UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 10-QSB

(Mark One)

[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934

                  For the quarterly period ended March 31, 2005

      [ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT
           For the transition period from ____________ to ____________

                         Commission file number 02-69494



                             GLOBAL GOLD CORPORATION
                             -----------------------
              (Exact name of small business issuer in its charter)

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

                    104 Field Point Road, Greenwich, CT 06830
                    -----------------------------------------
                    (Address of principal executive offices)

                                 (203) 422-2300
                           --------------------------
                           (Issuer's telephone number)

                                 Not applicable
  ----------------------------------------------------------------------------
             (Former name, former address and former fiscal year, if
                           changed since last report)

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 whether the registrant filed all documents and reports required to be
filed by Section 12, 13 or 15(d) of the Exchange Act after the distribution of
securities under a plan confirmed by a court. Yes [ ] No [ ]. Not applicable.

As of March 31, 2005 there were 13,461,301 shares of the issuer's Common Stock
outstanding.

Transitional Small Business Disclosure Format (Check one): Yes [ ] No [X].


<PAGE>

                                TABLE OF CONTENTS

                          PART I FINANCIAL INFORMATION

Item 1.  Condensed Consolidated Financial Statements (Unaudited)
         Condensed Balance Sheet - as of March 31, 2005 ......................3

         Condensed Consolidated Statements of Operations for the three
         month periods ended March 31, 2005 and March 31, 2004 and for
         the development stage period from January 1, 1995 through
         March 31, 2005 ......................................................4

         Condensed Consolidated Statements of Cash Flows for the three
         Months ended March 31, 2005 and March 31, 2004 and for the
         development stage period from January 1, 1995 through
         March 31, 2005 ......................................................5

         Notes to Condensed Consolidated Financial
         Statements (Unaudited) ..............................................6

Item 2.  Management's Discussion and Analysis or Plan of Operation ..........6-8

Item 3.  Controls and Procedures .............................................8

                            PART II OTHER INFORMATION

Item 1.  Legal Proceedings ...................................................8

Item 2.  Changes in Securities................................................8

Item 3   Defaults Upon Senior Securities .....................................8

Item 4   Submission of Matters to a Vote of Security Holders .................8

Item 5   Other Information ...................................................8

Item 6.  Exhibits and Reports on Form 8-K ....................................9

SIGNATURES ..................................................................10

CERTIFICATIONS ............................................................11-16

                                       2

<PAGE>



                         PART I - FINANCIAL INFORMATION

Item 1. Financial Statements.

                             GLOBAL GOLD CORPORATION
                          (A Development Stage Company)

                 Unaudited Condensed Consolidated Balance Sheet

                                 March 31, 2005


                                     ASSETS
                                     ------


CURRENT ASSETS: Cash ................................................$  843,285
MINE ACQUISITION COSTS ..............................................   449,804
                                                                     -----------
                                                                     $1,293,089

                      LIABILITIES AND STOCKHOLDERS' EQUITY
                      ------------------------------------

CURRENT LIABILITIES: Accounts payable and accrued expenses ..........$   18,349


STOCKHOLDERS' EQUITY
         Common stock $0.001 par, 100,000,000 shares authorized,
                  13,461,301 shares issued and outstanding...........    13,461
         Additional paid-in-capital ................................. 8,190,154
         Unearned compensation.......................................  (567,277)
         Accumulated deficit.........................................(2,907,648)
         Deficit accumulated during the development stage ...........(3,453,950)
                                                                     -----------
                  TOTAL STOCKHOLDERS' EQUITY ........................ 1,274,740
                                                                     -----------
                                                                     $1,293,089

                   The accompanying notes are an integral part
              of these condensed consolidated financial statements.

                                       3

<PAGE>

                             GLOBAL GOLD CORPORATION
                          (A Development Stage Company)

            Unaudited Condensed Consolidated Statements of Operations

<TABLE>
<CAPTION>

                                                                                   Cumulative
                                                                                   amount from
                                        January 1, 2005      January 1, 2004     January 1, 1995
                                            through              through             through
                                        March 31, 2005       March 31, 2004     March 31, 2005
                                        --------------       --------------     --------------
<S>                                     <C>         <C>      <C>         <C>    <C>         <C>
REVENUES                                $          -0-       $          -0-     $          -0-

EXPENSES:

Selling general and administrative            205,986              211,042          2,757,363
Mine exploration costs                         45,202               26,405            276,494
Legal fees                                      1,237                2,082            718,164
Write-off investment in Georgia
   mining interests                               ---                  ---            135,723
Gain on sale of interest in Global
   Gold Armenia                                   ---                  ---           (268,874)
(Gain) loss on sale of interest in
 Sterlite Gold Ltd.                               ---               (2,141)           (50,767)
Gain on extinguishment of debt                    ---                  ---           (110,423)
Interest Income                                (3,171)                 ---             (3,730)
                                        --------------       --------------     --------------

         TOTAL EXPENSES                       249,254              237,388          3,453,950

NET GAIN/(LOSS)                         $    (249,254)       $    (237,388)     $  (3,453,950)
                                        ==============       ==============     ==============

NET LOSS PER SHARE-BASIC AND DILUTED
                                               $(0.02)              $(0.02)
                                        ==============       ==============

WEIGHTED AVERAGE SHARES OUTSTANDING
                                           13,358,554            9,808,134
                                        ==============       ==============
</TABLE>




                   The accompanying notes are an integral part
              of these condensed consolidated financial statements.

                                       4

<PAGE>



                             GLOBAL GOLD CORPORATION
                          (A Development Stage Company)

            Unaudited Condensed Consolidated Statements of Cash Flows

<TABLE>
<CAPTION>

                                                                                                          Cumulative Amount
                                                                                                                 from
                                                          January 1, 2005           January 1, 2004        January 1, 1995
                                                              through                   through                 through
                                                           March 31, 2005           March 31, 2004           March 31, 2005
                                                         -----------------        ------------------       ------------------
<S>                                                      <C>                       <C>                      <C>
NET CASH FLOWS FROM OPERATING ACTIVITIES:
Net Loss.................................................$       (249,254)         $       (237,388)        $     (3,453,950)
Adjustments to reconcile net loss
to net cash used in operating activities:
     Provision for bad debts.............................             ---                       ---                  325,000
     Amortization of unearned compensation...............          65,957                    82,421                  548,515
     Gain on extinguishment of debt................                   ---                       ---                 (110,423)
     Gain on sale of Armenia mining
       interests.........................................             ---                       ---                 (268,874)
     Write-off of mining investment in
       Georgia...........................................             ---                       ---                  135,723
     (Gain) loss on sale of investment
       in common stock of Sterlite Gold Ltd                           ---                    (2,141)                 (50,767)
     Non-cash expenses related to issuance of
       common stock......................................             ---                       ---                  174,500
Changes in assets and liabilities:
     Organization costs..................................             ---                       ---                   (9,601)
     Accounts receivable and deposits....................             ---                       ---                     (154)
     Accounts payable and accrued expenses...............          11,907                   (25,254)                 358,966
                                                         -----------------        ------------------       ------------------

  NET CASH FLOWS USED IN OPERATING ACTIVITIES                    (171,390)                 (182,362)              (2,351,065)
                                                         -----------------        ------------------       ------------------
NET CASH FLOWS FROM INVESTING ACTIVITIES:
     Proceeds from sale of Armenia mining
       interests.........................................             ---                       ---                1,891,155
     Proceeds from sale of investment in
       common stock of Sterlite Gold Ltd.................             ---                     5,016                  246,767
     Investment in certain mining interests
       - net of financing................................             ---                       ---                 (153,494)
     Mine acquisition costs..............................             407                    (5,777)              (1,239,035)
                                                         -----------------        ------------------       ------------------
  NET CASH PROVIDED BY (USED IN)
       INVESTING ACTIVITIES                                           407                      (761)                 745,393
                                                         -----------------        ------------------       ------------------
NET CASH FLOWS FROM FINANCING ACTIVITIES:
     Net proceeds from private placement
       offering..........................................             ---                       ---                2,484,073
     Repuchase of common stock...........................             ---                       ---                  (25,000)
     Due to related parties..............................             ---                    50,000                  (22,218)
     Sale of warrants....................................             ---                       ---                      650
     Warrants exercised..................................             ---                       ---                      100
                                                         -----------------        ------------------       ------------------
  NET CASH FLOWS PROVIDED BY FINANCING
       ACTIVITIES                                                     ---                    50,000                2,437,605
                                                         -----------------        ------------------       ------------------
NET INCREASE (DECREASE) IN CASH..........................        (170,983)                 (133,123)                 831,933
CASH AND CASH EQUIVALENTS - beginning of
     period..............................................       1,014,268                   147,247                   11,352
                                                         -----------------        ------------------       ------------------
CASH AND CASH EQUIVALENTS - end of period................$        843,285         $          14,124        $         843,285
                                                         -----------------        ------------------       ------------------
SUPPLEMENTAL CASH FLOW INFORMATION
Income taxes paid........................................$              0         $               0        $           2,683
                                                         =================        ==================       ==================
Interest paid............................................$              0         $               0        $          16,502
                                                         =================        ==================       ==================
Noncash Transactions:

Stock issued for deferred compensation...................$        425,000         $         125,000        $       1,247,500
                                                         =================        ==================       ==================
Stock forfeited for deferred compensation................$            ---         $             ---        $        (131,708)
                                                         =================        ==================       ==================
Stock issued in exchange for closing fees................$            ---         $             ---        $          45,000
                                                         =================        ==================       ==================
Unpaid mine acquisition costs............................$            ---         $          26,813        $          50,697
                                                         =================        ==================       ==================
Stock issued for mine acquisition costs..................$            ---         $             ---        $          62,500
                                                         =================        ==================       ==================
Mine acquisition costs in accounts payables..............$            ---         $             ---        $         138,500
                                                         =================        ==================       ==================
</TABLE>

                   The accompanying notes are an integral part
              of these condensed consolidated financial statements.

                                       5

<PAGE>

                             GLOBAL GOLD CORPORATION
                          (A Development Stage Company)
              Notes to Condensed Consolidated Financial Statements
                                (Unaudited) March
                                    31, 2005



1. BASIS FOR PRESENTATION

The accompanying financial statements present the development stage activities
of the Company and its wholly owned subsidiaries from January 1, 1995, the
period commencing the Company's operations as Global Gold Corporation, through
March 31, 2005.

The accompanying unaudited condensed consolidated financial statements have been
prepared in accordance with generally accepted accounting principles for interim
financial information and with instructions to Form 10-QSB. Accordingly, they do
not include all of the information and footnotes required by generally accepted
accounting principles for complete financial statements. In the opinion of
management, all adjustments (consisting of normal recurring accruals) considered
necessary for a fair presentation have been included. The results of operations
for the three-months ended March 31, 2005 are not necessarily indicative of the
results to be expected for the year ended December 31, 2005. The condensed
interim financial statements should be read in conjunction with the audited
financial statements and notes, contained in the Company's Annual Report on Form
10-KSB for the year-ended December 31, 2004.

2. RELATED PARTY TRANSACTIONS

On January 11, 2005 the Company resolved to compensate each Director of the
Company with 50,000 shares of the Company's common stock for their services. An
aggregate of 250,000 shares with a stated value of $0.50 per share were issued
to the directors in February 2005.

On January 11, 2005 the directors agreed to extend Mr. Krikorian's contract to
June 30, 2008; increase his annual salary to $180,000; maintain the stock award
component of his base compensation at 300,000 shares for each year of the two
year extension and offer him benefits including a retirement plan, dental
insurance and life insurance.

Compensation paid to corporate officers and directors were included in selling,
general and administrative expenses for the three-months ended March 31, 2005
and 2004 in amounts of $136,000 and $157,000, respectively. Such amounts
included stock based compensation of $66,000 and $82,000 in each interim period.

3. AGREEMENTS

On March 28, 2005, the Company's subsidiary, Minero Global Chile Limitada,
entered an agreement with Adrian Soto Torino to provide mine preparation work
and mining on the previously mined vein structure at the Santa Candalaria mine
in Region III of Chile.


ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

When used in this discussion, the words "expect(s)", "feel(s)", "believe(s)",
"will", "may", "anticipate(s)" and similar expressions are intended to identify
forward-looking statements. Such statements are subject to certain risks and
uncertainties, which could cause actual results to differ materially from those
projected. Readers are cautioned not to place undue reliance on these
forward-looking statements, and are urged to carefully review and consider the
various disclosures elsewhere in this Form 10-QSB.

                                       6

<PAGE>

RESULTS OF OPERATIONS

THREE-MONTHS ENDED MARCH 31, 2005 AND THREE-MONTHS ENDED MARCH 31, 2004

During the three-month period ended March 31, 2005, the Company's administrative
and other expenses were $205,986 which represented a decrease of $5,056 from
$211,042 in the same period last year. The expense decrease was primarily
attributable to lower compensation expense of $20,519, and higher accounting
fees of $10,500, and higher travel expenses of $1,100 due to increased activity
resulting from project development in Armenia and Chile.

LIQUIDITY AND CAPITAL RESOURCES

As of March 31, 2005, the Company's total assets were $1,293,089, of which
$843,285 consisted of cash or cash equivalents.

The Company's plan of operation for the calendar year 2005 is:

(a) To continue exploration activities and commence mining with regard to the
Santa Candalaria Chilean mining properties purchased in February 2004;

(b) To develop the Hankavan and Marjan mining properties in Armenia acquired in
December 2003, to engage in further exploration in Armenia, and to pursue and
consummate the acquisition of the Armenia mining properties from Sipan 1, LLC;

(c) To review and possibly acquire additional mineral bearing properties; and

(d) Pursue additional financing through private placements or joint ventures.

The Company retains the right until December 31, 2009 to elect to participate at
a level of up to twenty percent with Sterlite Gold Ltd. or any of its affiliates
in any exploration project undertaken in Armenia.

The Company anticipates in 2005 spending approximately $20,000 per month in
Chile after an initial expenditure of approximately $40,000 to finance mining
operations which are anticipated to earn approximately $45,000 per month at the
Santa Candalaria mine (although there can be no assurance of such result), and
the Company further anticipates approximately $100,000 for drilling and further
exploration at the Santa Candalaria property.

The Company also anticipates spending additional funds in Armenia for further
exploration and development as well as acquisition of properties. The Company
anticipates that it may have to issue additional equity or debt to finance its
planned activities. The Company anticipates that it might obtain additional
financing from the holders of its Warrants to purchase 330,000 shares of Common
Stock of the Company at an exercise price of $0.25 per share, which expire on
October 31, 2005. If the Warrants were exercised in full, the Company would
receive $82,500 in gross proceeds. In addition, the Company anticipates that it
might obtain additional financing from the holders of its Warrants to purchase
3,000,000 million shares of Common Stock of the Company at an exercise price of
$0.75 per share, which expire on December 1, 2006. If these Warrants were
exercised in full, the Company would receive $2,250,000 in gross proceeds.

The Company does not intend to engage in any research and development during
2005 and does not expect sell any plant or significant equipment; it does
anticipate purchasing processing plant and equipment assets.

                                       7

<PAGE>

The Company has been able to continue its development stage activities based
upon its receipt of funds from the issuance of equity securities and shareholder
loans, and by acquiring assets or paying expenses by issuing stock. The
Company's continued existence is dependent upon its continued ability to raise
funds through the issuance of our securities or borrowings. Management's plans
in this regard are to obtain other debt and equity financing until profitable
operation and positive cash flow are achieved and maintained. Although
management believes that it will be able to secure suitable additional financing
for the Company's operations, there can be no guarantee that such financing will
continue to be available on reasonable terms, or at all.


Item 3.  Controls and Procedures.

As of the end of the period covered by this report, an evaluation was carried
out under the supervision and with the participation of the Company's Chief
Executive Officer and Chief Financial Officer of the effectiveness of our
disclosure controls and procedures (as defined in Rules 13a-14 and 15d-14 under
the Securities Exchange Act of 1934). Based on that evaluation, the Chief
Executive Officer and Chief Financial Officer have concluded that the Company's
disclosure controls and procedures are effective to ensure that information
required to be disclosed by the Company in reports that it files or submits
under the Securities Exchange Act of 1934 is recorded, processed, summarized and
reported within the time periods specified in Securities and Exchange Commission
rules and forms. Subsequent to the date of their evaluation, there were no
significant changes in the Company internal controls or in other factors that
could significantly affect the disclosure controls, including any corrective
actions with regard to significant deficiencies and material weaknesses.

                           PART II - OTHER INFORMATION

Item 1. Legal Proceedings.

None

Item 2. Changes in Securities.

(a) On January 11, 2005, the Company issued 50,000 shares at the fair market
value of $0.50 per share as determined by the Board of Directors to each of its
five directors, Messrs. Aynilian, Gallagher, Hague, Mason and Krikorian (for a
total share issuance of 250,000 shares)as compensation for their service on the
Board in 2005.


(b) On January 11, 2005 the directors agreed to extend Mr. Krikorian's contract
to June 30, 2008 and issued him 600,000 shares at the fair market value of $.50
per share to maintain the stock award component of his base compensation at
300,000 shares for each year of the two year extension.


Item 3. Defaults Upon Senior Securities.


None

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


None

Item 5. Other Information.

On May 4, 2005, the Company's Board of Directors adopted Audit Committee
Guidelines and a code of Business Conduct and Ethics.

                                       8

<PAGE>

On May 4, 2005, the Company named Lester S. Caesar as its Chief Accounting
Officer. Mr. Caesar is a Certified Public Accountant with over twenty years
experience in accounting. He received his B.S. in accounting from C.U.N.Y. in
1978, completed advanced certificate training in Taxation at New York
University, and is a member of the American Institute of Certified Public
Accountants.

On May 4, 2005, the Company name Van Z. Krikorian as Secretary.




Item 6. Exhibits.

a. The following documents are filed as part of this report:


EXHIBIT NO.                DESCRIPTION OF EXHIBIT

Exhibit 31.1               Certification of Chief Executive Officer and Chief
                           Financial Officer pursuant to Section 302 of the
                           Sarbanes-Oxley Act of 2002


Exhibit 31.2               Certification of President


Exhibit 32.1               Certification of Chief Executive Officer and Chief
                           Financial Officer pursuant to Section 906 of the
                           Sarbanes-Oxley Act of 2002


Exhibit 32.2               Certification of President


Exhibit 99.1               Code of Ethics


(b) Reports on Form 8-K filed during the quarter ended March 31, 2005 - None


                                       9

<PAGE>

                                   SIGNATURES

         In accordance with the requirements of the Exchange Act, the registrant
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.

                                                     GLOBAL GOLD CORPORATION


                                                 By: /s/ Drury J. Gallagher
May 10, 2005                                         --------------------------
                                                         Drury J. Gallagher,
                                                     Chief Executive Officer
                                                     and Chief Financial Officer