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
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Global Gold Corp. published this content on 30 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 April 2022 19:16:01 UTC.