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

                                   FORM 10-QSB

                                   (Mark One)

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

                  For the quarterly period ended MARCH 31, 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.)


          734 FRANKLIN AVENUE, # 333, GARDEN CITY, NEW YORK 11530-4525
          ------------------------------------------------------------
               (Address of principal executive offices) (Zip Code)

                    Issuer's telephone number (516) 627-2388

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 March 31, 2003 there were 6,868,114 shares of the registrant's Common
Stock outstanding.

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

                                EXPLANATORY NOTE:

The financial statements included in this Form 10-QSB have not been reviewed by
the Company's independent auditors, nor any other independent accountants, using
professional standards and procedures for conducting such audits, as established
by generally accepted auditing standards. Accordingly, the Company's independent
auditors have not expressed any opinion or any other form of assurance on such
financial statements, assume no responsibility for, and disclaim any association
with, such financial statements.

<PAGE>
                                TABLE OF CONTENTS


PART I   FINANACIAL INFORMATION

Item 1.  Financial Statements (Unaudited)

         Balance Sheet - as of March 31, 2003 .................................3

         Statements of Operations for the three months
         ended March 31, 2003 and March 31, 2002 ..............................4

         Statements of Cash Flows- for the three month ended March 31, 2003
         and March 31, 2002 and for the development stage period from
         January 1, 1995 through March 31, 2003 ...............................5

         Notes to Financial Statements .....................................6-10

Item 2.  Management's Discussion and Analysis or Plan of Operation ........10-11

Item 3.  Controls and Procedures .............................................11


PART II  OTHER INFORMATION

Item 1.  Legal Proceedings ...................................................12

Item 2.  Changes in Securities and Use of Proceeds ...........................12

Item 3   Default Upon Senior Securities ......................................12

Item 4   Submission of Matters to a Vote of Security Holders .................12

Item 5   Other Information ...................................................13

Item 6.  Exhibits and Reports on Form 8-K ....................................13

SIGNATURE ....................................................................14

CERTIFICATIONS ............................................................15-16

                                       2
<PAGE>
                             GLOBAL GOLD CORPORATION
                          (A Development Stage Company)

                                  Balance Sheet

                                 March 31, 2003

                                     ASSETS
                                     ------

CURRENT ASSETS:
         Cash and cash equivalents ...............................  $    21,381
                                                                    -----------
                  TOTAL CURRENT ASSETS ...........................  $    21,381

         Prepaid Expenses ........................................       85,610

         Deferred Costs ..........................................      138,253

         Investment in securities available for sale .............      229,600
                                                                    -----------
                                                                    $   474,844
                                                                    ===========


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


CURRENT LIABILITIES:
         Accounts payable and accrued expenses ...................  $   144,978
         Due to related parties ..................................       78,010
                                                                    -----------
                  TOTAL CURRENT LIABILITIES ......................      192,988

STOCKHOLDERS' EQUITY
         Common stock $0.001 par, 100,000,000 shares authorized ..        6,868
         6,868,114 shares issued and outstanding
         Common Stock Subscribed .................................          450
         Additional paid-in-capital ..............................    5,069,505
         Deficit accumulated during the development stage ........   (4,873,355)
         Accumulated other comprehensive income ..................       82,608
                                                                    -----------
                  TOTAL STOCKHOLDERS' EQUITY .....................      286,076
                                                                    -----------
                                                                    $   474,844
                                                                    ===========

    The accompanying notes are an integral part of these financial statements

                                       3
<PAGE>
<TABLE>
<CAPTION>
                                     GLOBAL GOLD CORPORATION
                                  (A Development Stage Company)

                                  Statements of Income and Loss


                                        January 1, 2003      January 1, 2002      January 1, 1995
                                           Through              Through             Through
                                        March 31, 2003       March 31, 2002       March 31, 2003
                                        --------------       --------------       --------------
<S>                                       <C>                  <C>                  <C>
REVENUES                                  $      -0-           $      -0-           $      -0-
                                          ----------           ----------           ----------

EXPENSES:
Selling general and administrative            44,403                3,125            1,407,200
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              65,871               17,078            1,965,708
                                          ----------           ----------           ----------

NET LOSS                                     (65,871)             (17,078)           1,965,708
                                          ==========           ==========           ==========

NET LOSS PER SHARE-BASIC AND DILUTED           (0.01)              (0.002)
                                          ==========           ==========

WEIGHTED AVERAGE SHARES OUTSTANDING        6,868,114            4,368,114
                                          ==========           ==========

            The accompanying notes are an integral part of these financial statements

                                                4
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
                                                  GLOBAL GOLD CORPORATION
                                             (A Development Stage Enterprise)

                                                 STATEMENTS OF CASH FLOWS
                                                                                                           January 1, 1995
                                                             January 1, 2003        January 1, 2002       (development stage
                                                                  through               through                through
                                                              March 31, 2003         March 31, 2002       March 31, 2003
                                                            ------------------     ------------------     ------------------
<S>                                                              <C>                    <C>                  <C>
CASH FLOW FROM DEVELOPMENT STAGE ACTIVITIES:

Net Loss ...................................................     $ (65,871)             $  (7,789)           $ (1,965,708)
Adjustments to reconcile net loss
To net cash used in operating activities:
    Provision for bad debts ................................           -0-                    -0-                 325,000
    Gain on sale of Armenia mining interests ...............           -0-                    -0-                (268,874)
    Write-off of mining investment in Georgia ..............           -0-                    -0-                 135,723
    Gain on sale of marketable securities ..................       ( 3,963)                   -0-                  (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 payables and accrued expenses .................         9,364                (12,891)                233,969
                                                                 ---------              ---------            ------------
    NET CASH USED IN OPERATING ACTIVITIES ..................       (60,470)               (30,365)             (1,383,727)
                                                                 ---------              ---------            ------------
CASH FLOW 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)
    Deferred costs - mining interest .......................       (84,751)                   -0-              (1,017,111)
                                                                 ---------              ---------            ------------
    NET CASH PROVIDED BY INVESTING ACTIVITIES ..............       (77,511)                16,875                 778,141
                                                                 ---------              ---------            ------------
CASH FLOW FROM FINANCING ACTIVITIES:
    Net proceeds from private placement offering ...........       137,500                    -0-                 559,073
    Due to related party ...................................        14,078                    -0-                  55,792
    Sale of Warrants .......................................           -0-                    -0-                     650
    Warrants exercised .....................................           -0-                    -0-                     100
                                                                 ---------              ---------            ------------
    NET CASH PROVIDED BY FINANCING ACTIVITIES ..............       151,578                    -0-                 615,615
                                                                 ---------              ---------            ------------
NET INCREASE (DECREASE) IN CASH ............................        13,597                (13,490)                 10,962

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
                                                                 =========              =========            ============

                         The accompanying notes are an integral part of these financial statements

                                                            5
</TABLE>
<PAGE>
                             GLOBAL GOLD CORPORATION
                          (A Development Stage Company)
                          Notes to Financial Statements
                                 March 31, 2002

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

INTERIM FINANCIAL STATEMENTS:

1. ORGANIZATION AND BUSINESS

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

The accompanying financial statements present the available development stage
activities information of the Company from January 1, 1995, the period
commencing the Company's operations as Global Gold Corporation, through December
31, 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 positions, results
of operations and cash flows for the periods presented. Certain information and
note disclosure normally included in financial statements prepared in accordance
with generally accepted accounting principles have been condensed or omitted. It
is suggested that these financial statements 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.

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 and the 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 $1,800,000. Management is currently pursuing
      additional investors and lending institutions interested in financing the
      Company's projects. However, there is no assurance that the Company will
      obtain the financing that it requires or achieve profitable 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 the Company be
      unable to continue as a going concern.

                                        6
<PAGE>

   b. Use of Estimates - The preparation of financial statements in conformity
      with accounting principles generally accepted in the United States of
      America requires management to make estimates and assumptions that affect
      the reported amounts of assets and liabilities and disclosure of
      contingent assets and liabilities at the date of the financial statements
      and the reported amounts of revenues and expenses during the reporting
      period. Actual results could differ from those estimates.

   c. Fair Value of Financial Instruments - The Company's financial instruments
      include cash, marketable securities and accounts payable. The Company
      believes that the carrying amounts of these accounts are reasonable
      estimates of their fair value because of the short-term nature of such
      instruments.

   d. Net Loss Per Share - Basic net loss per share is based on the weighted
      average number of common and common equivalent shares outstanding.
      Potential common shares includable in the computation of fully diluted per
      share results are not presented in the financial statements as their
      effect would be anti-dilutive.

   e. Stock Based Compensation - The Company accounts for employee stock
      transactions in accordance with APB Opinion No. 25, "Accounting For Stock
      Issued to Employees". The Company has adopted the pro forma disclosure
      requirements of Statement of Financial Accounting Standards No. 123,
      "Accounting For Stock Based Compensation". The Company accounts for all
      stock transactions other than with employees in accordance with SFAS No.
      123, based on the fair value of the consideration received or the fair
      value of the equity instruments issued, whichever is more reliably
      measurable.

   f. Comprehensive Income - The Company has adopted Statement of Financial
      Accounting Standards No. 130 ("SFAS 130") "Reporting Comprehensive
      Income". Comprehensive income is comprised of net income (loss) and all
      changes to stockholders' equity (deficit), except those due to investments
      by stockholders, changes in paid-in capital and distribution to owners.

   g. Income Taxes - The Company accounts for income taxes under Statement of
      Financial Accounting Standards No.109, "Accounting for Income Taxes"
      ("SFAS No.109"). Pursuant to SFAS No.109, the Company accounts for income
      taxes under the liability method. Under the liability method, a deferred
      tax asset or liability is determined based upon the tax effect of the
      differences between the financial statement and tax basis of assets and
      liabilities as measured by the enacted rates that will be in effect when
      these differences reverse.

   h. Investment in Marketable Securities - The Company's investment in
      available for sale securities consist of certain equity securities not
      classified as trading securities nor as securities to be held-to-maturity.
      Securities available for sale are carried at fair value with unrealized
      gains and losses reported in other comprehensive income. Realized gains
      and losses on securities available for sale are included in other income
      (expense) and, when applicable, are reported as a reclassification
      adjustment, net of tax, in other comprehensive income. Gains and losses on
      the sale of available for sale securities are determined using the
      specific-identification method. Declines in fair value on individual
      available for sale securities below their cost that are other than
      temporary would result in the write-downs of the individual securities to
      their fair value. The related write-downs would be included in earnings as
      realized losses.
                                       7
<PAGE>

   i. Deferred costs - The Company has incurred fees in connection with their
      acquisition of mining properties. These fees are recorded on the balance
      sheet as deferred costs. Upon completion of these acquisitions, the
      Company will capitalize such fees as fixed assets.

   j. Certain amounts in the prior period financial statements have been
      reclassified to conform to current years presentation.

   k. New Accounting Standards

      -  Effective January 1, 2002, the Company adopted Statement of Financial
         Accounting Standard ("SFAS") No. 142, which eliminates the amortization
         for goodwill and other intangible assets with indefinite lives.
         Intangible assets with lives restricted by contractual, legal, or other
         means will continue to be amortized over their useful lives. Goodwill
         and other intangible assets not subject to amortization are tested for
         impairment annually or more frequently if events or changes in
         circumstances indicate that the asset might be impaired. SFAS No. 142
         requires a two-step process for testing impairment. First, the fair
         value of each reporting unit is compared to its carrying value to
         determine whether an indication of impairment exists. If impairment is
         indicated, then the implied fair value of the reporting unit's goodwill
         is determined by allocating the unit's fair value to its assets and
         liabilities (including any unrecognized intangible assets) as if the
         reporting unit had been acquired in a business combination. The amount
         of impairment for goodwill and other intangible assets is measured as
         the excess of its carrying value over its implied fair value. The
         adoption did not have an effect on the Company's financial statements.

      -  Effective January 1, 2002, the Company adopted Statement of Financial
         Accounting Standards No. 144 ("SFAS 144"), "Accounting for the
         Impairment or Disposal of Long-lived Assets". SFAS 144 superceded
         Statement of Financial Accounting Standards No. 121, "Accounting for
         the Impairment of Long-lived Assets and Assets to be Disposed of" and
         the accounting and reporting provisions of Accounting Principles Board
         Opinion No. 30, "Reporting the Results of Operations - Reporting the
         Effects of Disposal of a Segment of a Business, and Extraordinary,
         Unusual and Infrequently Occurring Events and Transaction". SFAS 144
         also amends Accounting Research Bulletin No. 51, "Consolidated
         Financial Statements," to eliminate the exception to consolidation for
         a subsidiary for which control is likely to be temporary. The adoption
         did not have an effect on the Company's financial statements.

      -  In April 2002, the Financial Accounting Standards Board ("FASB") issued
         Statement of Financial Accounting Standards ("SFAS") No. 145,
         "Rescission of FASB Statement No. 4, 44 and 64, Amendment of FASB
         Statement No.13, and Technical Corrections." The rescission of SFAS
         No.4, "Reporting Gains and Losses from Extinguishments," and SFAS
         No.64, "Extinguishments of Debt made to Satisfy Sinking Fund
         Requirements," which amended SFAS No.4, will affect income statement
         classification of gains and losses from extinguishment of debt. SFAS
         No.4 requires that gains and losses from extinguishment of debt be
         classified as an extraordinary item, if material. Under SFAS No. 145,
         if the extinguishment of debt is a routine and recurring transaction by
         the entity, as in a risk management strategy, then it should not be
         considered extraordinary under the criteria in APB Opinion No. 30,
         "Reporting the Results of Operations-Reporting the Effects of Disposal
         of a Segment of a Business, and Extraordinary, Unusual and Infrequently

                                       8
<PAGE>

         Occurring Events and Transactions," as it does not meet the unusual in
         nature and infrequency of occurrence criteria in APB Opinion No. 30.
         SFAS No. 145 will be effective for fiscal years beginning after May 15,
         2002. Upon adoption, extinguishments of debt shall be classified under
         the criteria in APB Opinion No. 30. The Company does not expect the
         provisions of SFAS No.146 to materially affect its financial position
         and results of operations.

      -  In June 2002, the FASB issued SFAS No.146, "Accounting for Costs
         Associated with Exit or Disposal Activities." SFAS No. 146 addresses
         financial accounting and reporting for costs associated with exit or
         disposal activities and nullified Emerging Issues Task Force Issue No.
         94-3, "Liability Recognition for Certain Employee Termination Benefits
         and Other Costs to Exit an Activity (including Certain Costs Incurred
         in a Restructuring)." SFAS No. 146 requires that a liability for a cost
         associated with an exit or disposal activity be recognized when the
         liability is incurred versus the date an entity commits to an exit plan
         under EITF 94-3. SFAS No. 146 also establishes that fair value is the
         objective for initial measurement of the liability. The provisions of
         this statement are effective for exit or disposal activities that are
         initiated after December 31, 2002, with early application encouraged.
         The Company does not expect the provisions of SFAS No.146 to materially
         affect its financial position and results of operations.

      -  In December 2002, the FASB issued SFAS No. 148, "Accounting for
         Stock-Based Compensation - Transition and Disclosure - an amendment of
         FASB Statement No. 123." SFAS No. 148 amends SFAS No. 123, "Accounting
         for Stock-Based Compensation," to provide alternative methods of
         transition for a voluntary change to the fair value based method of
         accounting for stock-based employee compensation. In addition, SFAS No.
         148 amends the disclosure requirements of SFAS No. 123 to require
         prominent disclosures in both annual and interim financial statements
         about the method of accounting for stock-based employee compensation
         and the effect of the method used on reported results. The disclosure
         requirements apply to all companies for fiscal years ending after
         December 15, 2002. The interim disclosure provisions are effective for
         financial reports containing financial statements for interim periods
         beginning after December 15, 2002. The adoption of SFAS No. 148 is not
         expected to have a material impact on the Company's financial
         statements

      -  In November 2002, the FASB issued FASB Interpretation No. 45 ("FIN
         45"), Guarantor's Accounting and Disclosure Requirements for
         Guarantees, Including Indirect Guarantees of Indebtedness of Others.
         FIN 45 requires that upon issuance of a guarantee, the guarantor must
         recognize a liability for the fair value of the obligation it assumes
         under that guarantee. FIN 45 also requires additional disclosures by a
         guarantor in its interim and annual financial statements about the
         obligations associated with guarantees issued. The disclosure
         requirements are effective for financial statements of interim or
         annual periods ending after December 15, 2002. The recognition and
         measurement provisions are effective on a prospective basis to
         guarantees issued or modified after December 31, 2002. The adoption of
         this interpretation is not expected to have an impact on our financial
         statements.

                                       9
<PAGE>

      -  In January 2003, the FASB issued FASB Interpretation No. 46 ("FIN 46"),
         Consolidation of Variable Interest Entities. FIN 46 provides guidance
         on the identification of entities for which control is achieved through
         means other than through voting rights, variable interest entities, and
         how to determine when and which business enterprises should consolidate
         variable interest entities. This interpretation applies immediately to
         variable interest entities created after January 31, 2003. It applies
         in the first fiscal year or interim period beginning after June 15,
         2003, to variable interest entities in which an enterprise holds a
         variable interest that it acquired before February 1, 2003. The
         adoption of this interpretation is not expected to have an impact on
         our financial statements.

      -  In December 2001, Accounting Standards Committee (AcSEC) of the
         American Institute of Certified Public Accountants issued Statement of
         Position 01-6, "Accounting by Certain Entities (including Entities with
         Trade Receivables) That Lend to or Finance the Activities of Others"
         ("SOP 01-6"). SOP 01-6 provides guidance on accounting and reporting
         matters for entities that have trade receivables and entities that
         finance their customers' purchases of goods and services using trade
         receivables. SOP 01-6 is effective for fiscal years beginning after
         December 15, 2001, and we have adopted the provisions of SOP 01-6
         effective January 1, 2002. The adoption of SOP 01-6 has not had a
         material effect on our financial position, results of operations or
         cash flows.

3. INVESTMENTS IN SECURITIES AVAILABLE FOR SALE:

At March 31, 2003 investment in securities consisted 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 unrealized gain as of
March 31, 2003 was $82,608 which is shown as a separate component of
stockholders' equity.

ITEM 2.  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.

RESULTS OF OPERATIONS

         THREE MONTHS ENDED MARCH 31, 2003 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 $69,834 which represented an
increase from the amount paid or accrued of $7,789 in the same period last year.
The expense increase was attributable to accrued salaries of $33,333, higher
legal fees of $20,866, increased accounting of $2,760 and travel expenses of
$3,320 due to project development.

                                       10
<PAGE>

LIQUIDITY AND CAPITAL RESOURCES

As of March 31,2003, the Company's total assets were $474,844, 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.

ITEM 3.  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.

                                       11
<PAGE>
                          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 sold 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 sold 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 sold 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 sold 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 sold 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 Holder

         None

                                       12
<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 $0.05 per share for
a total purchase price of $5,000, 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 $0.05 per
share for a total purchase price of $10,000, 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 $0.05 per share for a total purchase price of $10,000,
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 $0.05 per share 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 a per share price of $0.05 per share 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.

Item 6.  Exhibits and Reports on Form 8-K

         (a)  The following documents are filed as part of this report.
              Financial Statements of the Company (unaudited), including balance
              sheet as of March 31, 2003, the statements of income and loss for
              the three months ended March 31, 2003 and March 31, 2002, the
              statements of cash flow for the three months ended March 31, 2003
              and March 31, 2002 and for the development stage period from
              January 1, 1995 through March 31, 2003 and the Exhibits which are
              listed on the Exhibit index:

EXHIBIT NO.   DESCRIPTION OF EXHIBIT

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
                                       13
<PAGE>
                                   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                                 May 20, 2003
    -------------------------
    Drury J. Gallagher, Chairman,
    Chief Executive Officer and Treasurer


                                       14
<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 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:   May 20, 2003                    /s/ Drury J. Gallagher
                                        Drury J. Gallagher, Chairman,
                                        Chief Executive Officer and Treasurer

                                       15
<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 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:  May 20, 2003                     /s/ Robert A. Garrison
                                        Robert A. Garrison, President,
                                        Chief Financial Officer and
                                        Chief Operating Officer

                                       16