SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                   FORM 10-QSB

                                   (Mark One)

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

            [X] For the quarterly period ended September 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: 000-32467

                         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


          (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 [ ]


Indicate by check mark whether the registrant is a shell company (as defined in
Rule 12b-2 of the Exchange Act).

                                 YES [ ] NO [X]

As of October 28, 2006, there were 99,532,742 shares of the registrant's  common
stock outstanding.

Transitional Small Business Disclosure Format (check one):  Yes [  ] No [X]

<PAGE>
PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

FINANCIAL STATEMENT INDEX

     Combined Balance Sheets at September 30, 2006 (Unaudited)
        and December 31, 2005                                                  1

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


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

     Notes to Financial Statements                                             4


<PAGE>
Item 1. Financial Statements

GLOBAL REALTY DEVELOPMENT CORP.

CONSOLIDATED BALANCE SHEETS

GLOBAL REALTY DEVELOPMENT CORPORATION
Consolidated Balance Sheets (Unaudited)
September 30, 2006
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
                                                                                              Sept 30           December 31,
                                                                                                2006                2005
                                                                                          ---------------     ----------------
                                                                                                                 (restated)
<S>                                                                                       <C>                 <C>
ASSETS

      Cash and cash equivalents                                                           $        10,856     $         20,670
      Inventories-at the lower of cost or
          fair value-lots held for sale                                                        43,651,111           49,305,409
      Receivables                                                                               2,442,202              763,533
      Receivable from related party                                                               809,660              574,672
      Prepaid expenses                                                                          1,336,850              310,421
      Film Rights                                                                               1,686,000                    -
      Property, plant and equipment                                                             1,811,010            1,591,138
                                                                                          ---------------     ----------------

              TOTAL ASSETS                                                                $    51,747,689     $     52,565,843
                                                                                          ===============     ================


LIABILITIES AND STOCKHOLDERS' EQUITY

Liabilities:
      Convertible subordinated note                                                       $     2,400,000     $      2,400,000
      Accounts payable and other liabilites                                                    10,491,407           11,422,129
      Mortgages notes payable                                                                  15,785,726           20,926,845
      Accrued interest expense                                                                  1,226,352              699,463
      Loans from related parties-unsecured                                                      2,685,277            1,849,543
      Loans from related parties-secured                                                        5,281,927            5,160,888
      Income taxes payable                                                                      3,096,202            2,346,735
      Other taxes payable                                                                         416,049              566,138
                                                                                          ---------------     ----------------

          Total Liabilities                                                                    41,382,940           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, 93,532,742 and 86,054,334 shares issued and outstanding
          at September 30, 2006 and December 31, 2005, respectively                                93,533               86,054
      Paid in capital                                                                          23,895,792           19,693,803
      Accumulated other comprehensive income                                                    1,638,573            1,244,653
      Retained earnings (deficit)                                                             (15,263,149)         (13,830,408)
                                                                                          ---------------     ----------------

          Total stockholders' equity                                                           10,364,749            7,194,102
                                                                                          ---------------     ----------------

              TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY                                  $    51,747,689     $     52,565,843
                                                                                          ===============     ================

</TABLE>
                 See accompanying notes to financial statements.

                                       1
<PAGE>
GLOBAL REALTY DEVELOPMENT CORP.


COMBINED STATEMENTS OF OPERATIONS (UNAUDITED)



GLOBAL REALTY DEVELOPMENT, CORPORATION
Combined Statement of Operations (Unaudited)
September 30, 2006
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------------------
                                                             Three Months Ended                       Nine Months Ended
                                                               September 30,                           September 30,
                                                     -----------------------------------     -----------------------------------
                                                          2006               2005                 2006                2005
                                                     --------------    ----------------      --------------      --------------
<S>                                                 <C>                <C>                       <C>                 <C>
REVENUES
     Land sales                                     $        33,208                          $    4,562,495      $            -
     Recovery of Previously Provided Provision            1,381,556                               1,381,556
     Other                                                   30,749              58,716             110,201             102,251
                                                    ---------------    ----------------      --------------      --------------

     Total Revenue                                        1,445,513              58,716           6,054,252             102,251

EXPENSES
     Cost of sales                                          174,411             (11,224)          3,511,443           1,967,617
     Administrative                                         543,832             (27,555)          3,140,714             398,957
     Interest                                                99,986              52,855             827,708             252,015
     Depreciation                                             2,452              (3,371)              7,128                   -
     Other                                                        -                   -                   -                   -
                                                    ---------------    ----------------      --------------      --------------

     Total Expenses                                         820,681              10,705           7,486,993           2,618,589
                                                    ---------------    ----------------      --------------      --------------


Income (loss) before income taxes                           624,832              48,011          (1,432,741)         (2,516,338)

Income taxes                                                      -                                       -
                                                    ---------------    ----------------      --------------      --------------

Net income (loss)                                   $       624,832    $       $ 48,011      $   (1,432,741)     $   (2,516,338)
                                                    ===============    ================      ==============      ==============

Net (loss) income per common share
     (basic & diluted)                              $         0.007    $          0.010      $       (0.016)     $       (0.030)
                                                    ===============    ================      ==============      ==============

Weighted average common shares outstanding
     (basic & diluted)                                   90,652,875          91,419,334          88,183,082          88,164,830
                                                    ===============    ================      ==============      ==============
</TABLE>
                See accompanying notes to financial statements.


                                       2
<PAGE>
GLOBAL REALTY DEVELOPMENT CORP.

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
GLOBAL REALTY DEVELOPMENT, CORPORATION
Consolidated Statement of Cash Flows (Unaudited)
September 30, 2006
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------------------

                                                                                                   For the Nine Months Ended
                                                                                                        September 30,
                                                                                              ---------------------------------
                                                                                                    2006              2005
                                                                                              ---------------   ---------------
<S>                                                                                           <C>               <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
      Net income (loss)                                                                       $    (1,432,741)  $    (2,516,338)
      Adjustments to reconcile net loss to net cash
          from operating activities:
          Depreciation and amortization                                                                 7,128             4,825
          Stock based compensation                                                                  1,186,618                 -
      Decrease (increase) in assets:
          Accounts Receivable                                                                      (1,678,669)            5,289
          Inventory                                                                                 5,654,298        (8,169,965)
          Accounts receivable to related party                                                       (234,988)       (2,292,631)
          Prepaid expenses                                                                            310,421                 -
      Increase (decrease) in liablilties:
          Accounts payable                                                                           (930,722)       12,926,699
          Taxes payable                                                                               749,467          (651,073)
          Deferred taxes                                                                                    -           507,726
          Payables                                                                                          -         2,034,345
          Other                                                                                             -        (2,785,086)
          Accrued interest                                                                            526,889                 -
          Other taxes payable                                                                        (150,089)                -
                                                                                              ---------------   ---------------

          NET CASH PROVIDED (USED) IN OPERATING ACTIVITIES                                          4,007,612          (936,209)
                                                                                              ---------------   ---------------


CASH FLOWS FROM INVESTING ACTIVITIES:
      Capital expeditures                                                                            (227,000)                -
                                                                                              ---------------   ---------------

          NET CASH PROVIDED (USED) IN INVESTING ACTIVITIES                                           (227,000)                -
                                                                                              ---------------   ---------------


CASH FLOWS FROM FINANCING ACTIVITIES:
      Mortgages payble, net                                                                        (5,141,119)      (16,495,623)
      Interst bearing liabilities                                                                           -        18,033,153
      Loans from related parties, unsecured                                                           835,734                 -
      Loans from related parties, secured                                                             121,039                 -
                                                                                              ---------------   ---------------

          NET CASH PROVIDED (USED) IN FINANCING ACTIVITIES                                         (4,184,346)        1,537,530
                                                                                              ---------------   ---------------

EFFECT OF EXCHANGE RATE OF CASH                                                                       393,920          (607,912)
                                                                                              ---------------   ---------------

               NET INCREASE (DECREASE) IN CASH                                                         (9,814)           (6,591)

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

CASH, end of year                                                                             $        10,856   $       132,504
                                                                                              ===============   ===============

SUPPLEMENTAL DATA:
      Issuance of common stock for consulting fees to be recognized in future periods         $     1,336,850   $             -
                                                                                              ===============   ===============

      Issuance of common stock for acquisition of MJD Films                                   $     1,686,000   $             -
                                                                                              ===============   ===============

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

</TABLE>
                See accompanying notes to financial statements.

                                       3
<PAGE>
GLOBAL REALTY DEVELOPMENT CORP.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
September 30, 2006


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  disclosure,  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
          nine months ended September 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  $15,263,149  at  September  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 (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,   attorneys  for  Sapphire
          Development Limited filed a consent judgment against the Company.

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 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 in one
          year 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.


                                       4
<PAGE>
GLOBAL REALTY DEVELOPMENT CORP.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
September 30, 2006

          On March 27, 2006,  the Board of Directors  authorized the issuance of
          5,440,000  stock options under the 2006 Incentive Stock Option Plan to
          its Chief Executive  officer at $1.05 per share.  3,440,000 shares are
          exercisable  immediately and 2,000,000 shares are exercisable on March
          31,  2007.  The value of these  options are  calculated  at  $315,000.
          Compensation  expense  charged to  operations as of September 30, 2006
          was $157,500.

          On March 27, 2006,  the Board of Directors  authorized the issuance of
          1,500,000  stock options under the 2006 Incentive Stock Option Plan to
          its Chief Financial  officer at $1.05 per share.  1,000,000 shares are
          exercisable  immediately  and 500,000 shares are  exercisable on March
          31,  2007.  The values of these  options  are  calculated  at $78,750.
          Compensation  expense  charged to  operations as of September 30, 2006
          was $39,375.

          During the quarter ended March 31, 2006, the Company issued 223,048 of
          its common  shares for  professional  fees  incurred.  The shares were
          valued at $1.05 per share.

          On May 4, 2006,  the Board of  Directors  issued  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 a discounted price of
          $.588 per  share.  Consulting  expense  charged  to  operations  as of
          September 30, 2006 was $514,500.

          During the quarter ended June 30, 2006,  the Company  issued 90,000 of
          its common  shares for  professional  fees  incurred.  The shares were
          valued at a discounted  price of $.456 per share.  Consulting  expense
          charged to operations as of September 30, 2006 was $41,040.

          On July 16,  2006 the  Company  agreed to issue  200,000 of its common
          shares and 200,000 warrants for professional fees incurred. The shares
          were valued at a price of $.777 per share.  The warrants have no value
          as of September 30, 2006.  Consulting expense charged to operations as
          of September 30, 2006 was $38,850.

          On July 25, 2006 the Company  issued  800,000 of its common shares for
          professional  fees to be provided over the next year.  The shares were
          valued at $.75 per share.  Consulting expense charged to operations as
          of September 30, 2006 was $100,000.

          On August 29, 2006, the Board of Directors  issued 4,000,000 shares of
          common stock and 2,000,000  warrants for the acquisition of MJD Films.
          The shares were valued at a discounted  price of $.3465 per share. The
          warrants were valued at a discounted price of $.15 per warrant.

NOTE E -  ACQUISITION OF MJD FILMS

          On August 29, 2006 the Company  acquired MJD Films, a film  production
          company and their film rights to several films to be released in 2007.
          In exchange for all of the outstanding  common stock of MJD Films, the
          Company issued to MJD shareholders an aggregate of 4,000,000 shares of
          common stock and 2,000,000  warrants to purchase  common stock at $.60
          per share, exercisable up to three years. Such shares and warrants are
          restricted  securities  (as such term is defined in Rule 144 under the
          U.S. Securities Acto of 1933, as amended (the "Securities Act").

NOTE F -  PROVISION RECOVERY

          On  October  3,  2006  the  Company  through  mediation  agreed  to  a
          settlement for debt recovery of a prior year real estate  transaction.
          The total amount of the debt recovery is $1,665,100, of which $730,100
          was provided for during the year ended  December 31, 2005. The balance
          of $935,000 was recorded as income during the quarter ended  September
          30, 2006.

                                       5
<PAGE>
GLOBAL REALTY DEVELOPMENT CORP.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
September 30, 2006


NOTE G -  SUBSEQUENT EVENTS

          On October 4, 2006,  the Company  entered into an Operating  Agreement
          for the formation of TFM Group,  L.L.C., a Delaware limited  liability
          company,  along with the Roy  Sciacca  Group and Mariano  Rivera.  The
          Company received 51% of TFM Group, L.L.C. for an initial  contribution
          of 6,000,000  shares of common stock of the Company to the Roy Sciacca
          Group and  3,000,000  warrants  to  purchase  shares of the  Company's
          common stock,  with an exercise price of $1.00 per share.  Such shares
          and warrants  are  restricted  securities  (as such term is defined in
          Rule 144  under  the U.S.  Securities  Act of 1933,  as  amended  (the
          "Securities  Act").  This joint venture  entity was created to develop
          television,  film and music production  companies  including a reality
          television show.



                                       6
<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  an  office  and  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.

     During the third quarter 2006, the United States  operations of the Company
directed its attention toward building an entertainment  and gaming company.  On
August  29,  2006 the  Company  purchased  MJD Films and on  October 4, 2006 the
Company purchased a 51% interest in the TFM Group, a newly-formed  joint venture
formed to develop  television,  film and music  entertainment  projects  through
television,  film and music production  companies  including the production of a
reality television show.


     Entertainment
     -------------

     On August 29, 2006 the Company acquired MJD Films ("MJD").  In exchange for
all of the  outstanding  common  stock of MJD Films,  the Company  issued to MJD
Shareholders  an  aggregate of  4,000,000  shares of common stock and  2,000,000
Warrants to purchase  common  stock at $.60 per share,  exercisable  up to three
years.  Such shares and  warrants  are  restricted  securities  (as such term is
defined  in Rule 144 under the U.S.  Securities  Act of 1933,  as  amended  (the
"Securities Act").


     On October 4, 2006, the Company entered into an Operating Agreement for the
formation of the TFM Group, L.L.C., a Delaware limited liability company,  along
with the Roy Sciacca Group and Mariano Rivera.  The Company  received 51% of TFM
Group, L.L.C. for an initial contribution of 6,000,000 shares of common stock of
the Company to the Roy Sciacca Group and 3,000,000  warrants to purchase  shares
of the Company's common stock, with an exercise price of $1.00 per share.

     This joint venture entity was created to develop television, film and music
entertainment  projects through television,  film and music production companies
including the production of a reality television show.

                                       7
<PAGE>
     Real Estate
     -----------

     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 the lower of cost or fair
market 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.

     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 until March 3, 2006, 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.

                                       8
<PAGE>
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.


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.



RESULTS OF OPERATIONS
<TABLE>
<CAPTION>

                                                    Three Months Ended                     Nine Months Ended
                                                       September 30,                         September 30,
                                                 -----------------------                -------------------------
                                                 2006               2005                2006                 2005
<S>                                         <C>                   <C>                 <C>                <C>
Total Revenue                               $ 1,445,513           $ 58,716            $6,054,252         $    102,251
Cost of sales, including provision for
     loss on future sale of land of
     $1,978,841 in 2005                         174,411            (11,224)            3,511,443            1,967,617

Administrative Expenses                         543,832           (125,572)            3,140,714              160,305
Other Income (Expense)
Interest                                         99,986             52,855               827,708              252,015
Depreciation                                      2,452             (3,371)                7,128
Other                                                               98,017                                    238,652
Income taxes
                                                      -

Net income (loss)                          $    624,832           $ 48,011          $ (1,432,741)         $(2,516,338)
</TABLE>


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

Revenues of  $1,445,513  for the three month period ended  September 30, 2006 as
compared to $58,716 for the three month period ended  September 30, 2005 reflect
the results principally from the recovery of a land contract for 2006 and rental
income for 2005.

The cost of sales of $174,411  for the three month period  ended  September  30,
2006 as compared to the cost of sales of  $(11,224)  for the three month  period
ended  September  30, 2005  represents an increase for the cost of sales of land
previously sold.

                                       9
<PAGE>
Administrative  expenses  operations  were  $543,832  for the three month period
ended  September 30, 2006 as compared with  $(27,555) 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  September  30,  2006 the Company had net
interest  expense of $99,986 as compared  with net  interest  expense of $52,855
during the three month period ended September 30, 2005, respectively.

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

During the three  month  period  ended  September  30,  2006 the Company had net
income of  $624,832  as  compared  to net income of $48,011  for the three month
period ended September 30, 2005.

The Company had  $41,382,940 in accounts  payable and other  liabilities for the
period ended  September 30, 2006 as compared to $76,541,355 for the period ended
September 30, 2005.

Stockholders'  equity was $10,364,749  for the period ending  September 30, 2006
compared to $ 16,739,170 for the period ended September 30, 2005.


NINE MONTHS ENDED SEPTEMBER 30, 2006 VS. NINE MONTHS ENDED SEPTEMBER 30, 2005

Revenues of  $6,054,252  for the nine month period ended  September  30, 2006 as
compared to $102,251 for the nine month period ended  September 30, 2005 reflect
the  results  principally  from the sale of land for 2006 and rental  income for
2005.

The cost of sales of  $3,511,443  for the nine month period ended  September 30,
2006 as compared to the cost of sales of  $1,967,617  for the nine month  period
ended September 30, 2005 represents the cost of sales of land.

Administrative  expenses  were  $3,140,714  for  the  nine  month  period  ended
September  30, 2006 as compared  with  $398,957  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 nine month  period  ended  September  30,  2006 the  Company  had net
interest  expense of $827,708 as compared with net interest  expense of $252,015
during the nine month period ended September 30, 2005, respectively.

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

During the nine month period ended September 30, 2006 the Company had a net loss
of  $((1,432,741))  as compared to a net loss of $(2,516,338) for the nine month
period ended September 30, 2005.

The Company had a $3,988,801  decrease in accounts payable and other liabilities
for the  period  ended  September  30,  2006 as  compared  with an  increase  of
$16,355,227 for the period ended September 30, 2005.

Stockholders'  equity  increased by  $3,107,647  to  $10,364,749  for the period
ending September 30, 2006 compared to 16,739,170, for the period ended September
30, 2005.

                                       10
<PAGE>
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  $9,814  during the three months
ended September 30, 2006. Cash flows used by operating  activities of $4,007,612
and cash flows used by investing  activities  of $227,000 were greater than cash
flows from  financing  activities  of  $4,184,346  and an  increase in effect of
exchange rate of 393,920.  Operating  activities used cash flows to decrease the
Company's inventories and decrease accounts payable and liabilities for the nine
months ended September 30, 2006.  Investing activities for the nine months ended
September 30, 2006 were $227,000.  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 nine months ended
September 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.

     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  September  30, 2003 and for hedging
relationships  designated  after  September  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.

                                       11
<PAGE>
     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

     o    put options and forward  purchase  contracts  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 September 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.

                                       12
<PAGE>
PART II. OTHER INFORMATION

ITEM 1 LEGAL PROCEEDINGS

         None

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

     On August 29, 2006 the Company acquired MJD Films ("MJD").  In exchange for
all of the  outstanding  common  stock of MJD Films,  the Company  issued to MJD
Shareholders  an  aggregate of  4,000,000  shares of common stock and  2,000,000
Warrants to purchase  common  stock at $.60 per share,  exercisable  up to three
years.

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 September 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)

                                       13
<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.

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


/s/ Robert Kohn    Director and Chief Executive Officer      November 14, 2006
----------------
Robert Kohn

/s/ Roger Davis    Director and Chief Financial Officer      November 14, 2006
----------------
Roger Davis

                                       14