Atha Energy (TSXV:SASK) Beneish M-Score : 0.00 (As of Jun. 02, 2024)

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What is Atha Energy 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 Atha Energy's Beneish M-Score or its related term are showing as below:

During the past 2 years, the highest Beneish M-Score of Atha Energy was 0.00. The lowest was 0.00. And the median was 0.00.

Atha Energy Beneish M-Score Historical Data

The historical data trend for Atha Energy'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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Atha Energy Beneish M-Score Chart

Atha Energy Annual Data

Trend

Dec21

Dec22

Beneish M-Score

Atha Energy Quarterly Data
	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23
Beneish M-Score	Get a 7-Day Free Trial					-	-	-	-	-

Competitive Comparison of Atha Energy's Beneish M-Score

For the Uranium subindustry, Atha Energy'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.

Atha Energy's Beneish M-Score Distribution in the Other Energy Sources Industry

For the Other Energy Sources industry and Energy sector, Atha Energy's Beneish M-Score distribution charts can be found below:

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

Atha Energy 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 Atha Energy 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 (Sep23) TTM:

Last Year (Sep22) TTM:

Total Receivables was C$0.54 Mil.
Revenue was 0 + 0 + 0 + 0 = C$0.00 Mil.
Gross Profit was -0.028 + -0.028 + -0.028 + -0.014 = C$-0.10 Mil.
Total Current Assets was C$28.04 Mil.
Total Assets was C$78.74 Mil.
Property, Plant and Equipment(Net PPE) was C$50.71 Mil.
Depreciation, Depletion and Amortization(DDA) was C$0.08 Mil.
Selling, General, & Admin. Expense(SGA) was C$6.51 Mil.
Total Current Liabilities was C$0.52 Mil.
Long-Term Debt & Capital Lease Obligation was C$0.00 Mil.
Net Income was -4.173 + -1.536 + 0.01 + -0.261 = C$-5.96 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = C$0.00 Mil.
Cash Flow from Operations was -1.524 + -0.849 + 0.17 + -0.142 = C$-2.35 Mil.

Total Receivables was C$0.02 Mil.
Revenue was 0 + 0 + 0 + 0 = C$0.00 Mil.
Gross Profit was 0 + 0 + 0 + 0 = C$0.00 Mil.
Total Current Assets was C$7.24 Mil.
Total Assets was C$8.35 Mil.
Property, Plant and Equipment(Net PPE) was C$0.11 Mil.
Depreciation, Depletion and Amortization(DDA) was C$0.00 Mil.
Selling, General, & Admin. Expense(SGA) was C$0.67 Mil.
Total Current Liabilities was C$0.13 Mil.
Long-Term Debt & Capital Lease Obligation was C$0.00 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)
	=	(0.541 / 0)	/	(0.017 / 0)
	=		/
	=

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)	/	(-0.098 / 0)
	=		/
	=

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 - (28.038 + 50.705) / 78.742)	/	(1 - (7.239 + 0.11) / 8.349)
	=	-1.3E-5	/	0.119775
	=

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
	=	0	/	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 / (0 + 0.11))	/	(0.084 / (0.084 + 50.705))
	=	0	/	0.001654
	=

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)
	=	(6.51 / 0)	/	(0.669 / 0)
	=		/
	=

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 + 0.515) / 78.742)	/	((0 + 0.13) / 8.349)
	=	0.00654	/	0.015571
	=

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
	=	(-5.96 - 0	-	-2.345)	/	78.742
	=	-0.045909

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.

Atha Energy Beneish M-Score Related Terms

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Atha Energy (TSXV:SASK) Business Description

Industry

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Comparable Companies

Traded in Other Exchanges

SASKF:USA X5U:Germany

Address

1250 - 1066 Hastings St. W, Vancouver, BC, CAN, V6E 3X1

Website

https://www.athaenergy.com

Atha Energy Corp. is a mineral exploration company focused on the acquisition, exploration, and development of mineral resource properties. The company has the option to acquire a 100% interest and title to the Golden Rose property located in Northeastern Ontario and has signed an agreement to acquire significant acreage in Saskatchewan and Alberta.

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