Commitments and Contingencies Disclosure [Text Block] | 16. Quijano Agreements The agreements which have historically been reported under this heading have been superseded by the June 26, 2014 $16,800,000 $68,570.25 9% On August 9, 2007 August 19, 2007, October 29, 2007, 51% On July 24, 2009, October 29, 2007 July 31, 2009 8,200 July 28, 2009, Key terms of the amendment included that on or before August 15, 2009, one (100%) one (100%) August 14, 2009 two Quijano shall be entitled a 3% 27 $200,000 three first five (5) three first twenty (20) Coventus/Amarant Agreements The agreements which have historically been reported under this heading have been superseded by the June 26, 2014 $16,800,000 $68,570.25 9% On October 27, 2010, 100% On December 2, 2011, October 27, 2010, 100% 100% 50% December 15, 2011, 1% (51%) (49%). $4.0 $5.0 $1,000,000 December 15, 2011; $1,000,000 December 15, 2012; $1,000,000 December 15, 2013; $1,000,000 December 31, 2014 seven 150,000 one $2,500,000 60 On April 13, 2012, December 2, 2011 1 December 15, 2011 April 20, 2012; three 1 December 15, 2012, December 15, 2013, December 15, 2014 three May 31, 2012, 10.49. April 13, 2012, 1 April 20, 2012, 1 10.50. May 10, 2012, $800,000 $50,000 May 11, 2012 $3 60 10 May 31, 2012. May 9, 2012, $1 May 18, 2012, pay Global an additional $50,000 $50,000 June 15, 2012, August 30, 2012. 20% $3,250,000 $250,000 $200,000 first one December 2, 2011, 533,856 July 2012. On November 28, 2012, December 2, 2011, April 13, 2012 November 28, 2012 $3,275,000 12% Key terms of the Amendment include: Amarant agrees that it shall pay the Company the following amounts by the close of business Central European Time (“CET”) on the indicated dates: (i) $200,000 November 29, 2012; $150,000 November 30, 2012, $450,000 December 6, 2012; $700,000 December 17, 2012 $1,775,000 December 28, 2012. 50% (1,000,000) 15 6 5 award is verified by the undersigned who have personal knowledge of the facts and affirm that they are for just debts arising from the sale of property, and this confession is signed by each of the undersigned under oath that the terms are true to the best of their knowledge. The parties further agree to execute and deliver any other documents which may 48 March 31, 2013 1,000,000 6 May 28, 2013. 10.60. Forbearance and other agreements increased the principal amount to be paid to Global Gold to $2,509,312 May 22, 2013, May 28, 2013, June 17, 2013 June 30, 2013. On August 6, 2013, $2,512,312 12% $2,512,312 Subsequent to the arbitral award, Amarant and Alluvia announced on the Amarant website that “[t]he companies have reached an agreement with a UAE based consortium to sell material parts of their assets. The deal was signed on the 30th September three first second first two 2013.” Industrial Minerals/Linne/Jacero Agreements March 24, 2009, 85% On February 25, 2010, $450,000 February 26, 2010. $87,020 December 31, 2016 2015. Key terms include; that Mego provides IM with an exclusive off-take agreement for its gold and silver concentrate in Armenia through December 31, 2012; 2009 February 25, 2010, 85% 2,250 85% 80%, 2,250 85% On July 5, 2013, fifteen 10.62 $8,800,000 8%, 10% 10.63 The existing offtake agreement with Industrial Minerals, SA was also extended until the end of 2027, 10.64 10% 10.65 In January 2016 60 $30.6 2013 2015, 45 $30.6 10% 10%. 39 05.07.2013, 39 2016 41,380,000 800,000 first first 41,380,000 Viking Investment/CREO Agreements On July 5, 2013, June 20, 2013 50 July 2, 2016 10%, 10.66 As of December 31, 2016 Signature Gold On September 5, 2013, Caldera Agreements On November 10, 2014, $10,844,413 9% $3 $1 2010. first, four April 2013. 42 $5 three 1 November 10, 2014 1. turn over to Global Gold at its offices in Rye, New York all books, records, contracts, communications, and property related in any way to the Marjan property in Armenia and the Marjan Mining Company, including specifically the Armenian Marjan Mining Company seal, and shall pay Global Gold $50,000 $250 2. turn over to Global Gold at its offices in Rye, New York communications Caldera and/or Mr. Mavridis has had with third $100 3. issue a press release correcting the April 30, 2013 $50,000 $100 4. Caldera did not spend the minimum $1 5. the $150,000 December 2009 6. pay Global Gold $115,000 500,000 2010; 7. pay Global Gold $3,174,209 8. pay Global Gold $577,174 9. pay Global Gold $967,345 (1) 10. Caldera is liable for defamation and tortious interference with contractual and business relations with regard to Global Gold and its related personnel and so shall (i) pay Global Gold $3 $1 11. for the breaches of the Confidentiality Stipulations and Orders in this case, …all publications of "confidential" or attorney eyes only material [shall] be removed from the internet and any other locations and that their substance not be republished and …Global Gold and its attorneys [are granted] the authority to contact internet service providers, search engine firms, social media sites, stock discussions board (including but not limited to Google, Yahoo, Facebook, Twitter, Stockhouse, Investor's Hub and Bing) to use this Final Award to remove the material-- Caldera shall pay Global Gold for $100 third 12. pay $1,822,416 13. reimburse Global Gold $88,269 The Final Award was certified for purposes of Article I of the United Nations New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards and for purposes of the Federal Arbitration Act. On December 18, 2009, Key terms included that Caldera shall, subject to terms and conditions, earn a 55% US$3.0M As additional consideration, Caldera made a non-refundable US$50,000 December 30, 2009 500,000 US$100,000 March 30, 2010. may US$50,000 December 29, 2009, March 31, 2010) $100,000 On March 24, 2010, December 18, 2009 Key terms included that Caldera would own 55% 55% 3,000,000 500,000 two one 100% .5% 1,000,000 3% Also under the terminated joint venture agreement Caldera would own 100% 2,850,000, September 30, 2010. one 30 10%, 1.5% 2.5% 100% 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, $100,000. October 7, 2010, October 2010, September 2010, 100% March 5, 2013. The arbitration hearing with respect to Global Gold’s costs, attorney fees, and counterclaims for damages took place on September 10, 2014 See Item 1A 3 Consolidated Resources Agreement As of March 17, 2011, twelve “12 Key terms include CRU paying initial consideration of $5,000,000 $500,000 $1,400,000 30 $3,100,000 5 On April 27, 2011, CR completed its due diligence with satisfaction, and as of the date of the JV Agreement completed the funding of the required $500,000 $4,500,000 $5,000,000 $1,400,000 $3,100,000 12 5 June 10, 2011. December 31, 2011, $5,000,000 February 24, 2012 Pursuant to the JV Agreement, Global Gold and CR were working together for twelve “12 300,000 The JVC will (i) own, develop and operate Toukhmanuk and Getik, (ii) be a company listed on an exchange fully admitted to trading or be in the process of being listed on such exchange and (iii) have no liabilities, obligations, contingent or not, or commitments except pursuant to the shareholders agreement. The JVC will issue new shares to the Company such that following any reverse merger or initial public offering of JVC's shares ("IPO"), Global Gold shall directly or indirectly hold the greater of (a) 51% $40.0 first 30 (thirty) $40.0 51% $40.0 On February 6, 2012, 65% 100% April 27, 2011 51% $40.0 first 30 (thirty) $40.0 51% $40.0 10.34 January 5, 2012. Based on the approval of the Board of Directors of Global Gold received on January 5, 2012 65% February 6, 2012, 100% April 27, 2011 February 19, 2012 ● Shareholders Agreement for GGCR dated February 18, 2012 10.36) ● Supplemental Letter dated February 19, 2012 10.37) ● Getik Assignment and Assumption Agreement dated February 19, 2012 10.38) ● MG Assignment and Assumption Agreement dated February 19, 2012 10.39) ● Guaranty dated February 19, 2012 10.40) ● Guaranty dated February 19, 2012 10.41) ● Security Agreement dated February 19, 2012 10.42) ● Action by Written Consent of the Sole Member of GGCR Mining, LLC dated February 19, 2012 10.43) ● Certificate of Global Gold Corporation dated February 19, 2012 10.44) ● Global Gold Consolidated Resources Limited Registered Company No 109058 10.45) ● Action by Written Consent of the Board of Managers of GGCR Mining, LLC (Exhibit 10.46) Key terms included that Global Gold will retain 51% April 27, 2011 three April 26, 2012 April 2011 On September 26, 2012, two September 19, 2012, 51% $40.0 30 September 19, 2012 Jan 10.58 10.59. On October 26, 2012, one June 30, 2013 connection with the public listing of GGCRL by June 30, 2013, 51% thirty 51% $40,000,000. Consolidated Resources failed to meet each of the terms and conditions noted above. For example, As of September 30, 2013, $5,244,865 $164,224, none June 30, 2013. Without waiving any of its rights, Global Gold allowed Consolidated Resouces to work to cure its failures in 2013 November 22, 2013 2014 November 2013 As of April 11, 2015, See Item 1A 3 Rent Agreements The Company rents office space in a commercial building at 45 5 March 1, 2006 $44,200. October 1, 2006, one September 30, 2008, $19,500. September 30, 2009 $22,860 October 15, 2009 first two April 1, 2011, 555 10580. five $63,045 1, $64,212 2, $65,380 3, $66,547 4, $67,715 5. November 1, 2015, 208 305 555 five November 1, 2015, $77,409, 10.75. The following is a schedule by years of future minimum rental payments required under operating leases that have initial or remaining non-cancelable lease terms in excess of one December 31, 2016: Year ending December 31: 2017 $ 79,538 2018 81,924 2019 84,381 2020 94,172 2021 - Total $ 340,015 |