Plastic2Oil (Plastic2Oil) Beneish M-Score

: 0.00 (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.

The historical rank and industry rank for Plastic2Oil's Beneish M-Score or its related term are showing as below:

During the past 13 years, the highest Beneish M-Score of Plastic2Oil was 0.00. The lowest was 0.00. And the median was 0.00.

Plastic2Oil Beneish M-Score Historical Data

The historical data trend for Plastic2Oil'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.

Plastic2Oil Annual Data

Trend

Dec09

Dec10

Dec11

Dec12

Dec13

Dec14

Dec15

Dec16

Dec17

Dec18

Beneish M-Score

-7.93

-4.01

-2.24

-8.34

9.48

Plastic2Oil Quarterly Data
	Dec14	Mar15	Jun15	Sep15	Dec15	Mar16	Jun16	Sep16	Dec16	Mar17	Jun17	Sep17	Dec17	Mar18	Jun18	Sep18	Dec18	Mar19	Jun19	Sep19
Beneish M-Score																-8.28	9.48	9.64	9.79	11.05

Competitive Comparison

For the Waste Management subindustry, Plastic2Oil'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.

Plastic2Oil Beneish M-Score Distribution

For the Waste Management industry and Industrials sector, Plastic2Oil's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Plastic2Oil's Beneish M-Score falls into.

Plastic2Oil 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 Plastic2Oil 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 (Sep19) TTM:

Last Year (Sep18) TTM:

Total Receivables was $0.00 Mil.
Revenue was 0 + 0 + 0 + 0 = $0.00 Mil.
Gross Profit was -0.007 + -0.007 + -0.007 + 0.101 = $0.08 Mil.
Total Current Assets was $0.02 Mil.
Total Assets was $0.73 Mil.
Property, Plant and Equipment(Net PPE) was $0.52 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.06 Mil.
Selling, General, & Admin. Expense(SGA) was $0.72 Mil.
Total Current Liabilities was $16.02 Mil.
Long-Term Debt & Capital Lease Obligation was $0.83 Mil.
Net Income was -0.457 + -0.477 + -0.472 + -1.153 = $-2.56 Mil.
Non Operating Income was 0 + 0.001 + 0 + -0.636 = $-0.64 Mil.
Cash Flow from Operations was -0.079 + -0.091 + -0.145 + -0.122 = $-0.44 Mil.

Total Receivables was $0.00 Mil.
Revenue was 0 + 0 + 0 + 0 = $0.00 Mil.
Gross Profit was -0.088 + -0.093 + -0.045 + 0.104 = $-0.12 Mil.
Total Current Assets was $0.13 Mil.
Total Assets was $1.53 Mil.
Property, Plant and Equipment(Net PPE) was $1.40 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.18 Mil.
Selling, General, & Admin. Expense(SGA) was $0.88 Mil.
Total Current Liabilities was $12.86 Mil.
Long-Term Debt & Capital Lease Obligation was $2.29 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)
	=	(-0.122 / 0)	/	(0.08 / 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 - (0.017 + 0.517) / 0.732)	/	(1 - (0.125 + 1.396) / 1.531)
	=	0.270492	/	0.006532
	=

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))
	=	(0.176 / (0.176 + 1.396))	/	(0.064 / (0.064 + 0.517))
	=	0.111959	/	0.110155
	=

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)
	=	(0.717 / 0)	/	(0.881 / 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)
	=	((0.834 + 16.019) / 0.732)	/	((2.287 + 12.864) / 1.531)
	=	23.023224	/	9.896146
	=

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
	=	(-2.559 - -0.635	-	-0.437)	/	0.732
	=	-2.031421

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.

Plastic2Oil Beneish M-Score Related Terms

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Plastic2Oil (Plastic2Oil) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Waste Management » Plastic2Oil Inc (OTCPK:PTOI) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

20 Iroquois Street, Niagara Falls, NY, USA, 14303

Website

https://www.plastic2oil.com

Plastic2Oil Inc is a U.S based fuel company which engages in transforming unsorted and unwashed waste plastic into ultra-clean, ultra-low sulphur fuel without the need for refinement in the United States. It uses waste plastic as feedstock to produce Fuel Oil No. 2, naphtha, and Fuel Oil No. 6 for various uses. The company also produces by-products, including an off-gas similar to natural gas and a petcoke carbon residue.

Executives

Luke R Taylor	10 percent owner, other: See Remarks Below	184 THOMPSON ST, APT 2A, NEW YORK NY 10012
Michael B. Dorrell	10 percent owner, other: See Remarks Below	55 HUDSON YARDS, 550 W. 34TH STREET, 48TH FLOOR, NEW YORK NY 10001
Trent D Vichie	10 percent owner, other: See Remarks Below	55 HUDSON YARDS, 550 W. 34TH STREET, 48TH FLOOR, NEW YORK NY 10001
Duncan D Murdoch	10 percent owner	532 W 22ND ST, APT 2A, NEW YORK NY 10011

Plastic2Oil (Plastic2Oil) Headlines

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