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, 1999

      |_|   TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT

      For the transition period from ________________ to _________________

                         Commission file number 02-69494

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

            Delaware                                            13-3025550
--------------------------------------------------------------------------------
(State or other jurisdiction of                               (I.R.S. Employer
 incorporation or organization)                              Identification No.)

        734 Franklin Street, Suite 383, Garden City, New York 11530-4525
        ----------------------------------------------------------------
        (Address of principal executive offices)              (Zip Code)

Issuer's telephone number                 (516) 294-7946
                                        ------------------

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

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

      As of March 31, 1999, there were 4,348,114 shares of the registrant's
Common Stock outstanding.

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

<PAGE>

                                TABLE OF CONTENTS

PART I.     Financial Information

Item 1.     Financial Statement: ..............................................3

            Balance Sheet - as of March 31, 1999 and December 31, 1998 ........5

            Statement of Income and (Loss) for the three month period
            ended March 31, 1999 and March 31, 1998 and for the
            development stage period from January 1, 1995 through
            March 31, 1999.....................................................6

            Statement of Changes in Stockholders Equity - for the period
            January 1, 1999 through March 31, 1999 and for the development
            stage period from January 1, 1995 through
            March 31, 1999.....................................................7

            Statement of Cash Flow - for the periods January 1, 1999
            through March 31, 1999 and January 1, 1998 through March 31,
            1998 and the development stage period from
            January 1, 1995 through March 31, 1999.............................9

            Notes to Financial Statement (unaudited) .........................11

Item 2.     Management's Discussion and Analysis of Financial Condition
            and Results of Operation .........................................16


                                       2
<PAGE>

                             GLOBAL GOLD CORPORATION
                          (A Development Stage Company)


                              Financial Statements



                                 March 31, 1999


                                       3
<PAGE>

                             GLOBAL GOLD CORPORATION
                          (A Development Stage Company)

                              Financial Statements


                                 March 31, 1999

Exhibit                                                                     Page
-------                                                                     ----

      INDEX                                                                    1

A     Balance Sheets - as of March 31, 1999 and December 31, 1998              2

B     Statements of Income and (Loss) - for the three
      months ended March 31, 1999 and 1998 and the
      development stage period January 1, 1995 through March 31,
      1999                                                                     3

C     Statement of Changes in Stockholders' Equity - for
      the period January 1, 1999 through March 31, 1999 and
      the development stage period January 1, 1995 through March
      31, 1999                                                             4a/4b

D     Statement of Cash Flow - for the periods January 1, 1999
      through March 31, 1999 and January 1, 1998 through March 31,
      1998, and the development stage period January 1, 1995 through
      March 31, 1999                                                           5

       Notes to Financial Statements                                           6


                                       4
<PAGE>

                                                                          Page 2

                             GLOBAL GOLD CORPORATION
                          (A Development Stage Company)
                                  Balance Sheet

<TABLE>
<CAPTION>
                                     ASSETS

CURRENT                                                         March 31, 1999    December 31, 1998
                                                                  (unaudited)        (audited)
<S>                                                               <C>               <C>
         Cash                                                     $    10,498       $    24,623.

         Refundable Deposit                                            24,060            33,347
                                                                  -----------       -----------
                                                                      34,558             57,970
OTHER ASSETS

         Special Warrants - First Dynasty Mines Ltd.                  256,000           256,000
                                                                  -----------       -----------

TOTAL ASSETS                                                      $   290,558       $   313,970
                                                                  ===========       ===========

                      LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES

         Accounts payable and accrued expenses                    $   180,652       $   173,170
                                                                  -----------       -----------

STOCKHOLDERS' EQUITY - Exhibit C

         Common stock $0.001 par, 100,000,000 shares authorized
                  4,348,114 shares issued and outstanding               4,348             4,348

         Paid Capital-dormant period                                3,236,602         3,236,602

         Paid Capital-development stage                             1,493,223         1,493,223

         Retained earnings-dormant period                          (2,907,648)       (2,907,648)

         Retained earnings-development stage                       (1,716,619)       (1,685,725)
                                                                  -----------       -----------

                                                                      109,906           140,000
                                                                  -----------       -----------

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY                        $   290,558       $   313,970.
                                                                  ===========       ===========
</TABLE>

See Notes to the Financial Statements.


                                       5
<PAGE>

                                                                          Page 3

                             GLOBAL GOLD CORPORATION
                          (A Development Stage Company)
                         Statement of Income and (Loss)

<TABLE>
<CAPTION>
                                                                     January 1,        January 1, 1995
                                                   January 1,        1998 through      (development stage
                                                   1999 through      March 31,         through
                                                   March 31, 1999    1998              March 31, 1999
                                                   --------------    ----              --------------
<S>                                                <C>               <C>               <C>
REVENUE                                            $        --         $      --         $      --
                                                   -----------       -----------       -----------
EXPENSES
      Officers' compensation                                --                --           550,834.
      Legal                                              16003              8077           558,113.
      Accounting and auditing                             7250              5000           130,698.
      Transfer agent and securities fees                    --                --            12,446.
      Proxy costs                                           --                --            26,555.
      Rent                                                  --              4500            54,000.
      Office expense                                      7482             10545           130,472.
      Travel                                                --                --            43,234.
                                                   -----------       -----------       -----------

OPERATING (LOSS)                                        (30735)           (28122)       (1,506,352)
OTHER INCOME (EXPENSES)
      Interest and royalty income                           11               279              5390
      Organization costs                                    --                --            (4,800)
      Interest expense                                      --                --           (15,422)
      Provision for bad debts                               --                --          (325,000)
      Write-off investment in Georgia mining
         interests                                          --                --          (135,723)

      Gain on sale of interest in Global Gold               --                --           268,874.
         Armenia                                                                       -----------

INCOME/(LOSS) BEFORE INCOME TAXES                       (30724).          (27843)       (1,713,033)
      Income taxes                                        (170)             (150)           (3,586)
                                                   -----------       -----------       -----------
NET INCOME/(LOSS)                                  $    30,894.      $   (27,993)      $(1,716,619)
                                                   ===========       ===========       ===========
NET INCOME/(LOSS) PER SHARE                        $     (.007)      $     (.006)
                                                   ===========       ===========
</TABLE>

See Notes to the Financial Statements.


                                       6
<PAGE>

                                                                         Page 4a

                             GLOBAL GOLD CORPORATION
                          (A Development Stage Company
                  Statements of Changes in Stockholders' Equity

<TABLE>
<CAPTION>
                                                          Paid-in        Retained       Retained        Paid-in
                            Issued and                    Capital        Earnings       Earnings        Capital
                            Outstanding    Common         (Dormant       (Dormant       (Development    (Development
                            Shares         Stock          Period)        Period)        Stage)          Stage)         Total
                            -----------    -----------    -----------    -----------    -----------     -----------    -----------
<S>                <C>          <C>        <C>            <C>            <C>            <C>             <C>            <C>
Stockholders' equity
      December 31, 1994         898,074.   $    89,807.   $ 3,147,693.   $(2,907,648.)  $        --      $      --      $   329,852.

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

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

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

Proceeds through private
      offering                  200,000.           200.           --             --              --         421,373.       421,573.
                            -----------    -----------    -----------    -----------    -----------     -----------    -----------
Stockholders' equity
      December 31, 1995       2,098,074.         2,098.     3,236,602.    (2,907,648.)     (361,345.)     1,270,373.     1,240,080.

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

Warrants exercised
                                     40.           --             --             --             --              100.           100.
                            -----------    -----------    -----------    -----------    -----------     -----------    -----------
Stockholders' Equity
      December 31,1996        2,098,114    $     2,098    $ 3,236,602.   $(2,907,648.)  $(1,029,922.)   $ 1,270,473.   $   571,603.
                            ===========    ===========    ===========    ===========    ===========     ===========    ===========
</TABLE>

See Notes to the Financial Statements.


                                       7
<PAGE>

                                                                         Page 4b

                             GLOBAL GOLD CORPORATION
                          (A Development Stage Company
                  Statements of Changes in Stockholders' Equity
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                          Paid-in        Retained       Retained        Paid-in
                            Issued and                    Capital        Earnings       Earnings        Capital
                            Outstanding    Common         (Dormant       (Dormant       (Development    (Development
                            Shares         Stock          Period)        Period)        Stage)          Stage)         Total
                            -----------    -----------    -----------    -----------    -----------     -----------    -----------
<S>                <C>          <C>        <C>            <C>            <C>            <C>             <C>            <C>
Net Loss January 1 -
      December 31, 1997            --               --             --             --         (690,747)           --       (690,747.)

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

Shareholders' Equity
      December 31, 1997       4,348,114.   $     4,348.   $ 3,236,602.   $(2,907,648.)  $(1,720,669.)   $ 1,493,223.   $   105,856.
                            ===========    ===========    ===========    ===========    ===========     ===========    ===========
Net Income January 1 -
      December 31, 1998              --             --             --             --           34,944.           --          34,944.
                            -----------    -----------    -----------    -----------    -----------     -----------    -----------

Stockholders' equity
      December 31, 1998       4,348,114    $     4,348.   $ 3,236,602.   $(2,907,648.)  $(1,685,725.)   $ 1,493,223.   $   140,800.
                            ===========    ===========    ===========    ===========    ===========     ===========    ===========

Net Loss January 1, 1999             --             --             --             --    $    (30894)            --     $   (30894)
through March 31, 1999      -----------    -----------    -----------    -----------    -----------     -----------    -----------

Shareholders' Equity          4,348,114    $     4,348.   $ 3,236,602.   $(2,907,648.)  $(1,716,619.)   $ 1,493,223.   $   109,906.
March 31, 1999              ===========    ===========    ===========    ===========    ============    ============   ===========
</TABLE>

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

See Notes to the Financial Statements.


                                       8
<PAGE>

                                                                          Page 5

                             GLOBAL GOLD CORPORATION
                          (A Development Stage Company)
                             Statement of Cash Flow
                                  (Unaudited)

<TABLE>
<CAPTION>
                                                                                             January 1, 1995
                                                         January 1, 1999   January 1, 1998   (development
                                                         through           through           stage through
                                                         March 31, 1999    March 31, 1998    March 31, 1999
                                                         --------------    --------------    --------------
<S>                                                       <C>               <C>              <C>
CASH FLOW FROM DEVELOPMENT
STAGE ACTIVITIES:
    Net Income/(Loss)                                     $   (30894)       $   (27993)      $(1,716,619)
    Adjustments to reconcile net income/(loss) to
    net cash provided by operating activities:
        Increase (decrease) in:
        Provision for bad debt included in net loss               --                --           325,000.
        Write-off of mining investment in Georgia                 --                --           135,723.
        Organization costs                                        --                --            (9,601)
        Gain on sale of Armenia mining interests                  --                --          (268,874)
        Accounts receivable and deposits                        9287             (2135)          (24,214)
        Accounts payable, accrued expenses
            and miscellaneous                                   7482            (28519)          277,255.
                                                         -----------       -----------       -----------
Net cash (used) by Development Stage Activities               (14125)           (58647)       (1,281,300).
                                                         -----------       -----------       -----------
CASH FLOW FROM INVESTING ACTIVITIES:
    Proceeds from sale of Armenia mining
       interests (net of Note Receivable)                         --                --         1,891,155.
      Investment in certain mining interests
       - net of financing                                         --                --          (153,494)
    Deferred costs - mining interests                             --                --          (878,858)
                                                         -----------       -----------       -----------
Net cash provided by Investing Activities                         --                --           858,803.
                                                         -----------       -----------       -----------
CASH FLOW FROM FINANCING ACTIVITIES:
    Net proceeds from private placement offering                  --                --           421,573.
    Note Payable - officer (net)                                  --                --                --
    Warrants exercised                                            --                --               100.
                                                         -----------       -----------       -----------
Net cash provided (used) by Financing Activities                  --                --           421,673.
                                                         -----------       -----------       -----------
NET INCREASE (DECREASE) IN CASH                               (14125)           (58647)             (854)

CASH - beginning                                               24623             66344             11352.
                                                         -----------       -----------       -----------
CASH - end                                               $     10498       $      7697       $     10498
                                                         -----------       -----------       ===========
SUPPLEMENTAL CASH FLOW INFORMATION
    Income taxes paid                                    $       170       $       150       $     2,178
                                                         ===========       ===========       ===========
    Interest Paid                                        $        --       $        --       $     15422
                                                         ===========       ===========       ===========
</TABLE>


                                       9
<PAGE>

                                                                          Page 6

                             GLOBAL GOLD CORPORATION
                          (A Development Stage Company)
                       Statement of Cash Flow (Continued)
                                 March 31, 1999

NON-CASH INVESTING AND FINANCING ACTIVITIES

In 1995 the Company issued one million shares of common stock for certain mining
interests, with an estimated value of $850,000. In 1997 the Company issued
2,000,000 common shares in exchange for $200,000 in accrued salaries and other
consideration. Also, 250,000 common shares were issued as a finders fee in
connection with the First Dynasty financing.

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

See Notes to Financial Statements


                                       10
<PAGE>

                                                                          Page 7

                             GLOBAL GOLD CORPORATION
                          (A Development Stage Company)
                          Notes to Financial Statements
                                 March 31, 1999


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

            Global Gold Corporation (the "Company") was incorporated as Triad
            Energy Corporation in the State of Delaware on February 21, 1980
            and, as further described hereafter, had no operating or development
            stage history from its inception until January 1, 1995. Accordingly,
            the Company had been dormant until 1995. During 1995 the Company
            changed its name from Triad Energy Corporation to Global Gold
            Corporation to pursue mining opportunities 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 Company had offices in New York City which it leased from
            Penn-Med Consultants, Inc., which was charging rent in the amount of
            $3,000 per month to the Company commencing January 1, 1996 through
            December 31, 1997 for use of the premises, office equipment,
            facilities, etc. The lease was terminated on December 31, 1997 and
            Penn-Med canceled $18,000 in accrued rent payable. The Company
            currently maintains a shared office in Garden City, New York.

            During 1995 the Company formed certain wholly-owned foreign
            subsidiaries. Any reference in these statements to the Company may
            also include one, some or all of the subsidiaries. All intercompany
            transactions were eliminated.

            As a result of ownership changes, the Company will not be able to
            benefit from all of its net operating loss carryforwards. (Income
            Tax Matters - see Note 10.)

NOTE 2:     USE OF ESTIMATES

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

NOTE 3:     DEVELOPMENT STAGE COMPANY

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


                                       11
<PAGE>

                                                                          Page 8

                             GLOBAL GOLD CORPORATION
                          (A Development Stage Company)
                          Notes to Financial Statements
                                 March 31, 1999


NOTE 4:     ACQUISITION OF ARMENIAN MINING INTEREST FROM EYRE

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

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

            The defendants denied such claims and asserted counterclaims against
            the Company and Drury J. Gallagher, Chairman, and Robert A.
            Garrison, President, seeking damages in an undetermined amount
            against the Company and seeking a declaratory judgment voiding the
            Second Restructuring Agreement and directing Mr. Gallagher and Mr.
            Garrison to return the 2,000,000 shares of the Company's Common
            Stock issued to them by the Company in January, 1997.

            The respective parties have served notices to take the deposition of
            the other parties in the action and made requests for the production
            of documents.

            The Company intends to prosecute the litigation to completion and
            believes that its claims against the plaintiffs will be successfully
            contested and that the defendants' claims asserted against the
            Company and Messrs. Gallagher and Garrison are without merit,
            although there can be no assurance as to the outcome thereof.

            The Company funded the litigation with $50,000 in a refundable
            deposit account which had a balance of $24,060 on March 31, 1999.

NOTE 5:     THE ARMENIAN JOINT VENTURE AGREEMENT

            On February 2, 1996, the Company and Armgold, a division of the
            Ministry of Industry of the Government of the Republic of Armenia,
            initialed a Joint Venture Agreement (the "Venture") entitled the
            Armenian Gold Recovery Company ("AGRC"). The Venture was modified on
            May 1, 1996. On June 29, 1996, the Republic of Armenia issued a
            parliamentary decree authorizing Armgold's joint venture with the
            Company.

            On October 7, 1996, the Armenian government issued a license for a
            five-year period of implementation of the development plan,
            effective after the registration of the Venture with the appropriate
            Armenian governmental authorities, in accordance with the applicable
            Armenian law. The registration of the Venture occurred on November
            8, 1996.

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

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


                                       12
<PAGE>

                                                                          Page 9

                             GLOBAL GOLD CORPORATION
                          (A Development Stage Company)
                          Notes to Financial Statements
                                 March 31, 1999


NOTE 6:     THE GEORGIAN AGREEMENT

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

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

NOTE 7:     NOTES RECEIVABLE

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

            Jet-Line had defaulted on prior balloon payment obligations and was
            in default of its current interest requirements. The Note was
            understood to be secured by U.C.C.'s on certain equipment; however,
            there were no filings located.

            The Company had been notified by the Business Loan Center who made a
            U.S. Small Business Administration guaranteed loan to Jet-Line of
            $550,000 in 1994, that it would liquidate the Jet-Line assets, as to
            which it held a senior security interest. The Company thereafter
            unsuccessfully disputed the Business Loan Center's position as a
            senior secured creditor in late 1997. After determining that, among
            other things, the value of the assets held by it as collateral was
            negligible, the Company decided to write off the Jet-Line loan as
            worthless as of December 31, 1997.

NOTE 8:     CONFIDENTIAL PRIVATE PLACEMENT MEMORANDUM

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

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

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


                                       13
<PAGE>

                                                                         Page 10

                             GLOBAL GOLD CORPORATION
                          (A Development Stage Company)
                          Notes to Financial Statements
                                 March 31, 1999


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

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

            On January 3, 1997, the Board of Directors of the Company approved
            the issuance of 1,000,000 shares of its common stock to each of
            Messrs. Gallagher and Garrison in exchange for $100,000 in accrued
            salary each plus cancellations of 'stock options and stock
            appreciation rights (the "SARs") and personal guarantees up to
            $500,000. In 1997, Eyre questioned the validity of the issuance by
            the Company of 1,000,000 shares of its common stock to each of
            Messrs. Gallagher and Garrison and asserted a counterclaim against
            Messrs. Gallagher and Garrison individually, directing Mr. Gallagher
            and Mr. Garrison to return the 2,000,000 shares of the Company's
            common stock. As of March 31, 1999, accrued salary of $162,500 was
            due to Mr. Gallagher.

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

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

            The Company experienced net operating losses for each of the years
            ended December 31, 1996 and 1997 and a net profit for 1998. The
            Company elected to carryforward losses for federal income tax
            purposes and offset future taxable earnings. However, since the
            Company is a development stage company and its ability to obtain
            future earnings is uncertain, no deferred tax asset has been
            recorded.

NOTE 11:    INCOME/(LOSS) PER SHARE

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

NOTE 12:    REVERSE STOCK SPLIT

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


                                       14
<PAGE>

                                                                         Page 11

                             GLOBAL GOLD CORPORATION
                          (A Development Stage Company)
                          Notes to Financial Statements
                                 March 31, 1999


NOTE 13:    FIRST DYNASTY MINES LTD.

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

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

            The Company and GGA, in conjunction with First Dynasty, negotiated
            for AGRC to develop the Zod and Meghradzor mines and concluded the
            amended Armenian Joint Venture Agreement on September 30, 1997. The
            Armenian government passed a governmental decree on June 25, 1998.
            On July 24, 1998 First Dynasty and the Company entered into an
            agreement to accelerate the issuance of 4,000,000 special warrants
            exchangeable into an equal amount of First Dynasty common shares.
            The warrants were issued in exchange for the Company's remaining 20%
            stock interest in GGA. The warrants were distributed on August 31,
            1998. The 4,000,000 special warrants are exchangeable into 4,000,000
            common shares of First Dynasty Mines Ltd. at no cost and become
            freely tradable within one year or with the public offering of
            common shares, whichever comes first. The common shares were valued
            at 13/64 on the Toronto Stock Exchange or US$.128 on August 31,
            1998. For reporting purposes, the shares were discounted 50% for
            absence of a market for the warrants, presence of Canadian
            securities law restrictions on resale thereof, lack of trading
            volume and future dilution. As of March 31, 1999, there was no
            market for the special warrants. The common shares were valued at
            C$.1875 per share on the Toronto Stock Exchange and US$.125 on the
            NASDAQ Bulletin Board. It is anticipated that the special warrants
            will be exchanged for common shares and the common shares will have
            a market value, although there can be no assurance of such result.
            The Company will retain the right until December 31, 2009 to elect
            to participate at a level of up to twenty percent with First Dynasty
            or any of its affiliates in any exploration project undertaken in
            Armenia.

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


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                                                                         Page 12

                             GLOBAL GOLD CORPORATION

                          (A Development Stage Company)

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

                                 March 31, 1999

(A)   General Overview

      The Company now holds only special warrants to purchase 4,000,000 shares
of common stock of First Dynasty Mines, Ltd., a publicly-traded Canadian
corporation. The Company previously engaged in the development of a gold mining
project in Armenia, a member of the Commonwealth of Independent States. The
Company is currently in the pre-development stage and has not received any
revenues from mining activities as of March 31, 1999, other than such shares of
stock and cash previously paid by First Dynasty Mines, Ltd. Prior thereto, the
Company did not engage in any substantial business activities, except as
described in the section 1(D) entitled "Prior History of the Company" in the
annual reports previously filed by the Company with the Securities and Exchange
Commission ("SEC")

(B)   Armenian Mining Project

      (a)   Armenian Joint Venture Agreement

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

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

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

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

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

(C)   Georgian Mining Project


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                                                                         Page 13

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

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

(D)   Recent Activities

      The Company's principal activity at present consists of holding special
warrants exchangeable for 4,000,000 shares of common stock of First Dynasty, the
common stock of which is traded on the Toronto Stock Exchange and NASDAQ. The
closing price of a share of such common stock on March 31, 1999 was U.S. $0.125.
However, the special warrants are an illiquid investment, and are subject to
Canadian securities laws restrictions, and, hence, not freely tradable.
Moreover, as of March 31, 1999, First Dynasty had 112,403,797 share of common
stock issued and outstanding, and warrants, options and convertible notes to
purchase 36,100,000 shares of common stock outstanding on such date. Since there
are outstanding special warrants to purchase 31.6 million shares of First
Dynasty at prices ranging from $0.29 to $0.42 over the period ending January 31,
2002, the shares purchasable thereunder will, in the Company's view, pose an
overhang on the trading market and adversely affect any upward price movement in
the shares of common stock of First Dynasty.

REVENUES: During the three-month period ended March 31, 1999, the Company's
interest and royalty income was $0 which was the same amount for the same period
last year.

ADMINISTRATIVE AND OTHER EXPENSES:

      The Company's administrative and other expenses for the three-month period
ended March 31, 1999 were $30,905, which represented an increase from the amount
paid or accrued of $28,272 in the same period last year. Expense increases were
attributable to an increase in legal fees of $7,926 related to the Eyre
litigation and an increase of $2,250 in accounting fees partially offset by a
decrease of $4,500 in rent and $3,063 in office expense.

LIQUIDITY AND CAPITAL RESOURCES: As of March 31, 1999, the Company's total
assets were $290,558, of which $34,558 consisted of cash or cash equivalents.

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

      (a) to exercise the special warrants to purchase 4,000,000 shares of First
Dynasty common stock, at no cost, and hold such stock for investment purposes
thereafter; and

      (b) to prosecute the litigation against Mr. Parry, Eyre and the
Parry-Beaumont Trust to completion.

      The Company needs financing to meet its anticipated monthly administrative
expenses of $5,000 (exclusive of accrued officers' compensation), plus
additional amounts for legal and accounting costs. Prior to the commencement of
the litigation described in Item 3 hereof, the Company anticipated that it might
obtain additional financing in 1999 from the holders of its Warrants. Pursuant
to the Offering of $500,000 principal amount of the Convertible Notes of the
Company, the Company issued Warrants to purchase 4,000,000 shares of its Common
Stock at an exercise price of $0.50 per share. By virtue of the Reverse Split,
the Warrants were converted into Warrants to purchase 400,000 shares of the
Company's Common Stock at an exercise price of $5 per share. On January 23,
1997, the Company amended the Warrants to reduce the exercise price to $1 per
share and to extend the expiration date until December 31, 1997. Again, on


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                                                                         Page 14

December 1, 1997, the Company amended the Warrants to reduce the exercise price
to $0.125 per share and to extend the expiration date until December 31, 1998,
and recently extended the expiration date until December 31, 1999. If the
Warrants were exercised in full, the Company would receive $50,000 in gross
proceeds. However, the Company does not believe that the Warrants will be
exercised under existing circumstances, and thus 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 project research and
development during 1999 and does not expect to purchase or sell any plant or
significant equipment.

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

                                     Part II

ITEM 1. LEGAL PROCEEDINGS

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

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

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

      The respective parties have served notices to take the deposition of the
other parties in the action and made requests for the production of documents.
The parties had scheduled the taking of depositions commencing on May 17, 1999
but such date has been postponed, and no new date has been fixed as of the date
hereof.

      The Company intends to prosecute the litigation to completion and believes
that its claims against the plaintiffs will be successfully contested and that
the defendants' claims asserted against the Company and Messrs. Gallagher and
Garrison are without merit, although there can be no assurance as to the outcome
thereof.

      The Company has also received requests from Panquest Lte., a Singapore
Company, and from Eyre relating to amounts alleged to be due to Panquest Lte.
relating to the Company's acquisition of rights from Eyre relating to the
Armenian and Georgian projects. No evidence has yet been supplied to the Company
in this regard.


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                                                                         Page 15

ITEM 2. CHANGES IN SECURITIES

      Not applicable.

ITEM 3. DEFAULT UPON SENIOR SECURITIES

      Not applicable.

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

      Not applicable.

ITEM 5. OTHER INFORMATION

      Not applicable.

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.

      1.    (a) The following documents are filed as part of this report:
Financial Statements of the Company (unaudited), including Balance Sheet,
Statement of Income and Loss, Statement of Changes in Stockholders' Equity,
Statement of Cash Flow and Notes to Financial Statements as at and for the
period ended March 31, 1999.

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

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

                                   SIGNATURES

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


                             GLOBAL GOLD CORPORATION
                             (Registrant)


Dated: May 20, 1999                 By: /s/ Drury J. Gallagher

                                    ----------------------------------
                                    Drury J. Gallagher, Chairman, Chief
                                    Executive Officer and Treasurer


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