UNITES STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                  FORM 10-QSB/A

                                   (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, 2003

       [ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT

             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.)


                    104 FIELD POINT ROAD,GREENWICH, CT 06830
               (Address of principal executive offices) (Zip Code)

                    Issuer's telephone number (203) 422-2300

Check whether the issuer (1) filed all reports required to be filed by Section13
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 court. Yes / / No / /. Not applicable.

As of June 30, 2003 there were 8,468,114 shares of the registrant's Common Stock
outstanding.

Transitional Small Business Disclosure Format (check one): Yes / / No /X/.










                                       1
<PAGE>




                                TABLE OF CONTENTS


PART I   FINANACIAL INFORMATION

Item 1.  Condensed Financial Statements (Unaudited)

         Condensed Balance Sheet - as of March 31, 2003 (Restated).............3

         Condensed Statements of Operations for the three months ended
              March 31, 2003 (Restated) and March 31, 2002 and for the
              development stage period from January 1, 1995 through
              March 31,2003 (Restated).........................................4

         Condensed Statements of Cash Flows for the three months
         ended March 31, 2003 (Restated) and March 31, 2002 and for the
         development stage period from January 1, 1995 through March 31,
         2003(Restated)........................................................5

         Notes to Condensed Financial Statements (Unaudited)................6-13

Item 2.  Management's Discussion and Analysis or Plan of Operation ........14-16

Item 3.  Controls and Procedures .............................................16


PART II  OTHER INFORMATION

Item 1.  Legal Proceedings ...................................................17

Item 2.  Changes in Securities and Use of Proceeds ...........................17

Item 3   Default Upon Senior Securities ......................................17

Item 4   Submission of Matters to a Vote of Security Holders .................17

Item 5   Other Information ...................................................18

Item 6.  Exhibits and Reports on Form 8-K ....................................19

SIGNATURE ....................................................................19

CERTIFICATIONS ............................................................20-23







                                       2
<PAGE>

<TABLE>
<CAPTION>


                            GLOBAL GOLD CORPORATION
                          (A Development Stage Company)

                        Unaudited Condensed Balance Sheet
                                   (Restated)

                                 March 31, 2003

                                     ASSETS
                                     ------

CURRENT ASSETS:

<S>                                                            <C>
Cash and cash equivalents ...............................        $    21,381

Investment in securities available for sale .............            229,600
                                                                 -----------
         TOTAL CURRENT ASSETS ...........................            250,981

Mine acquisition costs ..................................            138,253

                                                                 -----------
                                                                 $   389,234
                                                                 ===========


                      LIABILITIES AND STOCKHOLDER'S EQUITY
                      ------------------------------------

CURRENT LIABILITIES:

     Accounts payable and accrued expenses ..............       $   140,758
     Due to related parties .............................            44,677
                                                                -----------
         TOTAL CURRENT LIABILITIES ......................           185,435
                                                                -----------
 STOCKHOLDERS' EQUITY
     Common stock $0.001 par, 100,000,000 shares authorized..         6,868
           6,868,114 shares issued and outstanding
     Common stock subscribed, 350,000 shares..................          350
     Additional paid-in-capital ..............................    5,404,605
     Unearned compensation                                         (428,049)
     Accumulated deficit                                         (2,907,648)
     Deficit accumulated during the development stage........    (1,954,935)
     Accumulated other comprehensive income ..................       82,608
                                                                -----------
         TOTAL STOCKHOLDERS' EQUITY .....................           203,799
                                                                -----------
                                                                $   389,234
                                                                ===========

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

</TABLE>



                                       3
<PAGE>
<TABLE>
<CAPTION>


                                          GLOBAL GOLD CORPORATION
                                       (A Development Stage Company)

                               Unaudited Condensed Statements of Operations



                                                                                Cumulative amounts
                                                                                       from
                                        January 1, 2003      January 1, 2002      January 1, 1995
                                           through              through             through
                                        March 31, 2003       March 31, 2002       March 31, 2003
                                         (Restated)                                 (Restated)
                                        --------------       --------------       --------------
<S>                                    <C>                  <C>                  <C>
REVENUES                                  $      -0-           $      -0-           $      -0-
                                          ----------           ----------           ----------

EXPENSES:
Selling general and administrative            33,630                3,125            1,396,427
Legal fees                                    25,431                4,564              681,684
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.                         (3,963)               9,289               (8,582)
Miscellaneous other                                -                  100               18,557
                                          ----------           ----------           ----------
                  TOTAL EXPENSES              55,098               17,078            1,954,935
                                          ----------           ----------           ----------

NET LOSS                                  $  (55,098)          $  (17,078)         $(1,954,935)
                                          ==========           ==========           ==========

NET LOSS PER SHARE-BASIC AND DILUTED      $    (0.01)          $   (0.004)
                                          ==========           ==========

WEIGHTED AVERAGE SHARES OUTSTANDING        5,775,892            4,368,114
                                          ==========           ==========












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

</TABLE>




                                       4
<PAGE>
<TABLE>
<CAPTION>


                                                  GLOBAL GOLD CORPORATION
                                             (A Development Stage Enterprise)

                                          UNAUDITED CONDENSED STATEMENTS OF CASH FLOWS
                                                                                                           January 1, 1995
                                                             January 1, 2003        January 1, 2002       cumulative amounts
                                                                  through               through                through
                                                              March 31, 2003         March 31, 2002       March 31, 2003

                                                                (Restated)                                    (Restated)
                                                            ------------------     ------------------     ------------------
NET CASH FLOWS FROM OPERATING ACTIVITIES:
<S>                                                            <C>                    <C>                  <C>
Net Loss ...................................................     $ (55,098)             $ (17,078)           $ (1,954,935)
Adjustments to reconcile net loss
to net cash used in operating activities:
    Provision for bad debts ................................           -0-                    -0-                 325,000
    Amortization of unearned compensation...................        21,951                    -0-                  21,951
    Gain on sale of Armenia mining interests ...............           -0-                    -0-                (268,874)
    Write-off of mining investment in Georgia ..............           -0-                    -0-                 135,723
    (Gain) loss on sale of investment in common stock
      of Sterlite Gold Ltd. .................................       (3,963)                9,289                   (8,582)
    Non-cash expenses related to issuance of common stock...           -0-                    -0-                 174,500
Changes in assets and liabilities:
    Organization costs .....................................           -0-                    -0-                  (9,601)
    Accounts receivable and deposits .......................           -0-                 (9,685)                   (154)
    Accounts payable and accrued expenses .................        (12,255)                (12,891)                212,350
                                                                 ---------              ---------            ------------
    NET CASH FLOWS USED IN OPERATING ACTIVITIES ............       (49,365)               (30,365)             (1,372,622)
                                                                 ---------              ---------            ------------
NET CASH FLOWS FROM INVESTING ACTIVITIES:
    Proceeds from sale of Armenia mining interests .........           -0-                    -0-               1,891,155
    Proceeds from sale of investment
      in common stock of Sterlite Gold Ltd. ................         7,240                 16,875                  57,591
    Investment in certain mining interests - net of
      financing ............................................           -0-                    -0-                (153,494)
    Mine acquisition costs..................................       (37,522)                   -0-              (  969,882)
                                                                 ---------              ---------            ------------
    NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES .......    (30,282)                16,875                 825,370
                                                                 ---------              ---------            ------------
NET CASH FLOWS FROM FINANCING ACTIVITIES:
    Net proceeds from private placement offering ...........        87,500                    -0-                 509,073
    Due to related parties ...................................       5,744                    -0-                  47,458
    Sale of warrants .......................................           -0-                    -0-                     650
    Warrants exercised .....................................           -0-                    -0-                     100
                                                                 ---------              ---------            ------------
    NET CASH PROVIDED BY FINANCING ACTIVITIES ..............       93,244                    -0-                 557,281
                                                                 ---------              ---------            ------------
NET INCREASE (DECREASE) IN CASH ............................        13,597                (13,490)                 10,029

CASH AND CASH EQUIVALENTS- beginning of period .............         7,784                 13,880                  11,352
                                                                 ---------              ---------            ------------

CASH AND CASH EQUIVALENTS- end of period ...................     $  21,381              $     390            $     21,381
                                                                 =========              =========            ============

SUPPLEMENTAL CASH FLOW INFORMATION

    Income taxes paid ......................................     $     -0-              $     -0-            $      2,683
                                                                 =========              =========            ============
    Interest paid ..........................................     $     -0-              $     -0-            $     15,422
                                                                 =========              =========            ============
    Noncash Transactions:

    Stock issued for unearned compensation..................     $ 450,000              $     -0-            $   450,000
                                                                 =========              =========            ============
    Mine acquisition costs in accounts payable..............     $ 47,229              $     -0-            $     47,229
                                                                 =========              =========            ============
    Due from related party for stock issuance...............     $ 25,000              $     -0-            $     25,000
                                                                 =========              =========            ============

The accompanying notes are an integral part of these condensed financial statements.
</TABLE>


                                       5
<PAGE>


                             GLOBAL GOLD CORPORATION
                          (A Development Stage Company)
               Notes to Condensed Financial Statements (Restated)
                                   (Unaudited)
                                 March 31, 2003


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 development stage activities
of the  Company  from  January 1,  1995,  the period  commencing  the  Company's
operations as Global Gold Corporation, through March 31, 2003.

The  accompanying  financial  statements  are  unaudited.   In  the  opinion  of
management,  all  necessary  adjustments  (which  include only normal  recurring
adjustments) have been made to present fairly the financial position, results of
operations and cash flows for the periods  presented.  Certain  information  and
footnote  disclosure  normally  included  in  financial  statements  prepared in
accordance with accounting principles generally accepted in the United States of
America have been condensed or omitted.  These  financial  statements  should be
read in conjunction with the financial  statements and notes thereto included in
the December 31, 2002 annual  report on Form 10-KSB.  The results of  operations
for the three-month  period ended March 31, 2003 are not necessarily  indicative
of the  operating  results to be expected for the full year ending  December 31,
2003.

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 (other than interest income, proceeds from the sale of an interest
     in an Armenian mining  venture,  and the sale of common stock of marketable
     securities  received as consideration,  therewith) while incurring costs in
     excess of $2,200,000. Management is currently pursuing additional investors
     and lending  institutions  interested in financing the Company's  projects.
     However,  there is no assurance  that the Company will obtain the financing
     that it requires or achieve profitable  operations.  The Company expects to
     incur  additional  losses  for the near term  until such time as it derives
     substantial  revenues from the Chilean  mining  interest  acquired by it or
     other future projects or from its investment in marketable securities.  The
     accompanying financial statements do not include any adjustments that might
     be necessary should there be substantial  doubt about the Company's ability
     to continue as a going concern.

b.   Restatement - The Company has restated its condensed  financial  statements
     for the three months ended March 31, 2003 and the  cumulative  amounts from
     January 1, 1995 through March 31, 2003 on its 10-QSB as  originally  filed.
     The  effects of this  restatement  are to  decrease  selling,  general  and
     administrative  expenses by $10,773 for the three months and by $10,773 for
     the  cumulative  period,  with a  corresponding  decrease  to net  loss and
     cumulative net loss as previously reported.

c.   Reclassifications  -  Certain  amounts  in the  March  31,  2002  unaudited
     condensed  cash flow  statement  have been  reclassified  to conform to the
     current period presentation.








                                       6
<PAGE>


                             GLOBAL GOLD CORPORATION
                          (A Development Stage Company)
               Notes to Condensed Financial Statements (Restated)
                                   (Unaudited)
                                 March 31, 2003

d.   Mine Costs and Depletion - Costs incurred to purchase,  lease, or otherwise
     acquire a property  (whether  unproved  or  proved)  are  capitalized  when
     incurred.  These include the costs of lease bonuses and options to purchase
     or lease properties,  the portion of costs applicable to minerals when land
     including  mineral  rights is purchased in fee,  brokers'  fees,  recording
     fees, legal costs, and other costs incurred in acquiring properties.

     Capitalized  acquisition  cost of  proved  properties  shall  be  amortized
     (depleted) by the  unit-of-production  method so that each unit produced is
     assigned a pro rata portion of the unamortized acquisition costs.

e.   New Accounting Standards

     -    In April 2003,  the FASB issued SFAS No. 149,  "Amendment of Statement
          133 on Derivative  Instruments and Hedging  Activities." The statement
          amends and clarifies accounting for derivative instruments,  including
          certain  derivatives  instruments  embedded in other contracts and for
          hedging  activities  under SFAS 133.  This  Statement is effective for
          contracts  entered  into or modified  after June 30,  2003,  except as
          stated below and for hedging  relationships  designated after June 30,
          2003 the guidance should be applied  prospectively.  The provisions of
          this Statement that relate to SFAS 133 Implementation Issues that have
          been effective for fiscal  quarters that began prior to June 15, 2003,
          should continue to be applied in accordance with respective  effective
          dates. In addition,  certain provisions  relating to forward purchases
          or sales of when-issued securities or other securities that do not yet
          exist,  should  be  applied  to  existing  contracts  as  well  as new
          contracts  entered into after June 30, 2003.  The adoption of SFAS No.
          149 is not  expected  to have an  impact  on the  Company's  financial
          position and results of operations.

     -    In May 2003,  the FASB issued SFAS No.  150,  "Accounting  for Certain
          Financial  Instruments  with  Characteristics  of Both Liabilities and
          Equity".  SFAS 150 establishes  standards for how an issuer classifies
          and measures certain  financial  instruments with  characteristics  of
          both  liabilities  and equity.  It requires that an issuer  classify a
          financial  instrument  that is within its scope as a liability  (or an
          asset  in some  circumstances).  SFAS No.  150  affects  the  issuer's
          accounting for three types of freestanding  financial  instruments:  -
          mandatorily  redeemable shares, which the issuing company is obligated
          to buy back in exchange for cash or other assets - instruments that do
          or may require to buy back some of its shares in exchange  for cash or
          other  assets  includes put options and forward  purchase  contracts -
          obligations  that can be settled  with shares,  the monetary  value of
          which is fixed,  tied solely or  predominantly to a variable such as a
          market  index,  or varies  inversely  with the  value of the  issuer's
          shares.

          SFAS No.  150  does not  apply to  features  embedded  in a  financial
          instrument  that  is not a  derivative  in its  entirety.  Most of the
          guidance  in  SFAS  150 is  effective  for all  financial  instruments
          entered  into  or  modified  after  May 31,  2003,  and  otherwise  is
          effective at the beginning of the first interim period beginning after
          June 15, 2003.  The Company has not yet completed its analysis of SFAS
          150;  however,  it  believes  that it is  currently  substantially  in
          compliance with the requirements of SFAS 150.






                                       7
<PAGE>


                             GLOBAL GOLD CORPORATION
                          (A Development Stage Company)
               Notes to Condensed Financial Statements (Restated)
                                   (Unaudited)
                                 March 31, 2003

f.   Stock Options and Awards

The Company  adopted the 1995 Stock Option Plan under which a maximum of 500,000
shares of Common Stock may be issued  (subject to  adjustment  for stock splits,
dividends  and the  like).  In July 2002,  the  Company  granted  options to buy
150,000 shares of common stock,  at $0.11 per share, to each of the Chairman and
President  of the Company.  Of these  options  issued,  75,000 vest on the first
anniversary of the date of issuance, and the remaining 75,000 vest on the second
anniversary  of the date of  issuance.  A total of 200,000  shares  remain to be
issued under the 1995 Stock Option Plan as of March 31, 2003.

The following is additional  information  with respect to the Company's  options
and warrants as of March 31, 2003:


<TABLE>
<CAPTION>



            WARRANTS OUTSTANDING              WARRANTS EXERCISABLE
            --------------------              --------------------


                        Number of          Weighted                        Number of
                        Outstanding        Average         Weighted       Exercisable
                         Shares           Remaining        Average          Shares          Weighted
Exercise                Underlying       Contractual       Exercise        Underlying       Average
 Price                   Warrants           Life            Price           Warrants     Exercise Price
--------------     ---------------    ---------------    ------------   --------------   ---------------
<S>                     <C>           <C>                <C>              <C>              <C>
   $ 0.25                 330,000       2.58 years         $ 0.25           330,000          $ 0.25




             OPTIONS OUTSTANDING               OPTIONS EXERCISABLE
             -------------------               -------------------


                        Number of          Weighted                        Number of
                        Outstanding        Average         Weighted       Exercisable
                         Shares           Remaining        Average          Shares          Weighted
Exercise                Underlying       Contractual       Exercise        Underlying       Average
 Price                   Options            Life            Price           Options      Exercise Price
--------------     ---------------    ---------------    ------------   --------------   ---------------


   $ 0.11                 300,000       4.25 years         $ 0.11             -              $ -

</TABLE>


At March 31, 2003, the Company had two stock-based employee  compensation plans.
As   permitted    under   SFAS   No.   148,    "Accounting    for    Stock-Based
Compensation--Transition  and  Disclosure",  which  amended  SFAS No. 123 ("SFAS
123"),  "Accounting  for Stock-Based  Compensation",  the Company has elected to
continue to follow the intrinsic  value method in accounting for its stock-based
employee  compensation  arrangements as defined by Accounting  Principles  Board
Opinion ("APB") No. 25, "Accounting for Stock Issued to Employees",  and related
interpretations  including Financial  Accounting  Standards Board Interpretation
No. 44, "Accounting for Certain Transactions  Involving Stock Compensation",  an
interpretation  of APB No.  25. No  stock-based  employee  compensation  cost is
reflected in net loss, as all options  granted under those plans had an exercise
price equal to the market value, as determined by the Board of Directors, of the
underlying  common stock on the date of grant.  The following table  illustrates
the effect on net loss and loss per share as if the Company had applied the fair
value recognition provisions of SFAS 123 to stock-based employee compensation:





                                       8
<PAGE>

<TABLE>
<CAPTION>

                             GLOBAL GOLD CORPORATION
                          (A Development Stage Company)
               Notes to Condensed Financial Statements (Restated)
                                   (Unaudited)
                                 March 31, 2003



                                                                                          Three
                                                                                       Months Ended
                                                                                        March 31,

                                                                                     2003         2002
                                                                                 -----------   -----------
<S>                                                                            <C>           <C>
        Net Loss as Reported                                                      $(55,098)     $(17,078)

        Deduct:  Total stock-based employee compensation
        expense determined under fair value-based method
        for all awards, net of related tax effect                                    1,636          -
                                                                                   -------       --------

        Pro Forma Net Loss                                                         (56,734)      (17,078
                                                                                   ========      ========

        Basic Net Loss Per Share as Reported                                      $   (.01)     $  (.004)
                                                                                   ========      ========

        Basic Pro Forma Net Loss Per Share                                        $   (.01)     $  (.004)
                                                                                   ========      ========

        Diluted Net Loss Per Share as Reported                                    $   (.01)     $  (.004)
                                                                                   ========      ========

        Diluted Pro Forma Net Loss Per Share                                      $   (.01)     $  (.004)
                                                                                   ========      ========



The fair value of options at date of grant was estimated using the Black-Scholes
fair value based method with the following weighted average assumptions:



                                                                                     2003         2002
                                                                                 -----------   -----------


        Expected Life (Years)                                                          3            2.5
        Interest Rate                                                                 5.70%        5.70%
        Annual Rate of Dividends                                                         0%           0%
        Volatility                                                                     100%         100%

</TABLE>


3.   MINE ACQUISITION COSTS

The Company has incurred fees in  connection  with their  acquisition  of mining
properties.  Costs incurred to purchase,  lease, or otherwise acquire a property
(whether  unproved or proved) are capitalized  when incurred.  These include the
costs of lease bonuses and options to purchase or lease properties,  the portion
of costs applicable to minerals when land including  mineral rights is purchased
in fee, brokers' fees,  recording fees, legal costs, and other costs incurred in
acquiring properties.




                                       9
<PAGE>



                             GLOBAL GOLD CORPORATION
                          (A Development Stage Company)
               Notes to Condensed Financial Statements (Restated)
                                   (Unaudited)
                                 March 31, 2003



4.   CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS


Transactions with Officers


The Company  entered into four-year  Employment  Agreements with each of Messrs.
Gallagher (its Chairman and Chief Executive Officer) and Garrison (its President
and Chief Financial  Officer) as of July 1, 2002.  Pursuant to these agreements,
the Company  agreed to deliver to each of these  officers  100,000 shares of its
Common  Stock as base  compensation  for each year  during the  four-year  term,
subject to an adjustment  each year, as determined by the Board of Directors (i)
in an amount equal to the increase in the consumer price index or (ii) up to 10%
of the then base compensation.  In addition, each officer was entitled to annual
bonus  compensation  under a bonus plan as determined by the Board of Directors.
On October 31, 2002,  the Company  issued  100,000 shares of its Common Stock as
compensation to each officer for the year ended December 31, 2002.


The Company entered into Amended and Restated Employment Agreements with Messrs.
Gallagher and Garrison  dated as of February 1, 2003 for a term through June 30,
2006 that modified the existing four-year  Employment  Agreements.  Each Amended
and Restated Employment Agreement provides for base compensation of $100,000 for
each twelve-month period beginning July 1, 2003 (subject to payment as cash flow
permits), and the granting of 900,000 shares as a restricted stock award subject
to a substantial risk of forfeiture if either terminates his employment with the
Company  (other  than by death or  disability)  over  the  41-month  term of the
agreement, and which is to be earned, and vest ratably, during such period, plus
any bonus  determined in accordance with any bonus plan approved by the Board of
Directors.  On February 21, 2003,  the Company issued the 900,000 shares to such
officers  at their  fair  market  value of $0.25 as  determined  by the Board of
Directors.  Such amounts have been  reflected as unearned  compensation  and are
being amortized into compensation expense on a straight-line basis over the term
of the agreements.  Compensation  expense for the  three-months  ended March 31,
2003 is $21,951.


The agreements also call for severance payments if there is a change of control,
as defined.  Such payments will equal 2.95 times the  employee's  average annual
compensation,  as  defined,  during  the term of the  agreement.  The  severance
payment  shall be  payable  to the  employee  within  30 days of the  change  of
control.


The agreements  shall be  automatically  renewed for consecutive  one-year terms
unless  terminated  by either the Company or the employee by rendering  120 days
written notice.


In January 2003,  Drury  Gallagher  agreed to pay $25,000 on behalf of Sukhmohan
Athwal as nominee for the  issuance of 500,000  shares of common  stock at $0.05
per share, plus performance  obligations of Sukhmohan Athwal valued at $100,000,
pursuant  to a  special  incentive  financing  arrangement  (which  has not been
consummated as of the date hereof).  This amount is included as an offset to due
to related parties.


5.   INVESTMENTS IN SECURITIES AVAILABLE FOR SALE:

At March 31, 2003,  investment  in securities  consisted of 2,250,000  shares of
common stock of Sterlite  Gold Ltd.  classified as available for sale and stated
at a quoted fair value of $229,600. The cost of the securities was $146,992. The
cumulative  unrealized gain as of March 31, 2003 was $82,608 which is shown as a
separate component of stockholders' equity.

During the three months ended March 31, 2003, the Company sold 50,000 shares for
net proceeds of $7,240 resulting in a gain on the sale of $3,963.






                                       10
<PAGE>


                             GLOBAL GOLD CORPORATION
                          (A Development Stage Company)
               Notes to Condensed Financial Statements (Restated)
                                   (Unaudited)
                                 March 31, 2003



During the three  months  ended March 31,  2002,  the  Company had sold  400,500
shares for net proceeds of $16,875 resulting in a gain of $9,289.

6.   EQUITY TRANSACTIONS

(a)  The following  transactions  are a part of a Private  Placement  Memorandum
     ("PPM"). No additional shares are to be issued under the PPM.

-    As of January 3, 2003, the Company  subscribed  25,000 shares of its common
     stock to Thomas G. Davey at $0.25 per share for a total  purchase  price of
     $6,250.

-    As of January 31, 2003, the Company  subscribed 50,000 shares of its common
     stock to Donald  Galine at $0.25  per share for a total  purchase  price of
     $12,500.

-    On February 12, 2003,  the Company  subscribed  50,000 shares of its common
     stock to Frank Gallagher, Jr. at $0.25 per share for a total purchase price
     of $12,500.

-    As of February 13, 2003, the Company subscribed 25,000 shares of its common
     stock to Thomas G. Davey at $0.25 per share for a total  purchase  price of
     $6,250.

-    As of February  18,  2003,  the Company  subscribed  200,000  shares of its
     common stock to Kang Chan at $0.25 per share for a total  purchase price of
     $50,000.

The Company issued the above shares in May 2003.

(b)  In January,  2003,  the Company sold 100,000  shares of its common stock to
     Linda Sam, through  Sukhmohan  Athwal as nominee,  at $0.25 per share (fair
     market  value).  The value of the shares  includes  the total cash price of
     $5,000 plus performance  obligations by Sukhmohan Athwal valued at $20,000,
     pursuant to a special incentive  financing  arrangement  (which has not yet
     been consummated as of the date hereof).

(c)  In January,  2003,  the Company sold 200,000  shares of its common stock to
     EM&P  Investments,  through  Sukhmohan Athwal as nominee at $0.25 per share
     (fair market value).  The value of the shares includes the total cash price
     of $10,000  plus  performance  obligations  by Sukhmohan  Athwal  valued at
     $40,000,  pursuant to a special incentive financing  arrangement (which has
     not yet been consummated as of the date hereof).

(d)  In January,  2003,  the Company sold 200,000  shares of its common stock to
     Bank Sat Oppenheim Jr. & CIE, through Sukhmohan Athwal as nominee, at a per
     share price of $0.25 per share (fair market value). The value of the shares
     includes the total cash price of $10,000 plus  performance  obligations  by
     Sukhmohan  Athwal  valued  at  $40,000,  pursuant  to a  special  incentive
     financing  arrangement  (which has not yet been  consummated as of the date
     hereof).

(e)  On February 21, 2003, the Company  transferred 900,000 shares of its common
     stock at $0.25 per share (fair  market  value) to Drury J.  Gallagher  as a
     stock award  subject to a  substantial  risk of forfeiture if he terminates
     his employment  with the Company  (other than by death or disability)  over
     the 41-month  term of his Amended and Restated  Employment  Agreement,  and
     which is to be earned, and vest ratably,  during the 41-month period ending
     June 30, 2006.  Compensation for the  three-months  ended March 31, 2003 is
     $10,976.






                                       11
<PAGE>



                             GLOBAL GOLD CORPORATION
                          (A Development Stage Company)
               Notes to Condensed Financial Statements (Restated)
                                   (Unaudited)
                                 March 31, 2003

(f)  On February 21, 2003, the Company  transferred 900,000 shares of its common
     stock at $0.25 per share  (fair  market  value) to Robert A.  Garrison as a
     stock award  subject to a  substantial  risk of forfeiture if he terminates
     his employment  with the Company  (other than by death or disability)  over
     the 41-month  term of his Amended and Restated  Employment  Agreement,  and
     which is to be earned, and vest ratably,  during the 41-month period ending
     June 30, 2006.  Compensation  expense for the three-months  ended March 31,
     2003 is $10,976.

The above  transactions have been recorded at the fair market value of the stock
issued or services rendered.

7.   COMPREHENSIVE LOSS

The  following  table  summarizes  the  computations  reconciling  net  loss  to
comprehensive loss for the three months ended March 31, 2003 and 2002:

<TABLE>
<CAPTION>


                                                                                    2003            2002
                                                                                    ----            ----

<S>                                                                            <C>             <C>
Net loss
                                                                                 $(55,098)       $(17,078)
Other comprehensive income:
   Unrealized gain (loss) on available-for-sale of securities                     (39,835)         14,453
   Less:  reclassification adjustment for gains included in net loss               (3,963)         (9,289)
                                                                                   ------          ------
Comprehensive loss                                                               $(98,896)       $(11,914)
                                                                                   =======        =======
</TABLE>


8.   AGREEMENTS

a.)  On January 15,  2003,  the Company  entered  into an  option/purchase/lease
     agreement  with Alfred Soto Torino and Adrian Soto Torino for the  purchase
     of  copper  and gold  properties  in Chile  for a total  purchase  price of
     $400,000  US$  payable  over four years at $25,000 US$ per quarter for four
     years, commencing on March 31, 2003, of which payment was made. In addition
     to the  purchase  price,  a  royalty  of $1 US$  per  ounce  is to be  paid
     quarterly on all ounces of gold produced in excess of 500,000  ounces up to
     1,000,000  ounces,  provided  that the  average  price of gold per  quarter
     exceeds U.S. $310 per ounce as measured by the London Metal Exchange. Under
     such agreement, the Company has the right to develop the property under the
     lease  thereof.  Upon  expiration  of  four  years  from  the  date of such
     agreement,  or sooner at the Company's option, the Company can exercise its
     option to acquire the title to the  property,  subject to the above royalty
     obligation.


     The  Chilean  properties  consists  of  approximately  1100 acres in total,
     including the  Candelaria 1 to 3, Santa  Candelaria 1 to 8 and the Torino I
     mining  claims 1 to 7 and the Torino II mining  claims 1 to 11. The Company
     has not yet developed a  feasibility  report for the  development  of these
     properties,  and  has not yet  ascertained  the  amount  of the  proven  or
     probable  reserves of gold,  copper and other minerals on the property,  if
     any.  The  Company  refers to these  properties  collectively  as the Santa
     Candelaria mine


     Due to the fact that the lease terms are  cancelable  at the sole option of
     the Company,  the Company is  recording  payments as they come due. In 2003
     the Company  made its first  $25,000  payment.  Such amount is reflected in
     mine acquisition costs at March 31, 2003.


b.)  On March 17, 2003, the Company  entered into an agreement with SHA, LLC, an
     Armenian  limited  liability  company,  for the acquisition of the Hankavan
     mine, a gold and copper mine located in Armenia, for a total purchase price
     of $150,000  US$ (or  $175,000  if an  additional  mining  property is also
     transferred) payable in installments. Under such agreement, the Company has
     the option, exercisable within 45 days from March 17,






                                       12
<PAGE>




                             GLOBAL GOLD CORPORATION
                          (A Development Stage Company)
               Notes to Condensed Financial Statements (Restated)
                                   (Unaudited)
                                 March 31, 2003


     2003, to acquire either (i) the exclusive license,  permits, and all rights
     related to such mine,  or (ii) all of the  ownership  shares of SHA and any
     other entity which may hold rights to such mine.


     The Hankavan mine deposit is located in central  Armenia  between  Vanadzor
     and  Meghradzor  north  of the  Marmarik  River.  The  Company  has not yet
     developed a feasibility  report for the development of the properties,  and
     has not yet determined  the amount of proven or probable  reserves of gold,
     copper and other minerals on the property, if any.


     Due to the fact that the purchase  terms are  cancelable at the sole option
     of the Company, the Company is recording payments as they come due.


9.  SUBSEQUENT EVENTS

On April 3, 2003, the Company issued 250,000 shares of its common stock at a per
share  price of $0.25 to  Sukhmohan  Athwal as a  finder's  fee  related  to the
Chilean property as part of a special incentive financing arrangement (which has
not yet been consummated as of the date hereof).

In May 2003, the Company issued the 350,000 shares which had been  subscribed to
as of March 31, 3002.

In May 2003,  the Company issued 100,000 shares of its common stock at $0.25 per
share for payment of a prior payable of $25,000 for legal services.


Effective  June 1, 2003, the Company  entered into an Employment  Agreement with
Van Krikorian as Vice President and General  Counsel of the Company through June
30, 2006.  The  agreement  provides for base  compensation  of $100,000 for each
twelve-month  period  beginning  July 1, 2003  (subject  to payment as cash flow
permits), and the granting of 900,000 shares as a restricted stock award subject
to a substantial risk of forfeiture if Mr.  Krikorian  terminates his employment
with the Company (other than by death or  disability)  over the 37-month term of
the agreement,  and which is to be earned, and vest ratably, during such period,
plus any bonus  determined  in  accordance  with any bonus plan  approved by the
Board of Directors. In June 2003 such shares were issued in at their fair market
value of $0.25 as determined by the Board of Directors.


The agreement also calls for severance payments if there is a change of control,
as defined.  Such payments will equal 2.95 times the  employee's  average annual
compensation,  as  defined,  during  the term of the  agreement.  The  severance
payment  shall be  payable  to the  employee  within  30 days of the  change  of
control.


The agreement  shall be  automatically  renewed for  consecutive  one-year terms
unless  terminated  by either the Company or the employee by rendering  120 days
written notice.





                                       13
<PAGE>


9.   MANAGEMENT'S  DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
     OPERATIONS

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/A.


1.   AGREEMENTS

a.)  On January 15,  2003,  the Company  entered  into an  option/purchase/lease
     agreement  with Alfred Soto Torino and Adrian Soto Torino for the  purchase
     of  copper  and gold  properties  in Chile  for a total  purchase  price of
     $400,000  US$  payable  over four years at $25,000 US$ per quarter for four
     years, commencing on March 31, 2003, of which payment was made. In addition
     to the  purchase  price,  a  royalty  of $1 US$  per  ounce  is to be  paid
     quarterly  on all  ounces of gold  produced  in excess of  500,000  ounces,
     provided that the average  price of gold per quarter  exceeds U.S. $310 per
     ounce as measured by the London Metal Exchange.  Under such agreement,  the
     Company has the right to develop the property under the lease thereof. Upon
     expiration of four years from the date of such agreement,  or sooner at the
     Company's option,  the Company can exercise its option to acquire the title
     to the property, subject to the above royalty obligation.


     The  Chilean  properties  consists  of  approximately  1100 acres in total,
     including the  Candelaria 1 to 3, Santa  Candelaria 1 to 8 and the Torino I
     mining  claims 1 to 7 and the Torino II mining  claims 1 to 11. The Company
     has not yet developed a  feasibility  report for the  development  of these
     properties,  and  has not yet  ascertained  the  amount  of the  proven  or
     probable  reserves of gold,  copper and other minerals on the property,  if
     any.


     Due to the fact that the lease terms are  cancelable  at the sole option of
     the Company,  the Company is  recording  payments as they come due. In 2003
     the Company  made its first  $25,000  payment.  Such amount is reflected in
     mine acquisition costs at March 31, 2003.

b.)  On March 17, 2003, the Company  entered into an agreement with SHA, LLC, an
     Armenian  limited  liability  company,  for the acquisition of the Hankavan
     mine, a gold and copper mine located in Armenia, for a total purchase price
     of $150,000  US$ (or  $175,000  if an  additional  mining  property is also
     transferred) payable in installments. Under such agreement, the Company has
     the  option,  exercisable  within 45 days from March 17,  2003,  to acquire
     either (i) the exclusive license,  permits,  and all rights related to such
     mine, or (ii) all of the ownership shares of SHA and any other entity which
     may hold rights to such mine.


     The Hankavan mine deposit is located in central  Armenia  between  Vanadzor
     and  Meghradzor  north  of the  Marmarik  River.  The  Company  has not yet
     developed a feasibility  report for the development of the properties,  and
     has not yet determined  the amount of proven or probable  reserves of gold,
     copper and other minerals on the property, if any.


     Due to the fact that the purchase  terms are  cancelable at the sole option
     of the Company, the Company is recording payments as they come due.







                                       14
<PAGE>


2. RESULTS OF OPERATIONS

                THREE MONTHS ENDED MARCH 31, 2003 (RESTATED) AND
                        THREE MONTHS ENDED MARCH 31, 2002

During the  three-month  period  January 1, 2003  through  March 31,  2003,  the
Company's  administrative  and other expenses were $59,061 which  represented an
increase  from  $7,789 in the same period last year.  The expense  increase  was
primarily attributable to higher legal fees of $20,866,  increased accounting of
$7,760 and travel expenses of $3,320 due to project development.

The Company has restated its condensed financial statements for the three months
ended March 31, 2003 and the  cumulative  amounts  from  January 1, 1995 through
March  31,  2003  on its  10-QSB  as  originally  filed.  The  effects  of  this
restatement  are to decrease  selling,  general and  administrative  expenses by
$10,772 for the three months and by $10,772 for the  cumulative  period,  with a
corresponding  decrease  to net  loss  and  cumulative  net  loss as  previously
reported.


LIQUIDITY AND CAPITAL RESOURCES

As of March 31, 2003, the Company's total assets were $389,234, of which $21,381
consisted of cash or cash equivalents.

The Company's plan of operation for calendar year 2003 is:

(a)  To  commence  activities  with  regard  to the  Chilean  mining  properties
     acquired in January 2003;

(b)  To pursue and consummate the  acquisition of the Armenia mining  properties
     and to possibly acquire additional mineral-bearing properties; and

(c)  To sell the 2,250,000  shares of Sterlite  common stock,  and use the sales
     proceeds for working capital purposes

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  needs  financing  to meet its  anticipated  monthly  administrative
expenses of about $7,500  (exclusive of accrued  officers'  compensation),  plus
additional amounts for legal and accounting costs. The Company  anticipates that
it might obtain additional financing in 2003 from the holders of its Warrants to
purchase  330,000  shares of Common Stock of the Company at an exercise price of
$0.25 per  share,  which  expire on  October  31,  2003.  If the  Warrants  were
exercised in full, the Company would receive $82,500 in gross proceeds. However,
the Company does not believe that the Warrants will be exercised  under existing
circumstances,  and thus it does not anticipate  that any amount thereof will be
exercised,  although there can be no assurance of such result. In the event that
no  contemplated  financing  is obtained  through the  exercise of the  warrants
(which  the  Company  considers  highly  remote),  the  Company  does  not  have
sufficient financial resources to meet its obligations

The Company  does not intend to engage in any research  and  development  during
2003 and does not expect to purchase or sell any plant or significant equipment.

The Company expects to hire one additional full-time employee in 2003.






                                       15
<PAGE>


GOING CONCERN CONSIDERATION

We have continued  losses in each of our years of operation,  negative cash flow
and liquidity  problems.  These  conditions  raise  substantial  doubt about our
ability to continue as a going concern.  The  accompanying  condensed  financial
statements  do not include any  adjustments  relating to the  recoverability  of
reported  assets or  liabilities  should we be  unable  to  continue  as a going
concern.

We have been able to continue  based upon our receipt of funds from the issuance
of equity  securities and shareholder  loans,  and by acquiring assets or paying
expenses  by issuing  stock.  Our  continued  existence  is  dependent  upon our
continued  ability to raise funds  through the  issuance  of our  securities  or
borrowings,  and our  ability to acquire  assets or satisfy  liabilities  by the
issuance of stock.  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.

CONTROLS AND PROCEDURES

Within the 90-day period prior to the filing of 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 the Securities Exchange Act of
1934 Rules 13a -14 and 15d-14).  Based of 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.

SUBSEQUENT EVENTS

On April 3, 2003, the Company issued 250,000 shares of its common stock at a per
share  price of $0.25 to  Sukhmohan  Athwal as a  finder's  fee  related  to the
Chilean property as part of a special incentive financing arrangement (which has
not yet been consummated as of the date hereof).

In May 2003, the Company issued the 350,000 shares which had been  subscribed to
as of March 31, 2003.

In May 2003,  the Company issued 100,000 shares of its common stock at $0.25 per
share for payment of a prior payable of $25,000 for legal services.

Effective  June 1, 2003, the Company  entered into an Employment  Agreement with
Van Krikorian as Vice President and General  Counsel of the Company through June
30, 2006.  The  agreement  provides for base  compensation  of $100,000 for each
twelve-month  period  beginning  July 1, 2003  (subject  to payment as cash flow
permits), and the granting of 900,000 shares as a restricted stock award subject
to a substantial risk of forfeiture if Mr.  Krikorian  terminates his employment
with the Company (other than by death or  disability)  over the 37-month term of
the agreement,  and which is to be earned, and vest ratably, during such period,
plus any bonus  determined  in  accordance  with any bonus plan  approved by the
Board of Directors. In June 2003 such shares were issued in at their fair market
value of $0.25 as determined by the Board of Directors.


The agreement also calls for severance payments if there is a change of control,
as defined.  Such payments will equal 2.95 times the  employee's  average annual
compensation,  as  defined,  during  the term of the  agreement.  The  severance
payment  shall be  payable  to the  employee  within  30 days of the  change  of
control.






                                       16
<PAGE>


The agreement  shall be  automatically  renewed for  consecutive  one-year terms
unless  terminated  by either the Company or the employee by rendering  120 days
written notice.




                           PART II - OTHER INFORMATION

Item 1. Legal Proceedings

None

Item 2. Changes In Securities and use of proceeds

The Company made sales of shares of its common stock during the first quarter of
2003,  each of which is exempt from  registration  under the  Securities  Act of
1933, as amended (the "Act"), as set forth below:

(a)  As of January 3, 2003, the Company  subscribed  25,000 shares of its common
     stock to Thomas G. Davey at $0.25 per share for a total  purchase  price of
     $6,250.  The Company  believes  that Mr.  Davey is an  accredited  investor
     within the meaning of Regulation D issued under the Act. The Company issued
     such securities in reliance upon Section 4(2) of the Act.

(b)  As of January 31, 2003, the Company  subscribed 50,000 shares of its common
     stock to Donald  Galine at $0.25  per share for a total  purchase  price of
     $12,500.  The Company believes that Donald Galine is an accredited investor
     within the meaning of Regulation D issued under the Act. The Company issued
     such securities in reliance upon Section 4(2) of the Act.

(c)  On February 12, 2003,  the Company  subscribed  50,000 shares of its common
     stock to Frank Gallagher, Jr. at $0.25 per share for a total purchase price
     of $12,500. The Company believes that Frank Gallagher, Jr. is an accredited
     investor  within the  meaning of  Regulation  D issued  under the Act.  The
     Company issued such securities in reliance upon Section 4(2) of the Act.

(d)  As of February 13, 2003, the Company subscribed 25,000 shares of its common
     stock to Thomas G. Davey at $0.25 per share for a total  purchase  price of
     $6,250.  The Company  believes  that Mr.  Davey is an  accredited  investor
     within the meaning of Regulation D issued under the Act. The Company issued
     such securities in reliance upon Section 4(2) of the Act.

(e)  As of February  18,  2003,  the Company  subscribed  200,000  shares of its
     common stock to Kang Chan at $0.25 per share for a total  purchase price of
     $50,000.  The Company  believes  that Kang Chan is an  accredited  investor
     within the meaning of Regulation D issued under the Act. The Company issued
     such securities in reliance upon Section 4(2) of the Act.

The Company  used such  proceeds  in  connection  with its Chilean and  Armenian
projects.

Item 3. Default Upon Senior Securities

None

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

None






                                       17
<PAGE>


Item 5. Other Information


The Company  made  additional  sales or  transfers of shares of its common stock
during the first  quarter  of 2003,  each of which is exempt  from  registration
under the Act, as set forth below:

(a)  In January,  2003,  the Company sold 100,000  shares of its common stock to
     Linda Sam, through  Sukhmohan  Athwal as nominee,  at $0.25 per share (fair
     market  value).  The value of the shares  includes  the total cash price of
     $5,000 plus performance  obligations by Sukhmohan Athwal valued at $20,000,
     pursuant to a special incentive  financing  arrangement  (which has not yet
     been  consummated as of the date hereof).  The Company  believes that Linda
     Sam is an  accredited  investor  within the meaning of  Regulation D issued
     under the Act. The Company issued such  securities in reliance upon Section
     4(2) of the Act.

(b)  In January,  2003,  the Company sold 200,000  shares of its common stock to
     EM&P  Investments,  through  Sukhmohan Athwal as nominee at $0.25 per share
     (fair market value).  The value of the shares includes the total cash price
     of $10,000  plus  performance  obligations  by Sukhmohan  Athwal  valued at
     $40,000,  pursuant to a special incentive financing  arrangement (which has
     not yet been consummated as of the date hereof).  The Company believes that
     EM&P Investments is an accredited investor within the meaning of Regulation
     D issued under the Act. The Company issued such securities in reliance upon
     Section 4(2) of the Act.

(c)  In January,  2003,  the Company sold 200,000  shares of its common stock to
     Bank Sat Oppenheim Jr. & CIE, through Sukhmohan Athwal as nominee, at a per
     share price of $0.25 per share (fair market value). The value of the shares
     includes the total cash price of $10,000 plus  performance  obligations  by
     Sukhmohan  Athwal  valued  at  $40,000,  pursuant  to a  special  incentive
     financing  arrangement  (which has not yet been  consummated as of the date
     hereof).  The  Company  believes  that Bank Sat  Oppenheim  Jr. & CIE is an
     accredited  investor  within the meaning of  Regulation  D issued under the
     Act. The Company  issued such  securities  in reliance upon Section 4(2) of
     the Act.

(d)  On February 21, 2003, the Company  transferred 900,000 shares of its common
     stock at $0.25 per share (fair  market  value) to Drury J.  Gallagher  as a
     stock award  subject to a  substantial  risk of forfeiture if he terminates
     his employment  with the Company  (other than by death or disability)  over
     the 41-month  term of his Amended and Restated  Employment  Agreement,  and
     which is to be earned, and vest ratably,  during the 41-month period ending
     June 30, 2006.

(e)  On February 21, 2003, the Company  transferred 900,000 shares of its common
     stock at $0.25 per share  (fair  market  value) to Robert A.  Garrison as a
     stock award  subject to a  substantial  risk of forfeiture if he terminates
     his employment  with the Company  (other than by death or disability)  over
     the 41-month  term of his Amended and Restated  Employment  Agreement,  and
     which is to be earned, and vest ratably,  during the 41-month period ending
     June 30, 2006.







                                       18
<PAGE>


Item 6. Exhibits and Reports on Form 8-K



(a)  The  following  documents  are  filed  as part of  this  report.  Unaudited
     Condensed Financial  Statements of the Company,  including Balance Sheet as
     of March 31,  2003(Restated),  Statements of Operations  and  Statements of
     Cash Flows for the three months ended March 31, 2003(Restated)and March 31,
     2002,  and for the  development  stage  period from January 1, 1995 through
     March 31, 2003  (Restated) and the Exhibits which are listed on the Exhibit
     index:

EXHIBIT NO.   DESCRIPTION OF EXHIBIT

10.63         Employment Agreement between the Registrant and Van K. Krikorian
               dated as of February 1, 2003.
99.1          Certificate of Chief Executive Officer
99.2          Certificate of Chief Financial Officer

(b)  Reports on Form 8-K filed during the quarter ended March 31, 2003

              None



                                   SIGNATURES

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





By: /s/  Drury J. Gallagher                                July 11, 2003
    -------------------------
    Drury J. Gallagher, Chairman,
    Chief Executive Officer and Treasurer


                                       19
<PAGE>



                                  CERTIFICATION

I, Drury J. Gallagher,  the Chairman,  Chief Executive  Officer and Treasurer of
Global Gold Corporation (the "Company"), certify that:

1. I have reviewed this quarterly report on Form 10-QSB/A of the Company;

2. Based on my  knowledge,  this  quarterly  report  does not contain any untrue
statement of a material fact or omit to state a material fact  necessary to make
the statements made, in light of the  circumstances  under which such statements
were made, not  misleading  with respect to the period covered by this quarterly
report;

3.  Based  on my  knowledge,  the  financial  statements,  and  other  financial
information  included in this quarterly  report,  fairly present in all material
respects the financial  condition,  results of operations  and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;

4.  The  registrant's  other  certifying  officers  and  I are  responsible  for
establishing and maintaining  disclosure  controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:

     (a)  designed  such  disclosure  controls  and  procedures  to ensure  that
     material information relating to the registrant, including its consolidated
     subsidiaries,  is  made  known  to  us by  others  within  those  entities,
     particularly  during  the period in which  this  quarterly  report is being
     prepared;

     (b) evaluated the effectiveness of the registrant's disclosure controls and
     procedures  as of a date  within 90 days prior to the  filing  date of this
     quarterly report (the "Evaluation Date"); and

     (c)  presented  in  this  quarterly   report  our  conclusions   about  the
     effectiveness  of the  disclosure  controls  and  procedures  based  on our
     evaluation as of the Evaluation Date;

5. The registrant's other certifying officers and I have disclosed, based on our
most recent evaluation,  to the registrant's auditors and the audit committee of
registrant's board of directors (or persons performing the equivalent function):

     (a) all  significant  deficiencies  in the design or  operation of internal
     controls which could adversely affect the  registrant's  ability to record,
     process,  summarize and report  financial data and have  identified for the
     registrant's auditors any material weaknesses in internal controls; and

     (b) any fraud,  whether or not material,  that involves management or other
     employees  who  have  a  significant  role  in  the  registrant's  internal
     controls; and

6. The  registrant's  other  certifying  officers  and I have  indicated in this
quarterly  report  whether or not there  were  significant  changes in  internal
controls or in other factors that could  significantly  affect internal controls
subsequent to the date of our most recent  evaluation,  including any corrective
actions with regard to significant deficiencies and material weaknesses.


Date:  July 11, 2003                     /s/ Drury J. Gallagher
                                        ------------------------------
                                         Drury J. Gallagher, Chairman,
                                         Chief Executive Officer and Treasurer




                                       20
<PAGE>


                                  CERTIFICATION

I,  Robert  A.  Garrison,  the  President,  Chief  Financial  Officer  and Chief
Operating Officer of Global Gold Corporation (the "Company"), certify that:

1. I have reviewed this quarterly report on Form 10-QSB/A of the Company;

2. Based on my  knowledge,  this  quarterly  report  does not contain any untrue
statement of a material fact or omit to state a material fact  necessary to make
the statements made, in light of the  circumstances  under which such statements
were made, not  misleading  with respect to the period covered by this quarterly
report;

3.  Based  on my  knowledge,  the  financial  statements,  and  other  financial
information  included in this quarterly  report,  fairly present in all material
respects the financial  condition,  results of operations  and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;

4.  The  registrant's  other  certifying  officers  and  I are  responsible  for
establishing and maintaining  disclosure  controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:

     (a)  designed  such  disclosure  controls  and  procedures  to ensure  that
     material information relating to the registrant, including its consolidated
     subsidiaries,  is  made  known  to  us by  others  within  those  entities,
     particularly  during  the period in which  this  quarterly  report is being
     prepared;

     (b) evaluated the effectiveness of the registrant's disclosure controls and
     procedures  as of a date  within 90 days prior to the  filing  date of this
     quarterly report (the "Evaluation Date"); and

     (c)  presented  in  this  quarterly   report  our  conclusions   about  the
     effectiveness  of the  disclosure  controls  and  procedures  based  on our
     evaluation as of the Evaluation Date;

5. The registrant's other certifying officers and I have disclosed, based on our
most recent evaluation,  to the registrant's auditors and the audit committee of
registrant's board of directors (or persons performing the equivalent function):

     (a) all  significant  deficiencies  in the design or  operation of internal
     controls which could adversely affect the  registrant's  ability to record,
     process,  summarize and report  financial data and have  identified for the
     registrant's auditors any material weaknesses in internal controls; and

     (b) any fraud,  whether or not material,  that involves management or other
     employees  who  have  a  significant  role  in  the  registrant's  internal
     controls; and

6. The  registrant's  other  certifying  officers  and I have  indicated in this
quarterly  report  whether or not there  were  significant  changes in  internal
controls or in other factors that could  significantly  affect internal controls
subsequent to the date of our most recent  evaluation,  including any corrective
actions with regard to significant deficiencies and material weaknesses.




Date:  July 11, 2003                     /s/ Robert A. Garrison
                                        ------------------------------
                                        Robert A. Garrison, President,
                                        Chief Financial Officer and
                                        Chief Operating Officer


                                       21