Global Gold : Annual Report - Financial Statements and Footnotes

GLOBAL GOLD CORPORATION

UNAUDITED

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDING

DECEMBER 31, 2021

Table of Contents

Page
Consolidated Balance Sheet	2
Consolidated Statements of Operations and Comprehensive Loss	3
Consolidated Statements of Changes in Deficit	4
Consolidated Statements of Cash Flows	5
Notes to Consolidated Financial Statements	6

1

GLOBAL GOLD CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEET

DECEMBER 31, 2021

ASSETS

CURRENT ASSETS:

$	242,552
566,670
59,139
-
7,987
876,348
467,161
1,048,518
$	2,392,027
CURRENT LIABILITIES:
Accounts payable and accrued expenses	$	7,112,772
Wages payable	216,797
Mine owners debt facilities	4,104,577
Notes payable to Directors and Officers	10,954,013
TOTAL CURRENT LIABILITIES	22,388,159
Commitments and contingencies	-
DEFICIT:
GLOBAL GOLD CORPORATION STOCKHOLDERS' DEFICIT:
Common stock $0.001 par, 1,000,000 shares authorized; 443,627 shares issued and outstanding	444
Additional paid-in-capital	45,155,279
Accumulated deficit	(66,851,712)
TOTAL STOCKHOLDERS' DEFICIT	(19,996,132)
TOTAL LIABILITIES AND DEFICIT	$	2,392,027

Property, plant and equipment, net of accumulated depreciation of $2,360,881

Cash

Inventories

Tax refunds receivable

Receivable from sale, net of impairment of $16,868,570 Other current assets

TOTAL CURRENT ASSETS

Deposits on contracts and equipment

TOTAL ASSETS

LIABILITIES AND DEFICIT

Accumulated other comprehensive income

1,699,857

The accompanying notes are an integral part of these unaudited consolidated financial statements.

2

CONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVE LOSS

FOR THE YEAR ENDING DECEMBER 31, 2021

REVENUES $	-
OPERATING EXPENSES:
General and administrative	1,061,053
Mining and exploration costs	-
Depreciation expense	28,397
TOTAL OPERATING EXPENSES	1,089,450
OTHER (INCOME) EXPENSES:
Gain from asset disposition	(117,106	)
Interest expense	418,662
TOTAL OTHER EXPENSE	301,556
Net loss applicable to Common Stockholders	(1,391,006	)
Foreign currency translation adjustment	140,385
Comprehensive Net Loss applicable to Common Stockholders	$	(1,250,621	)
NET LOSS PER SHARE APPLICABLE TO COMMON STOCKHOLDERS - BASIC AND DILUTED	$ (3.16	)
WEIGHTED AVERAGE SHARES OUTSTANDING - BASIC AND DILUTED	396,330

The accompanying notes are an integral part of these unaudited consolidated financial statements.

3

CONSOLIDATED STATEMENTS OF CHANGES IN DEFICIT

FOR THE YEAR ENDED DECEMBER 31, 2021

Common Stock

AccumulatedAdditionalShares

Paid-in Capital

Accumulated deficit

Other ComprehensiveAmount

IncomeTotal Deficit

Balance as of December 31, 2020	389,730	$ 390 $ 45,130,294 $ (65,460,706 ) $ 1,559,472	$ (18,770,550 )
Stock compensation	3,897 4 35 - -	39
Debt converted to stock	50,000 50 24,950 - -	25,000
Net loss	- - - (1,391,006 ) -	(1,391,006 )

Foreign currency translation adjusment

Balance as of December 31, 2021

-

-

-

-

140,385

443,627

$

444

$

45,155,279

$

(66,851,712 )

$

1,699,857

$

The accompanying notes are an integral part of these unaudited consolidated financial statements.

140,385

(19,996,132 )

4