soared 18% and traded 1 million shares for the day. Having in mind the average volume of about 102 thousand shares, that’s quite an astonishing jump for the stock and should have some explanation. However, it seems that nobody knows it yet.Geneva Resources has not released any news about its business since end-October, except a Form 4 filed with the SEC in mid-December. According to this form, Mr. Johnson Marcus, President and CEO of Geneva, has disposed 1,250,000 of his GVRS shares at a price of $.001 each. The explanation of the transaction states that after the reverse stock split of the company the sale of 1,250,000 (6,000,000 pre-reverse stock split) shares results in current aggregate holdings of 396,625 (1,586,500 pre-reverse stock split) shares of common stock.[BANNER]
Apart from this announcement, no more news on Geneva Resources came up and currently no one is familiar with its activities.
Geneva Resources, Inc. is a junior mineral exploration company launched to capitalize on opportunities in the resource industry. As of end-May 2010, the company’s mineral interests consist of option agreements on exploration-stage properties. As a development-stage company, GVRS has minor revenues, however, the company has huge loss and liabilities. According to its 10-Q report, by August 31, 2010 Geneva’s assets are only $397 in total, while its liabilities exceed $440 thousand. Considering the fact that the company’s deficit accumulated during the exploration stage totals over $8 million and the stockholders’ deficit is running up, there’s a great concern about Geneva’s future operation.
As stated in its financial report, “The Company requires additional funding to meet its ongoing obligations and to fund anticipated operating losses” and now it is highly dependent on raising capital to fund its initial business plan and attain profitable operations.
