Mastermind posts $626,000 increase in net income for fiscal year September 30, 2021

Mastermind, Inc. (OTC QB: MMND), a vertically integrated digital marketing company that designs, creates and activates marketing initiatives for global brands, today announced its financial results for the fiscal year 2021, ended 30 September 2021.

Dan Dodson, CEO of Mastermind, said, “The uncertainty of the pandemic continues to impact Mastermind’s growth strategy. Customers have remained conservative in their spending and this has put some acquisition talks on hold. Our team has adapted to working remotely and we have innovative marketing initiatives that should be implemented this fiscal year. Our total assets increased by 19.4% to $2.77 million and total liabilities decreased by 34.6% to $748,000. Our net income before income taxes was $766,000 for fiscal 2022, compared to a net loss of $12,000 for fiscal 2021. The cancellation of PPP loans was a significant factor in our results. We paused our acquisition efforts during the year, but expect to resume them in fiscal 2022.”

Fiscal 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 5% decrease 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. He has over 30 years of experience in dozens of industries helping to engage people with leading brands in ways that inspire them to action. Mastermind has a total data-driven approach that drives brand consideration, trial, loyalty and promotion. The company has extensive marketing expertise in the areas of content, digital, influencers, social media, promotion, channel optimization and digital issue management. This allows Mastermind to create and run multidimensional campaigns that drive results. For more information about Mastermind, Inc., please visit: www.MastermindMarketing.com.

Forward-looking statements

This press release from 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. . These statements may include, without limitation, statements regarding the Company’s plans, goals, projections, expectations and intentions and other statements identified by words such as “plans”, “may”, “will”, “could”, “should”, “believe”, “expect”, “anticipate”, “estimate”, “intend”, “plan”, “potential”, or similar expressions. These statements are based on 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; business model implementation and the Company’s strategic plans for its business and services; estimates of the Company’s future revenues, expenses, capital requirements and financing requirements; and developments relating to the Company’s competitors) may differ materially from those set forth in the forward-looking statements. These forward-looking statements involve certain risks and uncertainties that could change based on a variety of factors (many of which are beyond the control of the Company). 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.

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