climbing up. However, the reason for the gain remained in mystery.According to the records, Geneva Resources has not released any news on its business recently, though its traded volume reached over one million shares for a day. Looks like something is about to happen with the company and it should be revealed soon.
Until then, the only news about GVRS remains the announcement from mid-March, reporting the company’s name change from Geneva Resources to Sono Resources, Inc. Since then, no further news on GVRS was to follow. Besides, the company’s official website requires a user name and password to access the data on it. In this case how could investors get information on the current activities of Geneva Resources?
Sono Resources Inc. is an exploration-stage company engaged in the business of exploration of precious metals with a focus on the exploration and development of gold deposits in North America and all over the world. In September 2010, GVRS used to trade at $1.5 per share, however, since then the stock price has moved down significantly.[BANNER]
Unfortunately, it wasn’t only GVRS stock price that fell down over the past months. According to the company’s 10-Q report, as of end-November its liabilities got over 100 times higher than its total assets and the deficit accumulated during the exploration stage period exceeded $8 million. Moreover, the company has no revenues yet, while its net loss has been constantly increasing.
The management team claims that Geneva is dependent upon additional funding to meet its ongoing obligations and to fund the anticipated operating losses. Thus, there is a substantial doubt as to the company’s ability to continue as a going concern.
