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indiePub Entertainment (indiePub Entertainment) Beneish M-Score : 0.00 (As of May. 16, 2024)


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

During the past 8 years, the highest Beneish M-Score of indiePub Entertainment was 0.00. The lowest was 0.00. And the median was 0.00.


indiePub Entertainment Beneish M-Score Historical Data

The historical data trend for indiePub Entertainment'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.

indiePub Entertainment Beneish M-Score Chart

indiePub Entertainment Annual Data
Trend Dec04 Dec05 Dec06 Dec07 Dec08 Dec09 Dec10 Dec11
Beneish M-Score
Get a 7-Day Free Trial - - - 1.06 -86.39

indiePub Entertainment Quarterly Data
Dec07 Mar08 Jun08 Sep08 Dec08 Mar09 Jun09 Sep09 Dec09 Mar10 Jun10 Sep10 Dec10 Mar11 Jun11 Sep11 Dec11 Mar12 Jun12 Sep12
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -39.52 -86.39 -45.54 -17.70 -0.90

Competitive Comparison of indiePub Entertainment's Beneish M-Score

For the Electronic Gaming & Multimedia subindustry, indiePub Entertainment'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.


indiePub Entertainment's Beneish M-Score Distribution in the Interactive Media Industry

For the Interactive Media industry and Communication Services sector, indiePub Entertainment's Beneish M-Score distribution charts can be found below:

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



indiePub Entertainment 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 indiePub Entertainment for today is based on a combination of the following eight different indices:

M=-4.84+0.92 * DSRI+0.528 * GMI+0.404 * AQI+0.892 * SGI+0.115 * DEPI
=-4.84+0.92 * 1.4431+0.528 * 0.0977+0.404 * 0.3733+0.892 * 0.0695+0.115 * 1.0607
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 6.1359+4.679 * -2.873971-0.327 * 1.8473
=-18.23

* 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.

This Year (Sep12) TTM:Last Year (Sep11) TTM:
Total Receivables was $0.03 Mil.
Revenue was 0.154 + 0.069 + 0.405 + 1.341 = $1.97 Mil.
Gross Profit was 0.023 + -0.51 + 0.234 + -3.264 = $-3.52 Mil.
Total Current Assets was $1.75 Mil.
Total Assets was $1.94 Mil.
Property, Plant and Equipment(Net PPE) was $0.07 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.33 Mil.
Selling, General, & Admin. Expense(SGA) was $5.12 Mil.
Total Current Liabilities was $3.36 Mil.
Long-Term Debt & Capital Lease Obligation was $3.86 Mil.
Net Income was -0.188 + 0.651 + 2.376 + -6.131 = $-3.29 Mil.
Non Operating Income was 1.077 + 2.345 + 4.151 + -0.876 = $6.70 Mil.
Cash Flow from Operations was -1.555 + -1.232 + -2.004 + 0.389 = $-4.40 Mil.
Total Receivables was $0.34 Mil.
Revenue was 1.166 + 3.651 + 3.781 + 19.733 = $28.33 Mil.
Gross Profit was -0.671 + -2.449 + -0.91 + -0.912 = $-4.94 Mil.
Total Current Assets was $4.86 Mil.
Total Assets was $6.19 Mil.
Property, Plant and Equipment(Net PPE) was $0.24 Mil.
Depreciation, Depletion and Amortization(DDA) was $1.69 Mil.
Selling, General, & Admin. Expense(SGA) was $12.01 Mil.
Total Current Liabilities was $10.46 Mil.
Long-Term Debt & Capital Lease Obligation was $2.00 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)
=(0.034 / 1.969) / (0.339 / 28.331)
=0.017268 / 0.011966
=1.4431

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)
=(-4.942 / 28.331) / (-3.517 / 1.969)
=-0.174438 / -1.786186
=0.0977

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 - (1.747 + 0.068) / 1.944) / (1 - (4.856 + 0.236) / 6.193)
=0.066358 / 0.177781
=0.3733

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
=1.969 / 28.331
=0.0695

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))
=(1.685 / (1.685 + 0.236)) / (0.325 / (0.325 + 0.068))
=0.877147 / 0.826972
=1.0607

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)
=(5.122 / 1.969) / (12.011 / 28.331)
=2.60132 / 0.423953
=6.1359

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)
=((3.863 + 3.358) / 1.944) / ((1.998 + 10.455) / 6.193)
=3.714506 / 2.010819
=1.8473

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
=(-3.292 - 6.697 - -4.402) / 1.944
=-2.873971

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.

indiePub Entertainment has a M-score of -18.23 suggests that the company is unlikely to be a manipulator.


indiePub Entertainment Beneish M-Score Related Terms

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indiePub Entertainment (indiePub Entertainment) Business Description

Traded in Other Exchanges
N/A
Address
11258 Cornell Park Drive, Suite 608, Cincinnati, OH, USA, 45242
indiePub Entertainment Inc is a developer, publisher, and distributor of interactive entertainment software for digital distribution channels.
Executives
David E Smith 10 percent owner 888 LINDA FLORA DRIVE, LOS ANGELES CA 90049
Ray Schaaf director, officer: President & CEO C/O MANDALAY MEDIA, INC., 2121 AVENUE OF THE STARS, LOS ANGELES CA 90067
Jay Wolf director, officer: Secretary 981 LINDA FLORA DRIVE, LOS ANGELES, CA 90049
Barry Regenstein director C/O COMMAND SECURITY CORP., RTE 55 LEXINGTON PARK P.O. BOX 340, LAGRANGEVILLE NY 12540
Drew Larner director 15260 VENTURA BOULEVARD, 20TH FLOOR, SHERMAN OAKS CA 91403
Robert S Ellin 10 percent owner 4751 WILSHIRE BLVD, 3RD FLOOR, LOS ANGELES CA 90010
Trinad Capital L.p. 10 percent owner 4751 WILSHIRE BLVD, 3RD FLOOR, LOS ANGELES CA 90010
Trinad Management, Llc 10 percent owner 4751 WILSHIRE BLVD, 3RD FLOOR, LOS ANGELES DE 90010
Trinad Capital Master Fund Ltd. 10 percent owner 4751 WILSHIRE BLVD, 3RD FLOOR, LOS ANGELES CA 90010
Trinad Advisors Ii, Llc 10 percent owner 4751 WILSHIRE BLVD, 3RD FLOOR, LOS ANGELES CA 90010

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