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, 2000

  / /    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) 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 /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, 2000
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, 2000 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").

    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 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, 2000 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
<PAGE>



   (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 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.

       (A)   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.

    (B)   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.

                                       3
<PAGE>





               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 the  its  Common  Stock  out of its  treasury  to the  Company
               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'   Common  Stock  were   distributed  in
               settlement  of  obligations  owed by the  defendants  on the Eyre
               Resources lawsuit.

         (c)   On October  31,  2000,  the Company  sold,  for $0.005 per share,
               warrants  to  purchase  130,000  shares  of  Common  Stock of the
               Corporation  at an  exercise  price  of $0.25  for each  share of
               Common  Stock of the 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
               granted  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,
               2000 was U.S. $0.03.  As of December 31, 2000,  First Dynasty had
               150,737,017 shares of common stock issued and outstanding.

         (e)   Employees.   As  of  December  31,  2000,  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.

   (C)   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



<PAGE>

         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, 1998 and
         1999 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.

         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


<PAGE>



         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

         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, 2000. 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.

  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


<PAGE>



         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.

         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.


<PAGE>



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, 2000, 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, 1999 and December 31, 2000.

         (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, 2000,  the Company's  total assets were $94,360,  of
         which $4,360 consisted of cash or cash equivalents.

         The Company's plan of operation for calendar year 2001 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.

         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.
         Prior to the commencement of the litigation described in Part I, Item 3
         hereof,  the  Company  anticipated  that  it  might  obtain  additional
         financing  in 2000 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


<PAGE>



         December  31, 1999,  and further  extended  the  expiration  date until
         December 31, 2000. The Warrants  expired on December 31, 2000, and none
         was exercised prior to such date.

         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  2001 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 2001.

  ITEM 7.       FINANCIAL STATEMENTS

         The  audited  financial   statements,   notes  thereto  and  report  of
         independent  certified public  accountants  thereon for the years ended
         December 31, 2000 and  December 31, 1999 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         62       Chairman,
                                              Chief Executive Officer, Treasurer
                                              and Director

          Robert A. Garrison         59       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.


<PAGE>




         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, 2000 for  services  rendered in all
          capacities during calendar years 2000, 1999 and1998.

SUMMARY COMPENSATION TABLE
<TABLE>
<CAPTION>


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

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


Drury J. Gallagher,    2000 $162,500  -0-          -0-            -0-          -0-           -0-         -0-
Chairman, Chief        1999  $  -0-   -0-          -0-            -0-          -0-           -0-         -0-
Executive Officer      1998  $112,500 -0-          -0-            -0-          -0-           -0-         -0-
and Treasurer
(the Company's Chief
Executive Officer)


Robert A. Garrison,    2000 $  -0-    -0-          -0-            -0-          -0-           -0-         -0-
President, Chief       1999 $  -0-    -0-          -0-            -0-          -0-           -0-         -0-
Operating Officer      1998 $  -0-    -0-          -0-            -0-          -0-           -0-         -0-
and Secretary
</TABLE>



  (b)     Stock Options and Awards

          The Company has no options or awards  outstandin  under the 1995 Stock
          Option  Plan,  and the  Company  made no grants  or awards  thereunder
          during the year ended December 31, 2000.

   (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).


<PAGE>





          For a description  of the terms of the 1995 Stoc 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, 2000  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,  2000.  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,  2000 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.
               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.

<PAGE>




          (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, 2000  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

        (b)    As of December 31,  2000,  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 o group is deemed to
                    have  beneficial  ownership  of any shares which such person
                    has the right to acquire  within 60 days after  December 31,
                    2000.  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, 2000 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.

                    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.
<PAGE>


           (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.

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'
          potential  insolvency,  and to increase their proprietary stake as the
          day-to- day  management  of the Company at the request of  prospective
          investment bankin firms and potential  investors with whom the Company
          was then seeking to obtai funding.

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

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





<PAGE>

   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, 2000 and  December  31,
               1999.

         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:         April 12, 2001

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, Executive Officer,         April 12, 2001
    ----------------------   Treasurer and DirectoR (Principal
    Drury J. Gallagher       Chief Executive and Financial Officer)






/S/ ROBERT A. GARRISON      President, Chief Operating            April 12, 2001
    ----------------------  Officer, Secretary and Director
    Robert A. Garrison






<PAGE>


                             GLOBAL GOLD CORPORATION
                        (A Development Stage Enterprise)

                              Financial Statements

                                December 31, 2000


                                                                     Page

         Independent Auditors' Reports                                F-1

         Balance Sheet                                                F-2

         Statements of Operations                                     F-3

         Statement of Changes in Stockholders Equity                  F-4

         Statements of Cash Flows                                     F-5

         Notes to Financial Statements                                F-6 - F-14
<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,  2000 and the  related
statements of operations and cash flows for the year ended December 31, 2000 and
1999 and for the period from  January 1, 1995 through  December 31, 2000.  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.  The cumulative  statements of operations,  changes in  stockholder's
equity and cash  flows for the  period  January  1, 1995 to  December  31,  2000
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  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,  the financial statements referred to above present fairly,
in all material  respects,  the financial position of Global Gold Corporation as
of December  31, 2000 and the results of its  operations  and its cash flows for
the year ended  December  31, 2000 and 1999 and for the period  from  January 1,
1995 through December 31, 2000 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 2a, 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 plan, 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 31, 2001
New York, New York

                                      F-1
<PAGE>



                             GLOBAL GOLD CORPORATION
                        (A Development Stage Enterprise)

                                  BALANCE SHEET

                                DECEMBER 31, 2000


 ASSETS

Cash                                                          $           4,360

Other Assets:
     Investment in First Dynasty Mines, Ltd.                             90,000
                                                                ----------------
                                                              $          94,360
                                                                ================


                      LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES:
     Accounts payable and accrued expenses                    $          81,577
                                                                ----------------



STOCKHOLDERS' EQUITY:
     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               (4,720,540)
     Unrealized gain on investment                                     (106,000)
                                                                ----------------

         TOTAL STOCKHOLDERS' EQUITY                                      12,783
                                                                ----------------
                                                              $          94,360
                                                                ================








                       See notes to financial statements.

                                      F-2
<PAGE>




                             GLOBAL GOLD CORPORATION
                        (A Development Stage Enterprise)

                            STATEMENTS OF OPERATIONS

<TABLE>
<CAPTION>


                                                                                                    January 1, 1995
                                                                           Years Ended                  through
                                                                           December 31,               December 31,
                                                             ----------------------------------
                                                                  2000              1999                  2000
                                                             --------------   -----------------   --------------------
                                                                                                        (Note 1)
<S>                                                        <C>              <C>                 <C>
 REVENUES                                                    $           -    $              -    $                 -
                                                             --------------   -----------------   --------------------

 EXPENSES:

       Selling, general and admistrative                            15,109              30,107                752,889
       Compensation                                                      -                   -                550,834
       Legal fees                                                   18,490              63,093                623,693
       Write-off investment in Georgia
           mining interests                                              -                   -                135,723
       Gain on sale of interest in
           Global Gold Armenia                                           -                   -               (268,874)
       Miscellaeous other                                             (258)                626                 18,627
                                                             --------------   -----------------   --------------------
               TOTAL EXPENSES                                      (33,341)            (93,826)            (1,812,892)
                                                             --------------   -----------------   --------------------

 NET LOSS                                                  $       (33,341) $          (93,826) $          (1,812,892)
                                                             --------------   -----------------   --------------------
 NET LOSS PER SHARE-BASIC AND DILUTED                      $        (0.009) $           (0.022) $              (0.556)
                                                             ==============   =================   ====================
 WEIGHTED AVERAGE SHARES OUTSTANDING                             3,519,447           4,348,114              3,259,646
                                                             ==============   =================   ====================

 NET LOSS                                                  $       (33,341) $          (93,826) $          (1,812,892)

 OTHER COMPREHENSIVE LOSS:

 Unrealized loss on available-
       FOR-SALE SECURITIES                                         (90,000)            (16,000)              (106,000)
                                                             --------------   -----------------   --------------------
 COMPREHENSIVE LOSS                                        $      (123,341) $         (109,826) $          (1,918,892)
                                                             ==============   =================   ====================


</TABLE>



                        See notes to financial statements

                                       F-3

<PAGE>

                            GLOBAL GOLD CORPORATION
                        (A Development Stage Enterprise)

                  STATEMENT OF CHANGES IN STOCKHOLDER'S EQUITY
<TABLE>
<CAPTION>

                                                                            Deficit
                                                                          Accumulated
                                           Common Stock       Additional   During the                   Unrealized        Total
                                           --------------     Paid-in      Development    Treasury      Loss on        Stockholder's
                                           Shares   Amount    Capital        Stage          Stock       Investment        Equity
                                        --------- --------  ----------- -------------    ---------      ----------     -------------
<S>                                   <C>      <C>      <C>           <C>                <C>            <C>           <C>
 Balance from February 21, 1980
      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 Decemeber 31, 1995        2,098,074     2,098   4,506,975    (3,268,993)         -               -          1,240,080

     Warrants exercised                     100                   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

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

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

     Net loss                                -         -            -       (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)

     Changes in unrealized loss on
       securities available for sale                                                                      (90,000)        (90,000)

     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                                                     161,500

     Sale of warrants                                             650                                                         650

     Net loss                                -         -            -       (33,341)                                      (33,341)
                                     ---------- ---------   ----------  ------------      --------       ---------      ------------
    Balance at December 31, 2000     4,368,114    $4,368   $4,834,955  $ (4,720,540)             -      $(106,000)      $  12,783
                                     ========== =========   ==========  ============      ========       =========      ============
</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,
                                                                2000           1999            2000
                                                            ------------   ------------   ----------------
<S>                                                       <C>           <C>    <C>      <C>
                                                                                              (Note 1)


 CASH FLOWS FROM DEVELOPMENT STAGE
       ACTIVITIES:

       Net Loss                                             $   (33,341)   $   (93,826)   $    (1,812,892)
                                                            ------------   ------------   ----------------
       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
       Decrease (increase) in:
           Organization costs                                         -              -             (9,601)
           Accounts receivable and deposits                           -         33,347               (154)
           Accounts payable and accrued expenses                 35,619         37,288            342,680
                                                            ------------   ------------   ----------------
 NET CASH USED IN OPERATING ACTIVITIES                            2,278        (23,191)        (1,288,118)
                                                            ------------   ------------   ----------------

 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
       Sale of warrants                                             650                               650
       Warrants exercised                                             -              -                100
                                                            ------------   ------------   ----------------
 NET CASH PROVIDED BY FINANCING ACTIVITIES                          650              -            422,323
                                                            ------------   ------------   ----------------
 NET DECREASE IN CASH                                             2,928        (23,191)            (6,992)

 CASH - beginning of period                                       1,432         24,623             11,352
                                                            ------------   ------------   ----------------
 CASH - end of period                                     $       4,360  $       1,432  $           4,360
                                                            ============   ============   ================

 SUPPLEMENTAL CASH FLOW INFORMATION

       Cash paid during the year for:

           Income taxes paid                              $           -  $         675  $           2,683
                                                            ============   ============   ================
           Interest paid                                  $           -  $           -  $          15,422
                                                            ============   ============   ================
       Non-cash financing and investing activities:

           Settlement of accrued salary                   $     162,500  $           -  $         162,500
                                                            ============   ============   ================
           Issusance 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, 2000 AND 1999

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, 2000.

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  operation.  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  STANDARD - In December,  1999, the United States
               Securities  and Exchange  Commission  released  Staff  Accounting
               Bulletin  No.  101  ("SAB  No.101"),   "Revenue   Recognition  in
               Financial  Statements".  (The  implementation date of SAB No.101,
               was  subsequently  amended by SAB No.101A and SAB No.101B.) Under
               SAB No.101 additional  guidance on revenue  recognition  criteria
               and related disclosure requirements are required.  Implementation
               of SAB  No.101  is  required  no later  than the than the  fourth
               fiscal quarter of fiscal years beginning after December 15, 1999,
               but is effective  retroactively  to the  beginning of that fiscal
               period (per SAB No.101B).  Company  management  has evaluated the
               standard  and  the  reporting   implications   thereof,  and  has
               determined  that  there will not be a  significant  impact on the
               Company's operating results.

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.


                                      F-8
<PAGE>

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.

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%.

                                      F-9
<PAGE>

         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.       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 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.

                                      F-10
<PAGE>

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

         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, 2000, the Company
         had net  deferred  tax assets of  $750,000.  The Company has recorded a
         valuation allowance for the full amount of the net deferred tax assets.

          The following table illustrates the source and status of the Company's
          major deferred tax assets:
             Net operating loss carryforward                          $ 750,000
             Valuation allowance                                       (750,000)
                                                                      ----------
             Net deferred tax asset recorded                          $       -
                                                                      ==========

          The  provision  for income taxes for year ended  December 31, 2000 and
          1999  differs  from the amount  computed  by  applying  the  statutory
          federal income tax rate to income before income taxes as follows:

                                                             2000       1999
                                                          ---------   --------

             Income tax benefit computed at statutory rate $(11,000)  $(32,000)
             Tax benefit not recognized                      11,000     32,000
                                                          ---------   ---------
             Provision for income taxes                    $      -   $      -
                                                          =========   =========

          The Company has net operating  loss carry forwards for tax purposes of
          approximately  $1,874,000  at December 31, 2000  expiring in the years
          2003 to 2020.  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

         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

                                      F-11
<PAGE>

         the Company's issued and outstanding shares of common stock.

         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.

11.      STOCK WARRANTS

         Issuances  of stock  warrants  and  their  outstanding  balances  as of
         December 31, 2000 and 1999 are as follows:


                                                                   Weighted Ave.
                                                                     Exercise
                                                    Warrants          Price
                                                 -------------    --------------
            Balance at December 31, 1998              400,000            $0.125
            Granted                                         -                 -
                                                 -------------    --------------
            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
                                                 -------------    --------------



         The  following  is  additional  information  related  to the  Company's
         warrants as of December 31, 2000:


                                     Remaining       Ave.        Weighted
          Exercise  Outstanding      Contractual     Exercise    Exercisable
          Price     Warrants         Ave. Life       Price       Warrants

          $0.25     330,000          2               $0.25       330,000


                                      F-12
<PAGE>



12.      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
         Company has classified its investment as available-for-sale  securities
         on the  accompanying  balance sheet.  At December 31, 2000, the shares,
         based on market value quotations, were valued at $90,000.

          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.

                                      F-13
<PAGE>

         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