U.S. 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 September 30, 1999

              |_| 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

                             -----------------------
                 (Name of small business issuer in its charter)

          Delaware                                    13-3025550

- ------------------------------------------------------------------------------
(State or other jurisdiction of                    (I.R.S. Employer
incorporation or organization)                    Identification No.)

        734 Franklin Street, Suite 383, Garden City, New York 11530-4525

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

(Address of principal executive offices)              (Zip Code)

                            Issuer's telephone number
                                 (516) 294-7946

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

      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


<PAGE>


of securities under a plan confirmed by court. Yes |_| No |_|. Not Applicable

      As of September 30,  1999,  there  were  4,348,114  shares of the
registrant's Common Stock outstanding.

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


<PAGE>



                           GLOBAL GOLD CORPORATION

                          (A DEVELOPMENT STAGE COMPANY)

                              FINANCIAL STATEMENTS
                                   (UNAUDITED)

                               SEPTEMBER 30, 1999

                             GLOBAL GOLD CORPORATION

                          (A DEVELOPMENT STAGE COMPANY)

                              FINANCIAL STATEMENTS
                                   (UNAUDITED)

                               SEPTEMBER 30, 1999
<TABLE>
<CAPTION>

EXHIBIT                                                                                              PAGE
      <S>         <C>                                                                                   <C>

     A            BALANCE SHEETS - AS OF SEPTEMBER 30, 1999                                             1
                  AND DECEMBER 31, 1998


     B            STATEMENTS OF INCOME AND (LOSS) - FOR THE THREE-MONTH                                 2
                  AND NINE-MONTH PERIODS ENDED SEPTEMBER 30, 1999
                  AND 1998, AND THE DEVELOPMENT STAGE PERIOD JANUARY 1,
                  1995 THROUGH SEPTEMBER 30, 1999


     C            STATEMENTS OF CHANGES IN STOCKHOLDERS'  EQUITY - FOR  THE                         3A/3B
                  PERIOD  JANUARY 1, 1999 THROUGH  SEPTEMBER  30, 1999,  AND THE
                  DEVELOPMENT STAGE PERIOD JANUARY 1, 1995 THROUGH SEPTEMBER 30,
                  1999

     D            STATEMENTS OF CASH FLOW - FOR THE PERIODS JANUARY 1,                                  4
                  1999 THROUGH SEPTEMBER 30, 1999 AND JANUARY 1,
                  1998 THROUGH SEPTEMBER 30, 1998, AND THE DEVELOPMENT
                  STAGE PERIOD JANUARY 1, 1995 THROUGH SEPTEMBER 30, 1999



                  NOTES TO FINANCIAL STATEMENTS                                                      5-10

</TABLE>
<PAGE>




                             GLOBAL GOLD CORPORATION

                          (A DEVELOPMENT STAGE COMPANY)
                                 BALANCE SHEETS

                                     ASSETS

                                           September 30, 1999  December 31, 1998
                                             (UNAUDITED)          (AUDITED)

CURRENT ASSETS
  Cash ............................        $    1,142          $   24,623
  REFUNDABLE DEPOSIT ..............            11,735              33,347
                                               ------             -------
                                               12,877              57,970

OTHER ASSETS
  Investment in First Dynasty Mines Ltd.
  COMMON SHARES AT LOWER OF COST OR MARKET    240,000             256,000
                                             ---------           ---------

TOTAL ASSETS .....................           $252,877            $313,970
                                             =========           =========




                      LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES
  ACCOUNTS PAYABLE AND ACCRUED EXPENSES ..   $189,123            $173,170


STOCKHOLDERS' EQUITY
  Common stock $0.001 par, 100,000,000
  shares authorized 4,348,114 shares
  issued and outstanding ...............        4,348               4,348
  Paid capital - dormant period .........   3,236,602           3,236,602
  Paid capital - development stage .........1,493,223           1,493,223
  Retained earnings - dormant period ......(2,907,648)         (2,907,648)
  RETAINED EARNINGS - DEVELOPMENT STAGE ...(1,762,771)         (1,685,725)
                                            ---------           ---------
                                               63,754             140,000
                                            ---------           ---------

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY  $ 252,877           $ 313,970
                                            =========           =========










                                       1

<PAGE>






                             GLOBAL GOLD CORPORATION

                          (A DEVELOPMENT STAGE COMPANY)
                         STATEMENTS OF INCOME AND (LOSS)

                                   (UNAUDITED)


<TABLE>
<CAPTION>
                                                                                                                 January 1, 1995
                              July 1, 1999         July 1, 1998         January 1, 1999     January 1, 1998      (development stage)
                              through              through              through             through              through
                              September 30, 1999   September 30, 1998   September 30, 1999  September 30, 1998   September 30, 1999
                              ------------------   ------------------   ------------------  ------------------   ------------------
<S>                            <C>                   <C>                  <C>                 <C>                   <C>

REVENUE                        $  -  -  -  -         $  -  -  -  -        $  -  -  -  -       $  -  -  -  -         $  -  -  -  -
                                ---------------      ---------------      ---------------     ---------------       ---------------

EXPENSES

     Officers' compensation       -  -  -  -                 37,500.         -  -  -  -             112,500.            550,834.
     Legal                             3,041.                13,294.             33,402.             56,474.            575,512.
     Accounting and auditing      -  -  -  -             -  -  -  -               7,250.             22,500.            130,698.
     Transfer agent and
       securities fees            -  -  -  -             -  -  -  -          -  -  -  -           -  -  -  -             12,446.
     Proxy costs                  -  -  -  -             -  -  -  -          -  -  -  -           -  -  -  -             26,555.
     Office expense                    3,150.                 6,870.             19,919.             25,002.            142,909.
     Travel                       -  -  -  -             -  -  -  -          -  -  -  -                  92.             43,234.
     Rent                         -  -  -  -             -  -  -  -          -  -  -  -           -  -  -  -             54,000.
                                ---------------      ---------------      ---------------     ---------------       ---------------

OPERATING (LOSS)                      (6,191.)              (57,664.)           (60,571.)          (216,568.)        (1,536,188.)

OTHER INCOME (EXPENSES)
     Interest and royalty
       income                             12.                   274.                 35.                633.              5,414.
     Organization costs           -  -  -  -             -  -  -  -           -  -  -  -          - - - - -              (4,800.)
     Interest expense             -  -  -  -                   (601.)         -  -  -  -               (601.)           (15,422.)
     Provision for bad debts      -  -  -  -             -  -  -  -           -  -  -  -          - - - - -            (325,000.)
     Write-off investment in
       Georgia mining interests   -  -  -  -             -  -  -  -           -  -  -  -          - - - - -            (135,723.)
     Gain on sale of interest
       in Global Gold Armenia
       Limited                    -  -  -  -                 255,999.         -  -  -  -            255,999.            268,874.
     Gain/(Loss) on investment
       in First Dynasty Mines
         Common Stock                (16,000.)           -  -  -  -             (16,000.)         -  -  -  -            (16,000.)
                                ---------------      ---------------      ---------------     ---------------       ---------------


INCOME/(LOSS) BEFORE INCOME
  TAXES                              (22,179.)               198,008.           (76,536.)            39,463.         (1,758,845.)
     INCOME TAXES                       (170.)                  (170.)             (510.)              (490.)            (3,926.)
                                ---------------      ---------------      ---------------     ---------------       ---------------

NET INCOME/(LOSS)                   $(22,349.)              $197,838.          $(77,046.)           $38,973.        $(1,762,771.)
                                    ==========             =========           ==========           ========        =============
NET INCOME/(LOSS) PER SHARE           $(.005)                 $.1375            $(.0178)              $.009
                                      =======                 ======            ========              =====
</TABLE>


                                       2
<PAGE>






                             GLOBAL GOLD CORPORATION

                          (A DEVELOPMENT STAGE COMPANY)
                  STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY

<TABLE>
<CAPTION>
                                   (UNAUDITED)

                                                            Paid-in      Retained        Retained         Paid-in
                                 Issued and                 Capital      Earnings        Earnings         Capital
                                 Outstanding    Common      (Dormant     (Dormant        (Development     (Development
                                 SHARES         STOCK       PERIOD)      PERIOD)         STAGE)           STAGE)             TOTAL
                                 -----------   ----------   ----------   ------------    ------------     ------------   -----------
Stockholders' equity
    <S>                            <C>            <C>       <C>          <C>            <C>               <C>            <C>
    December 31, 1994              898,074.       89,807.   $3,147,693.  $(2,907,648.)  $  -  -  -  -     $ -  -  -  -   $ 329,852.

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

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

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

Proceeds through private
    Offering                       200,000.          200.    -  -  -  -    -  -  -  -      -  -  -  -         421,373.     421,573.
                                -----------    ----------   ------------  ------------   ------------     ------------    ---------

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

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

Warrents exercised                      40.    -  -  -  -    -  -  -  -    -  -  -  -      -  -  -  -             100.         100.
                                -----------    -----------  ------------  ------------   ------------     ------------    ---------

Stockholders' Equity
    December 31, 1996            2,098,114.    $   2,098.   $3,236,602.  $(2,907,648.)   $(1,029,922.)     $1,270,473.   $ 571,603.
                                 ==========    ==========   ===========  =============   =============     ===========   ==========

</TABLE>

                     See Notes to the Financial Statements.

                                       3a
<PAGE>






                             GLOBAL GOLD CORPORATION

                          (A DEVELOPMENT STAGE COMPANY)
                  STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY

<TABLE>
<CAPTION>
                                   (UNAUDITED)

                                                        Paid-in        Retained       Retained         Paid-in
                            Issued and                  Capital        Earnings       Earnings         Capital
                            Outstanding     Common      (Dormant       (Dormant       (Development     (Development
                            Shares          Stock       Period)        Period)        Stage)           Stage)             Total
                            ------------   ---------    -----------    ------------   --------------   -------------  ------------

Net Loss January 1 -
<S>                        <C>           <C>            <C>            <C>               <C>            <C>           <C>
 December 31, 1997          -  -  -  -   -  -  -  -     -  -  -  -     -  -  -  -        (690,747.)     -  -  -  -    (690,747.)

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

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

Net Income January 1 -
 December 31, 1998         -  -  -  -    -  -  -  -     -  -  -  -     -  -  -  -          34,944.      -  -  -  -      34,944.
                            ---------       --------    ------------   ------------    -------------   -----------    ---------

Stockholders' equity
 December 31, 1998          4,348,114.       4,348.      $3,326,602.    (2,907,648.)   (1,685,725.)    1,493,223.      140,800.
                            ----------      --------    ------------   ------------    -------------   -----------    ---------

Net Loss January 1, 1999
 Through Septemer 30, 1999  -  -  -  -   -  -  -  -     -  -  -  -     -  -  -  -         (77,046.)     -  -  -  -     (77,046.)
                            ----------      --------    ------------   ------------    -------------   ----------     ----------
Shareeholders' Equity
       September 30, 1999   4,348,114      $ 4,348.      $3,236,602.   $(2,907,648.)  $(1,762,771.)   $1,493,223.    $  63,754.
                           ==========      =========      =========     ===========    =============   ==========     ==========

</TABLE>


In 1997 the Company issued  2,000,000  common shares in exchange for $200,000 in
accrued  salaries and other  considerations.  Also,  250,000  common shares were
issued as a Finders Fee in connection with the First Dynasty financing.


                                       3b
<PAGE>




                             GLOBAL GOLD CORPORATION

                          (A DEVELOPMENT STAGE COMPANY)
                             STATEMENTS OF CASH FLOW

                                   (UNAUDITED)
<TABLE>
<CAPTION>

                                                                                                            January 1, 1995
                                                          January 1, 1999           January 1, 1998         (development stage)
                                                                through                   through                  through
                                                          September 30, 1999        September 30, 1998      September 30, 1999
                                                          ------------------        ------------------      ------------------
CASH FLOW FROM DEVELOPMENT
STAGE ACTIVITIES:

     <S>                                                     <C>                         <C>                   <C>
     Net Income/(Loss)                                       $(77,046.)                  $38,973.              $(1,762,771.)
     Adjustments to reconcile net income/(loss) to
     net cash provided by operating activities:
         Increase (decrease) in:

         Provision for bad debt included in net loss        -  -  -  -                  -  -  -  -                 325,000.
         Write-off of mining investment in Georgia          -  -  -  -                  -  -  -  -                 135,723.
         Organization costs                                 -  -  -  -                  -  -  -  -                  (9,601.)
         Gain on sale of Armenia mining interests           -  -  -  -                  (255,999.)                (268,874.)
         Accounts receivable and deposits                       21,612.                  (50,000.)                 (11,889.)
         Investment in First Dynasty common shares              16,000.                 -  -  -  -                  16,000.
         Accounts payable, accrued expenses
                and miscellaneous                               15,953.                   35,413.                  285,726.
                                                          -------------           -----------------           -------------
NET CASH (USED) BY DEVELOPMENT STAGE ACTIVITIES                (23,481.)                (231,613.)              (1,290,686.)
                                                          -------------           -----------------           -------------
CASH FLOW FROM INVESTING ACTIVITIES:
     Proceeds from sale of Armenia mining
         interests (net of Note Receivable)                 -  -  -  -                   200,000.                1,891,155.
     Investment in certain mining interests
         - net of financing                                 -  -  -  -                 -  -  -  -                ( 153,494.)
     DEFERRED COSTS - MINING INTERESTS                      -  -  -  -                 -  -  -  -                ( 878,858.)
                                                         --------------          -----------------            -------------
NET CASH PROVIDED BY INVESTING ACTIVITIES                   -  -  -  -                    200,000.                 858,803.
                                                         --------------          -----------------            -------------

CASH FLOW FROM FINANCING ACTIVITIES
     Net proceeds from private placement offering           -  -  -  -                 -  -  -  -                  421,573.
     Warrents exercised                                     -  -  -  -                 -  -  -  -                      100.
                                                         --------------          -----------------            -------------
NET CASH PROVIDED (USED) BY FINANCING ACTIVITIES            -  -  -  -                 -  -  -  -                  421,673.
                                                         --------------          -----------------            -------------

NET INCREASE (DECREASE) IN CASH                               (23,481.)                 (31,613.)                (10,210.)
     CASH - beginning                                          24,623.                   66,344.                  11,352.
                                                              --------                  --------                --------
     CASH - END                                              $  1,142.                  $34,731.                 $ 1,142.
                                                             =========                  ========                ========

SUPPLEMENTAL CASH FLOW INFORMATION

     INCOME TAXES PAID                                      $     510.                $     490.                $  2,518.
                                                             ==========                 =========               =========
</TABLE>

NON-CASH  INVESTING  AND  FINANCING  ACTIVITIES  In 1995 the Company  issued one
million shares of common stock for certain mining  interests,  with an estimated
value of  $850,000.  In 1997 the  Company  issued  2,000,000  common  shares  in
exchange  for  $200,000  in accrued  salaries  and other  considerations.  Also,
250,000 common shares were issued as a Finders Fee in connection  with the First
Dynasty financing.

In 1998 the Company  exchanged its  remaining 20% stock  interest in Global Gold
Armenia  Limited  for  4,000,000  First  Dynasty  Mines  Ltd.  Special  Warrants
exchangeable  at no cost into 4,000,000  shares of common stock of First Dynasty
Mines Ltd. The Warrants  were  exchanged  for shares of First Dynasty Mines Ltd.
common stock in September 1999.

                                       4
<PAGE>




                             GLOBAL GOLD CORPORATION

                          (A Development Stage Company)
                          Notes to Financial Statements

                               September 30, 1999

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

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

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

NOTE 2:    USE OF ESTIMATES

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

NOTE 3:    DEVELOPMENT STAGE COMPANY

           The Company may encounter problems, delays, expenses and difficulties
           typically  encountered in the development stage, many of which may be
           outside of the Company's control.  Management must also be successful
           in securing additional investor and/or lender financing.  The Company
           expects  to incur  operating  losses  for the near term  and,  in any
           event,  until such time as it derives  substantial  revenues from its
           investment in First Dynasty Mines Ltd. or other future projects.

                                       5
<PAGE>





                             GLOBAL GOLD CORPORATION

                          (A Development Stage Company)
                          Notes to Financial Statements

                               September 30, 1999

NOTE 4:    ACQUISITION OF ARMENIAN MINING INTEREST FROM EYRE

           Pursuant to the Asset Purchase Agreement dated June 1995, the Company
           acquired from Eyre Resources N.L., an Australian corporation,  all of
           its potential  interest in its Armenian gold mining  project (Note 5)
           and all of Eyre's  potential  interest in its Georgia gold and copper
           mining project (Note 6).

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

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

           A  settlement  was agreed to on October 13, 1999.  In the  settlement
           1,000,000  common  shares  of First  Dynasty  Mines  Ltd.  that  were
           received  in  exchange  for the  investment  in Global  Gold  Armenia
           Limited  were  exchanged  for  1,000,000 common shares of Global Gold
           Corporation,  300,000  held by Eyre  and  700,000  held by the  Parry
           Beaumont Trust.

           The  Company  funded the  litigation  with  $50,000  in a  refundable
           deposit account which had a balance of $11,735 on September 30, 1999.

NOTE 5:    THE ARMENIAN JOINT VENTURE AGREEMENT

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

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

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

           An agreement  was entered into with First  Dynasty Mines Ltd. on July
           24, 1998 transferring the Company's  interest in AGRC in exchange for
           4,000,000 Special Warrants exchangeable at no cost into common shares
           of First Dynasty.  As of September 30, 1998 the Company  recognized a
           gain of $268,874 in the exchange.

                                       6
<PAGE>



                             GLOBAL GOLD CORPORATION

                          (A Development Stage Company)
                          Notes to Financial Statements

                               September 30, 1999

NOTE 6:    THE GEORGIAN AGREEMENT

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

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

NOTE 7:    NOTES RECEIVABLE

           The  Company  holds  a  note  receivable  from Jet-Line Environmental
           Services Inc. for $300,000 bearing interest at prime plus 2.0%.

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

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

                                       7
<PAGE>




                             GLOBAL GOLD CORPORATION

                          (A Development Stage Company)
                          Notes to Financial Statements

                               September 30, 1999

NOTE 8:    CONFIDENTIAL PRIVATE PLACEMENT MEMORANDUM

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

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

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

NOTE 9:    OFFICERS'   COMPENSATION,   INCENTIVE   STOCK   OPTIONS   AND   STOCK
           APPRECIATION RIGHTS

           Management presently consists of Mr.Drury J. Gallagher and Mr. Robert
           A. Garrison.  Mr.  Gallagher had been  President of the Company and a
           stockholder since 1981; he is currently Chairman of the Company.  Mr.
           Garrison was subsequently  hired in April 1995 to oversee  mining and
           related financing  activities,  and is currently  President.  Messrs.
           Gallagher and Garrison entered into  employment  agreements  with the
           Company effective July 1, 1995.

           On January 3, 1997,  the Board of Directors  of the Company  approved
           the  issuance  of  1,000,000  shares of its  common  stock to each of
           Messrs.  Gallagher  and  Garrison in exchange for $100,000 in accrued
           salary   each  plus   cancellations   of  stock   options  and  stock
           appreciation  rights  (the  "SARs")  and  personal  guarantees  up to
           $500,000. As of September 30, 1999 accrued salary of $162,500 was due
           to Mr. Gallagher.

                                       8
<PAGE>




                             GLOBAL GOLD CORPORATION

                          (A Development Stage Company)
                          Notes to Financial Statements

                               September 30, 1999

NOTE 10:   NON-UNITED STATES WHOLLY-OWNED SUBSIDIARIES/INCOME TAX MATTERS

           On November 29, 1995, the Company formed Global Gold Armenia  Limited
           and Global Gold Georgia Limited, which were respectively assigned the
           Armenian  and  Georgian  mining  rights  from Eyre at the  closing on
           December  1, 1995 (Note 5). The two  subsidiaries  are Cayman  Island
           entities which were granted a twenty-year  tax exemption from any law
           of that jurisdiction  which hereafter imposes any tax to be levied on
           profits, income, gains or appreciation, commencing December 19, 1995.

           The Company  experienced  net operating  losses for each of the years
           ended  December 31, 1996 and 1997,  and the  nine-month  period ended
           September  30,  1999.  The Company has elected to  carryforward  such
           losses for federal  income tax  purposes  and offset  future  taxable
           earnings.  However,  since the Company is a development stage company
           and its ability to obtain future  earnings is uncertain,  no deferred
           tax asset has been recorded.

NOTE 11:   NET INCOME/(LOSS) PER SHARE

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

NOTE 12:   REVERSE STOCK SPLIT

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

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

                                       9
<PAGE>





                             GLOBAL GOLD CORPORATION

                          (A Development Stage Company)
                          Notes to Financial Statements

                               September 30, 1999

NOTE 13:   FIRST DYNASTY MINES LTD.

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

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

           The Company and GGA, in conjunction  with First  Dynasty,  negotiated
           for AGRC to develop the Zod and  Meghradzor  mines and  concluded the
           amended  Armenian  Joint Venture  Agreement on September 30, 1997.
           Under such agreement, First dynasty acquired the right to acquire all
           of the stock of GGA, subject to certain conditions, by advancing
           funds in stages necessary for the implementation of the mining
           development plan and delivering 4,000,000 special warrants
           convertible into First Dynasty Common Stock.  On July 24, 1998 First
           Dynasty and the Company entered into an agreement to  accelerate the
           issuance  of  the  4,000,000   special  warrants. The  4,000,000
           special  warrants  are  exchangeable  into 4,000,000 common shares of
           First Dynasty Mines Ltd. at no cost within one year or with the
           public  offering  of common  shares,  whichever comes  first.  The
           common  shares were valued at 13/64 on the Toronto Stock Exchange or
           US$.128 on August 31, 1998. For reporting purposes, the  shares  were
           discounted  50% for  absence  of a market for the warrants,  lack of
           trading volume and future  dilution.  In September 1999 the  warrants
           were  exchanged  for  4,000,000  shares  of First Dynasty Mines Ltd.
           common stock. As of September 30, 1999 the common shares were valued
           at C$.0825 per share on the Toronto Stock Exchange and $U.S. .06 on
           the NASDAQ Bulletin  Board.  The Company will retain the right until
           December 31, 2009 to elect to participate at a level of up to twenty
           percent with First Dynasty or any of its  affiliates in any
           exploration project undertaken in Armenia.

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

                                       10
<PAGE>



                             GLOBAL GOLD CORPORATION

                          (A Development Stage Company)

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

                               September 30, 1999

(A)   GENERAL OVERVIEW

      The  Company  now holds  only  4,000,000  shares of common  stock of First
Dynasty  Mines,  Ltd.,  a  publicly-traded  Canadian  corporation.  The  Company
previously  engaged in the  development of a gold mining  project in Armenia,  a
member of the  Commonwealth of Independent  States.  The Company is currently in
the  pre-development  stage  and has  not  received  any  revenues  from  mining
activities  as of September  30, 1999,  other than such shares of stock and cash
previously paid by First Dynasty Mines, Ltd. Prior thereto,  the Company did not
engage  in any  substantial  business  activities,  except as  described  in the
section  1(D)  entitled  "Prior  History of the  Company" in the annual  reports
previously  filed by the Company with the  Securities  and Exchange  Commissions
("SEC").

(B)   ARMENIAN MINING PROJECT

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

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

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

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

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

(C)   GEORGIAN MINING PROJECT

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

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

                                       11
<PAGE>



(D)   RECENT ACTIVITIES

      The Company's  principal activity at present consists of holding 4,000,000
shares of common stock of First  Dynasty,  which is traded on the Toronto  Stock
Exchange  and  NASDAQ.  The  closing  price of a share of such  common  stock on
September 30, 1999 was  U.S.$0.06.  As of September 30, 1999,  First Dynasty had
118,605,429 shares of common stock issued and outstanding, and warrants, options
and convertible notes to purchase  41,740,000 shares of common stock outstanding
on such date.  Since there are  outstanding  special  warrants to purchase  31.6
million  shares of First Dynasty at prices  ranging from $0.29 to $0.42 over the
period ending January 31, 2002, the shares purchaseable  thereunder will, in the
Company's view, pose an overhang on the trading market and adversely  affect any
upward price movement in the shares of common stock of First Dynasty.

      REVENUES:

      During the  nine-month  period ended  September  30, 1999,  the  Company's
interest  and  royalty  income was $35 which was less than the $633 for the same
period last year.

      During the  three-month  period ended  September  30, 1999,  the Company's
interest  and  royalty  income was $12 which was less than the $274 for the same
period last year.

      ADMINISTRATIVE AND OTHER EXPENSES:

      The Company's  administrative and other expenses for the nine-month period
ended  September  30, 1999 were $77,011,  which  represented a decrease from the
amount paid or accrued of  $217,659  in the same  period last year.  The expense
decreases were attributable to the elimination of officer  compensation  accrual
of $112,500, lower legal fees of $23,072, reduced accounting expenses of $15,250
and lower office expenses of $5,175, all attributable to reduced activity.

      The Company's administrative and other expenses for the three-month period
ended  September  30, 1999 were  $6,361  compared to expenses of $58,435 for the
three-month   period  ended  September  30,  1998.  The  expense   decrease  was
attributable to the elimination of the officer  compensation accrual of $37,500,
lower legal fees by $10,253,  and lower office expenses of $3,720. All decreases
are attributable to reduced activity.

      LIQUIDITY AND CAPITAL RESOURCES:

      As of September 30, 1999,  the Company's  total assets were  $252,877,  of
which $12,877 consisted of cash or cash equivalents.

      The Company's plan of operation for calendar year 1999 is:

      (a) To hold  the  4,000,000  shares  of First  Dynasty  common  stock  for
investment purposes thereafter; and

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

      The Company needs financing to meet its anticipated monthly administrative
expenses  of  $3,000  (exclusive  of  accrued  officers'   compensation),   plus
additional  amounts for legal and accounting costs. Prior to the commencement of
the litigation described in Part II, Item I hereof, the Company anticipated that
it might obtain  additional  financing in 1999 from the holders of its Warrants.
Pursuant to the Offering of $500,000  principal amount of the Convertible  Notes
of the Company,  the Company issued Warrants to purchase 4,000,000 shares of its
Common Stock.  By virtue of the Reverse Split,  the Warrants were converted into
Warrants to purchase 400,000 shares of the Company's Common Stock at an exercise
price of $.125 per share and the  expiration  date extended  until  December 31,
1997.  On December  31,  1997,  the Company  amended the  Warrants to reduce the
exercise  price to $0.125  per share and to extend  the  expiration  date  until
December 31, 1998, and recently  extended the expiration date until December 31,
1999. If the Warrants were exercised in full, the Company would receive  $50,000
in gross proceeds. However, the Company does not believe that

                                       12
<PAGE>



the Warrants will be exercised under existing  circumstances and has not decided
whether to further extend the expiration date. 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  1999 and does not expect to  purchase  or sell any plant or  significant
equipment.

      The Company does not expect to hire any additional  full-time employees in
1999.

                                     PART II

Item 1.          LEGAL PROCEEDINGS

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

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

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

      A settlement was agreed to on October 13, 1999. In the settlement  300,000
common  shares of First Dynasty  Mines Ltd.  were  exchanged for 300,000  common
shares of Global  Gold  Corporation  held by Eyre and 700,000  common  shares of
First  Dynasty  Mines Ltd.  were  exchanged  for  700,000  shares of Global Gold
Corporation held by the Parry- Beaumont Trust.

Item 2.          CHANGES IN SECURITIES

         Not applicable.

Item 3.          DEFAULT UPON SENIOR SECURITIES

         Not applicable.

                                       13
<PAGE>




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

         Not applicable

Item 5.          OTHER INFORMATION

         Not applicable.

Item 6.          EXHIBITS AND REPORTS ON FORM 8-K

      1. (a) The following documents are filed as part of this report. Financial
         Statements  of  the  Company  (unaudited),   including  Balance  Sheet,
         Statement  of Income and Loss,  Statement  of Changes in  Stockholders'
         Equity,  Statement of Cash Flow and Notes to Financial Statements as at
         and for the period ended September 30, 1999.

         (b) The Exhibits which are listed on the Exhibit Index attached hereto:
Not applicable.

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

                                   SIGNATURES

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

                                            (Registrant)

DATED:  FEBRUARY 4, 2000              BY:
                                            ------------------------------------
                                            Drury J. Gallagher, Chairman, Chief
                                            Executive Officer and Treasurer