-


      GLOBAL ENTERTAINMENT HOLDINGS/EQUITIES, INC. & SUBSIDIARIES
                 Consolidated Statements of Operations
        For the Twleve Months Ended December 31, 2000 and 1999

                                                  2000         1999
                                            ------------ ------------
Revenues:
     License Fees                               909,031      445,000
     Royalty Fees                             2,826,718    1,983,773
     Hosting Income                             113,325      159,090
     Advertising Revenues                       723,415      233,736
                                            ------------ ------------
          Total Revenues                    $ 4,572,489  $ 2,821,599
                                            ------------ ------------

Expenses
     Bad Debt Provision                          47,790       71,800
     Uncollectible Fees Written Off              81,152      180,030
     Depreciation & Amortization                762,382      425,553
     Rents                                      340,538      225,593
     Professional Fees                          119,297      138,058
     Travel                                     122,814       57,904
     Financial & Investor Relations              87,880      149,829
     Administrative Expenses                    502,779      461,797
     Consulting                               1,379,441      749,334
     Advertising                                316,696       72,906
     Litigation Settlement                            -       75,000
     Bandwidth Expenses                         599,804      125,091
     Options Issued Expenses                          -       68,625
                                            ------------ ------------
          Total Expenses                    $ 4,360,573  $ 2,801,520
                                            ------------ ------------

Income (Loss) from Operations                   211,916       20,079

Other Income(Expenses)
     Interest(Expense)                          (29,760)     (59,353)
     Interest Income                              4,935        3,928
     Other Income(Expense)                       47,483            -
                                            ------------ ------------
          Total Other Income(Expenses)           22,658      (55,425)
                                            ------------ ------------

     Income Before Taxes                        234,574      (35,346)
     Provisions for Income Tax                  (16,912)     (11,571)
                                            ------------ ------------
          Net Income                        $   217,662  $   (46,917)
                                            ============ ============

     Basic Earnings Per Share               $     0.021  $    (0.005)

     Diluted Earnings Per Share             $     0.018  $    (0.004)


Weighted Average Shares Outstanding          10,289,578   10,301,282
     Retroactively Restated

Weighted Average Shares & Options            12,062,120   11,001,782
     Outstanding



      GLOBAL ENTERTAINMENT HOLDINGS/EQUITIES, INC. & SUBSIDIARIES
                      Consolidated Balance Sheet
                        As of December 31, 2000


                              A S S E T S

Current Assets:
    Cash & Cash Equivalents                      $ 164,455
    Accounts Receivable Net of Provision           556,085
       for Bad Debts of $119,590
    Note Receivable                                550,000
    Prepaid Expenses                                21,685
    Interest Receivable                              2,933
    Employee Accounts Receivable                    28,490
                                                 ----------
       Total Current Assets                                $ 1,323,648


Property & Equipment
    Automobile- Net                                 45,295
    Proprietary Software- Net                      490,552
    Other Software - Net                           103,448
    Office Improvements- Net                        22,433
    Computer Equipment- Net                        434,755
    Furniture & Fixtures- Net                       88,934
    Websites - Net                                 455,677
                                                 ----------
       Total Property & Equipment                            1,641,094

Long-Term Assets
    Note Receivable                                          1,103,669

Other Assets
    Security Deposits                               34,045
    Software Design & Development-Net              108,419
                                                 ----------
       Total Other Assets                                      142,464
                                                           -----------
       Total Assets                                        $ 4,210,875
                                                           ===========

      GLOBAL ENTERTAINMENT HOLDINGS/EQUITIES, INC. & SUBSIDIARIES
                      Consolidated Balance Sheet
                        As of December 31, 2000

     L I A B I L I T I E S & S T O C K H O L D E R S' E Q U I T Y

Current Liabilities
    Accounts Payable                               445,312
    Accrued Expenses                                28,262
    Accrued Interest                                33,704
    Current Portion- Capital Leases                 17,856
    Current Portion- Notes Payable                 983,000
    Note Payable- Line of Credit                     5,844
    Income Taxes Payable                            28,483
                                                 ----------
       Total Current Liabilities                           $ 1,542,461

Long Term Liabilities                                    -
    Notes Payable                                  983,000
    Less Current Portion                          (983,000)
                                                 ----------
       Total Long Term Notes Payable                     -
    Capital Lease Payable                           29,133
                                                 ----------
       Net Long Term Liabilities                                29,133
                                                           -----------
       Total Liabilities                                     1,571,594
                                                           -----------


Stockholders' Equity
    Preferred Stock, 25,000,000 Shares Authorized,
       at $.001 Par Value, None Issued
    Common Stock, 100,000,000 Shares Authorized     10,406
       Par Value of $.001;
       10,406,540 Shares Issued and Outstanding
    Paid in Capital                              3,215,932
    Retained Earnings(Deficit)                    (139,757)
    Treasury Stock, at Cost                       (447,300)
                                                 ----------
       Net Stockholders' Equity                              2,639,281
                                                           -----------
       Total Liabilities and Stockholders' Equity          $ 4,210,875
                                                           ===========