Short-selling Golden Spirt Enterprises Ltd.(OTC:GSPT) anyone? Everyone? Not an all-time high in volume, but perhaps an all-time high in terms of short-selling activity. This is last week for Golden Spirit. There is, however, a catalyst which could refuel another trading frenzy this week, as well. 
Monday at least, since the alert came out yesterday. The promoter is paid $5000 for market awareness, yet to see what the impact would be on the stock market. As mentioned, last week was an interesting one for this company. Not that there was some significant price movement. The week opened at $0.05, closed at $0.07 per share with some peculiar trading volumes. Just 25k on Tuesday, just over 1.9 million on Thursday. In terms, both days having the same objective catalyst at hand – nothing. Which, however, did not stop shorters from going the extra mile. Out of these 1.9 million, 1.66 million shares are the result of short-selling on Thursday.
There is, however, an objective catalyst out, which is also likely to inspire traders for the upcoming session. Released just before the session opening, it describes some opportunities for Golden Spirit. Opportunities for profits, which is not a bad idea, considering the current financial condition of the company. According to the latest 10-Q, covering the first 3 months of 2011, this is what the company had at March 31st : [BANNER]
- $307 in cash;
- $307 in total current assets;
- $83k in total current liabilities;
- $18 million in accumulated deficit;
- $no revenues;
- $121k in net loss;
Not unnatural for a development stage company, not exactly optimistic either. This stock has been floating between $0.03 and $0.08 per share, as April 2010 was the last time when $0.1 per share was reached. If balance sheet figures do not improve in the near future, it is uncertain when $0.1 would be reached again, let alone sustainable growth in the stock price would take place.
