration For Perpetual License Fees Agreed To Pay Rolling Year Five
ConsiderationForPerpetualLicenseFeesAgreedToPayRollingYearFive
60000
CY2021Q1 mmnd Consideration For Perpetual License Fees Agreed To Pay Rolling Year Four
ConsiderationForPerpetualLicenseFeesAgreedToPayRollingYearFour
60000
CY2021Q1 mmnd Consideration For Perpetual License Fees Agreed To Pay Rolling Year Three
ConsiderationForPerpetualLicenseFeesAgreedToPayRollingYearThree
60000
CY2021Q1 mmnd Consideration For Perpetual License Fees Agreed To Pay Rolling Year Two
ConsiderationForPerpetualLicenseFeesAgreedToPayRollingYearTwo
60000
CY2021Q1 mmnd Deferred Income Tax Liabilities Net Current
DeferredIncomeTaxLiabilitiesNetCurrent
184593
CY2020Q3 mmnd Deferred Income Tax Liabilities Net Current
DeferredIncomeTaxLiabilitiesNetCurrent
169452
CY2021Q1 mmnd Percentage Of Voting Securities
PercentageOfVotingSecurities
0.85
CY2021Q1 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
88097
CY2020Q3 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
123216
CY2021Q1 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
479857
CY2020Q3 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
747472
CY2021Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
149622
CY2020Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
138565
CY2021Q1 us-gaap Additional Paid In Capital
AdditionalPaidInCapital
67320
CY2020Q3 us-gaap Additional Paid In Capital
AdditionalPaidInCapital
CY2021Q1 us-gaap Assets
Assets
2272316
CY2020Q3 us-gaap Assets
Assets
2316429
CY2021Q1 us-gaap Assets Current
AssetsCurrent
1896211
CY2020Q3 us-gaap Assets Current
AssetsCurrent
1885887
us-gaap Basis Of Accounting
BasisOfAccounting
<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: 27pt;"> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">2.</div> </div></div> </td> <td> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><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';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 26pt;">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;">six</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021 </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, 2020 </div>and <div style="display: inline; font-style: italic; font: inherit;">2019</div> as filed with the Securities and Exchange Commission.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 26pt;">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;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 26pt;">&nbsp;</div> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 26pt;">There have been <div style="display: inline; font-style: italic; font: inherit;">no</div> material changes in the Company's significant accounting policies during the quarter ended <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021, </div>other than 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, 2020.</div></div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 26pt;">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';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 26pt;">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>
CY2021Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
470884
CY2020Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
807262
CY2020Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
807262
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-660
CY2021Q1 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
CY2019Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
742173
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
470884
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
782276
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-336378
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
40103
CY2021Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2020Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2021Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
125000000
CY2020Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
125000000
CY2021Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
34505520
CY2020Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
33870520
CY2021Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
34505520
CY2020Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
33870520
CY2021Q1 us-gaap Common Stock Value
CommonStockValue
34506
CY2020Q3 us-gaap Common Stock Value
CommonStockValue
33871
CY2021Q1 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
CY2020Q3 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
82450
CY2021Q1 us-gaap Cost Of Revenue
CostOfRevenue
303900
CY2020Q1 us-gaap Cost Of Revenue
CostOfRevenue
369366
us-gaap Cost Of Revenue
CostOfRevenue
869202
us-gaap Cost Of Revenue
CostOfRevenue
773998
us-gaap Depreciation
Depreciation
11057
us-gaap Depreciation
Depreciation
13865
us-gaap Dividends
Dividends
0
us-gaap Dividends
Dividends
0
CY2021Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0
CY2020Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0
CY2021Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0
CY2020Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0
CY2012Q1 us-gaap Finite Lived License Agreements Gross
FiniteLivedLicenseAgreementsGross
2170000
CY2012Q1 us-gaap Finite Lived License Agreements Gross
FiniteLivedLicenseAgreementsGross
2100000
CY2021Q1 us-gaap Furniture And Fixtures Gross
FurnitureAndFixturesGross
137764
CY2020Q3 us-gaap Furniture And Fixtures Gross
FurnitureAndFixturesGross
130598
CY2020Q1 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
CY2021Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
579937
CY2020Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
462492
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1085295
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1041552
CY2021Q1 us-gaap Gross Profit
GrossProfit
628853
CY2020Q1 us-gaap Gross Profit
GrossProfit
578480
us-gaap Gross Profit
GrossProfit
1140710
us-gaap Gross Profit
GrossProfit
1240135
CY2021Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
49111
CY2020Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
116187
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
56003
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
189075
CY2021Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
12988
CY2020Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
22039
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
15141
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
45453
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
CY2021Q1 us-gaap Income Taxes Receivable
IncomeTaxesReceivable
117710
CY2020Q3 us-gaap Income Taxes Receivable
IncomeTaxesReceivable
117710
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-35120
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-3065
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-267615
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-27527
us-gaap Increase Decrease In Contract With Customer Asset
IncreaseDecreaseInContractWithCustomerAsset
637878
us-gaap Increase Decrease In Contract With Customer Asset
IncreaseDecreaseInContractWithCustomerAsset
71402
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-82450
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-9886
us-gaap Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
-15141
us-gaap Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
-14305
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-26061
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
70282
us-gaap Interest Paid
InterestPaid
us-gaap Interest Paid
InterestPaid
CY2021Q1 us-gaap Investment Income Interest
InvestmentIncomeInterest
195
CY2020Q1 us-gaap Investment Income Interest
InvestmentIncomeInterest
199
us-gaap Investment Income Interest
InvestmentIncomeInterest
588
us-gaap Investment Income Interest
InvestmentIncomeInterest
597
CY2021Q1 us-gaap Leasehold Improvements Gross
LeaseholdImprovementsGross
73795
CY2020Q3 us-gaap Leasehold Improvements Gross
LeaseholdImprovementsGross
73795
CY2014Q1 us-gaap Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
P10Y
CY2021Q1 us-gaap Liabilities
Liabilities
988607
CY2020Q3 us-gaap Liabilities
Liabilities
1141582
CY2021Q1 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
2272316
CY2020Q3 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
2316429
CY2021Q1 us-gaap Liabilities Current
LiabilitiesCurrent
478040
CY2020Q3 us-gaap Liabilities Current
LiabilitiesCurrent
577617
CY2021Q1 us-gaap Long Term Notes Payable
LongTermNotesPayable
301750
CY2020Q3 us-gaap Long Term Notes Payable
LongTermNotesPayable
301750
CY2020Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2021Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
us-gaap Nature Of Operations
NatureOfOperations
<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: 27pt;"> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">1.</div> </div></div> </td> <td> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><div style="display: inline; font-weight: bold;">Business</div></div> </td> </tr> </table> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 26pt;">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>
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-7166
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-5241
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-329212
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
45344
us-gaap Net Income Loss
NetIncomeLoss
40862
us-gaap Net Income Loss
NetIncomeLoss
143622
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
36123
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
94148
CY2020Q4 us-gaap Net Income Loss
NetIncomeLoss
4739
CY2019Q4 us-gaap Net Income Loss
NetIncomeLoss
49474
CY2021Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
195
CY2020Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
199
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
588
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-9508
CY2021Q1 us-gaap Operating Expenses
OperatingExpenses
579937
CY2020Q1 us-gaap Operating Expenses
OperatingExpenses
462492
us-gaap Operating Expenses
OperatingExpenses
1085295
us-gaap Operating Expenses
OperatingExpenses
1041552
CY2021Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
48916
CY2020Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
115988
us-gaap Operating Income Loss
OperatingIncomeLoss
55415
us-gaap Operating Income Loss
OperatingIncomeLoss
198583
CY2021Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
30000
us-gaap Operating Lease Expense
OperatingLeaseExpense
60000
CY2020Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
30000
us-gaap Operating Lease Expense
OperatingLeaseExpense
60000
CY2021Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
105350
CY2020Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
102499
CY2021Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
208817
CY2020Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
262215
CY2021Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
314168
CY2020Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
364714
CY2021Q1 us-gaap Other Nonoperating Expense
OtherNonoperatingExpense
CY2020Q1 us-gaap Other Nonoperating Expense
OtherNonoperatingExpense
us-gaap Other Nonoperating Expense
OtherNonoperatingExpense
us-gaap Other Nonoperating Expense
OtherNonoperatingExpense
9445
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
7166
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
5241
CY2021Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2020Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2021Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2020Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2021Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
us-gaap Share Based Compensation
ShareBasedCompensation
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
525667
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.15
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0
CY2021Q1 us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
68000
CY2020Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2021Q1 us-gaap Preferred Stock Value
PreferredStockValue
CY2020Q3 us-gaap Preferred Stock Value
PreferredStockValue
CY2021Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
149863
CY2020Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
173424
CY2021Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
211559
CY2020Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
204393
CY2021Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
61937
CY2020Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
65828
CY2021Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
1181838
CY2020Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
1140976
CY2021Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
932753
CY2020Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
947846
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
2009912
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
2014133
us-gaap Share Based Compensation
ShareBasedCompensation
65500
CY2021Q1 us-gaap Stockholders Equity
StockholdersEquity
1283709
CY2019Q3 us-gaap Stockholders Equity
StockholdersEquity
1033674
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
1083148
CY2020Q1 us-gaap Stockholders Equity
StockholdersEquity
1177296
CY2021Q1 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
677897
CY2020Q3 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
40019
CY2020Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2021Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2021Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2020Q3 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
34477298
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
33870520
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
34170575
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
33870520
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
34477298
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
33870520
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
34170575
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
33870520

Files In Submission

Name View Source Status
0001437749-21-012503-index-headers.html Edgar Link pending
0001437749-21-012503-index.html Edgar Link pending
0001437749-21-012503.txt Edgar Link pending
0001437749-21-012503-xbrl.zip Edgar Link pending
ex_250137.htm Edgar Link pending
ex_250138.htm Edgar Link pending
ex_250139.htm Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xlsx Edgar Link pending
mmnd-20210331.xml Edgar Link completed
mmnd-20210331.xsd Edgar Link pending
mmnd-20210331_cal.xml Edgar Link unprocessable
mmnd-20210331_def.xml Edgar Link unprocessable
mmnd-20210331_lab.xml Edgar Link unprocessable
mmnd-20210331_pre.xml Edgar Link unprocessable
mmnd20210331_10q.htm Edgar Link pending
R1.htm Edgar Link pending
R10.htm Edgar Link pending
R11.htm Edgar Link pending
R12.htm Edgar Link pending
R13.htm Edgar Link pending
R14.htm Edgar Link pending
R15.htm Edgar Link pending
R16.htm Edgar Link pending
R17.htm Edgar Link pending
R18.htm Edgar Link pending
R19.htm Edgar Link pending
R2.htm Edgar Link pending
R20.htm Edgar Link pending
R21.htm Edgar Link pending
R22.htm Edgar Link pending
R23.htm Edgar Link pending
R24.htm Edgar Link pending
R25.htm Edgar Link pending
R26.htm Edgar Link pending
R27.htm Edgar Link pending
R28.htm Edgar Link pending
R29.htm Edgar Link pending
R3.htm Edgar Link pending
R30.htm Edgar Link pending
R31.htm Edgar Link pending
R32.htm Edgar Link pending
R4.htm Edgar Link pending
R5.htm Edgar Link pending
R6.htm Edgar Link pending
R7.htm Edgar Link pending
R8.htm Edgar Link pending
R9.htm Edgar Link pending
report.css Edgar Link pending
Show.js Edgar Link pending