Code Rebel (Code Rebel) Beneish M-Score : 0.00 (As of May. 27, 2024)

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

During the past 3 years, the highest Beneish M-Score of Code Rebel was 0.00. The lowest was 0.00. And the median was 0.00.

Code Rebel Beneish M-Score Historical Data

The historical data trend for Code Rebel'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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Code Rebel Beneish M-Score Chart

Code Rebel Annual Data

Trend

Dec13

Dec14

Dec15

Beneish M-Score

Code Rebel Quarterly Data
	Dec13	Mar14	Jun14	Sep14	Dec14	Mar15	Jun15	Sep15	Dec15
Beneish M-Score	Get a 7-Day Free Trial				-	-	-	-	-

Competitive Comparison of Code Rebel's Beneish M-Score

For the Software - Application subindustry, Code Rebel'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.

Code Rebel's Beneish M-Score Distribution in the Software Industry

For the Software industry and Technology sector, Code Rebel's Beneish M-Score distribution charts can be found below:

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

Code Rebel 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 Code Rebel 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 * 2.8318

0.528 * -1.3446

0.404 * 38.7806

0.892 * 2.3632

0.115 * 3.5

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 2.1585

4.679 * -0.179219

0.327 * 0.0151

14.02

This Year (Dec15) TTM:

Last Year (Dec14) TTM:

Total Receivables was $0.09 Mil.
Revenue was 0.195 + 0.25 + 0.045 + 0.037 = $0.53 Mil.
Gross Profit was -0.08 + 0.025 + -0.037 + -0.024 = $-0.12 Mil.
Total Current Assets was $2.85 Mil.
Total Assets was $12.07 Mil.
Property, Plant and Equipment(Net PPE) was $0.02 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.01 Mil.
Selling, General, & Admin. Expense(SGA) was $3.38 Mil.
Total Current Liabilities was $0.59 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 Mil.
Net Income was -2.662 + -0.516 + -0.25 + -0.162 = $-3.59 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.00 Mil.
Cash Flow from Operations was -0.433 + -0.651 + -0.242 + -0.101 = $-1.43 Mil.

Total Receivables was $0.01 Mil.
Revenue was 0.048 + 0.051 + 0.08 + 0.044 = $0.22 Mil.
Gross Profit was -0.029 + 0.016 + 0.054 + 0.025 = $0.07 Mil.
Total Current Assets was $0.65 Mil.
Total Assets was $0.66 Mil.
Property, Plant and Equipment(Net PPE) was $0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.01 Mil.
Selling, General, & Admin. Expense(SGA) was $0.66 Mil.
Total Current Liabilities was $1.48 Mil.
Long-Term Debt & Capital Lease Obligation was $0.66 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)
	=	(0.087 / 0.527)	/	(0.013 / 0.223)
	=	0.165085	/	0.058296
	=	2.8318

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)
	=	(0.066 / 0.223)	/	(-0.116 / 0.527)
	=	0.295964	/	-0.220114
	=	-1.3446

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 - (2.849 + 0.015) / 12.069)	/	(1 - (0.648 + 0) / 0.661)
	=	0.762698	/	0.019667
	=	38.7806

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
	=	0.527	/	0.223
	=	2.3632

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))
	=	(0.006 / (0.006 + 0))	/	(0.006 / (0.006 + 0.015))
	=	1	/	0.285714
	=	3.5

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)
	=	(3.382 / 0.527)	/	(0.663 / 0.223)
	=	6.417457	/	2.973094
	=	2.1585

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 + 0.591) / 12.069)	/	((0.656 + 1.483) / 0.661)
	=	0.048968	/	3.236006
	=	0.0151

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
	=	(-3.59 - 0	-	-1.427)	/	12.069
	=	-0.179219

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.

Code Rebel has a M-score of 14.02 signals that the company is likely to be a manipulator.

Code Rebel Beneish M-Score Related Terms

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Code Rebel (Code Rebel) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Technology » Software » Code Rebel Corp (OTCPK:CDRBQ) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

77 Ho’okele Street, Suite 102, Kahului, HI, USA, 96732

Website

http://www.coderebel.com

Code Rebel Corp is a software and information technology (IT) services company. It is engaged in the development, marketing, and license of terminal services solutions. The business activity of the group is functioned through software and IT service segments. The software segment provides end-user applications through its product line. The IT Services segment provides management and consulting services. Its product, interactive remote application terminal services (iRAPP), allow users of computers to simultaneously access programs on their PCs and Macs through a single device using a single monitor, mouse, and keyboard. The activities are basically carried out through the region of United States.

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