U. S. SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                   FORM 10-QSB

(Mark One)

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

                  For the quarterly period ended March 31, 2002

/  /     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, SUITE 383, 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 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 court. Yes / / No / /. Not applicable.

As of March 31, 2002 there were 4,368,114 shares of the registrant's Common
Stock outstanding.

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




<PAGE>






                                  TABLE OF CONTENTS


PART I   FINANACIAL INFORMATION

Item 1.  Financial Statements (Unaudited)

           Balance Sheet - as of March 31, 2002                              1

           Statements of Operations for the three months ended
           March 31, 2002 and March 31, 2001                                 2


           Statements of Cash Flows- for the three month ended
           March 31, 2002 and March 31, 2001 and for the development
           stage period from January in 1995 through March 31, 2002          3

           Notes to Financial Statements                                     4-5

Item 2. Management's Discussion and Analysis or plan of Operation            5-7

PART II  OTHER INFORMATION

Item 1.  Legal Proceedings                                                   7
Item 2.  Changes in Securities and Use of Proceeds                           7
Item 3   Default Upon Senior Securities                                      7
Item 4   Submission of Matters to a Vote of Security Holders                 7
Item 5   Other Information                                                   7
Item 6.  Exhibits and Reports on Form 8-K                                    7-8

SIGNATURE                                                                    9



<PAGE>
                             GLOBAL GOLD CORPORATION
                        (A Development Stage Enterprise)

                                  BALANCE SHEET

                                 MARCH 31, 2002
                                   (Unaudited)

                                     ASSETS
CURRENT ASSETS
     Cash                                                     $             390
     Receivable from sale of securities                                   9,685
                                                                ----------------
                                                                         10,075
OTHER ASSETS
     Investment in First Dynasty Mines, Ltd.                            175,000
                                                                ----------------
                                                              $         185,075
                                                                ================



                      LIABILITIES AND STOCKHOLDERS' DEFICIT

CURRENT LIABILITIES:
     Accounts payable and accrued expenses                    $          69,320
     Due to related parties                                              35,718
                                                                ----------------
                                                                        105,038
                                                                ----------------

STOCKHOLDERS' EQUITY:
     Common stock $0.001 par, 100,000,000 shares authorized
         4,368,114 shares issued and outstanding                          4,368
     Additional paid-in capital                                       4,834,955
     Deficit accumulated during the  development stage               (4,764,450)
     Unrealized gain on investment                                        5,164
                                                                ----------------

         TOTAL STOCKHOLDERS' DEFICIT                                     80,037
                                                                ----------------
                                                              $         185,075
                                                                ================

                       See notes to financial statements.

                                        1
<PAGE>
                             GLOBAL GOLD CORPORATION
                        (A Development Stage Enterprise)


                            STATEMENTS OF OPERATIONS
                                  (Unaudited)
<TABLE>
<CAPTION>



                                                                      Three months Ended                  January 1, 1995
                                                                           March 31,                          through
                                                             ------------------------------------             March 31,
                                                                  2002                 2001                    2002
                                                             ----------------     ---------------      ---------------------
<S>                                                      <C>                  <C>                 <C>
 REVENUES                                                $                 -  $                -  $                       -
                                                             ----------------     ---------------      ---------------------
 EXPENSES:
       Selling, general and administrative                             3,125               5,075                    775,314
       Legal fees                                                      4,564               3,655                    635,859
       Compensation                                                        -                   -                    550,834
       Write-off investment in Georgia
            mining interests                                               -                   -                    135,723
       Gain on sale of interest in
            Global Gold Armenia                                            -                   -                   (268,874)
       Loss on sale of interest in
            First Dynasty Mines, Ltd.                                  9,289                                          9,289
       Miscellaneous other                                               100                   -                     18,657
                                                             ----------------     ---------------      ---------------------
                TOTAL EXPENSES                                       (17,078)             (8,730)                (1,856,802)
                                                             ----------------     ---------------      ---------------------
 NET LOSS                                                $           (17,078) $           (8,730) $              (1,856,802)
                                                             ----------------     ---------------      =====================
 NET LOSS PER SHARE-BASIC AND DILUTED                    $             (0.00) $            (0.00)
                                                             ================     ===============
 WEIGHTED AVERAGE SHARES OUTSTANDING                               4,368,114           4,368,114
                                                             ================     ===============

</TABLE>



                        See notes to financial statements

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

                            STATEMENTS OF CASH FLOWS
                                   (Unaudited)

<TABLE>
<CAPTION>

                                                               Three months Ended       January 1, 1995
                                                                    March 31,              through
                                                           --------------------------      March 31,
                                                               2,002         2,001           2002
                                                           -----------   ------------   ---------------

 CASH FLOWS FROM DEVELOPMENT STAGE
       ACTIVITIES:
<S>                                                      <C>           <C>            <C>
       Net Loss                                          $    (17,078) $      (8,730) $     (1,856,802)
                                                           -----------   ------------   ---------------
       Adjustments to reconcile net loss to net cash
           used in operating  activities:
               Provision for bad debt                               -              -           325,000
               Gain on sale of Armenia mining interests             -              -          (268,874)
                Loss on sale of First Dynasty Mines interest    9,289                            9,289
               Write-off of mining investment in Georgia            -              -         - 135,723
       Changes in assets and liabilities:                                                            -
           Organization costs                                       -              -            (9,601)
           Accounts receivable and deposits                         -              -              (154)
           Accounts payable and accrued expenses              (12,891)         4,750           352,641
                                                           -----------   ------------   ---------------
 NET CASH USED IN OPERATING ACTIVITIES                        (20,680)        (3,980)       (1,312,778)
                                                           -----------   ------------   ---------------
 CASH FLOW FROM INVESTING ACTIVITIES:
       Proceeds from sale of Armenia mining interests               -              -         1,891,155
       Proceeds from sale of First Dynasty Securites            7,190              -             7,190
       Investment in certain mining
           interests - net of financing                             -              -          (153,494)
       Deferred costs - mining interests                            -              -          (878,858)
                                                           -----------   ------------   ---------------
 NET CASH PROVIDED BY INVESTING ACTIVITIES                          -              -           865,993
                                                           -----------   ------------   ---------------
 CASH FLOW FROM FINANCING ACTIVITIES:
       Net proceeds from private
           placement offering                                       -              -           421,573
           Advances from related party                              -              -            13,500
       Sale of warrants                                             -              -               650
       Warrants exercised                                           -              -               100
                                                           -----------   ------------   ---------------
 NET CASH PROVIDED BY FINANCING ACTIVITIES                          -              -           435,823
                                                           -----------   ------------   ---------------
 NET DECREASE IN CASH                                         (13,490)        (3,980)          (10,962)

 CASH - beginning of period                                    13,880          4,360            11,352
                                                           -----------   ------------   ---------------
 CASH - end of period                                    $        390  $         380  $            390
                                                           ===========   ============   ===============
                                                                    -                                -

 SUPPLEMENTAL CASH FLOW INFORMATION

       Cash paid during the year for:
           Income taxes paid                             $          -  $           -  $          2,683
                                                           ===========   ============   ===============
           Interest paid                                 $          -  $           -  $         15,422
                                                           ===========   ============   ===============
       Non-cash financing and investing activities:
           Settlement of accrued salary                  $          -  $           -  $        162,500
                                                           ===========   ============   ===============
           Issusance of stock in connection with
               settlememt                                $          -  $           -  $          2,000
                                                           ===========   ============   ===============

           Sales of investment for other receivable             9,685              -             9,685
                                                           ===========   ============   ===============
</TABLE>



                       See notes to financial statements.

                                        3
<PAGE>





                             GLOBAL GOLD CORPORATION
                          (A Development Stage Company)
                          Notes to Financial Statements
                                 March 31, 2002

NOTE 1:   SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

          INTERIM FINANCIAL STATEMENTS:

          The accompanying financial statements are unaudited. In the opinion of
          management,  all  necessary  adjustments  (which  include  only normal
          recurring  adjustments) have been made to present fairly the financial
          position,  results  of  operations  and  cash  flows  for the  periods
          presented.  Certain information and note disclosures 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,
          2001 annual report on Form 10-KSB.  The results of operations  for the
          three month period ended March 31, 2002 are not necessarily indicative
          of the operating results to be expected for the full year.


          INVESTMENTS:

          At March 31, 2002  investment in securities  consisted of common stock
          of First  Dynasty  Mines,  Ltd.  classified  as available for sale and
          stated at a quoted fair value of $175,000.  The cost of the securities
          was  $169,836.  The  unrealized  gain as of March 31,  2002 was $5,164
          which is shown as a separate component of stockholders' deficit.

          COMPREHENSIVE INCOME:

          Following  table  show the  comprehensive  transactions  for the three
          months ending March 31, 2002 and March 31, 2001:

                                                        March 31,
                                           ----------------------------------
                                                2002                2001
                                           --------------     ---------------

          NET LOSS                        $       (17,078)  $          (8,730)

          OTHER COMPREHENSIVE INCOME:

          UNREALIZED GAIN ON AVAILABLE-
               FOR-SALE SECURITIES                111,164              45,000

                                            --------------     ---------------
          COMPREHENSIVE INCOME            $        94,086  $           36,270
                                            ==============     ===============


<PAGE>



          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, 2002 AND
          THREE MONTHS ENDED MARCH 31, 2001

          The Company had a net loss of $17,078 for the three-month period ended
          March 31, 2002 representing a increase from the Loss of $8,730 for the
          three-month period ended March 31, 2001.

          During the three-month  period January 1, 2002 through March 31, 2002,
          the Company's  expenses were $17,078,  which  represented  an increase
          from the expenses of $8,730 in the same period last year. The expenses
          increase was primarily attributable to loss realized of $9,289 on sale
          of securities for First Dynasity Mines, Ltd.


          LIQUIDITY AND CAPITAL RESOURCES

          As of March  31,2002,  the Company's  total assets were  $185,075,  of
          which $390 consisted of cash or cash equivalents.

                    The Company's plan of operation for calendar year 2002 is:

                    (a)     to investigate opportunities, and possibly implement
                            operations,  in  the   mineral    development    and
                              production area; and

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

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

          The  Company  needs   financing  to  meet  its   anticipated   monthly
          administrative  expenses  of $3,000  (exclusive  of accrued  officers'
          compensation), plus additional amounts for legal and accounting costs.
          The Company  anticipates that it might obtain additional  financing in
          2002 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
<PAGE>

          The Company does not intend to engage in any research and  development
          during  2002 and does not  expect  to  purchase  or sell any  plant or
          significant equipment.

          The Company does not expect to hire any additional full-time employees
          in 2002.


  PART II - OTHER INFORMATION

   Item 1.        Legal Proceedings

                        None

   Item 2.        Changes in Securities and Use of Proceeds

                        None

   Item 3         Default Upon Senior Securities

                        None

   Item 4         Submission of Matters to a Vote of Security Holders

                        None

   Item 5         Other Information

                        None

    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,  Statements of Income and Loss, Statements of
                    Cash Flow and Notes to  Financial  Statements  as at and for
                    the three months ended March 31, 2002 and March 31, 2001 and
                    exhibits  which are  listed on the  Exhibit  Index  attached
                    hereto: None

                 (b) The  following  reports on  Form 8-K  were  filed  by  the
                     Registrant during   the quarter ended March 31, 2002: None


SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities and
Exchange Act of 1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned thereunto duly authorized.

GLOBAL GOLD CORPORATION


By:_________________________                                      May 20, 2002
                                                                   ------------
      Drury J. Gallagher, Chairman,
      Chief Executive Officer and Treasurer