InNexus Biotechnology (InNexus Biotechnology) Beneish M-Score : 0.00 (As of Jun. 22, 2024)

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

During the past 11 years, the highest Beneish M-Score of InNexus Biotechnology was 0.00. The lowest was 0.00. And the median was 0.00.

InNexus Biotechnology Beneish M-Score Historical Data

The historical data trend for InNexus Biotechnology'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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InNexus Biotechnology Beneish M-Score Chart

InNexus Biotechnology Annual Data

Trend

Jun01

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Jun03

Jun04

Jun05

Jun06

Jun07

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Jun09

Jun10

Beneish M-Score

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-0.94

-7.25

InNexus Biotechnology Quarterly Data
	Jun06	Sep06	Dec06	Mar07	Jun07	Sep07	Dec07	Mar08	Jun08	Sep08	Dec08	Mar09	Jun09	Sep09	Dec09	Mar10	Jun10	Sep10	Dec10	Mar11
Beneish M-Score	Get a 7-Day Free Trial															-	-	-	-	-

Competitive Comparison of InNexus Biotechnology's Beneish M-Score

For the Biotechnology subindustry, InNexus Biotechnology'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.

InNexus Biotechnology's Beneish M-Score Distribution in the Biotechnology Industry

For the Biotechnology industry and Healthcare sector, InNexus Biotechnology's Beneish M-Score distribution charts can be found below:

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

InNexus Biotechnology 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 InNexus Biotechnology 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 (Mar11) TTM:

Last Year (Mar10) 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 $0.04 Mil.
Total Assets was $3.24 Mil.
Property, Plant and Equipment(Net PPE) was $0.57 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.88 Mil.
Selling, General, & Admin. Expense(SGA) was $1.45 Mil.
Total Current Liabilities was $9.54 Mil.
Long-Term Debt & Capital Lease Obligation was $0.27 Mil.
Net Income was -0.569 + -0.794 + -0.943 + -1.843 = $-4.15 Mil.
Non Operating Income was 0 + 0.116 + 0 + 0.038 = $0.15 Mil.
Cash Flow from Operations was -0.118 + -0.064 + -0.14 + -0.146 = $-0.47 Mil.

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 $0.02 Mil.
Total Assets was $3.97 Mil.
Property, Plant and Equipment(Net PPE) was $1.43 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.30 Mil.
Selling, General, & Admin. Expense(SGA) was $2.37 Mil.
Total Current Liabilities was $7.96 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 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 / 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)	/	(0 / 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 - (0.035 + 0.565) / 3.237)	/	(1 - (0.02 + 1.434) / 3.972)
	=	0.814643	/	0.633938
	=

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
	=

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))
	=	(0.302 / (0.302 + 1.434))	/	(0.878 / (0.878 + 0.565))
	=	0.173963	/	0.608455
	=

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)
	=	(1.451 / 0)	/	(2.374 / 0)
	=		/
	=

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)
	=	((0.269 + 9.541) / 3.237)	/	((0 + 7.96) / 3.972)
	=	3.030584	/	2.004028
	=

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
	=	(-4.149 - 0.154	-	-0.468)	/	3.237
	=	-1.184739

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.

InNexus Biotechnology Beneish M-Score Related Terms

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InNexus Biotechnology (InNexus Biotechnology) Business Description

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Address

1055 West Georgia Street, 1500 Royal Centre, Vancouver, BC, CAN, V6E 4N7

Website

http://www.ixsbio.com

InNexus Biotechnology Inc is engaged in commercializing the next generation of monoclonal antibodies based on its DXL technology, which improves the potency of existing antibody products while opening new markets and disease applications.

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