GeometryNet can be considered as a lexical database for geometric entities and concepts. The idea is borrowed from WordNet, a popular knowledge repository often used for natural language processing tasks in AI applications. The basic objective behind the construction of a GeometryNet is to analyze and understand the geometric problems and draw relevant geometric figures automatically. Initial emphasis is put on machine understanding of problem statements that involve geometric constructions. School level geometry problems practiced by students of age group 13-16 are targeted. This paper explains different aspects of a GeometryNet, issues behind its construction, and its possible use for machine understanding of geometric problem statements.