Arsenal Digital Holdings (Arsenal Digital Holdings) Beneish M-Score : 0.00 (As of Jun. 07, 2024)

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What is Arsenal Digital Holdings Beneish M-Score?

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

The historical rank and industry rank for Arsenal Digital Holdings's Beneish M-Score or its related term are showing as below:

During the past 7 years, the highest Beneish M-Score of Arsenal Digital Holdings was 0.00. The lowest was 0.00. And the median was 0.00.

Arsenal Digital Holdings Beneish M-Score Historical Data

The historical data trend for Arsenal Digital Holdings's Beneish M-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

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Arsenal Digital Holdings Beneish M-Score Chart

Arsenal Digital Holdings Annual Data

Trend

Nov04

Nov05

Nov06

Nov07

Nov08

Nov09

Nov10

Beneish M-Score

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Arsenal Digital Holdings Quarterly Data
	Feb07	May07	Aug07	Nov07	Feb08	May08	Aug08	Nov08	Feb09	May09	Aug09	Nov09	Feb10	May10	Aug10	Nov10	Feb11	May11	Aug22	Aug23
Beneish M-Score	Get a 7-Day Free Trial															-	-	-	-	-

Competitive Comparison of Arsenal Digital Holdings's Beneish M-Score

For the Utilities - Renewable subindustry, Arsenal Digital Holdings's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Arsenal Digital Holdings's Beneish M-Score Distribution in the Utilities - Independent Power Producers Industry

For the Utilities - Independent Power Producers industry and Utilities sector, Arsenal Digital Holdings's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Arsenal Digital Holdings's Beneish M-Score falls into.

Arsenal Digital Holdings Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of Arsenal Digital Holdings for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 *

0.528 *

0.404 *

0.892 *

0.115 *

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 *

4.679 *

0.327 *

This Year (Aug23) TTM:

Last Year (Nov10) TTM:

Total Receivables was $0.49 Mil.
Revenue was 17.371 + 0 + 0 + 0 = $17.37 Mil.
Gross Profit was 0.164 + 0 + 0 + 0 = $0.16 Mil.
Total Current Assets was $1.40 Mil.
Total Assets was $1.74 Mil.
Property, Plant and Equipment(Net PPE) was $0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.00 Mil.
Selling, General, & Admin. Expense(SGA) was $2.19 Mil.
Total Current Liabilities was $0.43 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 Mil.
Net Income was -0.804 + -0.067 + -0.149 + -0.527 = $-1.55 Mil.
Non Operating Income was 0 + 0 + 0.748 + 0 = $0.75 Mil.
Cash Flow from Operations was 0 + 0 + -0.634 + -0.653 = $-1.29 Mil.

Total Receivables was $0.01 Mil.
Revenue was 0 + 0 + 0 + 0 = $0.00 Mil.
Gross Profit was 0 + 0 + 0 + 0 = $0.00 Mil.
Total Current Assets was $0.18 Mil.
Total Assets was $0.19 Mil.
Property, Plant and Equipment(Net PPE) was $0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.00 Mil.
Selling, General, & Admin. Expense(SGA) was $7.86 Mil.
Total Current Liabilities was $5.48 Mil.
Long-Term Debt & Capital Lease Obligation was $8.45 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI	=	(Receivables_t / Revenue_t)	/	(Receivables_t-1 / Revenue_t-1)
	=	(0.491 / 17.371)	/	(0.013 / 0)
	=	0.028265	/
	=

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI	=	GrossMargin_t-1	/	GrossMargin_t
	=	(GrossProfit_t-1 / Revenue_t-1)	/	(GrossProfit_t / Revenue_t)
	=	(0 / 0)	/	(0.164 / 17.371)
	=		/	0.009441
	=

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI	=	(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)	/	(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
	=	(1 - (1.397 + 0) / 1.738)	/	(1 - (0.183 + 0.004) / 0.188)
	=	0.196203	/	0.005319
	=

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI	=	Sales_t	/	Sales_t-1
	=	Revenue_t	/	Revenue_t-1
	=	17.371	/	0
	=

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI	=	(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))	/	(Depreciation_t / (Depreciaton_t + PPE_t))
	=	(0.004 / (0.004 + 0.004))	/	(0.001 / (0.001 + 0))
	=	0.5	/	1
	=

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI	=	(SGA_t / Sales_t)	/	(SGA_t-1 /Sales_t-1)
	=	(2.185 / 17.371)	/	(7.86 / 0)
	=	0.125784	/
	=

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI	=	((LTD_t + CurrentLiabilities_t) / TotalAssets_t)	/	((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
	=	((0 + 0.426) / 1.738)	/	((8.447 + 5.479) / 0.188)
	=	0.245109	/	74.074468
	=

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA	=	(IncomefromContinuingOperations_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(NetIncome_t - NonOperatingIncome_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(-1.547 - 0.748	-	-1.287)	/	1.738
	=	-0.579977

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Arsenal Digital Holdings Beneish M-Score Related Terms

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Arsenal Digital Holdings (Arsenal Digital Holdings) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Utilities » Utilities - Independent Power Producers » Arsenal Digital Holdings Inc (OTCPK:ADHI) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

2925 Richmond Avenue, Suite 1550, Houston, TX, USA, 77098

Website

https://www.arsenaldigital.io

Arsenal Digital Holdings Inc is a service provider specializing in energy and power development projects.

Executives

West Peak Ventures Of Canada Ltd.	10 percent owner	1010-789 WEST PENDER STREET, VANCOUVER A1 V6C 1H2
Woodburn Holdings, Ltd.	director, 10 percent owner, officer: Secretary	885 PYRFORD ROAD, WEST VANCOUVER A1 V7S 2A2
James Douglas Frater	director, 10 percent owner, officer: CEO & PRESIDENT	609 GRANVILLE STREET, SUITE 880, P.O. BOX 10321, PACIFIC CENTER, VANCOUVER A1 V7Y 1G5
Craig A Harting	director, 10 percent owner, officer: COO	609 GRANVILLE STREET, SUITE 880, P.O. BOX 10321, PACIFIC CENTER, VANCOUVER A1 V7Y 1G5
West Peak Ventures Of Canada Ltd	10 percent owner	885 PYRFORD ROAD, WEST VANCOUVER A1 V7S A2A
Elden Schorn	director, 10 percent owner, officer: President CEO CFO & Treasurer	STE 1247 - 235 KEITH ROAD, WEST VANCOUVER A1 V7T 1L5
Hugh Chisholm	10 percent owner	885 PYRFORD ROAD, VANCOUVER A1 V7S A2A
Bruce Chisholm	10 percent owner	885 PYRFORD ROAD, VANCOUVER A1 V7S A2A
Kathrine Macdonald	10 percent owner	885 PYRFORD ROAD, WEST VANCOUVER A1 V7S 2A2
Robert M Baker	director, 10 percent owner, officer: President CEO CFO Treas/Sec	600-666 BURRARD STREET, VANCOUVER A1 V6C3P6

Arsenal Digital Holdings (Arsenal Digital Holdings) Headlines

From GuruFocus

Arsenal Digital Holdings, Inc. (ADHI) Appoints New Officer and Advisory Board Members

By ACCESSWIRE ACCESSWIRE • 04-20-2023

Arsenal Digital Holdings, Inc. (ADHI) Achieves Promising First-Time Revenues and Advances Operations

By ACCESSWIRE • 08-24-2023

Arsenal Digital Holdings, Inc. (ADHI) Acquires Blackrock Midstream, Bringing Valuable Resources and Expertise to the Company and Future Projects

By ACCESSWIRE ACCESSWIRE • 03-29-2023

Arsenal Digital Holdings, Inc. (OTC:ADHI) Continues its Expansion and Path to Sustainability

By ACCESSWIRE • 10-06-2023