Note 15 - Subsequent Events

6 Months Ended

Jun. 30, 2017

Notes to Financial Statements

Subsequent Events [Text Block]

15.

SUBSEQUENT EVENTS

In accordance with ASC

855,

“

Subsequent Events,” the Company evaluated subsequent events after the balance sheet date of

June 30, 2017

through the date of the unaudited condensed consolidated financial statements were available to be issued.

Pursuant to a board resolution and effective

July 1, 2017,

the Company entered into promissory notes with its directors and officers to whom the Company had debt for salaries and advances to provide uniform treatment and memorialize terms and amounts due.

  The notes have been executed with and in the principal amounts for Messrs. Gallagher

$3,932,433.25,

Krikorian

$1,344,454.25,

Hague

$166,300.41,

Aynilian

$5,000,

Caesar

$22,500,

and Dulman

$992,567.53

and provide for interest at

5%,

are due after

September 1, 2017,

and provide that any exercise of security or related interest must be pari passu with the other note holders, all as more particularly described in Exhibit 

10.79.

On

July 12, 2017,

the Armenian Court of Appeals affirmed the

February 20, 2017

Court of First Instance ruling in favor of the Company in the Marjan Mining Company bankruptcy case, dismissing the case.

  On

August 14, 2017,

the time period to appeal the rulings in the Company’s favor in the Marjan Mining Company bankruptcy case expired marking the judgment against bankruptcy final.

On

September 15, 2017,

the Royal Court of Jersey awarded Global Gold an additional approximately

$21,000

in attorney fees and costs against CRA, bring t

he total to approximately

$232,500.