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

                                   FORM 10-KSB

(Mark One)

/X/      15, 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,
         1999

/  /    15, 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) 773-8975

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 /X/ 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, 1999
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 $123,966(1).

As of December 31, 1999 there were 3,348,114 Shares of the  registrant's  Common
Stock outstanding (2) (3).

---------------
(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").

(3)      This number excludes  1,000,000  shares  repurchased  and  recorded  as
         Treasury Stock.

ITEM 1   DESCRIPTION OF BUSINESS

(A)      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.  The
         Company is currently in the pre-development  stage and has not received
         any revenues from mining  activities as of December 31, 1999 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").

(B)      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


<PAGE>



         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.

(C)      GEORGIAN MINING PROJECT

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

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


<PAGE>



         (b)   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,
               1999 was U.S. $0.06.  As of December 31, 1999,  First Dynasty had
               146,237,008  shares of common stock issued and  outstanding,  and
               warrants,  options and convertible  notes to purchase  41,740,000
               shares of common stock  outstanding on such date. Since there are
               outstanding  special  warrants to purchase 31.6 million shares of
               First  Dynasty  at prices  ranging  from  $0.29 to $0.42 over the
               period ending January 31, 2002, the shares purchasable thereunder
               will,  in the  Company's  view,  pose an  overhang on the trading
               market and  adversely  affect any upward  price  movement  in the
               shares of the common stock of First Dynasty.

         (c)   Employees.   As  of  December  31,  1999,  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,  and one independent  contractor
               who provides  administrative and clerical services on a part-time
               basis.

(E)      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, 1999
         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 and 1998
         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.


<PAGE>



         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.

         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.  However, 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


<PAGE>



         Drury J.  Gallagher,  the Chairman  and Chief  Executive  Officer,  and
         Robert  A.  Garrison,   the  President  and  Chief  Operating  Officer,
         currently own 1,108,451 and 1,000,000 shares  respectively,  or a total
         of  2,108,451  shares,  out of the  3,348,114  shares of the  Company's
         Common Stock issued and outstanding as of December 31, 1999. If Messrs.
         Gallagher  and Garrison act in concert,  they control 63% of the issued
         and  outstanding  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.

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  common  shares of First  Dynasty  were  exchanged  for 600,000
         Common Shares of the Company held by Eyre and 400,000  common shares of
         First Dynasty were  exchanged for 400,000 shares of the Company 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.


<PAGE>



         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.

         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 Common Stock is not publicly traded on any market.

         (b)    As  of   December  31,  1999,  there  were  approximately  1,100
                holders of record of the Company's Common Stock.

         (c)    The Company  did  not pay or declare any cash  dividends  on its
                common stock   during  its last two fiscal years ended  December
                31, 1998 and December 31, 1999.

         (d)    As  of  December  31,  1999,  the Company  was  prohibited  from
                paying any   dividends  on  its common stock due to its negative
                equity position.

         (e)    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, 1999, the Company's  total assets were $181,432,  of
         which $1,432 consisted of cash or cash equivalents.


<PAGE>



         The Company's plan of operation for calendar year 2000 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 areas.

         The  Company   needs   financing  to  meet  its   anticipated   monthly
         administrative  expenses  of $3,000  (exclusive  of  accrued  officers'
         compensation),  plus additional amounts for legal and accounting costs.
         Prior to the commencement of the litigation described in Part I, Item 3
         hereof,  the  Company  anticipated  that  it  might  obtain  additional
         financing  in 1999 from the  holders of its  Warrants.  Pursuant to the
         Offering of $500,000  principal amount of the Convertible  Notes of the
         Company,  the Company issued Warrants to purchase  4,000,000  shares of
         its Common  Stock.  By virtue of the Reverse  Split,  the Warrants were
         converted  into  Warrants to purchase  400,000  shares of the Company's
         Common Stock at an exercise price of $0.50 per share and the expiration
         date  extended  until  December  31, 1997.  On December  31, 1997,  the
         Company amended the Warrants to reduce the exercise price to $0.125 per
         share and to extend the  expiration  date until  December 31, 1999, and
         recently  extended the expiration  date until December 31, 2000. If the
         Warrants were exercised in full,  the Company would receive  $50,000 in
         gross proceeds. However, the Company does not believe that the Warrants
         will be  exercised  under  existing  circumstances,  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  through the
         exercise of the Warrants (which the Company  considers  highly remote),
         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  2000 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 2000.

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, 1999 (by Feldman  Sherb  Horowitz &
         Co.,  P.C.) and December  31, 1998 (by Marks Shron & Company,  LLP) 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


<PAGE>



         For the year ended  December 31, 1999,  Feldman  Sherb  Horowitz & Co.,
         P.C. replaced Marks Shron & Company, LLP as accountants.

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         61       Chairman,  Chief Executive Officer,
                                             Treasurer and Director

         Robert A. Garrison         58       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.

         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,
                  1999 for services  rendered in all capacities  during calendar
                  years 1999, 1998, 1997 and 1996:

<PAGE>

<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>

Drury J. Gallagher,   1999  $   -0-       -0-            -0-                -0-                -0-               -0-           -0-
Chairman, Chief       1998  $112,500      -0-            -0-                -0-                -0-               -0-           -0-
Executive Officer     1997  $125,000      -0-            -0-                -0-                -0-               -0-           -0-
and Treasurer         1996  $100,000      -0-            -0-                -0-             250,000 shares       -0-           -0-
(the Company's Chief
Executive Officer)

Robert A. Garrison,   1999  $   -0-       -0-            -0-                -0-                -0-               -0-           -0-
President, Chief      1998  $   -0-                      -0-                -0-                -0-               -0-           -0-
Operating Officer     1997  $ 13,333      -0-            -0-                -0-                -0-               -0-           -0-
and Secretary         1996  $100,000      -0-            -0-                -0-             250,000 shares       -0-           -0-
</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, 1999.

         (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,  1999
                  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       1,132,451(2)                  33.8
                     107 Eakins Road
                     Manhasset, NY 11030

  Common             Robert A. Garrison       1,000,000(3)                  29.9
                     44 Lords Highway East
                     Weston, CT 06883
---------------
1)    For purposes of this table, a person or group is deemed to have beneficial


<PAGE>



                           ownership  of any shares  which  such  person has the
                           right to acquire  within 60 days after  December  31,
                           1999. 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, 1999 are deemed to
                           be   outstanding,   but  not  for  the   purpose   of
                           calculating  the  percentage  ownership  of any other
                           person.

                  (2)      This amount  includes  24,000  shares of common stock
                           issuable  upon the exercise of the Warrants  acquired
                           by Mr. Gallagher  pursuant to the Offering.  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.

                           Mr. Gallagher disclaims any beneficial interestin the
                           20,000 shares  of  the  Company's  Common  Stock  and
                           40,000  shares  of  Common  Stock  issuable  upon the
                           exercise  of  the  Warrants  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)      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,  1999
                  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      1,132,451(2)              33.8(2)
                       107 Eakins Road
                       Manhasset, NY 11030

    Common             Robert A. Garrison      1,000,000(3)              29.9(3)
                       44 Lords Highway East
                       Weston, CT 06883

                                              ----------------        ----------
                           Total               2,132,451                    63.7

         (b)      As of  December  31,  1999,  except  as  described  in Item 12
                  hereof,  there were no arrangements in effect which may result
                  in a change of  control  of the  Company,  after  taking  into
                  account the effects of the Restructuring  Agreements discussed
                  above.

------------------
                  (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,  1999.  For  purposes  of
                           calculating the percentage of


<PAGE>



                           outstanding  shares held by each person named herein,
                           any shares which such person has the right to acquire
                           within 60 days after  December 31, 1999 are deemed to
                           be   outstanding,   but  not  for  the   purpose   of
                           calculating  the  percentage  ownership  of any other
                           person.

                  (2)      This amount  includes  24,000  shares of common stock
                           issuable  upon the exercise of the Warrants  acquired
                           by Mr. Gallagher  pursuant to the Offering.  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.

                           Mr. Gallagher disclaims  any  beneficial  interest in
                           the 20,000  shares of the Company's Common  Stock and
                           40,000  shares  of  Common  Stock issuable  upon  the
                           exercise  of  the  Warrants  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)      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.

ITEM 12.          CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

         (A)      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.

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, 1999 and December
                  31, 1998.


<PAGE>




         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.

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:   May 15, 2000

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,  May 15 ___, 2000
----------------------      Treasurer and Director (Principal
     Drury J. Gallagher     Executive and Financial Officer


/S/ ROBERT A. GARRISON      President, Chief Operating              May 15, 2000
----------------------      Officer, Secretary and Director
     Robert A. Garrison


<PAGE>





                             GLOBAL GOLD CORPORATION
                          (A Development Stage Company)

                              Financial Statements
                                December 31, 1999

                                                                            PAGE

  Independent Auditors' Reports                                        F-1 - F-2

         Balance Sheet - as of December 31, 1999                             F-3

         Statements  of  Income  and  (Loss)  - for the  years  ended
         December 31, 1999 and 1998 and the development  stage period
         January 1, 1995 through December 31, 1999                           F-4

         Statement of Changes in Stockholders Equity - for the
         years ended December 31, 1999 and 1998 and the
         development stage period January 1, 1995 through
         December 31, 1999                                             F-5 - F-6

         Statements of Cash Flows - for the years ended
         December 31, 1999 and 1998 and the development stage
         period January 1, 1995 through December 31, 1999              F-7 - F-8

         Notes to Financial Statements                                F-9 - F-14


<PAGE>



                          INDEPENDENT AUDITORS' REPORT

         Board of Directors and Stockholders
         Global Gold Corporation

                  We have audited the accompanying  balance sheet of Global Gold
         Corporation (A  Development  Stage Company) as of December 31, 1999 and
         the related  statements of operations,  shareholders'  deficit and cash
         flows for the year ended  December  31,  1999 and for the  period  from
         January 1, 1995 (inception of development  stage) through  December 31,
         1999.  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 audit.

                  We conducted our audit in accordance  with generally  accepted
         auditing  standards.  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 audit provides a reasonable basis for
         our opinion.

                  In our opinion,  the  financial  statements  referred to above
         present fairly,  the financial  position of Global Gold  Corporation (A
         Development  Stage  Company) as of December 31, 1999 and the results of
         its  operations and its cash flows for the year ended December 31, 1999
         and for the period  from  January  1, 1995  (inception  of  development
         stage) through December 31, 1999 in conformity with generally  accepted
         accounting principles.

                  The  accompanying  financial  statements  have  been  prepared
         assuming  that  the  Company  will  continue  as a  going  concern.  As
         discussed in Note 4 to the financial  statements,  the Company 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 4 to the
         financial  statements.  The  accompanying  financial  statements do not
         include any adjustments  that might result should the Company be unable
         to continue as a going concern.

                                          /s/ Feldman Sherb Horowitz & Co., P.C.
                                              Feldman Sherb Horowitz & Co., P.C.
                                                    Certified Public Accountants

         New York, New York
         April 20, 2000


                                       F-1
<PAGE>
                          INDEPENDENT AUDITORS' REPORT

To the Board of Directors and Stockholders
of Global Gold Corporation

We have  audited  the  balance  sheet  (not  presented  herein)  of Global  Gold
Corporation  (a  development  stage  company) as of December 31,  1998,  and the
related  statements of income and (loss),  stockholders'  equity, and cash flows
for the year ended December 31, 1998 and the development stage period January 1,
1995  through   December  31,  1998.   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.

We  conducted  our  audits  in  accordance  with  generally   accepted  auditing
standards.  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,  based on our audits, the financial statements referred to above
present fairly, in all material respects,  the financial position of Global Gold
Corporation  as of December 31, 1998,  and the results of its operations and its
cash flows for the year ended December 31, 1998 and the development stage period
January 1, 1995 through December 31, 1998, in conformity with generally accepted
accounting principles.

The  accompanying  financial  statements  have been  prepared  assuming that the
Company  will  continue  as a  going  concern.  As  discussed  in  Note 4 to the
financial  statements,  management must secure significant  additional  investor
and/or lender  financing and  ultimately  must commence  profitable  operations.
These matters raise substantial doubt about the Company's ability to continue as
a going concern.  The financial  statements do not include any adjustments  that
might result from the outcome of these uncertainties.

MARKS SHRON & COMPANY LLP

Great Neck, New York
March 25, 1999


                                       F-2
<PAGE>



                             GLOBAL GOLD CORPORATION
                          (A Development Stage Company)
                                  Balance Sheet

                                December 31, 1999

                                                      ASSETS

  CASH                                                            $       1,432
                                                                    ------------



  OTHER ASSETS

         Investment in First Dynasty Mines, Ltd.

         COMMON SHARES                                                  180,000

  TOTAL ASSETS                                                      $   181,432
                                                                      ==========

LIABILITIES AND STOCKHOLDERS' DEFICIT

  ACCOUNTS PAYABLE AND ACCRUED EXPENSES                             $   210,458
                                                                      ----------


STOCKHOLDERS' DEFICIT - EXHIBIT C

  Common stock $0.001 par, 100,000,000 shares authorized

    4,348,114 shares issued and outstanding                               4,348

  Paid in capital - dormant period                                    3,236,602

  Paid in capital - development stage                                 1,493,223

  Deficit - dormant period                                           (2,907,648)

  Deficit - development stage                                        (1,779,551)

  Unrealized loss on securities                                         (16,000)

  Total                                                                  30,974

  DEDUCT COST OF TREASURY STOCK - 1,000,000 SHARES                 (     60,000)
                                                                     -----------

  STOCKHOLDERS' DEFICIT                                            (     29,026)
                                                                     -----------

TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT                        $    181,432
                                                                     ===========

See Independent Auditors' Report and Notes to the Financial Statements

                                       F-3


<PAGE>

<TABLE>
<CAPTION>




                             GLOBAL GOLD CORPORATION

                          (A Development Stage Company)
                         Statements of Income and (Loss)

                                    For the                   For the                 January 1, 1995
                                    Year Ended                Year Ended              (development stage
                                    DECEMBER 31, 1999         DECEMBER 31, 1998       THROUGH DECEMBER 31, 1999)

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

REVENUE                             $      -                  $      -                $        -
                                     ----------------         -----------------       ----------------
<S>                                    <C>                    <C>                         <C>

EXPENSES

 Officers' compensation                    -                  112,500                      550,834

  Legal                                 63,093                 73,761                      605,203

  Accounting and auditing                8,000                 22,500                      131,448

  Transfer agent and securities fees       -                       -                        12,446

  Proxy costs                              -                       -                        26,555

  Rent                                     -                 ( 18,000)                      54,000

  Office expense                        22,107                 29,758                      145,097

  TRAVEL                                   -                       92                       43,234
                                      -------------           ------------             ------------

OPERATING LOSS                      (   93,200)             ( 220,611)                (  1,568,817)

OTHER INCOME (EXPENSES)

  Interest and royalty income               49                    817                        5,428

  Organization costs                       -                      -                   (      4,800)

  Interest Expense                         -                     (601)                (     15,422)

  Provision for bad debts                  -                      -                   (    325,000)

  Write-off investment in Georgia

    mining interests                       -                      -                   (    135,723)

  Gain on sale of interest in

    Global Gold Armenia                    -                  255,999                      268,874

INCOME/(LOSS) BEFORE

 INCOME TAXES                         ( 93,151)                35,604                 (  1,775,460)

  INCOME TAXES                        (    675)              (    660)                (      4,091)
                                      -----------           -----------              --------------

NET INCOME/(LOSS)                     $(93,826)             $  34,944                  $(1,779,551)
                                      ===========           ============             ===============

NET INCOME/(LOSS)
  PER SHARE BASIC
  AND DILUTED                       $(    .033)             $    .008
                                      ==========             ==========

NET LOSS                              $(93,826)                                      $  (1,779,551)

OTHER COMPREHENSIVE
LOSS, NET OF TAX

 Unrealized lost on available-

   FOR-SALE SECURITIES               (  16,000)                   -                    (    16,000)
                                       ----------            ----------                ------------

COMPREHENSIVE LOSS                   $(109,826)              $    -                  $  (1,795,551)
                                      ===========            ==========                ============

See Independent Auditors' Report and Notes to the Financial Statements
</TABLE>

                                       F-4


<PAGE>

<TABLE>
<CAPTION>




                             GLOBAL GOLD CORPORATION

                          (A Development Stage Company)
                  Statement of Changes in Stockholders' Equity


                                                 Paid-In                               Paid-In
                         Issued and              Capital      Deficit     Deficit      Capital      Treasury    Unrealized
                         Outstanding  Common    (Dormant     (Dormant   (Development (Development     Stock       Loss on
                         Shares       Stock      Period)      Period)     Stage)       Stage)       (At Cost)    Security    Total
                         -----------  -------  ----------  -----------   -----------  -----------   ----------   --------- ---------
<S>                       <C>       <C>      <C>         <C>             <C>          <C>            <C>             <C>  <C>

Stockholders' equity
 December 31, 1994         898,074   $89,807  $3,147,693  $(2,907,648)    $    -       $     -        $    -          -    $329,852

Net Loss January 1-
 December 31, 1995             _         -           -            -        (361,345)         -             -          -    (361,345)

Adjustment re: restatement
 of par value                  -    ( 88,909)     88,909          -             -            -             -          -         -

Eyre acquisition         1,000,000     1,000         -            -             -        849,000           -          -     850,000

Proceeds through
private offering           200,000      200          -            -             -        421,373           -          -     421,573
                         -----------  -------  ----------  -----------   -----------  -----------   ----------   --------- ---------

Stockholders' equity

 December 31, 1995       2,098,074    2,098    3,236,602   (2,907,648)    ( 361,345    1,270,373           -          -   1,240,080

Net loss January 1-
 December 31, 1996             -        -            -            -       ( 668,577)         -             -          -    (668,577)

Warrants exercised              40      -            -            -             -            100           -          -         100
                         -----------  -------  ----------  -----------   -----------  -----------   ----------   --------- ---------

Stockholders' equity
 December 31, 1996 -

 (Carried forward)       2,098,114  $ 2,098   $3,236,602  $(2,907,648)  $(1,029,922)  $1,270,473   $       -     $    -   $ 571,603
                         -----------  -------  ----------  -----------   -----------  -----------   ----------   --------- ---------

</TABLE>

















     See Independent Auditors' Report and Notes to the Financial Statements

                                       F-5


<PAGE>

<TABLE>
<CAPTION>








                             GLOBAL GOLD CORPORATION

                          (A Development Stage Company)
                  Statement of Changes in Stockholders' Equity


                                                 Paid-In                               Paid-In
                         Issued and              Capital      Deficit     Deficit      Capital      Treasury    Unrealized
                         Outstanding  Common    (Dormant     (Dormant   (Development (Development     Stock       Loss on
                         Shares       Stock      Period)      Period)     Stage)       Stage)       (At Cost)    Security    Total
                         -----------  -------  ----------  ------------   -----------  -----------   ----------   --------- --------

<S>                       <C>          <C>     <C>          <C>           <C>         <C>          <C>           <C>      <C>

Stockholders' equity
 December 31, 1996-

 (Brought forward)        2,098,114    $2,098   $3,236,602  $(2,907,648)  $(1,029,922) $1,270,473   $     -       $   -    $571,603
                          ---------    ------   ----------  ------------   ----------  ----------     --------     ------  ---------

Net Loss January 1-
 December 31, 1997              -         -           -             -      (  690,747)        -           -           -    (690,747)

Issuance of Common Stock  2,250,000     2,250         -             -             -       222,750         -           -     225,000

Shareholders' equity
 December 31, 1997        4,348,114    $4,348  $3,236,602   $(2,907,648)  $(1,720,669) $1,493,223         -           -    $105,856
                          ---------    ------   ----------     ---------    ---------   ---------     ---------    -------  --------

Net loss January 1-
 December 31, 1998              -         -           -             -          34,944       -             -           -      34,944

Stockholders' deficit
 December 31, 1998        4,348,114    $4,348  $3,236,602   $(2,907,648)  $(1,685,725) $1,493,223         -           -    $140,800
                         ----------    ------  ----------   ------------  ------------ ----------     ---------     ------ ---------

Net loss
 January 1-
 December 31, 1999              -         -           -           -        (   93,826)      -             -           -     (93,826)

Changes in unrealized
 loss on securities
  available-for-sale            -         -           -           -             -           -             -       (16,000)  (16,000)

Purchase of Treasury
 Stock                          -         -           -           -             -           -         (60,000)        -     (60,000)
                         ----------    ------  ----------   ------------  ------------ ----------     ---------     ------ ---------

Stockholders' deficit
 December 31, 1999       4,348,114    $4,348   $3,236,602   $(2,907,648)  $(1,795,551) $1,493,223    $(60,000)    $(16,000)$(29,026)
                         =========    ======    =========    ===========  ============ ===========   =========     ======== ========

</TABLE>

In 1997 the Company issued  2,000,000  Common Shares in exchange for $200,000 in
accrued salaries and additional consideration.  Also, 250,000 Common Shares were
issued as a finder's fee in connection with the First Dynasty financing.

In 1999 the Company  exchanged  1,000,000  Common  Shares of First Dynasty Mines
Ltd. with a market value of $60,000 for  1,000,000  Common Shares of Global Gold
Corporation.

     See Independent Auditors' Report and Notes to the Financial Statements

                                       F-6


<PAGE>



<TABLE>
<CAPTION>



                             GLOBAL GOLD CORPORATION

                          (A Development Stage Company)
                            Statements of Cash Flows

                                            For the               For the               January 1, 1995
                                            Year Ended            Year Ended            (development
                                            December 31,          December 31,          stage through
                                            1999                  1998                  December 31, 1999

                                            --------------------  -------------------   -------------------------
CASH FLOWS FROM
DEVELOPMENT STAGE

ACTIVITIES:
<S>                                        <C>                    <C>                        <C>

Net Income/(Loss)                           $(93,826)              $     34,944               $(1,779,551)

Adjustments  to  reconcile  net  income/
loss) to net cash  used in  operating
activities:

  Increase (decrease) in:

  Provision for bad debt included
    in net loss                                  -                          -                     325,000

  Write-off of mining investment
    in Georgia                                   -                          -                     135,723

  Organization costs                             -                          -                   (   9,601)

  Gain on sale of Armenia mining
    interests                                    -                     (255,999)                ( 268,874)

  Accounts receivable and deposits            33,347                   ( 33,501)                (     154)

    Accounts payable, accrued
    expenses and miscellaneous                37,288                     12,835                   307,061
                                            ---------                  ---------                ---------

  Net cash used in development

    STAGE ACTIVITIES                       (  23,191)                  (241,721)               (1,290,396)
                                             ---------                 ---------                ----------




CASH FLOW FROM INVESTING ACTIVITIES:

 Proceeds from sale of Armenia
    mining interests (net of Note
    Receivable)                                   -                         -                   1,891,155
  Collection of Note Receivables                  -                     200,000                       -

  Investment in certain mining
    interests - net of financing                  -                         -                 (   153,494)

  Deferred - mining interests                     -                         -                 (   878,858)
                                             ----------               ----------              ------------

Net cash provided by investing
Activities                                        -                     200,000                   858,803
                                             ----------               ----------              ------------



</TABLE>




     See Independent Auditors' Report and Notes to the Financial Statements

                                       F-7


<PAGE>
<TABLE>
<CAPTION>


<S>     <C>    <C>    <C>    <C>    <C>    <C>


CASH FLOW FROM FINANCING ACTIVITIES:

  Net proceeds from private

    placement offering                            -                         -                     421,573

  WARRANTS EXERCISED                              -                         -                         100
                                              ------------            ----------               -----------

Net cash provided  by financing

 ACTIVITIES                                       -                         -                     421,673
                                              ------------            ----------               -----------


NET DECREASE

  IN CASH                                   (  23,191)               (   41,721)              (     9,920)

CASH - BEGINNING                               24,623                    66,344                    11,352
                                              ------------            ----------               -----------

CASH - END                                  $   1,432                 $  24,623              $      1,432
                                              ============            ==========               ===========


SUPPLEMENTAL CASH FLOW INFORMATION

  INCOME TAXES PAID                         $     675              $        66             $        2,683
                                               ===========            ==========              ============

  INTEREST PAID                             $     -                  $     601            $       15,422
                                               ===========            ==========              ============
</TABLE>


In 1995 the Company issued  1,000,000  shares of Common Stock for certain mining
interests,  with an  estimated  value of $850,000  (Note 4). In 1997 the Company
issued  2,000,000 common shares in exchange for $200,000 in accrued salaries and
additional consideration.  Also, 250,000 common shares were issued as a finder's
fee in connection with the First Dynasty financing.

In 1998 the Company  exchanged  its interest in Global Gold Armenia  Limited for
4,000,000 First Dynasty Special Warrants  exchangeable at no cost into 4,000,000
shares of common stock of First Dynasty Mines Ltd. (Note 14).

In 1999 the  Company  exchanged  1,000,000  common  shares of First  Dynasty for
1,000,000 Common Shares of Global Gold Corporation (Note 13).

See Independent Auditors' Report and Notes to the Financial Statements

                                       F-8


<PAGE>



                                              GLOBAL GOLD CORPORATION

                                           (A Development Stage Company)
                                           Notes to Financial Statements

                                                 December 31, 1999

NOTE 1:           ORGANIZATION (AS A DEVELOPMENT STAGE COMPANY) AND
                  ACCOUNTING POLICIES

                  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.

                  During 1995, the Company formed certain  wholly-owned  foreign
                  subsidiaries. Any reference in these statements to the Company
                  may also include  one,  some or all of the  subsidiaries.  All
                  intercompany   transactions   were  eliminated.   The  Company
                  currently maintains a shared office in Garden City, New York.

NOTE 2:           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 balance sheet date, and also the
                  reported amounts of revenues and expenses during the reporting
                  period. Actual results could differ from those estimates.

NOTE 3:           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.

                                       F-9


<PAGE>



NOTE 4:           DEVELOPMENT STAGE COMPANY

                  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.
                  Management  must also be  successful  in  securing  additional
                  investor and/or lender financing. The Company expects to incur
                  operating  losses for the near term and,  in any event,  until
                  such  time  as  it  derives  substantial   revenues  from  its
                  investment  in  First  Dynasty  Mines  Ltd.  or  other  future
                  projects.

NOTE 5:           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  6) and all of  Eyre's  potential
                  interest in its Georgia gold and copper  mining  project (Note
                  7).

                  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.

NOTE 6:           THE 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.

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<PAGE>



                  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.  As of September 30,
                  1998  the  Company  recognized  a  gain  of  $268,874  in  the
                  exchange.

NOTE 7:           THE 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.

NOTE 8:           NOTES RECEIVABLE

                  The   Company   holds   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 has 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.

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<PAGE>





NOTE 9:           CONFIDENTIAL 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.

                  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.

                  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.

NOTE 10:          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. Messrs.  Gallagher  and  Garrison entered
                  into employment agreements with the  Company effective July 1,
                  1995.

                  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.  As of December 31, 1999,
                  accrued salary of $162,500 was due to Mr. Gallagher.

                                      F-12


<PAGE>






NOTE 11:          NON-UNITED STATES WHOLLY-OWNED SUBSIDIARIES/INCOME TAX

                  MATTERS

                  On November 29, 1995,  the Company  formed Global Gold Armenia
                  Limited  and  Global   Gold   Georgia   Limited,   which  were
                  respectively  assigned the Armenian and Georgian mining rights
                  from Eyre at the closing on December 1, 1995 (Note 6). The two
                  subsidiaries  are Cayman Island  entities which were granted a
                  twenty year tax  exemption  from any law of that  jurisdiction
                  which  hereafter  imposes  any tax to be  levied  on  profits,
                  income, gains or appreciation, commencing December 19, 1995.

                  The Company  experienced net operating losses since inception.
                  Since the  Company  is a  development  stage  company  and its
                  ability to obtain future  earnings is  uncertain,  no deferred
                  tax asset has been recorded.

NOTE 12:          NET INCOME/(LOSS) PER SHARE

                  Net  income/(loss)  per share is computed  using the  weighted
                  average number of shares outstanding during the period. Common
                  stock  equivalents  have  not  been  included  in the  diluted
                  earnings per share since the effect would be antidilutive.

NOTE 13:          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.  By virtue of the reverse split,  each
                  stockholder's   number  of  shares  of  common   stock  became
                  one-tenth of the number previously held.

                  All share and per share data in this report have been restated
                  to reflect the reverse stock split, unless otherwise noted.

NOTE 14:          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).

                                      F-13


<PAGE>






NOTE 15:          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$.128 on August 31, 1998. For reporting purposes, the shares
                  were  discounted 50% for absence of a market for the warrants,
                  lack of trading volume and future dilution. In September 1999,
                  the warrants  were  exchanged  for  4,000,000  shares of First
                  Dynasty Mines Ltd.  common stock. As of December 31, 1999, the
                  common  shares were valued at C$.0825 per share on the Toronto
                  Stock  Exchange and US$.06 on the OTC Bulletin  Board and have
                  been  classified  as  available-for-sale   securities  on  the
                  accompanying  balance sheet. 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-14