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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 12B-25
NOTIFICATION OF LATE FILING
(CHECK ONE): /X/Form 10-K / /Form 20-F / /Form 11-K / /Form 10-Q / /Form N-SAR
For Period Ended: DECEMBER 31, 1996
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/ / Transition Report on Form 10-K
/ / Transition Report on Form 20-F
/ / Transition Report on Form 11-K
/ / Transition Report on Form 10-Q
/ / Transition Report on Form N-SAR
For the Transition Period Ended:
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READ INSTRUCTION (ON BACK PAGE) BEFORE PREPARING FORM. PLEASE PRINT OR TYPE.
NOTHING IN THIS FORM SHALL BE CONSTRUED TO IMPLY THAT THE COMMISSION HAS
VERIFIED ANY INFORMATION CONTAINED HEREIN.
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If the notification relates to a portion of the filing checked above, identify
the Item(s) to which the notification relates:
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PART I -- REGISTRANT INFORMATION
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Full Name of Registrant
GLOBAL GOLD CORPORATION
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Former Name if Applicable
438 WEST 37TH STREET - SUITE 5H
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Address of Principal Executive Office (Street and Number)
NEW YORK, NEW YORK 10017
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City, State and Zip Code
PART II -- RULES 12b-25(b) AND (c)
If the subject report could not be filed without unreasonable effort or
expense and the registrant seeks relief pursuant to Rule 12b-25(b), the
following should be completed. (Check box if appropriate)
/X/ Yes / / No
(a) The reasons described in reasonable detail in Part III of this
form could not be eliminated without unreasonable effort or
expense;
SEE PART III BELOW.
(b) The subject matter report, semi-annual report, transition report
on Form 10-K, Form 20-F, 11-K or Form N-SAR, or portion thereof,
will be filed on or before the fifteenth calendar day following
the prescribed due date; or the subject quarterly report of
transition report on Form 10-Q, or portion thereof will be filed
on or before the fifth calendar day following the prescribed due
date; and
(c) The accountant's statement or other exhibit required by Rule
12b-25(c) has been attached if applicable.
N/A
PART III -- NARRATIVE
State below in reasonable detail the reasons why Forms 10-K and Form 10-KSB,
20-F, 11-K, 10-Q and Form 10-QSB, N-SAR, or the transition report or
portion thereof could not be filed within the prescribed period.
GLOBAL GOLD CORPORATION (THE "COMPANY") IS IN THE PROCESS OF ATTEMPTING TO
CONCLUDE A TRANSACTION WHICH WILL HAVE A SIGNIFICANT IMPACT UPON THE COMPANY,
AND, HENCE, UPON THE ACCOUNTANT'S REPORT WITH RESPECT TO ITS FINANCIAL
STATEMENTS TO BE INCLUDED IN THIS REPORT ON FORM 10-KSB. DUE TO THE
SIGNIFICANCE OF THE PENDING TRANSACTION, MANAGEMENT, WHICH WOULD OTHERWISE BE
INVOLVED IN PREPARING THE REPORT ON FORM 10-KSB, INCLUDING THE FINANCIAL
STATEMENTS TO BE INCLUDED THEREIN, IS DEVOTING ITS TIME TO THE CONSUMMATION
OF SUCH TRANSACTION. THE CONSUMMATION OF SUCH TRANSACTION REQUIRES THE
COOPERATION OF THIRD PARTIES BEYOND THE CONTROL OF THE COMPANY. NEVERTHELESS,
THE COMPANY ANTICIPATES THAT THE TRANSACTION MAY BE CLOSED WITHIN TWO WEEKS
FROM THE DATE HEREOF AND THAT ITS REPORT ON FORM 10-KSB WILL BE FILED
PROMPTLY UPON THE POTENTIAL CONCLUSION OF SUCH TRANSACTION.
(ATTACH EXTRA SHEETS IF NEEDED)
SEC 1344 (6/84)
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PART IV -- OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification
STEPHEN R. FIELD, ESQ. (212) 332-6050
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(Name) (Area Code) (Telephone Number)
(2) Have all other periodic reports required under Section 13 or 15(d) of the
Securities Exchange Act of 1934 or Section 30 of the Investment Company
Act of 1940 during the preceding 12 months or for such shorter period
that the registrant was required to file such report(s) been filed? If
answer is no, identify report(s). /X/ Yes / / No
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(3) Is it anticipated that any significant change in results of operations
from the corresponding period for the last fiscal year will be reflected
by the earnings statements to be included in the subject report or
portion thereof? /X/ Yes / / No
If so, attach an explanation of the anticipated change, both narratively
and quantitatively, and, if appropriate, state the reasons why a reasonable
estimate of the results cannot be made.
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GLOBAL GOLD CORPORATION
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(Name of Registrant as Specified in Charter)
has caused this notification to be signed on its behalf by the undersigned
hereunto duly authorized.
Date MARCH 25, 1997 By /s/ Drury J. Gallagher
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DRURY J. GALLAGHER,
PRESIDENT
INSTRUCTION: The form may be signed by an executive officer of the registrant
or by any other duly authorized representative. The name and title of the
person signing the form shall be typed or printed beneath the signature. If
the statement is signed on behalf of the registrant by an authorized
representative (other than an executive officer), evidence of the
representative's authority to sign on behalf of the registrant shall be filed
with the form.
____________________________________ATTENTION__________________________________
INTENTIONAL MISSTATEMENTS OR OMISSIONS OF FACT CONSTITUTE FEDERAL CRIMINAL
VIOLATIONS (SEE 18 U.S.C. 1001).
_______________________________________________________________________________
GENERAL INSTRUCTIONS
1. This form is required by Rule 12b-25 (17 CFR 240.12b-25) of the General
Rules and Regulations under the Securities Exchange Act of 1934.
2. One signed original and four conformed copies of this form and amendments
thereto must be completed and filed with the Securities and Exchange
Commission, Washington, D.C. 20549, in accordance with Rule O-3 of the
General Rules and Regulations under the Act. The information contained in
or filed with the form will be made a matter of public record in the
Commission files.
3. A manually signed copy of the form and amendments thereto shall be filed
with each national securities exchange on which any class of securities of
the registrant is registered.
4. Amendments to the notifications must also be filed on form 12b-25 but need
not restate information that has been correctly furnished. The form shall
be clearly identified as an amended notification.
5. ELECTRONIC FILERS. This form shall not be used by electronic filers unable
to timely file a report solely due to electronic difficulties. Filers unable
to submit a report within the time period prescribed due to difficulties in
electronic filing should comply with either Rule 201 or Rule 202 of
Regulation S-T (Section 232.201 or Section 232.202 of this chapter) or apply
for an adjustment in filing date pursuant to Rule 13(b) of Regulation S-T
(Section 232.13(b) of this chapter).
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ATTACHMENT OF FORM 12B-25 FOR
GLOBAL GOLD CORPORATION
PART IV (3) - EXPLANATION OF SIGNIFICANT
CHANGE IN RESULTS OF OPERATIONS
REVENUES: During the 12-month period ended December 31, 1996, the
Company's interest and royalty income was zero, which was the same amount for
the same period last year.
ADMINISTRATIVE AND OTHER EXPENSES: The Company's administrative and other
expenses for the 12 month period ended December 31, 1996 are estimated to be
approximately $525,000, which would represent an increase from the amount
paid or accrued of approximately $361,345 in the same period last year. Such
increase was attributable to the Company's (a) accrual of officers'
compensation and (b) the accrual and/or payment of legal and accounting fees
and expenses in connection with its retention of counsel to regularize the
Company's corporate affairs, to implement the Company's transaction with Eyre
Resources N.L. pursuant to the Asset Purchase Agreement between such parties
dated as of June 30, 1995, to file the Company's 10-QSBs for the periods
ended March 31, 1996, June 30, 1996 and September 30, 1996 and to obtain
financing pursuant to various agreements from different parties and travel
expenses incurred in connection with the Tailings Project and the possible
financing thereof. Furthermore, the Company proposes to claim an additional
bad debt deduction of $55,000, which represents a decrease from the bad debt
deduction of $120,000 claimed in the 12-month period ended December 31, 1995.
LIQUIDITY AND CAPITAL RESOURCES
As of December 31, 1996, the Company estimates that its total assets were
approximately $2,125,000, of which approximately $375 consisted of cash or
cash equivalents.
