$MMND
MASTERMIND, INC.

2021 Q3 Form 10-K Financial Statement

#000143774922003274 Filed on February 14, 2022

View on sec.gov

Income Statement

Concept 2021 Q3 2021 2020 Q3
Revenue $922.6K $3.828M $762.1K
YoY Change 21.06% 5.2% 16149.89%
Cost Of Revenue $330.2K $1.499M $161.3K
YoY Change 104.72% 31.48% -89.94%
Gross Profit $592.4K $2.329M $600.8K
YoY Change -1.4% -6.79% -137.58%
Gross Profit Margin 64.21% 60.85% 78.84%
Selling, General & Admin $762.5K $2.345M $893.5K
YoY Change -14.66% -4.32%
% of Gross Profit 128.71% 100.66% 148.71%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $5.370K $21.72K $6.490K
YoY Change -17.26% -19.71% -10.11%
% of Gross Profit 0.91% 0.93% 1.08%
Operating Expenses $762.5K $2.345M $893.5K
YoY Change -14.66% -4.32% -292.5%
Operating Profit -$170.1K -$15.41K -$292.7K
YoY Change -41.89% -131.83% -74.21%
Interest Expense $890.00 $1.860K $420.00
YoY Change 111.9% 23.18% -36.36%
% of Operating Profit
Other Income/Expense, Net $782.1K -$1.160K
YoY Change -6486.42% -143.61%
Pretax Income $309.4K $766.7K -$293.4K
YoY Change -205.43% 2020.94% -74.07%
Income Tax -$42.18K -$528.00 -$185.6K
% Of Pretax Income -13.64% -0.07%
Net Earnings $351.5K $767.3K -$107.8K
YoY Change -426.02% 443.49% -90.45%
Net Earnings / Revenue 38.1% 20.05% -14.15%
Basic Earnings Per Share $0.02
Diluted Earnings Per Share $10.19K $0.02 -$3.183K
COMMON SHARES
Basic Shares Outstanding 34.34M
Diluted Shares Outstanding 34.34M

Balance Sheet

Concept 2021 Q3 2021 2020 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.075M $1.075M $807.3K
YoY Change 33.19% 33.19% 8.77%
Cash & Equivalents $1.075M $1.075M $807.3K
Short-Term Investments
Other Short-Term Assets $77.48K $77.48K $173.4K
YoY Change -55.32% -55.32% -6.81%
Inventory
Prepaid Expenses
Receivables $1.261M $1.261M $747.5K
Other Receivables $31.27K $31.27K $117.7K
Total Short-Term Assets $2.445M $2.445M $1.886M
YoY Change 29.65% 29.65% 35.2%
LONG-TERM ASSETS
Property, Plant & Equipment $59.50K $321.6K $65.83K
YoY Change -9.62% -25.31% -16.61%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $321.6K $321.6K $430.5K
YoY Change -25.31% -25.3% 445.4%
TOTAL ASSETS
Total Short-Term Assets $2.445M $2.445M $1.886M
Total Long-Term Assets $321.6K $321.6K $430.5K
Total Assets $2.767M $2.767M $2.316M
YoY Change 19.44% 19.44% 57.17%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $258.0K $258.0K $223.2K
YoY Change 15.58% 15.58% 71.18%
Accrued Expenses $108.3K $108.3K $102.5K
YoY Change 5.64% 5.64%
Deferred Revenue $59.33K $82.45K
YoY Change -28.05% -51.45%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $425.6K $593.8K $577.6K
YoY Change -26.32% 2.8% 31.23%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $301.8K
YoY Change -100.0% -100.0%
Other Long-Term Liabilities $153.8K $153.8K $262.2K
YoY Change -41.34% -41.34%
Total Long-Term Liabilities $153.8K $153.8K $564.0K
YoY Change -72.73% -72.73%
TOTAL LIABILITIES
Total Short-Term Liabilities $425.6K $593.8K $577.6K
Total Long-Term Liabilities $153.8K $153.8K $564.0K
Total Liabilities $747.6K $747.6K $1.142M
YoY Change -34.51% -34.51% 159.36%
SHAREHOLDERS EQUITY
Retained Earnings $1.908M $1.141M
YoY Change 67.25% 14.12%
Common Stock $34.51K $33.87K
YoY Change 1.87% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.019M $2.019M $1.175M
YoY Change
Total Liabilities & Shareholders Equity $2.767M $2.767M $2.316M
YoY Change 19.44% 19.44% 57.17%

Cashflow Statement

Concept 2021 Q3 2021 2020 Q3
OPERATING ACTIVITIES
Net Income $351.5K $767.3K -$107.8K
YoY Change -426.02% 443.49% -90.45%
Depreciation, Depletion And Amortization $5.370K $21.72K $6.490K
YoY Change -17.26% -19.71% -10.11%
Cash From Operating Activities -$38.87K -$195.2K -$74.66K
YoY Change -47.94% -12.09% -123.99%
INVESTING ACTIVITIES
Capital Expenditures -$6.410K $15.39K -$9.360K
YoY Change -31.52% 5.4% 614.5%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$6.410K -$15.39K -$9.360K
YoY Change -31.52% 5.4% 614.5%
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 $478.5K 0.000
YoY Change 58.59%
NET CHANGE
Cash From Operating Activities -38.87K -$195.2K -74.66K
Cash From Investing Activities -6.410K -$15.39K -9.360K
Cash From Financing Activities 0.000 $478.5K 0.000
Net Change In Cash -45.28K $267.9K -84.02K
YoY Change -46.11% 311.63% -127.11%
FREE CASH FLOW
Cash From Operating Activities -$38.87K -$195.2K -$74.66K
Capital Expenditures -$6.410K $15.39K -$9.360K
Free Cash Flow -$32.46K -$210.6K -$65.30K
YoY Change -50.29% -11.01% -120.89%

Facts In Submission

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CY2020 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
461740 USD
CY2021 us-gaap Nature Of Operations
NatureOfOperations
<table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;"><tbody><tr><td style="vertical-align:top;width:3.3%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><em style="font: inherit;">1.</em> </b></p> </td><td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Business</b></p> </td></tr> </tbody></table> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 26pt;">Mastermind, Inc. (the “Company”, “we”, “us”, or the “organization”) 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 “right customers” 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.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 26pt;">On <em style="font: inherit;"> February 14, 2018, </em>we consummated a transactions pursuant to a Joint Venture Interest Contribution Agreement (the “Contribution Agreement”) made and entered into as of <em style="font: inherit;"> February 14, 2018 </em>by and among (i) us, (ii) Mastermind Involvement Marketing, a Georgia joint venture (“MIM”), and (iii) Mastermind Marketing, Inc, a Georgia Corporation (“MM Inc.”), Digital Advize, LLC, a Georgia limited liability company (“Advize”), and Villanta Corporation, a Georgia Corporation (“Villanta”, together with Advize and MM Inc., the “Sellers” or “Majority Stockholders”).</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 26pt;">As a result of the Contribution Agreement, the Sellers became our controlling shareholders of and we became a wholly-owned subsidiary.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p 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-<em style="font: inherit;">19</em>) 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.</p><p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"/>
CY2021 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 26pt;"><i>Use of Accounting Estimates</i></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p 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 certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.</p>
CY2021Q3 us-gaap Lessee Operating Lease Discount Rate
LesseeOperatingLeaseDiscountRate
0.055 pure
CY2020Q3 us-gaap Furniture And Fixtures Gross
FurnitureAndFixturesGross
130598 USD
CY2021 mmnd Sharebased Compensation Arrangement By Sharebased Payment Award Expected Forfeiture Rate
SharebasedCompensationArrangementBySharebasedPaymentAwardExpectedForfeitureRate
0 pure
CY2021Q3 us-gaap Finite Lived License Agreements Gross
FiniteLivedLicenseAgreementsGross
2100000 USD
CY2021Q3 us-gaap Furniture And Fixtures Gross
FurnitureAndFixturesGross
145987 USD
CY2021Q3 us-gaap Leasehold Improvements Gross
LeaseholdImprovementsGross
73795 USD
CY2020Q3 us-gaap Leasehold Improvements Gross
LeaseholdImprovementsGross
73795 USD
CY2021Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
219782 USD
CY2020Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
204393 USD
CY2021Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
160287 USD
CY2020Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
138565 USD
CY2021Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
59495 USD
CY2020Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
65828 USD
CY2021 us-gaap Depreciation
Depreciation
21722 USD
CY2020 us-gaap Depreciation
Depreciation
27053 USD
CY2021Q3 mmnd Operating Lease Rightofuse Asset Before Accumulated Amortization
OperatingLeaseRightofuseAssetBeforeAccumulatedAmortization
461740 USD
CY2021Q3 mmnd Operating Lease Rightofuse Asset Accumulated Amortization
OperatingLeaseRightofuseAssetAccumulatedAmortization
199643 USD
CY2021Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
262097 USD
CY2012Q3 us-gaap Finite Lived License Agreements Gross
FiniteLivedLicenseAgreementsGross
2100000 USD
CY2021Q3 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0 USD
CY2021 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210 pure
CY2021 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.057 pure
CY2021 mmnd Effective Income Tax Rate Reconciliation Permanent Differences Percent
EffectiveIncomeTaxRateReconciliationPermanentDifferencesPercent
0.267 pure
CY2021 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.000 pure
CY2021Q3 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
116515 USD
CY2020Q3 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
31900 USD
CY2021Q3 mmnd Deferred Tax Assets Current Liabilities
DeferredTaxAssetsCurrentLiabilities
65144 USD
CY2020Q3 mmnd Deferred Tax Assets Current Liabilities
DeferredTaxAssetsCurrentLiabilities
56361 USD
CY2021Q3 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
181659 USD
CY2020Q3 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
88261 USD
CY2021Q3 mmnd Deferred Tax Liabilities Current Assets
DeferredTaxLiabilitiesCurrentAssets
326343 USD
CY2020Q3 mmnd Deferred Tax Liabilities Current Assets
DeferredTaxLiabilitiesCurrentAssets
232526 USD
CY2021Q3 us-gaap Deferred Tax Liabilities Property Plant And Equipment
DeferredTaxLiabilitiesPropertyPlantAndEquipment
23490 USD
CY2020Q3 us-gaap Deferred Tax Liabilities Property Plant And Equipment
DeferredTaxLiabilitiesPropertyPlantAndEquipment
25187 USD
CY2021Q3 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
349833 USD
CY2020Q3 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
257713 USD
CY2021Q3 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
168174 USD
CY2020Q3 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
169452 USD
CY2021Q3 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
461000 USD
CY2021Q3 us-gaap Preferred Stock Shares Authorized
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1000000
CY2021Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2021Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
125000000
CY2021Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
34505520
CY2020Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
33870520
CY2021 us-gaap Dividends
Dividends
0 USD
CY2021 us-gaap Stock Issued During Period Shares Stock Options Exercised
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0
CY2021Q3 mmnd Percentage Of Voting Securities
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0.85 pure
CY2021Q3 us-gaap Lessee Operating Lease Discount Rate
LesseeOperatingLeaseDiscountRate
0.055 pure
CY2021 us-gaap Operating Lease Expense
OperatingLeaseExpense
239273 USD
CY2020 us-gaap Operating Lease Expense
OperatingLeaseExpense
120000 USD
CY2021Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
262097 USD
CY2021Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
108281 USD
CY2021Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
153816 USD
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
120000 USD
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
120000 USD
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
40000 USD
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
280000 USD
CY2021Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
17903 USD
CY2021Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
262097 USD

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