U.S. SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                   FORM 10-KSB

(Mark One)

/X/    ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES  EXCHANGE
       ACT OF 1934 (No Fee Required) For the fiscal year ended December 31, 2001

/  /   TRANSITION REPORT  UNDER SECTION 13  OR  15(d) OF THE SECURITIES EXCHANGE
       ACT OF 1934 (No Fee Required)

             For the transition period from _________ to _________

                            Commission file 02-69494

                            GLOBAL GOLD CORPORATION
                 (Name of small business issuer in its charter)

Delaware                                    13-3025550
------------------------------------------------------
(State or other jurisdiction of             (IRS Employer
 incorporation or organization)             Identification No.)

734 Franklin Avenue, Suite 383, Garden City, New York       11530-4525
----------------------------------------------------------------------
(Address of principal executive offices)                          (Zip Code)

Issuer's telephone number (516) 627-2388

Securities registered under Section 12(b) of the Exchange Act:

Title of each class                 (Name of each exchange on which registered)
------------------------            --------------------------------------------
None
------------------------            --------------------------------------------


Securities registered under Section 12(g) of the Exchange Act:

None
------------------------------
(Title of Class)




<PAGE>

Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the past 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. Yes / / No / /.

Check if there is no disclosure of delinquent filers in response to Item 405 of
Regulation S-B contained in this form, and no disclosure will be contained, to
the best of registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-KSB or any
amendment to this Form 10-KSB /X/.

The issuer's revenues for its most recent fiscal year ending December 31, 2001
were $-0-.

The aggregate market value of the voting stock held by non-affiliates of the
Company computed by reference to the price at which the stock was sold, or the
average bid and asked prices of such stock, as of a specified date within the
past 60 days was $125,966(1).

As of December 31, 2001 there were 4,368,114 Shares of the registrant's Common
Stock outstanding (2).

---------------

 (1) The Company's  Common Stock is not publicly traded.  However,  the Board of
     Directors  of the  Company  determined  that the fair  market  value of the
     Common Stock was $0.10 per share.

 (2) This number is  computed  after  taking  into  account the 1 for 10 reverse
     split of the  shares  of  Common  Stock  of the  Company,  effective  as of
     December 31, 1996 (the "Reverse Split").

<PAGE>

ITEM 1   DESCRIPTION OF BUSINESS

    (1)  GENERAL OVERVIEW

         The Company now holds 3,000,000 shares of common stock of First Dynasty
         Mines, Ltd., a publicly traded Canadian corporation. The Company was
         previously engaged in the development of a gold mining project in
         Armenia, a member of the Commonwealth of Independent States and has
         pursued various mining and other business opportunities thereafter, but
         without consummating any such transactions. The Company is currently in
         the pre-development stage and has not received any revenues from mining
         activities as of December 31, 2001 other than such shares of stock and
         cash previously paid by First Dynasty Mines, Ltd. Prior thereto, the
         Company did not engage in any substantial business activities, except
         as described in the section 1(D) entitled "Prior History of the
         Company" in the annual reports previously filed by the Company with the
         Securities and Exchange Commission ("SEC").



    (2)  ARMENIAN MINING PROJECT

         In 1996, the Company acquired rights under a Joint Venture Agreement
         with the Ministry of Industry of Armenia and Armgold, S.F., the
         Armenian state enterprises, to provide capital and multistage financing
         of the Armenian gold industry, which rights were finalized under the
         Second Armenian Gold Recovery Company Joint Venture Agreement dated as
         of September 30, 1997.

         As of January 31, 1997, the Company and Global Gold Armenia Limited,
         the Company's wholly-owned Cayman Islands subsidiary ("GGA"), reached
         an agreement with First Dynasty Mines, Ltd. ("First Dynasty"), a
         Canadian public company whose shares are traded on the Toronto Stock
         Exchange and on NASDAQ. Under such agreement, First Dynasty acquired
         the right to acquire all of the stock of GGA, subject to certain
         conditions, by advancing funds in stages necessary for the
         implementation of the tailing project and the preparation of
         engineering and business plan materials for the remaining Armenian
         mining projects.

         The Company, GGA and First Dynasty entered into a definitive agreement
         dated May 13, 1997 reflecting the final agreement of the parties with
         respect to the above project (the "FDM Agreement"). The parties
         thereafter amended the FDM Agreement on July 24, 1998.

         In connection with First Dynasty's purchase of the Company's remaining
         20% interest in GGA, the Company received a certificate representing
         special warrants to purchase 4,000,000 shares of First Dynasty common
         stock. In September 1999, the warrants were exchanged for 4,000,000
         shares of First Dynasty common stock.

         For a further description of the background concerning the Armenian
         mining project, an interested person can review the quarterly and
         annual reports previously filed by the Company with the SEC.

    (3)  GEORGIAN MINING PROJECT

         As of December 31, 1997, the Company abandoned its pursuit of any
         mining project in the country of Georgia.

         For a further description of the background concerning the Georgian
         mining project, an interested person can review the quarterly and
         annual reports previously filed by the Company with the SEC.



<PAGE>



    (4)  RECENT ACTIVITIES

      (a)      On October  13,  1999,  the  Company  entered  into a  settlement
               agreement   with   Eyre   Resources,   N.L.   ("Eyre")   and  The
               Parry-Beaumont  Trust  regarding the legal action  brought by the
               Company   and  the   counterclaim   asserted   by  Eyre  and  The
               Parry-Beaumont Trust in 1998.

               In the settlement, 600,000 shares of First Dynasty's common stock
               acquired  in  connection  with First  Dynasty's  purchase  of the
               Company's 20% interest in GGA were  exchanged for 600,000  shares
               of the Company's  Common Stock held by Eyre and 400,000 shares of
               the Company's  Common Stock of First  Dynasty were  exchanged for
               400,000  shares of the Common  Stock of the  Company  held by The
               Parry-Beaumont Trust.

         (b)   On March 15, 2000, the Company issued 1,000,000 restricted shares
               of its Common Stock out of its treasury to the Company's Chairman
               and Chief  Executive  Officer  Drury J.  Gallagher,  for  accrued
               salary of $162,500 or $0.1625 per share.  Also,  20,000 shares of
               the  Company's  Common Stock were  distributed  in  settlement of
               obligations owed by the defendants on the Eyre Resources lawsuit.

         (c)   On October 31, 2000, the Company issued warrants to purchase, for
               $0.005 per share subject thereto,  130,000 shares of Common Stock
               of the  Corporation  at an exercise price of $0.25 for each share
               of  Common  Stock of the  Corporation  subject  to each  warrant,
               expiring on October 31, 2003, to certain persons in consideration
               of their prior or current  association with the  Corporation.  On
               such date, the Company issued warrants to purchase 100,000 shares
               of the Common Stock of the Company at an exercise  price of $0.25
               per share subject to each warrant,  expiring on October 31, 2003,
               to each of  Drury  J.  Gallagher  and  Robert  A.  Garrison,  the
               Company's President,  in consideration of their prior services to
               the Company.

         (d)   The Company's  principal  activity at present consists of holding
               the remaining  3,000,000 shares of common stock of First Dynasty,
               which is traded on the Toronto  Stock  Exchange  and NASDAQ.  The
               closing  price of a share of such common  stock on  December  31,
               2001 was U.S. $0.025.  As of December 31, 2001, First Dynasty had
               146,237,008 shares of common stock issued and outstanding.

         (e)   Employees.   As  of  December  31,  2001,  the  Company  had  one
               consultant,  who was in charge  of the  overall  business  of the
               Company  on  a  part-time   basis,  and  one  consultant  who  is
               principally  involved in overseeing the Company's proposed mining
               activities on a part-time basis.


<PAGE>
    (5)  SPECIAL CONSIDERATIONS

         The following risk factors should be considered in connection with an
         evaluation of the business of the Company:

         No Prior Operating History; Failure to File Reports with the SEC

         The Company was incorporated on February 21, 1980, and closed a public
         offering of the Common Stock in January 1981. Several months after the
         closing of such offering, the Company withdrew the listing of the
         Common Stock for trading on NASDAQ. After the consummation of the
         public offering, the Company failed to file any further annual or
         periodic reports required under the Exchange Act. While the Company
         filed its Form 10-QSB commencing with the quarter ended March 31, 1995
         and each quarter thereafter through and including September 30, 2001
         and filed audited financial statements with the Form 10-KSB for
         calendar year 1994 covering calendar years 1987, 1988, 1989, 1990,
         1992, 1993 and 1994, and for calendar years 1995, 1996, 1997, 1998,
         1999 and 2000 with the Form 10-KSB filed for each such year, there can
         be no assurance that the SEC might not assert claims against the
         Company.

         Development Stage Company

         Since the Company never engaged in the active conduct of a trade or
         business, it has not generated any revenues to date, with the exception
         of interest income and the 3,000,000 shares of First Dynasty common
         stock and cash received from such source under the FDM Agreement, as
         amended. The Company may encounter problems, delays, expenses and
         difficulties typically encountered in the development stage, many of
         which may be outside of the Company's control.

         Need for Additional Cash

         The Company needs additional funds if it is to conduct any operations
         in the foreseeable future, none of which is contemplated at present.
         Moreover, there can be no assurance that any financing for any future
         projects will be available for such purposes or that such financing, if
         available, would be on terms favorable or acceptable to the Company.

         Competition

         There is intense competition in the mining industry. If the Company
         does engage in any future mining activities, it will be competing with
         larger mining companies, many of which have substantially greater
         financial strength, capital, marketing and personnel resources than
         those possessed by the Company.


<PAGE>

         Need for Key Personnel

         The Company presently only has one officer intimately familiar with the
         operation of mining projects or the development of such projects. While
         the Company does not believe the loss of its president or any other
         director or officer of the Company will materially and adversely affect
         its long-term business prospects, the loss of any of the Company's
         senior personnel might potentially adversely affect the Company until a
         suitable replacement could be found.

         Failure to Satisfy NASDAQ Listing Rules

         Without increases in assets and capital surplus, the Company may not be
         eligible to have its securities traded on NASDAQ. Moreover, regulations
         issued by NASDAQ have increased the thresholds that have to be met in
         order for a security to be traded initially on the NASDAQ Small Cap and
         National Markets, which may adversely affect the Company's ability to
         have its Common Stock traded on the NASDAQ Small Cap or National
         Markets. Furthermore, the Company could experience difficulties in
         commencing the trading of its securities on NASDAQ. If the Company is
         unable to have its securities traded on NASDAQ, its securities will
         continue to be eligible for trading on the OTC Bulletin Board, although
         the market for shares of the Company's Common Stock may be reduced, and
         hence, the liquidity of the shares of Common Stock and/or the Warrants
         may be reduced. Moreover, recent regulations adopted for the trading of
         securities may adversely affect the eligibility of the Company's Common
         Stock for trading on the OTC electronic bulletin board.

         No Dividends

         The Company currently anticipates that it will retain all of its future
         earnings, if any, for use in its operations and does not anticipate
         paying any cash dividends in the near term future. There can be no
         assurance that the Company will pay cash dividends at any time, or that
         the failure to pay dividends for periods of time will not adversely
         affect the market price for the Company's Common Stock.

         Control of the Company

         Drury J. Gallagher, the Chairman and Chief Executive Officer, and
         Robert A. Garrison, the President and Chief Operating Officer,
         currently own 2,108,451 and 1,000,000 shares respectively, or a total
         of 3,108,451 shares, out of the 4,368,114 shares of the Company's
         Common Stock issued and outstanding as of December 31, 2001. If Messrs.
         Gallagher and Garrison act in concert, they control 71% of the issued
         and outstanding shares of Common Stock of the Company and they will be
         able to effectively determine the vote on any matter being voted on by
         the Company's stockholders, including the election of directors and any
         merger, sale of assets or other change in control of the Company.

ITEM 2.  DESCRIPTION OF PROPERTIES

         The Company currently maintains a shared office in Garden City, New
         York.

<PAGE>

ITEM 3.  LEGAL PROCEEDINGS

         Except as noted below, there is no material pending legal proceeding to
         which the Company is a party or to which any of its properties is
         subject.

         In January 1998, the Company brought an action against Eyre, the
         Parry-Beaumont Trust and Kevin Parry, individually, in the United
         States District Court for the Southern District of New York, seeking
         damages in excess of $81,000,000 arising out of the alleged fraud
         committed by the defendants.

         The defendants denied such claims and asserted counterclaims against
         the Company seeking damages in an undetermined amount against the
         Company and seeking a declaratory judgment voiding the Second
         Restructuring Agreement. In addition, Eyre and the Parry-Beaumont Trust
         brought a third-party complaint against Drury J. Gallagher and Robert
         A. Garrison, individually, seeking, among other things, damages in
         excess of $75,000 and directing Messrs. Gallagher and Garrison to
         return the 2,000,000 shares of the Company's Common Stock issued to
         them by the Company in January 1997.

         A settlement was agreed to on October 13, 1999. In the settlement,
         600,000 shares of common stock of First Dynasty were exchanged for
         600,000 shares of Common Stock of the Company held by Eyre and 400,000
         common shares of First Dynasty were exchanged for 400,000 shares of the
         Company's Common Stock held by the Parry-Beaumont Trust.

         Outstanding warrants held by Eyre and the Parry-Beaumont Trust were
         canceled.

         On October 4, 1999, Penn Med Consultants, Inc. ("PennMed"), Drury J.
         Gallagher ("Gallagher") and other officers of PennMed entered into a
         Settlement Agreement of a Civil False Claims Act lawsuit with the
         United States of America, the Office of Inspector General of the United
         States Department of Health and Human Services, the Pennsylvania
         Department of Public Welfare and qui tam relators. The Settlement
         Agreement ended an investigation into allegedly fraudulent
         administrative expenses which adversely affected reimbursement from the
         Medicare and Pennsylvania Medicaid programs by PennMed. Under the
         Settlement Agreement, PennMed, Gallagher and the other PennMed officers
         agreed to pay the Federal Government and the Pennsylvania Department of
         Public Welfare a restitution amount and PennMed agreed to adhere to a
         comprehensive compliance program without any admission of wrongdoing on
         behalf of the defendants. In addition, Gallagher agreed to exclusion,
         for a period of five years, from participation in the Medicare,
         Medicaid and all other federal and Pennsylvania state health care
         programs, including managed care programs. Such exclusion has national
         affect and also applies to other federal procurement and
         non-procurement programs. Gallagher waived his right under any statute
         or regulation to payment from Medicare, Medicaid, TRICARE, the Veterans
         Administration or the Federal Employee Health Benefit Program
         administered by the Office of Personnel Management during the subject
         exclusion. PennMed continues to operate the nursing home business
         previously conducted by it.



<PAGE>



         The Company was never a defendant in such action and was not a party to
         the Settlement Agreement which concluded the investigation.

ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

         Not applicable.



PART II

ITEM 5.   MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS

    (a)   The  Company's  shares of Common Stock are not publicly  traded on any
          market.

    (b)   As of December 31, 2001,  there were  approximately  1,100  holders of
          record of shares of the Company's Common Stock.

    (c)   The Company did not pay or declare any cash dividends on its shares of
          Common Stock during its last two fiscal years ended  December 31, 2000
          and December 31, 2001.

    (d)   The  Company's  transfer  agent is  American  Registrar  and  Transfer
          Company, with offices at 342 E. 900 South, Salt Lake City, Utah 84111,
          having a telephone number of (801) 363-9065.

ITEM 6.  MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

         As of December 31, 2001, the Company's total assets were $88,880, of
         which $13,880 consisted of cash or cash equivalents.

         The Company's plan of operation for calendar year 2002 is:

           (a)      to  hold  the  3,000,000  shares  of  First  Dynasty  common
                    stock  for  investment   purposes thereafter; and

           (b)      investigate  other  investment opportunities  in the mineral
                    development  and  production and other areas.



<PAGE>



           The Company needs financing to meet its anticipated monthly
           administrative expenses of $3,000 (exclusive of officers'
           compensation), plus additional amounts for legal and accounting
           costs. The Company considered that it might obtain additional
           financing in 2001 from the holders of its Warrants to purchase
           330,000 shares of Common Stock of the Company at an exercise price of
           $0.25 per share, which expire on October 31, 2003. If the Warrants
           were exercised in full, the Company would receive $82,500 in gross
           proceeds. However, the Company does not believe that the Warrants
           will be exercised under existing circumstances, and thus it does not
           anticipate that any amount thereof will be exercised, although there
           can be no assurance of such result.

           In the event that no contemplated financing is obtained, the Company
           does not have sufficient financial resources to meet its obligations.

           The Company does not intend to engage in any research and development
           during 2002 and does not expect to purchase or sell any plant or
           significant equipment.

           The Company does not expect to hire any additional full-time
           employees in 2002.

   ITEM 7. FINANCIAL STATEMENTS

           The audited financial statements, notes thereto and reports of
           independent certified public accountants thereon for the fiscal years
           of the Company ended December 31, 2001 and December 31, 2000 (by
           Feldman Sherb  & Co., P.C.) are attached hereto as a part of,
           and at the end of, this report.

   ITEM 8. CHANGES  IN  AND  DISAGREEMENTS  WITH  ACCOUNTANTS ON ACCOUNTING  AND
           FINANCIAL DISCLOSURE

                    NOT APPLICABLE

   PART III

   ITEM 9. DIRECTORS,  EXECUTIVE  OFFICERS,  PROMOTERS AND CONTROL  PERSONS;
           COMPLIANCE  WITH SECTION 16(a) OF THE EXCHANGE ACT

           The directors and executive officers of the Company are as follows:

           Name                       Age   Officer
           Drury J. Gallagher         63    Chairman, Chief Executive Officer,
                                            Treasurer and Director

           Robert A. Garrison         60    President, Chief Operating Officer,
                                            Secretary and Director

           Each director is elected for a period of one year at the Company's
           annual meeting of stockholders and serves until his successor is duly
           elected and qualified. Each director who is not a full-time employee
           of the Company receives no remuneration for his services as a
           director. Officers are appointed by the Board of Directors.


<PAGE>




         The Board of Directors has not appointed any audit, compensation or any
         other committee. Instead, the Board acts as a whole in all matters.

         Mr. Gallagher has served as a director since 1981 and as Chairman,
         President and Treasurer of the Company from 1982 until February 1, 1997
         and as Chairman, Chief Executive Officer and Treasurer since that date.

         Mr. Garrison has served as a director and Vice President of the Company
         from June 26, 1995 until February 1, 1997 and became the President,
         Chief Operating Officer and Secretary on February 1, 1997.


ITEM 10. EXECUTIVE COMPENSATION

    (a)   The  summary  compensation  table shown  below  indicates  the cash or
          accrued compensation paid by the Company as well as other compensation
          paid or accrued  to the  Chairman  and Chief  Executive  Officer  (the
          Company's  chief executive  officer) and the next highest  compensated
          executive  officer at December 31, 2001 for  services  rendered in all
          capacities during calendar years 2001, 2000 and 1999.
<TABLE>
<CAPTION>

SUMMARY COMPENSATION TABLE



Name and                                                        Other Annual   Restricted        Underlying  LTIP  All Other
Principal Position       Year   Salary     Bonus  Compensation  Stock Awards   Options/SARs(#)   Payout            Compensation
----------------------  ------- ---------  ------ ------------  -------------  ---------------  ------------ ----- --------------

<S>                     <C>     <C>    <C>     <C>         <C>            <C>           <C>           <C>       <C>      <C>
Drury J. Gallagher      2001    $     -0-     -0-         -0-            -0-           -0-           -0-       -0-      -0-
Chairman, Chief         2000    $162,500      -0-         -0-            -0-           -0-           -0-       -0-      -0-
Executive Officer       1999    $     -0-     -0-         -0-            -0-           -0-           -0-       -0-      -0-
and Treasurer
(the Company's Chief
Executive Officer)


Robert A. Garrison      2001    $     -0-     -0-         -0-            -0-           -0-           -0-       -0-      -0-
President, Chief        2000    $     -0-     -0-         -0-            -0-           -0-           -0-       -0-      -0-
Operating Officer       1999    $     -0-     -0-         -0-            -0-           -0-           -0-       -0-      -0-
and Secretary
</TABLE>

(b)            Stock Options and Awards

               The Company has no options or awards  outstanding  under the 1995
               Stock  Option  Plan,  and the  Company  made no  grants or awards
               thereunder during the year ended December 31, 2001.



<PAGE>

(c)            1995 Stock Option Plan

               The  Company  adopted  the 1995 Stock  Option  Plan under which a
               maximum of 500,000 shares of Common Stock may be issued  (subject
               to adjustment for stock splits, dividends and the like).

               For a description of the terms of the 1995 Stock Option Plan, and
               the tax consequences thereunder,  an interested person can review
               the annual reports previously filed by the Company with the SEC.

ITEM 11. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

(a)       Set forth below is information  as of December 31, 2001  pertaining to
          ownership of the Company's Common Stock, determined in accordance with
          Rule  13(d)(3)  under the  Securities  and  Exchange  Act of 1934,  by
          persons  known to the  Company  who own more than 5% of the  Company's
          Common Stock:





                   Name and Address of     Number of
 Title of Class    Beneficial Owner        Shares(1)       Percent of Class
 ---------------   -------------------   ------------      --------------------
 Common            Drury J. Gallagher     2,208,451(2)     47.0(2)
                   107 Eakins Road
                   Manhasset, NY 11030

 Common            Robert A. Garrison     1,100,000(3)     23.4(3)
                   44 Lords Highway East
                   Weston, CT 06883

                (1) For  purposes of this table,  a person or group is deemed to
                    have  beneficial  ownership  of any shares which such person
                    has the right to acquire  within 60 days after  December 31,
                    2001.  For  purposes  of   calculating   the  percentage  of
                    outstanding  shares held by each person  named  herein,  any
                    shares which such person has the right to acquire  within 60
                    days after  December 31, 2001 are deemed to be  outstanding,
                    but  not for  the  purpose  of  calculating  the  percentage
                    ownership of any other person.

                (2) This amount includes 100,000 shares of common stock issuable
                    upon the exercise of the Warrants acquired by Mr. Gallagher.
                    See Item 12(A) hereof for a  description  pertaining  to the
                    acquisition  of  1,000,000  shares of the  Company's  Common
                    Stock by Mr. Gallagher.



<PAGE>



                    Mr.  Gallagher  disclaims  any  beneficial  interest  in the
                    20,000  shares of the  Company's  Common  Stock  acquired by
                    Francis L.  Gallagher,  Jr. (Mr.  Gallagher's  brother),  as
                    Trustee of the Drury J. Gallagher Trust F/B/O Children dated
                    March 1, 1985.

                (3) This amount includes 100,000 shares of Common Stock issuable
                    upon the exercise of the Warrants acquired by Mr. Garrison.

                    See Item 12(A) hereof for a  description  pertaining  to the
                    acquisition  of  1,000,000  shares of the  Company's  Common
                    Stock by Mr. Garrison.

(b)           Set forth below is information as of December 31, 2001 pertaining
              to ownership of the Company's Common Stock by all directors and
              executive officers of the Company:

                         Name and Address of     Number of
         Title of Class  Beneficial Owner        Shares(1)     Percent of Class
         --------------  -------------------  ------------     -----------------
         Common          Drury J. Gallagher    2,208,451(2)         47.0(2)
                         107 Eakins Road
                         Manhasset, NY 11030


         Common          Robert A. Garrison    1,100,000(3)         23.4(3)
                         44 Lords Highway East
                         Weston, CT 06883
                                             ----------------     ----------
                           Total               3,308,451            70.4

------------------
                  (1)      For purposes of this table, a person or group is
                           deemed to have beneficial ownership of any shares
                           which such person has the right to acquire within 60
                           days after December 31, 2001. For purposes of
                           calculating the percentage of outstanding shares held
                           by each person named herein, any shares which such
                           person has the right to acquire within 60 days after
                           December 31, 2001 are deemed to be outstanding, but
                           not for the purpose of calculating the percentage
                           ownership of any other person.

                 (2)       This amount  includes  100,000 shares of common stock
                           issuable upon the exercise of the Warrants  acquired
                           by  Mr.  Gallagher.   See  Item  12(A) hereof for  a
                           description   pertaining  to  the  acquisition  of
                           1,000,000 shares of the Company's Common Stock by Mr.
                           Gallagher.



<PAGE>



          Mr. Gallagher  disclaims any beneficial  interest in the 20,000 shares
          of the Company's  Common Stock acquired by Francis L.  Gallagher,  Jr.
          (Mr. Gallagher's  brother), as Trustee of the Drury J. Gallagher Trust
          F/B/O Children dated March 1, 1985.

                 (3)This amount includes 100,000 shares of Common Stock issuable
                    upon the exercise of the Warrants acquired by Mr. Garrison.

                    See Item 12(A) hereof for a  description  pertaining  to the
                    acquisition  of  1,000,000  shares of the  Company's  Common
                    Stock by Mr. Garrison.





(c)  As of December 31,  2001,  there were no  arrangements  in effect which may
     result in a change of control of the Company.

ITEM 12. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

         Transactions with Officers

     On January 3, 1997,  the Board of  Directors  of the Company  approved  the
     transfer  of  1,000,000  shares of its  Common  Stock  (computed  after the
     Reverse  Split) to each of Messrs.  Gallagher  and Garrison in exchange for
     (a) in Mr. Gallagher's case, the cancellation of $100,000 in accrued salary
     and the  cancellation  of his stock options and stock  appreciation  rights
     (the "SARs") which, under certain circumstances, could have resulted in the
     issuance  to him of up to  37,500  shares  of the  Company's  Common  Stock
     (computed after the Reverse  Split),  and (b) in Mr.  Garrison's  case, the
     cancellation of $100,000 of accrued salary, the cancellation of his options
     to buy 75,000 shares of the Company's  Common Stock and the cancellation of
     his SARs.  The Company made such transfers to reward each of them for their
     efforts to secure  financing  for the Company  and/or the  Armenian  mining
     project,  for  maintaining  the  Company's  existence  in the  face  of the
     Company's potential insolvency,  and to increase their proprietary stake as
     the  day-to-day  management  of the Company at the  request of  prospective
     investment banking firms and potential  investors with whom the Company was
     then seeking to obtain funding.

     On March 15, 2000, the Company issued  1,000,000  restricted  shares of its
     Common  Stock  out of its  treasury  to the  Company's  Chairman  and Chief
     Executive Officer, Drury J. Gallagher,  for accrued salary of $162,500 at a
     price of $0.1625 per share.



<PAGE>



     On October 31, 2000 the Company granted warrants to purchase 100,000 shares
     of its  Common  Stock  to each of  Messrs.  Gallagher  and  Garrison  at an
     exercise  price of $0.25  for each  share of  common  stock of the  Company
     subject to each warrant, expiring on October 31, 2003.

ITEM 13. EXHIBITS AND REPORTS ON FORM 8-K

  1. The  following  documents  are  filed  as part of  this  report:  Financial
     Statements  of the  Company,  including  reports of  independent  certified
     public  accountants,  Balance Sheets,  Statements of Income,  Statements of
     Stockholders  Equity,  Statements  of Cash  Flow  and  Notes  to  Financial
     Statements:  as at and for the periods ended December 31, 2001 and December
     31, 2000.

  2. The Exhibits which are listed on the Exhibit Index attached hereto.

  3. No reports on Form 8-K were filed by the registrant during the last quarter
     of the period covered by this report.


<PAGE>





SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) 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.

GLOBAL GOLD CORPORATION
(Registrant)

By:      /s/ Drury J. Gallagher
         Drury J. Gallagher,
         Chairman, Chief Executive
         Officer and Treasurer

Dated:   April 15, 2002

Pursuant to the requirements of the Securities Exchange Act of 1934, this report
has been signed below by the following persons on behalf of the registrant and
in the capacities and on the dates indicated.

Name                       Title                                Date
-------------------------  ----------------------------------   -------------
/s/ Drury J. Gallagher     Chairman, Chief Executive Officer,   April 15, 2002
----------------------     Treasurer and Director (Principal
    Drury J. Gallagher     Executive and Financial Officer)


/s/ Robert A. Garrison     President, Chief Operating           April 15, 2002
----------------------     Officer, Secretary and Director
     Robert A. Garrison








<PAGE>



                             GLOBAL GOLD CORPORATION
                        (A Development Stage Enterprise)

                              Financial Statements

                                December 31, 2001

                                                                     Page

Independent Auditors' Reports                                        F-1

Balance Sheet - as of December 31, 2001                              F-2

Statements of Operations - for the years ended                       F-3
December 31, 2001 and 2000 and the development
stage period January 1, 1995 through December 31, 2001

Statement of Changes in Stockholders Equity - for the years          F-4
ended December 31, 2001 and 2000 and the development stage
period January 1, 1995 through December 31, 2001

Statement of Cash Flows - for the years ended                        F-5
December 31, 2001 and 2000 and the development stage
period January 1, 1995 through December 31, 2001

Notes to Financial Statements                                        F-6 to F-15

<PAGE>


                          INDEPENDENT AUDITORS' REPORT


To the Board of Directors and Stockholders of
Global Gold Corporation

         We have audited the accompanying balance sheet of Global Gold
Corporation (a development stage enterprise) as of December 31, 2001 and the
related statements of operations, changes in stockholders' equity (deficit) and
cash flows for the years ended December 31, 2001 and 2000 and for the period
from January 1, 1995 through December 31, 2001. These financial statements are
the responsibility of the Company's management. Our responsibility is to express
an opinion on these financial statements based on our audits. The cumulative
statements of operations, changes in stockholder's equity (deficit) and cash
flows for the period January 1, 1995 to December 31, 2001 include amounts for
the period January 1, 1995 to December 31, 1998 and for each of the years in the
four-year period ending December 31, 1998, which were audited by other auditors
whose report included an explanatory paragraph describing conditions that raise
substantial doubt about the Company's ability to continue as a going concern.
Our opinion, insofar as it relates to the amounts included for the period
January 1, 1995 through December 31, 1998, is based solely on the report of the
other auditors.

         We conducted our audits in accordance with auditing standards generally
accepted in the United States of America. Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.

         In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Global Gold
Corporation as of December 31, 2001 and the results of its operations and its
cash flows for the years ended December 31, 2001 and 2000 and for the period
from January 1, 1995  through  December 31, 2001  in  conformity  with
accounting principles generally accepted in the United States of America.

         The accompanying financial statements have been prepared assuming that
the Company will continue as a going concern. As discussed in Note 2a to the
financial statements, the Company has incurred significant losses since
inception. This raises substantial doubt about the Company's ability to continue
as a going concern. Management's plans, with respect to these matters are also
described in Note 2a to the financial statements. The financial statements do
not include any adjustments that might result should the Company be unable to
continue as a going concern.



                                                /s/ Feldman Sherb  & Co., P.C.
                                                    ----------------------------
                                                    Feldman Sherb  & Co., P.C.
                                                    Certified Public Accountants
March 26, 2002
New York, New York

                                       F-1


<PAGE>

                             GLOBAL GOLD CORPORATION
                        (A Development Stage Enterprise)

                                  BALANCE SHEET

                                DECEMBER 31, 2001


                                     ASSETS

Cash                                                          $          13,880

Investment in First Dynasty Mines, Ltd.                                  75,000
                                                                ----------------
                                                              $          88,880
                                                                ================


                      LIABILITIES AND STOCKHOLDERS' DEFICIT

CURRENT LIABILITIES:
     Accounts payable and accrued expenses                    $          82,211
     Due to related parties                                              35,718
                                                                ----------------
                                                                        117,929
                                                                ----------------

STOCKHOLDERS' DEFICIT:
     Common stock $0.001 par, 100,000,000 shares authorized
         4,368,114 shares issued and outstanding                          4,368
     Additional paid-in capital                                       4,834,955
     Deficit accumulated during the  development stage               (4,747,372)
     Other comprehensive loss                                          (121,000)
                                                                ----------------
         TOTAL STOCKHOLDERS' DEFICIT                                    (29,049)
                                                                ----------------
                                                              $          88,880
                                                                ================








                       See notes to financial statements.

                                      F-2
<PAGE>
                             GLOBAL GOLD CORPORATION
                        (A Development Stage Enterprise)

                            STATEMENTS OF OPERATIONS

<TABLE>
<CAPTION>



                                                                          Years Ended                January 1, 1995
                                                                         December 31,                   through
                                                                -------------------------------       December 31,
                                                                    2001              2000                2001
                                                                --------------    -------------    --------------------
                                                                                                         (Note 1)
<S>                                                                    <C>              <C>                    <C>
 REVENUES                                                    $              -  $             -  $                    -
                                                                --------------    -------------    --------------------

 EXPENSES:
        Selling, general and administrative                            19,300           15,109                 772,189
        Legal fees                                                      7,602           18,490                 631,295
        Compensation                                                        -                -                 550,834
        Write-off of investment in Georgia
             mining interests                                               -                -                 135,723
        Gain on sale of interest in
             Global Gold Armenia                                            -                -                (268,874)
        Miscellaneous other                                               (70)            (258)                 18,557
                                                                --------------    -------------    --------------------
                  TOTAL EXPENSES                                      (26,832)         (33,341)             (1,839,724)
                                                                --------------    -------------    --------------------
 NET LOSS                                                    $        (26,832) $       (33,341) $           (1,839,724)
                                                                --------------    -------------    ====================
 NET LOSS PER SHARE-BASIC AND DILUTED                        $          (0.01) $         (0.01)
                                                                ==============    =============
 WEIGHTED AVERAGE SHARES OUTSTANDING                                4,368,114        4,362,470
                                                                ==============    =============
</TABLE>



                        See notes to financial statements
                                       F-3
<PAGE>
                             GLOBAL GOLD CORPORATION
                        (A Development Stage Enterprise)

             STATEMENT OF CHANGES IN STOCKHOLDER'S EQUITY (DEFICIT)
<TABLE>
<CAPTION>
                                                                          Deficit
                                                                         Accumulated                          Total
                                          Common Stock       Additional  During the            Other          Stockholder's  Compre-
                                         ------------------    Paid-in    Development Treasury Comprehensive  Equity         hensive
                                          Shares     Amount   Capital      Stage        Stock    Loss         (Deficit)      Loss
                                         ---------  -------  -----------  ------------  -------  ---------    ------------ ---------
 Balance from February 21, 1980
<S>                 <C> <C>        <C>     <C>        <C>      <C>         <C>          <C>      <C>          <C>
        to December 31, 1994 (Note 1)      898,074    $89,807  $3,147,693  $(2,907,648) $    -   $      -     $  329,852

     Adjustment for the restatement of
        par value                                -    (88,909)     88,909            -       -          -              -

     Issuance of stock for acquisition of Eyre
        Resources, N.L.                  1,000,000      1,000     849,000            -       -          -        850,000

     Proceeds received from private
        placement                          200,000        200     421,373            -       -          -        421,573

     Net loss                                    -          -           -     (361,345)      -          -       (361,345)
                                         ---------    -------  -----------  ----------  -------  ---------    ----------  ----------
 Balance at December 31, 1995            2,098,074      2,098   4,506,975   (3,268,993)      -          -      1,240,080

     Warrants exercised                         40          -         100            -       -          -            100

     Net loss                                    -          -           -     (668,577)      -          -       (668,577)
                                         ---------    -------  -----------  ----------  -------  ---------      --------- ----------
 Balance at December 31, 1996            2,098,114      2,098   4,507,075   (3,937,570)      -          -        571,603

     Issuance of common stock            2,250,000      2,250     222,750            -       -          -        225,000

     Net loss                                    -          -           -     (690,747)      -          -       (690,747)
                                         ---------    -------  -----------  ----------  -------  ---------    ----------  ----------
 Balance at December 31, 1997            4,348,114      4,348   4,729,825   (4,628,317)      -          -        105,856

     Net income                                                                 34,944                            34,944
                                         ---------  -------  -----------  ----------  -------  ---------      ----------  ----------
 Balance at December 31, 1998            4,348,114      4,348   4,729,825   (4,593,373)      -          -        140,800

     Purchase of treasury stock                  -         -           -            - (60,000)         -        (60,000)

     Unrealized loss on investment               -         -           -            -       -    (16,000)       (16,000)    (16,000)

     Net loss                                    -         -           -      (93,826)      -          -        (93,826)    (93,826)
                                         ---------   -------  -----------  ----------  -------  ---------     ----------  ----------
 Balance at December 31, 1999            4,348,114     4,348   4,729,825   (4,687,199)(60,000)   (16,000)       (29,026)   (109,826)
                                                                                                                         ==========

     Issuance of common stock in connection
        with settlement                     20,000        20       1,980            -       -          -          2,000

     Cancellation of treasury stock     (1,000,000)   (1,000)    (59,000)           -  60,000          -              -

     Settlement of accrued salary        1,000,000     1,000     161,500            -       -          -        162,500

     Sale of warrants                            -         -         650            -       -          -            650

     Unrealized loss on investment               -         -           -            -       -    (90,000)       (90,000)    (90,000)

     Net loss                                    -         -           -     (33,341)       -           -        (33,341)   (33,341)
                                           ---------  -------  -----------  ----------  -------  ---------    ----------  ----------
 Balance at December 31, 2000            4,368,114     4,368   4,834,955  (4,720,540)       -    (106,000)        12,783   (123,341)
                                                                                                                          ==========
     Net loss                                    -         -           -     (26,832)       -           -        (26,832)   (26,832)

     Unrealized loss on investment               -         -           -           -        -     (15,000)       (15,000)   (15,000)
                                         ---------   -------  ----------  ----------      -------  ---------  ----------  ----------
 Balance at December 31, 2001            4,368,114  $  4,368  $4,834,955 $(4,747,372)  $    -   $(121,000) $     (29,049) $ (41,832)
                                         =========   =======  ==========  ==========      ======= =========    ========== ==========
</TABLE>

                       See notes to financial statements.

                                       F-4
<PAGE>
                             GLOBAL GOLD CORPORATION
                        (A Development Stage Enterprise)

                            STATEMENTS OF CASH FLOWS

<TABLE>
<CAPTION>
                                                                            Years Ended             January 1, 1995
                                                                            December 31,                through
                                                                      ---------------------------     December 31,
                                                                          2001           2000            2001
                                                                      ------------   ------------   ----------------
                                                                                                        (Note 1)
 CASH FLOWS FROM DEVELOPMENT STAGE
       ACTIVITIES:
<S>                                                                 <C>            <C>            <C>
       Net Loss                                                     $     (26,832) $     (33,341) $      (1,839,724)
                                                                      ------------   ------------   ----------------
       Adjustments to reconcile net loss to net cash used in operating
           activities:
                Provision for bad debt                                          -              -            325,000
                Gain on sale of Armenia mining interests                        -              -           (268,874)
                Write-off of mining investment in Georgia                       -              -         -  135,723
       Changes in assets and liabilities:
           Organization costs                                                   -              -             (9,601)
           Accounts receivable and deposits                                     -              -               (154)
           Accounts payable and accrued expenses                           22,852         35,619            365,532
                                                                      ------------   ------------   ----------------
 NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES                       (3,980)         2,278         (1,292,098)
                                                                      ------------   ------------   ----------------
 CASH FLOW FROM INVESTING ACTIVITIES:
       Proceeds from sale of Armenia mining interests                           -              -          1,891,155
       Investment in certain mining                                                                               -
           interests - net of financing                                         -              -           (153,494)
       Deferred costs - mining interests                                        -              -           (878,858)
                                                                      ------------   ------------   ----------------
 NET CASH PROVIDED BY INVESTING ACTIVITIES                                      -              -            858,803
                                                                      ------------   ------------   ----------------

 CASH FLOW FROM FINANCING ACTIVITIES:
       Net proceeds from private
           placement offering                                                   -              -            421,573
       Advances from related party                                         13,500                            13,500
       Sale of warrants                                                         -            650                650
       Warrants exercised                                                       -              -                100
                                                                      ------------   ------------   ----------------
 NET CASH PROVIDED BY FINANCING ACTIVITIES                                 13,500            650            435,823
                                                                      ------------   ------------   ----------------
 NET INCREASE IN CASH                                                       9,520          2,928              2,528

 CASH - beginning of period                                                 4,360          1,432             11,352
                                                                      ------------   ------------   ----------------
 CASH - end of period                                               $      13,880  $       4,360  $          13,880
                                                                      ============   ============   ================

 SUPPLEMENTAL CASH FLOW INFORMATION

       Cash paid during the year for:
           Income taxes paid                                        $           -  $           -  $           2,683
                                                                      ============   ============   ================
           Interest paid                                            $           -  $           -  $          15,422
                                                                      ============   ============   ================
       Non-cash financing and investing activities:
           Settlement of accrued salary                             $           -  $     162,500  $         162,500
                                                                      ============   ============   ================
           Issuance of stock in connection with
                settlememt                                          $           -  $       2,000  $           2,000
                                                                      ============   ============   ================
</TABLE>
                       See notes to financial statements.

                                       F-5
<PAGE>





                             GLOBAL GOLD CORPORATION
                        (A Development Stage Enterprise)

                          NOTES TO FINANCIAL STATEMENTS

                     YEARS ENDED DECEMBER 31, 2001 AND 2000


1.       ORGANIZATION AND BUSINESS

         Global Gold Corporation (the "Company") was incorporated as Triad
         Energy Corporation in the State of Delaware on February 21, 1980 and,
         as further described hereafter, had no operating or development stage
         history from its inception until January 1, 1995. During 1995, the
         Company changed its name from Triad Energy Corporation to Global Gold
         Corporation to pursue certain gold and copper mining rights in the
         former Soviet Republics of Armenia and Georgia. As part of the plan to
         acquire the mining interests and raise venture capital, the Company
         increased the number of shares authorized to be issued from ten million
         to one hundred million, and commenced a private placement offering to
         raise $500,000.

         The accompanying financial statements present the available development
         stage activities information of the Company from January 1, 1995, the
         period commencing the Company's operations as Global Gold Corporation
         through December 31, 2001.

2.       SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

         a.    Basis of  Presentation  -. These  financial  statements have been
               prepared  assuming  that the  Company  will  continue  as a going
               concern.  Since its inception,  the Company,  a development stage
               enterprise, has yet to generate revenues while incurring costs in
               excess of $1,800,000. Management is currently pursuing additional
               investors  and lending  institutions  interested in financing the
               Company's  projects.  However,  there  is no  assurance  that the
               Company  will  obtain the  financing  that it requires or achieve
               profitable  operations.  The Company expects to incur  additional
               losses   for  the  near  term  until  such  time  as  it  derives
               substantial  revenues from its  investment in First Dynasty Mines
               Ltd.  or  other  future  projects.   The  accompanying  financial
               statements do not include any adjustments that might be necessary
               should the Company be unable to continue as a going concern.

         b.    Use of Estimates - The  preparation  of financial  statements  in
               conformity with generally accepted accounting principles requires
               management  to make  estimates  and  assumptions  that affect the
               reported  amounts of assets and  liabilities  and  disclosure  of
               contingent  assets and  liabilities  at the date of the financial
               statements  and the  reported  amounts of revenues  and  expenses
               during the  reporting  period.  Actual  results could differ from
               those estimates.

                                      F-6
<PAGE>

         c.    Fair Value of Financial  Instruments  - The  Company's  financial
               includes cash,  marketable  securities and accounts payable.  The
               Company  believes that the carrying amounts of these accounts are
               reasonable   estimates  of  their  fair  value   because  of  the
               short-term nature of such instruments.

         d.    Net Loss  Per  Share - Basic  net loss per  share is based on the
               weighted  average number of common and common  equivalent  shares
               outstanding.   Potential   common   shares   includable   in  the
               computation  of fully diluted per share results are not presented
               in  the   financial   statements   as  their   effect   would  be
               anti-dilutive.

         e.    Stock Based  Compensation  - the Company  accounts  for  employee
               stock  transactions  in  accordance  with  APB  Opinion  No.  25,
               "Accounting  For Stock  Issued to  Employees".  The  Company  has
               adopted the pro forma  disclosure  requirements  of  Statement of
               Financial  Accounting  Standards No. 123,  "Accounting  For Stock
               Based   Compensation".   The  Company   accounts  for  all  stock
               transactions  other than with  employees in accordance  with SFAS
               No. 123, based on their fair value of the consideration  received
               or the fair value of the equity instruments issued,  whichever is
               more reliably measurable.

         f.    Comprehensive  Income - The  Company  has  adopted  Statement  of
               Financial  Accounting  Standards No. 130 ("SFAS 130")  "Reporting
               Comprehensive  Income".  Comprehensive income is comprised of net
               income (loss) and all changes to the statements of  stockholders'
               equity, except those due to investments by stockholders,  changes
               in paid-in capital and distribution to owners.

         g.    Income  Taxes - The  Company  accounts  for  income  taxes  under
               Statement of Financial Accounting  Standards No.109,  "Accounting
               for Income  Taxes" (SFAS  No.109).  Pursuant to SFAS No.109,  the
               Company  accounts  for income taxes under the  liability  method.
               Under the liability  method, a deferred tax asset or liability is
               determined  based upon the tax effect of the differences  between
               the financial  statement and tax basis of assets and  liabilities
               as  measured  by the  enacted  rates that will be in effect  when
               these differences reverse.

         h.    Marketable   Securities  -  The  Company's   available  for  sale
               securities consist of certain equity securities not classified as
               trading  securities  nor as  securities  to be  held-to-maturity.
               Securities  available  for sale are  carried  at fair  value with
               unrealized  gains  and  losses  reported  in other  comprehensive
               income.  Realized  gains and losses on  securities  available for
               sale are included in other income (expense) and, when applicable,
               are  reported as a  reclassification  adjustment,  net of tax, in
               other  comprehensive  income.  Gains  and  losses  on the sale of
               available  for  sale   securities   are   determined   using  the
               specific-identification method.



                                      F-7
<PAGE>



               Declines  in  fair  value  on   individual   available  for  sale
               securities  below their cost that are other than temporary  would
               result in the  write-downs of the individual  securities to their
               fair value. The related write-downs would be included in earnings
               as realized losses.

         i.    New Accounting Standards

                  - In July  2001,  the  Financial  Accounting  Standards  Board
                    issued Statement of Financial  Accounting Standards ("SFAS")
                    No. 141 "Business  Combinations"  and SFAS No. 142 "Goodwill
                    and  Intangible  Assets  ("SFAS  No.  142").  SFAS  No.  141
                    requires  that all  business  combinations  initiated  after
                    December 31, 2001 be accounted for using the purchase method
                    of    accounting    and    prohibits    the   use   of   the
                    pooling-of-interests method for such transactions.  SFAS No.
                    142 applies to all goodwill and intangible  assets  acquired
                    in a  business  combination.  Under  the new  standard,  all
                    goodwill,   including   goodwill   acquired  before  initial
                    application  of the  standard,  should not be amortized  but
                    should be tested for  impairment  at least  annually  at the
                    reporting  level,  as  defined in the  standard.  Intangible
                    assets other than  goodwill  should be amortized  over their
                    useful lives and reviewed for impairment in accordance  with
                    SFAS no. 121. The new standard is effective for fiscal years
                    beginning  after  December 15, 2001.  The Company must adopt
                    this  standard on January 1, 2002.  As of December 31, 2001,
                    the Company had no unamortized goodwill.

                  - In August 2001,  the Financial  Accounting  Standards  Board
                    ("FASB") issued SFAS No. 144, "Accounting for the Impairment
                    or Disposal of Long Lived  Assets." SFAS No. 144  supercedes
                    SFAS No. 121,  "Accounting  for the Impairment of Long Lived
                    Assets and Assets to be Disposed of" and the  accounting and
                    reporting provisions of Accounting  Principles Board Opinion
                    No. 30 "Reporting  the Results of Operations - Reporting the
                    Effects  of   Disposal  of  a  Segment  of   Business,   and
                    Extraordinary, Unusual and Infrequently Occurring Events and
                    Transactions."  SFAS No. 144 also amends Accounting Research
                    Bulletin No. 51,  "Consolidated  Financial  Statements,"  to
                    eliminate  the exception to  consolidation  for a subsidiary
                    for which  control is likely to be  temporary.  SFAS  No.144
                    will be effective for fiscal years  beginning after December
                    15, 2001.

                    The most  significant  changes  made by SFAS No. 144 are (1)
                    goodwill  is  removed  from  its  scope  and  therefore,  it
                    eliminates the requirements of SFAS 121 to allocate goodwill
                    to long lived assets to be tested for impairment, and (2) it
                    describes  a   probability-weighted   cash  flow  estimation
                    approach to apply to situations in which alternative  course
                    of action  to  recover  the  carrying  amount of long  lived
                    assets are under  consideration  or a range is estimated for
                    the amount of possible future cash flows.


                                      F-8
<PAGE>



3.       ACQUISITION OF ARMENIAN MINING INTEREST FROM EYRE

         Pursuant to the Asset Purchase Agreement dated June 1995, the Company
         acquired from Eyre Resources N.L., an Australian corporation, all of
         its potential interest in its Armenian gold mining project (Note 4) and
         all of Eyre's potential interest in its Georgia gold and copper mining
         project (Note 5).

         In January 1998, the Company brought an action against Eyre, the
         Parry-Beaumont Trust, a Singapore trust, and Kevin Parry, individually,
         in the United States District Court for the Southern District of New
         York, seeking damages in excess of $81,000,000 arising out of the
         alleged fraud committed by the defendants.

         The defendants denied such claims and asserted  counterclaims  against
         the Company and Drury J. Gallagher,   Chairman and Robert A. Garrison,
         President.

         A settlement was agreed to on October 13, 1999. In the settlement,
         1,000,000 common shares of First Dynasty Mines Ltd. that were received
         in exchange for the investment in Global Gold Armenia Limited were
         exchanged for 1,000,000 Common Shares of Global Gold Corporation;
         600,000 held by Eyre and 400,000 held by the Parry-Beaumont Trust. All
         outstanding Warrants held by Eyre and the Parry-Beaumont Trust were
         canceled.

         In March 2000, an additional 20,000 shares of common stock were issued
         to Eyre Resources, N.L as a final settlement of obligations resulting
         from the lawsuit.

4.       ARMENIAN JOINT VENTURE AGREEMENT

         On February 2, 1996, the Company and Armgold, a division of the
         Ministry of Industry of the Government of the Republic of Armenia,
         initialed a Joint Venture Agreement (the "Venture") entitled the
         Armenian Gold Recovery Company ("AGRC").

         The first stage of the project for extraction of gold from tailings
         began operations at an official dedication ceremony on February 25,
         1998.

         An agreement to contribute the Zod and Meghradzor mines to the Venture
         was signed on September 30, 1997 and approved by the Armenian
         government on June 25, 1998 based on a feasibility study prepared by a
         joint venture between Kilborn-SNC Lavalin and CMPS&F, and submitted on
         June 8, 1998.

         An agreement was entered into with First Dynasty Mines Ltd. on July 24,
         1998, transferring the Company's interest in AGRC in exchange for
         4,000,000 Special Warrants exchangeable at no cost into common shares
         of First Dynasty. In 1998 the Company recognized a gain of $268,874 in
         the exchange.

                                      F-9
<PAGE>

5.       GEORGIAN AGREEMENT

         The Company also acquired from Eyre rights under a Foundation Agreement
         dated April 22, 1995 (including a Charter for a joint venture company)
         with R.C.P.A. Madneuli, a Georgian state enterprise, in connection with
         carrying out certain mining activities on the Madneuli deposit. The
         Company was subsequently advised that the application for the license
         required to be filed with the Georgian government had not been filed,
         and it had no definitive agreement granting it fixed rights to mining
         production or processing in Georgia.

         The Company thereafter learned that the Georgian government was
         planning to privatize the development of the Madneuli mine through a
         public bidding process which was slated to end on April 15, 1997. Since
         the structure of the Madneuli mining project under the public tender
         differed  markedly from that contemplated under the Asset Purchase
         Agreement between the Company and Eyre dated as of June 30, 1995, the
         Company decided not to submit a bid for the development of the Madneuli
         mining project. As of December 31, 1997, the Company wrote off its
         investment in the Georgian mining property resulting in a loss of
         $135,723.

6.       NOTE RECEIVABLE

         In April 1993, the Company held a note receivable from Jet-Line
         Environmental Services, Inc. for $300,000 bearing interest at prime
         plus 2.0%.

         Jet-Line had defaulted on prior balloon payment obligations and was in
         default of its current interest requirements.

         The Company had been notified by the Business Loan Center, who made a
         U.S. Small Business Administration guaranteed loan to Jet-Line of
         $550,000 in 1994, that it would liquidate the Jet-Line assets, as to
         which it held a senior security interest. The Company thereafter
         unsuccessfully disputed the Business Loan Center's position as a senior
         secured creditor in late 1997. After determining that, among other
         things, the value of the assets held by it as collateral was
         negligible, the Company decided to write off the Jet-Line loan as
         worthless.

7.       DUE TO RELATED PARTIES

         Due to related parties of $35,718 represents non-interest bearing
         advances from officers/stockholders of the Company.

8.       PRIVATE PLACEMENT MEMORANDUM

         Pursuant to a Private Placement Offering (the "Offering") dated May 17,
         1995, as amended, the Company issued $500,000 of 10% Convertible Notes
         due December 31, 1996. Expenses in connection with the Offering were
         $78,427.

                                      F-10
<PAGE>



         Each $1,000 Convertible Note entitled the holder to 400 shares of
         common stock and warrants to purchase 800 shares of common stock at an
         adjusted exercise price of $.50 per share at any time before December
         31, 1998. The exercise price was subsequently reduced
         to $.125 per share to reflect the current market valuation as
         determined by management and the exercise date was extended to December
         31, 1999. The exercise date was further extended to December 31, 2000
         at which time the warrants expired.

         In accordance with the Offering, interest was not payable on the
         Convertible Notes so long as they were converted to equity within a
         specified time frame. After the December 1, 1995 Eyre closing, the
         entire $500,000 of Convertible Notes were exchanged for 200,000 shares
         of Common Stock after the Reverse Split.

8.       OFFICERS' COMPENSATION, INCENTIVE STOCK OPTIONS AND STOCK APPRECIATION
         RIGHTS

         Management presently consists of Mr. Drury J.  Gallagher and Mr. Robert
         A. Garrison.  Mr.  Gallagher had been  President of the Company and a
         stockholder  since 1981;  he is  currently  Chairman of the Company.
         Mr. Garrison was hired in April 1995 to  oversee  mining  and  related
         financing  activities,  and is currently President.

         On January 3, 1997, the Board of Directors of the Company approved the
         issuance of 1,000,000 shares of its common stock to each of Messrs.
         Gallagher and Garrison in exchange for $100,000 in accrued salary each
         plus cancellations of stock options and stock appreciation rights (the
         "SARs") and personal guarantees up to $500,000.

         In March 2000, the Company paid Mr. Gallagher accrued salary from prior
         years of $162,500 by issuing 1,000,000 shares of its common stock.

9.       INCOME TAXES

         The Company accounts for income taxes under Statement of Financial
         Accounting Standards No. 109, Accounting for Income Taxes ("SFAS No.
         109"). SFAS No. 109 requires the recognition of deferred tax assets and
         liabilities for both the expected impact of differences between the
         financial statements and tax basis of assets and liabilities, and for
         the expected future tax benefit to be derived from tax loss and tax
         credit carry forwards. SFAS No. 109 additionally requires the
         establishment of a valuation allowance to reflect the likelihood of
         realization of deferred tax assets. At December 31, 2001, the Company
         had net deferred tax assets of $760,000. The Company has recorded a
         valuation allowance for the full amount of the net deferred tax assets.


                                      F-11
<PAGE>


          The following table illustrates the source and status of the Company's
          major deferred tax assets:

             Net operating loss carryforward           $                747,000
             Valuation allowance                                       (747,000)
                                                       -------------------------
             Net deferred tax asset recorded           $                      -
                                                       =========================


          The provision for income taxes for year ended December 31, 2001 and
          2000 differs from the amount computed by applying the statutory
          federal income tax rate to income before income taxes as follows:

<TABLE>
<CAPTION>
                                                                                                       2000
                                                                            2001
                                                                        -----------------      ---------------------
<S>                                                                    <C>                    <C>
             Income tax benefit computed at statutory rate             $    (9,000)           $       (11,000)
             Tax benefit not recognized                                      9,000                     11,000
                                                                        -----------------      ---------------------
             Provision for income taxes                                $           -          $           -
                                                                        =================      =====================
</TABLE>

          The Company has net operating loss carry forwards for tax purposes of
          approximately $1,868,000 at December 31, 2001expiring in the years
          2004 to 2021. A significant portion of these carry forwards are
          subject to limitations on annual utilization due to "equity structure
          shifts" or "owner shifts" involving "5 percent stockholders" (as
          defined in the Internal Revenue Code), which resulted in more than a
          50 percent change in ownership.

10.       STOCKHOLDER'S EQUITY

          a.      Reverse stock split - The Company filed its
                  Certificate of Amendment to the Certificate of Incorporation
                  with respect to a 1 for 10 reverse split with the Delaware
                  Secretary of State on December 31, 1996. Such step was taken
                  by the written consent of the holders of a majority of the
                  Company's issued and outstanding shares of common stock.

          b.      Treasury stock - As part of the settlement with Eyre
                  and the Parry-Beaumont Trust, 1,000,000 common shares of First
                  Dynasty Mined Ltd. with a market value of $60,000 on October
                  13, 1999 were exchanged for 1,000,000 previously issued and
                  outstanding common shares of Global Gold Corporation held by
                  Eyre (600,000) and the Parry-Beaumont Trust (400,000)

                  On March 15, 2000, the Company issued 1,000,000 restricted
                  common shares out of its treasury to the Company's Chairman
                  and Chief Executive Officer, Drury Gallagher, for accrued
                  salary of $162,500 or $0.1625 per share.

                                      F-12
<PAGE>

          c.      Stock Warrants

                  On October 31, 2000, the Company sold, for $0.005 per share,
                  warrants to purchase 130,000 shares of Common Stock of the
                  Company at an exercise price of $0.25 per share, expiring on
                  October 31, 2003.

                  On October 31, 2000, the Company granted warrants to purchase
                  100,000 shares of the Common Stock of the Company at an
                  exercise price of $0.25 per share, expiring on October 31,
                  2003, to each of Drury J. Gallagher, the Company's Chairman
                  and Robert A. Garrison, the Company's President, in
                  consideration of their prior services to the Company.

                  Issuances of stock warrants and their outstanding balances as
                  of December 31, 2001 and 2000 are as follows:

                                                               Weighted
                                                               Average
                                                               Exercise
                                                Warrants       Price
                                            -------------    --------------
                 Balance at December 31, 1999   400,000            $0.125
                 Granted                        200,000            $0.250
                 Sold                           130,000            $0.250
                 Expired                       (400,000)          ($0.125)
                                             -----------    --------------
                 Balance at December 31, 2000   330,000            $0.250
                 Granted                              -                 -
                 Sold                                 -                 -
                 Expired                              -                 -
                                            ------------    --------------
                 Balance at December 31, 2001   330,000            $0.250
                                            ------------    --------------


                  The  following  is  additional  information  related  to  the
                  Company's  warrants as of December 31, 2001
<TABLE>
<CAPTION>

                                                   Weighted      Weighted
                                                   Average       Average
                 Exercise Price  Outstanding       Remaining     Exercise     Exercisable
                                  Warrants         Contractual   Price        Warrants
                                                   Life
                 --------------  -----------       -----------   --------     ----------
<S>                 <C>           <C>               <C>           <C>           <C>
                    $0.25         330,000           1.83          $0.25         330,000
</TABLE>


                                      F-13
<PAGE>


         d.       Stock Options And Awards

                  The Company adopted the 1995 Stock Option Plan under which a
                  maximum of 500,000 shares of Common Stock may be issued
                  (subject to adjustment for stock splits, dividends and the
                  like). The Company has no options or awards outstanding under
                  the 1995 Stock Option Plan, and the Company made no grants or
                  awards thereunder during the years ended December 31, 2001 and
                  2000.

11.      FIRST DYNASTY MINES, LTD.

         The Company, GGA and First Dynasty, a Canadian public company, entered
         into a preliminary agreement dated January 27, 1997, whereby First
         Dynasty agreed to advance funds in stages necessary for the development
         of the Armenian mining projects.

         The Company and First Dynasty entered into a definitive agreement dated
         May 13, 1997, reflecting the final agreement of the parties with
         respect to the Armenian mining projects (the "FDM Agreement").

         The Company and GGA, in conjunction with First Dynasty, negotiated for
         AGRC to develop the Zod and Meghradzor mines and concluded the amended
         Armenian Joint Venture Agreement on September 30, 1997. First Dynasty
         agreed to advance a maximum of $24,510,000 under the FDM Agreement. All
         funds advanced by First Dynasty will be advanced to GGA as debt, which
         is convertible into stock of GGA at First Dynasty's option, or is
         automatically converted into such stock under certain circumstances,
         with $24,510,000 equal to 80% of the capital stock of GGA. Upon
         obtaining 80% of the capital stock of GGA, or upon making aggregate
         advances of $24,510,000, First Dynasty would be entitled to acquire the
         remaining 20% of the outstanding capital stock of GA within 18 months
         after making such total advances, by issuance of 4,000,000 special
         warrants.

         On July 24, 1998, First Dynasty and the Company entered into an
         agreement to accelerate the issuance of the 4,000,000 special warrants.
         The 4,000,000 special warrants are exchangeable into 4,000,000 common
         shares of First Dynasty Mines Ltd. at no cost within one year or with
         the public offering of common shares, whichever comes first. The common
         shares were valued at 13/64 on the Toronto Stock Exchange or US$.128 on
         August 31, 1998. For reporting purposes, the shares were discounted 50%
         for absence of a market for the warrants, lack of trading volume and
         future dilution.

         In September 1999, the warrants were exchanged for 4,000,000 shares of
         First Dynasty Mines Ltd. common stock.

         In October 1999, as noted in Note 10, the Company reacquired 1,000,000
         shares of its outstanding common stock in exchange for 1,000,000 shares
         of First Dynasty Mines Ltd. As a result, total stock of First Dynasty
         Mines Ltd. owned by the Company amounted to 3,000,000 shares. The

                                      F-14
<PAGE>

         Company has classified its investment as available-for-sale securities
         on the accompanying balance sheet. At December 31, 2001, the shares,
         based on market value quotations, were valued at $75,000.

          The Company will retain the right until December 31, 2009 to elect to
         participate at a level of up to twenty percent with First Dynasty or
         any of its affiliates in any exploration project undertaken in Armenia.

         In connection with the First Dynasty  financing,  the  Company  paid a
         Finder's Fee of 125,000 shares of its common  stock to each of Walker
         Investments  Ltd. and Alpine Holdings  Ltd.  at $.10 per  share  which
         approximated fair market value as determined by management at the time.






                                      F-15