Cover
Cover - shares | 3 Months Ended | |
Dec. 31, 2023 | Feb. 16, 2024 | |
Cover [Abstract] | ||
Entity Registrant Name | MASTERMIND, INC. | |
Entity Central Index Key | 0001088638 | |
Document Type | 10-QT | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Small Business | true | |
Entity Shell Company | false | |
Entity Emerging Growth Company | false | |
Entity Current Reporting Status | Yes | |
Document Period End Date | Dec. 31, 2023 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock Shares Outstanding | 34,505,520 | |
Document Period Start Date | Oct. 01, 2023 | |
Document Quarterly Report | false | |
Document Transition Report | true | |
Entity File Number | 000-26533 | |
Entity Incorporation State Country Code | NV | |
Entity Tax Identification Number | 82-3807447 | |
Entity Address Address Line 1 | 2221 Peachtree Rd. NE | |
Entity Address Address Line 2 | Suite D-134 | |
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 Interactive Data Current | Yes |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2023 | Sep. 30, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 1,137,010 | $ 1,395,078 |
Accounts receivable | 254,329 | 677,286 |
Unbilled receivables | 1,679,929 | 1,624,623 |
Prepaid expenses and other current assets | 29,198 | 111,778 |
Total Current Assets | 3,100,466 | 3,808,765 |
Property and equipment, net | 37,898 | 36,674 |
TOTAL ASSETS | 3,138,364 | 3,845,439 |
Current liabilities: | ||
Accounts payable and accrued expenses | 213,120 | 282,956 |
Unearned revenues | 121,196 | 133,036 |
Total Current Liabilities | 334,316 | 415,992 |
Deferred tax liabilities | 223,691 | 345,812 |
Total Liabilities | 558,007 | 761,804 |
Stockholders' Equity | ||
Preferred stock: 1,000,000 shares authorized; $0.001 par value; no shares issued and outstanding | 0 | 0 |
Common stock: 125,000,000 shares authorized; $0.001 par value; 34,505,520 shares issued and outstanding | 34,506 | 34,506 |
Additional paid in capital | 62,865 | 62,865 |
Retained earnings | 2,482,986 | 2,986,264 |
Total Stockholders' Equity | 2,580,357 | 3,083,635 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 3,138,364 | $ 3,845,439 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2023 | Sep. 30, 2023 |
Consolidated Balance Sheets | ||
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 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 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Consolidated Statements of Operations (Unaudited) | ||
Revenues | $ 398,458 | $ 1,041,847 |
Cost of revenues | 298,823 | 420,592 |
Gross profit | 99,635 | 621,255 |
Operating Expenses: | ||
Management consulting | 215,725 | 210,725 |
Professional fees | 32,214 | 25,165 |
Wages and benefits | 209,227 | 189,909 |
General and administrative | 202,693 | 151,293 |
Total Operating Expenses | 659,859 | 577,092 |
Income (loss) from operations | (560,224) | 44,163 |
Other Income (Expense) | ||
Interest income | 17,149 | 1,265 |
Loss on disposal of leasehold improvements | 0 | (8,609) |
Total other income (expense) | 17,149 | (7,344) |
Income (loss) before provision (benefit) for income taxes | (543,075) | 36,819 |
Provision (benefit) for income taxes | (39,797) | 50,477 |
Net loss | $ (503,278) | $ (13,658) |
Basic and diluted income (loss) per common share | ||
Basic | $ (0.01) | $ 0 |
Diluted | $ (0.01) | $ 0 |
Weighted average number of common shares outstanding | ||
Basic | 34,505,520 | 34,505,520 |
Diluted | 34,505,520 | 34,505,520 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) | Total | Common Stock | Additional Paid-In Capital | Retained Earnings |
Balance, shares at Sep. 30, 2022 | 34,505,520 | |||
Balance, amount at Sep. 30, 2022 | $ 2,694,334 | $ 34,506 | $ 62,865 | $ 2,596,963 |
Net loss | (13,658) | $ 0 | 0 | (13,658) |
Balance, shares at Dec. 31, 2022 | 34,505,520 | |||
Balance, amount at Dec. 31, 2022 | 2,680,676 | $ 34,506 | 62,865 | 2,583,305 |
Balance, shares at Sep. 30, 2023 | 34,505,520 | |||
Balance, amount at Sep. 30, 2023 | 3,083,635 | $ 34,506 | 62,865 | 2,986,264 |
Net loss | (503,278) | $ 0 | 0 | (503,278) |
Balance, shares at Dec. 31, 2023 | 34,505,520 | |||
Balance, amount at Dec. 31, 2023 | $ 2,580,357 | $ 34,506 | $ 62,865 | $ 2,482,986 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Cash flows from operating activities: | ||
Net Loss | $ (503,278) | $ (13,658) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation | 3,608 | 5,970 |
Loss on disposal of leasehold improvements | 0 | 8,609 |
Deferred tax | (122,121) | 50,477 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 422,957 | (88,852) |
Unbilled receivables | (55,306) | 4,889 |
Prepaid expenses and other current assets | 82,580 | (3,935) |
Accounts payable and accrued expenses | (69,836) | (26,123) |
Unearned revenues | (11,840) | 43,674 |
Net cash used in operating activities | (253,236) | (18,949) |
Cash flows from investing activities: | ||
Purchase of property and equipment | (4,832) | (3,420) |
Net cash used in investing activities | (4,832) | (3,420) |
Net change in cash | (258,068) | (22,369) |
Cash, beginning of period | 1,395,078 | 1,735,140 |
Cash, end of period | 1,137,010 | 1,712,771 |
Supplemental Cash Flow Information | ||
Income taxes paid | 82,324 | 1,417 |
Interest paid | $ 0 | $ 0 |
Business
Business | 3 Months Ended |
Dec. 31, 2023 | |
Business | |
Business | 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 communications, promotions, Augmented Reality Marketing, and UX Analytics & Digital Intelligence. |
Interim Financial Statements an
Interim Financial Statements and Basis of Presentation | 3 Months Ended |
Dec. 31, 2023 | |
Interim Financial Statements and Basis of Presentation | |
Interim Financial Statements and Basis of Presentation | 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 of Regulation S-X. Accordingly, these unaudited consolidated financial statements do not include all of the information and disclosures required by U.S. GAAP for complete financial statements. In the opinion of management, the accompanying unaudited consolidated financial statements include all adjustments (consisting only of normal recurring adjustments), which we consider necessary, for a fair presentation of those financial statements. The results of operations for the three months ended December 31, 2023 and cash flows for the three months ended December 31, 2023, may not necessarily be indicative of results that may be expected for any succeeding period or for the entire fiscal year. These unaudited consolidated financial statements should be read in conjunction with our audited financial statements included in our Annual Report on Form 10-K as of and for the fiscal year ended September 30, 2023 as filed with the Securities and Exchange Commission. 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 readily apparent from other sources. Actual results could differ from those estimates and judgments. In particular, significant estimates and judgments include those related to revenue recognition, allowance for doubtful accounts, useful lives and valuation of property and equipment. There have been no material changes in the Company’s significant accounting policies during the three months ended December 31, 2023, as compared to the significant accounting policies described in the Company’s Annual Report on Form 10-K for the year ended September 30, 2023. 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 December 31, September 30, 2023 2023 Cash $ 60,824 $ 121,025 Money market funds 1,076,186 1,274,053 $ 1,137,010 $ 1,395,078 Periodically, the Company may carry cash balances at financial institutions more than the federally insured limit of $250,000 per institution. The amount in excess of the FDIC insurance as of December 31, 2023, was approximately $826,000. The Company has not experienced losses on these accounts and management believes, based upon the quality of the financial institutions, that the credit risk with regard to these deposits is not significant. Reclassifications Certain prior period amounts have been reclassified to conform with the current period presentation. Change in Year End On February 1, 2024, the Board of Directors of Mastermind, Inc. (the “Company”) approved a change in the Company’s fiscal year end from September 30 to December 31, effective for the fiscal year beginning January 1, 2024 and ending December 31, 2024. As a result of the change in fiscal year end, the Company is filing this Transition Report on Form 10-QT for the period from October 1, 2023 through December 31, 2023. The Company’s 2024 fiscal year will run from January 1, 2024 through December 31, 2024. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions | |
Related Party Transactions | 3. Related Party Transactions On January 3, 2012, we entered into a perpetual license agreement (the “Perpetual License”) with Mastermind Marketing, Inc. (the “Licensor”), which provides for licenses of trademarks, internet domains, and certain intellectual property as defined in the Perpetual License. The Licensor is one of our members and its chief executive officer is also our chief executive officer. The Perpetual License, which may be terminated at any time by either party, is effective January 3, 2012 and provides for aggregate cash payments of $2,100,000 over the calendar years from 2019 through 2039 with no further payments required after December 31, 2039. The Company has recorded amortized expenses related to the license of $27,000 and $15,000 for the three months ended December 31, 2023 and 2022, respectively (Note 5). On January 3, 2014, we entered into a commercial lease agreement (the “Lease”) with 1450 West Peachtree, LLC, a Georgia limited liability company (the “Landlord”), for the lease of our corporate facility in Atlanta, Georgia. The manager of the Landlord is also our chief executive officer. The term of the original lease was for 10 years from the date of the agreement. During the period ended December 31, 2022 the Company gave notice to our landlord for our leased office space to terminate the agreement as of December 31, 2022 with no payments due thereafter. The landlord agreed to the termination of the lease with no penalties and no additional payments required. Through the period of COVID restrictions, we enhanced our remote work tools, technologies, and practices, working with our team to continue to serve our customers and complete projects. These remote tools and technologies have broadened our available talent pool and removed travel times for our team. The Company has adopted a fully remote work environment and no replacement office space is planned for. During the three months ended December 31, 2023 and 2022 we made lease payments of $0 and $41,422, respectively in satisfaction of our obligation pursuant to the Lease (Note 6). During the three months ended December 31, 2023, and 2022, we made payments to our three members pursuant to the terms of our operating agreement, as amended, for services rendered to us. The Company recorded expenses to our three |
Property and Equipment
Property and Equipment | 3 Months Ended |
Dec. 31, 2023 | |
Property and Equipment | |
Property and Equipment | 4. Property and Equipment Property and equipment consist of the following: December 31, September 30, 2023 2023 Furniture, fixtures and office equipment $ 93,135 $ 88,303 Less: accumulated depreciation (55,237 ) (51,629 ) Property and equipment, net $ 37,898 $ 36,674 Depreciation expense for the three months ended December 31, 2023 and 2022, were $3,608 and $5,970, respectively. As of December 31, 2022, the lease pertaining to the leasehold improvements was terminated (Note 6) and the $73,795 cost of leasehold improvements were written off resulting in a loss on disposal of $8,609 included in other income (expense). |
Licensing Agreements
Licensing Agreements | 3 Months Ended |
Dec. 31, 2023 | |
Licensing Agreements | |
Licensing Agreements | 5. Licensing Agreements On January 3, 2012, we entered into a perpetual license agreement (the “Perpetual License”) with Mastermind Marketing, Inc. (the “Licensor”), which provides for licenses of trademarks, internet domains, and certain intellectual property as defined in the Perpetual License. The Licensor is one of our members and its chief executive officer is also our chief executive officer. The Perpetual License, which may be terminated at any time by either party, is effective January 3, 2012 and provides for aggregate cash payments of $2,100,000 over the calendar years from 2019 through 2039 with no further payments required after December 31, 2039. The Company has recorded amortized expenses related to the license of $27,000 and $15,000 for the three months ended December 31, 2023 and 2022, respectively. In consideration for the Perpetual License, we agreed to pay the following fees through calendar year 2039: Fiscal Years Ending December 31, Amount 2024 $ 60,000 2025 60,000 2026 120,000 2027 120,000 2028 120,000 Thereafter 1,320,000 $ 1,800,000 |
Operating lease rightofuse asse
Operating lease rightofuse assets and operating lease liabilities | 3 Months Ended |
Dec. 31, 2023 | |
Operating lease rightofuse assets and operating lease liabilities | |
Operating lease right-of-use assets and operating lease liabilities | 6. Operating Lease Right-of-Use Assets and Operating Lease Liabilities Operating lease right-of-use assets and liabilities are recognized at the present value of the future lease payments at the lease commencement date. The interest rate used to determine the present value is our incremental borrowing rate, estimated to be 5.5%, as the interest rate implicit in our lease is not readily determinable. Operating lease expense is recognized pursuant to ASC Topic 842 Leases (Topic 842) over the lease term. During the three months ended December 31, 2023 and 2022, the Company recorded rent expense of $0 and $41,422, respectively. In adopting Topic 842, the Company has elected the ‘package of practical expedients’, which permit it not to reassess under the new standard its prior conclusions about lease identification, lease classification and initial direct costs. The Company did not elect the use-of-hindsight or the practical expedient pertaining to land easements; the latter is not applicable to the Company. In addition, the Company elected not to apply ASC Topic 842 to arrangements with lease terms of 12 month or less. During the year ended September 30, 2020, upon adoption of ASC Topic 842 for the 10-year commercial lease with 1450 West Peachtree, LLC for our leased office space, the Company recorded right-of-use assets and lease liabilities of $461,740. During the period ended December 31, 2022 the Company gave notice to our landlord for our leased office space to terminate the agreement as of December 31, 2022 with no payments due thereafter. The landlord agreed to the termination of the lease with no penalties and no additional payments required. Through the period of COVID restrictions, we enhanced our remote work tools, technologies, and practices, working with our team to continue to serve our customers and complete projects. These remote tools and technologies have broadened our available talent pool and removed travel times for our team. The Company has adopted a fully remote work environment and no replacement office space is planned for. The right-of-use assets and lease liabilities for December 31, 2023 were $0 and $0, respectively and for September 30, 2023 were $0 and $0, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies | |
Commitments and Contingencies | 7. Commitments and Contingencies Litigation On February 11, 2022, a Complaint and Demand for Jury Trial (the “Complaint”) was filed by a plaintiff (the “Plaintiff”) in the United States District Court for the Eastern District of Pennsylvania. The Complaint named Mastermind, Inc. (“the Company”) and Daniel Dodson, the Company’s Chief Executive Officer, (the “CEO”). The Company and the CEO are collectively referred to herein as “Defendants”. The Complaint includes alleged breach of contract and alleged breach of implied contract by the Defendants related to the Plaintiff’s allegations that he was entitled to 3,000,000 shares of common stock of the Company from the reverse merger transaction completed on February 14, 2018. The Defendants successfully had the Complaint transferred to the United States District Court for the Northern District of Georgia. In September of 2023, the court dismissed in part the breach of contract claims against the CEO and the Company. The alleged breach of implied contract by the Defendants is pending further litigation. The Defendants will contest the complaint and strongly believe they will prevail. Other than the above we are not a party to any other legal proceedings, other than ordinary routine litigation incidental to our business, which we believe will not have a material effect on our financial position or results of operations. |
Income Taxes
Income Taxes | 3 Months Ended |
Dec. 31, 2023 | |
Income Taxes | |
Income Taxes | 8. Income Taxes Prior to February 14, 2018, the effective date of the Business Combination, no provision for income taxes was made since we were treated as a partnership for income tax purposes and the income or loss was passed through to our members. 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. We have estimated our provision for income taxes in accordance with the Tax Act and guidance available as of the date of this filing. 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 disagree with respect to the income tax positions taken by us (“uncertain tax positions”) and, therefore, may require us to pay additional taxes. As required under applicable accounting rules, we accrue an amount for our estimate of additional income tax liability, including interest and penalties, which we could incur as a result of the ultimate or effective resolution of the uncertain tax positions. We account for income taxes using the asset and liability method. Under the asset and liability method, deferred tax assets and liabilities are recognized for the future tax consequences attributed to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences and carry-forwards are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is established when necessary to reduce deferred tax assets to amounts expected to be realized. There were no unrecognized material tax benefits at December 31, 2023, and September 30, 2023. Our policy is to recognize interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense. There were no accrued interest or penalties associated with any unrecognized tax benefits, nor was any interest expense recognized during the periods presented. We have determined we have no uncertain tax positions. Tax returns are subject to examination by the federal and state taxing authorities for generally three years after filed. There are no income tax examinations currently in process. The Company files its income tax returns on the cash basis of accounting utilizing a December 31 tax year end. Deferred tax assets relating to current liabilities result from accounts payable and accrued expenses and unearned revenues which are not currently deductible for tax purposes. Deferred tax liabilities relating to current assets result from accounts receivables, unbilled receivables and prepaid expenses which are not currently recognized as income for tax reporting purposes. As of December 31, 2023, the Company has $472,183 of net operating loss carryforwards on tax basis, which is prepared on cash basis, that are available to offset future taxable income. In assessing the realization of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. |
Stockholders Equity
Stockholders Equity | 3 Months Ended |
Dec. 31, 2023 | |
Stockholders Equity | |
Stockholders' Equity | 9. Stockholders Equity Preferred Stock As of December 31, 2023, and September 30, 2023, we were authorized to issue a total 1,000,000 shares of preferred stock. There were no shares of Preferred Stock issued or outstanding as of December 31, 2023, and September 30, 2023. Common Stock As of December 31, 2023, and September 30, 2023, we were authorized to issue a total of 125,000,000 shares of common stock. As of December 31, 2023, and September 30, 2023, there were 34,505,520 shares of common stock issued and outstanding, respectively. During the three months ended December 31, 2023 and 2022, the Company did not issue any shares of common stock. Dividends During the three months ended December 31, 2023 and 2022, there were no dividends declared or paid. Common Stock Options During the three months ended December 31, 2023 and 2022, there were no stock options exercised or issued. A 2018 Equity Incentive Plan consisting of four million (4,000,000) shares of Common Stock was adopted by written consent of holders of 85% of the voting securities. No options or shares have been issued under this plan as of December 31, 2023 and September 30, 2023. |
Concentration of Credit Risk an
Concentration of Credit Risk and Major Customers | 3 Months Ended |
Dec. 31, 2023 | |
Concentration of Credit Risk and Major Customers | |
Concentration of Credit Risk and Major Customers | 10. Concentration of Credit Risk and Major Customers For the three months ended December 31, 2023, three customers represented approximately 46%, 39% and 16%, respectively, of our total revenues. For the three months ended December 31, 2022, three customers represented approximately 49%, 31% and 14%, respectively, of our total revenues. As of December 31, 2023 , As of September 30, 2023, three customers represented approximately 52%, 26% and 21%, respectively of our outstanding accounts receivable and unbilled receivables. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Dec. 31, 2023 | |
Subsequent Events | |
Subsequent Events | 11. Subsequent Events The Company has evaluated subsequent events through the date the financial statements were issued. The Company has determined that there are no such events that warrant disclosure or recognition in the consolidated financial statements presented herein, except for the change in fiscal year end as previously discussed (Note 2). |
Interim Financial Statements _2
Interim Financial Statements and Basis of Presentation (Policies) | 3 Months Ended |
Dec. 31, 2023 | |
Interim Financial Statements and Basis of 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 December 31, September 30, 2023 2023 Cash $ 60,824 $ 121,025 Money market funds 1,076,186 1,274,053 $ 1,137,010 $ 1,395,078 Periodically, the Company may carry cash balances at financial institutions more than the federally insured limit of $250,000 per institution. The amount in excess of the FDIC insurance as of December 31, 2023, was approximately $826,000. The Company has not experienced losses on these accounts and management believes, based upon the quality of the financial institutions, that the credit risk with regard to these deposits is not significant. |
Reclassifications | Certain prior period amounts have been reclassified to conform with the current period presentation. |
Change in Year End | On February 1, 2024, the Board of Directors of Mastermind, Inc. (the “Company”) approved a change in the Company’s fiscal year end from September 30 to December 31, effective for the fiscal year beginning January 1, 2024 and ending December 31, 2024. As a result of the change in fiscal year end, the Company is filing this Transition Report on Form 10-QT for the period from October 1, 2023 through December 31, 2023. The Company’s 2024 fiscal year will run from January 1, 2024 through December 31, 2024. |
Interim Financial Statements _3
Interim Financial Statements and Basis of Presentation (Tables) | 3 Months Ended |
Dec. 31, 2023 | |
Interim Financial Statements and Basis of Presentation | |
Schedule of cash and cash equivalents | December 31, September 30, 2023 2023 Cash $ 60,824 $ 121,025 Money market funds 1,076,186 1,274,053 $ 1,137,010 $ 1,395,078 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 3 Months Ended |
Dec. 31, 2023 | |
Property and Equipment | |
Summary of property and equipment | December 31, September 30, 2023 2023 Furniture, fixtures and office equipment $ 93,135 $ 88,303 Less: accumulated depreciation (55,237 ) (51,629 ) Property and equipment, net $ 37,898 $ 36,674 |
Licensing Agreements (Tables)
Licensing Agreements (Tables) | 3 Months Ended |
Dec. 31, 2023 | |
License Agreement [Member] | Licensor [Member] | |
Perpetual license agreement | Fiscal Years Ending December 31, Amount 2024 $ 60,000 2025 60,000 2026 120,000 2027 120,000 2028 120,000 Thereafter 1,320,000 $ 1,800,000 |
Interim Financial Statements _4
Interim Financial Statements and Basis of Presentation (Details) - USD ($) | Dec. 31, 2023 | Sep. 30, 2023 |
Interim Financial Statements and Basis of Presentation | ||
Cash | $ 60,824 | $ 121,025 |
Money Market Funds | 1,076,186 | 1,274,053 |
Cash and cash equivalents net | $ 1,137,010 | $ 1,395,078 |
Interim Financial Statements _5
Interim Financial Statements and Basis of Presentation (Details Narrative ) | Dec. 31, 2023 USD ($) |
Interim Financial Statements and Basis of Presentation | |
Federally insured limit | $ 250,000 |
Amount in excess of the FDIC insurance | $ 826,000 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | ||||
Jan. 03, 2014 | Dec. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Sep. 30, 2023 | Jan. 03, 2012 | |
Related Party Transaction, Expenses from Transactions with Related Party | $ 275,576 | $ 270,418 | ||||
Finite-Lived License Agreements, Gross | $ 2,100,000 | |||||
Amortized Expense | 27,000 | 15,000 | ||||
Landlord [Member] | ||||||
Operating Lease, Expense | $ 0 | $ 41,422 | $ 41,422 | |||
Commercial lease, term of contract | 10 years | |||||
License Agreement [Member] | Licensor [Member] | ||||||
Due to Related Parties | $ 0 | $ 0 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) | Dec. 31, 2023 | Sep. 30, 2023 |
Property and Equipment | ||
Furniture, fixtures and office equipment | $ 93,135 | $ 88,303 |
Less: accumulated depreciation | (55,237) | (51,629) |
Property and equipment, net | $ 37,898 | $ 36,674 |
Property and Equipment (Detai_2
Property and Equipment (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | 15 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2022 | |
Depreciation Expences | $ 3,608 | $ 5,970 | $ 5,970 | |
Loss on disposition | $ (8,609) | |||
Leasehold improvements | ||||
Writeoff Leasehold Improvements | $ 73,795 | $ 73,795 | $ 73,795 |
Licensing Agreements (Details)
Licensing Agreements (Details) - License Agreement [Member] - Licensor [Member] | Dec. 31, 2023 USD ($) |
2024 | $ 60,000 |
2025 | 60,000 |
2026 | 120,000 |
2027 | 120,000 |
2028 | 120,000 |
Thereafter | 1,320,000 |
Total | $ 1,800,000 |
Licensing Agreements (Details N
Licensing Agreements (Details Narrative) - USD ($) | 3 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Jan. 03, 2012 | |
Licensing Agreements | |||
Amortized Expense | $ 27,000 | $ 15,000 | |
Finite-Lived License Agreements, Gross | $ 2,100,000 |
Operating Lease RightofUse As_2
Operating Lease RightofUse Assets and Operating Lease Liabilities (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Sep. 30, 2020 | Sep. 30, 2023 | |
Right-of-use assets and lease liabilities | $ 461,740 | ||||
Right of use asset | $ 0 | $ 0 | |||
Lease term | 10 years | ||||
Lease Liabilities | $ 0 | $ 0 | |||
Interest rate | 5.50% | ||||
Landlord [Member] | |||||
Operating Lease, Expense | $ 0 | $ 41,422 | $ 41,422 |
Commitments and Contingencies (
Commitments and Contingencies (Details Narrative) | Feb. 11, 2022 shares |
Commitments and Contingencies | |
Shares of common stock | 3,000,000 |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) | Dec. 31, 2023 USD ($) |
Income Taxes | |
Net operating loss carryforwards | $ 472,183 |
Stockholders Equity (Details Na
Stockholders Equity (Details Narrative) - shares | Dec. 31, 2023 | Sep. 30, 2023 |
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 |
Common Stock, Shares, Outstanding, Ending Balance (in shares) | 34,505,520 | 34,505,520 |
Preferred Stock, Shares Authorized (in shares) | 1,000,000 | 1,000,000 |
The 2018 Equity Incentive Plan [Member] | ||
Common Stock, Capital Shares Reserved For Future (in shares) Issuance | 4,000,000 | |
Percentage of voting securities | 85% |
Concentration of Credit Risk _2
Concentration of Credit Risk and Major Customers (Details Narrative) - Customer Concentration Risk [Member] - integer | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2023 | |
Revenue from Contract with Customer Benchmark [Member] | |||
Number of Major Customers | 3 | ||
Revenue from Contract with Customer Benchmark [Member] | Customer 1 [Member] | |||
Concentration Risk, Percentage | 46% | 49% | |
Revenue from Contract with Customer Benchmark [Member] | Customer 2 [Member] | |||
Concentration Risk, Percentage | 39% | 31% | |
Revenue from Contract with Customer Benchmark [Member] | Customer 3 [Member] | |||
Concentration Risk, Percentage | 16% | 14% | |
Accounts Receivable [Member] | |||
Number of Major Customers | 3 | 3 | |
Accounts Receivable [Member] | Customer 1 [Member] | |||
Concentration Risk, Percentage | 64% | 52% | |
Accounts Receivable [Member] | Customer 2 [Member] | |||
Concentration Risk, Percentage | 26% | 26% | |
Accounts Receivable [Member] | Customer 3 [Member] | |||
Concentration Risk, Percentage | 9% | 21% |