Mastermind (MMND) 10-Q/A 1 Mar 22 2022 Q1 Quarterly report (amended) Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Dec. 31, 2021	Feb. 21, 2022
Document Information [Line Items]
Entity Central Index Key	0001088638
Entity Registrant Name	MASTERMIND, INC.
Amendment Flag	true
Current Fiscal Year End Date	--09-30
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2022
Document Type	10-Q/A
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2021
Document Transition Report	false
Entity File Number	000-26533
Entity Incorporation, State or Country Code	NV
Entity Tax Identification Number	82-3807447
Entity Address, Address Line One	1450 W. Peachtree St. NW
Entity Address, City or Town	Atlanta
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30309
City Area Code	678
Local Phone Number	420-4000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		34,505,520
Amendment Description	The purpose of this Amendment No. 1 to the Registrant’s Quarterly Report on Form 10-Q for the quarterly period ended December 31, 2021 (“Form 10-Q/A”) is to submit Exhibit 101 to the Form 10-Q filed with the Securities and Exchange Commission on February 22, 2022 (the “Form 10-Q”), in accordance with Rule 405 of Regulation S-T. Exhibit 101 consists of the Interactive Data Files required to be filed with the Registrant’s Form 10-Q for the quarterly period ended December 31, 2021.   Except as described above, no additional changes, revisions, or updates have been made to the Form 10-Q in this Form 10-Q/A. This Amendment No. 1 to the Form 10-Q speaks as of the original filing date of the Form 10-Q and does not reflect any events that may have occurred subsequent to the filing date of the Form 10-Q.

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Dec. 31, 2021	Sep. 30, 2021
Cash and cash equivalents	$ 1,141,070	$ 1,075,188
Accounts receivable	1,309,580	1,261,183
Prepaid expenses and other current assets	59,718	31,266
Income tax receivable	77,477	77,477
Total current assets	2,587,845	2,445,114
Right-of-use asset, net	235,581	262,097
Property and equipment, net	53,977	59,495
Total assets	2,877,403	2,766,706
Accounts payable and accrued expenses	41,694	157,994
Accounts payable and accrued expenses, related party	0	100,000
Unearned revenues	345,521	59,326
Deferred tax liabilities	184,557	168,174
Lease obligation, current	109,776	108,281
Total current liabilities	681,548	593,775
Lease obligation, net of current portion	125,805	153,816
Total liabilities	807,353	747,591
Stockholders' Equity:
Preferred stock, $0.001 par value; 1,000,000 shares authorized; no shares issued and outstanding as of December 31, 2021 and September 30, 2021	0	0
Common stock, $0.001 par value, 125,000,000 shares authorized, 34,505,520 shares issued and outstanding as of December 31, 2021 and September 30, 2021	34,506	34,506
Common stock to be issued; 180,000 and 135,000 shares as of December 31, 2021 and September 30, 2021	180	135
Additional paid in capital	80,685	76,230
Retained earnings	1,954,679	1,908,244
Total stockholders’ equity	2,070,050	2,019,115
Total liabilities and stockholders’ equity	$ 2,877,403	$ 2,766,706

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Dec. 31, 2021	Sep. 30, 2021
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)	34,505,520	34,505,520
Common stock, shares outstanding (in shares)	34,505,520	34,505,520
Common stock to be issue, shares (in shares)	180,000	135,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ / shares in Thousands	3 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Revenues	$ 857,114	$ 1,077,159
Cost of revenues	323,657	565,302
Gross Profit	533,457	511,857
Operating Expenses:
General and administrative	471,246	505,358
Total operating expenses	471,246	505,358
Income from operations	62,211	6,499
Other Income:
Interest income	607	393
Total other income	607	393
Income before provision for income taxes	62,818	6,892
Provision for income taxes	16,383	2,153
Net Income	$ 46,435	$ 4,739
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)	34,505,520	33,870,520
Diluted (in shares)	34,505,520	33,870,520

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($)	Common Stock [Member]	Common Stock to be Issued [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balance (in shares) at Sep. 30, 2020	33,870,520	0
Balance at Sep. 30, 2020	$ 33,871	$ 0	$ 0	$ 1,140,976	$ 1,174,847
Net income	$ 0	$ 0	0	4,739	4,739
Balance (in shares) at Dec. 31, 2020	33,870,520	0
Balance at Dec. 31, 2020	$ 33,871	$ 0	0	1,145,715	1,179,586
Balance (in shares) at Sep. 30, 2021	34,505,520	135,000
Balance at Sep. 30, 2021	$ 34,506	$ 135	76,230	1,908,244	2,019,115
Shares of common stock to be issued for services (in shares)	0	45,000
Shares of common stock to be issued for services	$ 0	$ 45	4,455	0	4,500
Net income	$ 0	$ 0	0	46,435	46,435
Balance (in shares) at Dec. 31, 2021	34,505,520	180,000
Balance at Dec. 31, 2021	$ 34,506	$ 180	$ 80,685	$ 1,954,679	$ 2,070,050

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities:
Net income	$ 46,435	$ 4,739
Adjustments to reconcile net income to net cash flows from operating activities:
Stock compensation expense	4,500	0
Depreciation	5,518	5,867
Changes in operating assets and liabilities:
Accounts receivable	(48,397)	139,784
Unbilled receivables	0	(370,636)
Prepaid expenses and other current assets	(28,452)	(21,448)
Accounts payable and accrued expenses	(116,300)	(48,709)
Accounts payable and accrued expenses, related party	(100,000)	0
Unearned revenues	286,195	(82,450)
Deferred tax liabilities	16,383	2,153
Net cash flows provided by (used in) operating activities	65,882	(370,700)
Cash flows from investing activities:
Purchases of property and equipment	0	(4,346)
Net cash flows used in investing activities	0	(4,346)
Net change in cash and cash equivalents	65,882	(375,046)
Cash and cash equivalents at beginning of period	1,075,188	807,262
Cash and cash equivalents at end of period	1,141,070	432,216
Supplemental disclosure of cash flow information:
Income taxes paid	0	0
Interest paid	$ 0	$ 0

Note 1 - Business

Note 1 - Business	3 Months Ended
	Dec. 31, 2021
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.

Note 2 - Interim Financial Stat

Note 2 - Interim Financial Statements and Basis of Presentation	3 Months Ended
	Dec. 31, 2021
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, 2021 may not may 10 September 30, 2021 2020 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 not There have been no December 31, 2021, 10 September 30, 2021. The pandemic related to the coronavirus (COVID- 19

Note 3 - Related Party Transact

Note 3 - Related Party Transactions	3 Months Ended
	Dec. 31, 2021
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	3. Related Party Transactions On January 3, 2012, one may January 3, 2012 2019 2039 no December 31, 2039. three December 31, 2021, 2020, On January 3, 2014, 1450 three December 31, 2021, 2020, During the three December 31, 2021, 2020, three three three December 31, 2021, 2020 , September 30, 2021, three three December 31, 2021,

Note 4 - Property and Equipment

Note 4 - Property and Equipment	3 Months Ended
	Dec. 31, 2021
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, 2021 2021 Furniture, fixtures and office equipment $ 145,987 $ 145,987 Leasehold improvements 73,795 73,795 Property and equipment, gross 219,782 219,782 Less: accumulated depreciation (165,805 ) (160,287 ) Property and equipment, net $ 53,977 $ 59,495 Depreciation expense for the three December 31, 2021 2020

Note 5 - Licensing Agreements

Note 5 - Licensing Agreements	3 Months Ended
	Dec. 31, 2021
Notes to Financial Statements
Licensing Agreement Commitments [Text Block]	5. Licensing Agreements On January 3, 2012, one may January 3, 2012 2019 2039 no December 31, 2039. three December 31, 2021, 2020, In consideration for the Perpetual License, we agreed to pay the following fees through fiscal year 2040 2039 Fiscal Years Ending September 30, Amount 2022 $ 60,000 2023 60,000 2024 60,000 2025 60,000 2026 60,000 Thereafter 1,620,000 $ 1,920,000

Note 6 - Commitments and Contin

Note 6 - Commitments and Contingencies	3 Months Ended
	Dec. 31, 2021
Notes to Financial Statements
Commitments Disclosure [Text Block]	6. Commitments and Contingencies On January 3, 2014, 1450 three December 31, 2021, 2020, 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 2022 $ 274,500 $ 90,000 2023 384,000 120,000 2024 97,500 30,000 $ 756,000 $ 240,000 We are not not

Note 7 - Income Taxes

Note 7 - Income Taxes	3 Months Ended
	Dec. 31, 2021
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 There were no unrecognized material tax benefits at December 31, 2021, September 30, 2021. no Tax returns are subject to examination by the federal and state taxing authorities for generally three no The Company files it’s income tax returns on the cash basis of accounting utilizing a December 31 not not As of December 31, 2021, not On December 22, 2017, 2017 not 35% 21% December 31, 2017, one

Note 8 - Stockholders' Equity

Note 8 - Stockholders' Equity	3 Months Ended
	Dec. 31, 2021
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	8. Stockholders Equity Preferred Stock As of December 31, 2021, September 30, 2021, December 31, 2021 September 30, 2021. Common Stock As of December 31, 2021, September 30, 2021, December 31, 2021, September 30, 2021, Dividends During the three December 31, 2021 2020, Common Stock Options As of December 31, 2021, September 30, 2021, three December 31, 2021 2020. A 2018 four million No December 31, 2021 September 30, 2021.

Note 9 - Concentration of Credi

Note 9 - Concentration of Credit Risk and Major Customers	3 Months Ended
	Dec. 31, 2021
Notes to Financial Statements
Concentration Risk Disclosure [Text Block]	9. Concentration of Credit Risk and Major Customers For the three December 31, 2021, four December 31, 2021, two For the three December 31, 2020,

Note 10 - Subsequent Events

Note 10 - Subsequent Events	3 Months Ended
	Dec. 31, 2021
Notes to Financial Statements
Subsequent Events [Text Block]	10. Subsequent Events The Company has evaluated subsequent events through the date the financial statements were issued. The Company has determined that there are no

Note 4 - Property and Equipme_2

Note 4 - Property and Equipment (Tables)	3 Months Ended
	Dec. 31, 2021
Notes Tables
Property, Plant and Equipment [Table Text Block]	December 31, September 30, 2021 2021 Furniture, fixtures and office equipment $ 145,987 $ 145,987 Leasehold improvements 73,795 73,795 Property and equipment, gross 219,782 219,782 Less: accumulated depreciation (165,805 ) (160,287 ) Property and equipment, net $ 53,977 $ 59,495

Note 5 - Licensing Agreements (

Note 5 - Licensing Agreements (Tables)	3 Months Ended
	Dec. 31, 2021
License Agreement [Member]
Notes Tables
Fees Committed to Pay in Consideration for Perpetual License [Table Text Block]	Fiscal Years Ending September 30, Amount 2022 $ 60,000 2023 60,000 2024 60,000 2025 60,000 2026 60,000 Thereafter 1,620,000 $ 1,920,000

Note 6 - Commitments and Cont_2

Note 6 - Commitments and Contingencies (Tables)	3 Months Ended
	Dec. 31, 2021
Notes Tables
Schedule of Lease Commitment [Table Text Block]	Fiscal Years Ending September 30, Total Lease Commitment Expected Lease Commitment 2022 $ 274,500 $ 90,000 2023 384,000 120,000 2024 97,500 30,000 $ 756,000 $ 240,000

Note 3 - Related Party Transa_2

Note 3 - Related Party Transactions (Details Textual) - USD ($)	3 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Sep. 30, 2021	Jan. 03, 2014	Dec. 31, 2012
Finite-Lived License Agreements, Gross			$ 2,100,000		$ 2,100,000
Lessee, Operating Lease, Term of Contract (Year)				10 years
Operating Lease, Expense	$ 30,000	$ 30,000
Licensor [Member] | License Agreement [Member]
Prepaid Expense, Current, Total	15,000	15,000
Landlord [Member]
Lessee, Operating Lease, Term of Contract (Year)				10 years
Operating Lease, Expense	30,000	30,000
Executive Officer [Member]
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party	196,225	$ 196,225
Due to Related Parties, Total			$ 100,000
Related Party Transaction, Amounts of Transaction	$ 100,000

Note 4 - Property and Equipme_3

Note 4 - Property and Equipment (Details Textual) - USD ($)	3 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Depreciation, Total	$ 5,518	$ 5,867

Note 4 - Property and Equipme_4

Note 4 - Property and Equipment - Schedule of Property and Equipment (Details) - USD ($)	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020
Furniture, fixtures and office equipment	$ 145,987		$ 145,987
Leasehold improvements	73,795		73,795
Property and equipment, gross	219,782		219,782
Less: accumulated depreciation	(165,805)		(160,287)
Property and equipment, net	$ 53,977	$ 59,495	$ 59,495

Note 5 - Licensing Agreements_2

Note 5 - Licensing Agreements (Details Textual) - USD ($)	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020	Dec. 31, 2012
Finite-Lived License Agreements, Gross		$ 2,100,000		$ 2,100,000
Licensor [Member] | License Agreement [Member]
Prepaid Expense, Current, Total	$ 15,000		$ 15,000

Note 5 - Licensing Agreements -

Note 5 - Licensing Agreements - Perpetual Lease (Details) - License Agreement [Member] - Licensor [Member]	Dec. 31, 2021USD ($)
2022	$ 60,000
2023	60,000
2024	60,000
2025	60,000
2026	60,000
Thereafter	1,620,000
Contractual Obligation, Total	$ 1,920,000

Note 6 - Commitments and Cont_3

Note 6 - Commitments and Contingencies (Details Textual) - USD ($)	3 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Jan. 03, 2014
Lessee, Operating Lease, Term of Contract (Year)			10 years
Operating Lease, Expense	$ 30,000	$ 30,000

Note 6 - Commitments and Cont_4

Note 6 - Commitments and Contingencies - Lease Commitments (Details)	Dec. 31, 2021USD ($)
The Lease [Member]
2022	$ 274,500
2023	384,000
2024	97,500
Lessee, Operating Lease, Liability, to be Paid, Total	756,000
Expected Lease [Member]
2022	90,000
2023	120,000
2024	30,000
Lessee, Operating Lease, Liability, to be Paid, Total	$ 240,000

Note 7 - Income Taxes (Details

Note 7 - Income Taxes (Details Textual) - USD ($)	Dec. 31, 2021	Sep. 30, 2021
Unrecognized Tax Benefits, Ending Balance	$ 0	$ 0
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total	0	$ 0
Operating Loss Carryforwards, Total	$ 687,000

Note 8 - Stockholders' Equity (

Note 8 - Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Sep. 30, 2021
Preferred Stock, Shares Authorized (in shares)	1,000,000		1,000,000
Preferred Stock, Shares Issued, Total (in shares)	0		0
Common Stock, Shares Authorized (in shares)	125,000,000		125,000,000
Common Stock, Shares, Issued, Total (in shares)	34,505,520		34,505,520
Dividends, Total	$ 0	$ 0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in shares)	0	0
Percentage of Voting Securities	85.00%
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares)	0	0
Preferred Stock, Shares Outstanding, Ending Balance (in shares)	0		0
Common Stock, Shares, Outstanding, Ending Balance (in shares)	34,505,520		34,505,520
The 2018 Equity Incentive Plan [Member]
Common Stock, Capital Shares Reserved for Future Issuance (in shares)	4,000,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares)	0	0
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period (in shares)	0	0
Former Chief Executive Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares)	525,667		525,667
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance (in dollars per share)	$ 0.15		$ 0.15

Note 9 - Concentration of Cre_2

Note 9 - Concentration of Credit Risk and Major Customers (Details Textual) - Customer Concentration Risk [Member]	3 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Revenue from Contract with Customer Benchmark [Member]
Number of Major Customers	4	3
Revenue from Contract with Customer Benchmark [Member] | Customer 1 [Member]
Concentration Risk, Percentage	24.00%	10.00%
Revenue from Contract with Customer Benchmark [Member] | Customer 2 [Member]
Concentration Risk, Percentage	16.00%	10.00%
Revenue from Contract with Customer Benchmark [Member] | Customer 3 [Member]
Concentration Risk, Percentage	14.00%	33.00%
Revenue from Contract with Customer Benchmark [Member] | Customer 4 [Member]
Concentration Risk, Percentage	12.00%
Accounts Receivable [Member]
Number of Major Customers	2
Accounts Receivable [Member] | Customer 1 [Member]
Concentration Risk, Percentage	47.00%
Accounts Receivable [Member] | Customer 2 [Member]
Concentration Risk, Percentage	23.00%