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CIK 225789

REAL ESTATE ASSOCIATES LTD/CA
CIK 0000225789 · EDGAR ↗
cleanelevatedtriggeredno dataplanned
100.0
composite · 3 signals · TRIGGERED

Every card below shows the score and the exact filing data it was computed from — no unexplained numbers. Some signals (P-02, P-03, P-08, P-09, P-10, P-11) pull live documents from SEC EDGAR the first time you view this company; a few of those (P-03, P-10, P-11) use AI to read the filing text, but every AI claim must quote the actual document verbatim or it's discarded — never a guess.

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Investigation memo

Read the AI-generated summary of what stands out across this company's signals.

Signals

P-01 · FY 2013-12-31 · TRIGGERED100.0

Earnings quality

Beneish M-Score 15.60 exceeds the -1.78 manipulation threshold
trend: flat
Trend
Source: 10-K on SEC.gov (filed 2014-04-15)
Evidence — inputs and thresholds
{
  "m_score": 15.604,
  "threshold": -1.78,
  "ratios": {
    "DSRI": 0.019,
    "GMI": 1,
    "AQI": 1,
    "SGI": 19.761,
    "DEPI": 1,
    "SGAI": 1,
    "LVGI": 1,
    "TATA": 0.481
  },
  "defaulted_to_neutral": [
    "GMI",
    "AQI",
    "DEPI",
    "SGAI",
    "LVGI"
  ],
  "sloan_accruals": 0.2558,
  "inputs": {
    "revenue_t": 1324000,
    "revenue_t1": 67000,
    "total_assets_t": 1779000,
    "net_income_t": 592000,
    "cfo_t": -264000
  },
  "stale": false,
  "latest_filing_period": "2013-12-31",
  "source": {
    "url": "https://www.sec.gov/Archives/edgar/data/225789/000137647414000114/0001376474-14-000114-index.htm",
    "form": "10-K",
    "filed": "2014-04-15"
  }
}
P-12 · FY 2013-12-31 · TRIGGERED100.0

Restatement predictor

F-Score 20.99 — misstatement risk 21.0x the base rate
trend: flat
Trend
Source: 10-K on SEC.gov (filed 2014-04-15)
Evidence — inputs and thresholds
{
  "f_score": 20.992,
  "probability": 0.07767,
  "components": {
    "rsst": 0.2558,
    "drec": -0.0167,
    "dinv": null,
    "soft": 1,
    "dcs": 19.597,
    "droa": 0.0767,
    "issue": 0
  },
  "model": "Dechow et al. 2011, Model 1 (simplified RSST)",
  "thresholds": {
    "elevated": 1,
    "triggered": 1.85
  },
  "stale": false,
  "latest_filing_period": "2013-12-31",
  "source": {
    "url": "https://www.sec.gov/Archives/edgar/data/225789/000137647414000114/0001376474-14-000114-index.htm",
    "form": "10-K",
    "filed": "2014-04-15"
  }
}
P-13 · FY 2013-12-31 · TRIGGERED100.0

Zombie / distress

Zombie: interest coverage below 1.0x for 4 consecutive years
trend: flat
Trend
Source: 10-K on SEC.gov (filed 2014-04-15)
Evidence — inputs and thresholds
{
  "icr_by_year": {
    "2013-12-31": -1.884,
    "2012-12-31": -5.157,
    "2011-12-31": -3.333,
    "2010-12-31": -3.465
  },
  "consecutive_years_below_1": 4,
  "altman_z_double_prime": -0.918,
  "definitions": {
    "zombie": "ICR<1 for 3+ consecutive FYs (BIS 2018)",
    "z_distress": "<1.1 distress, 1.1-2.6 gray, >2.6 safe"
  },
  "inputs": {
    "ebit_t": -243000,
    "interest_expense_t": 129000
  },
  "stale": false,
  "latest_filing_period": "2013-12-31",
  "source": {
    "url": "https://www.sec.gov/Archives/edgar/data/225789/000137647414000114/0001376474-14-000114-index.htm",
    "form": "10-K",
    "filed": "2014-04-15"
  }
}
P-03 · FY 2014-04-15 · ELEVATED62.5

ESG disclosure gap

5 of 8 ESG claims lack quantitative support (62% gap)
Source: 10-K on SEC.gov (filed 2014-04-15)
Evidence — inputs and thresholds
{
  "claims": [
    {
      "claim": "The Partnership's principal business is investing in government-assisted housing projects.",
      "category": "social",
      "quote": "The principal business of the Partnership is to invest, directly or indirectly, in other limited partnerships which own or lease and operate federal, state and local government-assisted housing projects.",
      "quantified": false,
      "metric": null,
      "quote_verified": true
    },
    {
      "claim": "The Local Partnerships owned low income housing projects subsidized or insured by government agencies.",
      "category": "social",
      "quote": "Each of the Local Partnerships owned a low income housing project which is subsidized and/or has a mortgage note payable to or insured by agencies of the federal or local government.",
      "quantified": false,
      "metric": null,
      "quote_verified": true
    },
    {
      "claim": "The Partnership is dissolved after 53 years or by December 31, 2031.",
      "category": "governance",
      "quote": "The Partnership shall be dissolved only upon the expiration of 53 complete calendar years (December 31, 2031) from the date of the formation of the Partnership",
      "quantified": true,
      "metric": "complete calendar years",
      "quote_verified": true
    },
    {
      "claim": "Bethesda acquired the General Partner on December 19, 2012.",
      "category": "governance",
      "quote": "Bethesda acquired the General Partner on December 19, 2012, pursuant to an option agreement with Aimco/Bethesda Holdings, Inc.",
      "quantified": true,
      "metric": "date",
      "quote_verified": true
    },
    {
      "claim": "The Partnership became operating general partner of Bethel Towers on December 10, 2012.",
      "category": "governance",
      "quote": "Effective December 10, 2012, the Partnership designated itself as the operating general partner of Bethel Towers Limited Dividend Housing Association",
      "quantified": true,
      "metric": "date",
      "quote_verified": true
    },
    {
      "claim": "Local general partners are responsible for property development and operations.",
      "category": "governance",
      "quote": "The local general partner of the Local Partnership retains responsibility for developing, constructing, maintaining, operating and managing the property owned by the Local Partnership.",
      "quantified": false,
      "metric": null,
      "quote_verified": true
    },
    {
      "claim": "REAL has the right to replace local general partners in default circumstances.",
      "category": "governance",
      "quote": "Under certain circumstances of default, REAL has the right to replace the general partner of the Local Partnerships",
      "quantified": false,
      "metric": null,
      "quote_verified": true
    },
    {
      "claim": "The Partnership has no employees and relies on the General Partner for services.",
      "category": "governance",
      "quote": "The Partnership does not have any employees. Services are performed for the Partnership by the General Partner and agents retained by the General Partner.",
      "quantified": false,
      "metric": null,
      "quote_verified": true
    }
  ],
  "gap_ratio": 0.625,
  "quotes_discarded_unverified": 1,
  "method": "LLM extraction, every claim quote-verified against the filing",
  "source": {
    "url": "https://www.sec.gov/Archives/edgar/data/225789/000137647414000114/rea1_10k.htm",
    "form": "10-K",
    "filed": "2014-04-15"
  }
}