UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C.  20549

_____________



FORM 10-Q



(Mark One)[ X ]Quarterly Report Under Section 13 or 15(d) of the Securities Exchange Act of 1934For the quarterly period ended March 31, 2009[    ]Transition Report Under Section 13 or 15(d) of the Securities Exchange Act of 1934For the transition period from  to




Commission File Number: 0001073262



Golden Spirit Enterprises Ltd.

(Exact name of small business issuer as specified in its charter)



Delaware

(State or other jurisdiction of incorporation or organization)



52-2132622(I.R.S. Employer Identification No.)



719 30TH Ave., Pointe-Calumet

Quebec, Canada, J0N 1G1

(Address of principal executive offices)



514-688-3289

(Issuers telephone number)



Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

[X] Yes  [ ] No



Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.  See the definitions of large accelerated filer, accelerated filer and smaller reporting company in Rule 12b-2 of the Exchange Act.



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|Large accelerated filer [ ]                                             | Accelerated filer [ ]        
|Non-accelerated filer [ ]
(Do not check if a smaller reporting company) | Smaller reporting company [X]







-1-



Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). [ ] Yes  [ X] No





APPLICABLE ONLY TO CORPORATE ISSUERS



On March 31, 2009 there were 18,842,024 shares outstanding of the issuers common stock.





PAGE

Part I. FINANCIAL INFORMATION





Item 1. Financial Statements............................................................................................

F-1



Balance Sheet as of March 31, 2009 (Unaudited) and December 31, 2008......................

F-1



Statements of Operations (Unaudited) For the Three Months

Ended March 31, 2009 and 2008, and the Period from September 13, 1993

(Inception) through March 31, 2009. ..........................................................................

F-2







Statements of Cash Flows (Unaudited) For the Three Month

Ended March 31, 2009 and 2008, and the Period from September 13, 1993

(Inception) through March 31, 200.........................................................................

F-3





Notes To Condensed Financial Statements (Unaudited).....................................................

F-4



Item 2.   Management's Discussion and Analysis or Plan of Operation................................



3-7



Item 3.   Quantitative and Qualitative Disclosures About Market Risk..................................

7



Item 4T  Controls and Procedures...................................................................................

8



Part II. OTHER INFORMATION



Item 1.   Legal Proceedings............................................................................................

8



Item 2.    Unregistered Sales of Equity Securities and Use of Proceeds..............................

9



Item 3.   Defaults Upon Senior Securities.........................................................................

11



Item 4.   Submission of Matters to a Vote of Security Holders............................................

11



Item 5.   Other Information ...........................................................................................



12



Item 6.   Exhibits ..........................................................................................................

12



SIGNATURES..............................................................................................................

12











-2-



PART I -  FINANCIAL INFORMATION





Item 1. Financial Statements











GOLDEN SPIRIT ENTERPRISES LTD.

(A development stage company)



CONSOLIDATED BALANCE SHEETS



March 31,December 31,2009  (unaudited)2008ASSETSCURRENT ASSETSCash$                 2,955$                 1,556Accounts Receivable-99TOTAL CURRENT ASSETS2,9551,655AVAILABLE FOR SALE SECURITIES  related parties768,102982,468FILM PRODUCTION & DEVELOPMENT COSTS11DUE FROM LEGACY WINE & SPIRITS INTERNATIONAL LTD.66,83131,331DUE FROM ORGANA GARDENS INTERNATIONAL LTD.26,253-TOTAL ASSETS$            864,142$            1,015,455LIABILITIES AND STOCKHOLDERS EQUITYCURRENT LIABILITIESAccounts payable and accrued liabilities$              37,192$               43,155Due to Organa Gardens International Ltd.-32,747Due to related parties289,683248,733TOTAL CURRENT LIABILITIES326,875324,635COMMITMENTS AND CONTINGENCIESSTOCKHOLDERS EQUITYCommon stock, $0.0001 par value, 500,000,000 shares authorizedIssued and outstanding:18,824,024 (2008  18,824,024) common shares1,8831,883Additional paid-in capital17,323,73717,323,737Deferred compensation(12,862)(26,529)Deficit accumulated during the development stage(17,617,152)(17,574,507)Accumulated other comprehensive income841,661966,236TOTAL STOCKHOLDERS EQUITY537,267690,820TOTAL LIABILITIES AND STOCKHOLDERS EQUITY$             864,142$           1,015,455




The accompanying notes are an integral part of these financial statements

F-2









GOLDEN SPIRIT ENTERPRISES LTD.

(A development stage company)

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

Three MonthsThree monthsSeptember 13,EndedEnded1993 (inception)March 31 , 2009March 31, 2008to March 31, 2009REVENUESProcessing fees$                         -$                        -$          98,425Gaming Revenue--18,596Sale of oil and gas interest--47,501Interest income--2,927TOTAL REVENUES--167,449COST OF SALESPoker royalties and processing fees--30,601GROSS PROFIT (LOSS)--136,848GENERAL AND ADMINISTRATIVE EXPENSESAdvertising and marketing--93,895Consulting fees13,66720,5427,398,752Depreciation and amortization-32132,569Exploration costs--241,754Investor relations--695,153Loss on settlement of debt--302,500Management fees--378,447Office and general13,64213,276607,269Poker Sponsorships--52,500Professional fees4,0005,092610,072Travel and accommodation2,7893,961254,613Wages and salaries-3,300249,433Write-off of website development costs---425,682Write-down (recovery) of URL costs--1,571,657Write-down of technology license--2,055,938Write-down of film production and distribution costs--90,762Write-off of other assets--265,886TOTAL GENERAL AND ADMINISTRATIVE EXPENSES34,09846,20315,426,882OTHER INCOME (EXPENSES)EQUITY LOSS FROM ORGANA GARDENS INTERNATIONAL--(1,394,280)WRITE-DOWN OF INVESTMENT IN ORGANA GARDENS--(313,301)GAIN/(LOSS) ON SALE OF SECURITIES-RELATED PARTIES(8,547)-28,344DILUTION GAIN  LEGACY WINE&SPIRITS INTERNATIONAL--334,087PROPERTY OPTION LOSS--(600,000)MINORITY INTEREST IN LEGACYS LOSS--479,978TOTAL OTHER INCOME (EXPENSES)(8,547)-(1,465,172)Loss before income taxes(42,645)(46,203)(16,755,206)Income Tax Provision---NET LOSS(42,645)(46,203)$   (16,755,206)BASIC AND DILUTED LOSS PER COMMON SHARE$                 (0.01)$                 (0.01)BASIC AND DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING18,842,02417,952,173
  The accompanying notes are an integral part of these financial statements   GOLDEN SPIRIT ENTERPRISES LTD. (A development stage company) CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)  September 13,Three months endedThree months ended1993 (inception)March31,March  31,to March 31,200920082009OPERATING ACTIVITIESNet loss$              (42,645)$              (46,203)$       (16,755,206)Adjustments to reconcile net loss to net cash used in operating activities:Depreciation-32132,569Fees and services paid for with shares13,66723,8425,080,356Loss on settlement of debt--302,500Stock-based compensation--2,208,169Non-cash component of URL write-down--1,214,193Resource property acquisition and exploration costs--763,000Film production and development costs--(90,763)Write-down of technology license--2,055,938Write-off of website development costs--206,876Write-down of film production & development costs-90,762Equity loss from Organa Gardens International Inc.--1,394,280Write-down of investment in Organa Gardens International Inc.--313,301(Gain)/Loss on sale of marketable securities8,547-(28,344)Dilution gain  Legacy Wine & Spirits International  Ltd.-(334,087)Minority interest in Legacy Wine & Spirit International Ltd.s loss-(479,978)Net changes in operating assets and liabilities(5,864)(10,203)321,560CASH FLOWS USED IN OPERATING ACTIVITIES(26,295)(32,532)(3,604,874)INVESTING ACTIVITIESDeposit--(75,000)Technology license--(135,938)Acquisition of furniture and equipment--(32,696)Website development costs--(306,876)Other intangible assets--(5,189)Purchase of securities  related parties--(75,603)Net proceeds from sale of securities  related parties81,244-304,925Net cash on disposition of Legacy Wine & Spirits International Ltd.--209,955CASH FLOWS (USED IN)  INVESTING ACTIVITIES81,244-(116,422)FINANCING ACTIVITIESNet advances (to)/ from related parties(53,550)30,532598,828Net proceeds on sale of common stock--3,125,423CASH FLOWS PROVIDED BY FINANCING ACTIVITIES(53,550)30,5323,724,251NET (DECREASE) INCREASE IN CASH1,399(2,000)2,955CASH, BEGINNING OF PERIOD1,5566,282-CASH , END OF PERIOD$                  2,955$                     4,282$                 2,955
  The accompanying notes are an integral part of these financial statements  F-5    GOLDEN SPIRIT ENTERPRISES LTD. (A development stage company)  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS March 31, 2009 (unaudited)
  NOTE 1  NATURE OF OPERATIONS  The Company was incorporated on September 13, 1993 in the State of Delaware as Power Direct, Inc.  On January 31, 2000 the Company changed its name to 2U Online.com Inc. to reflect managements decision to shift the Companys focus from oil and gas exploration and development to internet-based business development.  On October 8, 2003, the Company changed its name to Golden Spirit Minerals Ltd. to reflect managements decision to shift the Companys focus from internet-based business development to mineral exploration. On October 19, 2004, the Company changed its name to Golden Spirit Mining Ltd. On July 18, 2005, the Company changed its name to Golden Spirit Gaming Ltd. to reflect managements decision to develop an online gaming business.  The launch of the updated goldenspiritpoker.com website featuring real cash games, in addition to play money games, occurred in January 2006.  By agreement dated July 18, 2005 as amended September 20, 2005 (the Amended Agreement), the Company agreed to acquire 100% of the issued and outstanding common shares of 4 Of A Kind Enterprises (4KE) doing business as EverythingAboutPoker.com for consideration of 1,388,889 post-reverse split restricted shares of the Companys common stock which were placed in trust pending finalization of the agreement.  The parties have agreed to complete this acquisition, subject to satisfactory completion of due diligence (See Note 5), effective March 31, 2006. Effective June 30, 2006, the Company completed a 1 for 18 reverse stock split (refer Note 7) and changed its name to Golden Spirit Enterprises Ltd. to reflect the Companys plan to expand its operations to include the marketing of other products and venues not related to gaming. The Company will be involved in the development, production, financing and packaging of innovative film and television programming. In addition, the Company has signed an agreement with Eneco Industries to participate in a series of Municipal Solid Waste (garbage) fueled Recycling and Resource Recovery Plants.  The consolidated financial statements have been prepared on the basis of a going concern which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business.  The Company has incurred losses since inception of $16,755,206 and at March 31, 2009 had a working capital deficiency of $323,920.  The Company and its subsidiaries are in the development stage and further significant losses are expected to be incurred in developing its business.  The recoverability of the carrying value of assets and the ability of the Company to continue as a going concern is dependent on raising additional capital and ultimately on generating future profitable operations.  There can be no assurance that the Company will be able to raise the necessary funds when needed to finance its ongoing costs. Given the Companys limited operating history, lack of sales, and its operating losses, there can be no assurance that it will be able to achieve or maintain profitability. The Company intends to fund the marketing of its business with both equity financing and joint venture opportunities, although there are no assurances these opportunities will be successful. Accordingly, these factors raise substantial doubt regarding the ability of the Company to continue as a going concern.  NOTE 2- BASIS OF PRESENTATION  The financial statements include the accounts of the Company and its subsidiaries, a 100% interest in PD Oil & Gas, Inc. (inactive), and a 100% interest in Cardstakes.com Enterprises Ltd. (inactive).  The foregoing unaudited interim consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Regulation S-X Article 8 Financial Statements of Smaller Reporting Companies, as promulgated by the Securities and Exchange Commission ("SEC").  Accordingly, these financial statements do not include all of the disclosures required by generally accepted accounting principles for complete financial statements.  These unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the period ended December 31, 2008 referenced in the 10-K.  In the opinion of management, the unaudited interim consolidated financial statements furnished herein include all adjustments, all of which are of a normal recurring nature, necessary for a fair statement of the results for the interim period presented.  F-6  GOLDEN SPIRIT ENTERPRISES LTD. (A development stage company) NOTES TO CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2009   NOTE 2- BASIS OF PRESENTATION (continued)  The preparation of financial statements in accordance with generally accepted accounting principles requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities known to exist as of the date the financial statements are published, and the reported amounts of revenues and expenses during the reporting period.  Uncertainties with respect to such estimates and assumptions are inherent in the preparation of the Company's financial statements; accordingly, it is possible that the actual results could differ from these estimates and assumptions that could have a material effect on the reported amounts of the Company's financial position and results of operations.  Operating results for the three months ended March 31, 2009 are not necessarily indicative of the results that may be expected for the year ending December 31, 2009.   Film Production and Development Costs Capitalized film production and development costs consist of investments in films which include the unamortized costs of completed films which have been produced by the Company or for which the Company has acquired distribution rights.  For films produced by the Company, capitalized costs include all direct production and financing costs, and production overhead. For acquired films, capitalized costs consist of minimum guarantee payments to acquire the distribution rights.  Costs of acquiring and producing films are amortized using the individual-film-forecast method as defined in SOP 00-2, whereby these are amortized and participation and residual costs are accrued in the proportion that current years revenue bears to managements estimate of ultimate revenue at the beginning of the current year expected to be recognized from the exploitation, exhibition or sale of the films.  Capitalized film costs are stated at the lower of amortized cost or estimated fair value on an individual film basis. The valuation of investment in films is reviewed on a title-by-title basis, when an event or changes in circumstances indicated that the fair value of a film is less than its unamortized cost. The fair value of the film is determined using managements future revenue and cost estimates. Additional amortization is recorded in the amount by which the unamortized costs exceed the estimated fair value of the film. Estimates of future revenue involve measurement uncertainty and it is therefore possible that reductions in the carrying value of investment in films may be required as a consequence of changes in managements future revenue estimates.  Films in progress include the accumulated costs of production, which have not yet been completed by the Company.  Films in development include costs of acquiring film rights to original screenplays and costs to adapt such projects. Such costs are capitalized and, upon commencement of production, are transferred to production costs. Projects in development are written off at the earlier of the date determined not to be recoverable or when abandoned, or three years from the date of the initial investment.  Stock-Based Compensation On January 1, 2006, the Company adopted the fair value recognition provisions of Financial Accounting Standards Board (FASB) Statement No. 123(R), Share-Based Payment,(SFAS 123R).  Prior to January 1, 2006, the Company accounted for share-based payments under the recognition and measurement provisions of APB Opinion No. 25, Accounting for Stock Issued to Employees(APB 25), and related Interpretations, as permitted by FASB Statement No. 123, Accounting for Stock-Based Compensation(SFAS 123).  In accordance with APB 25, no compensation cost was required to be recognized for options granted to employees that had an exercise price equal to the market value of the underlying common stock on the date of grant.  F-7  GOLDEN SPIRIT ENTERPRISES LTD. (A development stage company) NOTES TO CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2009   NOTE 2- BASIS OF PRESENTATION (continued)  The Company adopted SFAS 123R using the modified-prospective-transition method.  Under this method, compensation cost recognized for the year ended December 31, 2006 includes: a) compensation cost for all share-based payments granted prior to, but not yet vested as of December 31, 2005, based on the grant-date fair value estimated in accordance with the original provisions of SFAS 123, and b) compensation cost for all share-based payments granted subsequent to December 31, 2005, based on the grant-date fair value estimated in accordance with the provisions of SFAS 123R.  Compensation cost for all periods subsequent to December 31, 2006 includes the estimated fair value of all share-based payments granted subsequent to December 31, 2005, based on the grant-date fair value estimated in accordance with the provisions of SFAS 123R  In addition, deferred stock compensation related to non-vested options is required to be eliminated against additional paid-in capital upon adoption of SFAS 123R.  The results for the prior periods have not been restated.  The Company accounts for equity instruments issued in exchange for the receipt of goods or services from other than employees in accordance with SFAS No. 123 and the conclusions reached by the Emerging Issues Task Force (EITF) in Issue No. 96-18.  Costs are measured at the estimated fair market value of the consideration received or the estimated fair value of the equity instruments issued, whichever is more reliably measurable.  The value of equity instruments issued for consideration other than employee services is determined on the earliest of a performance commitment or completion of performance by the provider of goods or services as defined by EITF 96-18.  Recent Accounting Pronouncements  In December 2007, the SEC issued Staff Accounting Bulletin (SAB) 110 Share-Based Payment. SAB 110 amends and replaces Question 6 of Section D.2 of Topic 14, Share-Based Payment, of the Staff Accounting Bulletin series. Question 6 of Section D.2 of Topic 14 expresses the views of the staff regarding the use of the simplified method in developing an estimate of the expected term of plain vanilla share options and allows usage of the simplified method for share option grants prior to December 31, 2007. SAB 110 allows public companies which do not have historically sufficient experience to provide a reasonable estimate to continue use of the simplified method for estimating the expected term of plain vanilla share option grants after December 31, 2007. SAB 110 is effective January 1, 2008. The Company currently uses the simplified method to estimate the expected term for share option grants as it does not have enough historical experience to provide a reasonable estimate. The Company will continue to use the simplified method until it has enough historical experience to provide a reasonable estimate of expected term in accordance with SAB 110. The Company does not expect SAB 110 will have a material impact on its balance sheets, statements of operations and cash flows.  In December 2007, the Financial Accounting Standards Board (FASB) issued Statement No. 141R, Business Combinations, and Statement No. 160, Non-controlling Interests in Consolidated Financial Statements, an amendment of ARB No. 51. Statement No. 141R modifies the accounting and disclosure requirements for business combinations and broadens the scope of the previous standard to apply to all transactions in which one entity obtains control over another business. Statement No. 160 establishes new accounting and reporting standards for non-controlling interests in subsidiaries. The Company will be required, if applicable, to apply the provisions of the new standards in the first quarter of 2009. Early adoption is not permitted for these new standards.  In March 2008, the Financial Accounting Standards Board, or FASB, issued SFAS No. 161, Disclosures about Derivative Instruments and Hedging Activitiesan amendment of FASB Statement No. 133.  This standard requires companies to provide enhanced disclosures about (a) how and why an entity uses derivative instruments, (b) how derivative instruments and related hedged items are accounted for under Statement 133 and its related interpretations, and (c) how derivative instruments and related hedged items affect an entitys financial position, financial performance, and cash flows. This Statement is effective for financial statements issued for fiscal years and interim periods beginning after November 15, 2008, with early application encouraged. The Company has not yet adopted the provisions of SFAS No. 161, but does not expect it to have a material impact on its consolidated financial position, results of operations or cash flows.    F-8  GOLDEN SPIRIT ENTERPRISES LTD. (A development stage company) NOTES TO CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2009   NOTE 2- BASIS OF PRESENTATION (continued)  In May 2008, the Financial Accounting Standards Board (FASB) issued SFAS No. 162, The Hierarchy of Generally Accepted Accounting Principles.  SFAS No. 162 sets forth the level of authority to a given accounting pronouncement or document by category. Where there might be conflicting guidance between two categories, the more authoritative category will prevail. SFAS No. 162 will become effective 60 days after the SEC approves the PCAOBs amendments to AU Section 411 of the AICPA Professional Standards. SFAS No. 162 has no effect on the Companys financial position, statements of operations, or cash flows at this time.  In May 2008, the Financial Accounting Standards Board (FASB) issued SFAS No. 163, Accounting for Financial Guarantee Insurance Contracts-and interpretation of FASB Statement No. 60.  SFAS No. 163 clarifies how Statement 60 applies to financial guarantee insurance contracts, including the recognition and measurement of premium revenue and claims liabilities. This statement also requires expanded disclosures about financial guarantee insurance contracts. SFAS No. 163 is effective for fiscal years beginning on or after December 15, 2008, and interim periods within those years. SFAS No. 163 has no effect on the Companys financial position, statements of operations, or cash flows at this time.   NOTE 3 AVAILABLEFOR-SALE SECURITIES  Organa Gardens International Inc. (formerly Shotgun Energy Corporation)  The Company owns common shares of Organa Gardens International Inc. (Organa), a public company with directors and significant shareholders in common, that does not represent a position of control of or significant influence over Organa.  During 2007 the Company recorded an unrealized loss in the carrying value of its available-for-sale securities totalling $3,775, which was recorded as other comprehensive income (loss).  As of December 31, 2007, the Company owns 53,450 shares of Organas common stock with a market value of $7,216. During year ended December 31, 2008, the Company recorded an unrealized loss in the carrying value of its available-for-sale securities totalling $(5,612), which was recorded as other comprehensive income (loss).  During the three months ended March 31, 2009, the Company recorded an unrealized gain in the carrying value of its available-for-sale securities totalling $ 5,826, which was recorded as other comprehensive income. As at March 31, 2009, the Company owns 53,450 shares of Organas common stock with a market value of $7,428 (2008 - $1,604).  The Company owns common shares of Legacy Wine & Spirits International Ltd. (Legacy), a public company with directors and significant shareholders in common, that does not represent a position of control of or significant influence over Legacy.  During 2007 the Company recorded an unrealized gain in the carrying value of its available-for-sale securities totalling $590,993. As at December 31, 2007, the Company owns 1,272,377 shares of Legacys common stock with a market value of $636,189. During the year ended December 31, 2008, the Company acquired 23,200 shares valued at $19,532 sold 99,400 shares resulting in a realized gain of $28,645(net of commissions of $2,132) and recorded an unrealized gain in the carrying value of its available-for-sale securities totalling $275,121, which was recorded as other comprehensive income. During the three months ended March 31, 2009, the Company sold 109,500 shares resulting in a realized loss of ($8,547) and recorded an unrealized loss in the carrying value of its available-for-sale securities totalling $130,401, which was recorded as other comprehensive loss. As at March 31, 2008, the Company owns 1,086,677 shares of Legacys common stock with a market value of $760,674. (2008 - $980,864). Available for sale securities  related parties include the following:  March 31,December 31200920081,086,677  (2008-1,196,177) shares of Legacy Wine & Spirits$     760,674$         980,86453,450  (2008- 53,450) shares of  Organa Gardens International7,4281,604$      768,102$         982,648   F-9  GOLDEN SPIRIT ENTERPRISES LTD. (A development stage company) NOTES TO CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2009     NOTE 4  FILM PRODUCITON AND DEVELOPMENT COSTS  Film Production and development costs at March 31, 2009 are made up as follows:  Gross CostAccumulated amortization2008 writedown of film rights and related costsNet Cost
  March 31, 2009Net Cost
  December31, 2008Acquired films and film rights$          84,970$                     -(84,969)$                    1$                  1Films in progress5,793-(5,793)--$            90,763$                     -$ (90,762)$                   1$                 1   Acquired Films and Film Rights  The Company has acquired from Beijing Dadu Sunshine Film & Culture Co. Ltd., the exclusive distribution rights worldwide, except for Asia, for the film Tales of Rain and Magic.  Under the terms of the License Agreement dated March 23, 2007, the Company will receive twenty-five (25) percent interest of the gross receipts earned from sales in those countries. Tales of Rain and Magic portrays a young girls coming of age, and of the psycho-logical and physiological changes that she encounters along the way to adulthood. As of December 31, 2008, due to uncertainty of realization, the Company has written down this project to a value of  $Nil. (2007 - $28,535) The Company has signed an Agreement dated March 15, 2007 with Amazing Super Buddies Productions Inc. to act as the Producer and Distributor for a 3D Television Series for children known as ASB: Power Force. In return for advancing $54,000 U.S. to produce the series, the Company will receive a guaranteed fifteen (15) percent interest of gross receipts earned worldwide, inclusive of all character licensing and merchandise sold from the ASB: Power Force Series. As of December 31, 2008, due to uncertainty of realization, the Company has written down this project to a nominal value of  $1. (2007 - $56,434)  Films in progress  The Company has signed an Agreement dated February 15, 2007  to represent The Cabin, a teen-oriented, horror/thriller feature film . As distributor of the film, Golden Spirit will receive a fee of twenty-five percent (25%) from the gross amounts of all sales or distribution deals made internationally and twenty percent (20%) from the gross amounts of all sales or distribution deals made in the United States. As of December 31, 2008, due to uncertainty of realization, the Company has written down this project to a value of  $Nil. (2007 - $3,301)  The Company has signed an Agreement dated March 15, 2007  to represent The Brotherhood of the Phoenix, a high concept action drama feature film. As distributor of the film, Golden Spirit will receive a fee of twenty-five percent (25%) from the gross amounts of all sales or distribution deals made internationally and twenty percent (20%) from the gross amounts of all sales or distribution deals made in the United States. As of December 31, 2008, due to uncertainty of realization, the Company has written down this project to a value of  $Nil. (2007 - $2,942)  The Company has signed a Memorandum of Understanding dated March 23, 2007 with Pentafilms, SARL of France and Beijing Dadu Sunshine Film & Culture Co. Ltd. to co-produce and distribute a film called The Mists of Time. The financial contribution for production by each party, the final percentage of distribution rights, final casting and budget will be determined in the final agreement. As of December 31, 2008, the Company has spent $ Nil on this project.   F-10  GOLDEN SPIRIT ENTERPRISES LTD. (A development stage company) NOTES TO CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2009  NOTE 5  OTHER PROPERTIES The Company has signed an Agreement dated March 28, 2008 with EnEco Industries Ltd. ("EnEco"), a waste management company that has been in operation for fifteen years, to form an alliance for a renewable energy entity, where Golden Spirit will take majority interest in a series of Municipal Solid Waste (garbage) fueled Recycling and Resource Recovery Plants designed by EnEco. These plants will be in strategically located areas diverting tons of garbage from landfills and drastically reducing greenhouse gas outputs.   NOTE 6 DEFERRED COMPENSATION  The Company has recorded the prepaid amounts for consulting and management services contracts paid for by issuance of shares of common stock as deferred compensation as follows:  a) On June 2, 2006, the Company entered into an agreement with a consultant, for a three-year term, whereby the consultant will provide consulting services to the Company (valued at $110,000) in exchange for 555,556 post reverse-split shares of the Companys common stock.  To March 31, 2009, a total of $103,888 has been expensed. (2008 - $94,726)  b) On June 2, 2006, the Company signed an agreement with an effective date of October 1, 2005 with a consultant, for a three-year term, whereby the consultant will provide services to the Company (valued at $82,500) in exchange for 416,667 post reverse-split shares of the Companys common stock.  To March 31, 2009, a total of $82,500 has been expensed. (2008 - $82,500)  c) On August 15, 2007, the Company entered into an agreement with Palisades Financial Ltd. (Palisades), a private company controlled by a significant shareholder, with a two-year term, whereby Palisades will provide investment-banking services to the Company (valued at $36,000) in exchange for 200,000 post reverse-split restricted shares of the Companys common stock.  To March 31, 2009, a total of $29,250 has been expensed. ( 2008 - $24,750)  NOTE 8  CAPITAL STOCK The Companys capitalization is 500,000,000 common shares with a par value of $0.0001 per share.  No preferred shares have been authorized.  (1)         2009 Stock Transactions No stock issuances during the three months ended March 31, 2009.  (2) 2009 Stock Options During the three months ended March 31, 2009, the Company did not grant any stock options to directors,  employees or consultants.  The Companys stock option activity  is as follows:  Number of optionsWeighted
Average
Exercise PriceWeighted
  Average
  Remaining Contractual LifeBalance, December 31, 20061,183,629$                   0.263.08 yearsGranted during 20073,800,0000.10Exercised during 2007(1,980,000)0.10Balance, December 31, 20073,003,629$                   0.104.00 yearsGranted during 2008---Exercised during 2008(845,730)0.10Balance, December 31, 20082,157,899$                    0.104.00 yearsBalance, March 31, 20092,157,899$                    0.104.00 years    F-11  GOLDEN SPIRIT ENTERPRISES LTD. (A development stage company) NOTES TO CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2009  (3) 2008 Stock Transactions During the three months ended March 31, 2008:  (a)   On February 27, 2008 the Company issued 30,000 restricted common shares valued at $3,300 to a director for his current services  (4) 2008 Stock Options During the three months ended March 31, 2009, the Company did not grant any stock options to directors, employees or consultants.   NOTE 9  RELATED PARTY TRANSACTIONS  During the three months ended March 31, 2009, companies controlled by significant shareholders earned $4,500 (2008 - $4,500) pursuant to investment banking services contracts (refer to Note 6).  During the three months ended March 31, 2009, the Company paid $Nil (2008 -$3,300) to directors for management fees.  During the three months ended March 31, 2009, the Company incurred expenses for office rent of $5,310 (2008 - $6,150) to a private company controlled by a significant shareholder.  At March 31, 2009, a total of $26,253 ( 2008  ($32,747)) was due from Organa Gardens International Inc., a public company with common directors and officers, for cash advances. This amount is unsecured, non-interest bearing and has no specified terms of repayment.  At March 31, 2009, a total of $66,831 (2008   ($31,331)) was due from Legacy Wine & Spirits International Ltd., a company with common directors and officers, for cash advances. This amount is unsecured, non-interest bearing and has no specified terms of repayment.  The following amounts are due to related parties at: March 31, 2009December 31, 2008Significant shareholders$              289,683$         248,733 All related party transactions are measured at the exchange amount, which is the amount of consideration established and agreed to by the related parties.     NOTE 10  COMMITMENTS AND CONTINGENCIES  On May 2, 2003, the Company issued 25,000 post reverse-split common shares valued at $9,000 to a consultant pursuant to a stock option incentive plan.  The consultant failed to meet the terms of the stock option agreement by not paying the exercise price and as a result, the Company requested the return of the 25,000 post reverse-split shares.  The consultant refused to return the shares; therefore, the Company issued a stop transfer and commenced legal proceedings to recover the shares.  The consultant subsequently filed a Statement of Claim against the Company for damages of $53,000 Cdn.  On April 29, 2005, the Supreme Court of British Columbia issued a judgment awarding the plaintiff $15,000 Cdn in damages and $7,180 Cdn in costs; however, the 25,000 post reverse-split shares were to be returned to the Company (not yet received).In September 2005, the Company and the plaintiff agreed to payment terms to settle this damage award by a payment of $6,080 Cdn (paid) and a payment schedule of $1,000 Cdn per month for the remaining balance of the judgment commencing December 1, 2005.  The $6,080 Cdn payment was made as the result of a bailiffs executed court order on September 28, 2005, which seized the Companys bank account.  No further payments have been made towards the settlement agreement due to the Plaintiffs refusal to sign the order.   F-12  GOLDEN SPIRIT ENTERPRISES LTD. (A development stage company) NOTES TO CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2009  On September 28,2005, the Company received notice of a lawsuit from Thomas L. Franklin, a professional poker player formerly under contract with 4KE, for an alleged breach of contract for services rendered based on the original contract between the Company and 4KE dated July 18, 2005.  The Company, 4KE, and certain individuals, are being sued for $967,500, plus interest at the rate of 8% per annum from August 22, 2005, and all costs pertaining to this legal matter.  An attorney in Mississippi has been retained to defend this action and to apply for a dismissal of the case, based on Mississippi being the wrong jurisdiction for this suit and to defend the Company from the claims made by the plaintiff.  The court case was dismissed in favour of the Company in the second quarter of 2008.  As of August 1, 2002, Golden Spirit Enterprises Ltd. has leased 1250 sq. ft of office space from Holm Investments Ltd. at $1,000 per month for a period of 3 years and has been renewed for an additional 3 years at $2,050 per month. The current tenancy agreement expires August 1, 2008 and it was renewed for an additional 3 years at $2,200.  NOTE 11  INCOME TAXES  As of March 31, 2009, the Company had net operating loss carryforwards of approximately $16,755,000 that may be available to reduce future years' taxable income and will expire between the years 2010 - 2029.  Availability of tax losses is subject to change of ownership limitations under Internal Revenue Code 382.  Future tax benefits which may arise as a result of these losses have not been recognized in these financial statements, as their realization is determined not likely to occur and accordingly, the Company has recorded a valuation allowance for the deferred tax asset relating to these tax loss carryforwards.  NOTE 12  SUPPLEMENTAL CASH FLOW INFORMATION AND NON-CASH INVESTING AND FINANCING ACTIVITIES  Cash paid during the three months ended March 31, 2009 and 2008 for:20092008Interest$                 -$                 -Income taxes$                 -$                 -    F-13  Item 2. Managements Discussion and Analysis or Plan of Operation. The following should be read in conjunction with our financial statements and the related notes that appear elsewhere in this quarterly report. The discussion contains forward-looking statements that reflect our plans, estimates and beliefs. Our actual results could differ materially from those discussed in the forward-looking statements.  We changed our name from Power Direct, Inc., to 2UOnline.com, Inc. by filing a Certificate of Amendment to our Certificate of Incorporation on January 31, 2000. We also changed our trading symbol from "PWDR" to "TWOU" in order to reflect our decision to shift our focus from oil and gas production to Internet- related activities. Our symbol was then changed to "TWOUE".  On or about April 18, 2000, we were removed from the Over-the-Counter Bulletin Board ("OTCBB") for failure to comply with NASD Rule 6530, which requires any company listed on the OTCBB to be current in its public reporting obligations pursuant to the Securities and Exchange Act of 1934. The Company was re-instated on the OTCBB on October 7, 2002 under the symbol "TWOU". The Company filed a certificate of amendment to its Articles of Incorporation with the State of Delaware on October 1, 2003 to change its name to Golden Spirit Minerals Ltd. The name change reflects management's decision to shift the Company's focus from internet-based business development to mineral exploration. On October 8, 2003, the trading symbol for the Company became "GSPM". On October 19, 2004, the Company changed its name to Golden Spirit Mining Ltd. and the trading symbol was "GSML". On July 18, 2005 the Company changed its name to Golden Spirit Gaming Ltd. and the trading symbol was GSGL. On June 30, 2006, the Company changed its name to Golden Spirit Enterprises Ltd. and the trading symbol is currently GSPT.  On August 17, 2005, the Company incorporated Golden Spirit Poker Company Limited, a British Virgin Islands Corporation.  Golden Spirit Gaming Ltd. was issued 10 shares of this Company for consideration of $10.00, representing 100% of the issued capital of Golden Spirit Poker Company Limited.  On September 30, 2006, Congress passed the Unlawful Internet Gambling Enforcement Act of 2006.  The new proposed legislation prohibits banks, credit card companies, money transmitting businesses, and other third-party payment providers from knowingly processing online gaming transactions. Due to this ruling and the negative impact it would have on the Golden Spirit poker website, management decided to discontinue its online gaming operations in 2006. The Company will be involved in the development, production, financing and packaging of innovative film and television programming. In addition, the Company has signed an agreement with Eneco Industries to participate in a series of Municipal Solid Waste (garbage) fueled Recycling and Resource Recovery Plants. The Agreement calls for a joint venture utilizing EnEco's expertise and technology to develop a municipal solid waste (garbage) recycling and biomass derived renewable energy facility. Golden Spirit and EnEco will build and operate a series of solid waste recycling and biomass derived renewable energy facility with greenhouse and algae subsystems that will utilize our Thermal Oxidation Process System (TOPS) technology to generate electricity for sale to the local power grid. Further details on the new Golden Spirit - Eneco project can be viewed on our website www.goldenspirit.ws. -4-  Our Investment in Available for sale securities  related parties Organa Gardens International Inc. (formerly Shotgun Energy Corporation)  The Company owns common shares of Organa Gardens International Inc. (Organa), a public company with directors and significant shareholders in common, that does not represent a position of control of or significant influence over Organa.  During 2007 the Company recorded an unrealized loss in the carrying value of its available-for-sale securities totalling $3,775, which was recorded as other comprehensive income (loss).  As of December 31, 2007, the Company owns 53,450 shares of Organas common stock with a market value of $7,216. During year ended December 31, 2008, the Company recorded an unrealized loss in the carrying value of its available-for-sale securities totalling $(5,612), which was recorded as other comprehensive income (loss).  During the three months ended March 31, 2009, the Company recorded an unrealized gain in the carrying value of its available-for-sale securities totalling $ 5,826, which was recorded as other comprehensive income. As at March 31, 2009, the Company owns 53,450 shares of Organas common stock with a market value of $7,428 (2008 - $1,604).  The Company owns common shares of Legacy Wine & Spirits International Ltd. (Legacy), a public company with directors and significant shareholders in common, that does not represent a position of control of or significant influence over Legacy.  During 2007 the Company recorded an unrealized gain in the carrying value of its available-for-sale securities totalling $590,993. As at December 31, 2007, the Company owns 1,272,377 shares of Legacys common stock with a market value of $636,189. During the year ended December 31, 2008, the Company acquired 23,200 shares valued at $19,532 sold 99,400 shares resulting in a realized gain of $28,645(net of commissions of $2,132) and recorded an unrealized gain in the carrying value of its available-for-sale securities totalling $275,121, which was recorded as other comprehensive income. During the three months ended March 31, 2009, the Company sold 109,500 shares resulting in a realized loss of ($8,547) and recorded an unrealized loss in the carrying value of its available-for-sale securities totalling $130,401, which was recorded as other comprehensive loss. As at March 31, 2009, the Company owns 1,086,677 shares of Legacys common stock with a market value of $760,674. (2008 - $980,864).  Available for sale securities  related parties include the following:  March 31,December 31200920081,086,677  (2008-1,196,177) shares of Legacy Wine & Spirits$     760,674$       980,86453,450  (2008- 53,450) shares of  Organa Gardens International7,4281,604$    768,102$       982,648   -5-  Film Production and development costs at March 31, 2009 are made up as follows:  Gross CostAccumulated amortization2008 writedown of film rights and related costsNet Cost
March 31, 2009Net Cost
December31, 2008Acquired films and film rights$         84,970$                     -(84,969)$                  1$                  1Films in progress5,793-(5,793)--$         90,763$                     -$ (90,762)$                  1$                 1   Acquired Films and Film Rights  The Company has acquired from Beijing Dadu Sunshine Film & Culture Co. Ltd., the exclusive distribution rights worldwide, except for Asia, for the film Tales of Rain and Magic.  Under the terms of the License Agreement dated March 23, 2007, the Company will receive twenty-five (25) percent interest of the gross receipts earned from sales in those countries. Tales of Rain and Magic portrays a young girls coming of age, and of the psycho-logical and physiological changes that she encounters along the way to adulthood. As of March 31, 2009, due to uncertainty of realization, the Company has written down this project to a value of  $Nil. (2008 - $28,535) The Company has signed an Agreement dated March 15, 2007 with Amazing Super Buddies Productions Inc. to act as the Producer and Distributor for a 3D Television Series for children known as ASB: Power Force. In return for advancing $54,000 U.S. to produce the series, the Company will receive a guaranteed fifteen (15) percent interest of gross receipts earned worldwide, inclusive of all character licensing and merchandise sold from the ASB: Power Force Series. As of March 31, 2009, due to uncertainty of realization, the Company has written down this project to a nominal value of  $1. (2008 - $56,434)  Films in progress  The Company has signed an Agreement dated February 15, 2007  to represent The Cabin, a teen-oriented, horror/thriller feature film . As distributor of the film, Golden Spirit will receive a fee of twenty-five percent (25%) from the gross amounts of all sales or distribution deals made internationally and twenty percent (20%) from the gross amounts of all sales or distribution deals made in the United States. As of March 31, 2009, due to uncertainty of realization, the Company has written down this project to a value of  $Nil. (2008 - $3,301)  The Company has signed an Agreement dated March 15, 2007  to represent The Brotherhood of the Phoenix, a high concept action drama feature film. As distributor of the film, Golden Spirit will receive a fee of twenty-five percent (25%) from the gross amounts of all sales or distribution deals made internationally and twenty percent (20%) from the gross amounts of all sales or distribution deals made in the United States. As of March 31, 2009, due to uncertainty of realization, the Company has written down this project to a value of  $Nil. (2008 - $2,942).  -6-  The Company has signed a Memorandum of Understanding dated March 23, 2007 with Pentafilms, SARL of France and Beijing Dadu Sunshine Film & Culture Co. Ltd. to co-produce and distribute a film called The Mists of Time. The financial contribution for production by each party, the final percentage of distribution rights, final casting and budget will be determined in the final agreement. As of December 31, 2008, the Company has spent $ Nil on this project.   WASTE ENERGY SECTOR  The Thermal Oxidation Process System (TOPS) Greencycle Gasification plants decompose organic matter (with heat and air) and recover non-organics by utilizing specialized equipment and is a proven alternative to landfills. Greencycle uses low heat (500-600 Celsius) to convert all the carbon locked up in unsorted garbage into a form where it produces high quality heat through a second stage gas oxidizer running at around 1,100 Celsius. This process creates energy, enough to make electrical energy and support district heating / greenhouses. The Greencycle system provides controlled conditions to utilize Carbon Dioxide (CO2) for accelerated plant growth in greenhouses and algae farms.  The other non-carbon materials in garbage, such as aluminum, tin, copper and stainless steel, and can be easily separated after all the carbon has been removed without melting or slagging. Micron sized metals, silica, calcium etc, are also sorted out for re-use by using the Ash Recycling and Recovery Equipment (ARRE) sub-system. As of March 31, 2009, the Company has not secured any facilities to construct the Gasification Plant, nor has it incurred any other expenditures for the three month period ended March 31, 2009.(2008 - $Nil)  Liquidity and Capital Resources.  At March 31, 2009, we had total assets of $864,142, including current assets in cash only of $2,955. We have film production & development costs of $1. available for sale securities of $768,102, an amount due from Legacy Wine & Spirits International Ltd. of $66,831 and amount due from Organa Gardens Internatioal Inc. of $26,253.. As of December 31, 2008, we had total  assets of $1,015,455. The decrease in assets is primarily due to an decrease in the carrying value of available for sale securities.  At March 31, 2009, we had current liabilities of $326,875, which was represented by accounts payable and accrued liabilities of $37,192 and due to related parties in the amount of $289,683.. As of December 31, 2008 we had total current liabilities of $324,635. The decrease in liabilities was a result of activity with respect to related party amounts..  At March 31, 2009, we had a working capital deficiency of $323,920. (December 31, 2008 - $322,980).  We do not believe that our current cash resources will be able to maintain our current operations for an extended period of time.  We will be required to raise additional funds or arrange for additional financing over the next 12 months to adhere to our development schedule.  No assurance can be given, however, that we will have access to additional cash in the future, or that funds will be available on acceptable terms to satisfy our working capital requirements. If we are not able to arrange for additional funding or if our officers, directors and shareholders stop advancing funds to us, we may be forced to make other arrangements for financing such as loans or entering into strategic alliances. We have not identified any alternative sources of financing.   -7-  Results of Operations  From inception to March 31, 2009, we have incurred cumulative net losses of $16,755,206 resulting primarily from a write-down and equity loss in Organa Gardens International Inc. (a related party) of $1,707,581, a $600,000 property option loss as a recorded value of certain restricted shares issued to Legacy Wine & Spirits International Ltd.. (a related party  see our Investment in Available for sale securities - Legacy Wine & Spirits International Ltd. above) and general and administrative expenses of $15,257,984, the majority of which is made up of consulting fees and stock based compensation expense totaling $7,398,752.  The cash and equivalents constitute our present internal sources of liquidity. Because we are not generating any significant revenues, our only external source of liquidity is the sale of our capital stock and any advances from officers, directors or shareholders.  To address the going concern problem discussed in our financial statements, we will require additional working capital.  We will also require additional funds to implement our business strategies, including funds for: · payment of increased operating expenses, and further implementation of film industry business strategies. · payment of undetermined expenses relating to the Eneco venture (see above)  No assurance can be given; however, that we will have access to the capital markets in the future, or that financing will be available on acceptable terms to satisfy our cash requirements needed to implement our business strategies. Our inability to access the capital markets or obtain acceptable financing could have a material adverse effect on our results of operations and financial condition and could severely threaten our ability to operate as a going concern.  Our forecast of the period of time through which our financial resources will be adequate to support our operations is a forward-looking statement that involves risks and uncertainties, and actual results could vary as a result of a number of factors.  Our Plan of Operation for the Next 12 Months.  We anticipate that we will need to raise additional capital within the next 12 months in order to continue as a going concern.     Therefore, additional capital may be raised through additional public or private financings, as well as borrowings and other resources.  To the extent that additional capital is raised through the sale of equity or equity-related securities, the issuance of such securities could result in dilution of our stockholders.  There can be no assurance that additional funding will be available on favorable terms, if at all.  If adequate funds are not available within the next 12 months, we may be required to curtail our operations significantly or to obtain funds through entering into arrangements with collaborative partners or others that may require us to relinquish rights to certain of our assets that we would not otherwise relinquish.  We do anticipate certain expenditures within the next 12 months for our film production and distribution.   We do not anticipate any significant research and development within the next 12 months, nor do we anticipate that we will lease or purchase any significant equipment within the next 12 months. We do not anticipate a significant change in the number of our employees within the next 12 months. We are not aware of any material commitment or condition that may affect our liquidity within the next 12 months.   -8-   Off-Balance Sheet Arrangements  Our company has not entered into any off balance sheet arrangements.  Item 3. Quantitative and Qualitative Disclosures About Market Risk  As of March 31, 2009, we had cash in the amount of $2,955. We have not generated any significant revenues since inception and have incurred a net loss of $16,755,206 from our inception on September 13, 1999 to March 31, 2009. Our current operating funds are insufficient to cover any additional costs for our film production & distribution sector or our waste energy sector. Golden Spirit Enterprises does not expect significant start up costs to complete the installation of Gasification Plants for its waste energy project, nor does it expect significant cost relating to the distribution of its films inventory. It will have to obtain funds through entering into arrangements with collaborative partners or others to accomplish these expenditures. However, we do not have any specific plans for raising the required funds. There is no assurance that we will be able to raise sufficient funding from the sale of our common stock to fund our projects. Item 4T Controls and Procedures. An evaluation was conducted by our Chief Executive Officer (CEO) and Chief Financial Officer (CFO) of the effectiveness of the design and operation of our disclosure controls and procedures as of March 31,  2008. Based on that evaluation, the CEO and CFO concluded that our controls and procedures were effective as of such date to ensure that information required to be disclosed in the reports that we file or submit under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in Securities and Exchange Commission rules and forms. There was no change in our internal control over financial reporting that occurred during the fiscal quarter ended March 31, 2009 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting. This quarterly report does not include a report of managements assessment regarding internal control over financial reporting or an attestation report of our registered public accounting firm due to a transition period established by rules of the Securities and Exchange Commission for newly public companies.   -9-   PART II - OTHER INFORMATION  ITEM 1. Legal Proceedings  On May 2, 2003, the Company issued 25,000 post reverse-split common shares valued at $9,000 to a consultant pursuant to a stock option incentive plan.  The consultant failed to meet the terms of the stock option agreement by not paying the exercise price and as a result, the Company requested the return of the 25,000 post reverse-split shares.  The consultant refused to return the shares; therefore, the Company issued a stop transfer and commenced legal proceedings to recover the shares.  The consultant subsequently filed a Statement of Claim against the Company for damages of $53,000 Cdn.  On April 29, 2005, the Supreme Court of British Columbia issued a judgment awarding the plaintiff $15,000 Cdn in damages and $7,180 Cdn in costs; however, the 25,000 post reverse-split shares were to be returned to the Company (not yet received).In September 2005, the Company and the plaintiff agreed to payment terms to settle this damage award by a payment of $6,080 Cdn (paid) and a payment schedule of $1,000 Cdn per month for the remaining balance of the judgment commencing December 1, 2005.  The $6,080 Cdn payment was made as the result of a bailiffs executed court order on September 28, 2005, which seized the Companys bank account.  No further payments have been made towards the settlement agreement due to the Plaintiffs refusal to sign the order.  On September 28,2005, the Company received notice of a lawsuit from Thomas L. Franklin, a professional poker player formerly under contract with 4KE, for an alleged breach of contract for services rendered based on the original contract between the Company and 4KE dated July 18, 2005.  The Company, 4KE, and certain individuals, are being sued for $967,500, plus interest at the rate of 8% per annum from August 22, 2005, and all costs pertaining to this legal matter.  An attorney in Mississippi has been retained to defend this action and to apply for a dismissal of the case, based on Mississippi being the wrong jurisdiction for this suit and to defend the Company from the claims made by the plaintiff.  The court case was dismissed in favor of the Company in the second quarter of 2008.  ITEM 1A. Risk Factors  Not applicable  ITEM 1B.    UNRESOLVED STAFF COMMENTS  The Division of Investment Management has reviewed Golden Spirits filings and based on its review of our investment is available securities  related parties (See discussion above), needs clarification that Golden Spirit may fall into the category of investment company in Section 3(a)(1)(c) of the Investment Company Act of 1940.  The Companys initial response to the staff was that it may rely on the exemption from the definition of investment company provided in Section 3(b)(1) of the Act because the current operations of the Company are in the film production and distribution industry, as well as the municipal solid waste (garbage) recycling industry. The staff is citing that we have not provided sufficient information or analysis for a proper evaluation whether we can rely on Section 3(b)(1) of the Act.  The Company forwarded the staff comment letter to legal counsel. The response was filed in May 2009.   -10-   ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds  The Companys capitalization is 500,000,000 common shares with a par value of $0.0001 per share.  No preferred shares have been authorized.  (1)         2009 Stock Transactions No stock issuances during the three months ended March 31, 2009.  (2) 2009 Stock Options During the three months ended March 31, 2009, the Company did not grant any stock options to  directors, employees or consultants.    The Companys stock option activity  is as follows:  Number of optionsWeighted Average Exercise PriceWeighted Average Remaining Contractual LifeBalance, December 31, 20061,183,629$                   0.263.08 yearsGranted during 20073,800,0000.10Exercised during 2007(1,980,000)0.10Balance, December 31, 20073,003,629$                   0.104.00 yearsGranted during 2008---Exercised during 2008(845,730)0.10Balance, December 31, 20082,157,899$                    0.104.00 yearsBalance, March 31, 20092,157,899$                    0.104.00 years   (3) 2008 Stock Transactions During the three months ended March 31, 2008:  (a)   On February 27, 2008 the Company issued 30,000 restricted common shares valued at $3,300 to a director for his current services  (4) 2008 Stock Options During the three months ended March 31, 2009, the Company did not grant any stock options to.directors, employees or consultants  ITEM 3.  Defaults Upon Senior Securities  None.  ITEM 4. Submission of Matters to Vote of Security Holders  None.  ITEM 5.  Other Information  None     -11-  ITEM 6. EXHIBITS  Exhibit 31.1 - Section 906 Certification of Periodic Report of the Chief Executive Officer.  Exhibit 31.2 - Section 906 Certification of Periodic Report of the Chief Financial Officer.  Exhibit 32.1 - Section 302 Certification of Periodic Report of the Chief Executive Officer.  Exhibit 32.2 - Section 302 Certification of Periodic Report of the Chief Financial Officer.      SIGNATURES  Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.  GOLDEN SPIRIT ENTERPRISES LTD.Date: May 20,009By:   /s/ C. ScheiveChristopher ScheivePresident and a Director.Date: May 202009By:   /s/J. CruzJaclyn CruzDirector, Secretary & Treasurer    -12-