Tapinator (Tapinator) Beneish M-Score : -2.57 (As of May. 28, 2024)

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What is Tapinator 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.

Good Sign:

Beneish M-Score -2.57 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TAPM' s Beneish M-Score Range Over the Past 10 Years
Min: -12.3 Med: -7.46 Max: 7.13
Current: -2.57

During the past 10 years, the highest Beneish M-Score of Tapinator was 7.13. The lowest was -12.30. And the median was -7.46.

Tapinator Beneish M-Score Historical Data

The historical data trend for Tapinator'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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Tapinator Beneish M-Score Chart

Tapinator Annual Data

Trend

Oct07

Oct08

Oct09

Oct12

Oct13

Dec14

Dec15

Dec16

Dec17

Dec18

Beneish M-Score

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5.55

-4.61

-7.44

-10.28

-9.88

Tapinator Quarterly Data
	Jun15	Sep15	Dec15	Mar16	Jun16	Sep16	Dec16	Mar17	Jun17	Sep17	Dec17	Mar18	Jun18	Sep18	Dec18	Mar19	Jun19	Sep19	Sep22	Sep23
Beneish M-Score	Get a 7-Day Free Trial															-8.32	-8.57	-8.53	-5.74	-2.57

Competitive Comparison of Tapinator's Beneish M-Score

For the Electronic Gaming & Multimedia subindustry, Tapinator'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.

Tapinator's Beneish M-Score Distribution in the Interactive Media Industry

For the Interactive Media industry and Communication Services sector, Tapinator's Beneish M-Score distribution charts can be found below:

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

Tapinator 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 Tapinator 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 * 0.6496

0.528 * 0.9803

0.404 * 1.3015

0.892 * 1.6614

0.115 * 1.2502

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.5296

4.679 * -0.120076

0.327 * 1.0598

-2.57

This Year (Sep23) TTM:

Last Year (Mar19) TTM:

Total Receivables was $0.44 Mil.
Revenue was 1.176 + 1.306 + 0.819 + 1.346 = $4.65 Mil.
Gross Profit was 0.84 + 0.92 + 0.556 + 0.916 = $3.23 Mil.
Total Current Assets was $1.46 Mil.
Total Assets was $3.17 Mil.
Property, Plant and Equipment(Net PPE) was $0.30 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.56 Mil.
Selling, General, & Admin. Expense(SGA) was $3.03 Mil.
Total Current Liabilities was $1.65 Mil.
Long-Term Debt & Capital Lease Obligation was $0.22 Mil.
Net Income was -0.288 + 0.144 + -0.571 + -0.265 = $-0.98 Mil.
Non Operating Income was -0.457 + 0.072 + 0 + 0 = $-0.39 Mil.
Cash Flow from Operations was 0 + 0 + -0.053 + -0.161 = $-0.21 Mil.

Total Receivables was $0.40 Mil.
Revenue was 0.813 + 0.569 + 0.681 + 0.734 = $2.80 Mil.
Gross Profit was 0.514 + 0.395 + 0.515 + 0.483 = $1.91 Mil.
Total Current Assets was $1.50 Mil.
Total Assets was $2.52 Mil.
Property, Plant and Equipment(Net PPE) was $0.16 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.69 Mil.
Selling, General, & Admin. Expense(SGA) was $3.44 Mil.
Total Current Liabilities was $1.30 Mil.
Long-Term Debt & Capital Lease Obligation was $0.10 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)
	=	(0.436 / 4.647)	/	(0.404 / 2.797)
	=	0.093824	/	0.14444
	=	0.6496

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)
	=	(1.907 / 2.797)	/	(3.232 / 4.647)
	=	0.681802	/	0.695502
	=	0.9803

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 - (1.455 + 0.3) / 3.173)	/	(1 - (1.499 + 0.157) / 2.522)
	=	0.446896	/	0.343378
	=	1.3015

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
	=	4.647	/	2.797
	=	1.6614

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))
	=	(0.692 / (0.692 + 0.157))	/	(0.562 / (0.562 + 0.3))
	=	0.815077	/	0.651972
	=	1.2502

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)
	=	(3.026 / 4.647)	/	(3.439 / 2.797)
	=	0.651173	/	1.229532
	=	0.5296

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)
	=	((0.218 + 1.65) / 3.173)	/	((0.102 + 1.299) / 2.522)
	=	0.588717	/	0.555511
	=	1.0598

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
	=	(-0.98 - -0.385	-	-0.214)	/	3.173
	=	-0.120076

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.

Tapinator has a M-score of -2.57 suggests that the company is unlikely to be a manipulator.

Tapinator Beneish M-Score Related Terms

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Tapinator (Tapinator) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Communication Services » Interactive Media » Tapinator Inc (OTCPK:TAPM) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

1776 Broadway, Suite 2002, New York, NY, USA, 10019

Website

https://www.tapinator.com

Tapinator Inc develops and publishes category- leading apps for mobile platforms, with a focus on social casino games. The company's library includes more than 300 titles. It offers games such as Solitaire Derby, Crypto Trillionaire, Castlebuilder, Combo Quest, and Dice Mage 2 among others. The company generates revenues through the sale of branded advertising and consumer transactions, including in-app purchases and subscriptions.