As of April 13, 2011 there were 79,190,475 shares of the registrant's Common Stock outstanding.
RESULTS OF OPERATIONS
COMPARISON OF TWELVE-MONTHS ENDED DECEMBER 31, 2010 AND TWELVE-MONTHS ENDED DECEMBER 31, 2009
During the twelve-month period ended December 31, 2010, the Company's administrative and other expenses were $1,762,848 which represented a decrease of $338,844 from $2,151,692 in the same period last year. The expense decrease was primarily attributable to lower stock compensation expense of $274,480 less than the prior year’s period, compensation expense of $81,164 less than the prior year’s period, rent expense of $42,446 less than the prior year’s period, insurance expense of $18,505 less than the prior year’s period and travel expenses of $12,984 less than the prior year’s period, offset by legal fees of $164,525 higher than the prior year’s period.
During the twelve-month period ended December 31, 2010, the Company's mine exploration costs were $719,823 which represented an increase of $54,370 from $665,453 in the same period last year. The expense increase was primarily attributable to the increased mining activity at the Tukhmanuk property of $268,331 offset by decreased mining activity at the Marjan property of $112,615, the Getik property of $46,907, and at the Chilean property of $54,439.
During the twelve-month period ended December 31, 2010, the Company's amortization and depreciation expenses were $1,035,751 which represented a decrease of $127,902 from $1,163,653 in the same period last year. The expense decrease was primarily attributable to the decreased depreciation expense of $127,894.
During the twelve-month period ended December 31, 2010, the Company had interest expenses of $663,219 which represented an increase of $103,812 from $559,407 in the same period last year. The expense increase was attributable to an increase in interest expense of $146,380 on a secured line of credit in Armenia due to additional borrowings offset by a decrease in interest expense of $41,159 on note payable to directors due to the director loans being converted to stock in October 2010.
During the twelve-month period ended December 31, 2010, the Company had revenue of $358,467 which represented an increase of $221,826 from $136,641 in the same period last year. The increase in revenue is primarily attributable to an increase in sales of gold concentrate of $221,826 from the Tukhmanuk property.
The Company had a gain from a nonrefundable deposit on a joint venture in 2010 of $100,000 compared to a gain from a nonrefundable deposit on a joint venture in 2009 of $50,000.
The Company had interest income of $6,758 in 2010 which represented an increase of $6,603 from $155 from the same period last year. The increase is attributable to higher average cash balance in the Armenia bank accounts.
_______________________________________________________________
Also under the joint venture agreement Caldera will own 100% in the Marjan Gold-Silver Project by making quarterly payments totaling US$ 2,850,000, starting September 30, 2010. If Caldera misses one of its quarterly payments based on its failure to raise funds from capital markets, it is entitled to an automatic 30 day extension from each quarterly payment; if Caldera defaults on an extended payment then Caldera shall forfeit its shares of the Marjan JV, be relieved of its investment commitment, but still be liable for the payments to Global Gold which shall accrue interest at 10%, and possibly retain a royalty interest as described above. If Caldera makes its payments and completes its obligations, Global Gold will retain a 1.5% NSR on all production on the Central zone and a 2.5% NSR on all production on the Northern zone. Caldera can prepay the payments, fulfill the investment commitment, and take 100% interest of the JV at any time.
The agreement was subject to approval by the TSX Venture Exchange and the Board of Directors of the respective companies. As of April 30, 2010, Caldera paid the Company $100,000 and received TSX Venture Exchange approval on the transaction and was waiting for final approval of its 43-101 to finalize the transaction. On June 18, 2010, the transaction was closed. On October 7, 2010, the Company terminated the Marjan JV for Caldera’s non-payment and non-performance. See Legal Matters and Subsequent Events for an update on the Marjan JV.
In addition, Global’s October 7, 2010 termination notice noted Caldera’s illegal behavior in registering charter changes harmful to and without the consent of Global, material misrepresentations on technical and other matters, and more. Caldera officials have also engaged in behavior at odds with the Foreign Corrupt Practices Act, which the Company has reported to Armenian and US Government officials. Caldera officials are currently under criminal investigation, and Global has brought an action pending in Armenian court to correct Caldera’s illegal re-registration of share in Armenia. Separately, there is an arbitration pending in New York whereby Caldera is seeking confirmation through the American Arbitration Association of the joint venture’s existence, and Global is seeking $850,000 of accrued but unpaid amounts at the contractual rate of 10% interest, the 500,000 shares of stock Caldera failed to deliver in June 2010, and damages for Caldera’s other breaches, non-performance, and attacks on Global.
News 
Market Data 
Discover 
