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 August 31, 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           (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 [ ]

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 October 1, 2005:

                          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 AUGUST 31, 2005


PART I. FINANCIAL INFORMATION

     Item 1. Financial Statements

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

          Condensed Consolidated Statements of Operations (Unaudited) -
          Three Months Ended August 31, 2005 and 2004                          5

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

          Condensed Consolidated Statements of Cash Flows (Unaudited) -
          Three Months Ended August 31, 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                                        12

     Item 3. Controls and Procedures                                          16

PART II. OTHER INFORMATION

     Item 1. Legal Proceedings                                                17

     Item 6. Exhibits                                                         17

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


                                     ASSETS

<TABLE>
<CAPTION>
                                                                           August 31,            May 31,
                                                                              2005                2005
                                                                           ----------          ----------
                                                                           (Unaudited)
<S>                                                                        <C>                 <C>
CURRENT ASSETS:
Cash and cash equivalents                                                  $  590,729          $  750,159
Accounts receivable - trade, less allowance for doubtful
 accounts of $20,892 at August 31, 2005 and May 31, 2005                    3,793,626           3,660,030
Accounts receivable - miscellaneous                                            38,441              37,873
Prepaid expenses                                                              166,597             106,776
Deferred income tax asset                                                       8,000               8,000
                                                                           ----------          ----------

      TOTAL CURRENT ASSETS                                                  4,597,393           4,562,838

Property and Equipment, net                                                   159,271             167,328

Intangible Assets, net                                                         36,387              41,207

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

Non-marketable Securities                                                      78,489              78,489

Miscellaneous Assets                                                           93,475             102,475
                                                                           ----------          ----------

      TOTAL ASSETS                                                         $9,026,481          $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 (DEFICIT)

<TABLE>
<CAPTION>
                                                                           August 31,              May 31,
                                                                              2005                  2005
                                                                          -----------           -----------
                                                                          (Unaudited)
<S>                                                                       <C>                   <C>
CURRENT LIABILITIES:
Accounts payable                                                          $ 1,892,832           $ 1,558,771
Accounts payable - related party                                                   --                13,252
Accrued liabilities                                                           505,947             1,127,400
Deferred revenues - current portion                                           885,956               421,350
                                                                          -----------           -----------

      TOTAL CURRENT LIABILITIES                                             3,284,735             3,120,773

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

      TOTAL LIABILITIES                                                     4,022,138             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 August 31, 2005
  and May 31, 2005                                                              5,346                 5,346
Paid-in capital                                                             5,053,098             5,053,098
Accumulated earnings / (deficit)                                              (54,101)               97,183
                                                                          -----------           -----------

      TOTAL STOCKHOLDERS' EQUITY                                            5,004,343             5,155,627
                                                                          -----------           -----------

      TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY                          $ 9,026,481           $ 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 THREE MONTHS ENDED
                      AUGUST 31, 2005 AND 2004 (UNAUDITED)


                                                 For the three months ended
                                             ---------------------------------
                                              August 31,            August 31,
                                                2005                  2004
                                             -----------           -----------
Revenues
  Project management fees                    $ 2,471,772           $ 1,499,366
  Licensing and advertising fees                 685,842               546,988
  Ticket service fees                             47,146                    --
  Franchise fees                                      --                    --
  Other revenue                                       13                    18
                                             -----------           -----------
                                               3,204,773             2,046,372
                                             -----------           -----------

Operating Costs
  Cost of revenues                             2,043,282             1,178,252
  General and administrative costs             1,314,175               958,654
                                             -----------           -----------
                                               3,357,457             2,136,906
                                             -----------           -----------

Loss from Operations                            (152,684)              (90,534)

Other Income (Expense)
  Interest income                                  1,762                     1
  Interest expense                                  (362)                   --
                                             -----------           -----------

Net Loss                                     $  (151,284)          $   (90,533)
                                             ===========           ===========

Loss Per Share - basic and diluted           $     (0.03)          $     (0.02)
                                             ===========           ===========

Weighted average shares outstanding
  - basic and diluted                          5,345,738             5,338,820
                                             ===========           ===========

                 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 (DEFICIT)
                     FOR THE YEAR ENDED MAY 31, 2004 AND THE
                       THREE MONTHS ENDED AUGUST 31, 2005

<TABLE>
<CAPTION>
                                               Common Stock                    Accumulated
                                           -------------------      Paid-in     Earnings/
                                           Shares       Amount      Capital     (Deficit)         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 loss for quarter ended
 August 31, 2005 (Unaudited)                    --          --            --     (151,284)       (151,284)
                                         ---------      ------    ----------    ---------     -----------

Balance at August 31, 2005 (Unaudited)   5,345,738      $5,346    $5,053,098    $ (54,101)    $ 5,004,343
                                         =========      ======    ==========    =========     ===========
</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 THREE MONTHS ENDED AUGUST 31, 2005 AND 2004 (UNAUDITED)

<TABLE>
<CAPTION>
                                                                        For the three months ended
                                                                       -----------------------------
                                                                       August 31,          August 31,
                                                                          2005                2004
                                                                       ---------           ---------
<S>                                                                    <C>                 <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
  Net loss                                                             $(151,284)          $ (90,533)
  Adjustments to reconcile net loss to net cash
   used by operating activities:
     Depreciation and amortization                                        26,971              10,479
     Issuance of stock and options for services                               --              11,250
  Changes in Assets and Liabilities:
     Accounts receivable
       - trade                                                          (133,596)           (693,456)
       - related party and miscellaneous                                    (568)             26,375
     Prepaid expenses                                                    (59,821)             16,317
     Miscellaneous assets                                                  9,000                  --
     Accounts payable
       - trade                                                           334,061             435,701
       - related party                                                   (13,252)            (16,291)
     Accrued liabilities                                                (621,453)           (410,163)
     Deferred revenues                                                   464,606             480,444
                                                                       ---------           ---------
         NET CASH USED BY OPERATING ACTIVITIES:                         (145,336)           (229,877)
                                                                       ---------           ---------
CASH FLOWS FROM INVESTING ACTIVITIES:
  Purchase of fixed assets                                               (16,035)            (76,659)
  Sale of fixed assets                                                     1,941                  --
                                                                       ---------           ---------
         NET CASH USED IN INVESTING ACTIVITES:                           (14,094)            (76,659)
                                                                       ---------           ---------
CASH FLOWS FROM FINANCING ACTIVITIES:
  Payments for registration of securities                                     --              (4,960)
  Repayment of debt - related party                                           --             (50,000)
                                                                       ---------           ---------
         NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES:                 --             (54,960)
                                                                       ---------           ---------

NET DECREASE IN CASH AND CASH EQUIVALENTS:                              (159,430)           (361,496)

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD:                          750,159             483,773
                                                                       ---------           ---------
CASH AND CASH EQUIVALENTS, END OF PERIOD:                              $ 590,729           $ 122,277
                                                                       =========           =========
</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 THREE MONTHS ENDED AUGUST 31, 2005 AND 2004 (UNAUDITED)
                                   (CONTINUED)


                                                     For the three months ended
                                                     --------------------------
                                                     August 31,       August 31,
                                                       2005             2004
                                                     --------         --------
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
  Cash paid during the period for interest           $    362         $     --
                                                     ========         ========

  Cash paid during the period for income taxes       $143,256         $     --
                                                     ========         ========

                 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 three  month  period  ended  August 31, 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  included 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,  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.

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

REVENUE RECOGNITION

GLOBAL ENTERTAINMENT CORPORATION:

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
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 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.

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 loss per share of common  stock was  computed by dividing  the net loss 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 August  31,  2005  there  were  719,983  of  potentially  dilutive
securities outstanding.

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

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

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 and earnings per share
if the Company had applied the fair value recognition provisions of SFAS No. 148
to stock-based employee compensation.

<TABLE>
<CAPTION>
                                                                   For the three months ended
                                                                  -----------------------------
                                                                  August, 31          August, 31
                                                                    2005                2004
                                                                  ---------           ---------
                                                                 (Unaudited)         (Unaudited)
<S>                                                               <C>                 <C>
Net loss, as reported                                             $(151,284)          $ (90,533)
Deduct: Total stock-based employee compensation
        expense determined under fair value based method
        for all awards, net of related tax effects                 (129,381)             (6,944)
                                                                  ---------           ---------

Pro forma net loss                                                $(280,665)          $ (97,477)
                                                                  =========           =========
LOSS PER SHARE:
   Basic and diluted, as reported                                 $   (0.03)          $   (0.02)
                                                                  =========           =========

   Basic and diluted, pro forma                                   $   (0.05)          $   (0.02)
                                                                  =========           =========
</TABLE>

The fair  value of  option  grants is based on the Black  Scholes  valuation  as
described in the 10KSB annual report.

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

During the three months ended  August 31, 2005,  we issued  options  to purchase
70,000 shares of common stock to directors.  These options had an exercise price
of $5.40 and a term of ten (10) years.

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

In November 2004, we obtained a $1,000,000 revolving line of credit with a bank.
As of August 31, 2005, we have no outstanding  balance on this credit  facility.
We have the borrowing capacity of $925,000 as a result of an outstanding $75,000
Letter  of Credit in favor of the City of Rio  Rancho  which has not been  drawn
upon 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 August 31, 2005, the applicable interest rate was 7.75%.
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 senior 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
August 31, 2005, management believes we were in compliance with these covenants.
The facility will mature on November 19, 2005.

                                       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,  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
focused on small to  mid-size  communities,  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
branded licensing. We were organized as a Nevada corporation on August 20, 1998,
under the name  Global II, Inc.  In April  2000,  Global II acquired  all of the
outstanding  shares of Western  Professional  Hockey League,  Inc. ("WPHL") from
WPHL Holdings, Inc., a British Columbia,  Canada corporation.  Contemporaneously
with the  acquisition  of WPHL,  we  changed  our name to  Global  Entertainment
Corporation.

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 consists of eighteen teams located in
mid-market  communities  throughout the central and southwestern  regions of the
United States.

In January 2001,  we formed a subsidiary to acquire the assets of  International
Coliseums  Company,   Inc.  ("ICC").   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.

In January 2002, we formed another wholly owned subsidiary, Global Entertainment
Marketing  Systems  ("GEMS"),  to promote,  market,  and sell  various  services
related to  multipurpose  entertainment  facilities.  GEMS contracts to sell all
contractually obligated income (COI) sources,  including facility naming rights,
luxury suite sales, club seat license sales,  facility  sponsorship  agreements,
and  ticket   operations   contracts,   among  other   licensing  and  marketing
opportunities.

In March 2004, we completed a merger with Cragar Industries, Inc., a licensor of
a famous  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.

                                       12
<PAGE>
In June 2004 we formed Global Entertainment Ticketing, Inc. ("GETTIX"), a wholly
owned  subsidiary,  as 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 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 includes 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  are  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  Global  Entertainment  has met all of its
significant  obligations  under the terms of the franchise  agreement.  Revenues
from transfer  franchise fees are recognized  upon approval of the  transaction.
Design and build  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.

THREE  MONTHS  ENDED  AUGUST 31, 2005  COMPARED TO THREE MONTHS ENDED AUGUST 31,
2004

REVENUES:

<TABLE>
<CAPTION>
                                      Three                        Three
                                   months Ended   Percent of    months Ended   Percent of   Dollar Change   Percent Change
                                    August 31,       2005        August 31,       2004       Between 2004     Between 2004
                                      2005          Revenue        2004          Revenue       and 2005        and 2005
                                      ----          -------        ----          -------       --------        --------
<S>                                 <C>            <C>         <C>              <C>         <C>                <C>
Revenue
Project management fees            $2,471,772        77.1%      $1,499,366        73.3%      $   972,406         64.9%
Licensing and advertising fees        685,842        21.4%         546,988        26.7%          138,854         25.4%
Ticket Service Fees                    47,146         1.5%              --         0.0%           47,146         N/A
Other revenue                              13         0.8%              18         0.8%               (5)       (30.6)%
Franchise fees                             --         0.0%              --         0.0%               --         N/A
                                   ----------       -----       ----------       -----       -----------        -----
Total                              $3,204,773       100.0%      $2,046,372       100.0%      $ 1,158,401         56.6%
                                   ==========       =====       ==========       =====       ===========        =====
</TABLE>

Total revenues increased $1,158,401,  from $2,046,372 for the three months ended
August 31, 2004 to $3,204,773  for the three months ended August 31, 2005.  This
56.6%  increase was  generated  primarily  by ICC which  realized an increase of
$957,198  from  $1,499,366  for  the  three  months  ended  August  31,  2004 to
$2,456,564  for the three  months  ended  August 31,  2005.  This  increase  was
primarily  the  result of  revenues  received  under  three  project  management

                                       13
<PAGE>
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.  ICC's revenues  represented  77.1% of our total revenue for the three
months  ended August 31,  2005,  compared to 73.3% of our total  revenue for the
three months ended August 31, 2004.

Licensing and  advertising  fees increased  $138,854 from $546,988 for the three
months  ended  August 31, 2004 to $685,842 for the three months ended August 31,
2005.  This 25.4%  increase  resulted  primarily  from the timing of advertising
revenues related to the Central Hockey League's annual conference.

Ticketing  service  fees  totaled  $47,146 for the three months ended August 31,
2005.  There were no ticketing  service  revenues in the comparable  three month
period of the 2004 fiscal year as GETTIX  began formal  operations  in September
2004.

Franchise fees did not change during the three months ended August 31, 2005 from
the prior 2004 period.  No new  franchise  sales were  completed  during  either
period.

OPERATING COSTS:

<TABLE>
<CAPTION>
                                       Three                        Three
                                    months Ended   Percent of    months Ended   Percent of   Dollar Change   Percent Change
                                     August 31,       2005        August 31,       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                    $2,043,282        63.8%      $1,178,252        57.6%      $  865,030          73.4%
General and administrative costs     1,314,175        41.0%         958,654        46.8%         355,521          37.1%
                                    ----------       -----       ----------       -----       ----------         -----
Total                               $3,357,457       104.8%      $2,136,906       104.4%      $1,220,551          57.1%
                                    ==========       =====       ==========       =====       ==========         =====
</TABLE>

Total  operating  costs  increased by $1,220,551,  from $2,136,906 for the three
months ended August 31, 2004 to $3,357,457 for the three months ended August 31,
2005. This 57.1% increase resulted primarily from an increase in cost of revenue
of $865,030, which was directly related to the requirements of the three project
management  agreements  for 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.

General and administrative  expenses increased $355,521, or 37.1%, from $958,654
for the three months ended  August 31, 2004 to  $1,314,175  for the three months
ended August 31, 2005.  This increase  included  approximately  $79,424 over the
comparable 2004 period  resulting from additional  expenses  associated with the
expanded  operations  of  GETTIX  and  also  $276,096  from  increased  overhead
expenditures to meet additional staffing needs and marketing plans.

NET LOSS

<TABLE>
<CAPTION>
                                  Three                        Three
                               months Ended   Percent of    months Ended   Percent of   Dollar Change   Percent Change
                                August 31,       2005        August 31,       2004       Between 2004     Between 2004
                                  2005          Revenue        2004          Revenue       and 2005        and 2005
                                  ----          -------        ----          -------       --------        --------
<S>                             <C>            <C>        <C>              <C>          <C>               <C>

Net loss from operations      $ (151,284)       (4.7)%       $ (90,533)      (4.4)%       $ (60,751)         (67.1)%
</TABLE>

Net loss was $151,284 for the three months ended August 31, 2005,  compared to a
net loss of $90,534 for the three  months  ended  August 31,  2004.  The current

                                       14
<PAGE>
quarterly  loss  relates  primarily  to the  continued  expansion  of GETTIX and
related overhead costs, which was partially offset by ICC's continued profitable
project management operations.

LIQUIDITY AND CAPITAL RESOURCES

Our primary  source of  operating  capital in the three  months ended August 31,
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,  here
is no assurance that we will be able to supplement 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 November  2004, we entered into a $1,000,000  revolving line of credit with a
bank.  We have used and expect to continue  to use this  facility as our working
capital needs exceed cash flow from operations. As of August 31, 2005, there was
no outstanding balance on this facility. We had a borrowing capacity of $925,000
as a result of an  outstanding  $75,000 letter of credit in favor of the City of
Rio Rancho  which has not been  drawn  upon 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 senior 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
August 31, 2005 management  believes we were in compliance with these covenants.
The facility  will mature on November 19,  2005.  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 three months ended  August 31, 2005,  cash used by operating  activities
totaled  $145,335  compared to $229,877  for the three  months  ended August 31,
2004. This difference is primarily due to the timing of receivable collections.

Cash used in  investing  activities  totaled  $14,094 for the three months ended
August 31,  2005,  as compared to $76,659 for the three  months ended August 31,
2004.  This  decrease in use of funds mostly  relates to the purchase of capital
equipment and furniture  related to the startup  operations of GETTIX during the
three months ended August 31, 2004.

Cash  related to  financing  activities  totaled $0 for the three  months  ended
August 31, 2005 as compared to cash used in financing  activities of $54,960 for
the three months ended August 31, 2004.  This decrease in cash used is primarily
attributable  to the repayment of a note assumed in conjunction  with the merger
with Cragar during the three months ended August 31, 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.

                                       15
<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 151 is effective  for  financial  statements  issued for
fiscal  years  beginning  after June 15,  2005.  The adoption of SFAS 151 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 do not 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  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.

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  August  31,  2005  that  have
materially affected, or are reasonably likely to materially affect, our internal
controls over financial reporting.

                                       16
<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.

Global  is a  defendant  in a  lawsuit  filed by an  employee  of one of the CHL
franchises for alleged breach of contract  arising out of a dispute over medical
claims  related  to an injury  sustained  during a CHL  game.  The suit asks for
unspecified actual damages.  The suit is pending in Nueces County Court,  Nueces
County  Texas,  and was  initiated on April 4, 2004.  In addition to Global,  WD
Sports is named as a defendant in the suit. We believe the suit is without merit
and we intend to vigorously  defend it. We have not yet  determined  whether our
insurance would cover any potential liability arising from this suit.

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.

ITEM 6.  EXHIBITS

(a) Exhibits. See Exhibit Index attached.

                                       17
<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)


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



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

                                       18
<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.