ARHT Media (TSXV:ART) Beneish M-Score : 0.00 (As of May. 17, 2024)

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

During the past 13 years, the highest Beneish M-Score of ARHT Media was -2.12. The lowest was -9.62. And the median was -3.09.

ARHT Media Beneish M-Score Historical Data

The historical data trend for ARHT Media'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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ARHT Media Beneish M-Score Chart

ARHT Media Annual Data

Trend

Jan14

Jan15

Jan16

Jan17

Jan18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-3.09

-2.12

ARHT Media Quarterly Data
	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23
Beneish M-Score	Get a 7-Day Free Trial															-	-	-	-	-

Competitive Comparison of ARHT Media's Beneish M-Score

For the Software - Application subindustry, ARHT Media'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.

ARHT Media's Beneish M-Score Distribution in the Software Industry

For the Software industry and Technology sector, ARHT Media's Beneish M-Score distribution charts can be found below:

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

ARHT Media 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 ARHT Media 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 (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was C$1.04 Mil.
Revenue was 0.208 + 1.36 + 2.072 + 1.28 = C$4.92 Mil.
Gross Profit was -0.019 + 0.775 + 1.309 + 0.687 = C$2.75 Mil.
Total Current Assets was C$1.66 Mil.
Total Assets was C$3.46 Mil.
Property, Plant and Equipment(Net PPE) was C$1.80 Mil.
Depreciation, Depletion and Amortization(DDA) was C$1.38 Mil.
Selling, General, & Admin. Expense(SGA) was C$10.05 Mil.
Total Current Liabilities was C$4.01 Mil.
Long-Term Debt & Capital Lease Obligation was C$2.06 Mil.
Net Income was -3.239 + -3.117 + -2.096 + -2.808 = C$-11.26 Mil.
Non Operating Income was -0.692 + -0.078 + -0.039 + 0.116 = C$-0.69 Mil.
Cash Flow from Operations was -0.829 + -2.103 + -1.194 + -2.183 = C$-6.31 Mil.

Total Receivables was C$2.48 Mil.
Revenue was 2.079 + 2.028 + 2.007 + 1.398 = C$7.51 Mil.
Gross Profit was 0.786 + 1.026 + 0.998 + 0.773 = C$3.58 Mil.
Total Current Assets was C$8.84 Mil.
Total Assets was C$11.32 Mil.
Property, Plant and Equipment(Net PPE) was C$2.49 Mil.
Depreciation, Depletion and Amortization(DDA) was C$0.71 Mil.
Selling, General, & Admin. Expense(SGA) was C$9.16 Mil.
Total Current Liabilities was C$3.47 Mil.
Long-Term Debt & Capital Lease Obligation was C$0.02 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)
	=	(1.035 / 4.92)	/	(2.478 / 7.512)
	=	0.210366	/	0.329872
	=

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)
	=	(3.583 / 7.512)	/	(2.752 / 4.92)
	=	0.47697	/	0.55935
	=

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 - (1.659 + 1.8) / 3.459)	/	(1 - (8.835 + 2.489) / 11.324)
	=	0	/	-0
	=

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
	=	4.92	/	7.512
	=

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))
	=	(0.71 / (0.71 + 2.489))	/	(1.381 / (1.381 + 1.8))
	=	0.221944	/	0.43414
	=

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)
	=	(10.054 / 4.92)	/	(9.156 / 7.512)
	=	2.043496	/	1.21885
	=

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)
	=	((2.055 + 4.008) / 3.459)	/	((0.017 + 3.469) / 11.324)
	=	1.752819	/	0.307842
	=

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
	=	(-11.26 - -0.693	-	-6.309)	/	3.459
	=	-1.230992

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.

ARHT Media Beneish M-Score Related Terms

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ARHT Media (TSXV:ART) Business Description

Industry

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ARHTF:USA

Address

195 Bentworth Avenue, Unit 2, Toronto, ON, CAN, M6A 1P9

Website

https://www.arhtmedia.com

ARHT Media Inc engages in the creation, transmission, and delivery of digital human hologram. The company offers HumaGrams which are interactive human holograms generated using Augmented Reality Holographic Technology (ARHT), which allows its customers to interact and conduct real-time e-commerce with consumers, as well as to provide analytics back to retailers through the platform. This platform supports various markets, such as seminars, conferences, trade shows, corporate meetings, education, and live events, and digital signages. The company's geographical segments include Canada; the United States; Europe and the Middle East; and Asia.

Executives

Jonathan Pollack	Director
Richard G. Carl	Director, Senior Officer

ARHT Media (TSXV:ART) Headlines

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