Sparc AI (Sparc AI) Beneish M-Score : 218.64 (As of May. 31, 2024)

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What is Sparc AI 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.

Warning Sign:

Beneish M-Score 218.64 higher than -1.78, which implies that the company might have manipulated its financial results.

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

EGTTF' s Beneish M-Score Range Over the Past 10 Years
Min: -75.73 Med: -6.9 Max: 218.64
Current: 218.64

During the past 5 years, the highest Beneish M-Score of Sparc AI was 218.64. The lowest was -75.73. And the median was -6.90.

Sparc AI Beneish M-Score Historical Data

The historical data trend for Sparc AI'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.

* Premium members only.

Sparc AI Beneish M-Score Chart

Sparc AI Annual Data

Trend

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

-4.34

-6.90

90.62

Sparc AI Quarterly Data
	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														-11.15	-75.73	-70.15	90.62	218.64

Competitive Comparison of Sparc AI's Beneish M-Score

For the Software - Application subindustry, Sparc AI'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.

Sparc AI's Beneish M-Score Distribution in the Software Industry

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

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

Sparc AI 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 Sparc AI 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 * 7.5

0.528 * 0.0233

0.404 * 2.51

0.892 * 0.019

0.115 * 0.3758

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 18.7627

4.679 * 46.884615

0.327 * 0.2165

219.22

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was $0.01 Mil.
Revenue was 0 + 0.004 + 0 + 0.002 = $0.01 Mil.
Gross Profit was 0 + 0.001 + 0 + -0.037 = $-0.04 Mil.
Total Current Assets was $0.03 Mil.
Total Assets was $0.05 Mil.
Property, Plant and Equipment(Net PPE) was $0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.02 Mil.
Selling, General, & Admin. Expense(SGA) was $0.32 Mil.
Total Current Liabilities was $0.03 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 Mil.
Net Income was -0.044 + 2.511 + -0.007 + -0.194 = $2.27 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.00 Mil.
Cash Flow from Operations was -0.066 + -0.144 + 0 + 0.038 = $-0.17 Mil.

Total Receivables was $0.06 Mil.
Revenue was 0.088 + 0.109 + 0.049 + 0.069 = $0.32 Mil.
Gross Profit was 0.029 + -0.01 + -0.011 + -0.052 = $-0.04 Mil.
Total Current Assets was $0.17 Mil.
Total Assets was $0.32 Mil.
Property, Plant and Equipment(Net PPE) was $0.10 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.06 Mil.
Selling, General, & Admin. Expense(SGA) was $0.89 Mil.
Total Current Liabilities was $0.71 Mil.
Long-Term Debt & Capital Lease Obligation was $0.05 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)
	=	(0.008 / 0.006)	/	(0.056 / 0.315)
	=	1.333333	/	0.177778
	=	7.5

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)
	=	(-0.044 / 0.315)	/	(-0.036 / 0.006)
	=	-0.139683	/	-6
	=	0.0233

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 - (0.033 + 0) / 0.052)	/	(1 - (0.167 + 0.103) / 0.316)
	=	0.365385	/	0.14557
	=	2.51

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
	=	0.006	/	0.315
	=	0.019

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))
	=	(0.062 / (0.062 + 0.103))	/	(0.019 / (0.019 + 0))
	=	0.375758	/	1
	=	0.3758

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)
	=	(0.317 / 0.006)	/	(0.887 / 0.315)
	=	52.833333	/	2.815873
	=	18.7627

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 + 0.027) / 0.052)	/	((0.053 + 0.705) / 0.316)
	=	0.519231	/	2.398734
	=	0.2165

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
	=	(2.266 - 0	-	-0.172)	/	0.052
	=	46.884615

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.

Sparc AI has a M-score of 219.22 signals that the company is likely to be a manipulator.

Sparc AI Beneish M-Score Related Terms

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Sparc AI (Sparc AI) Business Description

Industry

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SPAI:Canada

Address

71 Victoria Crescent, Building 17, Abbotsford, VIC, AUS, 3067

Website

https://www.eyefigroup.com

Sparc AI Inc Formerly EYEFI Group Technologies Inc is a software and electronics engineering company that has developed, patented and commercialized an innovative spatial technology; spatial, predictive, approximation and radial convolution (SPARC) and an associated product suite, that turns sensors, cameras and smartphones (fixed, mobile, airborne, portable or handheld) into geo-target co-ordinate acquisition devices. The company has also developed IIoT sensor hardware and associated cloud software, as a second pillar within its product offering. Its Cloud is a next-generation cloud platform that provides a secure and centralized environment where customers can manage their EYEfi product deployments and applications. It has one segment software and electronics engineering services.