AgriFORCE Growing Systems (AgriFORCE Growing Systems) Beneish M-Score : 0.00 (As of May. 28, 2024)

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What is AgriFORCE Growing Systems 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 AgriFORCE Growing Systems's Beneish M-Score or its related term are showing as below:

During the past 6 years, the highest Beneish M-Score of AgriFORCE Growing Systems was 0.00. The lowest was 0.00. And the median was 0.00.

AgriFORCE Growing Systems Beneish M-Score Historical Data

The historical data trend for AgriFORCE Growing Systems'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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AgriFORCE Growing Systems Beneish M-Score Chart

AgriFORCE Growing Systems Annual Data

Trend

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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AgriFORCE Growing Systems Quarterly Data
	Dec18	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24
Beneish M-Score	Get a 7-Day Free Trial															-	-	-	-	-

Competitive Comparison of AgriFORCE Growing Systems's Beneish M-Score

For the Farm Products subindustry, AgriFORCE Growing Systems'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.

AgriFORCE Growing Systems's Beneish M-Score Distribution in the Consumer Packaged Goods Industry

For the Consumer Packaged Goods industry and Consumer Defensive sector, AgriFORCE Growing Systems's Beneish M-Score distribution charts can be found below:

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

AgriFORCE Growing Systems 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 AgriFORCE Growing Systems 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 (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was $0.05 Mil.
Revenue was 0 + 0.016 + 0 + 0 = $0.02 Mil.
Gross Profit was 0 + 0.016 + 0 + 0 = $0.02 Mil.
Total Current Assets was $3.31 Mil.
Total Assets was $15.99 Mil.
Property, Plant and Equipment(Net PPE) was $0.12 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.68 Mil.
Selling, General, & Admin. Expense(SGA) was $6.67 Mil.
Total Current Liabilities was $4.04 Mil.
Long-Term Debt & Capital Lease Obligation was $0.04 Mil.
Net Income was -3.328 + -3.993 + -3.493 + -2.527 = $-13.34 Mil.
Non Operating Income was -0.655 + -0.252 + 0.203 + 2.494 = $1.79 Mil.
Cash Flow from Operations was -1.309 + -1.067 + -1.098 + -1.692 = $-5.17 Mil.

Total Receivables was $0.03 Mil.
Revenue was 0 + 0 + 0 + 0 = $0.00 Mil.
Gross Profit was 0 + 0 + 0 + 0 = $0.00 Mil.
Total Current Assets was $3.28 Mil.
Total Assets was $19.88 Mil.
Property, Plant and Equipment(Net PPE) was $3.67 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.19 Mil.
Selling, General, & Admin. Expense(SGA) was $11.98 Mil.
Total Current Liabilities was $5.35 Mil.
Long-Term Debt & Capital Lease Obligation was $1.25 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)
	=	(0.047 / 0.016)	/	(0.026 / 0)
	=	2.9375	/
	=

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)	/	(0.016 / 0.016)
	=		/	1
	=

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 - (3.306 + 0.117) / 15.986)	/	(1 - (3.279 + 3.666) / 19.882)
	=	0.785875	/	0.650689
	=

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
	=	0.016	/	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))
	=	(0.188 / (0.188 + 3.666))	/	(0.678 / (0.678 + 0.117))
	=	0.04878	/	0.85283
	=

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)
	=	(6.673 / 0.016)	/	(11.979 / 0)
	=	417.0625	/
	=

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)
	=	((0.044 + 4.038) / 15.986)	/	((1.253 + 5.353) / 19.882)
	=	0.255348	/	0.33226
	=

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
	=	(-13.341 - 1.79	-	-5.166)	/	15.986
	=	-0.623358

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.

AgriFORCE Growing Systems Beneish M-Score Related Terms

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AgriFORCE Growing Systems (AgriFORCE Growing Systems) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Defensive » Consumer Packaged Goods » AgriFORCE Growing Systems Ltd (NAS:AGRI) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

300-2233 Columbia Street, Vancouver, BC, CAN, V5Y 0M6

Website

https://www.agriforcegs.com

AgriFORCE Growing Systems Ltd is a Canada-based company dedicated to transforming modern agricultural development through its proprietary patent-pending facility design and automated growing system. Its methods are designed to produce high-quality, pesticide-free, locally cultivated crops, cost-effectively and with the ability to quickly scale, in virtually any climate.

Executives

Ingo Wilhelm Mueller	director, officer: Chief Executive Officer	300 - 2233 COLUMBIA STREET, VANCOUVER A1 V5Y 0M6
Amy Griffith	director	718 OLD LANCASTER ROAD, BRYN MAWR PA 19010
Richard Levychin	director	189 MONTAGUE STREET, APT. 28A, BROOKLYN NY 11201
Don Nicholson	director	1602-1228 WEST HASTINGS ST, VANCOUVER A1 V6E 4S6
David Ryan Welch	director	500 SOUTH GRAND AVENUE,, SUITE 1800, LOS ANGELES CA 90071
William John Meekison	director	4475 ROSS CRESCENT, WEST VANCOUVER A1 V7W 1B4
Troy Mcclellan	officer: President, AgriFORCE Solutions	C/O AGRIFORCE GROWING SYSTEMS LTD, 300 - 2233 COLUMBIA STREET, VANCOUVER A1 V5Y 0M6