PopReach (TSXV:INIK) Beneish M-Score : -2.86 (As of Jun. 05, 2024)

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What is PopReach 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 -2.86 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSXV:INIK' s Beneish M-Score Range Over the Past 10 Years
Min: -3.11 Med: -0.63 Max: 4.24
Current: -2.86

During the past 5 years, the highest Beneish M-Score of PopReach was 4.24. The lowest was -3.11. And the median was -0.63.

PopReach Beneish M-Score Historical Data

The historical data trend for PopReach'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.

PopReach Beneish M-Score Chart

PopReach Annual Data

Trend

Dec19

Dec20

Dec21

Sep22

Dec23

Beneish M-Score

-2.52

1.07

-2.19

PopReach Quarterly Data
	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Mar23	Jun23	Sep23	Dec23	Mar24
Beneish M-Score	Get a 7-Day Free Trial													2.25	4.24	-0.63	-2.19	-2.86

Competitive Comparison of PopReach's Beneish M-Score

For the Electronic Gaming & Multimedia subindustry, PopReach'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.

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

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

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

PopReach 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 PopReach 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 * 0.9647

0.528 * 1.1572

0.404 * 0.8081

0.892 * 1.6937

0.115 * 1.0065

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9695

4.679 * -0.154539

0.327 * 1.7751

-2.86

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was C$34.5 Mil.
Revenue was 57.236 + 36.771 + 50.896 + 51.983 = C$196.9 Mil.
Gross Profit was 19.481 + 13.869 + 20.391 + 21.53 = C$75.3 Mil.
Total Current Assets was C$60.5 Mil.
Total Assets was C$181.5 Mil.
Property, Plant and Equipment(Net PPE) was C$1.5 Mil.
Depreciation, Depletion and Amortization(DDA) was C$18.0 Mil.
Selling, General, & Admin. Expense(SGA) was C$49.2 Mil.
Total Current Liabilities was C$73.7 Mil.
Long-Term Debt & Capital Lease Obligation was C$109.5 Mil.
Net Income was -4.405 + -59.79 + -3.31 + -6.615 = C$-74.1 Mil.
Non Operating Income was -0.074 + -58.49 + -0.319 + -1.946 = C$-60.8 Mil.
Cash Flow from Operations was 6.706 + 1.728 + 7.979 + -1.65 = C$14.8 Mil.

Total Receivables was C$21.1 Mil.
Revenue was 49.928 + 33.984 + 26.489 + 5.843 = C$116.2 Mil.
Gross Profit was 19.028 + 15.058 + 13.462 + 3.88 = C$51.4 Mil.
Total Current Assets was C$29.2 Mil.
Total Assets was C$162.6 Mil.
Property, Plant and Equipment(Net PPE) was C$0.9 Mil.
Depreciation, Depletion and Amortization(DDA) was C$12.2 Mil.
Selling, General, & Admin. Expense(SGA) was C$30.0 Mil.
Total Current Liabilities was C$48.3 Mil.
Long-Term Debt & Capital Lease Obligation was C$44.1 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)
	=	(34.465 / 196.886)	/	(21.094 / 116.244)
	=	0.175051	/	0.181463
	=	0.9647

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)
	=	(51.428 / 116.244)	/	(75.271 / 196.886)
	=	0.442414	/	0.382308
	=	1.1572

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 - (60.537 + 1.501) / 181.534)	/	(1 - (29.215 + 0.935) / 162.596)
	=	0.658257	/	0.814571
	=	0.8081

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
	=	196.886	/	116.244
	=	1.6937

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))
	=	(12.227 / (12.227 + 0.935))	/	(17.982 / (17.982 + 1.501))
	=	0.928962	/	0.922958
	=	1.0065

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)
	=	(49.195 / 196.886)	/	(29.96 / 116.244)
	=	0.249865	/	0.257734
	=	0.9695

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)
	=	((109.501 + 73.657) / 181.534)	/	((44.104 + 48.312) / 162.596)
	=	1.008946	/	0.568378
	=	1.7751

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
	=	(-74.12 - -60.829	-	14.763)	/	181.534
	=	-0.154539

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.

PopReach has a M-score of -2.86 suggests that the company is unlikely to be a manipulator.

PopReach Beneish M-Score Related Terms

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PopReach (TSXV:INIK) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Communication Services » Interactive Media » PopReach Corp (TSXV:INIK) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

INIKF:USA

Address

1 University Avenue, 3rd Floor, Toronto, ON, CAN, M5J 2P1

Website

https://www.popreach.com

PopReach Corp is a multi-platform technology company focused on acquiring, optimizing, and growing companies and assets that provide services, technology, or products within the digital media ecosystem. The company's portfolio of assets includes PopReach Games, a free-to-play mobile game publisher with over 25 games enjoyed by millions of players; notifyAI, a push notification subscription and monetization platform; Q1Media, a digital media advertising services provider; and Contobox, an award-winning personalization, eCommerce and creative advertising technology platform; and Ubiquity, data-driven user acquisition and marketing technology consortium.

Executives

Michael Fitzgerald

Director or Senior Officer of 10% Security Holder, Director or Senior Officer of Insider or Subsidiary (other than in 4,5,6)

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