Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Dec. 31, 2019 | Jan. 31, 2020 | |
Document Information [Line Items] | ||
Entity Registrant Name | MASTERMIND, INC. | |
Entity Central Index Key | 0001088638 | |
Trading Symbol | mmnd | |
Current Fiscal Year End Date | --09-30 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Common Stock, Shares Outstanding (in shares) | 33,870,520 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Dec. 31, 2019 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Title of 12(g) Security | Common Stock, $0.001 par value | |
Entity Interactive Data Current | Yes |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Dec. 31, 2019 | Sep. 30, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 346,262 | $ 742,173 |
Accounts receivable | 902,585 | 414,650 |
Unbilled receivables | 3,504 | 51,976 |
Prepaid expenses and other current assets | 260,197 | 186,087 |
Total current assets | 1,512,548 | 1,394,886 |
Property and equipment, net | 72,583 | 78,940 |
Right-of-use asset, net | 437,980 | |
Total assets | 2,023,111 | 1,473,826 |
Current liabilities: | ||
Accounts payable and accrued expenses | 113,472 | 130,395 |
Unearned revenues | 225,160 | 169,820 |
Deferred tax liabilities | 163,351 | 139,937 |
Lease obligation, current | 98,366 | |
Total current liabiltiies | 600,349 | 440,152 |
Lease obligation, net of current portion | 339,614 | |
Total liabilities | 939,963 | 440,152 |
Stockholders' Equity: | ||
Preferred stock, $0.001 par value; 1,000,000 shares authorized; no shares issued and outstanding as of December 31, 2019 and September 30, 2019 | ||
Common stock, $0.001 par value, 125,000,000 shares authorized, 33,870,520 shares issued and outstanding as of December 31, 2019 and September 30, 2019 | 33,871 | 33,871 |
Retained earnings | 1,049,277 | 999,803 |
Total stockholders’ equity | 1,083,148 | 1,033,674 |
Total liabilities and stockholders’ equity | $ 2,023,111 | $ 1,473,826 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Dec. 31, 2019 | Sep. 30, 2019 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 125,000,000 | 125,000,000 |
Common stock, shares issued (in shares) | 33,870,520 | 33,870,520 |
Common stock, shares outstanding (in shares) | 33,870,520 | 33,870,520 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues | $ 1,066,287 | $ 1,221,341 |
Cost of revenues | 404,632 | 471,052 |
Gross Profit | 661,655 | 750,289 |
Operating Expenses: | ||
General and administrative | 579,060 | 684,816 |
Total operating expenses | 579,060 | 684,816 |
Income from operations | 82,595 | 65,473 |
Other Income (Expense), Net: | ||
Loss on disposal | (660) | |
Merger and acquisition expense | (9,445) | |
Interest income | 398 | |
Total other income (expense), net | (9,707) | |
Net income before provision for income taxes | 72,888 | 65,473 |
Provision for income taxes | 23,414 | 17,678 |
Net income | $ 49,474 | $ 47,795 |
Net income per common share: | ||
Basic (in dollars per share) | $ 0 | $ 0 |
Diluted (in dollars per share) | $ 0 | $ 0 |
Weighted average common shares outstanding: | ||
Basic (in shares) | 33,870,520 | 33,870,520 |
Diluted (in shares) | 33,870,520 | 33,870,520 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Sep. 30, 2018 | 33,870,520 | |||
Balance at Sep. 30, 2018 | $ 33,871 | $ 1,753,748 | $ 1,787,619 | |
Net income | 47,795 | 47,795 | ||
Balance (in shares) at Dec. 31, 2018 | 33,870,520 | |||
Balance at Dec. 31, 2018 | $ 33,871 | 1,801,543 | 1,835,414 | |
Balance (in shares) at Sep. 30, 2019 | 33,870,520 | |||
Balance at Sep. 30, 2019 | $ 33,871 | 999,803 | 1,033,674 | |
Net income | 49,474 | 49,474 | ||
Balance (in shares) at Dec. 31, 2019 | 33,870,520 | |||
Balance at Dec. 31, 2019 | $ 33,871 | $ 1,049,277 | $ 1,083,148 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities: | ||
Net income | $ 49,474 | $ 47,795 |
Adjustments to reconcile net income to net cash flows from operating activities: | ||
Depreciation | 7,231 | 7,605 |
Loss on disposal of equipment | 660 | |
Changes in assets and liabilities: | ||
Accounts receivable | (487,935) | (109,639) |
Unbilled receivables | 48,472 | |
Prepaid expenses and other current assets | (74,110) | (11,640) |
Accounts payable and accrued expenses | (16,923) | (109,774) |
Unearned revenues | 55,340 | 66,195 |
Deferred tax liabilities | 23,414 | 17,678 |
Net cash flows used in operating activities | (394,377) | (91,780) |
Cash flows from investing activities: | ||
Purchases of property and equipment | (1,534) | (3,219) |
Net cash flows used in investing activities | (1,534) | (3,219) |
Cash flows from financing activities: | ||
Collection of related party advance | 6,589 | |
Net cash flows provided by financing activities | 6,589 | |
Net change in cash and cash equivalents | (395,911) | (88,410) |
Cash and cash equivalents at beginning of period | 742,173 | 861,371 |
Cash and cash equivalents at end of period | 346,262 | 772,961 |
Supplemental disclosure of cash flow information: | ||
Income taxes paid | ||
Interest paid | $ 828 |
Note 1 - Business
Note 1 - Business | 3 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | 1. Business 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 & Digital Intelligence. On February 14, 2018, February 14, 2018 Pursuant to the Contribution Agreement the Sellers contributed, transferred, assigned and conveyed to us all right, title and interest in and to one hundred 100% no 29,236,759 $.001 85% On April 19, 2018, April 27, 2018, 78.320 85% May 24, 2018, |
Note 2 - Interim Financial Stat
Note 2 - Interim Financial Statements and Basis of Presentation | 3 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Basis of Accounting [Text Block] | 2 . Interim Financial Statements and Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information pursuant to Rule 8 03 X. not three December 31, 2019 may not may 10 September 30, 2019 2018 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 condensed 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 not We adopted the Accounting Standard Codification (“ASC”) 606, October 1, 2018, five 606. 606 not January 1, 2018 606. There have been no 2016 02, 842 December 31, 2019 10 September 30, 2019. In February 2016, 2016 02, 842 2016 02 2016 02 December 31, 2019, October 1, 2019. not 1 2 3 4 October 1, 2019, $461,740. not |
Note 3 - Related Party Transact
Note 3 - Related Party Transactions | 3 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 3 . Related Party Transactions On January 3, 2012, one may January 3, 2012 $2,100,000 2019 2039 no December 31, 2039. three December 31, 2019 2018, no December 31, 2019 September 30, 2019, no On January 3, 2014, 1450 10 $30,000 $30,000 three December 31, 2019 2018, During the three December 31, 2019 2018, $250,225 $373,120, December 31, 2019 September 30, 2019, no three |
Note 4 - Property and Equipment
Note 4 - Property and Equipment | 3 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 4 . Property and Equipment Property and equipment consist of the following: December 31, September 30, 2019 2019 Furniture, fixtures and office equipment $ 117,532 $ 146,932 Leasehold improvements 73,795 73,795 Property and equipment, gross 191,327 220,727 Less: accumulated depreciation (118,744 ) (141,787 ) Property and equipment, net $ 72,583 $ 78,940 Depreciation expense for the three December 31, 2019 2018 $7,231 $7,605, |
Note 5 - Income Taxes
Note 5 - Income Taxes | 3 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 5 . Income Taxes Prior to February 14, 2018, no We are required to file federal and state income tax returns in the United States. The preparation of these tax returns requires us to interpret the applicable tax laws and regulations in effect in such jurisdictions, which could affect the amount of tax paid by us. In consultation with our tax advisors, we base our tax returns on interpretations that are believed to be reasonable under the circumstances. The tax returns, however, are subject to routine reviews by the various federal and state taxing authorities in the jurisdictions in which we file tax returns. As part of these reviews, a taxing authority may may In assessing the realization of deferred tax assets, management considers whether it is more likely than not There were no December 31, 2019 September 30, 2019. no no |
Note 6 - Stockholders' Equity
Note 6 - Stockholders' Equity | 3 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 6 . Stockholders’ Equity Preferred Stock As of December 31, 2019 September 30, 2019, 1,000,000 no December 31, 2019 September 30, 2019. Common Stock As of December 31, 2019 September 30, 2019, 125,000,000 33,870,520 Pursuant to the Contribution Agreement in 2018, 29,236,759 three Common Stock Options As of December 31, 2019 September 30, 2019, 525,667 $0.15 no three December 31, 2019 December 31, 2018. A 2018 four million 4,000,000 85% No December 31, 2019 September 30, 2019. |
Note 7 - Concentration of Credi
Note 7 - Concentration of Credit Risk and Major Customers and Suppliers | 3 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | 7 . Concentration of Credit Risk and Major Customers For the three December 31, 2019, four 10%, 11%, 13% 14%, three December 31, 2018, four 11%, 16%, 17% 21%, As of December 31, 2019 September 30, 2019, $610,000, 68%, two $347,085, 83%, four |
Note 8 - Subsequent Events
Note 8 - Subsequent Events | 3 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 8 . Subsequent Events We evaluated all events or transactions that occurred after the balance sheet date through the date when these financial statements were available to be issued and we determined that we did not |
Note 4 - Property and Equipme_2
Note 4 - Property and Equipment (Tables) | 3 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | December 31, September 30, 2019 2019 Furniture, fixtures and office equipment $ 117,532 $ 146,932 Leasehold improvements 73,795 73,795 Property and equipment, gross 191,327 220,727 Less: accumulated depreciation (118,744 ) (141,787 ) Property and equipment, net $ 72,583 $ 78,940 |
Note 1 - Business (Details Text
Note 1 - Business (Details Textual) - $ / shares | Feb. 14, 2018 | Dec. 31, 2019 | Sep. 30, 2019 | Apr. 27, 2018 |
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | $ 0.001 | |
Percentage of Voting Securities | 85.00% | |||
Majority Shareholder [Member] | ||||
Percentage of Voting Securities | 85.00% | |||
Reverse Acquisition [Member] | ||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | |||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 29,236,759 | |||
Business Acquisition, Consideration Transferred, Owned Percentage of Common Stock Outstanding | 85.00% |
Note 2 - Interim Financial St_2
Note 2 - Interim Financial Statements and Basis of Presentation (Details Textual) - USD ($) | Dec. 31, 2019 | Oct. 01, 2019 | Sep. 30, 2019 |
Operating Lease, Right-of-Use Asset | $ 437,980 | ||
Accounting Standards Update 2016-02 [Member] | |||
Operating Lease, Right-of-Use Asset | $ 461,740 | ||
Operating Lease, Liability, Total | $ 461,740 |
Note 3 - Related Party Transa_2
Note 3 - Related Party Transactions (Details Textual) - USD ($) | 3 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2019 | Jan. 03, 2014 | Jan. 03, 2012 | |
Finite-Lived License Agreements, Gross | $ 2,100,000 | ||||
Majority Shareholder [Member] | |||||
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party | $ 250,225 | $ 373,120 | |||
Due to Related Parties, Total | 0 | $ 0 | |||
The Lease [Member] | |||||
Lessee, Operating Lease, Term of Contract | 10 years | ||||
Payments for Rent | $ 30,000 | $ 30,000 |
Note 4 - Property and Equipme_3
Note 4 - Property and Equipment (Details Textual) - USD ($) | 3 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Depreciation, Total | $ 7,231 | $ 7,605 |
Note 4 - Property and Equipme_4
Note 4 - Property and Equipment- Schedule of Property and Equipment (Details) - USD ($) | Dec. 31, 2019 | Sep. 30, 2019 |
Furniture, fixtures and office equipment | $ 117,532 | $ 146,932 |
Leasehold improvements | 73,795 | 73,795 |
Property and equipment, gross | 191,327 | 220,727 |
Less: accumulated depreciation | (118,744) | (141,787) |
Property and equipment, net | $ 72,583 | $ 78,940 |
Note 5 - Income Taxes (Details
Note 5 - Income Taxes (Details Textual) - USD ($) | Feb. 14, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2019 |
Income Tax Expense (Benefit), Total | $ 0 | $ 23,414 | $ 17,678 | |
Unrecognized Tax Benefits, Ending Balance | 0 | $ 0 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | $ 0 | $ 0 |
Note 6 - Stockholders' Equity (
Note 6 - Stockholders' Equity (Details Textual) - $ / shares | Feb. 14, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2019 |
Preferred Stock, Shares Authorized | 1,000,000 | 1,000,000 | ||
Preferred Stock, Shares Issued, Total | 0 | 0 | ||
Common Stock, Shares Authorized | 125,000,000 | 125,000,000 | ||
Common Stock, Shares, Issued, Total | 33,870,520 | 33,870,520 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance | 525,667 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance | $ 0.15 | $ 0.15 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 0 | 0 | ||
Percentage of Voting Securities | 85.00% | |||
Preferred Stock, Shares Outstanding, Ending Balance | 0 | 0 | ||
Common Stock, Shares, Outstanding, Ending Balance | 33,870,520 | 33,870,520 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 525,667 | |||
The 2018 Equity Incentive Plan [Member] | ||||
Common Stock, Capital Shares Reserved for Future Issuance | 4,000,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 0 | ||
Reverse Acquisition [Member] | ||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 29,236,759 |
Note 7 - Concentration of Cre_2
Note 7 - Concentration of Credit Risk and Major Customers and Suppliers (Details Textual) - Customer Concentration Risk [Member] | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2019USD ($) | Dec. 31, 2018 | Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | |
Revenue from Contract with Customer Benchmark [Member] | ||||
Number of Major Customers | 4 | 4 | ||
Revenue from Contract with Customer Benchmark [Member] | Customer 1 [Member] | ||||
Concentration Risk, Percentage | 10.00% | 11.00% | ||
Revenue from Contract with Customer Benchmark [Member] | Customer 2 [Member] | ||||
Concentration Risk, Percentage | 11.00% | 16.00% | ||
Revenue from Contract with Customer Benchmark [Member] | Customer 3 [Member] | ||||
Concentration Risk, Percentage | 13.00% | 17.00% | ||
Revenue from Contract with Customer Benchmark [Member] | Customer 4 [Member] | ||||
Concentration Risk, Percentage | 14.00% | 21.00% | ||
Accounts Receivable [Member] | ||||
Number of Customers | 2 | 2 | 4 | |
Accounts Receivable [Member] | Two Customer [Member] | ||||
Concentration Risk, Percentage | 68.00% | |||
Accounts Receivable, after Allowance for Credit Loss, Total | $ 610,000 | $ 610,000 | ||
Accounts Receivable [Member] | Four Customers [Member] | ||||
Concentration Risk, Percentage | 83.00% | |||
Accounts Receivable, after Allowance for Credit Loss, Total | $ 347,085 |