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AVNI (Arvana) Beneish M-Score : -17.91 (As of Dec. 14, 2024)


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What is Arvana 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 -17.91 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

AVNI' s Beneish M-Score Range Over the Past 10 Years
Min: -17.91   Med: -13.22   Max: -8.52
Current: -17.91

During the past 13 years, the highest Beneish M-Score of Arvana was -8.52. The lowest was -17.91. And the median was -13.22.


Arvana Beneish M-Score Historical Data

The historical data trend for Arvana'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.

Arvana Beneish M-Score Chart

Arvana Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only - - - - -

Arvana Quarterly Data
Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24
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 - - - -8.52 -17.91

Competitive Comparison of Arvana's Beneish M-Score

For the Leisure subindustry, Arvana'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.


Arvana's Beneish M-Score Distribution in the Travel & Leisure Industry

For the Travel & Leisure industry and Consumer Cyclical sector, Arvana's Beneish M-Score distribution charts can be found below:

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



Arvana 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 Arvana 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 * 0+0.528 * 0+0.404 * 1.2125+0.892 * 0.875+0.115 * 0.6126
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.1752+4.679 * -2.932961-0.327 * 1.4765
=-17.91

* 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 (Sep24) TTM:Last Year (Sep23) TTM:
Total Receivables was $0.00 Mil.
Revenue was 0.006 + 0.014 + 0 + 0.001 = $0.02 Mil.
Gross Profit was -0.005 + -0.002 + 0 + -0.027 = $-0.03 Mil.
Total Current Assets was $0.01 Mil.
Total Assets was $0.18 Mil.
Property, Plant and Equipment(Net PPE) was $0.14 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.03 Mil.
Selling, General, & Admin. Expense(SGA) was $0.47 Mil.
Total Current Liabilities was $1.23 Mil.
Long-Term Debt & Capital Lease Obligation was $0.13 Mil.
Net Income was -0.102 + -0.146 + -0.129 + -0.153 = $-0.53 Mil.
Non Operating Income was 0.012 + 0.012 + 0.012 + 0.012 = $0.05 Mil.
Cash Flow from Operations was 0.235 + -0.176 + -0.055 + -0.057 = $-0.05 Mil.
Total Receivables was $0.01 Mil.
Revenue was 0.011 + 0.013 + 0 + 0 = $0.02 Mil.
Gross Profit was -0.004 + 0.004 + 0 + 0 = $0.00 Mil.
Total Current Assets was $0.02 Mil.
Total Assets was $0.21 Mil.
Property, Plant and Equipment(Net PPE) was $0.17 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.02 Mil.
Selling, General, & Admin. Expense(SGA) was $0.46 Mil.
Total Current Liabilities was $0.20 Mil.
Long-Term Debt & Capital Lease Obligation was $0.88 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 / 0.021) / (0.008 / 0.024)
=0 / 0.333333
=0

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 / 0.024) / (-0.034 / 0.021)
=0 / -1.619048
=0

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 - (0.009 + 0.143) / 0.179) / (1 - (0.016 + 0.167) / 0.209)
=0.150838 / 0.124402
=1.2125

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
=0.021 / 0.024
=0.875

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))
=(0.018 / (0.018 + 0.167)) / (0.027 / (0.027 + 0.143))
=0.097297 / 0.158824
=0.6126

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)
=(0.472 / 0.021) / (0.459 / 0.024)
=22.47619 / 19.125
=1.1752

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)
=((0.134 + 1.233) / 0.179) / ((0.88 + 0.201) / 0.209)
=7.636872 / 5.172249
=1.4765

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
=(-0.53 - 0.048 - -0.053) / 0.179
=-2.932961

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.

Arvana has a M-score of -17.91 suggests that the company is unlikely to be a manipulator.


Arvana Business Description

Traded in Other Exchanges
N/A
Address
299 South Main Street, 13th Floor, Salt Lake, UT, USA, 84111
Arvana Inc operates a Florida-based fishing charter business offering a range of curated maritime adventures, including inshore, offshore, and custom charters for fishing enthusiasts, nature lovers, and tourists. The business is operated from a private dock in Palmetto, Florida that services the Tampa Bay area in addition to St Petersburg, Sarasota, Venice, Port Charlotte, and Clearwater. It generates revenue from the sale and provision of fishing charter services.
Executives
Brian Lovig 10 percent owner 601 UNION STREET, 42ND FLOOR, SEATTLE WA 98101
Bondock Llc 10 percent owner 1057 WHITNEY RANCH DRIVE, SUITE 350, HENDERSON NV 89014
Carl Dawson director 21650 OXNARD STREET, UNITE 1405, WOODLANDHILLS CA 91367
Matthew Bentley Hoover director 5420 YOLANDA AVE, #111, TARZANA CA 91356
Alkiviades David 10 percent owner, other: Indirect beneficial owner 338 N. CANON DRIVE, 3RD FLOOR, BEVERLY HILLS CA 90210
Altaf Nazerali 10 percent owner 555 PALISADE DR, V6R 2H9, N VANCOUVER BC A1
Biltmore International Corporation 10 percent owner 1090 KING GEORGES POST ROAD, SUITE 203, EDISON NJ 08837
Shawn Michael Teigen director 163 WILLIAMS AVE, SALT LAKE CITY UT 84111
Ruairidh Campbell director, officer: CEO,CRO,PAO 600 WESTWOOD TERRACE, AUSTIN TX 78746
Wayne Nathan Smith officer: Chief Financial Officer 1015 IRONWORK PASSAGE, VANCOUVER A1 V6H 3R4
Brulex - Consultadoria Economica E Marketing Lda 10 percent owner RUA DA ALFANDEGA 13, 9000-059 FUNCHAL, MADEIRA S1 0000
Karen Engleson officer: CORPORATE SECRETARY SUITE 2610 - 1066 WEST HASTINGS STREET, VANCOUVER A1 V6E 3X2
Jervis Michael John Stewart director SUITE 2610, 1066 WEST HASTINGS ST, VANCOUVER A1 V6E 3X2
Ross Wilmot director 13548 19TH AVE., V4A 6B4, S. SURREY BC A1 00000
Teyfik Oezcan officer: Vice-President, Europe HALLOTEL DEUTSCHLAND GMBH, OTTO-HAHN STRASSE 8, LANGEN 2M 63225