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

                                   FORM 10-QSB

(Mark One)

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

    For the quarterly period ended: November 30, 2006

                                       OR

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

    For the transition period from ________________ to ________________

                        Commission File Number: 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 November 30, 2006:

                          Common Stock, $.001 par value
                                6,508,173 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, 2006


PART I. FINANCIAL INFORMATION

     Item 1. Financial Statements                                             3

          Condensed Consolidated Balance Sheets - As of November 30, 2006
          (Unaudited) and May 31, 2006                                        3

          Condensed Consolidated Statements of Operations (Unaudited) -
          Six and Three Months Ended November 30, 2006 and 2005               5

          Condensed Consolidated Statements of Changes in Stockholders'
          Equity - Fiscal Year ended May 31, 2006 and Six Months Ended
          November 30, 2006 (Unaudited)                                       6

          Condensed Consolidated Statements of Cash Flows (Unaudited) -
          Six Months Ended November 30, 2006 and 2005                         7

          Notes to Condensed Consolidated Financial Statements                9

     Item 2. Management's Discussion and Analysis of Financial Condition
             and Results of Operations                                       16

     Item 3. Controls and Procedures                                         23

PART II. OTHER INFORMATION

     Item 1. Legal Proceedings                                               23

     Item 6. Exhibits                                                        24

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

                                     ASSETS
<TABLE>
<CAPTION>
                                                                             November 30,           May 31,
                                                                                2006                 2006
                                                                             -----------          -----------
                                                                             (Unaudited)
<S>                                                                          <C>                  <C>
CURRENT ASSETS:
  Cash and cash equivalents                                                  $10,428,416          $ 5,438,091
  Accounts receivable - trade, less allowance for doubtful accounts
   of $234,888 at November 30, 2006 and $34,945 at May 31, 2006                7,654,294            6,004,068
  Accounts receivable - miscellaneous                                            103,568               64,460
  Prepaid expenses and other assets                                              470,241              357,682
  Refundable income tax                                                           63,000               63,000
  Deferred income tax asset                                                       14,000               14,000
                                                                             -----------          -----------

      TOTAL CURRENT ASSETS                                                    18,733,519           11,941,301

Accounts receivable - trade - long term portion                                       --              300,000

Property and Equipment, net                                                      245,475              222,068

Intangible Assets, net                                                         3,640,823            3,572,515

Goodwill                                                                         518,750              518,750

Non-Marketable Securities                                                         78,489               78,489

Miscellaneous Assets                                                             111,438              127,477
                                                                             -----------          -----------

      TOTAL ASSETS                                                           $23,328,494          $16,760,600
                                                                             ===========          ===========
</TABLE>

               The Accompanying Notes are an Integral Part of the
                  Condensed 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,
                                                                        2006                   2006
                                                                     ------------           ------------
                                                                     (Unaudited)
<S>                                                                  <C>                    <C>
CURRENT LIABILITIES:
  Accounts payable                                                   $  8,208,931           $  3,105,876
  Accrued liabilities                                                   3,494,527              1,281,636
  Deferred revenues                                                       951,887                900,386
                                                                     ------------           ------------

      TOTAL CURRENT LIABILITIES                                        12,655,345              5,287,898

Deferred revenues - long term portion                                     348,527                392,195
Deferred income tax liability                                              66,000                 66,000
                                                                     ------------           ------------

      TOTAL LIABILITIES                                                13,069,872              5,746,093
                                                                     ------------           ------------

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;
   6,508,173 and 6,487,492 shares issued and outstanding as of
   November 30, 2006 and May 31, 2006, respectively                         6,508                  6,488
  Paid-in capital                                                      10,731,010             10,665,781
  Retained earnings (deficit)                                            (478,896)               342,238
                                                                     ------------           ------------

      TOTAL STOCKHOLDERS' EQUITY                                       10,258,622             11,014,507
                                                                     ------------           ------------

      TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY                     $ 23,328,494           $ 16,760,600
                                                                     ============           ============
</TABLE>

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

                                       4
<PAGE>
                GLOBAL ENTERTAINMENT CORPORATION AND SUBSIDIARIES
                 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                For the six months ended            For the three months ended
                                             November 30,       November 30,      November 30,       November 30,
                                                 2006               2005              2006               2005
                                             ------------       ------------      ------------       ------------
<S>                                          <C>                <C>               <C>                <C>
Revenues
  Project management fees                    $ 11,302,016       $  5,592,726      $  9,231,427       $  3,120,954
  Facility management fees                      1,500,347            572,479         1,156,260            572,479
  Licensing and advertising fees                1,754,408          1,334,927         1,074,533            649,085
  Ticket service fees                           1,810,464            536,848         1,253,162            489,702
  Franchise fees                                  115,000            100,000           115,000            100,000
  Other revenue                                     2,706              1,690             2,641              1,677
                                             ------------       ------------      ------------       ------------
                                               16,484,941          8,138,670        12,833,023          4,933,897
                                             ------------       ------------      ------------       ------------
Operating Costs
  Cost of revenues                             13,159,772          5,167,327        10,536,092          3,124,045
  General and administrative costs              4,286,382          2,776,438         2,249,256          1,462,263
                                             ------------       ------------      ------------       ------------
                                               17,446,154          7,943,765        12,785,348          4,586,308
                                             ------------       ------------      ------------       ------------

Income (Loss) from Operations                    (961,213)           194,905            47,675            347,589

Other Income (Expense)
  Interest income                                 148,785              4,578            75,244              2,816
  Interest expense                                 (8,706)            (5,873)           (5,393)            (5,511)
                                             ------------       ------------      ------------       ------------

Income (Loss) Before Income Taxes                (821,134)           193,610           117,526            344,894
Income Tax Expense                                     --            (47,000)               --            (47,000)
                                             ------------       ------------      ------------       ------------

Net Income (Loss)                            $   (821,134)      $    146,610      $    117,526       $    297,894
                                             ============       ============      ============       ============

Income (Loss) Per Share - basic              $      (0.13)      $       0.03      $       0.02       $       0.06
                                             ============       ============      ============       ============
Weighted average shares outstanding
  - basic                                       6,497,383          5,345,738         6,500,261          5,345,738
                                             ============       ============      ============       ============

Income (Loss) Per Share -  diluted           $      (0.13)      $       0.03      $       0.02       $       0.05
                                             ============       ============      ============       ============
Weighted average shares outstanding
  - diluted                                     6,497,383          5,641,879         6,693,742          5,704,019
                                             ============       ============      ============       ============
</TABLE>

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

                                       5
<PAGE>
                GLOBAL ENTERTAINMENT CORPORATION AND SUBSIDIARIES
      CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
                 FOR THE FISCAL YEAR ENDED MAY 31, 2006 AND THE
                       SIX MONTHS ENDED NOVEMBER 30, 2006

<TABLE>
<CAPTION>
                                                   Common Stock
                                                -------------------        Paid-in         Retained
                                                Shares       Amount        Capital     Earnings/(Deficit)     Total
                                                ------       ------        -------     ------------------     -----
<S>                                         <C>            <C>         <C>              <C>             <C>
Balance at May 31, 2005                       5,345,738      $5,346      $ 5,053,098      $  97,183       $  5,155,627

Exercise of options and warrants                 62,754          63          218,687             --            218,750

Issuance of common stock private placement,
 net of registration costs of $809,175        1,079,000       1,079        5,393,996             --          5,395,075

Net income for the year ended May 31, 2006           --          --               --        245,055            245,055
                                              ---------      ------      -----------      ---------       ------------

Balance at May 31, 2006                       6,487,492       6,488       10,665,781        342,238         11,014,507

Exercise of options (Unaudited)                  10,681          10            8,739             --              8,749

Issuance of restricted stock (Unaudited)         10,000          10           56,490         56,500

Net loss for the six months ended
 November 30, 2006 (Unaudited)                       --          --               --       (821,134)          (821,134)
                                              ---------      ------      -----------      ---------       ------------

Balance at November 30, 2006 (Unaudited)      6,508,173      $6,508      $10,731,010      $(478,896)      $ 10,258,622
                                              =========      ======      ===========      =========       ============
</TABLE>

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

                                       6
<PAGE>
                GLOBAL ENTERTAINMENT CORPORATION AND SUBSIDIARIES
                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                                   For the six months ended
                                                               November 30,           November 30,
                                                                   2006                   2005
                                                               ------------           ------------
<S>                                                            <C>                    <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
  Net Income (Loss)                                            $   (821,134)          $    146,610
  Adjustments to reconcile net loss to net cash
   provided by operating activities:
     Depreciation and amortization                                   87,947                 58,417
     Deferred income taxes                                               --                 18,000
     Allowance for doubtful accounts                                199,943                     --
     Issuance of restricted stock for services                        5,077                     --
  Changes in Assets and Liabilities:
     Accounts receivable
       - trade                                                   (1,550,169)              (137,816)
       - miscellaneous                                              (39,108)                  (694)
     Prepaid expenses and other assets                              (61,136)              (201,940)
     Miscellaneous assets                                            16,039                  9,819
     Accounts payable
       - trade                                                    5,103,055              1,554,079
       - related party                                                   --                (13,252)
     Accrued liabilities                                          2,212,891                668,646
     Deferred revenues                                                7,833                389,241
                                                               ------------           ------------
           NET CASH PROVIDED BY OPERATING ACTIVITIES:             5,161,238              2,491,110
                                                               ------------           ------------
CASH FLOWS FROM INVESTING ACTIVITIES:
  Purchase of fixed assets                                         (104,923)               (65,952)
  Proceeds from sale of fixed assets                                     --                  1,941
  Purchase of trademarks                                            (74,739)                  (916)
                                                               ------------           ------------
           NET CASH USED IN INVESTING ACTIVITES:                   (179,662)               (64,927)
                                                               ------------           ------------
CASH FLOWS FROM FINANCING ACTIVITIES:
  Proceeds from debt                                                     --                150,000
  Repayment of debt                                                      --               (150,000)
  Stock options exercised                                             8,749                     --
                                                               ------------           ------------
           NET CASH PROVIDED BY FINANCING ACTIVITIES:                 8,749                     --
                                                               ------------           ------------
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS:             4,990,325              2,426,183

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD:                   5,438,091                750,159
                                                               ------------           ------------
CASH AND CASH EQUIVALENTS, END OF PERIOD:                      $ 10,428,416           $  3,176,342
                                                               ============           ============
</TABLE>

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

                                       7
<PAGE>
                GLOBAL ENTERTAINMENT CORPORATION AND SUBSIDIARIES
                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (UNAUDITED)
                                   (CONTINUED)

<TABLE>
<CAPTION>
                                                             For the six months ended
                                                          November 30,        November 30,
                                                             2006                2005
                                                          ----------          ----------
<S>                                                       <C>                 <C>
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
  Cash paid during the period for interest                $    8,706          $    5,873
                                                          ==========          ==========

  Cash paid during the period for income taxes            $       --          $  179,256
                                                          ==========          ==========

NON-CASH FINANCING ACTIVITY
  Issuance of restricted stock for services               $   56,500          $       --
                                                          ==========          ==========
</TABLE>

               The Accompanying Notes are an Integral Part of the
                  Condensed 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"),
Global   Entertainment   Ticketing   ("GETTIX"),   Encore  Facility   Management
("Encore"),  and Global Properties I. (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, 2006 are not
necessarily  indicative  of the results that may be expected for the year ending
May 31,  2007 or for any other  period.  For further  information,  refer to the
financial  statements and footnotes included in our annual report on Form 10-KSB
for the year ended May 31, 2006.

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 if applicable,  potential liabilities arising
from litigation, the value of facility management guarantees, 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.  We are currently in the process of evaluating  our
franchise license agreement and related revenue recognition policy.

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

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

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  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:  Encore 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.

INCOME (LOSS) PER SHARE

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

Diluted income (loss) per share is 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

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

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

when  inclusion  would  increase the earnings per share or decrease the loss per
share. As of November 30, 2006 and 2005 there were 85,977 and 81,477 potentially
dilutive securities outstanding,  respectively. None of the potentially dilutive
securities  were included in the  computation of the weighted  average number of
common stock and dilutive  securities as their effect was  anti-dilutive for the
six months ended November 30, 2006.

As of  November  30,  2006 there  were  659,649  options  and  275,760  warrants
outstanding to purchase common stock. As of November 30, 2005 there were 745,000
options and 60,460 warrants outstanding to purchase common stock.

STOCK-BASED COMPENSATION

EMPLOYEE STOCK OPTIONS:

On March 1, 2006 the Company  adopted the fair value  recognition  provisions of
SFAS  123R.  Prior to March 1,  2006,  the  Company  accounted  for  share-based
payments under the recognition and measurement provisions of APB 25, and related
Interpretations,  as  permitted  by SFAS  123.  In  accordance  with APB 25,  no
compensation  cost was required to be recognized for options granted that had an
exercise price equal to the market value of the  underlying  common stock on the
date of grant.

The Company adopted SFAS 123R using the modified prospective  transition method.
Under this transition  method,  compensation  cost for all share-based  payments
granted  subsequent  to March 1,  2006 is based  on the  grant-date  fair  value
estimated  in  accordance  with the  provisions  of SFAS 123R.  The  results for
periods  prior to March 1, 2006 are not required to be restated.  During the six
months ended  November 30, 2006, we did not issue options to purchase  shares of
common stock.

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. 123
to stock-based employee compensation.

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

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

Pro forma net loss                                           $(220,316)
                                                             =========
INCOME (LOSS) PER SHARE:
   Basic and diluted, as reported                            $    0.03
                                                             =========
   Basic and diluted, pro forma                              $   (0.04)
                                                             =========

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

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

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

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

--------------------------------------------------------------------------------
                                     NOTE 2
                                INTANGIBLE ASSETS
--------------------------------------------------------------------------------

Based on our review of amounts  recorded  in prior  periods as  goodwill we have
reclassified  amounts  relating to the  acquisition of Cragar from "goodwill" to
"intangible  assets" on the balance sheet. As these are non-wasting  assets with
indefinite lives, there is no amortization to report in the respective financial
statements.

The related Cragar goodwill balance as of May 31, 2006 has been  reclassified in
the  accompanying  consolidated  balance sheets to conform to the current period
presentation.  This  reclassification  had no effect on previously  reported net
income or stockholders' equity.

As of November 30, 2006 and May 31, 2006,  intangible  assets were  comprised of
the following:

                                              November 30,             May 31,
                                                 2006                   2006
                                              -----------           -----------
                                              (Unaudited)

Trademarks                                    $ 3,635,924           $ 3,561,186
Covenant not to compete                            50,000                50,000
Franchising rights                                     --                75,000
                                              -----------           -----------
                                                3,685,924             3,686,186
Less:  accumulated amortization                   (45,101)             (113,671)
                                              -----------           -----------

                                              $ 3,640,823           $ 3,572,515
                                              ===========           ===========

As of  November  30,  2006  and May 31,  2006,  goodwill  was  comprised  of the
following:

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

--------------------------------------------------------------------------------
                                     NOTE 2
                          INTANGIBLE ASSETS (CONTINUED)
--------------------------------------------------------------------------------

                                               November 30,            May 31,
                                                  2006                  2006
                                                ---------             ---------

Investment in ICC                               $ 622,500             $ 622,500
Less:  accumulated amortization                  (103,750)             (103,750)
                                                ---------             ---------

                                                $ 518,750             $ 518,750
                                                =========             =========

--------------------------------------------------------------------------------
                                     NOTE 3
                                     EQUITY
--------------------------------------------------------------------------------

During the six months  ended  November  30,  2006,  we did not issue  options to
purchase  shares of common stock.  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 prior
period had an exercise price of $5.40,  five thousand options granted during the
prior  period had an  exercise  price of $6.50,  and eighty  one  thousand  four
hundred  seventy seven options  granted  during the prior 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.

Effective  October 20, 2006, we issued 4,000 shares of restricted stock with two
year  vesting  terms to various  directors  as  compensation  for service on the
Board,  and 6,000 shares of restricted stock with one year vesting terms as part
of our  financial  consulting  agreement  with Miller  Capital  Corporation.  An
expense for these shares was recorded in the current  period,  prorated over the
vesting  period and based on the market  price of $5.65 per share as of November
30, 2006.

--------------------------------------------------------------------------------
                                     NOTE 4
                                 LINE OF CREDIT
--------------------------------------------------------------------------------

During the six months  ended  November  30,  2006 we obtained an increase in our
revolving  line of credit from  $2,000,000 to  $3,000,000.  On November 19, 2006
this line of credit was  renewed and will mature on  November  19,  2007.  As of
November 30, 2006, we have no outstanding  balance on this credit  facility.  We
have a maximum borrowing capacity of $2,400,000 as a result of a $600,000 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 this letter 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, 2006, the applicable interest rate was 9.25%. 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,  a  minimum
consolidated tangible net worth of $5,000,000,  as of the date of the amendment,
August  21,  2006,  and an  increase  in  tangible  net worth of at least 75% of
consolidated  net  income  plus  100%  of all  increases  of  equity  in  Global
(including  the amount of any stock  offering or issuance)  on each  anniversary
date of May 31 thereafter until maturity, and a ratio of funded debt to earnings
before interest,  taxes and depreciation and amortization of not more than 2.5:1
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,  2006,  management
believes we were in compliance with these covenants.

                                       13
<PAGE>
                GLOBAL ENTERTAINMENT CORPORATION AND SUBSIDIARIES
  NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) (UNAUDITED)

--------------------------------------------------------------------------------
                                     NOTE 5
                          COMMITMENTS AND CONTINGENCIES
--------------------------------------------------------------------------------

As with all  entertainment  facilities  there  exists a degree  of risk that the
general public may be accidentally  injured.  As of November 30, 2006 there were
various claims outstanding in this regard that management does not believe these
will have a material effect on the financial  condition or results of operations
of the Company. 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 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.  Although
the outcome of this matter cannot be predicted with  certainty,  we believe that
we have valid  defenses to the alleged  claims and intend to  vigorously  defend
this action. As such no liability has been recorded at November 30, 2006 related
to this matter.

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 alleges negligence against Global and 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.  Although  the  outcome  of this  matter  cannot be
predicted with certainty,  we believe that we have valid defenses to the alleged
claims and intend to  vigorously  defend this action.  As such no liability  has
been recorded at November 30, 2006 related to this matter.

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.  Although the outcome of this matter cannot be
predicted with certainty,  we believe that we have valid defenses to the alleged
claims and intend to  vigorously  defend this action.  As such no liability  has
been recorded at November 30, 2006 related to this matter.

Global is a  third-party  defendant  in a lawsuit  filed by the City of Hidalgo,
Texas against  Eduardo Vela and PBK  Architects,  Inc.  (City of Hidalgo,  Texas
Municipal  Facilities  Corp, v. Eduardo Vela and PBK Architects)  related to the
design and  construction of the Dodge Arena in Hidalgo,  Texas. The City alleges
that PBK is liable for misrepresentations and negligence related to PBK's design
plans,  construction  oversight and general  administration of the project.  The
suit was filed on October 25, 2004 and is pending in the 389th Judicial District
Court of Hidalgo  County,  Texas.  Global became a party to Hidalgo v. Vela when
defendant  PBK filed a third  party  petition on March 31,  2006  claiming  that
Global owed PBK  contribution  for plaintiff's  claims.  Although the outcome of
this matter cannot be predicted  with  certainty,  we believe that we have valid
defenses to the alleged claims and intend to vigorously defend this action.

Pursuant to the joint operating  agreement between the CHL and the WPHL, the CHL
has an option to purchase all of the WPHL's interests and rights related to WPHL
teams  operating  under  the joint  operating  agreement,  and any other  hockey
related  assets of the WPHL.  Although our strategy is to increase  revenue from
our arena  development and marketing and licensing  businesses,  the exercise of
this  option by the CHL would  require us to enter an  agreement  not to compete
with the CHL for a period of five years,  and eliminate a current primary source
of revenue.  The earliest such a transaction  could occur would be at the end of
the 2011 fiscal year.

                                       14
<PAGE>
                GLOBAL ENTERTAINMENT CORPORATION AND SUBSIDIARIES
  NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) (UNAUDITED)

--------------------------------------------------------------------------------
                                     NOTE 5
                    COMMITMENTS AND CONTINGENCIES (CONTINUED)
--------------------------------------------------------------------------------

The Company has entered into contracts  with the  facilities in Rio Rancho,  New
Mexico,  Youngstown,  Ohio and Prescott Valley,  Arizona which guarantee certain
economic performance  standards.  Based on our current performance  estimates of
these  facilities,  we believe the amount of payments under these  guarantees is
negligible, and, as such, have recorded no value to these guarantees.

As of November  30, 2006 we have  provided a secondary  guarantee on a letter of
credit in favor of Ace  Insurance  Company for  $860,000  related to a guarantee
under  a  workers  compensation   program.   This  letter  of  credit  is  fully
collateralized  by a third party and our  secondary  guarantee of this letter of
credit  does not  affect our  borrowing  capacity  under our line of credit.  No
amounts have been drawn on this letter of credit as of November 30, 2006.

--------------------------------------------------------------------------------
                                     NOTE 6
                                  JOINT VENTURE
--------------------------------------------------------------------------------

During  the fiscal  year ended May 31,  2006,  we entered  into a joint  venture
partnership  agreement with Prescott Valley Signature  Entertainment,  LLC. This
joint venture was formed to engage in the business of developing,  managing, and
leasing the Prescott  Valley Events Center in Prescott  Valley,  Arizona through
the  Pre-Annexation  Development  Agreement  with the Town of  Prescott  Valley.
Global is the managing  member of Prescott  Valley Events  Center,  LLC ("PVEC")
(the joint venture  entity) and is responsible  for the planning,  promotion and
fulfillment  of the  joint  venture  operations.  We  plan  to  account  for our
investment in PVEC, by the equity  method.  Our interest in this entity is not a
controlling  one, as we do not own a majority voting interest and as our ability
to affect the business  operations is  significantly  limited by the partnership
operating  agreement.   The  PVEC  operating  agreement  also  provides  that  a
majority-in-interest  of the members may replace the managing member,  or if the
managing member is in default, a  majority-in-interest  of the remaining members
may replace the managing member.

Each member paid $1,000 for a 50%  interest in the joint  venture.  We will also
contribute  $250,000  as  preferred  capital  while  Prescott  Valley  Signature
Entertainment,  LLC contributed land with an approximate  value of $1,500,000 as
preferred  capital.  Each member will receive a 5% return on  preferred  capital
contributions  and will  share  equally  in the  gain or loss of PVEC.  If funds
available to PVEC are  insufficient  to fund  operations  or  construction,  the
members  agree  to  contribute  100% of the  cash  needed  until  each  member's
preferred  capital account  balances are equal and 50% of the cash needed if its
preferred  capital  contribution  balances  are equal.  Upon  completion  of the
Prescott Valley Events Center the Company has a limited contingent liability for
the debt service  payments on the  facility.  In the event of any  shortfalls in
debt service payments, amounts will first be paid by third party escrow accounts
funded by 2% of the  Transaction  Privilege Tax collected  from the  surrounding
project area and from a lockbox account containing 1) an initial contribution by
PVEC of $250,000,  2) $100,000 per year (increasing  annually by inflation) from
the Town of Prescott Valley and 3) retained  earnings from the arena operations.
The maximum  potential future payments required under this guarantee are limited
to our annual management fee of approximately  $250,000. As of November 30, 2006
we believe the amount of payments  under this  guarantee is  negligible  and, as
such, have recorded no value to the guarantee.

We did not earn  income or incur any losses  from PVEC for the six months  ended
November 30, 2006.

During the fiscal  year ended May 31, 2006 we  purchased a liquor  license to be
used in the opera0tions of the Prescott Valley Events Center.  This license will
be  contributed to the PVEC and as such is classified on our balance sheet under
"Miscellaneous Assets" as of November 30, 2006.

                                       15
<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, 2006 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 quarterly report as
"we," "us," "Global" or "GEC") is an integrated event and entertainment  company
that is  engaged,  through  its  seven  wholly  owned  subsidiaries,  in  sports
management,  multipurpose  events  center 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.

     Our  seven   subsidiaries   are   Western   Professional   Hockey   League,
International  Coliseums Company, Global Entertainment Marketing Systems, Cragar
Industries,  Global Entertainment  Ticketing,  Encore Facility  Management,  and
Global Properties I.

     Pursuant  to a joint  operating  agreement  between us and  Central  Hockey
League,  Inc., Western  Professional  Hockey League operates and manages a minor
professional hockey league known as the Central Hockey League (the "CHL"), which
currently consists of 18 teams located in mid-market  communities throughout the
Central and Western regions of the United States.

     International  Coliseums Company, Inc. ("ICC") develops multipurpose events
centers in mid-market  communities.  ICC's  development of  multipurpose  events
centers promotes the development of the CHL by assisting  potential  franchisees
in securing  quality  venues in which to play minor  professional  hockey league
games.  The  inter-relationship  between  ICC and  WPHL is a key  factor  in the
viability of a managed multipurpose entertainment facility.

     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 seat license sales, facility sponsorship
agreements, and ticket operations contracts.

     In March  2004,  we  completed a merger with  Cragar  Industries,  Inc.,  a
licensor of a well-known  automotive  aftermarket  wheel  trademark  and brand -
CRAGAR(R).  Our expertise gained through the operation and management of the CHL
and related  activities blends with the development of additional  licensing and
marketing opportunities for CRAGAR(R) branded products.

                                       16
<PAGE>
     In June 2004, we formed Global Entertainment Ticketing,  Inc. ("GETTIX"), a
third party provider of ticketing  services for the  multipurpose  event centers
developed by ICC,  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 include  database  flexibility,  easy season and group  options,  financial
reporting and full marketing resources.

     In February 2006, we formed Encore Facility Management ("Encore"), a single
source management entity that provides a full complement of multipurpose  events
center operational services.  These services provide administrative oversight in
the areas of  facility/property  management  and  finance,  sales and  marketing
(through GEMS), arena/event ticketing (through GETTIX), event bookings, and food
and  beverage.  Encore is  currently  involved  with  facility  management  of a
multipurpose events center developed by ICC. Facility management  operations are
conducted under separate limited liability companies established by the Company.

     During the six months ended November 30, 2006 we began  operations of a new
entity,  Global  Properties  I.  This  entity  will work in  targeted  mid-sized
communities  across the United  States  promoting  our  services  related to the
development of multipurpose events centers and surrounding multi-use real estate
development.

OVERVIEW - OPERATIONS

     During the three  months  ended  November  30, 2006 the  Company  generated
income of $117,526 primarily attributable to results related to Gettix ticketing
services,  ICC project management  services,  GEMS sales and marketing services,
and CHL hockey  operations,  partially  offset by expenses  associated  with the
launch of our Cragar Edition  vehicle kits and related  products and startup and
operations of our newest subsidiary, Global Properties I.

     ICC completed its project management duties in November with the opening of
three new events centers.  These projects include:  1) the Santa Ana Star Center
in Rio Rancho,  New Mexico; 2) Tim's Toyota Center in Prescott Valley,  Arizona;
and 3) the  Broomfield  Event  Center  in  Broomfield,  Colorado.  Each of these
facilities will provide the Company with  additional  revenue in future periods.
CHL  hockey  teams  began play in the  2006/2007  season and will serve as major
tenants  in each of the  facilities.  In both the Rio  Rancho,  New  Mexico  and
Prescott  Valley,  Arizona  locations Encore began facility  management,  Gettix
began  ticketing  services,  and GEMS  continued  providing  sales and marketing
services.

     ICC recently  commenced  work on two new  projects  including an events and
entertainment center in Wenatchee,  Washington and a capital enhancement project
for a multipurpose  facility in Dawson Creek in British Columbia,  Canada.  Upon
opening of the Dawson Creek  facility in summer  2007,  the Company will provide
long-term  facility  management,  sales and  marketing  support,  and  ticketing
services.

     Gettix ticketing  services  revenue  increased  approximately  156% for the
three months ended November 30, 2006 compared to the three months ended November
30, 2005.  This increase is primarily  attributable to the opening of facilities
in Rio Rancho, New Mexico and Prescott Valley, Arizona noted above.

     Cragar began selling its new Special  Edition  vehicle kits and  components
through new car  dealerships  during the second  fiscal  quarter.  We  continued
investing  in this new  program  during the  current  fiscal  quarter  including
additional  sales  and   administrative   staff,   product   development  costs,
participation in the SEMA convention and other promotional events.

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,  2006.  We believe  our most  critical
accounting policies and estimates relate to revenue  recognition,  the allowance
for doubtful accounts,  facility management  performance guarantee  liabilities,
and the carrying value of goodwill and trademarks.

                                       17
<PAGE>
     Revenues  from  assessment  fees are  recognized  ratably  over the year in
relation  to  expenses  incurred.  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 by
the league.  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.

     Estimates  of  liability  relating  to  facility   management   performance
guarantees are based on current facility performance estimates.  Actual facility
performance may not meet expectations and may result in additional liability.

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

SIX MONTHS  ENDED  NOVEMBER 30, 2006  COMPARED TO SIX MONTHS ENDED  NOVEMBER 30,
2005

REVENUES:

<TABLE>
<CAPTION>
                                  Six months                  Six months
                                    ended       Percent of      ended      Percent of   Dollar Change    Percent Change
                                 November 30,     2006       November 30,    2005       Between 2005      Between 2005
                                     2006        Revenue        2005        Revenue        and 2006         and 2006
                                     ----        -------        ----        -------        --------         --------
<S>                              <C>               <C>      <C>               <C>        <C>                   <C>
Revenue
Project management fees          $11,302,016       68.6%      $5,592,726      68.7%       $5,709,290          102.1%
Facility management fees           1,500,347        9.1%         572,479       7.0%          927,868          162.1%
Licensing and advertising fees     1,754,408       10.6%       1,334,927      16.4%          419,481           31.4%
Ticket Service Fees                1,810,464       11.0%         536,848       6.6%        1,273,616          237.2%
Franchise fees                       115,000        0.7%         100,000       1.3%           15,000           15.0%
Other revenue                          2,706        0.0%           1,690       0.0%            1,016           60.1%
                                 -----------      -----       ----------     -----        ----------          -----
Total                            $16,484,941      100.0%      $8,138,670     100.0%       $8,346,271          102.6%
                                 ===========      =====       ==========     =====        ==========          =====
</TABLE>

     Total revenues increased $8,346,271, or 102.6%, from $8,138,670 for the six
months ended November 30, 2005 to $16,484,941  for the six months ended November
30, 2006.  This  increase  was  generated  primarily  by ICC project  management
revenues  which realized an increase of $5,709,290  from  $5,592,726 for the six
months ended November 30, 2005 to $11,302,016  for the six months ended November
30,  2006.  This  increase  resulted  as  ICC  construction  project  management
agreements  were in the final stages creating more revenue related to furniture,
fixtures and equipment paid on behalf of the project owners.  Project management
revenues  represented  68.6%  of our  total  revenue  for the six  months  ended
November  30,  2006,  compared to 68.7% of our total  revenue for the six months
ended November 30, 2005.

     Facility management revenue increased  $927,868,  from $572,479 for the six
months ended  November 30, 2005 to $1,500,347  for the six months ended November
30, 2006. This increase occurred primarily as a result of the opening of two new
facilities. Encore's current facility management contracts include the Chevrolet
Center in  Youngstown,  Ohio,  the Santa  Anna Star  Center in Rio  Rancho,  New
Mexico, and Tim's Toyota Center in Prescott Valley, Arizona.

     Licensing and advertising  fees increased  $419,481 from $1,334,927 for the
six months  ended  November  30,  2005 to  $1,754,408  for the six months  ended
November 30, 2006. This 31.4% increase resulted primarily from 1) increased GEMS
sales and marketing  revenue  relating to the two new  facilities in Rio Rancho,
New Mexico and Prescott Valley,  Arizona and 2) increased CHL revenues resulting
from two new hockey franchise teams in Broomfield  Colorado and Prescott Valley,
Arizona as well as licensing fees received from hockey equipment suppliers.

                                       18
<PAGE>

     Ticket service fees increased  $1,273,616  from $536,848 for the six months
ended  November 30, 2005 to  $1,810,464  for the six months  ended  November 30,
2006. This 237.2%  increase in ticket service fees occurred  primarily as Gettix
began ticketing  operations at two new facilities in Rio Rancho,  New Mexico and
Prescott Valley, Arizona.

     Franchise fee revenue was  consistent  with the prior period and represents
amounts charged for franchise transfers.

OPERATING COSTS:

<TABLE>
<CAPTION>
                                    Six months                  Six months
                                      ended       Percent of      ended      Percent of   Dollar Change    Percent Change
                                   November 30,     2006       November 30,    2005       Between 2005      Between 2005
                                       2006        Revenue        2005        Revenue        and 2006         and 2006
                                       ----        -------        ----        -------        --------         --------
<S>                                <C>               <C>      <C>               <C>        <C>                   <C>
Operating Costs
Cost of revenues                   $13,159,772       79.8%      $5,167,327      63.5%       $7,992,445          154.7%
General and administrative costs     4,286,382       26.0%       2,776,438      34.1%        1,509,944           54.4%
                                   -----------      -----       ----------      ----        ----------          -----
Total                              $17,446,154      105.8%      $7,943,765      97.6%       $9,502,389          119.6%
                                   ===========      =====       ==========      ====        ==========          =====
</TABLE>

     Total operating costs increased by $9,502,389,  or 119.6%,  from $7,943,765
for the six months  ended  November 30, 2005 to  $17,446,154  for the six months
ended November 30, 2005.

     Cost of revenue increased by $7,992,445, or 154.7%, from $5,167,327 for the
six months  ended  November  30, 2005 to  $13,159,772  for the six months  ended
November 30, 2006. This increase resulted primarily from 1) two ICC construction
project management agreements were in the final stages during the current fiscal
quarter,  creating  more expenses  related to furniture,  fixtures and equipment
paid on behalf of the project owners 2) an increase in facility management costs
associated with the facilities in Youngstown,  Ohio,  Prescott Valley,  Arizona,
and Rio Rancho,  New Mexico,  and 3) an  increase  in ticket  service  fees as a
result of an increase in ticket service revenues.

     General and administrative  expenses increased  $1,509,944,  or 54.4%, from
$2,776,438  for the six months ended November 30, 2006 to $4,286,382 for the six
months ended  November 30, 2006.  This increase  primarily  relates to costs for
additional staffing and overhead expenses associated with the startup operations
of Global  Properties  I, an increase in the  allowance  for  doubtful  accounts
receivable,  severance  costs  associated  with a  reduction  in force,  a large
recruiting fee for a key new executive and increased legal fees. In addition, we
incurred costs for additional staffing and overhead expenses associated with the
growth  of  Encore's  facility  management  operations,   additional  sales  and
administrative  staff and expanded  development and marketing efforts related to
Cragar, and continued expansion of Gettix ticketing operations.

NET INCOME:

<TABLE>
<CAPTION>
                        Six months                  Six months
                          ended       Percent of      ended      Percent of   Dollar Change    Percent Change
                       November 30,     2006       November 30,    2005       Between 2005      Between 2005
                           2006        Revenue        2005        Revenue        and 2006         and 2006
                           ----        -------        ----        -------        --------         --------
<S>                    <C>               <C>      <C>               <C>        <C>                   <C>
Net income (loss)      $ (821,134)      -5.0%       $ 146,610       1.8%        $ (967,744)        -660.1%
                       ==========        ===        =========       ===         ==========          =====
</TABLE>

     Net loss was $821,134 for the six months ended November 30, 2006,  compared
to net income of  $146,610  for the six months  ended  November  30,  2005.  The
current period loss is primarily attributable to a negotiated payment related to
the favorable  restructuring  of the  Company's  management  compensation  at an

                                       19
<PAGE>
events  center,  an increase in the allowance for doubtful  accounts,  severance
cost  associated  with a reduction in force,  a large  recruiting fee associated
with the addition of a key executive and legal fees pertaining to various issues
that were  higher  than  normal  during the  period.  In  addition,  the Company
incurred costs related to sales and  administrative  staff and  development  and
marketing costs  associated  with the expansion of Cragar  operations as well as
start-up costs for our newest subsidiary, Global Properties I.

THREE MONTHS ENDED NOVEMBER 30, 2006 COMPARED TO THREE MONTHS ENDED NOVEMBER 30,
2005

REVENUES:

<TABLE>
<CAPTION>
                                   Three months                Three months
                                      ended       Percent of      ended      Percent of   Dollar Change    Percent Change
                                   November 30,     2006       November 30,    2005       Between 2005      Between 2005
                                       2006        Revenue        2005        Revenue        and 2006         and 2006
                                       ----        -------        ----        -------        --------         --------
<S>                                <C>               <C>      <C>               <C>        <C>                   <C>
Revenue
  Project management fees         $ 9,231,427       71.9%      $3,120,954       63.3%       $6,110,473          195.8%
  Facility management fees          1,156,260        9.0%         572,479       11.6%          583,781          102.0%
  Licensing and advertising fees    1,074,533        8.4%         649,085       13.2%          425,448           65.5%
  Ticket Service Fees               1,253,162        9.8%         489,702        9.9%          763,460          155.9%
  Other revenue                         2,641        0.0%           1,677        0.0%              964           57.5%
  Franchise fees                      115,000        0.9%         100,000        2.0%           15,000           15.0%
                                  -----------      -----       ----------      -----        ----------          -----
  Total                           $12,833,023      100.0%      $4,933,897      100.0%       $7,899,126          160.1%
                                  ===========      =====       ==========      =====        ==========          =====
</TABLE>

     Total revenues increased  $7,899,126,  from $4,933,897 for the three months
ended November 30, 2005 to  $12,833,023  for the three months ended November 30,
2006.

     Project management  revenues  increased  $6,110,473 from $3,120,954 for the
three months ended  November 30, 2005 to  $9,231,427  for the three months ended
November 30, 2006. This increase resulted as ICC construction project management
agreements  were in the final stages creating more revenue related to furniture,
fixtures and equipment paid on behalf of the project owners. The related revenue
and expense for these  amounts are  recognized in the period  incurred.  Project
management  revenues  represent  71.9% of our total revenue for the three months
ended  November 30, 2006,  compared to 63.3% of our total  revenue for the three
months ended November 30, 2005.

     Facility management revenues increased $583,781 from $572,479 for the three
months ended November 30, 2005 to $1,156,260 for the three months ended November
30, 2006.  This increase  occurred as Encore was managing three buildings in the
current  period  compared  to two  buildings  in the prior  period and as Encore
recognized  pre-opening  management revenue related to the opening of facilities
in Rio Rancho, New Mexico and Prescott Valley, Arizona.

     Licensing and advertising fees increased $425,448,  or 65.5%, from $649,085
for the three months ended  November 30, 2005 to $1,074,533 for the three months
ended November 30, 2006. This increase resulted primarily from 1) increased GEMS
sales and marketing  revenue  relating to the two new  facilities in Rio Rancho,
New Mexico and Prescott Valley,  Arizona and 2) increased CHL revenues resulting
from two new CHL  franchise  teams in Broomfield  Colorado and Prescott  Valley,
Arizona as well as rebates received from CHL hockey equipment suppliers.

     Ticket  service fees increased  155.9%,  from $489,702 for the three months
ended  November 30, 2005 to $1,253,162  for the three months ended  November 30,
2006.  This  increase  in ticket  service  fees  occurred  as GETTIX has entered
additional  ticketing  contracts since the prior period,  including ticketing of
facilities in Rio Rancho, New Mexico and Prescott Valley, Arizona.

     Franchise fee revenue was  consistent  with the prior period and represents
amounts charged for franchise transfers.

                                       20
<PAGE>
OPERATING COSTS:

<TABLE>
<CAPTION>
                                   Three months                Three months
                                      ended       Percent of      ended      Percent of   Dollar Change    Percent Change
                                   November 30,     2006       November 30,    2005       Between 2005      Between 2005
                                       2006        Revenue        2005        Revenue        and 2006         and 2006
                                       ----        -------        ----        -------        --------         --------
<S>                                <C>               <C>      <C>               <C>        <C>                   <C>
Operating Costs
  Cost of revenues                   $10,536,092    82.1%      $3,124,045      63.3%        $7,412,047         237.3%
  General and administrative costs     2,249,256    17.5%       1,462,263      29.6%           786,993          53.8%
                                     -----------    ----       ----------      ----         ----------         -----
  Total                              $12,785,348    99.6%      $4,586,308      92.9%        $8,199,040         178.8%
                                     ===========    ====       ==========      ====         ==========         =====
</TABLE>

     Total operating costs increased by $8,199,040,  or 178.8%,  from $4,586,308
for the three months ended November 30, 2005 to $12,785,348 for the three months
ended November 30, 2006.

     Cost of revenue increased by $7,412,047,  or 237.3%, to $10,536,092 for the
three months ended November 30, 2006 compared to the three months ended November
30, 2005. This increase resulted primarily from 1) two ICC construction  project
management  agreements  were in the  final  stages  during  the  current  fiscal
quarter,  creating  more expenses  related to furniture,  fixtures and equipment
paid on behalf of the project owners 2) an increase in facility management costs
associated the facilities in Youngstown, Ohio, Prescott Valley, Arizona, and Rio
Rancho,  New Mexico,  and 3) and  increase  in ticket  service  related  fees an
increase in ticket service revenues.

     General  and  administrative   costs  increased  $786,993,   or  53.8%,  to
$2,249,256 for the three months ended November 30, 2006. This increase primarily
relates to costs for additional  staffing and overhead expenses  associated with
the startup  operations  of Global  Properties  I and the  expansion of Encore's
facility management operations.  During the current quarter the Company incurred
severance  charges  associated with a reduction in force,  additional  sales and
administrative  staff for expanded  development and marketing efforts related to
Cragar, and continued expansion of Gettix ticketing operations.

NET INCOME:

<TABLE>
<CAPTION>
                 Three months                Three months
                    ended       Percent of      ended      Percent of   Dollar Change    Percent Change
                 November 30,     2006       November 30,    2005       Between 2005      Between 2005
                     2006        Revenue        2005        Revenue        and 2006         and 2006
                     ----        -------        ----        -------        --------         --------
<S>              <C>               <C>      <C>               <C>        <C>                   <C>
Net income        $ 117,526       0.9%        $ 297,894       6.0%        $ (180,368)        -60.5%
                  =========       ===         =========       ===         ==========          ====
</TABLE>

     Net income was  $117,526  for the three  months  ended  November  30, 2006,
compared to a net income of $297,894  for the three  months  ended  November 30,
2005. Net income in the current  quarter was primarily  attributable  to results
related to Gettix ticketing  services,  ICC project  management  services,  GEMS
sales and marketing  services,  and CHL hockey  operations,  partially offset by
expenses  associated  with the launch of our  Cragar  Edition  vehicle  kits and
related  products  startup  and  operations  of our  newest  subsidiary,  Global
Properties I, and costs associated with a reduction in force.

LIQUIDITY AND CAPITAL RESOURCES

     Cash provided by operating activities for the six months ended November 30,
2006 was  $5,161,238  compared  to cash  provided  by  operating  activities  of
$2,491,110  for the six months ended  November 30, 2006.  This  increase in cash
provided by operations  relates primarily to an increase in accounts payable and
accrued  liabilities  as a result of the  timing of vendor  payments,  partially
offset by an  increase  in  accounts  receivable  as a result  of the  timing of
collections.

                                       21
<PAGE>
A significant  source of operating  capital during the six months ended November
30,  2006 was from Gettix  ticket  service  fees,  CHL league  assessments,  and
project  management  fees from ICC.  Since  project  management  fees and ticket
service 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 these or other sources.

     Cash used in investing activities totaled $179,662 for the six months ended
November  30, 2006  compared to $64,927 for the six months  ended  November  30,
2005.  The use of  funds  in both  periods  includes  the  purchase  of  capital
equipment  related to the  expansion of Cragar  branded  products and  equipment
related to the expanded Gettix ticketing  operations.  In addition,  the current
quarter  includes  approximately  $75,000  of cash used  successfully  defending
Cragar trademarks.

     During the six months ended  November  30, 2006 cash  provided by financing
activities relates to the exercise of options to purchase common stock.

     During the six months  ended  November  30, 2006 we obtained an increase in
our revolving line of credit from $2,000,000 to $3,000,000. On November 19, 2006
this line of credit was  renewed and will mature on  November  19,  2007.  As of
November 30, 2006, we have no outstanding  balance on this credit  facility.  We
have a maximum borrowing capacity of $2,400,000 as a result of a $600,000 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 this letter 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, 2006, the applicable interest rate was 9.25%. 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,  a  minimum
consolidated tangible net worth of $5,000,000,  as of the date of the amendment,
August  21,  2006,  and an  increase  in  tangible  net worth of at least 75% of
consolidated  net  income  plus  100%  of all  increases  of  equity  in  Global
(including  the amount of any stock  offering or issuance)  on each  anniversary
date of May 31 thereafter until maturity, and a ratio of funded debt to earnings
before interest,  taxes and depreciation and amortization of not more than 2.5:1
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,  2006,  management
believes we were in compliance with these covenants.

SEASONALITY

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

INFLATION

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

NEW ACCOUNTING PRONOUNCEMENTS

     In 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 annual  reporting period that
begins after  December 15, 2005. 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.  The  adoption  of SFAS 123 (R) did not have a  material  effect on our
results of operations or financial position.

                                       22
<PAGE>
     In June 2006,  the FASB issued FASB  Interpretation  No. 48 ("FIN No. 48"),
"An  Interpretation  of FASB Statement No. 109," which  clarifies the accounting
for uncertainty in income taxes recognized in a company's  financial  statements
in accordance  with FASB Statement No. 109,  "Accounting for Income Taxes." This
Interpretation  prescribes a recognition threshold and measurement attribute for
the financial  statement  recognition and measurement of a tax position taken or
expected  to be  taken  in a  tax  return.  FIN  No.  48  reflects  the  benefit
recognition approach,  where a tax benefit is recognized when it is "more likely
than not" to be sustained  based on the technical  merits of the position.  This
Interpretation  is effective for fiscal years beginning after December 15, 2006.
The Company is evaluating the impact of FIN No. 48 on its financial statements.

     In  September  2006,  the  Financial  Accounting  Standard  Board  issued a
Statement of Financial  Accounting  Standards  SFAS No. 157 ("SFAS 157"),  "Fair
Value Measurements".  The Statement defines fair value,  establishes a framework
for measuring fair value in generally accepted accounting principles (GAAP), and
expands disclosures about fair value  measurements.  This Statement is effective
for financial  statements  issued for fiscal years  beginning after November 15,
2007, and interim periods within those fiscal years. The adoption of SFAS 157 is
not expected to have a material  affect on our financial  position or results of
operations.

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 were effective as of the end of such period.  There were
no changes in our internal  control over financial  reporting during the quarter
ended November 30, 2006 that have materially affected,  or are reasonably likely
to materially affect, our internal controls over financial reporting.

                           PART II - OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

     As with all entertainment facilities there exists a degree of risk that the
general public may be accidentally  injured.  As of November 30, 2006 there were
various claims  outstanding in this regard that management does not believe will
have a material  effect on the  financial  condition or results of operations of
the Company.  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 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. Although the outcome of this matter cannot be predicted with certainty,
we  believe  that we have valid  defenses  to the  alleged  claims and intend to
vigorously defend this action.

     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 alleges  negligence  against  Global and 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.  Although the outcome of this matter
cannot be predicted  with  certainty,  we believe that we have valid defenses to
the alleged claims and intend to vigorously defend this action.

     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

                                       23
<PAGE>
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.  Although the outcome of this matter cannot be
predicted with certainty,  we believe that we have valid defenses to the alleged
claims and intend to vigorously defend this action.

Global is a  third-party  defendant  in a lawsuit  filed by the City of Hidalgo,
Texas against  Eduardo Vela and PBK  Architects,  Inc.  (City of Hidalgo,  Texas
Municipal  Facilities  Corp, v. Eduardo Vela and PBK Architects)  related to the
design and  construction of the Dodge Arena in Hidalgo,  Texas. The City alleges
that PBK is liable for misrepresentations and negligence related to PBK's design
plans,  construction  oversight and general  administration of the project.  The
suit was filed on October 25, 2004 and is pending in the 389th Judicial District
Court of Hidalgo  County,  Texas.  Global became a party to Hidalgo v. Vela when
defendant  PBK filed a third  party  petition on March 31,  2006  claiming  that
Global owed PBK  contribution  for plaintiff's  claims.  Although the outcome of
this matter cannot be predicted  with  certainty,  we believe that we have valid
defenses to the alleged claims and intend to vigorously defend this action.

ITEM 6. EXHIBITS

(a) Exhibits. See Exhibit Index attached.

                                       24
<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 15, 2007           By /s/ Richard Kozuback
                              --------------------------------------------------
                              Richard Kozuback
                              President & Chief Executive Officer



January 15, 2007           By /s/ J. Craig Johnson
                              --------------------------------------------------
                              J. Craig Johnson
                              Executive Vice President & Chief Financial Officer

                                       25
<PAGE>
                                  EXHIBIT INDEX

The following  exhibits are filed herewith or  incorporated  herein  pursuant to
Regulation SB-601:

EXHIBIT
-------

  3.1      Amended and Restated Articles of Incorporation of the Company,  dated
           April 14, 2000. (1)

  3.2      Bylaws of the Company, dated April 18, 2000. (2)

  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.

(1)  Incorporated   herein  by  reference  to  Exhibit  3.1  of  the   Company's
     Registration  Statement  on Form S-4 (No.  333-109192),  as filed  with the
     Commission on September 26, 2003.

(2)  Incorporated   herein  by  reference  to  Exhibit  3.2  of  the   Company's
     Registration  Statement  on Form S-4 (No.  333-109192),  as filed  with the
     Commission on September 26, 2003.