Spirit Blockchain Capital (XCNQ:SPIR) Beneish M-Score : -4.15 (As of Mar. 28, 2025)

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What is Spirit Blockchain Capital 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.

Good Sign:

Beneish M-Score -4.15 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XCNQ:SPIR' s Beneish M-Score Range Over the Past 10 Years
Min: -4.15 Med: -1.96 Max: 0.23
Current: -4.15

During the past 3 years, the highest Beneish M-Score of Spirit Blockchain Capital was 0.23. The lowest was -4.15. And the median was -1.96.

Spirit Blockchain Capital Beneish M-Score Historical Data

The historical data trend for Spirit Blockchain Capital'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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Spirit Blockchain Capital Beneish M-Score Chart

Spirit Blockchain Capital Annual Data

Trend

Dec21

Dec22

Dec23

Beneish M-Score

Spirit Blockchain Capital Quarterly Data
	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24
Beneish M-Score	Get a 7-Day Free Trial									-	-	-	0.23	-4.15

Competitive Comparison of Spirit Blockchain Capital's Beneish M-Score

For the Capital Markets subindustry, Spirit Blockchain Capital'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.

Spirit Blockchain Capital's Beneish M-Score Distribution in the Capital Markets Industry

For the Capital Markets industry and Financial Services sector, Spirit Blockchain Capital's Beneish M-Score distribution charts can be found below:

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

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Spirit Blockchain Capital 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 Spirit Blockchain Capital 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 * 11.0907

0.528 * 1

0.404 * 0.4809

0.892 * 0.2122

0.115 * 1

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 6.9284

4.679 * -1.668246

0.327 * 4.7161

-4.15

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was C$0.39 Mil.
Revenue was -0.057 + 0.033 + 0.002 + 0.088 = C$0.07 Mil.
Gross Profit was -0.057 + 0.033 + 0.002 + 0.088 = C$0.07 Mil.
Total Current Assets was C$0.42 Mil.
Total Assets was C$0.63 Mil.
Property, Plant and Equipment(Net PPE) was C$0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was C$0.00 Mil.
Selling, General, & Admin. Expense(SGA) was C$2.33 Mil.
Total Current Liabilities was C$2.53 Mil.
Long-Term Debt & Capital Lease Obligation was C$0.62 Mil.
Net Income was -0.846 + -0.528 + -0.442 + -1.003 = C$-2.82 Mil.
Non Operating Income was 0.003 + 0.008 + 0.007 + -0.38 = C$-0.36 Mil.
Cash Flow from Operations was -0.103 + -0.444 + -0.573 + -0.281 = C$-1.40 Mil.

Total Receivables was C$0.16 Mil.
Revenue was 0 + 0.001 + 0.088 + 0.222 = C$0.31 Mil.
Gross Profit was 0 + 0.001 + 0.088 + 0.222 = C$0.31 Mil.
Total Current Assets was C$0.27 Mil.
Total Assets was C$0.90 Mil.
Property, Plant and Equipment(Net PPE) was C$0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was C$0.00 Mil.
Selling, General, & Admin. Expense(SGA) was C$1.58 Mil.
Total Current Liabilities was C$0.77 Mil.
Long-Term Debt & Capital Lease Obligation was C$0.18 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)
	=	(0.386 / 0.066)	/	(0.164 / 0.311)
	=	5.848485	/	0.527331
	=	11.0907

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)
	=	(0.311 / 0.311)	/	(0.066 / 0.066)
	=	1	/	1
	=	1

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 - (0.42 + 0) / 0.633)	/	(1 - (0.27 + 0) / 0.899)
	=	0.336493	/	0.699666
	=	0.4809

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
	=	0.066	/	0.311
	=	0.2122

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 / (0 + 0))	/	(0 / (0 + 0))
	=		/
	=	1

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)
	=	(2.329 / 0.066)	/	(1.584 / 0.311)
	=	35.287879	/	5.093248
	=	6.9284

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)
	=	((0.616 + 2.532) / 0.633)	/	((0.179 + 0.769) / 0.899)
	=	4.973144	/	1.054505
	=	4.7161

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
	=	(-2.819 - -0.362	-	-1.401)	/	0.633
	=	-1.668246

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.

Spirit Blockchain Capital has a M-score of -4.15 suggests that the company is unlikely to be a manipulator.

Spirit Blockchain Capital Beneish M-Score Related Terms

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