UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549
                                  FORM 10-QSB/A

               Quarterly Report Pursuant to Section 13 or 15(d) of
                       the Securities Exchange Act of 1934
          For Quarter ended March 31, 2005 Commission File No. 0-28575

                         GLOBAL AIRCRAFT SOLUTIONS, INC.
                  Formerly Renegade Venture (NEV.) Corporation
                  --------------------------------------------

               (Exact name of issuer as specified in its charter)


                  NEVADA                                 84-1108499
                  ------                                 ----------
     (State or other jurisdiction of                (I.R.S. Employer
      incorporation or organization)                 Identification No.)


        6901 South Park Avenue
        Tucson, Arizona 85706
        Mail:  P.O. Box 23009
        Tucson AZ 85734-3009                           (520) 294-3481
        --------------------                           --------------
        (Address of Principal Executive Offices)       (Issuer's Telephone No.)

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 such shorter period `that the Registrant was
required to file such reports), and (2) has been subject to such filing
requirements for at least the past 90 days.

Yes [ x ] No [ ]


The number of shares outstanding of each of the Registrant's classes of common
equity, as of March 31, 2005 are as follows:

           Class of Securities                        Shares Outstanding
           -------------------                        ------------------
      Common Stock, $.001 par value                       30,700,386


<PAGE>

                                      INDEX


                          PART I. FINANCIAL INFORMATION


Item 1.  Financial Statements.

         Condensed Consolidated Balance Sheets:

         As of December 31, 2004 (audited) and March 31, 2005
          (unaudited).....................................................  3

         Condensed Consolidated Statements of Operations:

         For the three months ended March 31, 2004 and
          2005 (unaudited)................................................  5

         Consolidated Statement of Changes in Stockholders' Equity:

         For the year ended December 31, 2004 (audited) and three
          months ended March 31, 2005 (unaudited).........................  6

         Consolidated Statements of Cash Flows:

         For the three-month period ended March 31, 2004 and 2005
          (unaudited).....................................................  7

         Notes to Financial Statements (unaudited)........................  8


Item 2.  Management's Discussion and Analysis or Plan of Operation........ 17

Item 3.  Controls and Procedures.......................................... 22


                           PART II. OTHER INFORMATION


Item 5. Other Information................................................. 23

Item 6. Exhibits.......................................................... 23

         Signatures....................................................... 23

         Certifications...................................................


                                        2
<PAGE>
<TABLE>
<CAPTION>

ITEM 1. FINANCIAL STATEMENTS.


                           GLOBAL AIRCRAFT SOLUTIONS, INC.
                        Condensed Consolidated Balance Sheet
                        December 31, 2004 and March 31, 2005



                                       ASSETS
                                                              2004          2005
                                                            (audited)    (unaudited)
                                                           -----------   -----------
CURRENT ASSETS
<S>                                                        <C>           <C>
Cash and cash equivalents                                  $   549,904   $    33,431
Accounts receivable                                          4,766,215     2,813,536
Note receivable                                                175,642       252,553
Costs and estimated earnings on uncompleted contracts in                   1,242,502
excess of billings
Inventory                                                    3,507,249     1,680,517
Other current assets                                           380,932       634,690
                                                           -----------   -----------

  TOTAL CURRENT ASSETS                                     $ 9,379,942   $ 6,657,229

Property, plant and equipment                                1,632,134     1,556,371
Investment                                                      25,000        25,000
Customer list, net                                             267,771       234,299
Agreement with vendor, list                                     56,980        49,858
Goodwill                                                        38,992        38,992
Inventory, non-current                                         212,500     1,946,490
Other assets                                                   144,693        64,032
                                                           -----------   -----------

  TOTAL ASSETS                                             $11,758,012   $10,572,271
                                                           ===========   ===========

The accompanying notes are an integral part of these condensed consolidated
financial statements.




                                        3
<PAGE>

                               GLOBAL AIRCRAFT SOLUTIONS, INC.
                            Condensed Consolidated Balance Sheet
                            December 31, 2004 and March 31, 2005



                            LIABILITIES AND STOCKHOLDERS' EQUITY
                                                                    2004           2005
                                                                  (audited)     (unaudited)
                                                                ------------    ------------
CURRENT LIABILITIES
Notes payable - short term                                      $               $    236,046
Notes payable - related party
Accounts payable - trade                                           2,644,593       1,882,507
Accounts payable - related party
Due to factor                                                        604,411         533,740
Customer deposits                                                    280,537          90,746
Billings in excess of costs and estimated
  earnings on contracts in progress                                  966,238
Accrued liabilities                                                  844,709         263,041
Income taxes payable                                                 311,182         311,182
Commitments and contingencies
                                                                ------------    ------------

  TOTAL CURRENT LIABILITIES                                     $  5,651,670    $  3,317,262

LONG-TERM LIABILITIES
Notes payable - long term portion                                                    475,575
                                                                ------------    ------------

  TOTAL LONG-TERM LIABILITIES                                                   $    475,575
                                                                ------------    ------------

  TOTAL LIABILITIES                                             $  5,651,670    $  3,792,837
                                                                ============    ============


STOCKHOLDERS' EQUITY
Common stock, $.001 par value, 50,000,000 shares authorized
  30,650,386 and 30,700,386 shares issued 2004 and 2005 and
  30,650,386 and 30,700,386 shares outstanding 2004 and 2005    $     31,030    $     31,080
Additional paid-in capital                                         7,033,950       7,048,900
Deferred compensation
Contributed capital                                                  620,289         620,289
Retained earnings                                                 (1,578,927)       (920,835)
                                                                ------------    ------------

  TOTAL STOCKHOLDERS' EQUITY                                    $  6,106,342    $  6,779,434
                                                                ============    ============

  TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY                    $ 11,758,012    $ 10,572,271
                                                                ============    ============


The accompanying notes are an integral part of these condensed consolidated financial statements.

                                             4
<PAGE>

                         GLOBAL AIRCRAFT SOLUTIONS, INC.
                 Condensed Consolidated Statement of Operations
               For the Three Months ended March 31, 2004 and 2005
                                   (unaudited)

                                                    Three Months ended March 31,
                                                        2004            2005
                                                    -----------     -----------

Net sales                                           $ 4,286,031     $ 8,652,236
Cost of sales                                        (2,851,618)     (6,299,197)
Inventory write down                                    (49,653)        (55,208)
                                                    -----------     -----------

Gross profit                                          1,384,760       2,297,831

Selling, general and administrative expense            (876,193)     (1,628,734)
Penalties                                               (35,806)
                                                    -----------     -----------

Gain (loss) from operations                             472,761         669,097

Other income (expense):
     Interest income                                     30,121          30,063
     Interest expense                                   (94,994)       (133,989)
     Discounts taken                                      1,737          17,715
     Miscellaneous expense                               (7,506)
     Miscellaneous income                                                75,251
     Gain on renegotiation of contracts                 312,654
                                                    -----------     -----------

Net profit (loss), Before taxes                         714,773         658,137
     Arizona Income Tax                                                     (45)
                                                    -----------     -----------

Net profit (loss), After taxes                      $   714,773     $   658,092
                                                    ===========     ===========

Net profit (loss) per share, Basic                         0.04            0.02
Net profit (loss) per share, Fully diluted          $      0.04     $      0.02
                                                    ===========     ===========


The accompanying notes are an integral part of these condensed consolidated
financial statements.

                                        5
<PAGE>

                                                   GLOBAL AIRCRAFT SOLUTIONS, INC.
                                            Formerly Renegade Venture (NEV.) Corporation
                                     Consolidated Statement of Changes in Stockholders' Equity
                             For the Year Ended December 31, 2003 and the Year Ended December 31, 2004


                                                     Additional   Contributed   Deferred     Treasury    Accumulated   Stockholder
                                                      Paid-in       Capital   Compensation    Stock       Earnings/      Equity
                                                      Capital                                              Deficit
                              Shares      Amount      Amount       Amount       Amount                     Amount       Amount
                            ----------  ---------   ----------   ----------    --------    ----------    ----------    ---------

Balance December 31, 2003   17,480,000     17,860    2,412,373      620,289     (332,000)               (3,870,213)   (1,151,691)

    1st Qtr, 2004

Compensation expensed                                                             12,000

    2nd Qtr, 2004

   Shares issued to          9,600,000      9,600    3,009,600
Barron partners for a
cash consideration of
    $.34 per share

  Shares pledged as          1,000,000      1,000      499,000
    payment on the
purchase of World Jet
    valued at $.50
   (issued 7/27/04)

   900,000 options                                      54,000
   granted at $ .06
     below market

    3rd Qtr, 2004

 Shares issued to JG         2,115,386      2,115      946,832
 Capital, et al for a
cash consideration of
    $.52 per share

  Shares issued upon            55,000         55       17,545
 exercise of options
at $.32 per share and
   cash payment of
       $17,600

   Shares issued as            400,000        400       91,600
   compensation for
professional services
to be rendered over a
   two-year period
  Valued at $92,000

   100,000 options                                       3,000
 granted at .03 below
        market

Shares vested (Herman                                                            320,000
 & Sawyer employment
    agreement, 3rd
   Quarter of 2003)

    4th Qtr, 2004

   Net Income/Loss                                                                                       2,291,286

Balance December 31, 2004   30,650,386     31,030    7,033,950      620,289            0                (1,578,927)    6,106,342


    1st Qtr, 2005

   Net Income/Loss

  Shares issued upon
 exercise of options            50,000         50       14,950
  at $.30 per share

   Net Income/Loss                                                                                         658,092

Balance March 31, 2005      30,700,386     31,080    7,048,900      620,289            0                  (920,835)    6,779,434



The accompanying notes are an integral part of these condensed consolidated financial statements.

                                                             6
<PAGE>

                         GLOBAL AIRCRAFT SOLUTIONS, INC.

                      Consolidated Statement of Cash Flows
               For the Three Months ended March 31, 2004 and 2005
                                   (unaudited)

                                                          Three Months ended
                                                               March 31,
                                                          2004           2005
                                                      -----------    -----------
Increase (Decrease) in Cash and Cash Equivalents:

Cash flows from operating activities:
    Net Profit/(Loss)                                 $   714,773    $   658,092

Adjustments to reconcile net proft to net cash
  provided (used) by operating activities:
    Depreciation                                           38,510        114,162
    Amortization                                           40,594         40,594
    Allowance for Doubtful Accounts
    Inventory write downs                                  46,875         55,208
    Gain from renegotiation                              (312,654)
    Expenses paid with stock                               29,481         64,587

Changes in Assets and Liabilities:
    Accounts receivable                                     2,238      2,217,503
    Prepaid expenses                                       33,722       (282,741)
    Costs and estimated earnings in excess of
          billings on contracts in progress                           (1,242,502)
    Inventory                                            (298,585)     1,771,523
    Inventory, non-current                                            (1,733,990)
    Restricted Funds                                         (245)
    Other non-current assets                              (19,596)       (26,000)
    Accounts payable-trade                                248,751     (1,062,513)
    Accounts payable-related party                         56,737         (6,219)
    Due to factor                                         (51,613)       (70,670)
    Customer deposits                                                   (189,791)
    Billings in excess of cost and estimated
       Earnings on contracts in progress                  127,596       (966,238)
    Income tax payable                                   (566,572)
    Accrued liabilities                                   151,378       (575,449)

Net cash provided by/(used for) operating
activities                                                241,390     (1,234,444)

Cash flows from investing activities:
    Purchase of property, plant and equipment             (40,443)       (38,400)

Net cash used for investing activities                    (40,443)       (38,400)

Cash flows from financing activities:
    Proceeds from bank term loan                                         750,000
    Repayment of bank loans                              (544,052)       (38,379)
    Proceeds from issuance of common stock                                15,000
    Other financing activities, net                        14,545         29,750

Net cash provided by/(used for) financing
activities                                               (529,507)       756,371


Net increase(decrease) in cash and cash equivalents      (328,560)      (516,473)
Cash and cash equivalents at beginning of period          599,036        549,904

Cash and cash equivalents at end of period                270,476         33,431
                                                      ===========    ===========


Interest paid for the quarter ended March 31, 2004 was $133,140; Interest paid
for the quarter ended March 31, 2005 was $133,989.
Taxes paid during the quarter ended March 31, 2004 were $0; Taxes paid during
the quarter ended March 31, 2005 were $45.00.

The accompanying notes are an integral part of these condensed consolidated
financial statements.

                                        7
</TABLE>
<PAGE>

                         GLOBAL AIRCRAFT SOLUTIONS, INC.
                          NOTES TO FINANCIAL STATEMENTS
                                 March 31, 2005


1. BASIS OF PRESENTATION

The accompanying unaudited financial statements have been prepared in accordance
with accounting principles generally accepted in the United States of America
for financial information. In the opinion of management, all adjustments
consisting of normal recurring adjustments considered necessary to a fair
presentation have been included.

The condensed consolidated financial statements include the accounts of Global
Aircraft Solutions, Inc. ("Global") formerly Renegade Venture (NEV.) Corporation
and its wholly owned subsidiaries, Hamilton Aerospace Technologies, Inc.
("HAT"), Johnstone Softmachine Corporation ("Johnstone"), and World Jet
Corporation ("World Jet") collectively, the ("Company"). Global acquired HAT and
Johnstone on April 30, 2002. For accounting purposes, the HAT/Global transaction
was treated as an acquisition of Global by HAT and as a recapitalization of
Global. The acquisition of 100 per cent of World Jet stock was finalized July
15, 2004, with an effective date of January 1, 2004. The financial statements
reflect the accounting activity of HAT since its inception, April 5, 2002 and of
World Jet since January 1, 2004. Johnstone is currently inactive.


2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Use of Estimates

The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements, and
the reported amounts of revenues and expenses during the reporting period.
Actual results could differ from those estimates.

Trade Accounts Receivable

Trade accounts receivable represent amounts billed but uncollected on both
completed and in-progress aircraft repair and maintenance contracts as well as
amounts billed but uncollected on parts shipped to customers.

Accounts receivable are stated at the amount management expects to collect from
outstanding balances. Management provides for probable uncollectible amounts
through a charge to earnings and a credit to a valuation allowance based on its
assessment of the current status of individual accounts. The allowance is
estimated as a percentage of accounts receivable based on a review of accounts
receivable outstanding and the Company's prior history of uncollectible accounts
receivable. Balances that are still outstanding after management has used
reasonable collection efforts are written off through a charge to the valuation
allowance and a credit to trade accounts receivable. Changes in the valuation
allowance have not been material to the financial statements.

Inventory

Inventories are stated at the lower of cost (first-in, first-out) or market.
Inventory items held over one year are classified as "Inventory, non-current".
The Company reviews the market value of inventories whenever events and
circumstances indicate that the carrying value of inventories may not be
recoverable from the estimated future sales price less cost of disposal and
normal gross profit. In cases where the market values are less than the carrying
value, a write down is recognized equal to an amount by which the carrying value
exceeds the market value of inventories.

Property and Equipment

Property and equipment are recorded at cost. Depreciation is provided for on the
straight-line method over the estimated useful lives of the assets. The
estimated useful life of computer equipment and software is three years at both
our HAT and World Jet subsidiaries; the estimated useful life of all other

                                       8
<PAGE>

categories of assets is five years at our HAT subsidiary; World Jet uses
estimated useful lives of 3,5 and 7 years for its other assets. Amortization of
leasehold improvements is computed using the shorter of the lease term or the
expected useful life of the assets. Maintenance and repairs that neither
materially add to the value of the property nor appreciably prolong its life are
charges to expense as incurred. Betterments or renewals are capitalized when
incurred.

The Company reviews the carrying value of property, plant and equipment for
impairment whenever events and circumstances indicate that the carrying value of
an asset may not be recoverable from the estimated future cash flows expected to
result from its use and eventual disposition. In cases where undiscounted
expected future cash flows are less than the carrying value, an impairment loss
is recognized equal to an amount by which the carrying value exceeds the fair
value of assets. The factors considered by management in performing this
assessment include current operating results, trends and prospects, as well as
the effects of obsolescence, demand, competition and other economic factors.

Revenue and Cost Recognition

Revenues from fixed-fee contracts for MRO sales are recognized on the
percentage-of-completion method, measured by the cost-to-cost method, commencing
when progress reaches a point where experience is sufficient to estimate final
results with reasonable accuracy. The cumulative catch-up method is used to
account for changes in estimates of total revenues, total costs or extent of
progress. Each project is considered complete when the subject aircraft departs
our facility. Revision in cost and labor hour estimates and recognition of
losses on these contracts are reflected in the accounting period in which the
facts become known. During the periods covered by these financial statements, no
material prior period revisions were necessary. As of March 31,2005 there are no
material amounts in excess of the agreed contract price that the Company seeks
to collect from customers or others for customer caused delays, error in
specifications or design, contract termination, change orders in dispute or
unapproved as to both scope and price, or other causes of unanticipated
additional costs. Revenue from part sales is recognized when parts are shipped.
Revenues from time and material contracts and all other ancillary services are
recognized as the services are performed.

Income (Loss) per share - Basic earnings per share includes no dilution and is
computed by dividing net earnings (loss) available to stockholders by the
weighted number of common shares outstanding for the period. Diluted earnings
per share reflect the potential dilution of securities that could share in the
Company's earnings. Reconciliations of EPS for quarters ended March 31, 2005 and
2004 are as follows:

                                          For the Quarter ended March 31, 2005
                                          -------------------------------------
                                            Income         Shares     Per-Share
                                          (Numerator)   (Denominator)   Amount
                                          -----------   -------------   ------

Net Income                                 $658,092
Basic EPS
Income available to common stockholders    $658,092       30,690,945   $   0.02

Warrants                                                   1,586,912
Options                                                      782,420
Diluted EPS
Income available to common stockholders
+ assumed conversions                      $658,092       33,060,277   $   0.02



                                          For the Quarter ended March 31, 2004
                                          -------------------------------------
                                            Income          Shares    Per-Share
                                          (Numerator)    (Denominator)  Amount
                                          -----------    -------------  ------

Net Income                                $  714,773
Basic EPS
Income available to common stockholders   $  714,773      17,480,000   $   0.04

Warrants
Options
Diluted EPS
Income available to common stockholders
+ assumed conversions                     $  714,773      17,480,000   $   0.04


                                        9
<PAGE>

     Calculation of Weighted Average Shares for Three Months ended March 31,
     2005

     Issues       Shares O/S     Dates                     Days    Average

                  30,650,386     01/01/05 - 01/18/05        17      5,789,518
     50,000       30,700,386     01/18/05 - 03/31/05        73     24,901,427


                                 Total shares                      30,690,945



     Calculation of Dilution for 1st Quarter of 2005

                         No. of shares        Incremental
                                                 shares
                                              Outstanding

     Warrants @ $.34           720,000            412,056
     Warrants @ $.52           158,654             54,878
     Warrants @ $.68         7,740,000          1,119,978
     Options @ $.17            900,000            707,580
     Options @ $.20            100,000             74,840


                        Total dilution          2,369,332



     Calculation of Weighted Average Shares for Three Months ended March 31,
     2004

     Issues      Shares O/S     Dates                      Days      Average

                 17,480,000     01/01/04 - 03/31/04         91     17,480,000



                                Total shares                       17,480,000



     Calculation of Dilution for 1st Quarter of 2004

                     No. of shares      Incremental
                                          shares
                                        Outstanding
     No Warrants
     No Options


                     Total dilution            None



Intangible Assets

The amounts assigned to Customer List and Agreement with Vendor are recorded at
the value assigned when they were acquired in a business purchase. The amounts
are being amortized over three years using the straight-line method. The Company
assesses the ongoing recoverability of intangible assets subject to amortization
by determining whether the intangible asset balance can be recovered over the
remaining amortization period through projected undiscounted future cash flows.
If projected future cash flows indicate that the unamortized intangible asset
balances will not be recovered, an adjustment is made to reduce the net
intangible asset to an amount consistent with projected future cash flows
discounted at the Company's incremental borrowing rate.

                                       10
<PAGE>

Goodwill

The Company evaluates the carrying value of goodwill annually and between annual
evaluations if events occur or circumstances change that would more likely than
not reduce the fair value of a reporting unit below its goodwill carrying
amount. Such circumstances could include but are not limited to:

     1.   a significant adverse change in legal factors or in business climate
     2.   unanticipated competition
     3.   an adverse action or assessment by a regulator.

When evaluating whether goodwill is impaired, the Company compares the fair
value of the reporting unit to which the goodwill is assigned to that unit's
carrying amount, including goodwill. If the carrying amount of a reporting unit
exceeds its fair value, then the amount of the impairment loss must be measured.
The total of the implied fair value of all the other assets and liabilities of
the unit, based on their fair value, less the total amount assigned to those
assets and liabilities is the implied fair value of goodwill. An impairment loss
would be recognized when the carrying amount of the goodwill exceeds its implied
fair value.

Recently Issued Accounting Pronouncements

     FASB Interpretation 46R "Consolidation of Variable Interest Entities", as
revised (FIN 46R), requires that variable interest entities created before
December 31, 2003 be consolidated during the first interim period beginning
after December 15, 2003. Accordingly, on January 1, 2004, we adopted FIN 46R and
the initial application had no impact on our financial statements.

     In January, 2004 the Financial Accounting Standards Board issued Statement
of Financial Accounting Standards No. 132 (revised 2003) "Employers' Disclosures
about Pensions and Other Postretirement Benefits", an amendment of FASB
Statements No. 87, 88, and 106. The Statement revises employers' disclosures
about pension plans and other postretirement benefit plans. The statement
retains the disclosure requirements contained in FASB Statement No. 132, which
it replaces, and requires additional annual disclosures about the assets,
obligations, cash flows, and net periodic benefit cost of defined benefit
pension plans and other defined benefit postretirement plans. Statement No. 132R
requires us to provide disclosures in interim periods for pensions and other
postretirement benefits. We adopted Statement No. 132R in the quarter ended
March 31, 2004 and the initial application had no impact on our financial
statements.

     In May 2004, the Financial Accounting Standards Board issued a staff
position, FSP 106-2, "Accounting and Disclosure Requirements Related to the
Medicare Prescription Drug, Improvement and Modernization Act of 2003". FSP
106-2 provides guidance on accounting for the effects of the Medicare
Prescription Drug Improvement Act of 2003 for employers that sponsor
postretirement healthcare plans that provide prescription drug benefits. The
initial application of FSP 106-2 will have no impact in the Company's financial
statements.

In November, 2004, the FASB issued SFAS No. 151, "Inventory Costs an amendment
of ARB No. 43, Chapter 4." This Statement clarifies the accounting for abnormal
amounts of idle facility expense, freight, handling costs, and wasted materials.
This Statement is effective for inventory costs incurred during fiscal years
beginning after June 15, 2005. The initial application of SFAS No. 151 will have
no impact on the Company's financial statements.

In December 2004, the FASB issued SFAS No. 152, "Accounting for Real Estate
Time-Sharing Transactions - an amendment of FASB Statements No. 66 and 67." This
Statement references the financial accounting and reporting guidance for real
estate time-sharing transactions that is provided in AICPA Statement of Position
04-2, "Accounting for Real Estate Time-Sharing Transactions." This Statement
also states that the guidance for incidental operations and costs incurred to
sell real estate projects does not apply to real estate time-sharing
transactions. This Statement is effective for financial statements for fiscal
years beginning after June 15, 2005. The initial application of SFAS No. 152
will have no impact on the Company's financial statements.

In December 2004, the FASB issued SFAS No. 153, "Exchanges of Nonmonetary Assets
- an amendment of APB Opinion No. 29." This Statement eliminates the exception
for nonmonetary exchanges of similar productive assets and replaces it with a
general exception for exchanges of nonmonetary assets that do not have
commercial substance. A nonmonetary exchange has commercial substance if the
future cash flows of the entity are expected to change significantly as a result
of the exchange. This Statement is effective for nonmonetary asset exchanges
occurring in fiscal periods beginning after June 15, 2005. The Company does not
expect application of SFAS No. 153 to have a material affect on its financial
statements.

Stock-Based Compensation

As permitted under the Statement of Financial Accounting Standards No. 123 (SFAS
No. 123), "Accounting for Stock-Based Compensation", the Company accounts for
its stock-based compensation to employees in accordance with the provisions of
Accounting Principles Board (APB) Opinion No. 25, "Accounting for Stock Issued
to Employees". As such, compensation expense is recorded on the date of grant
only if the current market price of the underlying stock exceeded the exercise
price. Certain pro forma net income and EPS disclosures for employee stock
option grants are also included in the notes to the financial statements as if
the fair value method as defined in SFAS No. 123 had been applied. Transactions
in equity instruments with non-employees for goods or services are accounted for
by the fair value method.

                                       11
<PAGE>

3. SEGMENT INFORMATION

     The company has divided its operations into the following reportable
segments: Aircraft maintenance, repair, and overhaul; Aircraft Brokerage; and
Part sales. These segments, for the most part, reflect the discrete operations
of our consolidating companies HAT, Global and World Jet respectively. Each
segment represents distinct product lines, marketing, and management of its
business. Limited other services for each company, which represent a small
percentage of income, have been shown in the aggregate.

     The reporting segments follow the same accounting policies used for the
Company's consolidated financial statements and described in the summary of
significant accounting policies.

     Selected information by business segment is presented in the following
tables for the three months ended March 31, 2005 and the three months ended
March 31, 2004.

                                            Three Months         Three Months
                                               Ended                Ended
                                           March 31, 2005       March 31, 2004
                                            ($ millions)         ($ millions)
Segment sales:
   Aircraft maintenance                         4.922                3.524
   Aircraft brokerage                           1.525
   Part sales                                   2.314                 .790
   Other                                        1.000  *              .062

Sub Total                                       9.761                4.376

Elimination of intersegment sales              -1.109                -.090

Total consolidated sales                        8.652                4.286


Operating income:
   Aircraft maintenance                          .155                1.224
   Aircraft brokerage                            .550
   Part sales                                    .634                 .153
   Other                                         .959                 .008

   Sub total                                    2.298                1.385

   Selling, general, administrative            -1.629                -.911
   expense

   Other, net                                   -.011                 .241

Consolidated earnings before taxes               .658                 .715


* Other category includes .953 in commissions that were agreed to as the result
of moving all aircraft brokerage from our HAT subsidiary to the parent company,
Global on January 1, 2005. It is not expected that commissions will represent a
substantial segment on an annual basis for the year 2005.

                                       12
<PAGE>

                                                 Three Months      Three Months
                                                    Ended             Ended
                                                March 31, 2005    March 31, 2004
                                                      ($)               ($)
Depreciation and amortization by segment:
   Aircraft maintenance                                82,221            28,798
   Aircraft brokerage
   Part sales

Corporate                                              72,535            50,306
Total                                                 154,756            79,104


Net asset values:
   Aircraft maintenance                             5,559,637         2,704,511
   Aircraft brokerage
   Part sales                                       3,949,082         2,509,757

   Corporate                                        1,063,552         1,730,930
Total                                              10,572,271         6,945,198


Capital expenditures:
   Aircraft maintenance                                18,928            23,142
   Aircraft brokerage
   Part sales

Corporate                                              19,472            17,300
Total                                                  38,400            40,442


     All of the Company's facilities and assets are located in the United
States. The Company sells and ships to several foreign countries. Geographic
information regarding sales to foreign countries is presented in the following
table:

                                   Three Months      Three Months
                                      Ended             Ended
                                  March 31, 2004    March 31, 2005

                Mexico              $   15,000        $  640,176
                Peru                     8,400
                United Kingdom          24,825            14,225
                Ecuador              1,464,781
                Germany                  9,200            18,750
                UAE                      4,500         1,700,000
                Canada                     150
                Italy                   18,920            33,394
                Australia               17,427             1,700
                Guam                 1,452,733
                Venezuela               23,532
                Columbia                                   4,500
                Pakistan                                 529,816
                Ireland                                  155,027
                Brazil                                     5,100

                TOTALS              $3,039,468        $3,102,688


                                       13
<PAGE>

4. STOCK, STOCK OPTIONS AND WARRANTS

In January 2005, 50,000 options, issued as compensation for outside consultancy
services, were exercised at the option price of $.30 per share.

                               Share value  Vesting Date
                                       on
                               Measurement
                                      Date

               Common Shares                                30,700,386
                  Issued and
                 Outstanding

                 Unconverted
            Warrants Issued:

                     @ $0.34           .50                     720,000
                     @ $0.68           .50                   7,740,000
                     @ $1.36           .50                   7,740,000
                     @ $0.52           .65                     158,654
                     @ $1.00           .65                   1,137,020
                     @ $1.36           .65                   1,137,020

                    Subtotal                                18,632,694

             Options Issued:

                     @ $0.17           .23                     900,000
                     @ $0.20           .23                     100,000

                    Subtotal                                 1,000,000

             Awards of stock
               pending under
        employment contracts
                                       .60    07/23/2006        30,000
                                       .60    07/30/2006       300,000

                    Subtotal                                   330,000


                       Total                                50,663,080



Pro-forma Stock-based Compensation Disclosure

The Company has adopted the disclosure-only provisions of SFAS No. 123,
"Accounting for Stock-Based Compensation." but applies accounting Principles
Board Opinion No. 25, "Accounting for Stock Issued to Employees", and related
interpretations in accounting for its plans. Stock issued under plans to
employees was issued at the value of the stock at the measurement date. All
options issued were immediately exercisable. Until 2004, options issued were
immediately exercised. Those options issued to employees that were not
immediately exercised remained outstanding in 2005 and are summarized below:

                                    Weighted Average
                                     Exercise Price

Options outstanding at      900,000
beginning of year

Granted during quarter         None      $0.17         Exercisable on grant date
Exercised during quarter       None      $0.17
Forfeited during quarter       None
Outstanding at 3/31/2005    900,000      $0.17         Exercisable on grant date
Options exercisable at      900,000      $0.17
quarter end


These options were issued at $0.06 below the share price on the measurement
date. Expense in the amount of $54,000 was included in selling, general and
administrative expenses for 2004 in the statement of operations. Because the
options were immediately available the intrinsic value and the fair value of the
options is calculated at the same $.23 per share.

                                       14
<PAGE>

A summary of the Company's stock option plans as of March 31, 2005 and changes
during the year is presented below:


                                      Weighted Average
                                       Exercise Price

Options outstanding at      1,050,000      $.0179      Exercisable on grant date
beginning of year
Granted during year              None
Exercised during year          50,000      $0.30
Forfeited during year            None
Outstanding at 3/31/2005    1,000,000      $0.173      Exercisable on grant date
Options exercisable at      1,000,000      $0.173
year-end
Weighted average fair            None
value of options
granted during the year


5. TRADE ACCOUNTS RECEIVABLE

As of March 31, 2005, trade accounts receivable consisted of the following:

                                               March 31,     December 31,
                                                 2005            2004
                                               Unaudited       Audited

      Contracts in progress                   $   118,621    $ 1,961,319
      Completed contracts                       2,748,064      2,858,045
                                              -----------    -----------

                                              $ 2,866,685    $ 4,819,364


      Less: allowance for doubtful accounts       (53,149)       (53,149)
                                              -----------    -----------

                                              $ 2,813,536    $ 4,766,215
                                              ===========    ===========


6. CONTRACTS IN PROGRESS

At March 31, 2005 costs and estimated earnings in excess of billings and
billings in excess of costs and estimated earnings on uncompleted contracts
consisted of the following:

                                                March 31,     December 31,
                                                   2005           2004
                                                Unaudited       Audited

     Costs incurred on uncompleted contracts   $   808,822    $ 1,161,109
     Profit earned to date                         641,600        412,938
                                               -----------    -----------

                                               $ 1,450,422    $ 1,574,047

        Less: Billings to date                  (1,300,583)    (2,855,203)
                                               -----------    -----------

                                               $   149,839    $(1,281,156)
                                               ===========    ===========


Included in the accompanying balance sheet at March 31, 2005 and December 31,
2004 under the following captions:

     Costs and estimated earnings in excess of billings on uncompleted contracts
and Billings in excess of costs and estimated earnings on uncompleted contracts,
respectively.

                                                         2005         2004
                                                      Unaudited     Audited

  Costs and estimated earnings in excess from above   $  149,839
  Billings in excess from above                                    $(1,281,156)
  Time and material, unbilled                          1,092,663       314,918
                                                      ----------   -----------

                                     Net              $1,242,502   $  (966,238)
                                                      ==========   ===========


Billings in excess are the result of amounts due from customers under
contractual terms, which can be, in some cases, in advance of actual work
performed.

                                       15
<PAGE>

7. INVENTORY

Inventories consisted of the following:

                                        March 31,    December 31,
                                           2005          2004
                                        Unaudited      Audited

                 Maintenance Hardware      893,373   $  991,206
                 Parts for Resale          561,156    2,289,425
                 Aircraft & Engines        225,988      226,618
                                        ----------   ----------

                                        $1,680,517   $3,507,249
                                        ==========   ==========


8. PROPERTY AND EQUIPMENT

                                             March 31,   December 31,
                                               2005         2004
                                             Unaudited     Audited

               Gross Asset Value
            Land and improvements           $   25,094   $   25,094
            Buildings and improvements         183,866      183,866
            Vehicles                            73,328       73,328
            Computers and Software             294,161      289,561
            Other office equipment              52,004       50,805
            Machinery and equipment          1,601,447    1,568,847
                                            ----------   ----------

                 Sub Total                  $2,229,900   $2,191,501

            Less accumulated depreciation      673,529      559,367
                                            ----------   ----------

            Property and equipment, Net     $1,556,371   $1,632,134
                                            ==========   ==========


During 2004, depreciation expense was $325,966 and depreciation expense was
$114,162 during the 1st quarter of 2005. (World Jet had $113,515 in pre-2004
depreciation when acquired)

9. DUE TO FACTOR

As of March 31, 2005, the Company's subsidiary, World Jet, had placed invoices
belonging to various customers, in full recourse financing. The debt is secured
by the World Jet's accounts receivable due from customers and bears interest at
a rate as high as 37.5% per annum as of this date. The total amount of invoices
placed is $707,160.07 on which the factor advanced $533,740.78. As of March 31,
2005, the customers made payment totaling $474,208.66, leaving a balance due to
the factor of $232,957.41 payable by customers. No interest is being charged to
customers. Interest due to the factor as of March 31, 2005 was $32,912.09.
Interest applies to the face amount of invoices ($707,160.07) less the payments
received ($474,208.66).

10. GOING CONCERN

The accompanying consolidated financial statements have been prepared assuming
the Company will continue as a going concern. The Company had incurred losses,
since acquiring HAT, in April of 2002 through December 2003. Since HAT is now
profitable, Global can, if necessary, meet its financial requirements
internally. Management is also interested in securing additional funding for the
purpose of certain productivity improving or synergistic acquisitions and other
asset-based business opportunities. The Company is currently pursuing additional
capital for growth and strategic plan implementation. The Company has filed a
registration statement with the United States Securities and Exchange Commission
in pursuit of meeting these requirements.

                                       16
<PAGE>

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION.


                           FORWARD-LOOKING STATEMENTS

This report contains certain forward-looking statements and information relating
to Global Aircraft Solutions, Inc. ("Global") and its wholly owned subsidiaries
Hamilton Aerospace Technologies Inc., "HAT", and World Jet Corporation, "World
Jet", that are based on the beliefs of our management as well as assumptions
made by and information currently available to our management. When used in this
report, the words "anticipate", "believe", "estimate", "expect", "intend",
"plan" and similar expressions, as they relate to Global, HAT, World Jet, or its
management, are intended to identify forward-looking statements. These
statements reflect management's current view of Global, HAT, and World Jet
concerning future events and are subject to certain risks, uncertainties and
assumptions, including among many others relating to our results of operations:
competitive factors, shifts in market demand, and other risks and uncertainties,
our ability to generate sufficient working capital to meet our operating
requirements and service our indebtedness, maintaining good working
relationships with our vendors and customers, our ability to attract and retain
qualified personnel, future terrorist-related activities, economic factors that
affect the aviation industry, changes in government regulation, increases in
fuel prices, and the overall economy.



















                                       17
<PAGE>

                                     PART 1

The following discussion and analysis should be read in conjunction with the
information set forth under "Management's Discussion and Analysis of Financial
Condition and Results of Operations in our annual report on form 10-KSB for
2004. Global Aircraft Solutions, Inc. ("Global"), formerly Renegade Venture
(Nev.) Corporation, is a public company that trades in the U.S. over-the-counter
market. Our common stock is quoted on the OTC Bulletin board under the symbol
GACF. On May 2, 2002, Global acquired newly formed aviation company Hamilton
Aerospace Technologies, Inc., a Delaware corporation ("HAT") in a
stock-for-stock exchange. HAT was formed on April 5, 2002, to create a premier
provider of large aircraft maintenance, repair, overhaul and modification
("MRO") services to owners and operations of certain Transport Category
commercial jet aircraft. Its customers are all aircraft operators, including
passenger and cargo air carriers, and aircraft leasing companies. On July 25,
2004, Global acquired 100 percent of the common stock of World Jet Corporation
("World Jet"), a privately owned Nevada corporation. World Jet, incorporated in
1997, is an aviation parts sales company servicing aircraft operators, aircraft
leasing companies and MRO facilities. The acquisition of World Jet had an
effective transaction date of January 1, 2004 and the World Jet results of
operations are included in all quarters of calendar year 2004.

Global's plan of operation for the immediate future includes seeking and
acquiring, if possible, aviation industry related businesses to complement its
HAT and World Jet subsidiaries. Additionally, the Company will seek to expand
HAT and World Jet by organic growth. Global will not limit its search for
business combination candidates to any particular geographical area. Management
of Global will seek combination candidates in the United States and other
countries, as available time and resources permit, through existing associations
and by word of mouth. This plan of operation has been adopted in order to
attempt to increase value for Global's shareholders.

Company management has rejected a policy of growth for growth's sake in favor of
focusing on profitability and building a good reputation for the Company and its
subsidiaries by limiting contracts to those perceived to have a high probability
of success. This strategy is also beneficial to the Company's marketing efforts
in that a good track record of maintenance and modification contracts, delivered
successfully on-time and on-budget, is by far the most potent tool for securing
new work contracts; and expedited delivery of parts at a competitive price leads
to greater volume of parts sales. In managing its operations, the Company is
committed to continuously evaluating the adequacy of its management structure
and its existing systems and procedures; including its quality control,
financial, and internal controls systems. The Company is focused on maintaining
a small, but tightly knit and multi-tasking, highly experienced management team.

In the United States, the Federal Aviation Administration (FAA) regulates the
manufacture, repair, overhaul and operation all aircraft and aircraft equipment
operated in the U.S. The FAA must certify each authorized repair station, and
certified facilities are issued an Air Agency Certificate. Each certificate
contains rating and limitations that specifically authorize the repair station
to only perform certain types of services on specific makes and models of
aircraft. Aircraft maintenance and modification is a highly regulated industry,
and a good working relationship with the FAA is essential to the successful
operation of an FAA-approved Repair Station such as HAT. The policy of HAT
management is to work closely and proactively with the FAA, which has resulted
in the very positive relationship needed to insure that when significant issues
do occasionally arise between HAT and the FAA they are addressed in a reasonable
and constructive nature.

World Jet is a seller/broker of aircraft parts which is not an operation or
activity which is regulated by the FAA or any other governing body or
governmental agency; however, any aircraft parts sold by World Jet must be
accompanied by documentation verifying that such part is traceable to either an
FAA approved manufacturer, overhaul or repair facility, or an FAA certificated
operator. In furtherance of satisfying customers that World Jet does sell and
broker parts that are traceable to FAA certification, World Jet voluntarily
participates in the Airline Suppliers Association which requires an annual audit
of suppliers of aircraft parts to verify that such supplier maintains the proper
traceability documents, properly tags aircraft parts in support of such
traceability and maintains proper packaging and storage of aircraft parts. In
addition to the foregoing, World Jet also certifies to each customer that any
part or material sold was not involved in any incident and is not government
surplus.

                                       18
<PAGE>

HAT competes principally on the high quality of its services and its price
competitiveness due to its location in the Southwest. Location related benefits
include low labor rates; a dry, mild climate enabling HAT to do many MRO
projects outdoors; and low overhead. World Jet competes on price competitiveness
and expedited delivery of parts. World Jet has spent years acquiring inventories
at deep discounts and this inventory is the type HAT uses on a daily basis.
World Jet's customer base includes airlines, aircraft leasing companies and MRO
facilities. The large aircraft repair business and the aircraft parts sales
business are highly competitive. Revenues are sensitive to adverse changes in
the air carrier business, with factors such as airline profit levels, changes in
fuel costs, average fare levels, and passenger demand. The heavily regulated
airline industry, however, requires scheduled maintenance and repair services
irrespective of industry economics, thus providing a reasonably steady market
for HAT's and World Jet's services.


                  RECENT DEVELOPMENTS AFFECTING OUR OPERATIONS

The September 11th terrorist attacks carried out against the United States of
America in 2001 had a severe impact on the aviation industry. As a result of
these attacks and the related aftermath, many commercial passenger airlines and
air cargo carriers reported significant reductions in their operations, taking
more than 20% of their aircraft out of service, either parking them or returning
them to leasing companies. This reduction in operations caused the airline
industry in general to incur significant losses in 2001, 2002, and 2003 and
decreased revenues for MRO facilities that depend significantly on airline
customers, which HAT and World Jet do not. While airlines have seen increases
and remain hopeful that passenger levels will soon return to pre-September 11th
levels, the effect of the terrorist acts, the continued alerts by the U.S.
Department of Homeland Security and fears of new terrorist attacks, the U.S.-led
invasion of Iraq, high fuel costs and the general state of the economy could
quite possibly produce negative impact on the aviation industry.


                              RESULTS OF OPERATIONS

As a holding company, the bulk of our day-to-day operations are currently and
were as of March 31,2005, conducted by our operating subsidiaries, HAT, which
was organized on April 5, 2002 and began operations on April 15, 2002, and World
Jet, which was acquired July 25, 2004, with an effective date of January 1,
2004. Management elected, beginning in 2005, to conduct our aircraft trading
operations under the parent company Global Aircraft Solutions, Inc.

HAT operating revenues consist primarily of service revenues and sales of
materials consumed while providing services. World Jet revenues consist
primarily of sales of aircraft parts. Cost of sales consists primarily of labor
and materials, cost of parts and freight charges. Operating results have
fluctuated in the past and may fluctuate significantly in the future. Many
factors affect our operating results, including timing of repair orders and
payments from large customers, competition from other third-party MRO service
providers, the state of the aviation industry and the number of customers
seeking services, the impact of fixed pricing on gross margins and our ability
to accurately project our costs, our ability to obtain financing and other
factors.

Significant portions of our operating expenses, such as insurance, rent, debt
payments, certain salaries and such, are relatively fixed. Since we typically do
not obtain long-term commitments from our customers, we must anticipate the
future volume of orders based upon the historic patterns of our customers and
upon discussions with our customers as to their future requirements.
Cancellations, reductions or delays in orders by a customer or group of
customers could have a material adverse effect on our business, financial
condition and results of operations.

Operating revenue for the three months ended March 31, 2005 was $8,652,236,
which was bolstered by the inclusion of $1,525,000 in revenue from aircraft
trading operations. Our operating revenue for the three months ended March 31,
2005 was approximately twice the $4,286,031 that was earned during the same
period in 2004. The following table indicates the major sources of these
revenues:

                                       19
<PAGE>
<TABLE>
<CAPTION>

               Revenue breakdown 1st Quarter, 2005                  Revenue breakdown 1st  Quarter, 2004
                                                     (millions)                                            (millions)
<S>            <C>                                   <C>            <C>                                    <C>
HAT            MRO activity                          $ 4.922        MRO activity                           $ 3.324
               Commissions                           $  .680        Commissions                            $
               Parts                                 $  .082        Parts                                  $
               Other services                        $  .047        Other services                         $  .032

World Jet      Part Sales, less Intercompany         $ 1.123        Part Sales, less Intercompany          $  .700
               Commissions                           $  .023        Commissions                            $

Global         AC Sales                              $ 1.525        Mesa manpower contract                 $  .200
               Commissions                           $  .250        Mesa facility usage fees               $  .030


Gross profit for the first quarter of 2005 was $2,297,831 while gross profit for
the first quarter of 2004 was $1,434,413, a 60% increase. During the first
quarter of 2005, 51% of HAT's revenue came from its top five customers, 36% of
Word Jet's revenue, after intercompany eliminations, was derived from its top 4
customers.

While the Company aggressively seizes revenue-producing opportunities such as
aircraft sales, management gauges results by looking at what historically has
been the core revenue producing activity, the sale of labor hours. In the first
quarter of 2005, revenue produced from labor was $3,692,035 as compared with
$3,073,733 the first quarter of 2004. This represents an increase of 20%. The
comparative costs for all direct labor, including work performed by outside
contractors, was $2,642,316 in the first quarter of 2005 compared with
$1,425,491 for the same period in 2004, representing a 85% increase in cost. All
direct labor costs were 46% of sales in first quarter of 2005 compared with 40%
in the first quarter of 2004. Direct labor costs as a percentage will vary from
period to period as a result of the use of flat rate bidding for MRO contracts.
The first half of the first quarter of 2005 also reflects the increased use of
contract labor to handle the increase in work that was initially agreed to
during the last quarter of 2004. Contract labor costs average about 5 to 9 %
higher per hour than company employee costs. Billable labor hours increased from
44,464 in the first quarter of 2004 to 79,010 in the first quarter of 2005, an
increase of 78%.

Results in the first quarter, ended March 31, 2005, reflect management's
election to seize several unique opportunities in late 2004, related to aircraft
trading, which produced an unexpectedly large volume of work that HAT was
required to produce in order for the Company to perform the aircraft trading
transactions. The short-term decrease in HAT's profitability that was
anticipated by management continued through part of the 1st quarter of 2005.
Management accepted the decrease as a reasonable exchange for the long-term
benefits anticipated from the increased productive capacity of HAT and the
development of Global as an aircraft trading company. During the first three
quarters of 2004, as a result of being selective in the work booked, a
considerable increase in efficiencies was experienced due to a smaller, highly
skilled, stable work force. A substantial sudden increase in volume, such as HAT
underwent in the fourth quarter of 2004 that continued into the first quarter of
2005, can be expected to have a temporary impact on efficiencies but management
is confident that timely adjustment to the increased volume will be made and
profitability will benefit over time.

Management is cautiously optimistic that our adeptness at garnering jobs with
the likelihood of similar high gross profit potential and our continued
vigilance at holding down costs will be sustainable for the remainder of 2005.
HAT's option of being selective in the work booked is due to their growing
reputation for providing quality, on-budget, on-time deliveries to their
customers. HAT and World Jet are experiencing success in securing new customers
and securing more business from existing customers as well.

Gross profit levels during any particular period are dependent upon the number
and type of aircraft serviced, the contract terms under which services are
performed and the efficiencies that can be obtained in the performance of such
services. Significant changes in any one of these factors could have a material
impact on the amount and percentage of gross profits. Additionally, gross profit
could be impacted in the future by considerations as to the value of our
inventory.

Company SG&A expenses were $876,193 for the first quarter of 2004 and as a
percentage of revenues were 20%. The same period in 2005 showed SG&A expenses of
$1,628,734, which was 19% as a percentage of revenues. Management's continued
efforts to control costs remain a high priority for the remainder of 2005.

Interest expense for the Company, during the first quarter of 2005, was
$133,791.

                                       20
<PAGE>

The following tables depict our results of operations for the first quarter of
2005 and for the first quarter of 2004 on a stand-alone basis and a consolidated
for Global, HAT and World Jet:

1st Quarter 2005
                             Global         HAT        World Jet    Intercompany  Consolidated
                          Stand-Alone   Stand-Alone   Stand-Alone   Eliminations

Revenues                   1,775,000     5,730,920     2,255,788     1,109,472     8,652,236
  Less:  Cost of sales       975,000     4,879,870     1,609,007     1,109,472     6,354,405
  Less:  Expenses            598,825       677,609       361,300                   1,628,734
Pre-tax Operating Profit     210,175       173,441       285,481                     669,097
(Loss)

1st Quarter 2004
                              Global         HAT       World Jet    Intercompany  Consolidated
                           Stand-Alone   Stand-Alone  Stand-Alone   Eliminations

Revenues                     230,576      3,355,532     789,964        90,041       4,286,031
  Less:  Cost of sales       144,832      2,299,340     547,140        90,041       2,901,271
  Less:  Expenses            187,102        490,210     234,687                       911,999
Pre-tax Operating Profit    (101,358)       565,982       8,137                       472,761
(Loss)
</TABLE>

                         LIQUIDITY AND CAPITAL RESOURCES

Liquidity

As of March 31, 2005 we had outstanding indebtedness of $711,621 representing
the amount owing relative to a Loan and Security Agreement with M&I Marshall &
Ilsley Bank in the amount of $750,000 secured by a first priority lien on HAT's
accounts receivable and all other assets. The term of the Loan is 3 years with
an interest rate of 6.75% per annum. The Loan is payable in monthly installments
of $23,072.19 with a maturity date of January 31, 2008. See Form 8-K filed
February 8, 2005.

As of March 31, 2005, the Company's subsidiary, World Jet, had placed invoices
belonging to various customers, in full recourse financing. The debt is secured
by the World Jet's accounts receivable due from customers and bears interest at
a rate as high as 37.5% per annum as of this date. The total amount of invoices
placed is $707,160.07 on which the factor advanced $533,740.78. As of March 31,
2005, the customers had made payment totaling $474,208.66, leaving a balance due
to the factor of $232,957.41 payable by customers. No interest is being charged
to customers. Interest due to the factor as of March 31, 2005 was $32,912.09
Interest due to the factor as of March 31, 2005 was $32,912.09. Interest applies
to the face amount of invoices ($707,160.07) less the payments received
($474,208.66).

Our ability to make payments of principal and interest on outstanding debt will
depend upon our future operating performance, which will be subject to economic,
financial, competitive and other factors, some of which are beyond our control.
Our ability to repay our indebtedness is dependent on several factors: our
continued ability to secure high profit margin jobs, more fully utilizing our
capacities, creating a higher bottom line and consequently more cash; and our
ability to establish revolving credit lines, which we can draw on as needed.

Significant changes in the Company's Balance Sheet for the quarter ended March
31, 2004 were as follows:

     Total assets decreased from $11,758,012 at December 31, 2004 to $10,572,271
     at March 31, 2005. Significant changes for the period were:

          Cash on hand decreased $516,473.

          Accounts receivable showed a decrease of $1,952,679.

          Costs and expenses on uncompleted contracts in excess of billings
          increased $1,242,502.

          The Company's first quarter Balance Sheet reflects the
          reclassification of $1,946,490 of Inventory to Inventory, non-current.
          This is a substantial increase over the December 31, 2004
          reclassification of $212,500 and is largely due to the unsold World
          Jet inventory acquired as part of the World Jet purchase on January 1,
          2004.

     During the first quarter of 2005, total liabilities decreased from
     $5,651,670 at December 31, 2004 to $3,792,837 at March 31, 2005, primarily
     due to:

          An increase in Notes Payable of $711,621 that was the result of the
          loan placement discussed earlier.

          Accounts Payable decreased over the 2004 year-end balance by $762,086.

          Billings in excess of costs and expenses on uncompleted contracts
          decreased $966,238.

          Accrued liabilities decreased $581,668, reflecting the payment of all
          payroll taxes due to I.R.S.

                                       21
<PAGE>

Cash

As of March 31, 2005 we had $33,431 in cash on hand and approximately $2,813,536
in collectible receivables. It should be noted that unbilled, earned revenue was
unusually large at the end of the period at $1,242,502. Management believes that
anticipated cash flows will be adequate to sufficiently provide working capital.
We cannot assure you that financing alternatives will be available to us in the
future to support our working capital requirements.


                CRITICAL ACCOUNTING POLICIES AND USE OF ESTIMATES

Financial Reporting Release No. 60 of the SEC encourages all companies to
include a discussion of critical accounting policies or methods used in the
preparation of the financial statements. Our consolidated financial statements
filed as part of this annual report include a summary of the significant
accounting policies and methods used in the preparation of our consolidated
financial statements.

REVENUE RECOGNITION. We recognize revenues related to engine overhaul services
when we ship the overhauled engine. Revenues from fixed-fee contracts for MRO
sales are recognized on the percentage-of-completion method, measured by the
cost-to-cost method, commencing when progress reaches a point where experience
is sufficient to estimate final results with reasonable accuracy. Revision in
cost and labor hour estimates and recognition of losses on these contracts are
reflected in the accounting period in which the facts become known. Revenues
from time and material contracts are recognized as the services are performed.
Revenues from part sales are recognized when parts are shipped.

USE OF ESTIMATES. Management's Discussion and Analysis of Financial Condition or
Plan of Operation is based upon our consolidated financial statements, which
have been prepared in accordance with accounting principles generally accepted
in the United States. The preparation of our financial statements requires
management to make estimates and judgments that affect the reported amounts of
assets, liabilities, revenues and expenses, and the related disclosure of
contingent assets and liabilities. Management evaluates these estimates on an
on-going basis, including those related to estimated losses on disposal of
discontinued operations, the allowance to reduce inventory to the lower of cost
or net realizable value, the estimated profit recognized as aircraft
maintenance, design and construction services are performed, the allowance for
doubtful accounts and notes receivable, future cash flows in support of long
lived assets, medical benefit accruals, and the estimated fair values of
facilities under capital leases. Management bases its estimates on historical
experience and on various other assumptions that they believe are reasonable
under the circumstances, the results of which form the basis for making
judgments about the carrying value of assets and liabilities that are not
readily apparent from other sources. Actual results may differ from these
estimates under different assumptions and conditions.


ITEM 3. CONTROLS AND PROCEDURES

(a) Within 90 days of filing this report on Form 10-QSB (the "Evaluation Date"),
our Chief Financial Officer and Chief Executive Officer, together with HAT's
President and Principal Financial and Accounting Officer, evaluated our
disclosure controls and procedures, as defined in Rules 13a-14(c) and 15d-14(c)
promulgated under the Securities Exchange Act of 1934, as amended (the "Exchange
Act"). Based on that evaluation, these officers have concluded that as of the
Evaluation Date, our disclosure controls and procedures were effective in timely
alerting them to material information relating to our company (including our
consolidated subsidiaries) required to be included in our reports filed or
submitted by us under the Exchange Act.

(b) There have been no significant changes in our internal controls or in other
factors that could significantly affect internal controls subsequent to the date
of our most recent evaluation.


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<PAGE>

                           PART II. OTHER INFORMATION


ITEM 5. OTHER ITEMS

None


ITEM 6. EXHIBITS

     (a)  Exhibits

     31.1      Certification of Principal Executive Officer, Mr. Ian Herman

     31.2      Certification of President and Chief Operating Officer, Mr. John
               B. Sawyer

     31.3      Certification of Principal Financial Officer, Ms. Patricia Graham

     32.1      Certification of Mr. Ian M. Herman, Chief Executive Officer and
               Chief Financial Officer




                                   SIGNATURES

In accordance with the requirements of the Exchange act, the Registrant caused
this report to be signed on its behalf by the undersigned, thereunto duly
authorized individual.


Date: November 30, 2005

                         GLOBAL AIRCRAFT SOLUTIONS, INC.


                               By: /s/ Ian Herman
                             ----------------------
                             Ian Herman,
                             Chief Executive Officer
                             And Chief Financial Officer



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