Note 1 - Organization, Description of Business, and Basis for Presentation

6 Months Ended

Jun. 30, 2017

Notes to Financial Statements

Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block]

1.

ORGANIZATION, DESCRIPTION OF BUSINESS, AND BASIS FOR PRESENTATION

BASIS OF ACCOUNTING:

The accompanying condensed consolidate

d financial statements are unaudited. In the opinion of management, all necessary adjustments (which include only normal recurring adjustments) have been made to present fairly the financial position, results of operations and cash flows for the periods presented. Certain information and footnote disclosure normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. However, the Company believes that the disclosures are adequate to make the information presented

not

misleading. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the

December 31, 2016

annual report on Form

10

-K. The results of operations for the

three

and

six

months period ended

June 30, 2017

are

not

necessarily indicative of the operating results to be expected for the full year ended

December 31, 2017.

The Company operates in a single segment of activity, namely the acquisition of certain mineral property, mining rights, and their subsequent development.

GOING CONCERN MATTERS:

The accompanying unaudited condensed consolidated financial statements were prepared on a going concern basis, which contemplated the realization of assets and satisfaction of liabilities in the normal course of business. During the

six

months ended

June 30, 2017

and

2106,

the Company has incurred net losses of

$1,181,315

and

$1,029,554,

respectively. The Company has working capital deficit (current liabilities exceed current assets) of approximately

$20,166,000

and stock holder deficit of approximately

$13,261,000

as of

June 30, 2017.  

Management pursued additional investors and lending institutions interested in financing the Company's projects. However, there is

no

assurance that the Company will obtain the financing that it requires or will achieve profitable operations. The Company expected to incur additional losses for the near term until such time as it would derive substantial revenues from the Armenian mining interests acquired by it or other future projects. These matters raised substantial doubt about the Company's ability to continue as a going concern. The accompanying unaudited condensed consolidated financial statements were prepared on a going concern basis, which contemplated the realization of assets and satisfaction of liabilities in the normal course of business. The accompanying unaudited condensed consolidated financial statements at

June 30, 2017

and

2016

and for the periods then ended did

not

include any adjustments that might be necessary should the Company be unable to continue as a going concern.

ORGANIZATION:

The Company is engaged in exploration for, as well as development and mining of, gold, silver, and other minerals in Armenia, Canada and Chile. Until

March 31, 2011,

the Company's headquarters were located in Greenwich, Co

nnecticut and as of

April 1, 2011

the Company’s headquarters are in Rye, NY.  Its subsidiaries and staff maintain offices in Yerevan, Armenia, and Santiago, Chile. The Company was incorporated as Triad Energy Corporation in the State of Delaware on

February 21, 1980

and conducted other business prior to

January 1, 1995.

During

1995,

the Company changed its name from Triad Energy Corporation to Global Gold Corporation to pursue certain gold and copper mining rights in the former Soviet Republics of Armenia and Georgia. The Company has

not

established proven and probable reserves in accordance with SEC Industry Guide

7

at any of its properties.  The Company's stock is publicly traded. The Company employs approximately

25

people globally on a year-round basis. In the past, the Company has employed up to an additional

200

people on a seasonal basis, but the Company’s engagement of a mine contractor to run mining operations and non-operating status based on financial, legal, and other considerations has reduced the number of employees directly employed by the Company on a seasonal basis.

In Armenia, the Company

’s focus is on the exploration, development and production of gold at the Toukhmanuk property in the North Central Armenian Belt and the Marjan and an expanded Marjan North property.  In addition, the Company was exploring and developing other sites in Armenia. In

2016,

however, the Company stopped working at the Getik property, and the Getik Mining Company is being dissolved.

In Chile, the Company is engaged in identifying gold exploration and

production opportunities and the Company’s Vice President maintains an office in Santiago.

In Canada, the Company had engaged in uranium exploration activities in the provinces of Newfoundland and Labrador, but has phased out this activity, retaining a r

oyalty interest in the Cochrane Pond property in Newfoundland.

The Company also assesses exploration and production opportunities in other countries.

The subsidiaries of the Company are as follows:

On

August 18, 2003,

the Company formed Global Gold

Armenia LLC ("GGA"), as a wholly owned subsidiary, which in turn formed Global Gold Mining, LLC ("GGM"), as a wholly owned subsidiary, both in the State of Delaware. GGM was qualified to do business as a branch operation in Armenia and owns assets as well as shares of operating companies in Armenia.

On

December 21, 2003,

GGM acquired

100%

of the Armenian limited liability company SHA, LLC (renamed Global Gold Hankavan, LLC ("GGH") as of

July 21, 2006),

which held the

license to the Hankavan and Marjan properties in Armenia.  On

December 18, 2009,

the Company entered into an agreement with Caldera Resources Inc. (“Caldera”) outlining the terms of a joint venture on the Company’s Marjan property in Armenia (“Marjan JV”).  On

March 12, 2010,

GGH transferred the rights, title and interest for the Marjan property to Marjan Mining Company LLC, a limited liability company incorporated under the laws of the Republic of Armenia (“Marjan RA”) which is a wholly owned subsidiary of GGM.   On

October 7, 2010,

the Company terminated the Marjan JV.  The Armenian Court of Cassation in a final, non-appealable decision, issued and effective

February 8, 2012,

ruled that the registration and assumption of control by Caldera through unilateral charter changes of the Marjan Mine and Marjan RA were illegal and that

100%

ownership rests fully with GGM.  On

March 29, 2012,

Justice Herman Cahn, who was appointed by United States District Court Judge Hellerstein as the sole arbitrator in an American Arbitration Association arbitration between the Company and Caldera, ruled in the Company’s favor on the issue of the JV’s termination ordering that the Marjan property be

100%

owned by the Company effective

April 29, 2012.  

Judge Karas of the United States Federal District Court confirmed Judge Cahn’s decision.  On

November 10, 2014,

a Final Award in the Company’s favor ruled that Caldera had

no

interest whatsoever in Marjan RA or the Marjan Property. See Note

14

- Legal Proceedings for more information on the Marjan JV.   

On

August 1, 2005,

GGM acquired

51%

of the Armenian limited liability company Mego-Gold, LLC ("Mego"), which is the licensee for the Toukhmanuk mining property and

seven

surrounding exploration sites.

  On

August 2, 2006,

GGM acquired the remaining

49%

interest of Mego-Gold, LLC, leaving GGM as the owner of

100%

of Mego-Gold, LLC.  See Note

13

– Agreements and Commitments for more information on Mego-Gold, LLC.

On

January 31, 2006,

GGM closed a transaction to acquire

80%

of the Armen

ian company, Athelea Investments, CJSC (renamed "Getik Mining Company, LLC") and its approximately

27

square kilometer Getik gold/uranium exploration license area in the northeast Geghargunik province of Armenia.  As of

May 30, 2007,

GGM acquired the remaining

20%

interest in Getik Mining Company, LLC, leaving GGM as the owner of

100%

of Getik Mining Company, LLC.  See Note

13

– Agreements and Commitments for more information on Getik Mining Company, LLC.

On

January 5, 2007,

the Company formed Global Gold

Uranium, LLC ("Global Gold Uranium"), as a wholly owned subsidiary, in the State of Delaware, to operate the Company's uranium exploration activities in Canada.

On

September 23, 2011,

Global Gold Consolidated Resources Limited (“

GGCRL”) was incorporated in Jersey as a

51%

subsidiary of the Company pursuant to the

April 27, 2011

Joint Venture Agreement with Consolidated Resources.  On

December 1, 2016,

the Viscounts Department of the Island of Jersey arrested all of the Consolidated Resources Armenia (“CRA”) shares in GGCRL in favor of the Company pursuant to a Royal Court judgment in the Company’s favor. See Note

13

- Agreements and Commitments for more information on Consolidated Resources agreements.

On

November 8, 2011,

GGCR Mining, LLC (“

GGCR Mining”) was formed in Delaware as a

100%,

wholly owned, subsidiary of GGCRL. On

September 26, 2012,

the Company conditionally transferred

100%

of the shares of Mego and Getik Mining Company, LLC to GGCR Mining. See Note

13

- Agreements and Commitments.