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U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 12B-25
NOTIFICATION OF LATE FILING
SEC FILE NUMBER 02-69494
CUSIP NUMBER 37933T209
(Check One):
[ ] Form 10-K and Form 10-KSB [ ] Form 20-F [ ] Form 11K
[X] Form 10-Q and Form 10-QSB [ ] Form N-SAR
For Period Ended: March 31, 1997
[ ] 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 Attached Instruction Sheet 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 1 -- Registrant Information
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Full Name of Registrant
Former Name if Applicable
Global Gold Corporation
Address on Principal Executive Office (Street and Number)
438 West 37th Street
Suite 5H
New York, New York 10017
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Part II -- Rules 12b-25(b) and (c)
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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 defined 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 or 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
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Part III -- Narrative
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State below in reasonable detail the reasons why Form 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 its Report on Form 10-QSB for the
quarter ended March 31, 1997. Due to the significance of the pending
transaction, management, which would otherwise be involved in preparing the
Report on Form 10-QSB for the quarter ended March 31, 1997, 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 several days from the date hereof and that its Report on Form 10-QSB for
the quarter ended March 31, 1997 will be filed promptly upon the potential
conclusion of such transaction.
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Part IV -- Other Information
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(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 the
answer is no, identify report(s).
[X] Yes [ ]No
(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.
Global Gold Corporation
(Name of Registrant as specified in charter)
has caused this notification to be signed on its behalf by the undersigned
hereunto duly authorized.
Date May 5, 1997 By /s/ Drury J. Gallagher
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Drury J. Gallagher,
Chairman and
Chief Executive Officer
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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 three month period ended March 31, 1997, 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 three-month period ended March 31, 1997 are estimated
to be approximately $127,750, which would represent an increase from the
amount paid or accrued of $106,941 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 implement the
Company's transaction with First Dynasty Mines Ltd. pursuant to the agreement
between such parties dated January 27, 1997 in connection with the financing
of the Tailings Project and the additional projects contemplated in Armenia
(subject to miscellaneous contingencies), to file the Company's 10-KSB for
the period ended December 31, 1996 and to negotiate additional joint venture
agreements for projects in Armenia.
Liquidity and Capital Resources
As of March 31, 1997, the Company estimates that its total assets were
approximately $2,623,049, of which approximately $17,850 consisted of cash or
cash equivalents.
