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AquaBounty Technologies Beneish M-Score

: 3.24 (As of Today)
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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.

Warning Sign:

Beneish M-Score 3.24 higher than -1.78, which implies that the company might have manipulated its financial results.

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

NAS:AQB' s Beneish M-Score Range Over the Past 10 Years
Min: -4.1   Med: -2.29   Max: 4.73
Current: 3.24

-4.1
4.73

During the past 13 years, the highest Beneish M-Score of AquaBounty Technologies was 4.73. The lowest was -4.10. And the median was -2.29.


AquaBounty Technologies Beneish M-Score Historical Data

The historical data trend for AquaBounty Technologies'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.

AquaBounty Technologies Annual Data
Trend Dec11 Dec12 Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20
Beneish M-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only - - -2.21 -1.65 -3.20

AquaBounty Technologies Quarterly Data
Dec16 Mar17 Jun17 Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21
Beneish M-Score 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 Premium Member Only Premium Member Only Premium Member Only -2.76 -3.20 -1.46 4.73 3.24

Competitive Comparison

For the Farm Products subindustry, AquaBounty Technologies'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.

   

AquaBounty Technologies Beneish M-Score Distribution

For the Consumer Packaged Goods industry and Consumer Defensive sector, AquaBounty Technologies's Beneish M-Score distribution charts can be found below:

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



AquaBounty Technologies 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 AquaBounty Technologies 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 * 1+0.528 * 2.5373+0.404 * 0.3061+0.892 * 6.5+0.115 * 0.9752
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.1966+4.679 * -0.0157-0.327 * 0.3143
=3.24

* 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 (Sep21) TTM:Last Year (Sep20) TTM:
Accounts Receivable was $0.00 Mil.
Revenue was 0.455 + 0.227 + 0.074 + 0.05 = $0.81 Mil.
Gross Profit was -3.856 + -1.62 + -1.48 + -3.391 = $-10.35 Mil.
Total Current Assets was $200.23 Mil.
Total Assets was $231.35 Mil.
Property, Plant and Equipment(Net PPE) was $30.31 Mil.
Depreciation, Depletion and Amortization(DDA) was $1.72 Mil.
Selling, General, & Admin. Expense(SGA) was $9.56 Mil.
Total Current Liabilities was $2.64 Mil.
Long-Term Debt & Capital Lease Obligation was $8.92 Mil.
Net Income was -6.865 + -5.231 + -4.159 + -6.117 = $-22.37 Mil.
Non Operating Income was 0.03 + 0.029 + 0.005 + 0 = $0.06 Mil.
Cash Flow from Operations was -4.653 + -5.939 + -4.518 + -3.703 = $-18.81 Mil.
Accounts Receivable was $0.00 Mil.
Revenue was 0.068 + 0.003 + 0.007 + 0.046 = $0.12 Mil.
Gross Profit was -1.288 + -1.038 + -0.835 + -0.878 = $-4.04 Mil.
Total Current Assets was $42.74 Mil.
Total Assets was $69.60 Mil.
Property, Plant and Equipment(Net PPE) was $26.06 Mil.
Depreciation, Depletion and Amortization(DDA) was $1.44 Mil.
Selling, General, & Admin. Expense(SGA) was $7.48 Mil.
Total Current Liabilities was $2.33 Mil.
Long-Term Debt & Capital Lease Obligation was $8.73 Mil.




1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Accounts Receivable 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 / 0.806) / (0 / 0.124)
=0 / 0
=1

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)
=(-4.039 / 0.124) / (-10.347 / 0.806)
=-32.57258065 / -12.83746898
=2.5373

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 - (200.232 + 30.308) / 231.353) / (1 - (42.741 + 26.056) / 69.596)
=0.00351411 / 0.01148054
=0.3061

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
=0.806 / 0.124
=6.5

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))
=(1.44 / (1.44 + 26.056)) / (1.72 / (1.72 + 30.308))
=0.05237125 / 0.05370301
=0.9752

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)
=(9.556 / 0.806) / (7.476 / 0.124)
=11.8560794 / 60.29032258
=0.1966

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)
=((8.92 + 2.638) / 231.353) / ((8.732 + 2.332) / 69.596)
=0.04995829 / 0.15897465
=0.3143

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
=(-22.372 - 0.064 - -18.813) / 231.353
=-0.0157

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.

AquaBounty Technologies has a M-score of 3.24 signals that the company is likely to be a manipulator.


AquaBounty Technologies Beneish M-Score Related Terms

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AquaBounty Technologies Business Description

AquaBounty Technologies logo
Industry
Traded in Other Exchanges
Address
2 Mill and Main Place, Suite 395, Maynard, MA, USA, 01754
AquaBounty Technologies Inc is engaged in the field of land-based aquaculture and the use of technology for improving its productivity and sustainability. The company's objective is to ensure the availability of high-quality seafood to meet global consumer demand while addressing critical production constraints in the most popular farmed species.
Executives
Kirk Randal J 10 percent owner 1881 GROVE AVENUE RADFORD VA 24141
Czypinski Alana director, 10 percent owner 1881 GROVE AVENUE RADFORD VA 24141
Turk James C Jr director TWO CLOCK TOWER PLACE SUITE 395 MAYNARD MA 01745
Frank David A officer: See Remarks 2 MILL & MAIN PLACE, SUITE 395 MAYNARD MA 01754
Sterling Rick L. director 20374 SENECA MEADOWS PARKWAY GERMANTOWN MD 20876
Huber Richard L director 2 MILL & MAIN PLACE, SUITE 395 MAYNARD MA 01754
Fisher Theodore John director 1881 GROVE AVENUE RADFORD VA 24141
St.clare Christine director 405 EAGLEVIEW BLVD. EXTON PA 19341
Clothier Richard J director TWO CLOCK TOWER PLACE SUITE 395 MAYNARD MA 01745
Rojas Alejandro officer: See Remarks TWO CLOCK TOWER PLACE SUITE 395 MAYNARD MA 01745
Wulf Sylvia director, officer: See Remarks 2 MILL & MAIN PLACE, SUITE 395 MAYNARD MA 01754
Olsen Angela M officer: See Remarks C/O AQUABOUNTY TECHNOLOGIES, INC. 2 MILL & MAIN PLACE, SUITE 395 MAYNARD MA 01754
Intrexon Corp 10 percent owner 20374 SENECA MEADOWS PARKWAY GERMANTOWN MD 20876
Perez Jeffrey Thomas director 20358 SENECA MEADOWS PARKWAY GERMANTOWN MD 20876
Stotish Ronald L director, officer: See Remarks 2 MILL & MAIN PLACE, SUITE 395 MAYNARD MA 01754

AquaBounty Technologies Headlines

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