$MMND
MASTERMIND, INC.

2022 Q3 Form 10-Q Financial Statement

#000147793222006363 Filed on August 22, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $1.149M $1.456M $1.078M
YoY Change 24.54% 62.65% 15.56%
Cost Of Revenue $417.1K $392.6K $401.0K
YoY Change 26.31% 31.26% 31.96%
Gross Profit $731.9K $1.063M $676.9K
YoY Change 23.55% 78.41% 7.64%
Gross Profit Margin 63.7% 73.03% 62.8%
Selling, General & Admin $559.8K $615.6K $620.8K
YoY Change -26.59% 23.91% 7.04%
% of Gross Profit 76.48% 57.89% 91.71%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $6.500K $5.600K $5.519K
YoY Change 21.04% 5.86% 6.34%
% of Gross Profit 0.89% 0.53% 0.82%
Operating Expenses $559.8K $615.6K $620.7K
YoY Change -26.59% 23.91% 7.04%
Operating Profit $172.2K $447.8K $56.14K
YoY Change -201.22% 351.14% 14.76%
Interest Expense -$540.00 $930.00 $700.00
YoY Change -160.67% 144.74% 250.0%
% of Operating Profit -0.31% 0.21% 1.25%
Other Income/Expense, Net $930.00 $702.00
YoY Change -99.69% 260.0%
Pretax Income $171.6K $448.7K $56.84K
YoY Change -44.53% 11.79% 15.73%
Income Tax -$67.54K $114.8K -$12.41K
% Of Pretax Income -39.36% 25.59% -21.83%
Net Earnings $239.2K $333.9K $69.25K
YoY Change -31.97% -10.94% 91.69%
Net Earnings / Revenue 20.81% 22.93% 6.42%
Basic Earnings Per Share $0.01 $0.00
Diluted Earnings Per Share $0.01 $0.01 $0.00
COMMON SHARES
Basic Shares Outstanding 34.51M shares 34.51M shares 34.51M shares
Diluted Shares Outstanding 34.51M shares 34.51M shares

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.735M $1.974M $1.505M
YoY Change 61.38% 76.13% 219.58%
Cash & Equivalents $1.735M $1.974M $1.505M
Short-Term Investments
Other Short-Term Assets $77.48K $77.48K $124.9K
YoY Change 0.0% -40.58% -16.65%
Inventory
Prepaid Expenses
Receivables $349.2K $464.0K $681.7K
Other Receivables $27.45K $65.65K $104.7K
Total Short-Term Assets $3.326M $3.037M $2.416M
YoY Change 36.04% 30.32% 27.42%
LONG-TERM ASSETS
Property, Plant & Equipment $52.00K $51.37K $50.22K
YoY Change -12.59% -85.18% -18.91%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $205.8K $232.9K $258.9K
YoY Change -36.0% -32.82% -31.16%
TOTAL ASSETS
Total Short-Term Assets $3.326M $3.037M $2.416M
Total Long-Term Assets $205.8K $232.9K $258.9K
Total Assets $3.532M $3.270M $2.675M
YoY Change 27.67% 22.14% 17.73%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $109.3K $180.8K $68.22K
YoY Change -57.65% 335.98% -63.73%
Accrued Expenses $114.4K $112.8K $111.3K
YoY Change 5.64% 5.64% 5.64%
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 $551.7K $431.9K $234.5K
YoY Change 29.64% 20.43% -50.95%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Other Long-Term Liabilities $39.43K $68.73K $97.41K
YoY Change -74.37% -62.12% -53.35%
Total Long-Term Liabilities $39.43K $68.73K $97.41K
YoY Change -74.37% -89.59% -80.92%
TOTAL LIABILITIES
Total Short-Term Liabilities $551.7K $431.9K $234.5K
Total Long-Term Liabilities $39.43K $68.73K $97.41K
Total Liabilities $837.9K $814.9K $531.3K
YoY Change 12.08% -20.0% -46.26%
SHAREHOLDERS EQUITY
Retained Earnings $2.597M $2.358M
YoY Change 36.09%
Common Stock $34.51K $34.51K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.694M $2.455M $2.144M
YoY Change
Total Liabilities & Shareholders Equity $3.532M $3.270M $2.675M
YoY Change 27.67% 22.14% 17.73%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income $239.2K $333.9K $69.25K
YoY Change -31.97% -10.94% 91.69%
Depreciation, Depletion And Amortization $6.500K $5.600K $5.519K
YoY Change 21.04% 5.86% 6.34%
Cash From Operating Activities -$231.2K $475.4K $365.5K
YoY Change 494.88% 175.04% 780.98%
INVESTING ACTIVITIES
Capital Expenditures $7.130K -$6.760K -$1.760K
YoY Change -211.23% 273.48% -37.59%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$7.130K -$6.760K -$1.760K
YoY Change 11.23% 273.48% -37.59%
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 -100.0%
NET CHANGE
Cash From Operating Activities -231.2K 475.4K 365.5K
Cash From Investing Activities -7.130K -6.760K -1.760K
Cash From Financing Activities 0.000 0.000
Net Change In Cash -238.4K 468.7K 363.8K
YoY Change 426.41% -27.85% 840.68%
FREE CASH FLOW
Cash From Operating Activities -$231.2K $475.4K $365.5K
Capital Expenditures $7.130K -$6.760K -$1.760K
Free Cash Flow -$238.4K $482.2K $367.3K
YoY Change 634.32% 176.06% 728.89%

Facts In Submission

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<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>1. Business</strong></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">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>
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mmnd Summary Of Operating Lease Liabilities
SummaryOfOperatingLeaseLiabilities
<table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%"><tbody><tr style="height:15px"><td><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="hdcell" colspan="2" style="width:9%;vertical-align:bottom;text-align:center;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>June 30,</strong></p></td><td style="white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"><strong> </strong></p></td></tr><tr style="height:15px"><td><p style="font-size:10pt;font-family:times new roman;margin:0px"><strong> </strong></p></td><td style="white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"><strong> </strong></p></td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>2022</strong></p></td><td style="PADDING-BOTTOM: 1px;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;"><p style="font-size:10pt;font-family:times new roman;margin:0px">Lease liability</p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">181,564</td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;"><p style="font-size:10pt;font-family:times new roman;margin:0px">Less: current portion</p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(112,831</td><td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;"><p style="font-size:10pt;font-family:times new roman;margin:0px">Long term portion</p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;text-align:right;">68,733</td><td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td></tr></tbody></table>
CY2022Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
181564 usd
CY2022Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
112831 usd
CY2022Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
68733 usd
mmnd Summary Of Maturities Of Lease Liabilities
SummaryOfMaturitiesOfLeaseLiabilities
<table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%"><tbody><tr style="height:15px"><td><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="hdcell" colspan="2" style="width:9%;vertical-align:bottom;text-align:center;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>As of</strong></p></td><td style="white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"><strong> </strong></p></td></tr><tr style="height:15px"><td><p style="font-size:10pt;font-family:times new roman;margin:0px"><strong> </strong></p></td><td style="white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"><strong> </strong></p></td><td class="hdcell" colspan="2" style="width:9%;vertical-align:bottom;text-align:center;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>June 30,</strong></p></td><td style="white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"><strong> </strong></p></td></tr><tr style="height:15px"><td><p style="font-size:10pt;font-family:times new roman;margin:0px"><strong> </strong></p></td><td style="white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"><strong> </strong></p></td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>2022</strong></p></td><td style="PADDING-BOTTOM: 1px;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:left;">2022</p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">30,000</td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:left;">2023</p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">120,000</td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:left;">2024</p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">40,000</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;"><p style="font-size:10pt;font-family:times new roman;margin:0px">Total future minimum lease payments</p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">190,000</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;"><p style="font-size:10pt;font-family:times new roman;margin:0px">Less imputed interest</p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(8,436</td><td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;"><p style="font-size:10pt;font-family:times new roman;margin:0px">PV of Payments</p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;text-align:right;">181,564</td><td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td></tr></tbody></table>
CY2022Q2 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
30000 usd
CY2022Q2 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
120000 usd
CY2022Q2 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
40000 usd
CY2022Q2 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
190000 usd
CY2022Q2 mmnd Less Imputed Interest
LessImputedInterest
-8436 usd
CY2022Q2 mmnd Pv Of Payments
PvOfPayments
181564 usd
CY2022Q1 mmnd Loss Contingency Damages Sought Shares Of Common Stock
LossContingencyDamagesSoughtSharesOfCommonStock
3000000 shares
CY2022Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
CY2022Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
125000000 shares
CY2022Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
34505520 shares
CY2021Q1 mmnd Share Issued As Compensation
ShareIssuedAsCompensation
235000 shares
CY2021Q1 mmnd Common Stock Available For Issuence
CommonStockAvailableForIssuence
15000 shares
CY2021Q1 mmnd Common Stock Available For Issuence Amount
CommonStockAvailableForIssuenceAmount
1500 usd
CY2022Q2 mmnd Accrued Share Reversed Shares
AccruedShareReversedShares
225000 shares
CY2022Q2 mmnd Accrued Share Reversed Amount
AccruedShareReversedAmount
22500 usd
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
525667 shares
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.15
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Equity Instruments Other Than Options Aggregate Intrinsic Value Vested
SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueVested
57823 usd
CY2022Q2 us-gaap Accounts Payable And Other Accrued Liabilities Current
AccountsPayableAndOtherAccruedLiabilitiesCurrent
120000 usd
CY2021Q3 us-gaap Accounts Payable And Other Accrued Liabilities Current
AccountsPayableAndOtherAccruedLiabilitiesCurrent
100000 usd
CY2022Q2 mmnd Common Stock To Be Issued
CommonStockToBeIssued
0 usd
CY2021Q3 mmnd Common Stock To Be Issued
CommonStockToBeIssued
135 usd
CY2022Q2 us-gaap Additional Paid In Capital
AdditionalPaidInCapital
62865 usd
CY2021Q3 us-gaap Additional Paid In Capital
AdditionalPaidInCapital
76230 usd
CY2022Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
2357811 usd
CY2021Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
1908244 usd
CY2022Q2 us-gaap Stockholders Equity
StockholdersEquity
2455182 usd
CY2021Q3 us-gaap Stockholders Equity
StockholdersEquity
2019115 usd
CY2022Q2 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
3270055 usd
CY2021Q3 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
2766706 usd
CY2021Q2 us-gaap Revenues
Revenues
895175 usd
us-gaap Cost Of Revenue
CostOfRevenue
1117313 usd
us-gaap Cost Of Revenue
CostOfRevenue
1168321 usd
us-gaap Gross Profit
GrossProfit
1736766 usd
CY2022Q2 us-gaap Investment Income Interest
InvestmentIncomeInterest
930 usd

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