Impact Development Group (TSXV:IMPT) Beneish M-Score : 0.00 (As of Mar. 16, 2025)

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What is Impact Development Group 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 Impact Development Group's Beneish M-Score or its related term are showing as below:

During the past 5 years, the highest Beneish M-Score of Impact Development Group was -4.33. The lowest was -4.33. And the median was -4.33.

Impact Development Group Beneish M-Score Historical Data

The historical data trend for Impact Development Group'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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Impact Development Group Beneish M-Score Chart

Impact Development Group Annual Data

Trend

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

Impact Development Group Quarterly Data
	Dec19	Dec20	Dec21	Jun22	Sep22	Dec22	Jun23	Sep23	Dec23	Jun24	Sep24
Beneish M-Score	Get a 7-Day Free Trial						-	-	-	-4.33	-

Competitive Comparison of Impact Development Group's Beneish M-Score

For the Real Estate - Development subindustry, Impact Development Group'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.

Impact Development Group's Beneish M-Score Distribution in the Real Estate Industry

For the Real Estate industry and Real Estate sector, Impact Development Group's Beneish M-Score distribution charts can be found below:

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

Impact Development Group 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 Impact Development Group 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 (Sep24) TTM:

Last Year (Jun23) TTM:

Total Receivables was C$0.85 Mil.
Revenue was 1.337 + 1.191 + 1.884 + 2.423 = C$6.84 Mil.
Gross Profit was -4.904 + -0.06 + -4.689 + -0.181 = C$-9.83 Mil.
Total Current Assets was C$31.20 Mil.
Total Assets was C$31.28 Mil.
Property, Plant and Equipment(Net PPE) was C$0.08 Mil.
Depreciation, Depletion and Amortization(DDA) was C$0.24 Mil.
Selling, General, & Admin. Expense(SGA) was C$5.55 Mil.
Total Current Liabilities was C$8.23 Mil.
Long-Term Debt & Capital Lease Obligation was C$7.64 Mil.
Net Income was -6.495 + -1.679 + 23.752 + -1.976 = C$13.60 Mil.
Non Operating Income was 0.349 + -0.199 + 31.674 + 0.225 = C$32.05 Mil.
Cash Flow from Operations was 0.962 + 0 + -0.624 + -0.93 = C$-0.59 Mil.

Total Receivables was C$1.79 Mil.
Revenue was 2.407 + 0.838 + 1.883 + 3.453 = C$8.58 Mil.
Gross Profit was -0.357 + -8.007 + -0.133 + 0.88 = C$-7.62 Mil.
Total Current Assets was C$20.83 Mil.
Total Assets was C$39.43 Mil.
Property, Plant and Equipment(Net PPE) was C$18.60 Mil.
Depreciation, Depletion and Amortization(DDA) was C$0.35 Mil.
Selling, General, & Admin. Expense(SGA) was C$3.26 Mil.
Total Current Liabilities was C$14.94 Mil.
Long-Term Debt & Capital Lease Obligation was C$48.97 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)
	=	(0.851 / 6.835)	/	(1.79 / 8.581)
	=	0.124506	/	0.2086
	=

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)
	=	(-7.617 / 8.581)	/	(-9.834 / 6.835)
	=	-0.887659	/	-1.438771
	=

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 - (31.202 + 0.083) / 31.284)	/	(1 - (20.827 + 18.599) / 39.426)
	=	-3.2E-5	/	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
	=	6.835	/	8.581
	=

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))
	=	(0.352 / (0.352 + 18.599))	/	(0.242 / (0.242 + 0.083))
	=	0.018574	/	0.744615
	=

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)
	=	(5.554 / 6.835)	/	(3.255 / 8.581)
	=	0.812582	/	0.379326
	=

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)
	=	((7.64 + 8.229) / 31.284)	/	((48.971 + 14.935) / 39.426)
	=	0.507256	/	1.62091
	=

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
	=	(13.602 - 32.049	-	-0.592)	/	31.284
	=	-0.570739

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.

Impact Development Group Beneish M-Score Related Terms

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Impact Development Group Business Description

Industry

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Traded in Other Exchanges

N/A

Address

1 Adelaide Street East, Suite 801, Toronto, ON, CAN, M5C 2V9

Website

https://www.ihcpanama.com

Impact Development Group Inc is a Panamanian-based real estate developer that provides affordable housing solutions to Panama's growing middle class supported by a longstanding subsidized government program. The vision of IHC Panama is effectuated by a vertically integrated model that coordinates all services necessary to develop high-quality residential and commercial buildings, including land acquisition, financing, architectural, engineering, off-site manufacturing, general contracting, property management, and administration.

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