UNITED STATES
                        SECURITES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 10-QSB

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

                For the quarterly period ended November 30, 2004

                          Commission File No 000-50643


                        GLOBAL ENTERTAINMENT CORPORATION
        (Exact name of small business issuer as specified in its charter)


            Nevada                                       86-0933274
  (State or other Jurisdiction           (I.R.S. Employer Identification Number)
of incorporation or organization)


                       4909 East McDowell Road, Suite 104
                           Phoenix, Arizona 85008-4293
                                 (480) 994-0772

Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter
period that the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days. Yes [X] No [ ]

Number of shares outstanding of each of the registrant's classes of common stock
as of October 5, 2004:

                         Common Stock, $.001 par value
                                5,345,738 shares

Transitional Small Business Disclosure Format (Check one): Yes [ ] No[X]
<PAGE>
                        GLOBAL ENTERTAINMENT CORPORATION
                                      INDEX
                              REPORT ON FORM 10-QSB
                     FOR THE QUARTER ENDED NOVEMBER 30, 2004


PART I. FINANCIAL INFORMATION

     Item 1. Financial Statements

          Condensed Consolidated Balance Sheets - As of November 30, 2004
          (Unaudited) and May 31, 2004

          Condensed Consolidated Statements of Operations (Unaudited) -
          Six Months Ended November 30, 2004 and 2003

          Condensed Consolidated Statements of Operations (Unaudited) -
          Three Months Ended November 30, 2004 and 2003

          Condensed Consolidated Statements of Changes in Stockholder's
          Equity - Year ended May 31, 2004 and Six Months Ended
          November 30, 2004 ((Unaudited)

          Condensed Consolidated Statements of Cash Flows (Unaudited) -
          Six Months Ended November 30, 2004 and 2003

          Notes to Condensed Consolidated Financial Statements

     Item 2. Management's Discussion and Analysis of Financial Condition
             and Results of Operations

     Item 3. Controls and Procedures

PART II. OTHER INFORMATION

     Item 1. Legal Proceedings

     Item 4. Submission of Matters to a Vote of Security Holders

     Item 6. Exhibits and Reports on Form 8-K

                                       1
<PAGE>
                GLOBAL ENTERTAINMENT CORPORATION AND SUBSIDIARIES
                      CONDENSED CONSOLIDATED BALANCE SHEETS

                                     ASSETS

<TABLE>
<CAPTION>
                                                                   November 30,          May 31,
                                                                      2004                2004
                                                                   ----------          ----------
                                                                   (Unaudited)
<S>                                                                <C>                 <C>
CURRENT ASSETS:
Cash and cash equivalents                                          $  200,595          $  483,773
Accounts receivable, less allowance for doubtful accounts
 of $37,752 at November 30, 2004 & $ 0 at  May 31, 2004             4,098,956           1,548,685
Accounts receivable - related parties and miscellaneous               136,227             154,450
Prepaid expenses                                                       20,087              40,777
                                                                   ----------          ----------

      TOTAL CURRENT ASSETS                                          4,455,865           2,227,685

Property and Equipment, net                                           164,593              45,385

Intangible Assets, net                                                 47,674              57,064

Goodwill, net                                                       4,061,466           4,056,506

Deferred Income Tax Asset, net                                        246,000             246,000

Non-marketable Securities                                              78,489              78,489

Miscellaneous Assets                                                   10,000               8,500
                                                                   ----------          ----------

      TOTAL ASSETS                                                 $9,064,087          $6,719,629
                                                                   ==========          ==========
</TABLE>

                 See accompanying Notes to Financial Statements

                                       2
<PAGE>
                GLOBAL ENTERTAINMENT CORPORATION AND SUBSIDIARIES
                CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)

                 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)

<TABLE>
<CAPTION>
                                                                          November 30,            May 31,
                                                                             2004                  2004
                                                                          -----------           -----------
                                                                          (Unaudited)
<S>                                                                       <C>                   <C>
CURRENT LIABILITIES:
Notes payable - current portion                                           $   200,000           $        --
Notes payable - related parties                                               133,333               183,333
Accounts payable                                                            2,461,790               696,658
Accounts payable - related parties                                                 --                16,291
Accrued liabilities                                                           226,744               653,571
Deferred revenues                                                             800,619               521,860
                                                                          -----------           -----------

      TOTAL CURRENT LIABILITIES                                             3,822,486             2,071,713

Long-term deferred revenues                                                   497,000                    --
                                                                          -----------           -----------

      TOTAL LIABILITIES                                                     4,319,486             2,071,713
                                                                          -----------           -----------
STOCKHOLDERS' EQUITY (DEFICIT):
Preferred stock - $.001 par value; 10,000,000 shares authorized;
 no shares issued or outstanding                                                   --                    --
Common stock - $.001 par value; 50,000,000 shares authorized;
 5,345,738 shares issued and outstanding as of November 30, 2004
 and 5,338,238 as of May 31, 2004                                               5,346                 5,338
Paid-in capital                                                             5,009,898             4,981,156
Accumulated deficit                                                          (270,643)             (338,578)
                                                                          -----------           -----------

      TOTAL EQUITY                                                          4,744,601             4,647,916
                                                                          -----------           -----------

      TOTAL LIABILITIES & EQUITY                                          $ 9,064,087           $ 6,719,629
                                                                          ===========           ===========
</TABLE>

                 See accompanying Notes to Financial Statements

                                       3
<PAGE>
                GLOBAL ENTERTAINMENT CORPORATION AND SUBSIDIARIES
                 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                    FOR THE SIX MONTHS AND THREE MONTHS ENDED
                     NOVEMBER 30, 2004 AND 2003 (UNAUDITED)

<TABLE>
<CAPTION>
                                      For the six months ended November 30,   For the three months ended November 30,
                                           2004                 2003                2004                 2003
                                        -----------          -----------         -----------          -----------
<S>                                     <C>                  <C>                 <C>                  <C>
Revenues
  Licensing and Advertising fees        $ 1,203,848          $ 1,144,120         $   656,860          $   509,951
  Franchise Fees                          1,015,000               40,000           1,015,000                   --
  Project management fees                 4,147,368              442,235           2,648,002              256,925
  Ticket Service Fees                        22,927                   --              22,927                   --
  Other revenue                              21,934                4,810              21,916                4,810
                                        -----------          -----------         -----------          -----------
                                          6,411,077            1,631,165           4,364,705              771,686
                                        -----------          -----------         -----------          -----------
Operating Costs
  Cost of revenues                        4,107,297              240,392           2,929,045              178,156
  General and administrative costs        2,235,847            1,314,304           1,277,193              706,829
                                        -----------          -----------         -----------          -----------
                                          6,343,144            1,554,696           4,206,238              884,985
                                        -----------          -----------         -----------          -----------

Income from Operations                       67,933               76,469             158,467             (113,300)

Other Income (Expense)
 Interest income                                  2                5,671                   1                3,579
 Interest expense                                --                   (7)                 --                   (7)
                                        -----------          -----------         -----------          -----------

Net Income                              $    67,935          $    82,133         $   158,468          $  (109,728)
                                                             ===========         ===========          ===========

Income Per Share - basic                $      0.01          $      0.02         $      0.03          $     (0.03)
                                        ===========          ===========         ===========          ===========
Weighted average shares outstanding
  - basic                                 5,341,845            4,068,115           5,343,156            4,068,115
                                        ===========          ===========         ===========          ===========

Income Per Share - diluted              $      0.01          $      0.02         $      0.03          $     (0.03)
                                        ===========          ===========         ===========          ===========
Weighted average shares outstanding
  - diluted                               5,504,501            4,068,115           5,532,879            4,068,115
                                        ===========          ===========         ===========          ===========
</TABLE>

                 See accompanying Notes to Financial Statements

                                       4
<PAGE>
                GLOBAL ENTERTAINMENT CORPORATION AND SUBSIDIARIES
                             CONDENSED CONSOLIDATED
             STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT)
                     FOR THE YEAR ENDED MAY 31, 2004 AND THE
                 SIX MONTHS ENDED NOVEMBER 30, 2004 (UNAUDITED)

<TABLE>
<CAPTION>
                                            Common Stock
                                        --------------------       Paid-in        Accumulated
                                        Shares        Amount       Capital          Deficit          Total
                                        ------        ------       -------          -------          -----
<S>                                  <C>             <C>        <C>             <C>             <C>
Balance at May 31, 2003               4,068,115       $4,068     $ 1,583,970     $(1,186,549)    $   401,489

Issuance of common stock and
 options for merger, net of
 registration costs of $311,946         815,308          815       2,093,307              --       2,094,123

Issuance of common stock
 for repayment of debt                  444,815          445       1,265,055              --       1,265,500

Options issued for services                  --           --          10,800              --          10,800

Purchase of fractional shares                --           --            (416)             --            (416)

Issuance of common stock
 for services                            10,000           10          28,440              --          28,450

Net income for year ended
 May 31, 2004                                --           --              --         847,971         847,971
                                      ---------       ------     -----------     -----------     -----------

Balance at May 31, 2004               5,338,238        5,338       4,981,156        (338,578)      4,647,916

Issuance of common stock                  2,500            3          11,247              --          11,250
 for services

Exercise of options                       5,000            5          17,495              --          17,500

Net income for quarter ended
 November 30, 2004                           --           --              --          67,935          67,935
                                      ---------       ------     -----------     -----------     -----------
Balance at November 30, 2004
 (Unaudited)                          5,345,738       $5,346     $ 5,009,898     $  (270,643)    $ 4,744,601
                                      =========       ======     ===========     ===========     ===========
</TABLE>

                 See accompanying Notes to Financial Statements

                                       5
<PAGE>
                GLOBAL ENTERTAINMENT CORPORATION AND SUBSIDIARIES
                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
          FOR THE SIX MONTHS ENDED NOVEMBER 30, 2004 & 2003 (UNAUDITED)

<TABLE>
<CAPTION>
                                                                      For the Six Months Ended November 30,
                                                                           2004                  2003
                                                                        -----------           -----------
<S>                                                                     <C>                   <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
  Net income                                                            $    67,935           $    82,133
  Adjustments to reconcile net income to net cash
   provided (used) by operating activities:
     Depreciation and amortization                                           32,871                12,701
     Issuance of stock for services/options exercised                        28,750                    --
  Changes in Assets and Liabilities:
     Accounts receivable
       - trade                                                           (2,550,271)               16,852
       - miscellaneous and related parties                                   18,223               (67,344)
     Prepaid Expenses                                                        20,690               (23,282)
     Miscellaneous assets                                                    (1,500)               (1,500)
     Accounts payable
       - trade                                                            1,765,132              (145,841)
       - related party                                                      (16,291)                   --
     Accrued liabilities                                                   (426,827)              (99,332)
     Deferred Revenues                                                      775,759               226,316
                                                                        -----------           -----------
          NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES:             (285,529)                  702
                                                                        -----------           -----------
CASH FLOWS FROM INVESTING ACTIVITIES:
  Purchase of fixed assets                                                 (142,689)              (34,603)
  Purchase of patents and trademarks                                             --                   (68)
  Capitalized acquisition costs                                                  --               (32,200)
                                                                        -----------           -----------
          NET CASH (USED IN) INVESTING ACTIVITES:                          (142,689)              (66,871)
                                                                        -----------           -----------
CASH FLOWS FROM FINANCING ACTIVITIES:
  Proceeds from debt                                                        200,000                    --
  Payments for registration of securities                                    (4,960)                   --
  Repayment of debt - related party                                         (50,000)              (31,731)
  Repayment of debt                                                              --                (5,225)
                                                                        -----------           -----------
          NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES:              145,040               (36,956)
                                                                        -----------           -----------

NET (DECREASE) IN CASH AND CASH EQUIVALENTS:                               (283,178)             (103,124)

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD:                             483,773               280,767
                                                                        -----------           -----------
CASH AND CASH EQUIVALENTS, END OF PERIOD:                               $   200,595           $   177,643
                                                                        ===========           ===========
</TABLE>

                 See accompanying Notes to Financial Statements

                                       6
<PAGE>
                GLOBAL ENTERTAINMENT CORPORATION AND SUBSIDIARIES
                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
          FOR THE SIX MONTHS ENDED NOVEMBER 30, 2004 & 2003 (UNAUDITED)
                                    CONTINUED

<TABLE>
<CAPTION>
                                                       For the Six Months Ended November 30,
                                                             2004                2003
                                                          ----------          ----------
<S>                                                       <C>                 <C>
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
  Cash paid during the year for interest                  $       --          $    1,485
                                                          ==========          ==========

  Cash paid during the year for income taxes              $    2,071          $      354
                                                          ==========          ==========

NON-CASH INVESTING AND FINANCE ACTIVITIES
  Stock issed for services                                $   11,250          $       --
                                                          ==========          ==========
</TABLE>

                 See accompanying Notes to Financial Statements

                                       7
<PAGE>
                GLOBAL ENTERTAINMENT CORPORATION AND SUBSIDIARIES
        NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

--------------------------------------------------------------------------------
                                     NOTE 1
         SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND USE OF ESTIMATES
--------------------------------------------------------------------------------

BASIS OF PRESENTATION

The condensed consolidated financial statements include the financial statements
of  Global   Entertainment   Corporation   ("Global")   and  its  wholly   owned
subsidiaries,  Western  Professional  Hockey  League Inc.  ("WPHL")  dba Central
Hockey League ("CHL"),  International  Coliseums Company,  Inc. ("ICC"),  Global
Entertainment  Marketing Systems ("GEMS"),  Cragar Industries,  Inc. ("Cragar"),
and  Global  Entertainment   Ticketing   ("GETTIX")   (collectively  called  the
"Company").  All significant  intercompany  balances and transactions  have been
eliminated in consolidation.

The accompanying  unaudited condensed  consolidated financial statements for the
Company have been  prepared in accordance  with  generally  accepted  accounting
principles for interim financial  information and with the instructions for Form
10-QSB.  Accordingly,  they do not include  all the  information  and  footnotes
required by generally  accepted  accounting  principles  for complete  financial
statements. In the opinion of management,  all adjustments (consisting of normal
recurring  accruals)  considered  necessary  for  fair  presentation  have  been
included.

Operating  results  for the six month  period  ended  November  30, 2004 are not
necessarily  indicative  of the results that may be expected for the year ending
May 31,  2005 or for any other  period.  For further  information,  refer to the
financial  statements  and  footnotes  included in the  Company's  annual report
included on Form-10KSB for the year ended May 31, 2004.

USE OF ESTIMATES

Management uses estimates and assumptions in preparing  financial  statements in
accordance with generally accepted  accounting  principles.  Those estimates and
assumptions  affect  the  reported  amounts  of  assets  and  liabilities,   the
disclosure of contingent  assets and liabilities,  and the reported revenues and
expenses.  Actual  results  may vary from the  estimates  that were  assumed  in
preparing the financial  statements.  Material  estimates  include,  but are not
limited  to,  the  allowance  for  doubtful  accounts,  the  carrying  value  of
intangible  assets, and the realization of the deferred income tax asset. Due to
the  uncertainties  inherent in the estimation  process and the  significance of
these items, it is at least reasonably possible that the estimates in connection
with these items could be further materially revised within the next year.

RECLASSIFICATIONS

Certain  items for the three months and six months ended  November 30, 2003 have
been reclassified in the accompanying financial statements to conform to current
presentations, for comparative purposes only.

                                       8
<PAGE>
                GLOBAL ENTERTAINMENT CORPORATION AND SUBSIDIARIES
        NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

--------------------------------------------------------------------------------
                                     NOTE 1
        SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, AND USE OF ESTIMATES
                                   (CONTINUED)
--------------------------------------------------------------------------------

REVENUE RECOGNITION

INITIAL AND TRANSFER FRANCHISE FEES:

Initial  franchise fees represent amounts received from franchisees to acquire a
franchise.  The amount is recognized as revenue when the franchise  agreement is
signed and the  Company  has met all of its  significant  obligations  under the
terms of the franchise  agreement.  The Company is responsible for assisting the
franchisee with facility lease contract  negotiations,  venue ticketing analysis
and  pricing,   concessionaire  negotiations  and  staffing  advisements.  These
generally  occur at the time  the  franchisee  acquires  a  franchise.  Transfer
franchise  fees  represent the amounts  received from the  franchisees  upon the
transfer of ownership of a franchise and are recognized when invoiced.

SPONSORSHIP, LICENSING AND ADVERTISING FEES

Pursuant to the terms of the Joint Operating  Agreement ("JOA"),  each team pays
assessment  fees of $75,000 per annum,  plus  $15,000 per annum for  officiating
costs. In addition, the 12 teams from the WPHL pay an extra $10,000 per annum to
cover Global's costs. The fees are recognized  ratably over the year. At the end
of the year, net profits/losses are shared  proportionately  with each member of
the JOA based upon the amount of revenue that each member has contributed to the
league.

GEMS sells certain  contractual  rights including,  but not limited to, facility
naming rights, luxury suite sales, club seat license sales, facility sponsorship
agreements, and ticket operations contracts. The revenue from these contracts is
recognized ratably over the duration of the contract. Corporate sponsorship fees
represent amounts received from third-party  sponsors.  Revenue from this source
is recognized when invoiced.

PROJECT MANAGEMENT FEES:

ICC receives Design and Build contract revenue from various municipalities. This
is recognized as revenue ratably over the duration of the contracts. The Company
has entered into several construction-project supervisory contracts.

REVENUE AND COST RECOGNITION:

Revenues  and costs  from  fixed-price  and  modified  fixed-price  construction
contracts  are  recognized  for each  contract  on the  percentage-of-completion
method,  measured by the  percentage of costs  incurred to date to the estimated
total direct costs.  Direct costs  include,  among other  things,  direct labor,
field labor, equipment rent, subcontract,  direct materials and direct overhead.
General and  administrative  expenses are accounted for as period costs and are,
therefore,  not  included  in the  calculation  of  the  estimates  to  complete
construction  contracts  in progress.  As contracts  can extend over one or more
accounting periods,  revisions in costs and earnings estimated during the course
of the work are reflected  during the accounting  period in which the facts that
required such revision become known.

                                       9
<PAGE>
                GLOBAL ENTERTAINMENT CORPORATION AND SUBSIDIARIES
        NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

--------------------------------------------------------------------------------
                                     NOTE 1
        SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, AND USE OF ESTIMATES
                                   (CONTINUED)
--------------------------------------------------------------------------------

EARNINGS PER SHARE

The  computation of basic and diluted  earnings (loss) per share is based on the
weighted average number of common shares outstanding  during the periods.  As of
November  30,  2004  and  2003  there  were  544,483  (unaudited),  and  224,107
(unaudited),    potentially   dilutive   warrants   and   options   outstanding,
respectively.  Due to the loss for the three  months  ended  November  30, 2003,
these warrants and options were not assumed  exercised due to the  anti-dilutive
effect.

STOCK-BASED COMPENSATION

EMPLOYEE STOCK OPTIONS:

The Company has elected to follow  Accounting  Principals  Board Opinion No. 25,
"Accounting   for  Stock  Issued  to   Employees"   (ABP  25)  and  the  related
interpretations  in accounting  for its employee  stock  options.  Under APB 25,
because the  exercise  price of  employee  stock  options  equals or exceeds the
market  price of the  underlying  stock on the date of  grant,  no  compensation
expense is recorded.  The Company has adopted the  disclosure-only  provision of
Statement of Financial  Accounting  Standards ("SFAS") No. 123,  "Accounting for
Stock  Based  Compensation",  as  amended  by  SFAS  No.  148,  "ACCOUNTING  FOR
STOCK-BASED COMPENSATION - TRANSITION & DISCLOSURE."

The following table illustrates the effect on net income (loss) and earnings per
share if the Company had applied the fair value  recognition  provisions of FASB
Statement  No. 148,  "ACCOUNTING  FOR  STOCK-BASED  COMPENSATION  - TRANSITION &
DISCLOSURE,  AN AMENDMENT TO FASB STATEMENT NO. 123.",  to stock-based  employee
compensation.

                                                   Six months ended November 30,
                                                      2004              2003
                                                    --------          --------
                                                   (Unaudited)       (Unaudited)

Net income, as reported                             $ 67,935          $ 82,133
Deduct: Total stock-based employee compensation
 expense determined under fair value based method
 for all awards, net of related tax effects           (6,944)           (4,560)
                                                    --------          --------

Pro forma net income                                $ 60,991          $ 77,573
                                                    ========          ========
Earnings per share:
   Basic, as reported                               $   0.01          $   0.02
                                                    ========          ========

   Basic, pro forma                                 $   0.01          $   0.02
                                                    ========          ========
Earnings per share:
   Diluted, as reported                             $   0.01          $   0.02
                                                    ========          ========

   Diluted, pro forma                               $   0.01          $   0.02
                                                    ========          ========

Due to the Company's net operating  loss  carryforwards,  the assumed tax effect
was deemed to be immaterial.

                                       10
<PAGE>
                GLOBAL ENTERTAINMENT CORPORATION AND SUBSIDIARIES
        NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

--------------------------------------------------------------------------------
                                     NOTE 2
                                     EQUITY
--------------------------------------------------------------------------------

During the six months ended  November 30, 2004,  the Company  issued  options to
purchase 2,500 shares of common stock (unaudited).  These options were issued to
various directors and managers. During the three months ended November 30, 2004,
the Company  issued no  options.  Options  granted  prior to May 31, 2003 had an
exercise price of $1.75 per share.  Options  granted during the six months ended
November  30, 2004 had an exercise  price of $4.50 per share  (unaudited).  Each
option has a maximum term of ten (10) years.

                                       11
<PAGE>
ITEM 2. MANAGEMENT'S  DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
        OF OPERATIONS

FORWARD-LOOKING DISCLOSURE

This  Quarterly  Report on Form  10-QSB  contains  "forward-looking  statements"
within the meaning of the "Safe  Harbor"  provision  of the  Private  Securities
Litigation  Reform Act of 1995  regarding  future events.  These  statements are
based on current expectations,  estimates, forecasts, and projections as well as
our beliefs and  assumptions.  Words such as "outlook",  "believes",  "expects",
"appears",  "may",  "will",  "should",  "anticipates" or the negative thereof or
comparable   terminology,   are  intended  to  identify   such   forward-looking
statements.  These  forward-looking  statements  are  only  predictions  and are
subject to risks,  uncertainties  and assumptions that are difficult to predict.
Therefore,  actual  results  may  differ  materially  and  adversely  from those
expressed  in any  forward-looking  statements.  Factors  that  might  cause  or
contribute to such differences  include,  but are not limited to those discussed
in our Annual Report on Form 10-KSB for the fiscal year ended May 31, 2004 under
the section entitled  "Management's  Discussion and  Analysis--Factors  That May
Affect  Future   Results."  You  should  not  place  undue   reliance  on  these
forward-looking  statements,  which speak only as of the date of this  Quarterly
Report.   We  undertake  no  obligation   to  revise  or  update   publicly  any
forward-looking statements for any reason, unless otherwise required by law.

GENERAL

The following is  management's  discussion  and analysis of certain  significant
factors affecting the Company's  financial position and operating results during
the  periods  included  in the  accompanying  condensed  consolidated  financial
statements.

OVERVIEW - COMPANY DESCRIPTION

In April 2000, we acquired all of the outstanding shares of Western Professional
Hockey  League  Inc.  ("WPHL")  from WPHL  Holdings,  Inc.,  a British  Columbia
corporation,   in  exchange  for  six  million   shares  of  our  common  stock.
Contemporaneously  with the  acquisition of WPHL, our name was changed to Global
Entertainment  Corporation.  Pursuant  to a joint  operating  agreement  between
Central  Hockey  League,  Inc.  and  us,  WPHL  operates  and  manages  a  minor
professional hockey league known as the Central Hockey League (the "CHL"), which
consists of seventeen  teams located in mid-market  communities in seven states,
including Texas,  Colorado,  Kansas,  Louisiana,  Mississippi,  New Mexico,  and
Oklahoma.

In January 2001,  we formed a subsidiary to acquire the assets of  International
Coliseums  Company,  Inc.  ("ICC") in exchange for 350,000  shares of our common
stock.  Our subsidiary,  ICC,  develops and manages  multipurpose  entertainment
facilities in mid-market  communities.  ICC enables us to secure a  professional
minor league hockey team as a primary  tenant in facilities  that it develops or
manages,  which we  believe  is a key  factor in the  viability  of our  managed
multipurpose  facilities,  and also enables us to promote the development of the
CHL by assisting  potential  franchisees in securing  quality venues in which to
play professional minor league hockey.

In January 2002, we formed a third wholly owned subsidiary, Global Entertainment
Marketing  Systems  ("GEMS"),  to promote,  market,  and sell  various  services
related to  multipurpose  entertainment  facilities,  including  facility naming
rights,  luxury  suite  sales,  club seat license  sales,  facility  sponsorship
agreements, and ticket operations contracts, among other licensing and marketing
opportunities.   GEMS  is  also  currently   pursuing  licensing  and  marketing
opportunities  for   CRAGAR-branded   products,   which  we  recently  acquired,
particularly  with  respect to those  markets in which WPHL and CHL  franchisees
operate.

In March 2003, we acquired through a merger Cragar Industries,  Inc. ("Cragar"),
in which each share of Cragar common stock was exchanged for a fractional  share
of Global common stock at a conversion rate of approximately  0.2091,  resulting
in 815,308 of our shares being issued. In addition, the holders of $1,265,500 in
principal  amount of outstanding  Cragar debt  exchanged  their debt for 444,815
shares of Global common stock,  and all outstanding  Cragar options and warrants
were converted to Global options or warrants based on the same conversion  rates
described  above, for a total of 120,415 options and 39,960 warrants issued upon
closing of the merger.

                                       12
<PAGE>
Most recently,  we formed Global Entertainment  Ticketing  ("GETTIX"),  a wholly
owned  subsidiary,  as a third party  provider of  ticketing  solutions  for the
multipurpose event centers under ICC management,  existing CHL franchisees,  and
various  other  entertainment  venues,   theatres,   concert  halls,  and  other
facilities and event coordinators.  GETTIX intends to offer Internet and inbound
ticket  sales  services  for each  client,  and has the ability to create  local
networks of outlet  sales  locations  in the various  communities  in which they
serve.

SIX MONTHS  ENDED  NOVEMBER 30, 2004  COMPARED TO SIX MONTHS ENDED  NOVEMBER 30,
2003

REVENUES:

<TABLE>
<CAPTION>
                                                              For the Six Months Ended November 30,

                                                   Percent of                 Percent of    Dollar Change   Percent Change
                                                      2004                       2003       Between 2003     Between 2003
                                        2004        Revenue        2003        Revenue        and 2004         and 2004
                                        ----        -------        ----        -------        --------         --------
<S>                                 <C>               <C>      <C>               <C>        <C>                   <C>
Revenue
  Project management fees           $ 4,147,368       64.7%    $   442,235       27.1%      $ 3,705,133           837.8%
  Licensing and advertising fees      1,203,848       18.8%      1,144,120       70.1%           59,728             5.2%
  Ticket Service Fees                    22,927        0.4%              -        0.0%           22,927              N/A
  Other revenue                          21,934        0.3%          4,810        0.3%           17,124           356.0%
  Franchise fees                      1,015,000       15.8%         40,000        2.5%          975,000         2,437.5%
                                    -----------      -----     -----------      -----       -----------         -------
  Total                             $ 6,411,077      100.0%    $ 1,631,165      100.0%      $ 4,779,912           293.0%
                                    ===========      =====     ===========      =====       ===========         =======
</TABLE>

Total revenues  increased  $4,779,912,  from $1,631,165 for the six months ended
November 30, 2003 to $6,411,077 for the six months ended November 30, 2004. This
293.0%  increase was generated  primarily by ICC,  which realized an increase of
$3,705,133,  from  $442,235  for the  six  months  ended  November  30,  2003 to
$4,147,368  for the six months ended  November 30, 2004.  ICC's increase was the
result of revenues from the current project  management  agreement with the City
of Youngstown,  Ohio for the construction of the Youngstown  Convocation Center.
ICC is now in the design and build portion of the agreement.  We anticipate that
the facility  will be completed in the second half of 2005.  Revenues from these
types of projects are  relatively  infrequent  and  difficult to predict.  ICC's
revenues  represented  64.7% of our total revenue for the first six months ended
November  30,  2004,  compared to 27.1% of our total  revenue for the six months
ending November 30, 2003.

Licensing and advertising  fees increased  $59,728,  from $1,144,120 for the six
months ended  November 30, 2003, to $1,203,848 for the six months ended November
30,  2004.  This 5.2%  increase  resulted  from an  increase  in  licensing  and
advertising  revenues as a direct  result of the merger with Cragar  Industries,
Inc.  which is now a wholly owned  subsidiary.  The Cragar  merger was closed in
March 2004,  and was an entirely new revenue source for us during the six months
ended  November 30, 2004.  Revenues  from the CHL remained  virtually  unchanged
during the period.

Franchise fees increased $975,000 in the six months ended November 30, 2004 from
the corresponding  2003 period. We realized revenue from one new franchise sale,
and no new transfers or relocations  occurred during the period.  This franchise
sale represents the purchase of franchise rights for the Youngstown  Convocation
Center,  and an  additional  member team that will join the CHL upon  completion
that facility.  Revenue, if any, from new franchise fees or from the transfer or
relocation of franchises in any fiscal year or interim period is unpredictable.

Ticketing  service fees were realized by us for the first time during the period
ended November 30, 2004.  During the six months ended November 30, 2004,  GETTIX
only incurred startup expenses. Beginning in September 2004, GETTIX began formal
operations and generated $22,927 in revenue.

Other revenue  increased  $17,124 in the six months ended November 30, 2004 from
$4,810  in the  corresponding  2003  period.  This  increase  was the  result of
successful  negotiation  of a special  advertising  contract  with a sponsor for
selected  hockey  markets  for the CHL.  It is not  regularly  anticipated  that
similar contracts will be obtained in the future.

                                       13
<PAGE>
OPERATING COSTS:

<TABLE>
<CAPTION>
                                                              For the Six Months Ended November 30,

                                                   Percent of                 Percent of    Dollar Change   Percent Change
                                                      2004                       2003       Between 2003     Between 2003
                                        2004        Revenue        2003        Revenue        and 2004         and 2004
                                        ----        -------        ----        -------        --------         --------
<S>                                 <C>               <C>      <C>               <C>        <C>                   <C>
Operating Costs
  Cost of revenues                    $ 4,107,297    64.0%     $   240,392       14.7%       $ 3,866,905       1,608.6%
  General and administrative costs      2,235,847    34.9%       1,314,304       80.6%           921,543          70.1%
                                      -----------    ----      -----------       ----        -----------       -------
  Total                               $ 6,343,144    98.9%     $ 1,554,696       95.3%       $ 4,788,448         308.0%
                                      ===========    ====      ===========       ====        ===========       =======
</TABLE>

Total  operating  costs  increased by  $4,788,448,  from  $1,554,696 for the six
months ended  November 30, 2003 to $6,343,144  for the six months ended November
30, 2004.  This 308.0% increase  resulted  primarily from an increase in cost of
revenue of  $3,866,905  in the six months ended  November 30, 2004 over the same
2003  period,  which in turn  resulted  from  the  requirements  of the  project
management  agreement for the City of Youngstown,  Ohio and the costs associated
with project  management  services related to the construction of the Youngstown
Convocation Center.

General  and  administrative   expenses  increased  $921,543,   or  70.1%,  from
$1,314,304  for the six months ended November 30, 2003 to $2,235,847 for the six
months ended  November 30,  2004.  This  increase  resulted  from  approximately
$374,145 in expenses associated with the formation,  start up, and operations of
GETTIX,  and also  approximately  $327,372 of expenses  associated  with general
corporate expansion and increased overhead to meet additional staffing needs and
marketing activities. Finally, the present six month period results also include
$220,026 in expenditures for Cragar that are not reflected in the  corresponding
2004 period, since we did not acquire Cragar until March 2004.

INCOME FROM OPERATIONS

<TABLE>
<CAPTION>
                                                              For the Six Months Ended November 30,

                                                   Percent of                 Percent of    Dollar Change   Percent Change
                                                      2004                       2003       Between 2003     Between 2003
                                        2004        Revenue        2003        Revenue        and 2004         and 2004
                                        ----        -------        ----        -------        --------         --------
<S>                                 <C>               <C>      <C>               <C>        <C>                   <C>
  Income from operations               $67,933        1.1%       $76,469         4.7%         $(8,536)          -11.2%
</TABLE>

Income from  operations  was $67,933 for the six months ended November 30, 2004,
compared to $76,469 for the six months ended November 30. 2003. This decrease of
$8,536 was primarily  the result of changes in the amount of revenue  recognized
from the CHL. Each year,  management reviews the recognition  policies and makes
necessary  adjustments in order to accurately match those deferred revenues with
expenses  during the hockey season.  For the six months ended November 30, 2004,
revenues  were  approximately  $20,000  lower than  during the six months  ended
November 30, 2003. Regardless of the amount recognized during an interim period,
the CHL will fully recognize  $90,000 in dues per team by the end of each fiscal
year.  This  variance  is  not  considered  to  be  of  a  material  nature,  in
management's opinion.

                                       14
<PAGE>
THREE MONTHS ENDED NOVEMBER 30, 2004 COMPARED TO THREE MONTHS ENDED NOVEMBER 30,
2003

REVENUES:

<TABLE>
<CAPTION>
                                                              For the Three Months Ended November 30,

                                                   Percent of                 Percent of    Dollar Change   Percent Change
                                                      2004                       2003       Between 2003     Between 2003
                                        2004        Revenue        2003        Revenue        and 2004         and 2004
                                        ----        -------        ----        -------        --------         --------
<S>                                 <C>               <C>      <C>               <C>        <C>                   <C>
Revenue
  Project management fees            $ 2,648,002      60.7%      $ 256,925       33.3%       $ 2,391,077         930.7%
  Licensing and advertising fees         656,860      15.0%        509,951       66.1%           146,909          28.8%
  Ticket Service Fees                     22,927       0.5%              -        0.0%            22,927            N/A
  Other revenue                           21,916       0.5%          4,810        0.6%            17,106         355.6%
  Franchise fees                       1,015,000      23.3%              -        0.0%         1,015,000            N/A
                                     -----------     -----       ---------      -----        -----------         -----
  Total                              $ 4,364,705     100.0%      $ 771,686      100.0%       $ 3,593,019         465.6%
                                     ===========     =====       =========      =====        ===========         =====
</TABLE>

Total revenues  increased  $3,593,019,  from $771,686 for the three months ended
November 30, 2003 to  $4,364,705  for the three months ended  November 30, 2004.
This 465.6%  increase was generated  primarily by ICC which realized an increase
of  $2,391,077  from  $256,925 for the three  months ended  November 30, 2003 to
$2,648,002  for the three months ended November 30, 2004.  Again,  this increase
was the  result of  revenues  received  under  the  current  project  management
agreement  with  the  City  of  Youngstown,  Ohio  for the  construction  of the
Youngstown  Convocation  Center.  ICC's revenues  represented 60.7% of our total
revenue for the three months ended  November 30, 2004,  compared to 33.3% of our
total revenue for the three months ended November 30, 2003.

Licensing and  advertising  fees increased  $146,909 from $509,951 for the three
months ended  November 30, 2003 to $656,860 for the three months ended  November
30, 2004.  This 28.8%  increase  resulted  from the addition of Cragar  revenues
after the merger in March 2004.

Franchise  fees  increased  $1,015,000  for the three months ended  November 30,
2004,  from $0 for the three months ended November 30, 2003. This was the result
of a franchise  sale for a new team to play in  Youngstown,  Ohio. No such sales
occurred during the three months ended November 30, 2003.

Ticketing  service fees were  realized by us for the first time during the three
months ended November 30, 2004. Beginning in September 2004, GETTIX began formal
operations and generated $22,927 in revenues during the quarter.

Other  revenues  increased  $17,106,  from  $4,810  for the three  months  ended
November 30, 2003 to $21,916 for the three months ended November 30, 2004.  This
increase is the result of increased  service  fees  generated by GEMS during the
present fiscal year.

                                       15
<PAGE>
OPERATING COSTS:

<TABLE>
<CAPTION>
                                                              For the Three Months Ended November 30,

                                                   Percent of                 Percent of    Dollar Change   Percent Change
                                                      2004                       2003       Between 2003     Between 2003
                                        2004        Revenue        2003        Revenue        and 2004         and 2004
                                        ----        -------        ----        -------        --------         --------
<S>                                 <C>               <C>      <C>               <C>        <C>                   <C>
Operating Costs
  Cost of revenues                    $ 2,929,045    67.1%      $ 178,156       23.1%        $ 2,750,889        1544.1%
  General and administrative costs      1,277,193    29.3%        706,829       91.6%            570,364          80.7%
                                      -----------    ----       ---------      -----         -----------         -----
  Total                               $ 4,206,238    96.4%      $ 884,985      114.7%        $ 3,321,253         375.3%
                                      ===========    ====       =========      =====         ===========         =====
</TABLE>

Total  operating  costs  increased by  $3,321,253,  from  $884,985 for the three
months ended November 30, 2003 to $4,206,238 for the three months ended November
30, 2004.  This 375.3% increase  resulted  primarily from an increase in cost of
revenue of $2,750,889,  which was directly  related to the  requirements  of the
project  management  agreement  for the City of  Youngstown,  Ohio and the costs
associated with project  management  services related to the construction of the
Youngstown Convocation Center.

General and administrative  expenses increased $570,364, or 80.7%, from $706,829
for the three months ended  November 30, 2003 to $1,277,193 for the three months
ended November 30, 2004. This increase included $209,013 in additional  expenses
over the same 2003 period resulting from expenses associated with the formation,
start up, and  operations of GETTIX and also $248,163  from  increased  overhead
expenditures to meet additional staffing needs and marketing plans. Finally, for
the three months  ended  November  30,  2004,  results also include  $113,188 in
expenditures  for Cragar that are not reflected in the first quarter  results of
the prior fiscal year since Cragar was not acquired until March 2004.

INCOME (LOSS) FROM OPERATIONS.

<TABLE>
<CAPTION>
                                                              For the Three Months Ended November 30,

                                                   Percent of                 Percent of    Dollar Change   Percent Change
                                                      2004                       2003       Between 2003     Between 2003
                                        2004        Revenue        2003        Revenue        and 2004         and 2004
                                        ----        -------        ----        -------        --------         --------
<S>                                 <C>               <C>      <C>               <C>        <C>                   <C>
  Net income/(Loss) from
   operations                         $158,467        3.6%       $(113,300)     -14.7%        $271,767          239.9%
</TABLE>

Net income from  operations was $158,467 for the three months ended November 30,
2004,  compared to a net loss from  operations  of $113,300 for the three months
ended  November  30.  2003.  Current  quarter  income  was  the  result  of  the
commencement  of  operations  from  GETTIX,  the  sale of a new  franchisee  for
Youngstown  Ohio,  and  continued  profitable   operations  of  ICC  in  project
management.

                                       16
<PAGE>
LIQUIDITY AND CAPITAL RESOURCES

Our primary  source of  operating  capital in fiscal year 2005 is expected to be
from league  assessments  from the CHL. Since there is no assurance that we will
be able to supplement our operating  capital  through  franchise fees or service
fees from our new operation,  GETTIX, we must generate sufficient levels of cash
from  operations to meet our working  capital  needs,  or rely on equity or debt
financing to meet cash requirements.

During the period, we entered into a $1,000,000 revolving credit facility with a
commercial  lender.  We expect to utilize this  facility if our working  capital
needs exceed cash flow from operations. This credit facility has been secured by
substantially  all of our tangible and  intangible  assets,  including  Cragar's
trademark  portfolio and a pledge of Cragar's  capital stock. The facility bears
interest at the lender's prime rate, plus 1%. As of January 12, 2005,  there was
$375,000]  outstanding under this facility and we have the capacity to borrow an
additional $625,000,  assuming all of the borrowing conditions are met. In order
to continue  borrowing,  we must meet  certain  financial  covenants,  including
maintaining a current ratio (current assets compared to current  liabilities) of
1.05 to 1.0 as of the end of each fiscal quarter,  certain tangible net worth of
at  least  $$375,000,  and a ratio  of  total  liabilities  to  earnings  before
interest, taxes and depreciation and amortization of not more than 3.0 to 1.0 on
a rolling  annual basis for each quarter up until the quarter ended February 28,
2005,  and 2.5 to 1.0 for reach quarter after that.  The facility will mature on
November  19,  2005;  however,  we must  maintain  a $0 unpaid  balance  for one
consecutive  30 day period  during the term of the  facility.  In the event that
this credit  facility  were to prove  insufficient,  or in the event that we are
unable to  continue  borrowing  under it, we likely  would be required to obtain
additional  equity or debt financing,  and the terms of such financing (if it is
available  at  all)  may  be  dilutive  to  existing  stockholders  and  may  be
unfavorable to us in other respects.  In that case, our financial  condition and
ability to continue operations could be materially and adversely affected.

For the six months ended  November 30, 2004,  cash used by operating  activities
totaled $285,529 compared to net cash provided by operations of $702 for the six
months ended  November 30, 2003.  This is primarily due to ICC  operations  with
respect to project management in Youngstown, Ohio.

Cash used in  investing  activities  totaled  $142,689  for the six months ended
November 30, 2004, as compared to $66,871 for the six months ended  November 30,
2003. This increase in use of funds is predominantly  attributed to the purchase
of capital equipment and furniture related to the startup operations of GETTIX.

Cash provided by financing  activities totaled $145,040 for the six months ended
November  30, 2004 as compared to cash used in financing  activities  of $36,956
for the six months ended  November 30. 2003.  This increase is the result of the
use of a credit  facility during the period and a repayment of a note assumed in
conjunction with the merger with Cragar.

SEASONALITY

We experience  significant  seasonality in our cash flows from assessment  fees,
and must budget our cash flow  accordingly.  Approximately 75% of our assessment
fees are received prior to the start of the CHL hockey season in October of each
year.

INFLATION

We do not  believe  that  inflation  has been a  material  factor  in our  prior
operations,  nor do we  anticipate  that  general  price  inflation  will have a
significant impact on our operations in the near future.

NEW ACCOUNTING PRONOUNCEMENTS

In May 2003,  the FASB issued SFAS No. 150,  "Accounting  for Certain  Financial
Instruments with Characteristics of both Liabilities and Equity." This Statement
establishes  standards  for  how  an  issuer  classifies  and  measures  certain
financial  instruments with  characteristics of both liabilities and equity. The
provisions  of SFAS No.  150,  which  also  include a number  of new  disclosure
requirements,  are effective for instruments  entered into or modified after May
15, 2003 and  pre-existing  instruments as of the beginning of the first interim
period that commences  after June 15, 2003. The adoption of SFAS No. 150 did not
have a significant effect on our results of operations or financial position.

                                       17
<PAGE>
ITEM 3.  CONTROLS AND PROCEDURES

Our Chief Executive  Officer and our Chief Financial  Officer,  after evaluating
the effectiveness of Global's  disclosure controls and procedures (as defined in
the Securities and Exchange Act of 1934, Rules 13a-14(c) and 15d-14(c),  as of a
date within 90 days of the filing date of this  quarterly  report on Form 10-QSB
(the  "Evaluation  Date"),  have concluded  that as of the Evaluation  Date, our
disclosure  controls and  procedures  were adequate and effective to ensure that
material information relating to Global and our consolidated  subsidiaries would
be made known to them by others within those entities,  particularly  during the
period in which this quarterly report on Form 10-QSB was being prepared.

There were no significant  changes in our internal  controls or in other factors
that  could   significantly   affect  our  disclosure  controls  and  procedures
subsequent to the Evaluation Date, nor any significant  deficiencies or material
weaknesses  in such  disclosure  controls and  procedures  requiring  corrective
action. As a result, no corrective action was taken.

                           PART II - OTHER INFORMATION

ITEM 1.  LEGAL PROCEEDINGS

In the  ordinary  course of business  we  experience  ancillary  exposure to the
general  public,  due  primarily  to our  facilities  operations.  As  with  the
construction  and  management of any  facilities,  there exists a degree of risk
that fans or other public attendees or visitors may be accidentally  injured. To
mitigate this risk, we maintain insurance coverage in amounts and covering risks
that we believe to be reasonably foreseeable, but there is no assurance that our
insurance will be sufficient to cover actual liabilities.

We are a defendant  in a lawsuit  filed by an employee of one of our  franchises
for alleged breach of contract. The suit asks for unspecified actual damages. We
do not believe that the suit has merit and we are  defending it  vigorously.  We
cannot provide any assurances as to the outcome of litigation, however.

ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

Effective October 14, 2004, holders who held an aggregate of 4,022,065 shares of
our common stock,  representing 75.31% of our then outstanding shares, delivered
written consents to us in lieu of an annual meeting of shareholders. The written
consents elected seven members to our board of directors,  and also ratified the
selection of Semple & Copper LLP as our independent auditors. We did not solicit
these written consents.  Information  concerning the actions taken were provided
to  stockholders  in our  Information  Statement  of Form  14C  filed  with  the
Securities Exchange Commission ("SEC") on September 29, 2004.

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

(a) EXHIBITS. See Exhibit Index attached.

(b) REPORTS ON FORM 8-K. On August 31, 2004,  we filed a report on Form 8-K with
the SEC relating to a press release  announcing that we had entered into various
cross  marketing  contracts.  On October 14, 2004, we filed a report on Form 8-K
with the SEC  relating to our  financial  results for the fiscal  quarter  ended
August 31, 2004. On October 27, 2004, we filed a report on Form 8-K with the SEC
relating to a press release announcing that a contract had been entered into for
the broadcast of several Central Hockey League games.

                                       18
<PAGE>
                                    SIGNATURE

Pursuant to the  requirements  of the  Securities  and Exchange Act of 1934, the
Registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned thereunto duly authorized.

                                          Global Entertainment Corporation
                                                  (Registrant)


January 14, 2005                          By /s/ Richard Kozuback
                                             -----------------------------------
                                             Richard Kozuback
                                             President & Chief Executive Officer



January 14, 2005                          By /s/ J. Craig Johnson
                                             -----------------------------------
                                             J. Craig Johnson
                                             Chief Financial Officer

                                       19
<PAGE>
                                  EXHIBIT INDEX


      EXHIBIT

10.1*    Credit  Agreement  dated  November 19, 2004 among Global  Entertainment
         Corporation and subsidiaries and Comerica Bank

10.2*    Revolving  Promissory Note dated November 19, 2004,  executed by Global
         Entertainment  Corporation and subsidiaries for the benefit of Comerica
         Bank

10.3*    Security  Agreement  dated  November  19,  2004,   executed  by  Global
         Entertainment  Corporation and subsidiaries for the benefit of Comerica
         Bank

10.4*    Pledge  and  Irrevocable  Proxy  Agreement  dated  November  19,  2004,
         executed  by  Global  Entertainment  Corporation  for  the  benefit  of
         Comerica Bank

31.1*    Certifications  Pursuant to 18 U.S.C.  Section 1350-Section 302, signed
         by Richard Kozuback, Chief Executive Officer

31.2*    Certifications  Pursuant to 18 U.S.C.  Section 1350-Section 302, signed
         by J. Craig Johnson, Chief Financial Officer

32**     Certification Pursuant to 18 U.S.C. Section 1350-Section 906, signed by
         Richard Kozuback,  Chief Executive Officer and J. Craig Johnson,  Chief
         Financial Officer

----------
*  Filed herewith.
** Furnished herewith.