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, 2001

/  /     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 sorter
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, 2001 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, 2001                                1

           Statements of Income and Loss for the periods January 1, 2001 through
           March 31, 2001 and January 1, 2000 through

           March 31, 2000 and for the  development  stage period from
           January 1, 1995 through March 31, 2001                              2

           Statements  of Cash  Flow - for the  periods  January  1, 2001
           through March 31, 2001  and  January  1, 2000  through
           March 31, 2000 and the  development  stage  period  from
           January 1, 1995 through March 31, 2001                             3

           Notes to Financial Statements                                     4-5

Item 2. Management's Discussion and Analysis of Financial Condition
           and Results 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 Company)
                                  Balance Sheet
                                 March 31, 2001
                                   (Unaudited)

                                     ASSETS


CURRENT ASSETS

Cash                                                              $         380
                                                                    ------------
OTHER ASSETS

    Investment in First Dynasty Mines, Ltd. (Common Shares)
                                                                        135,000
                                                                    ------------
                                                                      $ 135,380
                                                                    ============


                 LIABILITIES AND STOCKHOLDERS' EQUITY/(DEFICIT)

CURRENT LIABILITIES
    Accounts payable and accrued expenses                           $    86,327
                                                                    ------------

STOCKHOLDERS' EQUITY

    Common stock $0.001 par, 100,000,000 shares authorized 4,368,114 shares
    issued and outstanding                                                4,368
    Paid-in capital - dormant period                                  4,834,955
    Deficit - development stage                                      (4,729,270)
    Unrealized gains/(loss) on securities                               (61,000)
                                                                    ------------
    Total                                                                49,053
                                                                    ------------

                                                                      $ 135,380
                                                                    ============




                       See notes to financial statements.

                                       1
<PAGE>

                             GLOBAL GOLD CORPORATION
                          (A Development Stage Company)
                          Statements of Income and Loss
<TABLE>
<CAPTION>


                                                                                                           JANUARY 1, 1995
                                                            JANUARY 1, 2001         JANUARY 1, 2000      (DEVELOPMENT STAGE)
                                                               THROUGH                  THROUGH                THROUGH
                                                            March 31, 2001          March 31, 2000         March 31, 2001
                                                         ------------------       ------------------      ------------------

<S>                                                            <C>                      <C>                     <C>
REVENUE                                                      $        -0-             $        -0-            $        -0-
                                                              -----------              -----------             -----------
EXPENSES

     Officers' compensation                                           -0-                      -0-                550,834
     Legal                                                         3,655                    3,584                 627,348
     Selling General & Administrativ                               5,075                    7,002                 757,964
                                                              -----------              -----------             ----------
     Total Expemses                                                8,730                   10,586               1,936,146

OPERATING (LOSS)                                                 ( 8,730)                 (10,586)             (1,936,146)
OTHER INCOME (EXPENSES)

     Write-off investment in Georgia mining interest                  -0-                      -0-               (135,723)
     Gain on sale of interest in Global Gold Armenia                  -0-                      -0-                268,874
     Miscellaneous                                                    -0-                     538                 (18,627)
                                                              ------------             ----------             ------------

Net Loss                                                         ( 8,730)                 (10,048)             (1,821,622)

New Loss Per Share                                                 $(.00)                   $(.00)                  $(.55)


Weighted Average Number of Shares Used In Computation          4,368,114                4,368,114               3,303,401

Net Loss                                                        $( 8,730)                $(10,048)            $(1,821,622)

Other Comprehensive Gain / (Loss), net of Tax
Unrealized gain/(loss) on available for Sale Securities           45,000                   44,000                 (61,000)
                                                              ------------             ----------             ------------

Comprehensive Gain / (Loss)                                      $36,270                  $33,952              $(1,882,622)
                                                              ============             ==========             ============

</TABLE>



                       See notes to financial statements.

                                        2

<PAGE>

                             GLOBAL GOLD CORPORATION
                          (A Development Stage Company)
                             Statements of Cash Flow
<TABLE>
<CAPTION>


                                                                                                             January 1, 1995
                                                            January 1, 2001         January 1, 2000        (development stage
                                                                through                  through                 through
                                                             March 31, 2001          March 31, 2000           March 31, 2001
                                                          ------------------       ------------------      ------------------


CASH FLOW FROM DEVELOPMENT STAGE ACTIVITIES:
<S>                                                                  <C>                     <C>                  <C>
Net  Loss                                                            $(8,730)                $(10,048)            $(1,821,622)
Adjustments to reconcile net loss to net
cash provided by operating activities:
    Provision for bad debts included in net loss                          -0-                      -0-                325,000
    Write-off of mining investment in Georgia                             -0-                      -0-                135,723
    Gain on sale of Armenia mining interests                              -0-                      -0-               (268,874)
Changes in assets and liabilities:
    Organization costs                                                    -0-                      -0-                 (9,601)
    Accounts receivable and deposits                                      -0-                      -0-                   (154)
    Accounts payable, accrued expenses and
    Miscellaneous                                                      4,750                    9,471                 347,430
                                                                    --------                 --------               ---------
    NET CASH USED  IN DEVELOPMENT STAGE
    ACTIVITIES                                                    (   3,980)                   (  577)             (1,292,098)
                                                                    ---------                ---------              ----------
CASH FLOW FROM INVESTING ACTIVITIES:
    Proceeds from sale of Armenia mining interest
    (net of Note Receivable)
                                                                          -0-                      -0-              1,891,155
    Investment in certain mining interests- net of
    Financing                                                             -0-                      -0-               (153,494)
    Deferred costs - mining interest                                      -0-                      -0-               (878,858)
                                                                    ---------                ---------               ---------
    NET CASH PROVIDED BY INVESTING ACTIVITIES                             -0-                      -0-                858,803
                                                                    ---------                ---------                -------
CASH FLOW FROM FINANCING ACTIVITIES:
    Net proceeds from private placement offering                          -0-                      -0-                421,573
    Sale of Warrants                                                      -0-                      -0-                    650
    Warrants exercised                                                    -0-                      -0-                    100
                                                                    ---------                ---------             ----------
    NET CASH PROVIDED BY FINANCING ACTIVITIES                             -0-                      -0-                422,323
                                                                    ---------                ---------                -------
NET DECREASE  IN CASH                                                 (3,980)                    (577)                (10,972)

CASH - beginning                                                       4,360                    1,432                  11,352

CASH - end                                                          $    380                   $  855                $    380
                                                                    ============            ==========              =========

SUPPLEMENTAL CASH FLOW INFORMATION
    Income taxes paid                                               $    -0-                 $  (200)                 $ 2,683
                                                                   =========                ==========                =======
    Interest paid                                                  $     -0-               $      -0-                 $15,422
                                                                   =========                ==========                =======

    Non Cash Financing
    Accrued Salary Settlement                                      $     -0-             $   162,500                 $162,500
                                                                   ---------              ------------              ---------
    Issuance of Stock Commission                                   $     -0-             $     2,000                 $  2,000


</TABLE>

                       See notes to financial statements.

                                        3
<PAGE>


                             GLOBAL GOLD CORPORATION
                          (A Development Stage Company)
                          Notes to Financial Statements
                                 March 31, 2001

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
               disclosure normally included in financial  statements prepared in
               accordance  with generally  accepted  accounting  principles have
               been   condensed  or  omitted.   It  is   suggested   that  these
               consolidated financial statements be read in conjunction with the
               financial  statements and notes thereto  included in the December
               31, 2000 annual report on Form 10-KSB.  The results of operations
               for  the  three  month  period  ended  March  31,  2001  are  not
               necessarily  indicative of the  operating  results to be expected
               for the full year.


               INVESTMENTS:

               At March 31, 2001  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  $135,000.  The cost of
               the securities was $196,000.  The unrealized loss as of March 31,
               2001  was  $61,000  which is shown  as a  separate  component  of
               stockholders' deficit.




                   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.

                        THREE MONTHS ENDED MARCH 31, 2001
                      AND THREE MONTHS ENDED MARCH 31, 2000

               RESULTS OF OPERATIONS

               During the  three-month  period January 1, 2001 through March 31,
               2001, the Company's administrative and other expenses were $8,730
               which  represented  a decrease from the amount paid or accrued of
               $10,586 in the same period last year.  The expense  decrease  was
               attributable to lower office expenses of $1,856.


               Thus, the Company had a loss of $8,730 for the three month period
               ended March 31,  2001  representing  a decrease  from the loss of
               $10,048 for the three month


                                        6

<PAGE>




                         LIQUIDITY AND CAPITAL RESOURCES

               As of March 31, 2001,  the Company's  total assets were $135,380,
               of which $380 consisted of cash or cash equivalents.

                    The Company's plan of operation for calendar year 2001 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  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 2001 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  2001 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 2001.

                                        7
<PAGE>


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



                    No reports on Form 8-K were filed by the registrant during
                    the quarterly period covered by this report.


                                        8

<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:_________________________
      Drury J. Gallagher, Chairman,
      Chief Executive Officer and Treasurer




                                        9