SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549


                                  FORM 10-QSB/A
                                (Amendment No. 1)


                                   (Mark One)

      QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
                                   ACT OF 1934

                   [X] For the quarterly period ended June 30,
                                    2006 or

     TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
                                   ACT OF 1934

     For the transition period from _______________ to ____________________

                        Commission File Number: 000-21247

                         Global Realty Development Corp.
                 (Name of small business issuer in its charter)

       Delaware                                        13-41058242
(Jurisdiction of organization)           (I.R.S. Employer Identification No.)

                      11555 Heron Bay Boulevard, Suite 200
                          Coral Springs, Florida 33076
                    (Address of principal executive offices)

                           Issuer's telephone number:
                                 (954) 603-0522

Australian  Agriculture  and Property  Development  Corporation  (Former name or
former address, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding  12 months (or for such  shorter  period that the  registrant  as
required  to file  such  reports)  and  (2)  has  been  subject  to such  filing
requirements for the past 90 days. YES X NO

As of July 21, 2006,  there were 90,721,469  shares of the  registrant's  common
stock outstanding.

<PAGE>


                     Global Realty Development Corporation
                                 Form 10-QSB/A
                                Explanatory Note



This Amendment No. 1 on Form 10-QSB/A amends our Quarterly Report on Form 10-QSB
for the  second  quarter  ended  June 30,  2006,  as  initially  filed  with the
Securities and Exchange Commission on August 14, 2006, is being filed to correct
typographical errors made in the initial filing.


<PAGE>

<TABLE>
<CAPTION>

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

FINANCIAL STATEMENT INDEX

<S>                                                                                                      <C>
     Combined Balance Sheets at June 30, 2006 (Unaudited) and December 31, 2005                           1

     Combined Statements of Operations for the Three Months and Six Months                                2
        Ended June 30, 2006 and 2005 (Unaudited)

     Combined Statements of Cash Flows for the Six Months                                                 3
        Ended June 30, 2006 and 2005 (Unaudited)

     Notes to Financial Statements                                                                        4
</TABLE>
                                       ii
<PAGE>
<TABLE>
<CAPTION>
Item 1. Financial Statements


GLOBAL REALTY DEVELOPMENT CORPORATION
Consolidated Balance Sheets
June 30, 2006

------------------------------------------------------------------------------------------------------------------------------
                                                                                               June 30,       December 31,
                                                                                                 2006             2005
                                                                                           ----------------  ----------------

------------------------------------------------------------------------------------------------------------------------------
ASSETS
<S>                                                                                        <C>                <C>
    Cash and cash equivalents                                                              $      7,130       $        20,670
    Inventories-at the lower of cost or
         fair value-lots held for sale                                                       43,528,797            49,305,409
    Receivables                                                                               1,691,274               763,533
    Receivable from related party                                                               803,580               574,672
    Prepaid expenses                                                                          1,715,000               310,421
    Property, plant and equipment                                                             1,773,340             1,591,138
                                                                                           -----------------------------------

------------------------------------------------------------------------------------------------------------------------------
             TOTAL ASSETS                                                                  $ 49,519,121       $    52,565,843
                                                                                           -----------------------------------
LIABILITIES AND STOCKHOLDERS' EQUITY

Liabilities:
    Convertible subordinated note                                                          $  2,400,000       $     2,400,000
    Accounts payable and other liabilites                                                    11,219,689            11,422,129
    Mortgages notes payable                                                                  15,295,636            20,926,845
    Accrued interest expense                                                                  1,123,208               699,463
    Loans from related parties-unsecured                                                      2,637,532             1,849,543
    Loans from related parties-secured                                                        5,165,175             5,160,888
    Income taxes payable                                                                      3,058,815             2,346,735
    Other taxes payable                                                                         773,257               566,138
                                                                                           -----------------------------------
         Total Liabilities                                                                   41,673,312            45,371,741
                                                                                           -----------------------------------
Stockholders' equity                                                                                  -                     -
    Preferred stock, $0.001 par value, 10,000,000 shares authorized,
         no shares issued and outstanding
    Common stock, $0.001 par value, 500,000,000 and 90,000,000 shares
         authorized, 88,467,382 and 86,054,334 shares issued and outstanding
         at June 30, 2006 and December 31, 2005, respectively                                    88,467                86,054
    Paid in capital                                                                          22,218,097            19,693,803
    Accumulated other comprehensive income                                                    1,427,225             1,244,653
    Retained earnings (deficit)                                                             (15,887,980)          (13,830,408)
                                                                                           -----------------------------------
         Total stockholders' equity                                                           7,845,809             7,194,102
                                                                                           -----------------------------------
             TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY                                    $ 49,519,121       $    52,565,843
                                                                                           -----------------------------------

</TABLE>
                                       1
<PAGE>
<TABLE>
<CAPTION>
GLOBAL REALTY DEVELOPMENT CORPORATION
Combined Statement of Operations
June 30, 2006
---------------------------------------------------------------------------------------------------------------------------------
                                                           Three Months Ended                        Six Months Ended
                                                                 June 30,                                June 30,
                                                     ----------------------------------------------------------------------------
                                                          2006              2005                 2006                2005
                                                     ----------------------------------------------------------------------------
<S>                                                       <C>                <C>                 <C>                 <C>
REVENUES
    Land sales                                       $   4,529,287      $            -     $      4,529,287    $              -
    Other                                                   35,329              37,046               79,452              43,535
                                                     ----------------------------------------------------------------------------
                                                         4,564,616              37,046            4,608,739              43,535
    Total Revenue

EXPENSES
    Cost of sales                                        3,287,874           1,978,841            3,337,032           1,978,841
    Administrative                                       1,864,705             240,703            2,596,882             285,877
    Interest                                               658,206              81,424              727,722             199,160
    Depreciation                                             2,425               3,371                4,676               3,371
    Other                                                        -              56,578                    -             140,635
                                                     ----------------------------------------------------------------------------
    Total Expenses                                       5,813,210           2,360,917            6,666,312           2,607,884
                                                     ----------------------------------------------------------------------------


Income (loss) before income taxes                       (1,248,594)         (2,323,871)          (2,057,573)         (2,564,349)
Income taxes                                                     -                   -                    -                   -
                                                     ----------------------------------------------------------------------------
Net income (loss)
                                                     $  (1,248,594)     $   (2,323,871)    $     (2,057,573)   $     (2,564,349)
                                                     ----------------------------------------------------------------------------
Net (loss) income per common share
    basic and diluted                                $      (0.014)     $       (0.030)    $         (0.024)   $         (0.030)
                                                     ----------------------------------------------------------------------------
Weighted average common shares outstanding              87,634,635          86,948,501           86,927,718          86,501,417
    basic and dilute                                 ----------------------------------------------------------------------------
</TABLE>

                                       2
<PAGE>


<TABLE>
<CAPTION>

GLOBAL REALTY DEVELOPMENT CORPORATION
Consolidated Statement of Cash Flows
June 30, 2006
---------------------------------------------------------------------------------------------------------------------------------

                                                                                                 For the Six Months Ended
                                                                                                         June 30,
                                                                                                    2006            2005
                                                                                             --------------     ------------
<S>                                                                                               <C>                <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
     Net income (loss)                                                                       $   (2,057,572)    $ (2,564,349)
    Adjustments to reconcile net loss to net cash
        from operating activities:
        Depreciation and amortization                                                                 4,676            3,371
        Stock based compensation                                                                    811,707                -
    Changes in operating activities
        (Increase) in accounts receivable                                                          (927,741)           5,289
        (Decrease) in inventory                                                                   5,776,612      (17,648,041)
        (Increase) in accounts payable                                                             (202,440)      21,696,381
        (Increase) in accounts receivable to related party                                         (228,908)      (2,030,042)
         Decrease in prepaid expenses                                                               310,421                -
         Increase in taxes payable                                                                  712,081         (151,920)
         Increase in accrued interest                                                               423,745                -
         Increase in other taxes payable                                                            207,119                -
                                                                                             --------------     ------------
        NET CASH PROVIDED (USED) IN OPERATING ACTIVITIES                                          4,829,700         (689,311)

CASH FLOWS FROM INVESTING ACTIVITIES:
    Capital expeditures                                                                            (186,878)               -
                                                                                             --------------     ------------
        NET CASH PROVIDED (USED) IN INVESTING ACTIVITIES                                           (186,878)               -
                                                                                             --------------     ------------

CASH FLOWS FROM FINANCING ACTIVITIES:
     Mortgages payble, net                                                                       (5,631,209)       1,475,919
     Loans from related parties, unsecured                                                          787,988                -
     Loans from related parties, secured                                                              4,287                -


         NET CASH PROVIDED (USED) IN FINANCING ACTIVITIES                                        (4,838,934)       1,475,919
                                                                                             --------------     ------------

EFFECT OF EXCHANGE RATE OF CASH                                                                     182,572         (641,638)
                                                                                             --------------     ------------
              NET INCREASE (DECREASE) IN CASH                                                       (13,540)         144,970

CASH, beginning of year                                                                              20,670          139,095
                                                                                             --------------     ------------

CASH, end of year                                                                            $        7,130     $    284,065

SUPPLEMENTAL DATA:
    Issuance of common stock for consulting fees to be recognized in future periods              $1,715,000                -
                                                                                             --------------     ------------


    Common stock to be issued for inventory purchases                                        $            -     $  8,101,772

</TABLE>
                                        3
<PAGE>
NOTE A - CONDENSED FINANCIAL STATEMENTS

          In the opinion of the Company, the accompanying unaudited consolidated
          financial  statements  include  all  adjustments  (consisting  only of
          normal recurring accruals) which are necessary for a fair presentation
          of the results  for the periods  presented.  Certain  information  and
          footnote  disclosures,  normally included in the financial  statements
          prepared in accordance with generally accepted accounting  principles,
          have been  condensed and omitted.  The results of  operations  for the
          three and six months  ended June 30,  2006 are not  indicative  of the
          results  of  operations  for the year ended  December  31,  2006.  The
          condensed financial  statements should be read in conjunction with the
          Company's financial  statements included in its annual Form 10 KSB for
          the year ended December 31, 2005.

NOTE B - GOING CONCERN

          As indicated in the accompanying financial statements, the Company has
          an accumulated  deficit of $15,887,980 at June 30, 2006.  Management's
          plans include the raising of capital through the equity market and the
          generating of revenue  through its business.  Failure to raise capital
          and generate  sales  revenues  could  result in the Company  having to
          curtail or cease  operations.  Additionally,  even if the Company does
          raise  sufficient  capital  to  support  its  operating  expenses  and
          generate revenues, there can be no assurances that the revenue will be
          sufficient  to enable it to develop  business to a level where it will
          generate profits and cash flows from  operations.  These matters raise
          substantial  doubt about the Company's  ability to continue as a going
          concern.  However,  the  accompanying  financial  statements have been
          prepared on a going concern basis,  which contemplates the realization
          of assets and  satisfaction  of  liabilities  in the normal  course of
          business.  These  financial  statements do not include any adjustments
          relating to the recovery of the recorded assets or the  classification
          of the  liabilities  that might be  necessary  should  the  Company be
          unable to continue as a going concern.

NOTE C - LITIGATION

          On  August  20,  2005,  the  Company  entered  into  an  agreement  of
          settlement with Atlantic Wine Agencies,  Inc., Dominion Wines Ltd. and
          Dominion  Estates  Pty.,  Ltd. and issued a  convertible  subordinated
          promissory  note to  Sapphire  Development  Limited  in the  amount of
          $2,400,000.  Simultaneously, the Company received a pledge of the same
          amount from Mr.  Peter Voss, a principal  shareholder  of the Company.
          The  convertible  note was due on August 20, 2005 and is  currently in
          default.  On May 2, 2006,  the Court  entered a judgment  against  the
          Company in the amount of  $2,401,937.69  in connection  with the note.
          Subsequently, Sapphire Development Limited served a restraining notice
          to the Company and its banking facility.


NOTE D - STOCKHOLDERS' EQUITY

          On January 27, 2006, the Board of Directors  authorized an increase in
          its authorized common stock to 500,000,000 shares.

          On January 27, 2006,  the Company  issued 223,048 of its common shares
          for  professional  fees incurred.  The shares were valued at $1.05 per
          share.

          On January 30, 2006, the Company issued 2,254,087 shares of its common
          stock to be held in escrow  for the  benefit of  Sapphire  Development
          Limited in connection  with their pending lawsuit against the Company.
          The shares were never  delivered  to the escrow  agent and are held in
          the Company's treasury.

          On March 3,  2006,  the  Company  designated  1,000,000  shares of its
          authorized  preferred  stock as Series A Preferred Stock with a stated
          value of $2,500. The Series A Preferred Stock is convertible one year

                                       4
<PAGE>
NOTE D - STOCKHOLDERS' EQUITY (CONTINUED)

          from date of issuance  into common stock of the Company at the rate of
          one share of Preferred to 50 shares of common stock.

          On March 27, 2006,  the Board of Directors  authorized the adoption of
          the 2006 Incentive Stock Option Plan and reserved 13,600,000 shares of
          common stock for the plan.

          On March 27, 2006,  the Board of Directors  authorized the issuance of
          6,940,000  stock options under the 2006 Incentive Stock Option Plan to
          its  Chief  Executive  and  Financial  officers  at $1.05  per  share.
          4,440,000 shares are exercisable  immediately and 2,500,000 shares are
          exercisable  on  March  31,  2007.  The  value of  these  options  was
          calculated at $393,750.  Compensation expense charged to operations as
          of June 30, 2006 was $154,954.

          On May 4, 2006,  the Board of  Directors  authorized  the  issuance of
          2,100,000  shares of common stock to Redwood  Consultants for services
          to be provided  over the ensuing 12 months.  The shares were valued at
          $0.98 per share.

          On June 12, 2006,  the Company  issued 90,000 of its common shares for
          professional fees incurred. The shares were valued at $0.76 per share.


NOTE E - SUBSEQUENT EVENT

          The Company has received loan offers related to the refinancing of one
          of its  properties  which could pay off the Sapphire Note. The Company
          is  reviewing  these  offers at this time and  intends to  culminate a
          transaction by the end of August, 2006 to pay off the Sapphire Note.

          The  Company  agreed  to issue  under its  stock  plan  which has been
          registered on form S-8,  800,000  shares of stock on July 25th for one
          year  consulting  agreements to Jens  Daalsgard for 500,000 shares and
          Raphael Berkien for 300,000 shares. Global has also agreed to issue to
          Mike Lucci on August 2nd, 200,000 shares of restricted  securities for
          a one year consulting agreement.

                                       5
<PAGE>
ITEM 2. MANGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

INTRODUCTION

     The following  discussion  should be read in conjunction with the Financial
Statements  and Notes  thereto.  Our fiscal year ends December 31. This document
contains certain forward-looking statements including, among others, anticipated
trends in our financial  condition  and results of  operations  and our business
strategy. (See "Factors Which May Affect Future Results"). These forward-looking
statements  are based largely on our current  expectations  and are subject to a
number of risks and  uncertainties.  Actual results could differ materially from
these  forward-looking  statements.  Important factors to consider in evaluating
such  forward-looking  statements  include (i) changes in external factors or in
our  internal  budgeting  process  which might  impact  trends in our results of
operations; (ii) unanticipated working capital or other cash requirements; (iii)
changes in our business  strategy or an inability to execute our strategy due to
unanticipated changes in the industries in which the Company operates;  and (iv)
various   competitive   market  factors  that  may  prevent  us  from  competing
successfully in the marketplace.

OVERVIEW

     The Company to date has been  primarily a commercial and  residential  land
development  company  with  properties  located  primarily  in  Australia.   The
principal activities of the Company and its consolidated  subsidiaries  include:
obtaining  zoning and other  entitlements  for land it owns or controls  through
purchase  or  purchase  options  and  improving  the  land  for  commercial  and
residential  development by building roads, putting in utilities and subdividing
the land. Once the land owned by the Company is entitled, the Company may either
sell unimproved land to other developers or homebuilders,  sell improved land to
other  developers or  homebuilders,  or participate in joint ventures with other
developers,  investors or homebuilders  to finance and construct  infrastructure
and homes.

     The Company currently has on-going  Australian projects on various seaboard
cities of the Eastern coastal regions of Australia.  The Company's  inventory of
entitled  land  available  for projects will always be limited by its ability to
finance new projects.  Therefore, the Company has begun discussions with various
financing  organizations  for the purpose of providing lines of credit and other
financings for current and future real estate projects.

     Real estate held for current  development  or sale and land held for future
development  (real estate  properties) are carried at fair value.  The Company's
real estate properties are subject to a number of uncertainties which can affect
the values of those assets. These uncertainties include litigation or appeals of
regulatory  approvals and availability of adequate  capital,  financing and cash
flow.  In  addition,  future  values may be  adversely  affected by increases in
property  taxes,  increases  in the  costs  of labor  and  materials  and  other
development  risks,  changes in general  economic  conditions,  including higher
mortgage  interest rates, and other real estate risks such as the general demand
for housing and the supply of competitive  products.  Real estate  properties do
not constitute liquid assets and, at any given time, it may be difficult to sell
a particular property for an appropriate price.

                                       6
<PAGE>

     During 2004 the  Supreme  Court of Victoria  in  Melbourne,  Australia  had
issued an order to  restrain  business  operations  of the  subsidiaries  of the
Company. Due to that order, the Company suffered damages and losses. As of March
3, 2006 the  Supreme  Court of Victoria in  Melbourne,  Australia  has issued an
order  immediately  releasing  all  of the  properties  held  by  the  Company's
Australian  subsidiaries  from all restraints that were in effect as a result of
an action  being  brought  against a  shareholder  of the Company in the Supreme
Court of Victoria in Melbourne,  Australia.  The favorable ruling, which results
in the  immediate  turning  over of all cash funds,  real estate  assets and the
operations of the Company's Australian subsidiaries back to the Company, did not
require the Company to make any payments.

     Because of injunction for the past 15 months,  all sales of properties were
stopped  as well as  development  activities.  Therefore,  revenues  were only a
result of rental income for 2005.

CRITICAL ACCOUNTING POLICIES

     The Securities and Exchange Commission ("SEC") defines "critical accounting
policies" as those that require  application  of  management's  most  difficult,
subjective or complex judgments, often as a result of the need to make estimates
about the  effect of matters  that are  inherently  uncertain  and may change in
subsequent periods.

     Not all of the accounting  policies  require  management to make difficult,
subjective or complex judgments or estimates.  However,  the following  policies
could be deemed to be critical within the SEC definition.

REVENUE AND COST RECOGNITION

     Revenue on product  sales is  recognized  when  persuasive  evidence  of an
arrangement  exists,  such as when a purchase order or contract is received from
the customer,  the price is fixed, title to the goods has changed and there is a
reasonable  assurance of collection of the sales  proceeds.  The Company obtains
written  purchase  authorizations  from its customers for a specified  amount of
product at a specified price and considers delivery to have occurred at the time
of shipment. Revenue is recognized at shipment and the Company records a reserve
for estimated sales returns, which is reflected as a reduction of revenue at the
time of revenue recognition.

     Revenues  from  research  and  development   activities  relating  to  firm
fixed-price  contracts are generally recognized on the  percentage-of-completion
method of accounting as costs are incurred  (cost-to-cost basis).  Revenues from
research and development activities relating to cost-plus-fee  contracts include
costs  incurred  plus a  portion  of  estimated  fees or  profits  based  on the
relationship of costs incurred to total estimated costs.  Contract costs include
all direct  material and labor costs and an  allocation  of  allowable  indirect
costs as defined by each contract,  as periodically  adjusted to reflect revised
agreed upon rates. These rates are subject to audit by the other party.  Amounts
can be  billed  on a  bi-monthly  basis.  Billing  is based on  subjective  cost
investment factors.

Use of Estimates:


     The  preparation  of financial  statements  in conformity  with  accounting
principles  generally accepted in the United States requires  management to make
estimates  and  assumptions  that  affect  the  reported  amounts  of assets and
liabilities and the disclosure of contingent  assets and liabilities at the date
of the  financial  statements  as well as the  reported  amounts of revenues and
expenses  during the reporting  period.  Actual  results could differ from those
estimates.  These  estimates  and  assumptions  relate to recording net revenue,
collectibility of accounts receivable, and the realizability of other intangible
assets,  accruals,  income  taxes,  inventory  realization  and  other  factors.
Management  has  exercised  reasonable  judgment  in deriving  these  estimates;
however, actual results could differ from these estimates.  Consequently, change
in conditions could affect our estimates.

                                       7
<PAGE>
Fair Value of Financial Instruments:


     The Company considers all highly liquid interest-earning investments with a
maturity of three months or less at the date of purchase to be cash equivalents.
Investments  with  maturities  beyond one year may be  classified  as short-term
based on their  highly  liquid  nature and because  such  marketable  securities
represent the investment of cash that is available for current  operations.  All
cash and  short-term  investments  are  classified as available for sale and are
recorded at market value using the specific  identification  method;  unrealized
gains and losses (excluding  other-than-temporary  impairments) are reflected in
other income.

<TABLE>
<CAPTION>
Results of Operations
                                                  Three Months Ended                   Six Months Ended
                                                      June 30,                            June 30,
                                        ----------------------------------------------------------------------
                                             2006                 2005              2006             2005
                                        ---------------      ---------------   ---------------  ---------------
<S>                                          <C>                <C>                 <C>             <C>
Total Revenue                           $     4,564,616      $        37,046   $     4,608,739  $        43,535
Cost of sales, including provision for
     loss on future sale of land of
     $1,978,841 in 2005                       3,287,874            1,978,841         3,337,032        1,978,841

Administrative Expenses                       1,864,705              240,703         2,596,882          285,877
Other Income (Expense)
Interest                                        658,206               81,424           727,722          199,160
Depreciation                                      2,425                3,371             4,676            3,371
Other                                                 0               56,578                 0          140,635
Income taxes                                          0                    0                 0                0
                                        ---------------      ---------------   ---------------  ---------------
Net income (loss)                       $    (1,248,594)     $    (2,323,871)  $    (2,057,573) $    (2,564,349)
</TABLE>


THREE MONTHS ENDED JUNE 3O, 2006 VS. THREE MONTHS ENDED JUNE 3O, 2005

     Revenues of  $4,564,616  for the three month  period ended June 30, 2006 as
compared to $37,046 for the three month  period  ended June 30, 2005 reflect the
results principally from the sale of land.

     The cost of sales of  $3,287,874  for the three month period ended June 30,
2006 as compared to the cost of sales of  $1,978,841  for the three month period
ended June 30, 2005 represents the cost of sales of land.

     Administrative  expenses  operations  were  $1,864,705  for the three month
period ended June 30, 2006 as compared  with $240,703 for the  respective  prior
year  period.  The increase  from 2006 to 2005 is due  primarily to increases in
personnel, consulting and related costs including legal and accounting fees.

     During the three  month  period  ended June 30,  2006 the  Company  had net
interest  expense of $658,206 as compared  with net interest  expense of $81,424
during the three month period ended June 30, 2005, respectively.

     The Company had $0 income  taxes for the three month  period ended June 30,
2006 as compared to income taxes of $0 for the three month period ended June 30,
2005.

     During the three  month  period  ended June 30,  2006 the Company had a net
loss of $1,248,594  as compared to a net loss of $2,323,871  for the three month
period ended June 30, 2005.

     The Company had 41,673,312 in total  liabilities  for the period ended June
30, 2006 as compared with $83,206,508 in total  liabilities for the period ended
June 30, 2005.

     Stockholders'  equity was  $7,845,809  for the period  ending June 30, 2006
compared to $24,759,205 for the period ended June 30, 2005.

                                       8
<PAGE>

SIX MONTHS ENDED JUNE 30, 2006 VS. SIX MONTHS ENDED JUNE 30, 2005

     Revenues  of  $4,608,739  for the six month  period  ended June 30, 2006 as
compared to $43,535  for the six month  period  ended June 30, 2005  reflect the
results from the sale of properties.

     The cost of sales of  $3,337,032  for the six month  period  ended June 30,
2006 as compared  to the cost of sales of  $1,978,841  for the six month  period
ended June 30, 2005 represents the cost of sales of properties sold.

     Expenses from  operations  were  $2,596,882  for the six month period ended
June 30, 2006 as compared  with $285,877 for the  respective  prior year period.
The increase  from 2006 to 2005 is due  primarily  to  increases  in  employees,
consulting fees and related costs including legal and accounting fees.

     During  the six  month  period  ended  June 30,  2006 the  Company  had net
interest  expense of $727,722 as compared with net interest  expense of $199,160
during the six month period ended June 30, 2005, respectively.

     The Company  has $0 income  taxes for the six month  period  ended June 30,
2006 as compared to income  taxes of $0 for the six month  period ended June 30,
2005.

     During the six month  period ended June 30, 2006 the Company had a net loss
of  $2,057,573 as compared to a net loss of $2,564,349  for the six month period
ended June 30, 2005.

     The Company had a $3,698,429  decrease in total  liabilities for the period
ended June 30, 2006 as compared with a $23,020,380 increase in total liabilities
for the period ended June 30, 2005.

     Stockholders'  equity decreased by $16,913,396 to $7,845,809 for the period
ending  June 30,  2006  compared  to $24,759,205  for the period  ended June 30,
2005.

Liquidity and Capital Resources

The Company's ability to meet its obligations in the ordinary course of business
is dependent  upon its ability to establish  profitable  operations.  For the 12
month period of 2005 and the first quarter of 2006,  because of the sanctions of
the Court, the Company had limited operating  abilities,  and, as a result,  had
negative cash flow from operations.  Global needs to raise additional  financing
through public or private equity  financing,  bank financing or other sources of
capital for the purposes of acquiring new real estate development properties and
further the development of its existing properties.  Global also intends to sell
properties  to  increase  cash  flows  now that the  restraining  order has been
released. Global will also seek bank loan financing utilizing its properties now
that the restraining order has been released.  We cannot predict whether we will
be successful in obtaining  sufficient  capital to fund the  acquisition  of new
real  estate  development  properties  and the further  development  of existing
properties. If we are unable to obtain sufficient funds in the near future, such
event will delay the acquisition of new real estate  development  properties and
the further  development of existing  properties and likely will have a material
adverse impact on us and our business prospects.


Global's  cash and cash  equivalents  decreased  $9,817  during the three months
ended June 30, 2006.  Cash flows provided by operating  activities of $4,837,143
and cash flows used by investing  activities  of $186,878 were greater than cash
flows from  financing  activities  of  $4,829,700  and an  increase in effect of
exchange rate of 182,572.  Operating  activities used cash flows to decrease the
Company's  inventories and decrease accounts payable and liabilities for the six
months ended June 30, 2006. Financing activities provided cash flows in the form
of unsecured loans from related parties and decreases for mortgage notes payable
and secured loans from related parties for the six months ended June 30, 2006.


EFFECT OF RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

     In January 2003, the Financial  Accounting  Standards Board ("FASB") issued
interpretation  No.  46R  ("FIN  46R"),   "Consolidation  of  Variable  Interest
Entities."  Until this  interpretation,  a company  generally  included  another
entity in its consolidated financial statements only if it controlled the entity
through  voting  interests.  FIN 46R  requires a variable  interest  entity,  as
defined,  to be  consolidated  by a company  if that  company  is  subject  to a
majority of the risk of loss from the variable interest  entity's  activities or
is entitled  to receive a majority of the  entity's  residual  returns.  Certain
provisions of FIN46R were deferred until the period ending after March 15, 2004.

                                        9
<PAGE>

     On April 30,  2003,  the FASB issued  Statement  No. 149 ("SFAS No.  149"),
"Amendment of Statement 133 on Derivative  Instruments and Hedging  Activities."
SFAS No.  149  amends  and  clarifies  accounting  for  derivative  instruments,
including certain derivative  instruments  embedded in other contracts,  and for
hedging  activities  under  Statement  No. 133. In  particular,  this  statement
clarifies  under what  circumstances  a contract with an initial net  investment
meets the  characteristic of a derivative as discussed in Statement No. 133, and
it clarifies  when a derivative  contains a financing  component  that  warrants
special  reporting in the statement of cash flows. SFAS No. 149 is effective for
contracts  entered  into or  modified  after  June  30,  2003  and  for  hedging
relationships designated after June 30, 2003 and is to be applied prospectively.
Upon adoption of SFAS No. 149,  there was no effect on its  financial  position,
cash flows or results of operations.

     On May 15,  2003,  the FASB  issued  Statement  No.  150 ("FAS  No.  150"),
Accounting  for  Certain  Financial  Instruments  with  Characteristics  of Both
Liabilities  and Equity.  FAS No. 150  establishes  standards  for how an issuer
classifies and measures certain financial  instruments with  characteristics  of
both  liabilities  and equity.  It requires that an issuer  classify a financial
instrument  that is  within  its  scope  as a  liability  (or an  asset  in some
circumstances).  FAS No. 150 affects the issuer's  accounting for three types of
freestanding financial instruments.

     o    mandatory redeemable shares, which the issuing company is obligated to
          buy back in exchange for cash or other assets

     o    instruments  that do or may require the issuer to buy back some of its
          shares in exchange for cash or other assets;  includes put options and
          forward  purchase  contracts

     o    obligations  that can be settled  with shares,  the monetary  value of
          which is fixed,  tied solely or  predominantly to a variable such as a
          market  index,  or varies  inversely  with the  value of the  issuers'
          shares.

     FAS No. 150 does not apply to features  embedded in a financial  instrument
that is not a derivative in its entirety. Most of the guidance in FAS No. 150 is
effective for all financial  instruments  entered into or modified after May 31,
2003,  and otherwise is effective at the  beginning of the first interim  period
beginning  after June 15,  2003.  Upon  adoption of SFAS No.  150,  there was no
effect on its financial position, cash flows or results of operations.

     FASB Statement 123 (Revision  2004),  "Share-Based  Payment," was issued in
December 2004 and is effective for reporting  periods  beginning  after June 15,
2005.  The new statement  requires all  share-based  payments to employees to be
recognized in the financial  statements based on their fair values.  The Company
currently accounts for its share-based payments to employees under the intrinsic
value method of accounting set forth in Accounting  Principles Board Opinion No.
25,  "Accounting  for Stock  Issues to  Employees."  Additionally,  the  company
complies with the stock-based employer compensation  disclosure  requirements of
SFAS  No.  148,  "Accounting  for  Stock-Based  Compensation  -  Transition  and
Disclosure,  an amendment of FASB Statement No. 123." The Company plans to adopt
the new statement in its financial  statements for the quarter ending  September
2005.

     Given the facts and  circumstances  described  above,  the Company believes
that the eventual  development  of the above projects will result in realization
of an amount that is  substantially  in excess of the book value of the projects
acquired  and  presently  reflected  in  the  Company's  consolidated  financial
statements.  The Company has received  outside  appraisals  on an "as  developed
basis" which have  supported the  Company's  beliefs,  although  there can be no
assurance that those beliefs will be validated or realized.

ITEM 3. CONTROLS AND PROCEDURES

     a) Evaluation of Disclosure  Controls and Procedures.  As of June 30, 2006,
the Company's management carried out an evaluation, under the supervision of the
Company's  Chief  Executive  Officer  and the Chief  Financial  Officer,  of the
effectiveness  of the design and operation of the Company's system of disclosure
controls  and  procedures  pursuant to the  Securities  and  Exchange Act , Rule
13a-15(d) and 15d-15(d) under the Exchange Act. Based upon that evaluation,  the
Chief Executive Officer and Chief Financial Officer concluded that the Company's
disclosure  controls  and  procedures  were  effective,  as of the date of their
evaluation,  for the purposes of recording,  processing,  summarizing and timely
reporting material  information required to be disclosed in reports filed by the
Company under the Securities Exchange Act of 1934.

     b) Changes in  internal  controls.  There were no changes in the  Company's
internal  controls over  financial  reporting,  that occurred  during the period
covered by this report that have materially  affected,  or are reasonably likely
to materially effect, the Company's internal control over financial reporting.

                                       10
<PAGE>
PART II. OTHER INFORMATION

ITEM 1 LEGAL PROCEEDINGS

     On August 20, 2005,  the Company  entered  into an agreement of  settlement
with Atlantic Wine  Agencies,  Inc.,  Dominion  Wines Ltd. and Dominion  Estates
Pty.,  Ltd. and issued a convertible  subordinated  promissory  note to Sapphire
Development  Limited in the amount of $2,400,000  (See Note C).  Simultaneously,
the  Company  received  a pledge  of the same  amount  from Mr.  Peter  Voss,  a
principal shareholder of the Company. The convertible note was due on August 20,
2005 and is currently in default.  On May 2, 2006,  the Court entered a judgment
against the Company in the amount of  $2,401,937.69 in connection with the note.
Subsequently,  Sapphire  Development  Limited served a restraining notice to the
Company and its banking facility.


ITEM 2 UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.

     There has not been any recent unregistered sale of equity securities by the
Company.

ITEM 3 DEFAULTS UPON SENIOR SECURITIES.

     There have not been any defaults on any senior Securities.

ITEM 4 SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

     No matters were submitted to the Security Holders of the Company for a vote
during the three months ended June 30, 2006.

ITEM 5 OTHER INFORMATION

     The Company has no other information to report.

ITEM 6 EXHIBITS AND REPORTS ON FORM 8-K


Exhibits:
Number  Exhibit
--------------------------------------------------------------------------------

3.1     Certificate of Incorporation (incorporated by reference to the Company's
        Registration Statement on Form SB-2, filed on July 21, 2000)

3.2     Amendment to Certificate of Incorporation  (incorporated by reference to
        the  Company's  Registration  Statement on Form SB-2,  filed on July 21,
        2000)

3.3     Amendment to Certificate of Incorporation  (incorporated by reference to
        the  Company's  Registration  Statement on Form SB-2,  filed on July 21,
        2000)

3.4     By-Laws  (incorporated  by  reference  to  the  Company's   Registration
        Statement on Form SB-2, filed on July 21, 2000)

3.5     Amendment to Certificate of Incorporation  (incorporated by reference to
        the Company's Annual Statement on Form 10-KSB, filed on April 14, 2004)

3.6     Amendment to Certificate of Incorporation  (incorporated by reference to
        the Company's Annual Statement on Form 10-KSB, filed on May 19, 2005)

4.1     Agreement  between  Barry Russell and the Company dated on or about July
        23,  2004  (incorporated  by  reference  to the  Company's  Registration
        Statement on Form S-8, filed on March 3, 2004)

4.2     Agreement between Benjamin Mauerberger and the Company dated on or about
        August 20, 2004 (incorporated by reference to the Company's Registration
        Statement on Form S-8, filed on March 3, 2004)

4.3     Agreement  between Gary Stewart and the Company dated on or about August
        20,  2004  (incorporated  by  reference  to the  Company's  Registration
        Statement on Form S-8, filed on April 13, 2004)

31.1    Certification of Principal  Executive Officer pursuant to Section 302 of
        the Sarbanes-Oxley Act of 2002

31.2    Certification of Principal  Financial Officer pursuant to Section 302 of
        the Sarbanes-Oxley Act of 2002

32.1    Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to
        Section 906 of the Sarbanes-Oxley Act of 2002 (Chief Executive Officer)

32.2    Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to
        Section 906 of the Sarbanes-Oxley Act of 2002 (Chief Financial Officer)


                                       11
<PAGE>
SIGNATURES

     In accordance  with Section 13 or 15(d) of the Exchange Act, the registrant
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.

GLOBAL REALTY DEVELOPMENT CORP.

BY: /s/ Robert Kohn
   ------------------
   Robert Kohn - Chief Executive Officer

     In  accordance  with the Exchange Act, this report has been signed below by
the following  persons on behalf of the  registrant and in the capacities and on
the dates indicated.
<TABLE>
<CAPTION>


            NAME                            TITLE                                           DATE
-----------------------------    ---------------------------                        ----------------------

<S>                                            <C>                                             <C>
/s/ Robert Kohn                   Director and Chief Executive Officer                 August 16, 2006
-----------------------
Robert Kohn

/s/ Roger Davis                   Director and Chief Financial Officer                 August 16, 2006
---------------------------
Roger Davis
</TABLE>


                                       12