Metrospaces (Metrospaces) Beneish M-Score : 0.00 (As of May. 20, 2024)

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

During the past 4 years, the highest Beneish M-Score of Metrospaces was 0.00. The lowest was 0.00. And the median was 0.00.

Metrospaces Beneish M-Score Historical Data

The historical data trend for Metrospaces'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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Metrospaces Beneish M-Score Chart

Metrospaces Annual Data

Trend

Dec12

Dec13

Dec14

Dec15

Beneish M-Score

Metrospaces Quarterly Data
	Sep12	Dec12	Mar13	Jun13	Sep13	Dec13	Mar14	Jun14	Sep14	Dec14	Mar15	Jun15	Sep15	Dec15	Mar16
Beneish M-Score	Get a 7-Day Free Trial										-	-	-	-	-

Competitive Comparison of Metrospaces's Beneish M-Score

For the Real Estate Services subindustry, Metrospaces'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.

Metrospaces's Beneish M-Score Distribution in the Real Estate Industry

For the Real Estate industry and Real Estate sector, Metrospaces's Beneish M-Score distribution charts can be found below:

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

Metrospaces 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 Metrospaces 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 (Mar16) TTM:

Last Year (Mar15) TTM:

Total Receivables was $0.00 Mil.
Revenue was 0.007 + 0 + -0.099 + 0.067 = $-0.03 Mil.
Gross Profit was -0.002 + 0.022 + -0.13 + -0.028 = $-0.14 Mil.
Total Current Assets was $0.21 Mil.
Total Assets was $5.12 Mil.
Property, Plant and Equipment(Net PPE) was $4.38 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.00 Mil.
Selling, General, & Admin. Expense(SGA) was $0.68 Mil.
Total Current Liabilities was $10.61 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 Mil.
Net Income was 1.913 + -4.719 + -2.051 + -2.004 = $-6.86 Mil.
Non Operating Income was 2.136 + -3.112 + 0.523 + 6.489 = $6.04 Mil.
Cash Flow from Operations was -0.185 + -0.064 + -0.073 + 0.038 = $-0.28 Mil.

Total Receivables was $0.27 Mil.
Revenue was 0.246 + 0 + 0 + 0 = $0.25 Mil.
Gross Profit was 0.231 + 0 + 0 + 0 = $0.23 Mil.
Total Current Assets was $0.39 Mil.
Total Assets was $5.44 Mil.
Property, Plant and Equipment(Net PPE) was $2.66 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.00 Mil.
Selling, General, & Admin. Expense(SGA) was $0.07 Mil.
Total Current Liabilities was $7.39 Mil.
Long-Term Debt & Capital Lease Obligation was $1.23 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)
	=	(0.003 / -0.025)	/	(0.269 / 0.246)
	=		/	1.093496
	=

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)
	=	(0.231 / 0.246)	/	(-0.138 / -0.025)
	=	0.939024	/
	=

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 - (0.207 + 4.381) / 5.118)	/	(1 - (0.394 + 2.662) / 5.439)
	=	0.103556	/	0.438132
	=

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
	=	-0.025	/	0.246
	=

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 / (0 + 2.662))	/	(0 / (0 + 4.381))
	=	0	/	0
	=

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)
	=	(0.675 / -0.025)	/	(0.074 / 0.246)
	=		/	0.300813
	=

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 + 10.611) / 5.118)	/	((1.231 + 7.385) / 5.439)
	=	2.073271	/	1.584115
	=

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
	=	(-6.861 - 6.036	-	-0.284)	/	5.118
	=	-2.464439

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.

Metrospaces Beneish M-Score Related Terms

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Metrospaces (Metrospaces) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Real Estate » Real Estate » Metrospaces Inc (OTCPK:MSPC) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

6 St. Johns Lane, New York, USA, 10013

Website

http://www.metrospaces.com

Metrospaces Inc is a real estate developer. The company is engaged in the business of acquisition and repositioning of luxury resort properties and hotels. The firm also invests in real estate-based operating companies, such as hotel operators and real estate-based corporate reorganizations.

Executives

Oscar A Brito

director, 10 percent owner, officer: President

888 BRICKELL KEY DRIVE, 1102, MIAMI FL 33131