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Mastermind, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in revenues to $267,345 from $1,208,758 in the same quarter the previous year. The decrease is attributed to a delay in a significant client initiative and the timing of project work.
Gross profit for the quarter was $44,478, representing 17% of revenues, compared to 63% in the same quarter of the previous year. This decrease is due to lower revenues and higher direct expenses in current projects.
Operating expenses decreased to $352,948 from $600,392, primarily due to reductions in management consulting, professional fees, and wages and benefits.
The company reported a net loss of $223,678 for the quarter, compared to a net income of $129,597 in the previous year.
Cash used in operating activities was $626,469, while there was no cash flow activity from investing or financing activities during the period.
Mastermind had cash and cash equivalents of $510,541 as of September 30, 2024, a decrease from $1,137,010 at the end of the previous fiscal year.
The filing also details a change in fiscal year-end to December 31, effective for the fiscal year beginning January 1, 2024.
Mastermind does not anticipate any off-balance sheet arrangements that could materially affect its financial condition.
The company identified deficiencies in its internal control over financial reporting due to insufficient segregation of duties and inadequate corporate governance policies.
Mastermind resolved a legal proceeding with a dismissal with prejudice, preventing any future litigation on the same claims.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Mastermind Inc quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.