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Mastermind Posts $626K Increase in Net Income for FYE September 30, 2021
Rhea-AI Impact
(Moderate)
Rhea-AI Sentiment
(Neutral)
Tags
Rhea-AI Summary
Mastermind, Inc. (OTC-PINK:MMND) reported FY 2021 financial results, highlighting a 19.4% increase in total assets to $2.77M and a 34.6% decrease in liabilities to $748K. The company achieved a net income of $766K, a significant recovery from a loss of $12K in FY 2020, aided by PPP loan forgiveness. Revenue rose 5% to $3.88M, while operating expenses declined by 5% to $2.34M. CEO Dan Dodson noted that pandemic-related uncertainties led to conservative spending among clients, impacting acquisition discussions, though plans to resume acquisitions are on the horizon.
Positive
Total assets increased 19.4% to $2.77M.
Total liabilities decreased 34.6% to $748K.
Net income rose to $766K from a loss of $12K in FY 2020.
Revenue grew by 5% to $3.88M.
Operating expenses decreased by 5% to $2.34M.
Total equity increased 71.9% to $2.02M.
Negative
Pandemic uncertainties affected client spending and acquisition discussions.
ATLANTA--(BUSINESS WIRE)--
Mastermind, Inc. (OTC QB: MMND), a leading vertically-integrated digital marketing company that designs, creates and activates marketing initiatives for global brands, today announced financial results for FY 2021, ended September 30, 2021.
Dan Dodson, CEO of Mastermind, commented, “The uncertainty of the pandemic continues to impact Mastermind’s growth strategy. Clients remained conservative in their spending and that has paused certain acquisition discussions. Our team has adapted to working remotely and we have some innovative marketing initiatives that are scheduled to be implemented during this fiscal year. Our total assets increased 19.4% to $2.77M and total liabilities decreased 34.6% to $748K. Our net income before income taxes was $766K for FY 2022 compared to a net loss of $12K for FY 2021. PPP loan forgiveness was a material factor in our results. We paused our acquisition efforts during the year, but plan on resuming them in FY 2022.”
Fiscal Year 2021 Highlights
Revenue for 2021 was $3,877,721, an increase of 5% over 2020
Net Income for 2021 was $767,268, an increase of $626,095 over 2020
Operating Expenses for 2021 were $2,344,601, a decrease of 5% from 2020
Total equity increased to $2,019,115, an increase of 71.9% over 2020
Detailed financial information can be found in Mastermind’s Annual Report on Form 10-K for the period ended September 30, 2021, as filed with the Securities Exchange Commission on February 14, 2021.
About Mastermind, Inc.
Mastermind, Inc. provides thinking that drives results for leading marketers. It has over 30 years of experience in dozens of industries helping involve people with leading brands in ways that inspire them to take action. Mastermind has a total, data-driven approach that drives brand consideration, trial, loyalty, and advocacy. The company has extensive marketing expertise in Content, Digital, Influencer, Social, Promotion, Channel Optimization, and Digital Issues Management. This allows Mastermind to create and execute multi-dimensional campaigns that drive results. For more information about Mastermind, Inc., please visit: www.MastermindMarketing.com.
Forward-Looking Statements
This press release of Mastermind, Inc. (the “Company”) contains, or may contain, among other things, certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve significant risks and uncertainties. Such statements may include, without limitation, statements with respect to the Company’s plans, objectives, projections, expectations and intentions and other statements identified by words such as “projects,” “may,” “will,” “could,” “would,” “should,” “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “potential” or similar expressions. These statements are based upon the current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties, including those detailed in the Company’s filings with the Securities and Exchange Commission. Actual results (including, without limitation, market acceptance of the Company’s services; competition from existing products/services or new products/services that may emerge; the implementation of the Company’s business model and strategic plans for its business and its services; estimates of the Company’s future revenue, expenses, capital requirements and need for financing; and developments relating to the Company’s competitors) may differ significantly from those set forth in the forward-looking statements. These forward-looking statements involve certain risks and uncertainties that are subject to change based on various factors (many of which are beyond the Company’s control). The Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
