Wed, May 15, 9:13 PM (220 days ago)
Mastermind, Inc.'s Form 10-Q for the quarter ending March 31, 2024, reveals a decline in financial performance. Revenues decreased by 29.2% to $804.9K from $1.14M in Q1 2023, attributed to the timing of project completions and revenue recognition for direct expenses. Gross profit also fell by 31.4% to $488.1K, with a gross margin of 61%, down from 63% in the prior year. Operating expenses dropped by 22.1% to $431.2K, primarily due to reduced management consulting and professional fees. Net income decreased significantly to $47.7K from $118.1K. Cash and cash equivalents declined by 33% to $761.1K. Despite these challenges, the company maintains a working capital of $2.84M, indicating sufficient liquidity for the next twelve months. The company also changed its fiscal year-end to December 31, effective January 1, 2024. No dividends were declared, and no stock options were issued. The company successfully resolved a significant legal proceeding, with the case dismissed with prejudice.