Corix Bioscience (Corix Bioscience) Beneish M-Score : 0.00 (As of Jun. 17, 2024)

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

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

Corix Bioscience Beneish M-Score Historical Data

The historical data trend for Corix Bioscience'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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Corix Bioscience Beneish M-Score Chart

Corix Bioscience Annual Data

Trend

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Dec16

Beneish M-Score

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-4.83

Corix Bioscience Quarterly Data
	Oct12	Jan13	Apr13	Jul13	Oct13	Jan14	Apr14	Jul14	Oct14	Jan15	Apr15	Sep15	Dec15	Mar16	Jun16	Sep16	Dec16	Mar17	Jun17	Sep17
Beneish M-Score	Get a 7-Day Free Trial															-10,000,000.00	-4.83	-	15.82	5.96

Competitive Comparison of Corix Bioscience's Beneish M-Score

For the Drug Manufacturers - Specialty & Generic subindustry, Corix Bioscience'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.

Corix Bioscience's Beneish M-Score Distribution in the Drug Manufacturers Industry

For the Drug Manufacturers industry and Healthcare sector, Corix Bioscience's Beneish M-Score distribution charts can be found below:

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

Corix Bioscience 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 Corix Bioscience 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 (Sep17) TTM:

Last Year (Sep16) TTM:

Total Receivables was $0.00 Mil.
Revenue was 0 + 0 + 0 + 0 = $0.00 Mil.
Gross Profit was 0 + 0 + 0 + 0 = $0.00 Mil.
Total Current Assets was $4.01 Mil.
Total Assets was $4.34 Mil.
Property, Plant and Equipment(Net PPE) was $0.08 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.00 Mil.
Selling, General, & Admin. Expense(SGA) was $4.54 Mil.
Total Current Liabilities was $0.79 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 Mil.
Net Income was -3.14 + -2.158 + -0.204 + -0.139 = $-5.64 Mil.
Non Operating Income was 0.018 + -0.759 + 0 + 0 = $-0.74 Mil.
Cash Flow from Operations was -1.722 + -0.794 + -0.268 + -0.348 = $-3.13 Mil.

Total Receivables was $0.01 Mil.
Revenue was 0 + 0 + 0.162 + 0.155 = $0.32 Mil.
Gross Profit was 0 + 0 + 0.162 + 0.155 = $0.32 Mil.
Total Current Assets was $0.10 Mil.
Total Assets was $12.05 Mil.
Property, Plant and Equipment(Net PPE) was $11.69 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.03 Mil.
Selling, General, & Admin. Expense(SGA) was $2.13 Mil.
Total Current Liabilities was $0.78 Mil.
Long-Term Debt & Capital Lease Obligation was $5.24 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)	/	(0.006 / 0.317)
	=		/	0.018927
	=

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)
	=	(0.317 / 0.317)	/	(0 / 0)
	=	1	/
	=

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 - (4.011 + 0.082) / 4.344)	/	(1 - (0.097 + 11.692) / 12.052)
	=	0.057781	/	0.021822
	=

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	/	0.317
	=

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))
	=	(0.028 / (0.028 + 11.692))	/	(0.003 / (0.003 + 0.082))
	=	0.002389	/	0.035294
	=

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)
	=	(4.544 / 0)	/	(2.126 / 0.317)
	=		/	6.706625
	=

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 + 0.786) / 4.344)	/	((5.237 + 0.777) / 12.052)
	=	0.180939	/	0.499004
	=

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
	=	(-5.641 - -0.741	-	-3.132)	/	4.344
	=	-0.406998

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.

Corix Bioscience Beneish M-Score Related Terms

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Corix Bioscience (Corix Bioscience) Business Description

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GURUFOCUS.COM » STOCK LIST » Healthcare » Drug Manufacturers » Corix Bioscience Inc (GREY:CXBS) » Definitions » Beneish M-Score

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Address

18662 MaCaurther Boulevard, Suite 200, Irvine, CA, USA, 85085

Website

http://www.corixbioscience.com

Corix Bioscience Inc is a United States-based research and development firm of cannabidiol (CBD) products and treatments. It is engaged in the business of producing organic CBD oil used for medical applications and treatments. In addition, the group is also focused on the production of tetrahydrocannabivarin oil. The company is focused on operations in Oregon, California, and Nevada, United States.

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