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, 2005

                          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 of          (I.R.S. Employer Identification Number)
 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 [ ]

Indicate  whether the registrant is a shell company (as defined in Rule 12b-2 of
the Exchange Act) Yes [ ] No [X]

Number of shares outstanding of each of the registrant's classes of common stock
as of January 1, 2006:

                          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, 2005


PART I. FINANCIAL INFORMATION

     Item 1. Financial Statements                                             3

          Condensed Consolidated Balance Sheets - As of November 30, 2005
          (Unaudited) and May 31, 2005                                        3

          Condensed Consolidated Statements of Operations (Unaudited) -
          Six Months Ended November 30, 2005 and 2004                         5

          Condensed Consolidated Statements of Operations (Unaudited) -
          Three Months Ended November 30, 2005 and 2004                       5

          Condensed Consolidated Statements of Changes in Stockholders'
          Equity - Fiscal Year ended May 31, 2005 and Six Months Ended
          November 30, 2005 (Unaudited)                                       6

          Condensed Consolidated Statements of Cash Flows (Unaudited) -
          Six Months Ended November 30, 2005 and 2004                         7

          Notes to Condensed Consolidated Financial Statements                9

     Item 2. Management's Discussion and Analysis of Financial Condition
             and Results of Operations                                       14

     Item 3. Controls and Procedures                                         20

PART II. OTHER INFORMATION

     Item 1. Legal Proceedings                                               21

     Item 4. Submission of Matters to a Vote of Securities Holders           21

     Item 6. Exhibits                                                        21

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


                                     ASSETS

<TABLE>
<CAPTION>
                                                                           November 30,            May 31,
                                                                               2005                 2005
                                                                           -----------          -----------
                                                                           (Unaudited)
<S>                                                                        <C>                  <C>
Current Assets:
Cash and cash equivalents                                                  $ 3,176,342          $   750,159
Accounts receivable - trade, less allowance for doubtful accounts
 of $20,891 at November 30, 2005 and May 31, 2005                            3,197,846            3,660,030
Accounts receivable - miscellaneous                                             38,567               37,873
Prepaid expenses                                                               308,716              106,776
Deferred income tax asset                                                        8,000                8,000
                                                                           -----------          -----------

      Total Current Assets                                                   6,729,471            4,562,838

Accounts receivable - trade - long term portion                                600,000                   --

Property and Equipment, net                                                    182,561              167,328

Intangible Assets, net                                                          32,484               41,207

Goodwill, net                                                                4,061,466            4,061,466

Non-marketable Securities                                                       78,489               78,489

Miscellaneous Assets                                                            92,656              102,475
                                                                           -----------          -----------

      Total Assets                                                         $11,777,127          $ 9,013,803
                                                                           ===========          ===========
</TABLE>

               The Accompanying Notes are an Integral Part of the
                       Consolidated Financial Statements

                                       3
<PAGE>
                GLOBAL ENTERTAINMENT CORPORATION AND SUBSIDIARIES
                CONDENSED CONSOLIDATED BALANCE SHEETS (Continued)


                      LIABILITIES AND STOCKHOLDERS' EQUITY

<TABLE>
<CAPTION>
                                                                          November 30,            May 31,
                                                                              2005                 2005
                                                                          -----------          -----------
                                                                          (Unaudited)
<S>                                                                       <C>                  <C>
Current Liabilities:
Accounts payable                                                          $ 3,112,850          $ 1,558,771
Accounts payable - related party                                                   --               13,252
Accrued liabilities                                                         1,796,046            1,127,400
Deferred revenues - current portion                                           810,591              421,350
                                                                          -----------          -----------

      Total Current Liabilities                                             5,719,487            3,120,773

Deferred revenues                                                             669,403              669,403
Deferred income tax liability                                                  86,000               68,000
                                                                          -----------          -----------

      Total Liabilities                                                     6,474,890            3,858,176
                                                                          -----------          -----------
Stockholders' Equity:
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, 2005
 and May 31, 2005                                                               5,346                5,346
Paid-in capital                                                             5,053,098            5,053,098
Accumulated earnings                                                          243,793               97,183
                                                                          -----------          -----------

      Total Stockholders' Equity                                            5,302,237            5,155,627
                                                                          -----------          -----------

      Total Liabilities and Stockholders' Equity                          $11,777,127          $ 9,013,803
                                                                          ===========          ===========
</TABLE>

               The Accompanying Notes are an Integral Part of the
                       Consolidated Financial Statements

                                       4
<PAGE>
                GLOBAL ENTERTAINMENT CORPORATION AND SUBSIDIARIES
                 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                    FOR THE SIX MONTHS AND THREE MONTHS ENDED
                     NOVEMBER 30, 2005 AND 2004 (UNAUDITED)

<TABLE>
<CAPTION>
                                          For the six months ended          For the three months ended
                                        November 30,      November 30,     November 30,       November 30,
                                           2005              2004             2005               2004
                                        -----------       ----------       -----------        ----------
<S>                                     <C>               <C>              <C>                <C>
Revenues
  Project management fees               $ 5,592,726       $4,147,368       $ 3,120,954        $2,648,002
  Facility management fees                  572,479               --           572,479                --
  Licensing and advertising fees          1,334,927        1,203,848           649,085           656,860
  Ticket service fees                       536,848           22,927           489,702            22,927
  Franchise fees                            100,000        1,015,000           100,000         1,015,000
  Other revenue                               1,690           21,934             1,677            21,916
                                        -----------       ----------       -----------        ----------
                                          8,138,670        6,411,077         4,933,897         4,364,705
                                        -----------       ----------       -----------        ----------

Operating Costs
  Cost of revenues                        5,167,327        4,107,297         3,124,045         2,929,045
  General and administrative costs        2,776,438        2,235,847         1,462,263         1,277,193
                                        -----------       ----------       -----------        ----------
                                          7,943,765        6,343,144         4,586,308         4,206,238
                                        -----------       ----------       -----------        ----------

Income from Operations                      194,905           67,933           347,589           158,467

Other Income (Expense)
  Interest income                             4,578                2             2,816                 1
  Interest expense                           (5,873)              --            (5,511)               --
                                        -----------       ----------       -----------        ----------

Income before income taxes                  193,610           67,935           344,894           158,468
Income Tax Expense                          (47,000)              --           (47,000)               --
                                        -----------       ----------       -----------        ----------

Net Income                              $   146,610       $   67,935       $   297,894        $  158,468
                                        ===========       ==========       ===========        ==========

Income Per Share - basic                $      0.03       $     0.01       $      0.06        $     0.03
                                        ===========       ==========       ===========        ==========
Weighted average shares outstanding
  - basic                                 5,345,738        5,341,845         5,345,738         5,343,156
                                        ===========       ==========       ===========        ==========

Income Per Share - diluted              $      0.03       $     0.01       $      0.05        $     0.03
                                        ===========       ==========       ===========        ==========
Weighted average shares outstanding
  - diluted                               5,641,879        5,504,501         5,704,019         5,532,879
                                        ===========       ==========       ===========        ==========
</TABLE>
               The Accompanying Notes are an Integral Part of the
                       Consolidated Financial Statements

                                       5
<PAGE>
                GLOBAL ENTERTAINMENT CORPORATION AND SUBSIDIARIES
                                    CONDENSED
           CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
                     FOR THE YEAR ENDED MAY 31, 2004 AND THE
                       SIX MONTHS ENDED NOVEMBER 30, 2005


<TABLE>
<CAPTION>
                                                    Common Stock
                                                -------------------        Paid-in       Accumulated
                                                Shares       Amount        Capital        Earnings          Total
                                                ------       ------        -------        --------          -----
<S>                                           <C>            <C>         <C>             <C>             <C>
Balance at May 31, 2004                       5,338,238      $5,338      $4,981,156      $(338,578)      $4,647,916

Options issued for services                          --          --          43,200             --           43,200

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 year ended
 May 31, 2005                                        --          --              --        435,761          435,761
                                              ---------      ------      ----------      ---------       ----------

Balance at May 31, 2005                       5,345,738       5,346       5,053,098         97,183        5,155,627

Net income for six months ended
 November 30, 2005 (Unaudited)                       --          --              --        146,610          146,610
                                              ---------      ------      ----------      ---------       ----------

Balance at November 30, 2005 (Unaudited)      5,345,738      $5,346      $5,053,098      $ 243,793       $5,302,237
                                              =========      ======      ==========      =========       ==========
</TABLE>
               The Accompanying Notes are an Integral Part of the
                       Consolidated Financial Statements

                                       6
<PAGE>
                GLOBAL ENTERTAINMENT CORPORATION AND SUBSIDIARIES
                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
         FOR THE SIX MONTHS ENDED NOVEMBER 30, 2005 AND 2004 (Unaudited)

<TABLE>
<CAPTION>
                                                                        For the six months ended
                                                                     November 30,        November 30,
                                                                        2005                2004
                                                                     -----------         -----------
<S>                                                                  <C>                 <C>
Cash flows from operating activities:
  Net income                                                         $   146,610         $    67,935
  Adjustments to reconcile net income to net cash
   used by operating activities:
     Depreciation and amortization                                        58,417              32,871
     Deferred income taxes                                                18,000                  --
     Issuance of stock and options for services                               --              28,750
  Changes in Assets and Liabilities:
     Accounts receivable
       - trade, net                                                     (137,816)         (2,550,271)
       - related party and miscellaneous                                    (694)             18,223
     Prepaid expenses                                                   (201,940)             20,690
     Miscellaneous assets                                                  9,819              (1,500)
     Accounts payable
       - trade                                                         1,554,079           1,765,132
       - related party                                                   (13,252)            (16,291)
     Accrued liabilities                                                 668,646            (426,827)
     Deferred revenues                                                   389,241             775,759
                                                                     -----------         -----------
         Net cash provided by (used in) operating activities:          2,491,110            (285,529)
                                                                     -----------         -----------
Cash flows from investing activities:
  Purchase of fixed assets                                               (65,952)           (142,689)
  Proceeds from sale of fixed assets                                       1,941                  --
  Purchase of patents and trademarks                                        (916)                 --
                                                                     -----------         -----------
         Net cash used in investing activites:                           (64,927)           (142,689)
                                                                     -----------         -----------
Cash flows from financing activities:
  Proceeds from debt                                                     150,000             200,000
  Repayment of debt                                                     (150,000)                 --
  Payments for registration of securities                                     --              (4,960)
  Repayment of debt - related party                                           --             (50,000)
                                                                     -----------         -----------
         Net cash provided by financing activities:                           --             145,040
                                                                     -----------         -----------

Net increase (decrease) in cash and cash equivalents:                  2,426,183            (283,178)

Cash and cash equivalents, beginning of period:                          750,159             483,773
                                                                     -----------         -----------
Cash and cash equivalents, end of period:                            $ 3,176,342         $   200,595
                                                                     ===========         ===========
</TABLE>
               The Accompanying Notes are an Integral Part of the
                       Consolidated Financial Statements

                                       7
<PAGE>
                GLOBAL ENTERTAINMENT CORPORATION AND SUBSIDIARIES
                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
         FOR THE SIX MONTHS ENDED NOVEMBER 30, 2005 AND 2004 (Unaudited)
                                   (Continued)

<TABLE>
<CAPTION>
                                                          For the six months ended
                                                       November 30,        November 30,
                                                          2005                2004
                                                       -----------         -----------
<S>                                                    <C>                 <C>
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
  Cash paid during the period for interest             $   5,873            $      --
                                                       =========            =========

  Cash paid during the period for income taxes         $ 179,256            $   2,071
                                                       =========            =========
NON-CASH INVENSTING AND FINANCE ACTIVITIES
  Stock issued for services                            $      --            $  11,250
                                                       =========            =========
</TABLE>

               The Accompanying Notes are an Integral Part of the
                       Consolidated Financial Statements

                                       8
<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 referred to as "we",
"our",  "us",  or the  "Company").  All  significant  intercompany  balances and
transactions have been eliminated in consolidation.

Our accompanying unaudited condensed consolidated financial statements 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, 2005 are not
necessarily  indicative  of the results that may be expected for the year ending
May 31,  2006 or for any other  period.  For further  information,  refer to the
financial  statements and footnotes  included in our annual report on Form-10KSB
for the year ended May 31, 2005.

USE OF ESTIMATES

Management uses estimates and assumptions in preparing  financial  statements in
accordance with accounting  principles  generally accepted in the United States.
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,  the  realization  of the  deferred  income  tax  asset,
percentage  of  completion   estimates,   potential   liabilities  arising  from
litigation,  and the  allocation of expenses and division of profit  relating to
the  joint  operating  agreement.  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 in future periods.

REVENUE RECOGNITION

FRANCHISE FEES:  Initial franchise fees represent amounts received from WPHL/CHL
franchisees to acquire a hockey  franchise.  The amount is recognized as revenue
when the  franchise  agreement is signed and we have met all of our  significant
obligations under the terms of the franchise  agreement.  We are 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 a
franchisee upon the transfer of ownership of a franchise and are recognized upon
completion of the transfer.

LICENSING AND  ADVERTISING  FEES:  Pursuant to the terms of the Joint  Operating
Agreement  ("JOA"),  each team in the WPHL/CHL  pays annual  assessment  fees of
$75,000, plus $15,000 per annum for officiating costs. In addition, the 12 teams
from the WPHL pay an extra $10,000  annually to cover Global's  costs.  The fees

                                       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)
--------------------------------------------------------------------------------


are  recognized  proportionately  over the  year.  At the end of the  year,  net
profits, or 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 facility naming rights,  luxury suite
sales,  club seat license sales,  facility  sponsorship  agreements,  and ticket
operations contracts. The revenue from these contracts is recognized when earned
in accordance with the contract.  Corporate  sponsorship fees represent  amounts
received from third-party sponsors.  Revenue from this source is recognized when
earned based on the terms of the agreement.  Cragar owns the exclusive  right to
sell market and promote the  CRAGAR(R)  brand name.  For this right,  we receive
royalties based on the sale of licensed products.  This revenue is recognized at
the completed sale of the licensed products.

PROJECT  MANAGEMENT  FEES: ICC receives  design/build  and  construction-project
supervisory contract revenue from various  municipalities in connection with the
construction  and financing of municipal  venues.  This is recognized as revenue
ratably over the duration of the contracts. Project management fees also include
amounts  billed by the company  relating to furniture  fixtures  and  equipment,
architecture  fees,  and other  amounts  incurred  by the  company  on behalf of
municipalities. The related revenue and expense for these amounts are recognized
in the  period  incurred.  Revenues  and costs  from  fixed-price  and  modified
fixed-price construction contracts, if any, will be 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.  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.  Project  management
revenues  are  recorded  based on the  gross  amounts  billed to a  customer  in
accordance with EITF 99-19,  "Reporting  Revenue Gross as a Principal versus Net
as an Agent"

FACILITY  MANAGEMENT  FEES:  ICC receives a fee for managing the  operations  of
various  municipal  venues.   These  activities  include  developing   operating
procedures  and  manuals,  hiring all  staff,  supporting  sales and  marketing,
location maintenance,  concessions  coordination,  preparing annual budgets, and
securing and promoting events.  Revenues from facility  management  services are
recognized as services are rendered and consist of contract fees,  which reflect
the total price of such services.  Where the Company  principally manages people
who are  employees at the facility,  the payroll  costs from such  employees are
recognized by the Company and are included in "Cost of revenues".

TICKET SERVICE FEES: GETTIX is a ticketing agent with various venues,  theatres,
event  centers,  and private  entities  requiring  services to fulfill orders to
ticketed  events.  Revenues are generated  from the fees charged for  processing
ticket  orders.  These  revenues are  recognized  upon  completion  of the sale.
Ticketing  revenues  are  recorded  based on the net fees  retained by GETTIX in
accordance with EITF 99-19.

EARNINGS PER SHARE

Basic  income per share of common  stock was computed by dividing the net income
by the weighted average number of shares of common stock outstanding  during the
period.

Diluted  earnings per share are computed based on the weighted average number of
shares of common stock and dilutive  securities  outstanding  during the period.
Dilutive  securities  are not included in the weighted  average number of shares
when  inclusion  would  increase the earnings per share or decrease the loss per
share.  As of  November  30,  2005 and  2004  there  were  723,983  and  549,483
potentially dilutive securities outstanding, respectively.

                                       10
<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)
--------------------------------------------------------------------------------

As of  November  30,  2005  there  were  745,000  options  and  60,460  warrants
outstanding to purchase common stock. As of November 30, 2004 there were 489,023
options and 60,460 warrants outstanding to purchase common stock.

STOCK-BASED COMPENSATION

EMPLOYEE STOCK OPTIONS:

We  have  elected  to  follow  Accounting   Principals  Board  Opinion  No.  25,
"Accounting   for  Stock  Issued  to   Employees"   (ABP  25)  and  the  related
interpretations  in accounting  for our 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.  We have also  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 SFAS
No. 148 to stock-based employee compensation.

                                                      For the six months ended
                                                    November, 30    November, 30
                                                       2005            2004
                                                    ----------      ----------
                                                   (Unaudited)      (Unaudited)

Net income, as reported                             $  146,610      $   67,935
Deduct: Total stock-based employee compensation
 expense determined under fair value based method
 for all awards, net of related tax effects           (366,926)         (6,944)
                                                    ----------      ----------

Pro forma net income / (loss)                       $ (220,316)     $   60,991
                                                    ==========      ==========
Income / (loss) per share:
   Basic, as reported                               $     0.03      $     0.01
                                                    ==========      ==========

   Basic, pro forma                                 $    (0.04)     $     0.01
                                                    ==========      ==========
Income / (loss) per share:
   Diluted, as reported                             $     0.03      $     0.01
                                                    ==========      ==========

   Diluted, pro forma                               $    (0.04)     $     0.01
                                                    ==========      ==========

The fair  value of option  grants is based on the Black  Scholes  option-pricing
model with the following weighted average assumptions:

                                       11
<PAGE>
                GLOBAL ENTERTAINMENT CORPORATION AND SUBSIDIARIES
        NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)


Option issue dates             8/1/2004     6/1/2005     9/8/2005     11/18/2005
------------------             --------     --------     --------     ----------
Expected volatility             50.32%       40.83%        35.86%        35.91%
Risk-free interest rate          4.50%        3.91%        4.15%         4.50%
Expected dividends                 --           --           --            --
Expected life                  10 Years     10 Years      10 Years      10 Years
Value of individual options     $4.50        $3.13        $3.55         $4.72

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

During the six months ended  November 30,  2005,  we issued  options to purchase
156,477  shares of common  stock to various  directors  and  employees.  Seventy
thousand options granted during the period had an exercise price of $5.40,  five
thousand  options granted during the period had an exercise price of $6.50,  and
eighty one thousand four hundred seventy seven options granted during the period
had an exercise price of $8.50.  All options granted during the six months ended
November 30, 2005 have a term of ten (10) years.

During the six months ended  November 30,  2004,  we issued  options to purchase
2,500 shares of common stock to various  directors and  managers.  These options
had an exercise price of $4.50 per share, and a term of ten (10) years.

--------------------------------------------------------------------------------
                                     NOTE 3
                                 LINE OF CREDIT
--------------------------------------------------------------------------------

In October 2005,  we obtained an increase in our  revolving  line of credit from
$1,000,000  to  $2,000,000.  As of November  30,  2005,  we have no  outstanding
balance on this credit facility. We have a borrowing capacity of $1,575,000 as a
result of outstanding  letters of credit totaling  $125,000 in favor of the City
of Rio  Rancho,  NM,  and a  $300,000  letter  of  credit  in  favor of Sure Tec
Insurance  Company  for a  performance  bond to the City of  Youngstown,  OH. No
amounts  have been  drawn  upon  these  letters  of credit to date.  The  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.  This line of credit  bears  interest at a rate of 1% plus  prime.  As of
November 30, 2005,  the  applicable  interest  rate was 8%. In order to continue
borrowing,  we must meet certain financial  covenants,  including  maintaining a
minimum current ratio (current  assets compared to current  liabilities) of 1.05
as of the end of each fiscal  quarter,  an increase in tangible  net worth of at
least  75% of net  income  on an annual  basis,  and a ratio of  funded  debt to
earnings before  interest,  taxes and  depreciation and amortization of not more
than 2:1 for each quarter.  We must maintain a zero balance for a consecutive 30
day period during the term of the facility.  As of November 30, 2005, management
believes we were in compliance with these covenants. The facility will mature on
October 12, 2006.

--------------------------------------------------------------------------------
                                     NOTE 4
                          LITIGATION AND CLAIM MATTERS
--------------------------------------------------------------------------------

In the ordinary  course of our arena  development  and management  business,  we
incur  ancillary  exposure to the general  public.  As with all such  facilities
there exists a degree of risk that fans or building  guests may be  accidentally
injured. To mitigate this risk, we maintain insurance coverage, which we believe
effectively covers any reasonably  foreseeable potential liability.  There is no

                                       12
<PAGE>
                GLOBAL ENTERTAINMENT CORPORATION AND SUBSIDIARIES
        NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)


assurance that our insurance  coverage will adequately  cover all liabilities to
which we may be exposed.

In October 2005 Global  settled a lawsuit filed by an employee of one of the CHL
franchises for an amount of $130,000. The suit was initiated on April 4, 2004 in
Nueces County Court, Nueces County, Texas and alleged breach of contract arising
out of a dispute over medical claims related to an injury sustained during a CHL
game. The $130,000  settlement is included in accrued liabilities as of November
30, 2005.

Global is a plaintiff in a lawsuit filed against a current franchisee.  The suit
asks for a ruling on the interpretation of the protected territory clause of the
license  agreement.  Subsequent to our action,  the franchisee  filed a separate
claim for  unspecified  damages for alleged  breach of the  protected  territory
clause of the licensing agreement. These suits were filed in August 2005 and are
pending in Maricopa County Superior Court, Maricopa County, Arizona.

Global is named as a defendant, along with the local municipality,  in a lawsuit
filed by the family of an employee of the Dodge  Arena in  Hidalgo,  Texas.  The
suit asks for unspecified damages related to the death of the employee resulting
from an  accident  at the  arena.  This suit was filed in  November  2005 and is
pending in the 332nd Judicial District Court of Hidalgo County, Texas. We intend
to vigorously defend this action.  Although the outcome of this matter cannot be
predicted with certainty,  we believe that we have valid defenses to the alleged
claims.

Global is a defendant in a lawsuit filed by Nustadia  Developments  Inc. and PBK
Architects.  The suit  arises out of certain  contracts  between  Global and the
plaintiffs,  pursuant to which  Global  agreed to use  architectural  design and
development  management services of the plaintiffs with respect to certain arena
development  projects.  The suit asks for direct damages of $4,500,000 and other
unspecified damages for alleged breach of contract,  tortious  interference with
business  expectancy,  and  breach of  implied  covenant  of good faith and fair
dealing.  This suit was filed in  December  2005 and is pending in the  Maricopa
County  Superior Court of Arizona.  We intend to vigorously  defend this action.
Although  the outcome of this matter  cannot be  predicted  with  certainty,  we
believe that we have valid defenses to the alleged claims.

--------------------------------------------------------------------------------
                                     NOTE 5
                                  INCOME TAXES
--------------------------------------------------------------------------------

The actual  income tax expense  differs from the  "expected"  income tax expense
computed by applying the U.S.  federal  corporate  statutory  income tax rate to
income before income taxes as follows:

<TABLE>
<CAPTION>
                                                  For the six months ended     For the three months ended
                                                November 30,   November 30,    November 30,   November 30,
                                                    2005           2004            2005           2004
                                                 ---------      ---------       ---------      ---------
<S>                                              <C>            <C>             <C>            <C>
Computed "expected" tax expense                  $  79,000      $  28,000       $ 141,000      $  65,000

Benefit of net operating loss carryforwards        (32,000)       (28,000)        (94,000)       (65,000)
                                                 ---------      ---------       ---------      ---------

                                                 $  47,000      $      --       $  47,000      $      --
                                                 =========      =========       =========      =========
</TABLE>

                                       13
<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,  including  statements
concerning our future operating  results and financial  condition and our future
capital needs and sources.  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 negatives 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, 2005 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  our  financial  position and  operating  results  during the
periods  included  in  the   accompanying   condensed   consolidated   financial
statements.

OVERVIEW - COMPANY DESCRIPTION

Global  Entertainment  Corporation  (referred to in this annual  report as "we,"
"us," "Global" or "GEC") is an integrated event and  entertainment  company that
is engaged,  through its five wholly owned  subsidiaries,  in sports management,
arena and related real estate  development,  facility and venue  management  and
marketing,  venue  ticketing and brand  licensing.  We are primarily  focused on
projects located in mid-size communities.

Pursuant to a joint  operating  agreement  between us and Central Hockey League,
Inc., WPHL operates and manages a minor professional  hockey league known as the
Central Hockey League (the "CHL"),  which  currently  consists of eighteen teams
located in  mid-market  communities  throughout  the  central  and  southwestern
regions of the United States.

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 we develop or manage,  which we believe is a
key factor in the  viability  of our  managed  multipurpose  facilities,  and to
promote  the  development  of the  CHL by  assisting  potential  franchisees  in
securing quality venues in which to play professional minor league hockey.

Global Entertainment  Marketing Systems ("GEMS"),  promotes,  markets, and sells
various services related to multipurpose entertainment facilities, including all
contractually  obligated  income (COI) sources such as facility  naming  rights,
luxury suite sales, club seats, license sales, facility sponsorship  agreements,
and  ticket   operations   contracts,   among  other   licensing  and  marketing
opportunities.

Cragar  Industries,  Inc.,  is a licensor  of an  automotive  aftermarket  wheel
trademark and brand - CRAGAR(R).  The licensing and marketing  opportunities for
CRAGAR(R) branded products, particularly with respect to markets in which hockey
franchises  are located,  blends with current  licensing and  marketing  that is
available   through  the  operation  and  management  of  the  CHL  and  related
activities.

Global  Entertainment  Ticketing,  Inc.  ("GETTIX") is a third party provider of
ticketing  services 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 provides a

                                       14
<PAGE>
full  in-house  ticketing  solution by way of box office,  phone,  internet  and
print-at-home  service that utilizes distribution outlets in each market. GETTIX
uses  state-of-the-art  software to deliver ticketing  capabilities that include
database  flexibility,  easy season and group options,  financial  reporting and
full marketing resources.

CRITICAL ACCOUNTING POLICIES, ESTIMATES AND JUDGMENTS

Significant  accounting  policies  are  described  in the  audited  consolidated
financial  statements and notes thereto  included in the Company's Annual Report
on Form 10-KSB for the year ended May 31,  2005.  We believe  our most  critical
accounting  policies relate to revenue  recognition,  the allowance for doubtful
accounts, and the carrying value of goodwill.

Revenues from  assessment fees are recognized  proportionately  over the year to
which they apply.  Revenues from initial  franchise fees are recognized when the
franchise agreement is signed and we have met all of our significant obligations
under the terms of the franchise  agreement.  Revenues  from transfer  franchise
fees are recognized  upon approval of the  transaction.  Project  management and
facility management revenues are recognized ratably over the respective contract
life, as is the revenue from most  contractually  obligated  and sales  contract
revenues. Revenues generated from ticket sales are recognized upon completion of
the sale.

The allowance for doubtful accounts is based on specific credit  information and
historical  collection  experience.  Actual  collection  experience may not meet
expectations and may result in increased delinquencies.

The  carrying  value of goodwill  includes  estimates  of future cash flows from
operations and is dependent on projections that may not materialize.

SIX MONTHS  ENDED  NOVEMBER 30, 2005  COMPARED TO SIX MONTHS ENDED  NOVEMBER 30,
2004

REVENUES:

<TABLE>
<CAPTION>
                                  Six months                  Six months
                                    ended       Percent of      ended      Percent of   Dollar Change    Percent Change
                                 November 30,     2005       November 30,    2004       Between 2004      Between 2004
                                     2005        Revenue        2004        Revenue        and 2005         and 2005
                                     ----        -------        ----        -------        --------         --------
<S>                              <C>               <C>      <C>               <C>        <C>                   <C>
Revenue
Project management fees          $5,592,726       68.7%      $4,147,368       64.7%      $ 1,445,358          34.9%
Facility management fees            572,479        7.0%              --        0.0%          572,479          N/A
Licensing and advertising fees    1,334,927       16.4%       1,203,848       18.8%          131,079          10.9%
Ticket Service Fees                 536,848        6.6%          22,927        0.4%          513,921        2241.6%
Other revenue                         1,690        0.0%          21,934        0.3%          (20,244)        -92.3%
Franchise fees                      100,000        1.3%       1,015,000       15.8%         (915,000)        -90.1%
                                 ----------      -----       ----------      -----       -----------        ------
Total                            $8,138,670      100.0%      $6,411,077      100.0%      $ 1,727,593          26.9%
                                 ==========      =====       ==========      =====       ===========        ======
</TABLE>

Total  revenues  increased  $1,727,593,  or 26.9%,  from  $6,411,077 for the six
months ended  November 30, 2004 to $8,138,670  for the six months ended November
30, 2005.  This  increase  was  generated  primarily  by ICC project  management
revenues  which realized an increase of $1,445,358  from  $4,147,368 for the six
months ended  November 30, 2004 to $5,592,726  for the six months ended November
30, 2005. This increase  resulted from agreements for the construction of 1) the
Rio Rancho  Events  Center in Rio Rancho,  New Mexico;  2) the  Prescott  Valley
Convention and Events Center in Prescott Valley,  Arizona; and 3) the Broomfield
Event Center in Broomfield,  Colorado.  Project management revenues  represented
68.7% of our total revenue for the six months ended November 30, 2005,  compared
to 64.7% of our total revenue for the six months ended November 30, 2004.

                                       15
<PAGE>
ICC began facility management  operations in September 2005,  including managing
the Dodge Arena in Hidalgo, Texas and the Chevrolet Centre in Youngstown,  Ohio.
Facility  management revenues totaled $572,479 for the six months ended November
30,  2005 and account  for 7.0% of our total  revenue  for the six months  ended
November 30, 2005.

Licensing and  advertising  fees increased  $131,079 from $1,203,838 for the six
months ended  November 30, 2004 to $1,334,927  for the six months ended November
30, 2005. This 10.9% increase resulted  primarily from the timing of advertising
revenues related to the Central Hockey League's annual conference.

Ticket  service fees  increased  $513,921  from $22,927 for the six months ended
November 30, 2004. This increase in ticket service fees occurred as GETTIX began
formal  operations  in  September  2004 and has since  entered  into  additional
ticketing contracts.

Franchise  fee revenue  decreased  $915,000 from  $1,015,000  for the six months
ended  November 30, 2004 to $100,000 for the six months ended November 30, 2005.
This decrease  occurred as CHL did not recognize any new franchise  sales in the
current  period.  Current  period  franchise  fees relate to the  transfer of an
existing franchise.

OPERATING COSTS:

<TABLE>
<CAPTION>
                                    Six months                  Six months
                                      ended       Percent of      ended      Percent of   Dollar Change    Percent Change
                                   November 30,     2005       November 30,    2004       Between 2004      Between 2004
                                       2005        Revenue        2004        Revenue        and 2005         and 2005
                                       ----        -------        ----        -------        --------         --------
<S>                                <C>               <C>      <C>               <C>        <C>                   <C>
Operating Costs
Cost of revenues                    $5,167,327      63.5%      $4,107,297      64.0%       $1,060,030           25.8%
General and administrative costs     2,776,438      34.1%       2,235,847      34.9%          540,591           24.2%
                                    ----------      ----       ----------      ----        ----------           ----
Total                               $7,943,765      97.6%      $6,343,144      98.9%       $1,600,621           25.2%
                                    ==========      ====       ==========      ====        ==========           ====
</TABLE>

Total operating costs increased by $1,600,621, or 25.2%, from $6,343,144 for the
six months  ended  November  30,  2004 to  $7,943,765  for the six months  ended
November 30, 2005.

Cost of revenue  increased by $1,060,030,  or 25.8%, from $4,107,297 for the six
months ended  November 30, 2004 to $5,167,327  for the six months ended November
30, 2005. This increase was primarily  related to the  requirements of the three
project  management  agreements  for the  facilities in Rio Rancho,  New Mexico,
Prescott Valley, Arizona, and Broomfield, Colorado.

General  and  administrative   expenses  increased  $540,591,   or  24.2%,  from
$2,235,847  for the six months ended November 30, 2004 to $2,776,438 for the six
months ended  November  30, 2005.  General and  administrative  costs  increased
primarily  as a result of a $130,000  settlement  of a previous  legal claim for
reimbursement of a former CHL player's medical expenses,  and also approximately
$557,000 from increased  expenditures  primarily related to additional  staffing
and overhead  expenses of the  expanded  GETTIX  ticketing  and ICC facility and
project management operations.  These expense increases were partially offset by
a decrease of approximately $146,000 in the amount due under the joint operating
agreement to our joint venture partner, Central Hockey League, Inc.

                                       16
<PAGE>
NET INCOME:

<TABLE>
<CAPTION>
                      Six months                  Six months
                        ended       Percent of      ended      Percent of   Dollar Change    Percent Change
                     November 30,     2005       November 30,    2004       Between 2004      Between 2004
                         2005        Revenue        2004        Revenue        and 2005         and 2005
                         ----        -------        ----        -------        --------         --------
<S>                  <C>               <C>      <C>               <C>        <C>                   <C>
Net income            $146,610        1.8%         $67,935       1.1%          $78,675            115.8%
</TABLE>

Net income was $146,610 for the six months ended November 30, 2005,  compared to
net income of $67,935 for the six months ended November 30, 2004.  This increase
primarily relates to the increase in ICC project  management of three additional
facilities  compared  to  the  prior  period,   revenues  earned  from  directly
performing  facility  management of two arenas,  as well as the growth of GETTIX
ticketing  operations  into  additional  venues.  These increases were partially
offset by a decrease in CHL franchise  revenues as no new  franchises  were sold
during the period,  and an increase in legal expenses  related to the settlement
of a claim.

THREE MONTHS ENDED NOVEMBER 30, 2005 COMPARED TO THREE MONTHS ENDED NOVEMBER 30,
2004

REVENUES:

<TABLE>
<CAPTION>
                                   Three months                Three months
                                      ended       Percent of      ended      Percent of   Dollar Change    Percent Change
                                   November 30,     2005       November 30,    2004       Between 2004      Between 2004
                                       2005        Revenue        2004        Revenue        and 2005         and 2005
                                       ----        -------        ----        -------        --------         --------
<S>                                <C>               <C>      <C>               <C>        <C>                   <C>
Revenue
Project management fees           $3,120,954        63.3%      $2,648,002       60.7%       $ 472,952           17.9%
Facility management fees             572,479        11.6%              --        0.0%         572,479           N/A
Licensing and advertising fees       649,085        13.2%         656,860       15.0%          (7,775)          -1.2%
Ticket Service Fees                  489,702         9.9%          22,927        0.5%         466,775         2035.9%
Other revenue                          1,677         0.0%          21,916        0.5%         (20,239)         -92.3%
Franchise fees                       100,000         2.0%       1,015,000       23.3%        (915,000)         -90.1%
                                  ----------       -----       ----------      -----        ---------         ------
Total                             $4,933,897       100.0%      $4,364,705      100.0%       $ 569,192           13.0%
                                  ==========       =====       ==========      =====        =========         ======
</TABLE>

Total revenues  increased  $569,192,  from $4,364,705 for the three months ended
November 30, 2004 to $4,933,897 for the three months ended November 30, 2005.

Project  management  revenues  increased  $472,952 from $2,648,002 for the three
months ended November 30, 2004 to $3,120,954 for the three months ended November
30, 2005. This increase is  attributable  to agreements for the  construction of
the Rio Rancho Events Center,  the Prescott Valley Convention and Events Center,
and the Broomfield Event Center.  Project management revenues represent 63.3% of
our total  revenue for the three  months ended  November  30, 2005,  compared to
60.7% of our total revenue for the three months ended November 30, 2004.

During the three months ended  November 30, 2005 ICC began  facility  management
operations  at the Dodge Arena in  Hidalgo,  Texas and the  Chevrolet  Centre in
Youngstown,  Ohio.  Facility  management revenues totaled $572,479 for the three
months ended  November  30, 2005 and account for 11.6% of our total  revenue for
that period.

Ticket  service fees  increased  $466,775  during the three month period  ending
November  30, 2005,  from $22,927 for the three months ended  November 30, 2004.
This increase in ticket service fees occurred as GETTIX began formal  operations
in September  2004 and has since entered into  additional  ticketing  contracts.

                                       17
<PAGE>
Franchise fee revenue  decreased  $915,000 from  $1,015,000 for the three months
ended  November 30, 2004 to $100,000  for the three  months  ended  November 30,
2005. The CHL did not recognize any new franchise  sales in the current  period.
Current period franchise fees relate to the transfer of an existing franchise.

OPERATING COSTS:

<TABLE>
<CAPTION>
                                   Three months                Three months
                                      ended       Percent of      ended      Percent of   Dollar Change    Percent Change
                                   November 30,     2005       November 30,    2004       Between 2004      Between 2004
                                       2005        Revenue        2004        Revenue        and 2005         and 2005
                                       ----        -------        ----        -------        --------         --------
<S>                                <C>               <C>      <C>               <C>        <C>                   <C>
Operating Costs
Cost of revenues                    $3,124,045      63.3%      $2,929,045      67.1%         $195,000            6.7%
General and administrative costs     1,462,263      29.6%       1,277,193      29.3%          185,070           14.5%
                                    ----------      ----       ----------      ----          --------           ----
Total                               $4,586,308      92.9%      $4,206,238      96.4%         $380,070            9.0%
                                    ==========      ====       ==========      ====          ========           ====
</TABLE>

Total operating  costs  increased by $380,070,  or 9.0%, from $4,206,238 for the
three months ended  November 30, 2004 to  $4,586,308  for the three months ended
November 30, 2005.

Cost of revenue  increased by $195,000,  or 6.7%,  to  $3,124,045  for the three
months ended  November  30, 2005.  This  increase was  primarily  related to the
requirements  of the three  project  management  agreements  for the Rio  Rancho
Events  Center,  the  Prescott  Valley  Convention  and Events  Center,  and the
Broomfield Event Center.

General and administrative costs increased $185,070, or 14.5%, to $1,462,263 for
the three months ended  November 30, 2005.  This increase  relates mostly to the
$130,000  settlement of a previous legal claim for reimbursement of a former CHL
player's  medical  expenses,  and also  approximately  $166,000  from  increased
expenditures  primarily related to additional  staffing and overhead expenses of
the  expanded  GETTIX   ticketing  and  ICC  project  and  facility   management
operations.  These  expense  increases  were  partially  offset by a decrease of
approximately  $111,000 in the amount due under the joint operating agreement to
our joint venture partner, Central Hockey League, Inc.

NET INCOME:

<TABLE>
<CAPTION>
                    Three months                Three months
                       ended       Percent of      ended      Percent of    Dollar Change    Percent Change
                    November 30,     2005       November 30,    2004        Between 2004      Between 2004
                        2005        Revenue        2004        Revenue        and 2005         and 2005
                        ----        -------        ----        -------        --------         --------
<S>                 <C>               <C>      <C>               <C>        <C>                   <C>
Net income            $297,894       6.0%        $158,468        3.6%         $139,426           88.0%
</TABLE>

Net income was $297,894 for the three months ended  November 30, 2005,  compared
net income of $158,468 for the three months ended November 30, 2004. Again, this
increase  in net  income  primarily  relates  to  the  increase  in ICC  project
management of three additional facilities compared to the prior period, revenues
earned from directly  performing  facility  management of two arenas, as well as
the  growth  of  GETTIX  ticketing  operations  into  additional  venues.  These
increases were  partially  offset by a decrease in CHL net income as a result of
the decrease in initial  franchise  revenues  and an increase in legal  expenses
related to the settlement of a prior claim.

                                       18
<PAGE>
LIQUIDITY AND CAPITAL RESOURCES

Our primary  source of operating  capital in the three months ended November 30,
2005 was from CHL league  assessments and also project management fees from ICC.
Since these fees are not regularly recurring and are difficult to predict, there
is no  assurance  that we will be able to  increase  or  sustain  our  operating
capital through franchise fees, project management fees or other sources, and we
may need to obtain additional  equity or debt financing to supplement  potential
shortfalls in cash.

In October 2005,  we obtained an increase in our  revolving  line of credit from
$1,000,000  to  $2,000,000.  We have  used and  expect to  continue  to use this
facility as our working  capital needs exceed cash flow from  operations.  As of
November 30, 2005, we had no  outstanding  balance on this credit  facility.  We
have a borrowing  capacity of $1,575,000 as a result of  outstanding  letters of
credit totaling $125,000 in favor of the City of Rio Rancho,  NM, and a $300,000
letter of credit in favor of Sure Tec Insurance  Company for a performance  bond
to the City of  Youngstown,  Ohio. No amounts have been drawn upon these letters
of credit to date. This credit facility is 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%. In order to  continue  borrowing,  we must  meet  certain
financial  covenants,  including  maintaining a minimum  current ratio  (current
assets  compared  to current  liabilities)  of 1.05 as of the end of each fiscal
quarter,  an increase in tangible  net worth of at least 75% of net income on an
annual basis, and a ratio of funded debt to earnings before interest,  taxes and
depreciation  and  amortization  of not more than 2:1 for each quarter.  We must
maintain a $0 balance  for a  consecutive  30 day period  during the term of the
facility. As of November 30, 2005 management believes we were in compliance with
these  covenants.  The  facility  will mature on October 12,  2006.  There is no
assurance that we will obtain a renewal or an increase in this facility.  In the
event that this credit facility proves 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, 2005,  cash provided / (used) by operating
activities  totaled  $2,491,110  compared to ($285,529) for the six months ended
November 30, 2004. Pursuant to our agreement for the development of the Prescott
Valley Events Center in Prescott  Valley,  Arizona we facilitate  the payment of
fees from the project  owner to the general  contractor  and  architect  for the
project.  The increase in cash  provided by operations  primarily  occurred as a
result of the  timing  of cash  collections  and  related  disbursements  to the
general contractor and architect.

Cash used in  investing  activities  totaled  $64,927  for the six months  ended
November 30, 2005, as compared to $142,689 for the six months ended November 30,
2004.  The use of funds in both  periods  relates  primarily  to the purchase of
capital equipment related to the expansion of GETTIX ticketing operations.

Cash  related  to  financing  activities  totaled  $0 for the six  months  ended
November  30, 2005 as  compared to cash  provided  by  financing  activities  of
$145,040 for the six months ended  November 30, 2004.  This  decrease in cash is
primarily  attributable  to the use of a credit  facility and the repayment of a
note assumed in  conjunction  with the merger with Cragar  during the six months
ended November 30, 2004.

Management  believes  there will be sufficient  cash to fund  operations for the
next 12 months.  Even so,  management  continues to contemplate  alternatives to
enable us to fund continuing  operations  should  unforeseen  events cause us to
have insufficient cash to support operations.  Should the Company find itself in
a position of negative working capital,  any inability to obtain additional cash
as needed,  could have a material  adverse effect on our financial  position and
results of operations.

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.

                                       19
<PAGE>
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 December  2004, the Financial  Accounting  Standards  Board  ("FASB")  issued
Statement of Financial Accounting Standards No. 153 ("SFAS 153"),  "Exchanges of
Nonmonetary Assets." SFAS 153 amends the guidance in APB No. 29, "Accounting for
Nonmonetary  Assets." APB No. 29 was based on the  principle  that  exchanges of
nonmonetary assets should be measured on the fair value of the assets exchanged.
SFAS 153 amends APB No. 29 to eliminate 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 if the
future cash flows of the entity are expected to change significantly as a result
of the  exchange.  SFAS 153 is effective  for  financial  statements  issued for
fiscal  years  beginning  after June 15,  2005.  The adoption of SFAS 153 is not
expected to have a material  affect on our results of  operations  or  financial
position.

In December 2004, the FASB revised Statement of Financial  Accounting  Standards
No.  123  ("SFAS  123(R)"),  "Share-Based  Payment."  The SFAS  123(R)  revision
established  standards for the  accounting for  transactions  in which an entity
exchanges its equity  instruments for goods or services and focuses primarily on
accounting  for  transactions  in which an entity obtains  employee  services in
share-based payment transactions. It does not change the accounting guidance for
share-based payment  transactions with parties other than employees.  For public
entities  that file as small  business  issuers,  the  revisions to SFAS 123 are
effective as of the  beginning of the first interim or annual  reporting  period
that begins  after  December  15,  2005.  Management  intends to comply with the
standard  upon its  effectiveness;  however,  we do not believe  that the impact
would be materially  different from the pro forma disclosure under SFAS No. 123.
See Note 1--Summary of Significant  Accounting  Policies and Use of Estimates in
the  accompanying  condensed  consolidated  financial  statements for disclosure
information regarding pro forma stock option expense.

In May 2005 the FASB issued Statement of Financial  Accounting Standards No. 154
("SFAS  154"),  "Accounting  Changes  and  Error  Corrections".  This  Statement
replaces  APB Opinion No. 20,  Accounting  Changes,  and FASB  Statement  No. 3,
Reporting  Accounting Changes in Interim Financial  Statements,  and changes the
requirements  for the  accounting  for and  reporting of a change in  accounting
principle.  This Statement requires retrospective  application to prior periods'
financial  statements  of  changes  in  accounting   principle,   unless  it  is
impracticable to determine either the period-specific  effects or the cumulative
effect of the change.  When it is impracticable to determine the period-specific
effects  of an  accounting  change  on  one or  more  individual  prior  periods
presented,  this Statement requires that the new accounting principle be applied
to the balances of assets and  liabilities  as of the  beginning of the earliest
period  for  which   retrospective   application  is  practicable   and  that  a
corresponding adjustment be made to the opening balance of retained earnings (or
other  appropriate  components  of equity  or net  assets  in the  statement  of
financial  position)  for that period  rather  than being  reported in an income
statement.  When it is  impracticable  to  determine  the  cumulative  effect of
applying a change in accounting  principle to all prior periods,  this statement
requires  that the new  accounting  principle  be applied as if it were  adopted
prospectively  from the earliest date  practicable.  This statement is effective
for  accounting  changes and error  corrections  made in fiscal years  beginning
after  December  15,  2005.  The  adoption of SFAS 154 is not expected to have a
material affect on our results of operations or financial position.

ITEM 3. CONTROLS AND PROCEDURES

Under the supervision and with the  participation  of our management,  including
the Chief Executive Officer and Chief Financial  Officer,  we have evaluated the
effectiveness  of the  design  and  operation  of our  disclosure  controls  and
procedures  pursuant to Exchange Act Rule  13a-14(c) as of the end of the period
covered by this report.  Based on that evaluation,  the Chief Executive  Officer
and Chief Financial  Officer have concluded that these  disclosure  controls and
procedures  are  effective.  There were no changes in our internal  control over
financial  reporting  during  the  quarter  ended  November  30,  2005 that have
materially affected, or are reasonably likely to materially affect, our internal
controls over financial reporting.

                                       20
<PAGE>
                           PART II - OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

In the ordinary  course of our arena  development  and management  business,  we
incur  ancillary  exposure to the general  public.  As with all such  facilities
there exists a degree of risk that fans or building  guests may be  accidentally
injured. To mitigate this risk, we maintain insurance coverage, which we believe
effectively covers any reasonably  foreseeable potential liability.  There is no
assurance that our insurance  coverage will adequately  cover all liabilities to
which we may be exposed.

In October 2005 Global  settled a lawsuit filed by an employee of one of the CHL
franchises for an amount of $130,000. The suit was initiated on April 4, 2004 in
Nueces County Court, Nueces County, Texas and alleged breach of contract arising
out of a dispute over medical claims related to an injury sustained during a CHL
game. The $130,000  settlement is included in accrued liabilities as of November
30, 2005.

Global is a plaintiff in a lawsuit filed against a current franchisee.  The suit
asks for a ruling on the interpretation of the protected territory clause of the
license  agreement.  Subsequent to our action,  the franchisee  filed a separate
claim for  unspecified  damages for alleged  breach of the  protected  territory
clause of the licensing agreement. These suits were filed in August 2005 and are
pending in Maricopa County Superior Court, Maricopa County, Arizona.

Global is named as a defendant, along with the local municipality,  in a lawsuit
filed by the family of an employee of the Dodge  Arena in  Hidalgo,  Texas.  The
suit asks for unspecified damages related to the death of the employee resulting
from an  accident  at the  arena.  This suit was filed in  November  2005 and is
pending in the 332nd Judicial District Court of Hidalgo County, Texas. We intend
to vigorously defend this action.  Although the outcome of this matter cannot be
predicted with certainty,  we believe that we have valid defenses to the alleged
claims.

Global is a defendant in a lawsuit filed by Nustadia  Developments  Inc. and PBK
Architects.  The suit  arises out of certain  contracts  between  Global and the
plaintiffs,  pursuant to which  Global  agreed to use  architectural  design and
development  management services of the plaintiffs with respect to certain arena
development  projects.  The suit asks for direct damages of $4,500,000 and other
unspecified damages for alleged breach of contract,  tortious  interference with
business  expectancy,  and  breach of  implied  covenant  of good faith and fair
dealing.  This suit was filed in  December  2005 and is pending in the  Maricopa
County  Superior Court of Arizona.  We intend to vigorously  defend this action.
Although  the outcome of this matter  cannot be  predicted  with  certainty,  we
believe that we have valid defenses to the alleged claims.

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

Effective October 18, 2005, holders who held an aggregate of 3,838,171 shares of
our common stock,  representing 71.8% 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 & Cooper 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  on Form  14C  filed  with  the
Securities Exchange Commission ("SEC") on September 27, 2005.

ITEM 6. EXHIBITS

(a) Exhibits. See Exhibit Index attached.

                                       21
<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 13, 2006           By /s/ Richard Kozuback
                              -----------------------------------
                              Richard Kozuback
                              President & Chief Executive Officer


January 13, 2006           By /s/ J. Craig Johnson
                              -----------------------------------
                              J. Craig Johnson
                              Executive Vice President & Chief Financial Officer

                                       22
<PAGE>
                                  EXHIBIT INDEX

EXHIBIT
-------
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.