Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Sep. 30, 2019 | Jan. 01, 2020 | Mar. 31, 2019 | |
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 Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | true | ||
Entity Common Stock, Shares Outstanding (in shares) | 33,870,520 | ||
Entity Public Float | $ 5,792,201 | ||
Entity Shell Company | false | ||
Document Type | 10-K/A | ||
Document Period End Date | Sep. 30, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | true | ||
Amendment Description | The purpose of this Amendment No. 1 to our Annual Report on Form 10-K for the fiscal year ended September 30, 2019, as filed with the Securities and Exchange Commission on January 14, 2020, is to furnish the interactive data files as Exhibit 101 to the Form 10-K. Exhibit 101 to this Amendment No. 1 provides the following items from the Form 10-K formatted in XBRL (Extensible Business Reporting Language): (i) our balance sheets, (ii) our statements of income, (iii) our statements of stockholders' equity, (iv) our statements of cash flows, and (v) the notes to our financial statements. No other changes have been made to the Form 10-K other than those described above. This Amendment No. 1 does not reflect subsequent events occurring after the original filing date of the Form 10-K or modify or update in any way disclosures made in the Form 10-K. | ||
Title of 12(g) Security | Common Stock, $0.001 par value |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Sep. 30, 2019 | Sep. 30, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 742,173 | $ 861,371 |
Accounts receivable | 414,650 | 816,216 |
Unbilled receivables | 51,976 | 330,096 |
Advance to related party | 6,589 | |
Prepaid expenses and other current assets | 186,087 | 23,611 |
Total current assets | 1,394,886 | 2,037,883 |
Property and equipment, net | 78,940 | 92,685 |
Total assets | 1,473,826 | 2,130,568 |
Current liabilities: | ||
Accounts payable and accrued expenses | 130,395 | 123,862 |
Unearned revenues | 169,820 | 109,363 |
Deferred tax liabilities | 139,937 | 109,724 |
Total current liabilities | 440,152 | 342,949 |
Total liabilities | 440,152 | 342,949 |
Stockholders' Equity: | ||
Preferred stock, $0.001 par value; 1,000,000 shares authorized; no shares issued and outstanding as of September 30, 2019 and September 31, 2018 | ||
Common stock, $0.001 par value, 125,000,000 shares authorized, 33,870,520 shares issued and outstanding as of September 30, 2019 and September 30, 2018 | 33,871 | 33,871 |
Retained earnings | 999,803 | 1,753,748 |
Total stockholders’ equity | 1,033,674 | 1,787,619 |
Total liabilities and stockholders’ equity | $ 1,473,826 | $ 2,130,568 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Sep. 30, 2019 | Sep. 30, 2018 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
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 - USD ($) | 12 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Revenues | $ 3,954,089 | $ 5,229,465 |
Cost of revenues | 2,147,808 | 2,076,527 |
Gross Profit | 1,806,281 | 3,152,938 |
Operating Expenses: | ||
General and administrative | 2,429,158 | 1,902,710 |
Total operating expenses | 2,429,158 | 1,902,710 |
Income (loss) from operations | (622,877) | 1,250,228 |
Other Income (Expense), Net: | ||
Merger costs | (50,000) | |
Interest expense to related party | (11,566) | |
Interest income | 2,668 | 3,010 |
Other income, net | 2,660 | 1,727 |
Total other income (expense), net | 5,328 | (56,829) |
Net income (loss) before provision for income taxes | (617,549) | 1,193,399 |
Provision for income taxes | 136,396 | 278,474 |
Net income (loss) | $ (753,945) | $ 914,925 |
Net income (loss) per common share: | ||
Basic (in dollars per share) | $ (0.02) | $ 0.03 |
Diluted (in dollars per share) | $ (0.02) | $ 0.03 |
Weighted average common shares outstanding: | ||
Basic (in shares) | 33,870,520 | 32,139,225 |
Diluted (in shares) | 33,870,520 | 32,139,225 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Sep. 30, 2017 | 29,236,759 | |||
Balance at Sep. 30, 2017 | $ 29,237 | $ 943,457 | $ 972,694 | |
Effect of merger transaction (in shares) | 4,633,761 | |||
Effect of merger transaction | $ 4,634 | (4,634) | ||
Distributions | (100,000) | (100,000) | ||
Net income (loss) | 914,925 | 914,925 | ||
Balance (in shares) at Sep. 30, 2018 | 33,870,520 | |||
Balance at Sep. 30, 2018 | $ 33,871 | 1,753,748 | 1,787,619 | |
Distributions | 0 | |||
Net income (loss) | (753,945) | (753,945) | ||
Balance (in shares) at Sep. 30, 2019 | 33,870,520 | |||
Balance at Sep. 30, 2019 | $ 33,871 | $ 999,803 | $ 1,033,674 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Cash flows from operating activities: | ||
Net income (loss) | $ (753,945) | $ 914,925 |
Adjustments to reconcile net income (loss) to net cash flows from operating activities: | ||
Depreciation | 29,190 | 29,062 |
Changes in assets and liabilities: | ||
Accounts receivable | 401,566 | (241,067) |
Unbilled receivables | 278,120 | |
Prepaid expenses and other current assets | (162,476) | 26,389 |
Accounts payable and accrued expenses | 6,533 | (10,156) |
Unearned revenues | 60,457 | (157,110) |
Deferred tax liabilities | 30,213 | 109,724 |
Net cash flows provided by (used in) operating activities | (110,342) | 671,767 |
Cash flows from investing activities: | ||
Purchases of property and equipment | (15,445) | (23,935) |
Net cash flows used in investing activities | (15,445) | (23,935) |
Cash flows from financing activities: | ||
Repayment of related party note | (212,290) | |
Collection (repayment) of related party advance | 6,589 | (13,486) |
Advance to related party | (6,589) | |
Distributions | (100,000) | |
Net cash flows provided by (used in) financing activities | 6,589 | (332,365) |
Net change in cash and cash equivalents | (119,198) | 315,467 |
Cash and cash equivalents at beginning of year | 861,371 | 545,904 |
Cash and cash equivalents at end of year | 742,173 | 861,371 |
Supplemental disclosure of cash flow information: | ||
Income taxes paid | 168,750 | |
Interest paid to related party | $ 11,566 |
Note 1 - Business
Note 1 - Business | 12 Months Ended |
Sep. 30, 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, Fiscal Year Our fiscal year ends on September 30. 2019 2018 September 30, 2019 2018, |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. Summary of Significant Accounting Policies Accounting Principles The financial statements and accompanying notes are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). Use of Accounting Estimates 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. Reclassifications Certain reclassifications have been made to the prior year financial statements to conform to current presentation. Cash and Cash Equivalents Cash includes cash on hand. Cash equivalents include short-term, highly liquid investments, with a remaining maturity at the date of purchase of three Accounts Receivable We perform various analyses to evaluate accounts receivable balances and specifically identify those accounts which may not September 30, 2019 2018, not September 30, 2019 2018, not Unbilled Receivable s We perform various analyses to evaluate work performed that will give us future billings rights under current contracts with customers on jobs in progress. Under our revenue recognition policy and proportional revenue recognition, we recognize the buildup of cost related to these jobs in progress as unbilled receivables. Property and Equipment Property and equipment are stated at cost. Equipment is depreciated using the straight-line method over the estimated useful lives of the assets, ranging from three seven Revenue Recognition In May 2014, 2014 09, 606 2014 09 2014 09 October 1, 2018, five 606. 606 not January 1, 2018 606. The Company recognizes revenues based on the following steps: 1. contract with customer has been identified 2. performance obligations of the company have been identified 3. a transaction price has been determined 4. the price has been allocated appropriately to the performance obligations 5. performance obligations are satisfied. Fair Value of Financial Instruments We follow Accounting Standards Codification 820 10 820 10” 820 10 three The hierarchy established under ASC 820 10 1 3 three 820 10 Level 1 820 10, not Level 2 2 Level 3 3 no Impairment of Long-Lived Assets Long-lived assets are reviewed for impairment when circumstances indicate the carrying value of an asset may not 360, September 30, 2019 2018 not 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 Stock-Based Compensation Stock-based compensation is measured at the grant date based on the estimated fair value of the award and is recognized as an expense over the requisite service period. The valuation of employee stock options is an inherently subjective process, since market values are generally not six ● the stock option exercise price; ● the expected term of the option; ● the grant date price of our common stock, which is issuable upon exercise of the option; ● the expected volatility of our common stock; ● the expected dividends on our common stock (we do not ● the risk free interest rate for the expected option term. Expected Dividends. not zero Expected Volatility. not Risk-Free Interest Rate. zero Expected Term. Stock Option Exercise Price and Grant Date Price of Common Stock. We are required to estimate the level of award forfeitures expected to occur and record compensation expense only for those awards that are ultimately expected to vest. This requirement applies to all awards that are not zero Recent Accounting Pronouncements We have evaluated all issued but not not In February 2016, 2016 02, 842 December 15, 2018. |
Note 3 - Related Party Transact
Note 3 - Related Party Transactions | 12 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 3. Related Party Transactions On January 3, 2012, one may January 3, 2012 $2,125,000 2020 2039 no December 31, 2039. September 30, 2019 2018, no On January 3, 2014, 1450 10 September 30, 2019 2018, $120,000 $120,000, On December 12, 2016, $500,000, December 12, 2018. 3.75% one 1/2% not 5.5% September 30, 2018. September 30, 2018, $11,566 During the fiscal years ended September 30, 2019 2018, three three September 30, 2019 2018 $851,240 $751,240, September 30, 2019 2018, no three See Note 5 |
Note 4 - Property, Plant and Eq
Note 4 - Property, Plant and Equipment | 12 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 4 . Property, Plant and Equipment Property, plant and equipment consisted of the following at September 30, 2019 2018 Furniture, fixtures and office equipment $ 146,932 $ 131,487 Leasehold improvements 73,795 73,795 220,727 205,282 Less: accumulated depreciation (141,787 ) (112,597 ) $ 78,940 $ 92,685 Depreciation expense for the fiscal years ended September 30, 2019 2018 $29,190 $29,062, |
Note 5 - Licensing Agreements
Note 5 - Licensing Agreements | 12 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Licensing Agreement Commitments [Text Block] | 5 . Licensing Agreements On January 3, 2012, one may January 3, 2012 $2,100,000 2020 2039 no December 31, 2039. September 30, 2019 2018, $60,000 $0 In consideration for the Perpetual License, we agreed to pay the following fees through fiscal year 2040 2039 Fiscal Years Ending September 30, 2020 $ 60,000 2021 60,000 2022 60,000 2023 60,000 2024 60,000 Thereafter 1,740,000 $ 2,040,000 |
Note 6 - Commitments
Note 6 - Commitments | 12 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Commitments Disclosure [Text Block] | 6 . Commitments On January 3, 2014, 1450 10 September 30, 2019 2018, $120,000 $120,000, The Lease provides for the following total lease commitments pursuant to the Lease and we have also provided our expected portion of the lease commitments based on the updated verbal agreement with the landlord: Fiscal Years Ending September 30, Total Lease Commitment Expected Lease Commitment 2020 $ 324,000 $ 120,000 2021 348,000 120,000 2022 363,000 120,000 2023 384,000 120,000 2024 97,500 30,000 $ 1,516,500 $ 510,000 |
Note 7 - Income Taxes
Note 7 - Income Taxes | 12 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 7 . 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 As of September 30, 2019, no no Tax returns are subject to examination by the federal and state taxing authorities for generally three no Reconciliation between our effective tax rate and the United States statutory rate is as follows for the year ended September 30, 2019: Statutory federal tax rate -21.0 % State income tax rate -4.7 % Adjustment to correct previous estimates 48.6 % Permanent differences -0.8 % Effective tax rate 22.1 % In assessing the realization of deferred tax assets, management considers whether it is more likely than not Significant components of our deferred tax assets and deferred tax liabilities consist of the following at September 30, 2019 2018 Deferred Tax Assets: Future net operating loss benefit $ 7,523 $ - Current liabilities 23,157 28,718 Deferred tax assets 30,680 28,718 Deferred Tax Liabilities: Current assets 150,031 138,442 Deferred depreciation 20,586 - Deferred tax liabilities 170,617 138,442 Net deferred tax liabilities $ 139,937 $ 109,724 On December 22, 2017, 2017 not 35% 21% December 31, 2017, one |
Note 8 - Stockholders' Equity
Note 8 - Stockholders' Equity | 12 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 8 . Stockholders’ Equity Preferred Stock As of September 30, 2019 2018, 1,000,000 no September 30, 2019 2018. Common Stock As of September 30, 2019 2018, 125,000,000 33,870,520 Pursuant to the Contribution Agreement in 2018, 29,236,759 three Distributions During the fiscal year ended September 30 2018, $100,000 1. During the fiscal year ended September 30, 2019, no Common Stock Options As a part of the merger transaction during the year ended September 30, 2018, 525,667 $0.15 November 20, 2021. no September 30, 2019 2018. September 30, 2019 2018, 525.667 $0.15 |
Note 9 - Contingencies
Note 9 - Contingencies | 12 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Legal Matters and Contingencies [Text Block] | 9 . Contingencies We are not not |
Note 10 - Concentration of Cred
Note 10 - Concentration of Credit Risk and Major Customers and Suppliers | 12 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | 10 . Concentration of Credit Risk and Major Customers and Suppliers For the fiscal year ended September 30, 2019 three 10% three September 30, 2019 $1,344,737. September 30, 2018, no 10% As of September 30, 2019 2018, $347,085, 83%, four $507,031, 62%, four |
Note 11 - Subsequent Events
Note 11 - Subsequent Events | 12 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 11 . 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 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Accounting Principles The financial statements and accompanying notes are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). |
Use of Estimates, Policy [Policy Text Block] | Use of Accounting Estimates 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. |
Reclassification, Policy [Policy Text Block] | Reclassifications Certain reclassifications have been made to the prior year financial statements to conform to current presentation. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents Cash includes cash on hand. Cash equivalents include short-term, highly liquid investments, with a remaining maturity at the date of purchase of three |
Accounts Receivable [Policy Text Block] | Accounts Receivable We perform various analyses to evaluate accounts receivable balances and specifically identify those accounts which may not September 30, 2019 2018, not September 30, 2019 2018, not |
Contract with Customer Assets, Unbilled Receivables, Policy [Policy Text Block] | Unbilled Receivable s We perform various analyses to evaluate work performed that will give us future billings rights under current contracts with customers on jobs in progress. Under our revenue recognition policy and proportional revenue recognition, we recognize the buildup of cost related to these jobs in progress as unbilled receivables. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Property and equipment are stated at cost. Equipment is depreciated using the straight-line method over the estimated useful lives of the assets, ranging from three seven |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition In May 2014, 2014 09, 606 2014 09 2014 09 October 1, 2018, five 606. 606 not January 1, 2018 606. The Company recognizes revenues based on the following steps: 1. contract with customer has been identified 2. performance obligations of the company have been identified 3. a transaction price has been determined 4. the price has been allocated appropriately to the performance obligations 5. performance obligations are satisfied. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments We follow Accounting Standards Codification 820 10 820 10” 820 10 three The hierarchy established under ASC 820 10 1 3 three 820 10 Level 1 820 10, not Level 2 2 Level 3 3 no |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of Long-Lived Assets Long-lived assets are reviewed for impairment when circumstances indicate the carrying value of an asset may not 360, September 30, 2019 2018 not |
Income Tax, Policy [Policy Text Block] | 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 |
Share-based Payment Arrangement [Policy Text Block] | Stock-Based Compensation Stock-based compensation is measured at the grant date based on the estimated fair value of the award and is recognized as an expense over the requisite service period. The valuation of employee stock options is an inherently subjective process, since market values are generally not six ● the stock option exercise price; ● the expected term of the option; ● the grant date price of our common stock, which is issuable upon exercise of the option; ● the expected volatility of our common stock; ● the expected dividends on our common stock (we do not ● the risk free interest rate for the expected option term. Expected Dividends. not zero Expected Volatility. not Risk-Free Interest Rate. zero Expected Term. Stock Option Exercise Price and Grant Date Price of Common Stock. We are required to estimate the level of award forfeitures expected to occur and record compensation expense only for those awards that are ultimately expected to vest. This requirement applies to all awards that are not zero |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements We have evaluated all issued but not not In February 2016, 2016 02, 842 December 15, 2018. |
Note 4 - Property, Plant and _2
Note 4 - Property, Plant and Equipment (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | 2019 2018 Furniture, fixtures and office equipment $ 146,932 $ 131,487 Leasehold improvements 73,795 73,795 220,727 205,282 Less: accumulated depreciation (141,787 ) (112,597 ) $ 78,940 $ 92,685 |
Note 5 - Licensing Agreements (
Note 5 - Licensing Agreements (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Fees Committed to Pay in Consideration for Perpetual License [Table Text Block] | Fiscal Years Ending September 30, 2020 $ 60,000 2021 60,000 2022 60,000 2023 60,000 2024 60,000 Thereafter 1,740,000 $ 2,040,000 |
Note 6 - Commitments (Tables)
Note 6 - Commitments (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Fiscal Years Ending September 30, Total Lease Commitment Expected Lease Commitment 2020 $ 324,000 $ 120,000 2021 348,000 120,000 2022 363,000 120,000 2023 384,000 120,000 2024 97,500 30,000 $ 1,516,500 $ 510,000 |
Note 7 - Income Taxes (Tables)
Note 7 - Income Taxes (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Statutory federal tax rate -21.0 % State income tax rate -4.7 % Adjustment to correct previous estimates 48.6 % Permanent differences -0.8 % Effective tax rate 22.1 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2019 2018 Deferred Tax Assets: Future net operating loss benefit $ 7,523 $ - Current liabilities 23,157 28,718 Deferred tax assets 30,680 28,718 Deferred Tax Liabilities: Current assets 150,031 138,442 Deferred depreciation 20,586 - Deferred tax liabilities 170,617 138,442 Net deferred tax liabilities $ 139,937 $ 109,724 |
Note 1 - Business (Details Text
Note 1 - Business (Details Textual) - $ / shares | Feb. 14, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Apr. 27, 2018 |
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | $ 0.001 | |
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 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($) xbrli-pure in Thousands | Feb. 14, 2018 | Sep. 30, 2019 | Sep. 30, 2018 |
Accounts Receivable, Credit Loss Expense (Reversal) | $ 0 | $ 0 | |
Accounts Receivable, Allowance for Credit Loss, Ending Balance | 0 | 0 | |
Tangible Asset Impairment Charges, Total | 0 | 0 | |
Income Tax Expense (Benefit), Total | $ 0 | $ 136,396 | $ 278,474 |
Share-based Payment Arrangement, Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Expected Forfeiture Rate | 0.00% | ||
Minimum [Member] | Equipment [Member] | |||
Property, Plant and Equipment, Useful Life | 3 years | ||
Maximum [Member] | Equipment [Member] | |||
Property, Plant and Equipment, Useful Life | 7 years |
Note 3 - Related Party Transa_2
Note 3 - Related Party Transactions (Details Textual) - USD ($) | Dec. 12, 2016 | Jan. 03, 2014 | Sep. 30, 2019 | Sep. 30, 2018 | Jan. 03, 2012 |
Finite-Lived License Agreements, Gross | $ 2,125,000 | $ 2,100,000 | |||
Majority Shareholder [Member] | |||||
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party | 851,240 | $ 751,240 | |||
Due to Related Parties, Total | 0 | 0 | |||
The Note [Member] | |||||
Loans Payable, Total | $ 500,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 3.75% | ||||
Interest Expense, Debt, Total | 11,566 | ||||
The Note [Member] | Maximum [Member] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 5.50% | ||||
The Note [Member] | Prime Rate [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | ||||
The Lease [Member] | |||||
Lessee, Operating Lease, Term of Contract | 10 years | ||||
Payments for Rent | $ 120,000 | $ 120,000 | $ 120,000 |
Note 4 - Property, Plant and _3
Note 4 - Property, Plant and Equipment (Details Textual) - USD ($) | 12 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Depreciation, Total | $ 29,190 | $ 29,062 |
Note 4 - Property, Plant and _4
Note 4 - Property, Plant and Equipment- Schedule of Property and Equipment (Details) - USD ($) | Sep. 30, 2019 | Sep. 30, 2018 |
Furniture, fixtures and office equipment | $ 146,932 | $ 131,487 |
Leasehold improvements | 73,795 | 73,795 |
220,727 | 205,282 | |
Less: accumulated depreciation | (141,787) | (112,597) |
$ 78,940 | $ 92,685 |
Note 5 - Licensing Agreements_2
Note 5 - Licensing Agreements (Details Textual) - USD ($) | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Jan. 03, 2012 | |
Finite-Lived License Agreements, Gross | $ 2,125,000 | $ 2,100,000 | |
Payments for License Agreement | $ 60,000 | $ 0 |
Note 5 - Licensing Agreements -
Note 5 - Licensing Agreements - Perpetual Lease (Details) | Sep. 30, 2019USD ($) |
2020 | $ 60,000 |
2021 | 60,000 |
2022 | 60,000 |
2023 | 60,000 |
2024 | 60,000 |
Thereafter | 1,740,000 |
$ 2,040,000 |
Note 6 - Commitments (Details T
Note 6 - Commitments (Details Textual) - The Lease [Member] - USD ($) | Jan. 03, 2014 | Sep. 30, 2019 | Sep. 30, 2018 |
Lessee, Operating Lease, Term of Contract | 10 years | ||
Payments for Rent | $ 120,000 | $ 120,000 | $ 120,000 |
Note 6 - Commitments - Lease Co
Note 6 - Commitments - Lease Commitments (Details) | Sep. 30, 2019USD ($) |
The Lease [Member] | |
2020, Lease Commitment | $ 324,000 |
2021, Lease Commitment | 348,000 |
2022, Lease Commitment | 363,000 |
2023, Lease Commitment | 384,000 |
2024, Lease Commitment | 97,500 |
Total Lease Commitment | 1,516,500 |
Expected Lease [Member] | |
2020, Lease Commitment | 120,000 |
2021, Lease Commitment | 120,000 |
2022, Lease Commitment | 120,000 |
2023, Lease Commitment | 120,000 |
2024, Lease Commitment | 30,000 |
Total Lease Commitment | $ 510,000 |
Note 7 - Income Taxes (Details
Note 7 - Income Taxes (Details Textual) - USD ($) | Feb. 14, 2018 | Sep. 30, 2019 | Sep. 30, 2018 |
Income Tax Expense (Benefit), Total | $ 0 | $ 136,396 | $ 278,474 |
Note 7 - Income Taxes - Schedul
Note 7 - Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) | 12 Months Ended |
Sep. 30, 2019 | |
Statutory federal tax rate | (21.00%) |
State income tax rate | (4.70%) |
Adjustment to correct previous estimates | 48.60% |
Permanent differences | (0.80%) |
Effective tax rate | 22.10% |
Note 7 - Income Taxes - Sched_2
Note 7 - Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) | Sep. 30, 2019 | Sep. 30, 2018 |
Deferred Tax Assets: | ||
Future net operating loss benefit | $ 7,523 | |
Current liabilities | 23,157 | 28,718 |
Deferred tax assets | 30,680 | 28,718 |
Deferred Tax Liabilities: | ||
Current assets | 150,031 | 138,442 |
Deferred depreciation | 20,586 | |
Deferred tax liabilities | 170,617 | 138,442 |
Net deferred tax liabilities | $ 139,937 | $ 109,724 |
Note 8 - Stockholders' Equity (
Note 8 - Stockholders' Equity (Details Textual) - USD ($) | Feb. 14, 2018 | Sep. 30, 2019 | Sep. 30, 2018 |
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 | |
Dividends, Cash, Total | $ 100,000 | ||
Dividends, Total | $ 0 | $ 100,000 | |
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 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 525.667 | 525.667 | |
Preferred Stock, Shares Outstanding, Ending Balance | 0 | 0 | |
Common Stock, Shares, Outstanding, Ending Balance | 33,870,520 | 33,870,520 | |
Reverse Acquisition [Member] | |||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 29,236,759 |
Note 10 - Concentration of Cr_2
Note 10 - Concentration of Credit Risk and Major Customers and Suppliers (Details Textual) | 12 Months Ended | |
Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | |
Revenue from Contract with Customer, Including Assessed Tax | $ 3,954,089 | $ 5,229,465 |
Customer Concentration Risk [Member] | Revenue from Contract with Customer Benchmark [Member] | ||
Number of Major Customers | 3 | 0 |
Customer Concentration Risk [Member] | Revenue from Contract with Customer Benchmark [Member] | Three Customers [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | $ 1,344,737 | |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | ||
Number of Customers | 4 | 4 |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Four Customers [Member] | ||
Accounts Receivable, after Allowance for Credit Loss, Total | $ 347,085 | $ 507,031 |
Concentration Risk, Percentage | 83.00% | 62.00% |