BitMine Immersion Technologies (BitMine Immersion Technologies) Beneish M-Score : -2.78 (As of May. 22, 2024)

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What is BitMine Immersion Technologies 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 -2.78 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

BMNR' s Beneish M-Score Range Over the Past 10 Years
Min: -2.78 Med: -2.78 Max: -2.78
Current: -2.78

During the past 2 years, the highest Beneish M-Score of BitMine Immersion Technologies was -2.78. The lowest was -2.78. And the median was -2.78.

BitMine Immersion Technologies Beneish M-Score Historical Data

The historical data trend for BitMine Immersion Technologies'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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BitMine Immersion Technologies Beneish M-Score Chart

BitMine Immersion Technologies Annual Data

Trend

Aug22

Aug23

Beneish M-Score

BitMine Immersion Technologies Quarterly Data
	Feb22	May22	Aug22	Nov22	Feb23	May23	Aug23	Nov23	Feb24
Beneish M-Score	Get a 7-Day Free Trial				-	-	-	-	-2.78

Competitive Comparison of BitMine Immersion Technologies's Beneish M-Score

For the Capital Markets subindustry, BitMine Immersion Technologies'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.

BitMine Immersion Technologies's Beneish M-Score Distribution in the Capital Markets Industry

For the Capital Markets industry and Financial Services sector, BitMine Immersion Technologies's Beneish M-Score distribution charts can be found below:

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

BitMine Immersion Technologies 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 BitMine Immersion Technologies 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 * 0.5568

0.528 * -1.7676

0.404 * 0.5329

0.892 * 5.3116

0.115 * 0.2092

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.2758

4.679 * -0.330701

0.327 * 2.7543

-2.78

This Year (Feb24) TTM:

Last Year (Feb23) TTM:

Total Receivables was $1.11 Mil.
Revenue was 0.892 + 0.511 + 0.245 + 0.142 = $1.79 Mil.
Gross Profit was 0.324 + 0.104 + 0.109 + 0.07 = $0.61 Mil.
Total Current Assets was $1.66 Mil.
Total Assets was $7.85 Mil.
Property, Plant and Equipment(Net PPE) was $4.86 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.78 Mil.
Selling, General, & Admin. Expense(SGA) was $1.03 Mil.
Total Current Liabilities was $2.52 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 Mil.
Net Income was -0.903 + -0.93 + -1.163 + -0.524 = $-3.52 Mil.
Non Operating Income was -0.138 + -0.233 + 0.003 + 0.006 = $-0.36 Mil.
Cash Flow from Operations was -0.159 + -0.045 + 0.618 + -0.976 = $-0.56 Mil.

Total Receivables was $0.37 Mil.
Revenue was 0.156 + 0.102 + 0.062 + 0.017 = $0.34 Mil.
Gross Profit was 0.061 + -0.017 + -0.163 + -0.083 = $-0.20 Mil.
Total Current Assets was $0.78 Mil.
Total Assets was $8.14 Mil.
Property, Plant and Equipment(Net PPE) was $4.76 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.14 Mil.
Selling, General, & Admin. Expense(SGA) was $0.70 Mil.
Total Current Liabilities was $0.95 Mil.
Long-Term Debt & Capital Lease Obligation was $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)
	=	(1.106 / 1.79)	/	(0.374 / 0.337)
	=	0.617877	/	1.109792
	=	0.5568

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)
	=	(-0.202 / 0.337)	/	(0.607 / 1.79)
	=	-0.599407	/	0.339106
	=	-1.7676

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 - (1.658 + 4.857) / 7.85)	/	(1 - (0.782 + 4.759) / 8.138)
	=	0.170064	/	0.31912
	=	0.5329

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
	=	1.79	/	0.337
	=	5.3116

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))
	=	(0.142 / (0.142 + 4.759))	/	(0.781 / (0.781 + 4.857))
	=	0.028974	/	0.138524
	=	0.2092

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)
	=	(1.027 / 1.79)	/	(0.701 / 0.337)
	=	0.573743	/	2.080119
	=	0.2758

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 + 2.524) / 7.85)	/	((0 + 0.95) / 8.138)
	=	0.321529	/	0.116736
	=	2.7543

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
	=	(-3.52 - -0.362	-	-0.562)	/	7.85
	=	-0.330701

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.

BitMine Immersion Technologies has a M-score of -2.78 suggests that the company is unlikely to be a manipulator.

BitMine Immersion Technologies Beneish M-Score Related Terms

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BitMine Immersion Technologies (BitMine Immersion Technologies) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Financial Services » Capital Markets » BitMine Immersion Technologies Inc (OTCPK:BMNR) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

2030 Powers Ferry Road SE, Suite No. 212, Atlanta, GA, USA, 30339

Website

https://www.bitminetech.io

BitMine Immersion Technologies Inc is a blockchain technology company that is building out industrial-scale digital asset mining, equipment sales, and hosting operations. The company's primary business is data center focused, both mining Bitcoin for its own account as well as hosting third-party Bitcoin mining servers.