IGOT (Fomo Worldwide) Beneish M-Score : -8.51 (As of Dec. 14, 2024)

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What is Fomo Worldwide 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 -8.51 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

IGOT' s Beneish M-Score Range Over the Past 10 Years
Min: -26.38 Med: -4.52 Max: 5.87
Current: -8.51

During the past 13 years, the highest Beneish M-Score of Fomo Worldwide was 5.87. The lowest was -26.38. And the median was -4.52.

Fomo Worldwide Beneish M-Score Historical Data

The historical data trend for Fomo Worldwide'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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Fomo Worldwide Beneish M-Score Chart

Fomo Worldwide Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-26.38

5.87

-8.15

Fomo Worldwide Quarterly Data
	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24
Beneish M-Score	Get a 7-Day Free Trial															-0.19	-4.74	-4.29	-8.15	-8.51

Competitive Comparison of Fomo Worldwide's Beneish M-Score

For the Asset Management subindustry, Fomo Worldwide'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.

Fomo Worldwide's Beneish M-Score Distribution in the Asset Management Industry

For the Asset Management industry and Financial Services sector, Fomo Worldwide's Beneish M-Score distribution charts can be found below:

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

Fomo Worldwide 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 Fomo Worldwide 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 * 0.9483

0.528 * 0.6412

0.404 * 1.3325

0.892 * 0.2812

0.115 * 0.2955

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.8412

4.679 * -1.037037

0.327 * 1.6321

-8.51

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was $0.26 Mil.
Revenue was 0.156 + 0.438 + 0.609 + 0.899 = $2.10 Mil.
Gross Profit was 0.072 + 0.087 + 0.129 + 0.208 = $0.50 Mil.
Total Current Assets was $0.36 Mil.
Total Assets was $0.86 Mil.
Property, Plant and Equipment(Net PPE) was $0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.08 Mil.
Selling, General, & Admin. Expense(SGA) was $1.02 Mil.
Total Current Liabilities was $4.22 Mil.
Long-Term Debt & Capital Lease Obligation was $0.14 Mil.
Net Income was -0.378 + -0.976 + 0.291 + 2.89 = $1.83 Mil.
Non Operating Income was -0.261 + -0.796 + 0.484 + 3.346 = $2.77 Mil.
Cash Flow from Operations was -0.073 + 0 + -0.23 + 0.253 = $-0.05 Mil.

Total Receivables was $0.98 Mil.
Revenue was 0.552 + 3.079 + 0.955 + 2.889 = $7.48 Mil.
Gross Profit was 0.155 + 0.686 + 0.07 + 0.22 = $1.13 Mil.
Total Current Assets was $1.38 Mil.
Total Assets was $3.03 Mil.
Property, Plant and Equipment(Net PPE) was $0.34 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.14 Mil.
Selling, General, & Admin. Expense(SGA) was $1.97 Mil.
Total Current Liabilities was $8.89 Mil.
Long-Term Debt & Capital Lease Obligation was $0.50 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)
	=	(0.26 / 2.102)	/	(0.975 / 7.475)
	=	0.123692	/	0.130435
	=	0.9483

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)
	=	(1.131 / 7.475)	/	(0.496 / 2.102)
	=	0.151304	/	0.235966
	=	0.6412

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 - (0.362 + 0.003) / 0.864)	/	(1 - (1.375 + 0.344) / 3.034)
	=	0.577546	/	0.433421
	=	1.3325

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
	=	2.102	/	7.475
	=	0.2812

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))
	=	(0.137 / (0.137 + 0.344))	/	(0.08 / (0.08 + 0.003))
	=	0.284823	/	0.963855
	=	0.2955

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)
	=	(1.021 / 2.102)	/	(1.972 / 7.475)
	=	0.485728	/	0.263813
	=	1.8412

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)
	=	((0.141 + 4.219) / 0.864)	/	((0.495 + 8.886) / 3.034)
	=	5.046296	/	3.091958
	=	1.6321

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
	=	(1.827 - 2.773	-	-0.05)	/	0.864
	=	-1.037037

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.

Fomo Worldwide has a M-score of -8.51 suggests that the company is unlikely to be a manipulator.

Fomo Worldwide Beneish M-Score Related Terms

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Fomo Worldwide Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Financial Services » Asset Management » Fomo Worldwide Inc (OTCPK:IGOT) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

625 Stanwix Street, Suite 2504, Pittsburgh, PA, USA, 15222

Website

https://www.fomoworldwide.com

Fomo Worldwide Inc is focused on business incubation and acceleration. It invests in and advises emerging companies. The company is developing direct investment and affiliations, the majority- and minority-owned, as well as in joint venture formats that afford emerging companies access to the public markets for expansion capital as well as spin-out options to become their own stand-alone public companies.

Executives

Charles Attila Szoradi	10 percent owner, other: Advisory Board Member	555 SOUTH GODDARD BLVD APT. 332, KING OF PRUSSIA PA 19406
Vikram P Grover	director, officer: CEO	1340 BROOK ST. UNIT M, ST CHARLES IL 60174