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

                                   FORM 10-QSB

                                   (Mark One)

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

                For the quarterly period ended September 30, 2003

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

                         Commission file number 02-69494



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

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

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

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

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

Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter
period that the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days. Yes [X] No [ ].

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

As of November 19, 2003, there were 9,068,134 shares of the issuer's Common
Stock outstanding.

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


<PAGE>

<TABLE>
<CAPTION>

<S>                                                                                                                  <C>

                                TABLE OF CONTENTS

                          PART I FINANCIAL INFORMATION

Item 1.         Condensed consolidated financial Statements (Unaudited)
                  Condensed consolidated Balance Sheet - as of September 30, 2003 ....................................3

                  Condensed consolidated statements of Operations for the three
                  months periods and nine months periods ended September 30,
                  2003 and September 30, 2002 and for the development stage
                  period from
                  January 1, 1995 through September 30,2003 ..........................................................4

                  Condensed consolidated statements of Cash Flows for the nine
                  months ended September 30, 2003 and September 30, 2002 and for
                  the development stage period from January 1, 1995 through
                  September 30, 2003 .................................................................................5

                  Notes to Condensed consolidated financial Statements (Unaudited) ...................................6

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

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

                            PART II OTHER INFORMATION

Item 1.         Legal Proceedings ...................................................................................16

Item 2.         Changes in Securities................................................................................16

Item 3          Defaults Upon Senior Securities .....................................................................17

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

Item 5          Other Information ...................................................................................17

Item 6.         Exhibits and Reports on Form 8-K ....................................................................18

SIGNATURES ..........................................................................................................19

CERTIFICATIONS ......................................................................................................20

</TABLE>


                                       2
<PAGE>


<TABLE>
<CAPTION>

                         PART I - FINANCIAL INFORMATION

Item 1. Financial Statements.

                             GLOBAL GOLD CORPORATION
                          (A Development Stage Company)

                 Unaudited Condensed Consolidated Balance Sheet

                               September 30, 2003

                                     ASSETS
                                     ------

CURRENT ASSETS:
<S>                                                                                                     <C>
Cash and cash equivalents ..............................................................................$187,711
Investment in securities available for sale ..............................................................47,400
                                                                                                         -------
                  TOTAL CURRENT ASSETS ..................................................................235,111
Mine acquisition costs ..................................................................................432,620
                                                                                                         -------
                                                                                                        $667,731
                                                                                                        ========

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

CURRENT LIABILITIES:
         Accounts payable and accrued expenses .........................................................$253,314
         Due to related parties ..........................................................................89,795
                                                                                                         -------
                  TOTAL CURRENT LIABILITIES .............................................................343,109
                                                                                                         -------

  STOCKHOLDERS' EQUITY
         Common stock $0.001 par, 100,000,000 shares authorized,
                  8,968,134 shares issued and outstanding..................................................8,968
         Common stock subscribed, 100,000 shares.............................................................100
         Additional paid-in-capital ...................................................................5,972,755
         Unearned compensation..........................................................................(562,869)
         Accumulated deficit..........................................................................(2,907,648)
         Deficit accumulated during the development stage ............................................(2,207,954)
         Accumulated other comprehensive income ..........................................................21,270
                                                                                                         -------
                  TOTAL STOCKHOLDERS' EQUITY ...........................................................$324,622
                                                                                                         -------
                                                                                                         667,731
                                                                                                         =======

     See accompanying notes to condensed consolidated financial statements.


</TABLE>

                                       3
<PAGE>

<TABLE>
<CAPTION>

                             GLOBAL GOLD CORPORATION
                          (A Development Stage Company)

            Unaudited Condensed Consolidated Statements Of Operations




                                                                                                                   Cumulative amount
                                                                                                                          from
                                                                                                                    January 1, 1995
                                        Three Months Ended September 30,        Nine Months Ended September 30,         through
                                             2003                2002              2003                2002        Sept. 30, 2003
                                             ----                ----              ----                ----        -----------------

<S>                                     <C>     <C>           <C>     <C>      <C>     <C>        <C>     <C>           <C>     <C>
REVENUES                                $      -0-            $      -0-       $      -0-         $      -0-            $      -0-
                                        -----------           -----------      -----------        ----------            ----------
EXPENSES:

Selling general and administrative          191,570                 7,789          291,904             11,112             1,654,701
Legal fees                                    8,997                 4,631           53,613             16,337               709,866
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.                       (10,492)                 --            (37,400)            (1,207)              (42,019)
Miscellaneous other                            --                    --               --                  100                18,557
                                        -----------           -----------      -----------        -----------            ----------
         TOTAL EXPENSES                     190,075                12,420          308,117             26,342             2,207,954

NET LOSS                                   (190,075)              (12,420)        (308,117)           (26,342)          $(2,207,954)
                                        ===========           ===========      ===========        ===========           ===========

NET LOSS PER SHARE-BASIC AND DILUTED
                                        $     (0.02)          $     (0.00)     $     (0.04)       $     (0.01)
                                        ===========           ===========      ===========        ===========

WEIGHTED AVERAGE SHARES OUTSTANDING
                                          9,190,940             4,368,114        7,517,932          4,368,114
                                        ===========           ===========      ===========        ===========



                       See accompanying notes to condensed consolidated financial statements.

</TABLE>



                                       4
<PAGE>

<TABLE>
<CAPTION>

                             GLOBAL GOLD CORPORATION
                          (A Development Stage Company)
            Unaudited Condensed Consolidated Statements Of Cash Flows
                                                                                                Cumulative Amount
                                                                                                       from
                                                                                                 January 1, 1995
                                                          Nine Month Ended September 30,              through
                                                           2003               2002              September 30, 2003
                                                       ------------      ---------------        ------------------


NET CASH FLOWS FROM OPERATING ACTIVITIES:
<S>                                                    <C>                   <C>                   <C>
Net Loss                                               $  (308,117)          $   (26,342)          $(2,207,954)
Adjustments to reconcile net loss
to net cash used in operating activities:
     Provision for bad debts                                  --                    --                 325,000
     Amortization of unearned compensation                 112,132                  --                 112,132
     Gain on sale of Armenia mining
       interests                                              --                    --                (268,874)
     Write-off of mining investment in
       Georgia                                                --                    --                 135,723
     (Gain) loss on sale of investment
       in common stock of Sterlite Gold Ltd                (37,400)               (1,207)              (42,019)
     Non-cash expenses related to issuance of
       common stock                                           --                    --                 174,500
Changes in assets and liabilities:
     Organization costs                                       --                    --                  (9,601)
     Accounts receivable and deposits                         --                    --                    (154)
     Accounts payable and accrued expenses                 101,525               (27,885)              326,130
                                                          ---------            -----------           -----------

  NET CASH FLOWS USED IN OPERATING ACTIVITIES             (131,860)              (55,434)           (1,455,117)
                                                          ---------            -----------           -----------
NET CASH FLOWS FROM INVESTING ACTIVITIES:
     Proceeds from sale of Armenia mining
       interests                                              --                    --               1,891,155
     Proceeds from sale of investment in
       common stock of Sterlite Gold Ltd.                  161,537                43,672               211,888
     Investment in certain mining interests
       - net of financing                                     --                    --                (153,494)
     Mine acquisition costs                               (245,613)                 --              (1,177,973)
                                                          ---------            -----------           -----------
  NET CASH PROVIDED BY (USED IN)
       INVESTING ACTIVITIES                                (84,076)               43,672               771,576
                                                          ---------            -----------           -----------
NET CASH FLOWS FROM FINANCING ACTIVITIES:
     Net proceeds from private placement
       offering                                            395,000                  --                 816,573
   Repurchase of common stock                              (25,000)              (25,000)
     Due to related parties                                 25,863                  --                  67,577
     Sale of warrants                                         --                    --                     650
     Warrants exercised                                       --                    --                     100
                                                          ---------            -----------           -----------
  NET CASH FLOWS PROVIDED BY FINANCING
       ACTIVITIES                                          395,863                  --                 859,900
                                                          ---------            -----------           -----------
NET INCREASE (DECREASE) IN CASH                            179,927               (11,762)              176,359
CASH AND CASH EQUIVALENTS - beginning of
     period                                                  7,784                13,880                11,352
                                                          ---------            -----------           -----------
CASH AND CASH EQUIVALENTS - end of period              $   187,711           $     2,118           $   187,711
                                                          ---------            -----------           -----------

SUPPLEMENTAL CASH FLOW INFORMATION
----------------------------------
Income taxes paid                                      $      --             $      --             $     2,683
                                                          =========            ===========           ===========
Interest paid                                          $      --             $      --             $    15,422
                                                          =========            ===========           ===========

Noncash Transactions:
---------------------
Stock issued for unearned compensation                 $   675,000           $      --             $   675,000
                                                          =========            ===========           ===========
Stock issued in exchange for accounts
payable                                                $    25,000           $      --             $    25,000
                                                          =========            ===========           ===========
Mine acquisition costs in accounts payables            $   133,505           $      --             $   133,505
                                                          =========            ===========           ===========




     See accompanying notes to condensed consolidated financial statements.

</TABLE>

                                       5
<PAGE>


                             GLOBAL GOLD CORPORATION
                          (A Development Stage Company)
              Notes to Condensed Consolidated Financial Statements
                                   (Unaudited)
                               September 30, 2003

1. ORGANIZATION AND BUSINESS

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

The accompanying  financial  statements present the development stage activities
of the  Company  from  January 1,  1995,  the period  commencing  the  Company's
operations as Global Gold Corporation, through September 30, 2003.

The accompanying condensed  consolidated financial statements are unaudited.  In
the opinion of management,  all necessary adjustments (which include only normal
recurring  adjustments) have been made to present fairly the financial position,
results  of  operations  and  cash  flows  for the  periods  presented.  Certain
information and footnote  disclosure  normally included in financial  statements
prepared in accordance  with  accounting  principles  generally  accepted in the
United States of America have been  condensed or omitted.  However,  the Company
believes that the disclosures are adequate to make the information presented not
misleading.  These financial  statements  should be read in conjunction with the
financial  statements and notes thereto included in the December 31, 2002 annual
report on Form  10-KSB.  The results of  operations  for the  nine-month  period
ending  September  30,  2003 are not  necessarily  indicative  of the  operating
results to be expected for the full year ending December 31, 2003.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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

b. Mine Costs and Depletion - Costs  incurred to purchase,  lease,  or otherwise
acquire a property  (whether  unproved or proved) are capitalized when incurred.
These include the


                                       6
<PAGE>


costs of lease bonuses and options to purchase or lease properties, the portion
of costs applicable to minerals when land including mineral rights is purchased
in fee, brokers' fees, recording fees, legal costs, and other costs incurred in
acquiring properties.

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

c. New Accounting Standards

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

- In May 2003, the FASB issued SFAS No.  150,"Accounting  for Certain  Financial
Instruments with  Characteristics  of both Liabilities and Equity" ("SFAS 150").
SFAS 150 establishes standards for how an issuer classifies and measures certain
financial  instruments with  characteristics  of both liabilities and equity. It
requires that an issuer classify a financial instrument that is within its scope
as a liability (or an asset in some  circumstances).  SFAS 150 became  effective
for  financial  instruments  entered into or modified  after May 31,  2003,  and
otherwise  became  effective  at the  beginning  of  the  first  interim  period
beginning  after June 15, 2003. The adoption of SFAS 150 did not have any impact
on the Company's consolidated results of operations,  financial position or cash
flows.

d. Stock Options and Awards

The Company  adopted the 1995 Stock Option Plan under which a maximum of 500,000
shares of Common Stock may be issued  (subject to  adjustment  for stock splits,
dividends  and the  like).  In July 2002,  the  Company  granted  options to buy
150,000 shares of common stock,  at $0.11 per share, to each of the Chairman and
President  of the Company.  Of these  options  issued,  75,000 vest on the first
anniversary of the date of issuance, and the remaining 75,000 vest on the second
anniversary  of the date of  issuance.  A total of 200,000  shares  remain to be
issued under the 1995 Stock Option Plan as of September 30, 2003.



                                       7
<PAGE>

<TABLE>
<CAPTION>

                             GLOBAL GOLD CORPORATION
                          (A Development Stage Company)
                     Notes to Condensed Financial Statements
                                   (Unaudited)
                               September 30, 2003


The following is additional information with respect to the Company's options
and warrants as of September 30, 2003:

           WARRANTS OUTSTANDING                                                       WARRANTS EXERCISABLE
----------------------------------------------------------            -----------------------------------------------------
                       Number of        Weighted Average                                   Number of
                  Outstanding Shares        Remaining                    Weighted     Exercisable Shares      Weighted
                  Underlying Warrants   Contractual Life                 Average      Underlying Warrants      Average
 Exercise Price                                                       Exercise Price                       Exercise Price
----------------------------------------------------------            -----------------------------------------------------
<S>  <C>                <C>                <C>                            <C>               <C>                 <C>
     $0.25              330,000            2.08 years                     $0.25             330,000             $0.25

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

     $0.11              300,000            3.75 years                     $0.11                -                $ -

</TABLE>


At September 30, 2003,  the Company had two  stock-based  employee  compensation
plans.   As  permitted   under  SFAS  No.  148,   "Accounting   for  Stock-Based
Compensation--Transition  and  Disclosure",  which  amended  SFAS No. 123 ("SFAS
123"),  "Accounting  for Stock-Based  Compensation",  the Company has elected to
continue to follow the intrinsic  value method in accounting for its stock-based
employee  compensation  arrangements as defined by Accounting  Principles  Board
Opinion ("APB") No. 25, "Accounting for Stock Issued to Employees",  and related
interpretations  including Financial  Accounting  Standards Board Interpretation
No. 44, "Accounting for Certain Transactions  Involving Stock Compensation",  an
interpretation  of APB No.  25. No  stock-based  employee  compensation  cost is
reflected in net loss, as all options  granted under those plans had an exercise
price equal to the market value, as determined by the Board of Directors, of the
underlying  common stock on the date of grant.  The following table  illustrates
the effect on net loss and loss per share as if the Company had applied the fair
value recognition provisions of SFAS 123 to stock-based employee compensation:


                                       8
<PAGE>

<TABLE>
<CAPTION>

                             GLOBAL GOLD CORPORATION
                          (A Development Stage Company)
                     Notes to Condensed Financial Statements
                                   (Unaudited)
                               September 30, 2003


                                                         Three Months Ended                      Nine Months Ended
                                                             September 30                          September 30,
                                                         ------------------                        ----------------
                                                     2003                2002                 2003                 2002
                                                     ----                ----                 ----                 ----
<S>                                                <C>                 <C>                 <C>                 <C>
Net loss as Reported                               $(190,075)          $ (12,420)          $(308,117)          $  (26,342)

Deduct: Total stock-based compensation
expense determined under fair value-based
method for all awards, net of related tax
effect
                                                       1,636                 818               4,908                  818
                                                   ---------           ---------           ---------           ----------

                                                   $(191,711)          $ (13,238)          $(313,025)          $  (27,160)
Pro Forma Net Loss                                 ============        ===========         ==========          ===========

Basic and Diluted Net Loss Per Share as            $   (0.02)          $    0.00           $   (0.04)          $    (0.01)
                                                   ---------           ---------           ---------           ----------

Net Loss Per Share                                 $   (0.02)          $    0.00           $   (0.04)          $    (0.01)
                                                   ---------           ---------           ---------           ----------

</TABLE>


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

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

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

3. MINE ACQUISITION COSTS

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

4. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

Transactions with Officers

The Company entered into Amended and Restated Employment Agreements with Messrs.
Gallagher and Garrison and an initial  Employment  Agreement  with Van Krikorian
dated as of February 1, 2003 for a term through June 30, 2006.

The Employment  Agreements  provide for base  compensation  of $100,000 for each
twelve-month period (subject to payment as cash flow permits),  and the granting
of 900,000 shares as a


                                       9
<PAGE>


restricted  stock  award  subject to a  substantial  risk of  forfeiture  if any
employee  terminates  his  employment  with the Company  (other than by death or
disability) over the term of the agreement,  and which is to be earned, and vest
ratably, during such period.

The Company issued the 900,000 shares on February 21, 2003 to Messrs.  Gallagher
and  Garrison  and on June 1, 2003 to Mr.  Krikorian at the fair market value of
$0.25 per share as determined by the Board of Directors.  Such amounts have been
reflected as unearned  compensation  and are being  amortized into  compensation
expense on a straight-line  basis over the term of the agreements.  Compensation
expense for the nine-months ended September 30, 2003 is $83,333.

The amount of total unearned  compensation  amortized for the nine-months  ended
September 30, 2003 is $112,132.

5. INVESTMENTS IN SECURITIES AVAILABLE FOR SALE:

At September 30, 2003,  investment in securities  consisted of 400,000 shares of
common stock of Sterlite  Gold Ltd.  classified as available for sale and stated
at a quoted fair value of $47,400.  The cost of the securities was $26,130.  The
cumulative unrealized gain as of September 30, 2003 was $21,270,  which is shown
as a separate component of stockholders' equity.

During the nine months  ended  September  30, 2003,  the Company sold  1,900,000
shares of common  stock of  Sterlite  Gold Ltd.  for net  proceeds  of  $161,537
resulting in a gain on the sale of $37,410.

During the nine months ended  September  30, 2002,  the Company had sold 650,000
shares for net proceeds of $43,672 resulting in a gain of $1,207.

6. EQUITY TRANSACTIONS

            a.          In January 2003,  the Company  issued  500,000 shares of
                        its commons  stock to Linda Sam (100,000  shares),  from
                        EM&P Investments (200,000 shares) and Bank SAT Oppenheim
                        Jr. & CIE (200,000 shares),  through Sukhmohan Athwal as
                        nominee,  at $0.25 per share (fair  market  value).  The
                        value of the  shares  includes  the total  cash price of
                        $25,000 plus performance obligations by Sukhmohan Athwal
                        valued at  $100,000,  pursuant  to a  special  incentive
                        financing   arrangement   (which   has  not   yet   been
                        consummated as of the date hereof).

            b.          In January 2003,  the Company  issued  350,000 shares of
                        its  common  stock to  various  Investors,  at $0.25 per
                        share (fair market value) for a total  purchase price of
                        $87,500.   This   transaction  was  a  part  of  Private
                        Placement  Memorandum  ("PPM"). No additional shares are
                        to be issued under the PPM.

            c.          On April 1, 2003 the  Company  agreed  to issue  100,000
                        shares of its common  stock to Stephen R. Field at $0.25
                        per share (fair  market  value) in payment of $25,000 of
                        previously  invoiced  legal  expenses.  The shares  were
                        transferred on May 28, 2003.

            d.          On April 3, 2003 the Company  transferred 250,000 shares
                        of its  common  stock to  Sukhmohan  Athwal at $0.25 per
                        share  (fair  market  value).  The  shares  were  issued
                        pursuant to a special  incentive  financing  arrangement
                        (which  had  not yet  been  consummated  as of June  30,
                        2003.)

            e.          On June 1, 2003, the Company  transferred 900,000 shares
                        of its  common  stock at $0.25  per share  (fair  market
                        value) to Van Z. Krikorian as a stock award subject to a
                        substantial  risk of  forfeiture if her  terminates  his
                        employment  with  the  Company  (other  than by death or
                        disability)  over the  37-month  term of his  Employment
                        Agreement  and  which is to be earned  and vest  ratably
                        during the 37-month period ending June 30, 2006.



                                       10
<PAGE>



            f.          On July 25, 2003, the Company sold  1,000,000  shares of
                        its common stock to NJA  Investments for $0.25 per share
                        (fair  market  value)  for a  total  purchase  price  of
                        $250,000.  A commission  of $17,500 was paid to Analytix
                        Capital, which provided advisory services.

            g.          On July 31, 2003, 100,000 shares of the Company's common
                        stock were  subscribed  by Global  Gestion  for $.50 per
                        share (fair market value) for a total  purchase price of
                        $50,000.   This   transaction  was  a  part  of  Private
                        Placement  Memorandum ("PPM") dated July 25, 2003. . The
                        Company  is  currently  seeking  to raise a  minimum  of
                        $750,000 and a maximum of  $2,000,000  upon the sales of
                        shares of its common stock at a purchase  price of $0.50
                        per share pursuant to its Confidential Private Placement
                        Memorandum dated July 25, 2003, although there can be no
                        assurance of the outcome thereof.

            h.          On  September  29,  2003,   the  Company   received  and
                        cancelled  500,000 shares of its common stock previously
                        issued in January 2003 from Linda Sam (100,000  shares),
                        from EM&P Investments (200,000 shares) and from Bank SAT
                        Oppenheim Jr. & CIE (200,000 shares),  which were issued
                        pursuant to a special  incentive  financing  arrangement
                        that was  cancelled.  An advance of $25,000 was returned
                        to the participants.

7. COMPREHENSIVE LOSS


         The following table summarizes the computations reconciling net loss to
         comprehensive loss for the three-month and nine-month periods ended
         September 30, 2003 and 2002:

<TABLE>
<CAPTION>

                                                     Three Months Ended                   Nine Months Ended
                                                          September 30,                       September 30,
                                                     --------------------                 ----------------
                                                       2003            2002               2003             2002
                                                       ----            ----               ----             ----
<S>                                                 <C>              <C>               <C>               <C>
Net loss...................................         $(190,075)       $(12,420)         $(308,117)        $(26,342)
Other comprehensive income:
   Unrealized gain (loss) on
   available-for-sale of
   securities..............................            (2,240)        (224,219)         (105,136)         161,039
                                                   -----------        --------         ---------         --------
                                                    $(192,315)       $(236,639)        $(413,253)        $134,697
                                                   ===========        ========         =========         ========

</TABLE>

 8. AGREEMENTS

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

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


                                       11
<PAGE>


     minerals on the property,  if any. The Company  refers to these  properties
     collectively as the Santa Candelaria mine.

     Due to the fact that the lease terms are  cancelable  at the sole option of
     the Company,  the Company is recording  payments as they come due. In 2003,
     the Company recorded $69,000 in mine  acquisition  costs through  September
     30, 2003.

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

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

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

     c. On May 1, 2003,  the Company  entered into a consulting  agreement  with
     Analytix Capital to provide advisory services and assist the Company in its
     corporate and project finance. The agreement provides for a compensation of
     7% of the net total dollar amount of financing  obtained from any entity or
     individual  introduced  by Analytix to the  Company.  In addition to the 7%
     payment,  the  Company  will  issue a  warrant  to  purchase  shares of the
     Company's  common stock at a price of $0.10 each for a period of two years,
     with 30,000 shares subject to a warrant to be provided for every $1,000,000
     of clear funds in  financing  received,  up to a maximum of 300,000  shares
     subject to such  warrants.  If the price of shares of the Company's  common
     stock does not exceed $1.00 at any time during the period  commencing  from
     the date of  issuance  of any  warrant  and  ending two years  later,  then
     Analytix shall have the right to require the Company to purchase the shares
     subject to the  warrants  for $1.00.  On July 25,  2003,  the Company  sold
     1,000,000  shares of its common stock to NJA Investments at $0.25 per share
     for a total purchase price of $250,000. A commission of $17,500 was paid to
     Analytix Capital.

     d. On May 15, 2003, the Company  entered into a  month-to-month  lease with
     Analytix Capital to sublet office space for $1,500 per month and registered
     to conduct business in the State of Connecticut.

     e. On May 28, 2003,  the Company  entered into an agreement  with  GeoExplo
     Ltda. of Santiago, Chile to provide local administration services for a fee
     of  $1,500  per  month  and  manage a project  of  geological  mapping  and
     metallurgical  testing at the Santa Candelaria  project for a contract cost
     of U.S. $28,355. The work was completed on July 25, 2003.

     f. On June 27, 2003, the Company entered into a contract with Roscoe Postle
     Associates


                                       12
<PAGE>

     Inc.,  a Canadian  corporation,  to provide  for an  independent  technical
     review of the Company's  Armenian  mining  properties.  A second stage will
     provide for a review of the Santa Candelaria project in Chile. The value of
     the total contract is U.S. $82,000. Billings through September 30, 2003 are
     U.S. $37,000.

     g. On August 1, 2003,  the Company  entered  into an  agreement  with Ashot
     Boghossian  of ARAX Co.  Ltd.  to  represent  Global  Gold  Corporation  in
     Armenia.

     Mr.  Boghossian  will be  appointed  Director  of Global Gold Mining LLC, a
     newly formed Delaware limited  liability company that will own the Armenian
     mining  properties.  Global Gold Mining LLC is wholly  owned by Global Gold
     Armenia LLC, a Delaware limited liability  corporation that is wholly owned
     by Global Gold Corporation.

     The agreement provides for a monthly fee of $3,000 plus expenses for a term
     of 3 years and the granting of 90,000 common  shares as a restricted  stock
     award  subject  to a  substantial  risk  of  forfeiture  if the  individual
     terminates  his  employment  with  the  Company  (other  than by  death  or
     disability)  over the term of the  agreement  and which is to be earned and
     vest ratably during such period.

     h. On July 24, 2003, the Company  entered into an Agreement on Cooperation,
     on Confidentiality  and to Negotiate with Vardani Zartonke LLC, an Armenian
     company, to study a potential acquisition of the Arevik mine located in the
     Syunik  region of southern  Armenia.  The term of the  agreement is for six
     months.

     i. On July 24, 2003, the Company  entered into an Agreement on Cooperation,
     on  Confidentiality  and to  Negotiate  with  Khan  Tengry  Goldberg  CJ, a
     Kazakhstan company, to study a potential  acquisition of the Baynkol Valley
     River  Gold  Field  Deposit  in  southeastern  Kazakhstan.  The term of the
     agreement is for sixty days and is renewable.






                                       13
<PAGE>




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

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


1. RESULTS OF OPERATIONS

THREE-MONTHS ENDED SEPTEMBER 30, 2003 AND THREE-MONTHS ENDED SEPTEMBER 30, 2002

During  the   three-month   period  ended  September  30,  2003,  the  Company's
administrative  and other expenses were $200,567,  which represented an increase
from $12,420 in the same period last year.  The expense  increase was  primarily
attributable  to higher  compensation  expense of $126,171,  accounting  fees of
$30,745  and  higher  travel  expenses  of  $13,251  due to  increased  activity
resulting from project development in Armenia and Chile.

NINE-MONTHS ENDED SEPTEMBER 30, 2003 AND NINE-MONTHS ENDED SEPTEMBER 30, 2002


During  the   nine-month   period  ended   September  30,  2003,  the  Company's
administrative  and other expenses were $345,517,  which represented an increase
from $27,549 in the same period last year.  The expense  increase was  primarily
attributable  to higher  compensation  expense of $195,465,  accounting  fees of
$35,460,  legal  expenses of $37,276  and travel  expenses of $22,550 due to the
development of projects in Armenia and Chile.

LIQUIDITY AND CAPITAL RESOURCES

As of September 30, 2003,  the Company's  total assets were  $667,731,  of which
$187,711 consisted of cash or cash equivalents.

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

(a) To continue 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  400,000  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 $10,000  (exclusive of accrued officers'  compensation),  plus
additional amounts for legal and accounting costs. The Company  anticipates that
it might  obtain  additional  financing  from the  holders  of its  Warrants  to
purchase  330,000  shares of Common Stock of the Company at an exercise price of
$0.25 per  share,  which  expire on  October  31,  2005.  If the  Warrants  were
exercised in full, the Company would receive $82,500 in gross proceeds. 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.  In the event that no contemplated  financing is



                                       14
<PAGE>

obtained  through the  exercise  of the  Warrants  (which the Company  considers
highly remote) or through its current financing plans, 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 hired one additional full-time employee on June 1, 2003.

GOING CONCERN CONSIDERATION

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

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

Item 3. Controls and Procedures.

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

PART II - OTHER INFORMATION

Item 1. Legal Proceedings.

None

Item 2. Changes in Securities.

a.      On July 25, 2003, the Company sold 1,000,000  shares of its common stock
        to NJA  Investments  for $0.25 per share (fair market value) for a total
        purchase price of $250,000. A commission of $17,500 was paid to Analytix
        Capital, which provided advisory services.

b.      On July 31,  2003,  the Company  sold  (Awarded)  100,000  shares of its
        common stock to Global  Gestion for $0.50 per share (fair market  value)
        for a total purchase price of $50,000.



                                       15
<PAGE>

c.      On September 29, 2003, the Company received and cancelled 500,000 shares
        of its common  stock  previously  issued in January  2003 from Linda Sam
        (100,000 shares),  from EM&P Investments  (200,000 shares) and from Bank
        SAT Oppenheim Jr. & CIE (200,000 shares) which were issued pursuant to a
        special incentive financing arrangement which was cancelled.  An advance
        of $25,000 was returned to the participants.


Item 3. Defaults Upon Senior Securities.


None


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


None

Item 5. Other Information.

a.      On August 1, 2003,  the Company  entered  into an  agreement  with Ashot
        Boghossian  of ARAX Co. Ltd. to  represent  Global Gold  Corporation  in
        Armenia.

        Mr.  Boghossian will be appointed  Director of Global Gold Mining LLC, a
        newly  formed  Armenian  company  that  will  own  the  Armenian  mining
        properties.  Global  Gold  Mining  LLC is wholly  owned by  Global  Gold
        Armenia LLC, a Delaware limited  liability  company that is wholly owned
        by Global Gold Corporation.

        The  Agreement  provides for a monthly fee of $3,000 plus expenses for a
        term of 3 years and the granting of 90,000 common shares as a restricted
        stock  award  subject  to  a  substantial  risk  of  forfeiture  if  the
        individual  terminates  his  employment  with the Company (other than by
        death or  disability)  over the term of the Agreement and which is to be
        earned and vest ratably during such period.

b.      On August 12, 2003, the report on the exploration at the Candelaria gold
        property prepared by Geo Explo LTDA. was delivered to the Company.

        Exploration  work was carried  out which  included  geological  mapping,
        geochemical rock sampling, outcrop observations and magnetic surveying.

        All samples  collected were sent to Acme  Analytical  Laboratories  S.A.
        Santiago, Chile for fire assay analysis.

        The  sampling  performed  and assay  results were  considered  of mining
        interest with the gold  mineralization,  having well defined structural,
        lithological, and stratigraphic controls.

        The  Candelaria  gold  property is owned by Minera  Global  Chile LTDA.,
        owned 50% by Global  Oro LLC and 50% by Global  Plata LLC which are both
        wholly owned subsidiaries of Global Gold Corporation.

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

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

        o       Unaudited  Condensed   Financial   Statements  of  the  Company,
                including Balance Sheet as of September 30, 2003;

        o       Statements  of Operations  and  Statements of Cash Flows for the
                three-months  ended  September  30, 2003 and September 30, 2002,
                and for the  nine-months  ended September 30, 2003 and September
                30, 2002 and for the  development  stage  period from January 1,
                1995  through  September  30,  2003 and the  Exhibits  which are
                listed on the Exhibit Index.

                                       16
<PAGE>





EXHIBIT NO.          DESCRIPTION OF EXHIBIT

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


Exhibit 31.2         Certification  of  Chief  Financial  Officer  pursuant  to
                     Section  302  of  the Sarbanes-Oxley Act of 2002


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


Exhibit 32.2         Certification  of  Chief  Financial  Officer  pursuant  to
                     Section  906  of  the Sarbanes-Oxley Act of 2002

(b) Reports on Form 8-K filed during the quarter ended September 30, 2003


Current Report on Form 8-K, filed with the Securities and Exchange Commission on
September 23, 2003, under Item 4 of Form 8-K.


                                       17
<PAGE>


SIGNATURES

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

                                         GLOBAL GOLD CORPORATION



                                         By:  /s/  Drury  J. Gallagher
November 14, 2003                        -----------------------------
------------------------
                                         Drury J. Gallagher, Chairman,
                                         Chief Executive Officer and
                                         Treasurer



                                       18