----

----

| x | QUARTERLY      REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF      1934 |
|---|---------------------------------------------------------------------------------------------------|

| o | TRANSITION      REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF      1934 |
|---|----------------------------------------------------------------------------------------------------|

| NEVADA                                                                  |   | 000-31343                  |   | 36-4567500                             |
|-------------------------------------------------------------------------|--------|----------------------------|--------|----------------------------------------|
| (State      or other jurisdiction ofincorporation      or organization) |   | (Commission      File No.) |   | (IRS      Employee Identification No.) |

----

|                                   |         |
|----------------------------------------|--------------|
| PART I      FINANCIAL INFORMATION |    |   |
|                                   |         |   |
| Item 1.                           |         | Financial      Statements |   |   |
|                                   |         |   |
|                                   |         | Balance      Sheets as at May 31, 2008 (unaudited) and August 31, 2007 |   |   |
|                                   |         |   |
|                                   |         | Statements      of Operations (unaudited) for the three months ended May 31, 2008 and      2007 |   |   |
|                                   |         |   |
|                                   |         | Statements      of Cash Flows (unaudited) for the three months ended May 31, 2008 and      2007 |    |   |
|                                   |         |   |
|                                   |         | Notes      to Financial Statements (unaudited) |    |   |
|                                   |         |   |
| Item 2.                           |         | Management      Discussion and Analysis of Financial Condition and Results of      Operations. |    |   |
|                                   |         |   |
| Item 3.                           |         | Quantitative      and Qualitative Disclosures About Market Risk. |    |   |
|                                   |         |   |
| Item 4T.                          |         | Controls      and Procedures. |    |   |
|                                   |         |
| PART II      OTHER INFORMATION    |    |   |
|                                   |         |   |
| Item 1.                           |         | Legal      Proceedings. |    |   |
|                                   |         |   |
| Item 1A.                          |         | Risk      Factors. |    |   |
|                                   |         |   |
| Item 2.                           |         | Unregistered      Sales of Equity Securities and Use of Proceeds. |    |   |
|                                   |         |   |
| Item 3.                           |         | Defaults      Upon Senior Securities. |    |   |
|                                   |         |   |
| Item 4.                           |         | Submission      of Matters to a Vote of Security Holders. |    |   |
|                                   |         |   |
| Item 5.                           |         | Other      Information. |   |   |
|                                   |         |   |
| Item 6.                           |         | Exhibits. |   |   |
|                                   |         |
| Signatures.                            |    |   |

----

----

| FINANCIAL      REPORTS |
|------------------------|
| AT                     |
| MAY      31, 2008      |

----

| GLOBAL      EARTH ENERGY, INC.(FORMERLY      KNOWN AS GLOBAL WATAIRE INC.)(A      NEVADA CORPORATION)Buffalo,      New York  TABLE      OF CONTENTS  Consolidated      Balance Sheets at May 31, 2008 (Unaudited) and  August      31,      2007                                                                                                                                                       1 Consolidated      Statements of Operations for the Three and Nine Months Ended  May      31, 2008 and 2007      (Unaudited)                                                                                                                2 Consolidated      Statements of Cash Flows for the Nine Months Ended May      31, 2008 and 2007      (Unaudited)                                                                                                                 3 Notes      to Consolidated Financial      Statements                                                                                                  4-6   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |

----

| GLOBAL      EARTH ENERGY, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |         |           |   |            |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------|----------------|--------|-----------------|--------|
| (FORMERLY      KNOWN AS GLOBAL WATAIRE INC.)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |         |           |   |            |   |
| (A      NEVADA CORPORATION)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |         |           |   |            |   |
| Buffalo,      New York                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |         |           |   |            |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |         |           |   |            |   |
| CONSOLIDATED      BALANCE SHEETS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |         |           |   |            |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |         |           |   |            |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   | (Unaudited)  |           |   |            |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   | May      31, |           |   | August      31, |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   | 2008         |           |   | 2007            |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |         |           |   |            |   |
| ASSETS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |         |           |   |            |   |
| Current      Assets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |         |           |   |            |   |
| Cash      and Cash Equivalents                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   | $            | 623            |   |            | $      | 197,593 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |         |           |   |            |   |   |   |
| LIABILITIES      AND STOCKHOLDERS' DEFICIT                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |         |           |   |            |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |         |           |   |            |   |   |   |
| Current      Liabilities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |         |           |   |            |   |   |   |
| Accounts      Payable                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   | $            | –– |   |            | $      | 21,861 |   |
| Accrued      Expenses                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |         | 59,961         |   |            |   | 35,829 |   |
| Accrued      Compensation - Directors                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |         | 792,189        |   |            |   | 511,833 |   |
| Due      to Directors                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |         | 325,347        |   |            |   | 319,224 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |         |           |   |            |   |   |   |
| Total      Liabilities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |         | 1,177,497      |   |            |   | 888,747 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |         |           |   |            |   |   |   |
| Stockholders'      Deficit                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |         |           |   |            |   |   |   |
| Common      Stock :  $.001 Par; 800,000,000 Shares    Authorized;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |         |           |   |            |   |   |   |
|                            26,462,569  and      23,191,637 Issued, and                           23,462,569      and 20,191,637 Outstanding,                           respectively |   |         | 26,463         |   |            |   | 20,191 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |         |           |   |            |   |   |   |
| Common      Stock, Class B:  $.001 Par; 50,000,000 Shares                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |         |           |   |            |   |   |   |
|                             Authorized;      -0- Issued and Outstanding                                                                                                                                                                                                                                                                                                                                                                                                |   |         | —        |   |            |   | — |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |         |           |   |            |   |   |   |
| Preferred      Stock, Class A:  $.001 Par; 1,000,000 Shares      Authorized;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |         |           |   |            |   |   |   |
|               66,000      and 100,000 Issued and Outstanding, respectively                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |         | 66             |   |            |   | 66 |   |
| Preferred      Stock, Class B:  $.001 Par; 5,000,000 Shares      Authorized;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |         |           |   |            |   |   |   |
|                1,000,000      Issued and Outstanding                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |         | 1,000          |   |            |   | 1,000 |   |
| Preferred      Stock, Class C:  $.001 Par; 15,000,000 Shares                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |         |           |   |            |   |   |   |
|                             Authorized;  -0-      Issued and Outstanding                                                                                                                                                                                                                                                                                                                                                                                     |   |         | —        |   |            |   | — |   |
| Preferred      Stock, Class D:  $.001 Par;  13,000,000      Shares                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |         |           |   |            |   |   |   |
|                             Authorized;  -0-      Issued and Outstanding                                                                                                                                                                                                                                                                                                                                                                                     |   |         | —        |   |            |   | — |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |         |           |   |            |   |   |   |
| Additional      Paid-In Capital                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |         | 4,251,340      |   |            |   | 4,103,631 |   |
| Accumulated      Deficit                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |         | (5,452,743     | )      |            |   | (4,813,042 | ) |
| Treasury      Stock – 3,000,000 Shares at $.001 Par                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |         | (3,000         | )      |            |   | (3,000 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |         |           |   |            |   |   |   |
| Total      Stockholders' Deficit                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |         | (1,176,874     | )      |            |   | (691,154 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |         |           |   |            |   |   |   |
| Total      Liabilities and Stockholders' Deficit                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   | $            | 623            |   |            | $      | 197,593 |   |

----

| GLOBAL      EARTH ENERGY, INC.                         |
|--------------------------------------------------------|
| (FORMERLY      KNOWN AS GLOBAL WATAIRE INC.)           |
| (A      NEVADA CORPORATION)                            |
| Buffalo,      New York                                 |
|                                                   |
|                                                   |
| CONSOLIDATED      STATEMENTS OF OPERATIONS (UNAUDITED) |
|                                                   |

|                                         |   |                    |       |   |                   |   |
|----------------------------------------------|--------|-------------------------|------------|--------|------------------------|--------|
|                                         |   | Three      Months Ended |       |   | Nine      Months Ended |   |
|                                         |   | May      31,            |       |   | May      31,           |   |
|                                         |   |                    |       |   |                   |   |   |   |   |   |   |   |
|                                         |   | 2008                    |       |   | 2007                   |   |   | 2008 |   |   | 2007 |   |
|                                         |   |                    |       |   |                   |   |   |   |   |   |   |   |
| Revenues,      Net                           |   | $                       | —    |   |                   | $      | — |   |   | $ | — |   |   | $ | — |   |
|                                         |   |                    |       |   |                   |   |   |   |   |   |   |   |   |   |   |   |
| Cost      of Goods Sold                      |   |                    | —    |   |                   |   | — |   |   |   | — |   |   |   | — |   |
|                                         |   |                    |       |   |                   |   |   |   |   |   |   |   |   |   |   |   |
| Gross      Profit                            |   |                    | —    |   |                   |   | — |   |   |   | — |   |   |   | — |   |
|                                         |   |                    |       |   |                   |   |   |   |   |   |   |   |   |   |   |   |
| Expenses                                     |   |                    |       |   |                   |   |   |   |   |   |   |   |   |   |   |   |
| Consulting      Fees                         |   |                    | 147,500    |   |                   |   | 55,000 |   |   |   | 447,500 |   |   |   | 165,000 |   |
| General      and Administrative              |   |                    | 46,043     |   |                   |   | 48,918 |   |   |   | 133,855 |   |   |   | 142,027 |   |
| Interest      Expense                        |   |                    | 22,049     |   |                   |   | 11,445 |   |   |   | 58,346 |   |   |   | 35,215 |   |
|                                         |   |                    |       |   |                   |   |   |   |   |   |   |   |   |   |   |   |
| Total      Expenses                          |   |                    | 215,592    |   |                   |   | 115,363 |   |   |   | 639,701 |   |   |   | 342,242 |   |
|                                         |   |                    |       |   |                   |   |   |   |   |   |   |   |   |   |   |   |
| Loss      from Operations Before             |   |                    |       |   |                   |   |   |   |   |   |   |   |   |   |   |   |
|   Provision      for Taxes         |   |                    | (215,592   | )      |                   |   | (115,363 | ) |   |   | (639,701 | ) |   |   | (342,242 | ) |
|                                         |   |                    |       |   |                   |   |   |   |   |   |   |   |   |   |   |   |
| Provision      for Taxes                     |   |                    | —    |   |                   |   | — |   |   |   | — |   |   |   | — |   |
|                                         |   |                    |       |   |                   |   |   |   |   |   |   |   |   |   |   |   |
| Net      Loss for the Period                 |   | $                       | (215,592   | )      |                   | $      | (115,363 | ) |   | $ | (639,701 | ) |   | $ | (342,242 | ) |
|                                         |   |                    |       |   |                   |   |   |   |   |   |   |   |   |   |   |   |
| Weighted      Average Number of              |   |                    |       |   |                   |   |   |   |   |   |   |   |   |   |   |   |
|   Common      Shares Outstanding - |   |                    |       |   |                   |   |   |   |   |   |   |   |   |   |   |   |
|   Basic                            |   |                    | 23,462,569 |   |                   |   | 11,477,597 |   |   |   | 23,152,052 |   |   |   | 6,081,066 |   |
|   Diluted                          |   |                    | 26,462,569 |   |                   |   | 11,477,597 |   |   |   | 26,152,052 |   |   |   | 6,081,066 |   |
| Net      Loss Per Common Share -             |   |                    |       |   |                   |   |   |   |   |   |   |   |   |   |   |   |
|   Basic                            |   | $                       | (0.01      | )      |                   | $      | (0.01 | ) |   | $ | (0.03 | ) |   | $ | (0.06 | ) |
|   Diluted                          |   | $                       | (0.01      | )      |                   | $      | (0.01 | ) |   | $ | (0.02 | ) |   | $ | (0.06 | ) |

----

| GLOBAL      EARTH ENERGY, INC.                          |   |   |           |   |   |   |
|---------------------------------------------------------|--------|--------|----------------|--------|--------|--------|
| (FORMERLY      KNOWN AS GLOBAL WATAIRE INC.)            |   |   |           |   |   |   |
| (A      NEVADA CORPORATION)                             |   |   |           |   |   |   |
| Buffalo,      New York                                  |   |   |           |   |   |   |
|                                                    |   |   |           |   |   |   |
|                                                    |   |   |           |   |   |   |
| CONSOLIDATED      STATEMENTS OF CASH FLOWS (UNAUDITED)  |   |   |           |   |   |   |
|                                                    |   |   |           |
|                                                    |   |   |           |   |   |   |
| For      the Nine Months Ended May 31                   |   | 2008   |           |   | 2007   |   |
|                                                    |   |   |           |   |   |   |
| Cash      Flows from Operating Activities               |   |   |           |   |   |   |
|                                                    |   |   |           |   |   |   |
| Net      Loss                                           |   | $      | (639,701       | )      |   | $      | (342,242 | ) |
|                                                    |   |   |           |   |   |   |   |   |
| Non-Cash      Adjustments:                              |   |   |           |   |   |   |   |   |
| Interest      on Directors/Stockholder Loans            |   |   | 58,346         |   |   |   | 35,215 |   |
|                                                    |   |   |           |   |   |   |   |   |
| Changes      in Assets and Liabilities:                 |   |   |           |   |   |   |   |   |
| Accounts      Payable                                   |   |   | (21,861        | )      |   |   | (19,202 | ) |
| Accrued      Expenses                                   |   |   | 24,132         |   |   |   | (8,175 | ) |
| Accrued      Compensation - Directors                   |   |   | 280,356        |   |   |   | –– |   |
|                                                    |   |   |           |   |   |   |   |   |
| Net      Cash Flows from Operating Activities           |   |   | (298,728       | )      |   |   | (334,404 | ) |
|                                                    |   |   |           |   |   |   |   |   |
| Cash      Flows from Investing Activities               |   |   |           |   |   |   |   |   |
| Loan      Advance                                       |   |   | –– |   |   |   | (50,000 | ) |
|                                                    |   |   |           |   |   |   |   |   |
| Cash      Flows from Financing Activities               |   |   |           |   |   |   |   |   |
| Cash      Proceeds from Issuance of Regulation S Shares |   |   | 153,982        |   |   |   | 518,787 |   |
| Advances      from (Repayment to)Directors - Net        |   |   | (52,224        | )      |   |   | 5,436 |   |
|                                                    |   |   |           |   |   |   |   |   |
| Net      Cash Flows from Financing Activities           |   |   | 101,758        |   |   |   | 524,223 |   |
|                                                    |   |   |           |   |   |   |   |   |
| Net      Change in Cash and Cash Equivalents            |   |   | (196,970       | )      |   |   | 139,819 |   |
|                                                    |   |   |           |   |   |   |   |   |
| Cash      and Cash Equivalents - Beginning of Period    |   |   | 197,593        |   |   |   | — |   |
|                                                    |   |   |           |   |   |   |   |   |
| Cash      and Cash Equivalents - End of Period          |   | $      | 623            |   |   | $      | 139,819 |   |
|                                                    |   |   |           |   |   |   |   |   |
| Supplemental      Disclosures                           |   |   |           |   |   |   |   |   |
| Interest      Paid                                      |   | $      | —        |   |   | $      | — |   |
| Income      Taxes Paid                                  |   | $      | —        |   |   | $      | — |   |

|   | -      continued - |
|--------|--------------------|

----

| (FORMERLY      KNOWN AS GLOBAL WATAIRE INC.) |
|----------------------------------------------|

| NOTES      TO CONSOLIDATED FINANCIALSTATEMENTS |
|------------------------------------------------|

| NOTE      A – Basis of Presentation |
|-------------------------------------------|

|   | The      condensed consolidated financial statements of Global Earth Energy, Inc.      (the “Company”) included herein have been prepared by the Company, without      audit, pursuant to the rules and regulations of the Securities and      Exchange Commission (the “SEC”).  Certain information and      footnote disclosures normally included in financial statements prepared in      conjunction with generally accepted accounting principles have been      condensed or omitted pursuant to such rules and regulations, although the      Company believes that the disclosures are adequate to make the information      presented not misleading.  These condensed consolidated      financial statements should be read in conjunction with the annual audited      financial statements and the notes thereto included in the Company’s      registration statement on Form 10-KSB, and other reports filed with the      SEC. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | The      accompanying unaudited interim financial statements reflect all      adjustments of a normal and recurring nature which are, in the opinion of      management, necessary to present fairly the financial position, results of      operations and cash flows of the Company for the interim periods      presented.  The results of operations for these periods are not      necessarily comparable to, or indicative of, results of any other interim      period or for the fiscal year taken as a whole.  Certain      information that is not required for interim financial reporting purposes      has been omitted. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | The      Company has changed its primary business objective from advisory services      to the biodiesel production industry.  Consequently, the Company      changed their name on February 5, 2008 to Global Earth Energy,      Inc. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Principles      of Consolidation |
|--------|----------------------------------|

|   | The      consolidated financial statements include the accounts of Global Earth      Energy, Inc., and its wholly owned subsidiary, Knightbridge Corp. (the      “Company”).  All significant intercompany balances have been      eliminated in consolidation. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Note      B - | Going      Concern |
|---------------|--------------------|

|   | The      Company’s financial statements have been presented on the basis that it is      a going concern, which contemplates the realization of assets and the      satisfaction of liabilities in the normal course of business. The Company      has reported recurring losses from operations.  As a result,      there is an accumulated deficit of $5,452,743 at May 31,    2008. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | The      Company’s continued existence is dependent upon its ability to raise      capital or acquire a marketable company.  The financial      statements do not include any adjustments that might be necessary should      the Company be unable to continue as a going  concern. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (FORMERLY      KNOWN AS GLOBAL WATAIRE INC.) |
|----------------------------------------------|

| NOTES      TO CONSOLIDATED FINANCIALSTATEMENTS |
|------------------------------------------------|

| Note C - | Recently      Issued Accounting Standards |
|----------|-------------------------------------------|

|   | In      February 2006, the Financial Accounting Standards Board (“FASB”) issued      Statement of Financial Accounting Standard (“SFAS”) No. 155, “Accounting      for Certain Hybrid Financial Instruments – an amendment of FASB Statement      No. 133 and 140” (“SFAS 155”).  SFAS 155 resolves issues      addressed in Statement 133 Implementation Issue No. D1, “Application of      Statement 133 to Beneficial Interest in Securitized Financial      Assets.”  SFAS 155 is effective for all financial instruments      acquired or issued after the beginning of the first fiscal year that      begins after September 15, 2006.  As such, the Company is      required to adopt these provisions at the beginning of the fiscal year      ended August 31, 2008.  The Company is currently evaluating the      impact of SFAS 155 on its consolidated financial    instruments. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | In      March 2006, the FASB issued SFAS No. 156, “Accounting for Servicing of      Financial Assets – an amendment of FASB Statement No. 140” (“SFAS      156”).  SFAS 156 amends FASB Statement No. 140 with respect to      the accounting for separately recognized servicing assets and servicing      liabilities.  SFAS 156 requires all separately recognized      servicing assets and servicing liabilities to be initially measured at      fair value, if practical.  SFAS 156 is effective as of the      beginning of the first fiscal year that begins after September 15,      2006.  As such, the Company is required to adopt these      provisions at the beginning of the fiscal year ended August 31,      2008.  The Company is currently evaluating the impact of SFAS      156 on its consolidated financialstatements. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | In      September 2006, the Financial Accounting Standards Board (“FASB”) issued      Statement of Financial Accounting Standard (“SFAS”) No. 157, "Fair Value      Measurements”.  SFAS 157 defines fair value, establishes a      framework for measuring fair value, and expands disclosures about fair      value measurements.  SFAS 157 is effective as of the beginning      of the first fiscal year that begins after November 15,      2007.  As such, the Company is required to adopt these      provisions at the beginning of the fiscal year ended August,      2009.  The Company is currently evaluating the impact of SFAS      157 on its consolidated financialstatements. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | In      February 2007, the Financial Accounting Standards Board (“FASB”) issued      Statement of Financial Accounting Standard (“SFAS”) No. 159, "The Fair      Value Option for Financial Assets and Financial Liabilities, including an      amendment of FASB Statement No. 115”.  SFAS 159 permits entities      to choose to measure many financial instruments and certain other items at      fair value at specified election dates.  This Statement applies      to all entities, including not-for-profit organizations.  SFAS      159 is effective as of the beginning of an entity’s first fiscal year that      begins after November 15, 2007.  As such, the Company is      required to adopt these provisions at the beginning of the fiscal year      ended August, 2009.  The Company is currently evaluating the      impact of SFAS 159 on its consolidated financial    statements. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | -      continued - |
|--------|--------------------|

----

| (FORMERLY      KNOWN AS GLOBAL WATAIRE INC.) |
|----------------------------------------------|

| NOTES      TO CONSOLIDATED FINANCIALSTATEMENTS |
|------------------------------------------------|

| Note C - | Recently      Issued Accounting Standards –continued |
|----------|------------------------------------------------------------|

----

----

----

----

----

|                           | Global      Earth Energy, Inc. |
|--------------------------------|--------------------------------|
|                           |                           |
| Date:      July 11, 2008  | By:                  | /s/      Sydney      A.      Harland                                                               |
|                           |                           | Sydney      A. Harland |
|                           |                           | Chief      Executive Officer /s/      Edmund J. Gorman  Edward      J. GormanChief      Financial Officer  |

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