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<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">Note 1.      Basis of Financial Statements</font></p> <p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;"> </font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">            In the opinion of Greystone Logistics, Inc. (“Greystone”), the accompanying unaudited consolidated financial statements contain all adjustments and reclassifications, which are of a normal recurring nature, necessary to present fairly its financial position as of November 30, 2012, and the results of its operations for the six-month and three-month periods ended November 30, 2012 and 2011 and its cash flows for the six-month periods ended November 30, 2012 and 2011.  These consolidated financial statements should be read in conjunction with the consolidated financial statements as of and for the fiscal year ended May 31, 2012 and the notes thereto included in Greystone’s Form 10-K for such period. The results of operations for the six-month and three-month periods ended November 30, 2012 and 2011 are not necessarily indicative of the results to be expected for the full fiscal year.</font></p> <p style="margin:0in;margin-bottom:.0001pt;margin-right:13.7pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;"> </font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">The consolidated financial statements of Greystone include its wholly-owned subsidiaries,  Greystone Manufacturing, L.L.C. (“GSM”) and Plastic Pallet Production, Inc. (“PPP”), and its variable interest entities, Greystone Real Estate, L.L.C. (“GRE”) and GLOG Investments, L.L.C. (“GLOG”), except that GLOG was deconsolidated effective September 1, 2011.  GRE owns two buildings located in Bettendorf, Iowa which are leased to GSM.  </font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;"> </font></p>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">Note 2.       Earnings Per Share</font></p> <p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;"> </font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">Basic earnings per share is based on the weighted-average effect of all common shares issued and outstanding and is calculated by dividing net income available to common stockholders by the weighted-average shares outstanding during the period. Diluted earnings per share is calculated by dividing net income available to common stockholders by the weighted-average number of common shares used in the basic earnings per share calculation plus the number of common shares that would be issued assuming exercise or conversion of all potentially dilutive common shares outstanding. </font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;"> </font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">Greystone excludes equity instruments from the calculation of diluted earnings per share if the effect of including such instruments is anti-dilutive.  Equity instruments which have been excluded are certain options to purchase common stock totaling 350,000 and 1,940,000 shares for the six and three months ended November 30, 2012 and 2011, respectively, and convertible preferred stock which is convertible into 3,333,334 shares of common stock for both the six months and three months ended </font><font color="black" lang="EN-US" style="background:white;font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">November 30, 2012</font><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">, and </font><font color="black" lang="EN-US" style="background:white;font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">2011</font><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">.</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;"> </font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;"><font color="black" lang="EN-US" style="background:white;font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">The following table sets forth the computation of basic and diluted earnings per share for the six and three months ended November 30, 2012 and 2011:</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;"> </font></p> <div align="left"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;width:0px;"> <tr style="height:15.75pt;"> <td nowrap="nowrap" valign="bottom" width="30%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="37%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="15%" style="border-bottom:solid windowtext 1.0pt;height:15.75pt;padding:.4pt .4pt 0in 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30:</font></b></p> </td> <td nowrap="nowrap" valign="bottom" width="15%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="3%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="15%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> </tr> <tr style="height:15.75pt;"> <td nowrap="nowrap" valign="bottom" width="30%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">Numerator:</font></p> </td> <td nowrap="nowrap" valign="bottom" width="37%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="15%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="3%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="15%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> </tr> <tr style="height:30.0pt;"> <td valign="bottom" width="30%" style="height:30.0pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">Net income available to common stockholders:</font></p> </td> <td nowrap="nowrap" valign="bottom" width="37%" style="height:30.0pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="15%" style="height:30.0pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><u><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;"> $       834,608 </font></u></p> </td> <td nowrap="nowrap" valign="bottom" width="3%" style="height:30.0pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="15%" style="height:30.0pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><u><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;"> $      623,934 </font></u></p> </td> </tr> <tr style="height:10.5pt;"> <td nowrap="nowrap" valign="bottom" width="30%" style="height:10.5pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="37%" style="height:10.5pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="15%" style="height:10.5pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="3%" style="height:10.5pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="15%" style="height:10.5pt;padding:.4pt .4pt 0in .4pt;"></td> </tr> <tr style="height:15.75pt;"> <td nowrap="nowrap" valign="bottom" width="30%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">Denominator:</font></p> </td> <td nowrap="nowrap" valign="bottom" width="37%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="15%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="3%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="15%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> </tr> <tr style="height:31.5pt;"> <td valign="bottom" width="30%" style="height:31.5pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">Weighted-average shares outstanding:</font></p> </td> <td nowrap="nowrap" valign="bottom" width="37%" style="height:31.5pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="15%" style="height:31.5pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="3%" style="height:31.5pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="15%" style="height:31.5pt;padding:.4pt .4pt 0in .4pt;"></td> </tr> <tr style="height:15.75pt;"> <td nowrap="nowrap" valign="bottom" width="30%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">Basic</font></p> </td> <td nowrap="nowrap" valign="bottom" width="37%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="15%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">     26,111,201 </font></p> </td> <td nowrap="nowrap" valign="bottom" width="3%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="15%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">    26,111,201 </font></p> </td> </tr> <tr style="height:29.25pt;"> <td valign="bottom" width="30%" style="height:29.25pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">Incremental shares from assumed conversion of options</font></p> </td> <td nowrap="nowrap" valign="bottom" width="37%" style="height:29.25pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="15%" style="height:29.25pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><u><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">       1,130,769 </font></u></p> </td> <td nowrap="nowrap" valign="bottom" width="3%" style="height:29.25pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="15%" style="height:29.25pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><u><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">                     - </font></u></p> </td> </tr> <tr style="height:15.75pt;"> <td nowrap="nowrap" valign="bottom" width="30%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">Diluted shares</font></p> </td> <td nowrap="nowrap" valign="bottom" width="37%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="15%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><u><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">     27,241,970 </font></u></p> </td> <td nowrap="nowrap" valign="bottom" width="3%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="15%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><u><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">    26,111,201 </font></u></p> </td> </tr> <tr style="height:15.75pt;"> <td nowrap="nowrap" valign="bottom" width="30%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">Earnings per share:</font></p> </td> <td nowrap="nowrap" valign="bottom" width="37%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="15%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="3%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="15%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> </tr> <tr style="height:15.75pt;"> <td nowrap="nowrap" valign="bottom" width="30%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">For the Six Months Then Ended</font></p> </td> <td nowrap="nowrap" valign="bottom" width="37%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="15%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="3%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="15%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> </tr> <tr style="height:.25in;"> <td nowrap="nowrap" valign="bottom" width="30%" style="height:.25in;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">Basic</font></p> </td> <td nowrap="nowrap" valign="bottom" width="37%" style="height:.25in;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="15%" style="height:.25in;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><u><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;"> $             0.03 </font></u></p> </td> <td nowrap="nowrap" valign="bottom" width="3%" style="height:.25in;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="15%" style="height:.25in;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><u><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;"> $            0.02 </font></u></p> </td> </tr> <tr style="height:.25in;"> <td nowrap="nowrap" valign="bottom" width="30%" style="height:.25in;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">Diluted</font></p> </td> <td nowrap="nowrap" valign="bottom" width="37%" style="height:.25in;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="15%" style="height:.25in;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><u><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;"> $             0.03 </font></u></p> </td> <td nowrap="nowrap" valign="bottom" width="3%" style="height:.25in;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="15%" style="height:.25in;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><u><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;"> $            0.02 </font></u></p> </td> </tr> <tr style="height:15.75pt;"> <td nowrap="nowrap" valign="bottom" width="30%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="37%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="15%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="3%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="15%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> </tr> <tr style="height:15.75pt;"> <td colspan="2" nowrap="nowrap" valign="bottom" width="67%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><b><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">For the Three Months ended November 30:</font></b></p> </td> <td nowrap="nowrap" valign="bottom" width="15%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="3%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="15%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> </tr> <tr style="height:15.75pt;"> <td nowrap="nowrap" valign="bottom" width="30%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">Numerator:</font></p> </td> <td nowrap="nowrap" valign="bottom" width="37%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="15%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="3%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="15%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> </tr> <tr style="height:33.75pt;"> <td valign="bottom" width="30%" style="height:33.75pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">Net income available to common stockholders:</font></p> </td> <td nowrap="nowrap" valign="bottom" width="37%" style="height:33.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="15%" style="height:33.75pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><u><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;"> $           2,603 </font></u></p> </td> <td nowrap="nowrap" valign="bottom" width="3%" style="height:33.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="15%" style="height:33.75pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><u><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;"> $      237,248 </font></u></p> </td> </tr> <tr style="height:15.75pt;"> <td nowrap="nowrap" valign="bottom" width="30%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="37%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="15%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="3%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="15%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> </tr> <tr style="height:15.75pt;"> <td nowrap="nowrap" valign="bottom" width="30%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">Denominator:</font></p> </td> <td nowrap="nowrap" valign="bottom" width="37%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="15%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="3%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="15%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> </tr> <tr style="height:31.5pt;"> <td valign="bottom" width="30%" style="height:31.5pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">Weighted-average shares outstanding:</font></p> </td> <td nowrap="nowrap" valign="bottom" width="37%" style="height:31.5pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="15%" style="height:31.5pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">     26,111,201 </font></p> </td> <td nowrap="nowrap" valign="bottom" width="3%" style="height:31.5pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="15%" style="height:31.5pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">    26,111,201 </font></p> </td> </tr> <tr style="height:15.75pt;"> <td nowrap="nowrap" valign="bottom" width="30%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">Basic</font></p> </td> <td nowrap="nowrap" valign="bottom" width="37%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="15%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="3%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="15%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> </tr> <tr style="height:33.75pt;"> <td valign="bottom" width="30%" style="height:33.75pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">Incremental shares from assumed conversion of options</font></p> </td> <td nowrap="nowrap" valign="bottom" width="37%" style="height:33.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="15%" style="height:33.75pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><u><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">       1,336,364 </font></u></p> </td> <td nowrap="nowrap" valign="bottom" width="3%" style="height:33.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="15%" style="height:33.75pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><u><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">                     - </font></u></p> </td> </tr> <tr style="height:.25in;"> <td nowrap="nowrap" valign="bottom" width="30%" style="height:.25in;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">Diluted shares</font></p> </td> <td nowrap="nowrap" valign="bottom" width="37%" style="height:.25in;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="15%" style="height:.25in;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><u><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">     27,447,565 </font></u></p> </td> <td nowrap="nowrap" valign="bottom" width="3%" style="height:.25in;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="15%" style="height:.25in;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><u><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">    26,111,201 </font></u></p> </td> </tr> <tr style="height:15.75pt;"> <td nowrap="nowrap" valign="bottom" width="30%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">Earnings per share:</font></p> </td> <td nowrap="nowrap" valign="bottom" width="37%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="15%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="3%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="15%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> </tr> <tr style="height:15.75pt;"> <td colspan="2" nowrap="nowrap" valign="bottom" width="67%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">For the  Three Months Then Ended:</font></p> </td> <td nowrap="nowrap" valign="bottom" width="15%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="3%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="15%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> </tr> <tr style="height:.25in;"> <td nowrap="nowrap" valign="bottom" width="30%" style="height:.25in;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">Basic</font></p> </td> <td nowrap="nowrap" valign="bottom" width="37%" style="height:.25in;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="15%" style="height:.25in;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><u><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;"> $             0.00 </font></u></p> </td> <td nowrap="nowrap" valign="bottom" width="3%" style="height:.25in;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="15%" style="height:.25in;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><u><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;"> $            0.01 </font></u></p> </td> </tr> <tr style="height:.25in;"> <td nowrap="nowrap" valign="bottom" width="30%" style="height:.25in;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">Diluted</font></p> </td> <td nowrap="nowrap" valign="bottom" width="37%" style="height:.25in;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="15%" style="height:.25in;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><u><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;"> $             0.00 </font></u></p> </td> <td nowrap="nowrap" valign="bottom" width="3%" style="height:.25in;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="15%" style="height:.25in;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><u><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;"> $            0.01 </font></u></p> </td> </tr> </table></div> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;"> </font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;"> </font></p>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">Note 3.   Inventory</font></p> <p style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">               Inventory consists of the following:</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:12.0pt;">                        </font></p> <div align="left"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;margin-left:98.05pt;width:0px;"> <tr style="height:15.75pt;"> <td nowrap="nowrap" valign="bottom" width="41%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="26%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;"> November 30, </font></p> </td> <td nowrap="nowrap" valign="bottom" width="8%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="25%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;"> May 31, </font></p> </td> </tr> <tr style="height:15.75pt;"> <td nowrap="nowrap" valign="bottom" width="41%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="26%" style="border-bottom:solid windowtext 1.0pt;height:15.75pt;padding:.4pt .4pt 0in .4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">2012</font></p> </td> <td nowrap="nowrap" valign="bottom" width="8%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="25%" style="border-bottom:solid windowtext 1.0pt;height:15.75pt;padding:.4pt .4pt 0in .4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">2012</font></p> </td> </tr> <tr style="height:15.75pt;"> <td nowrap="nowrap" valign="bottom" width="41%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">Raw materials</font></p> </td> <td nowrap="nowrap" valign="bottom" width="26%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;"> $        710,904 </font></p> </td> <td nowrap="nowrap" valign="bottom" width="8%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="25%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;"> $        593,225 </font></p> </td> </tr> <tr style="height:15.75pt;"> <td nowrap="nowrap" valign="bottom" width="41%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">Finished goods</font></p> </td> <td nowrap="nowrap" valign="bottom" width="26%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><u><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">           422,658 </font></u></p> </td> <td nowrap="nowrap" valign="bottom" width="8%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="25%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><u><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">           363,413 </font></u></p> </td> </tr> <tr style="height:15.75pt;"> <td nowrap="nowrap" valign="bottom" width="41%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">Total inventory</font></p> </td> <td nowrap="nowrap" valign="bottom" width="26%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><u><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;"> $     1,133,562 </font></u></p> </td> <td nowrap="nowrap" valign="bottom" width="8%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="25%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><u><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;"> $        956,638 </font></u></p> </td> </tr> </table></div> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:12.0pt;"> </font></p>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:12.0pt;">Note 4.               Related Party Receivable</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;"> </font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">            Yorktown Management & Financial Services, LLC (“Yorktown”), an entity wholly owned by Greystone’s CEO and President, owns certain equipment that Greystone uses for its pallet and resin production. Greystone pays advances to Yorktown in recognition of the amounts owed pursuant to certain agreements.  As of November 30, 2012, net advances to Yorktown totaled $2,878,240.  Mr. Kruger has agreed that, if necessary, the amounts due Greystone should be offset against the amounts that Greystone owes him or Yorktown.  At November 30, 2012, the offset against the net advances is the combined total of (i) the accrued interest of $768,119 payable to Mr. Kruger, (ii) advances payable to Mr. Kruger of $547,680 and (iii) an account payable of $720,000 for deferred compensation payable to Mr. Kruger.</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">               </font></p>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">Note 5.   Notes Payable</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;"> </font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">               Notes payable as of November 30, 2012 and May 31, 2012 are as follows:</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;"> </font></p> <div align="left"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;width:0px;"> <tr style="height:12.75pt;"> <td nowrap="nowrap" valign="bottom" width="62%" style="height:12.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="17%" style="height:12.75pt;padding:.4pt .4pt 0in .4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:115%;">November 30,</font></p> </td> <td nowrap="nowrap" valign="bottom" width="4%" style="height:12.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="17%" style="height:12.75pt;padding:.4pt .4pt 0in .4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:115%;">May 31,</font></p> </td> </tr> <tr style="height:12.75pt;"> <td nowrap="nowrap" valign="bottom" width="62%" style="height:12.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="17%" style="border-bottom:solid windowtext 1.0pt;height:12.75pt;padding:.4pt .4pt 0in .4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:115%;">2012</font></p> </td> <td nowrap="nowrap" valign="bottom" width="4%" style="height:12.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="17%" style="border-bottom:solid windowtext 1.0pt;height:12.75pt;padding:.4pt .4pt 0in .4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:115%;">2012</font></p> </td> </tr> <tr style="height:38.25pt;"> <td valign="bottom" width="62%" style="height:38.25pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:115%;">Note payable to F&M Bank & Trust Company, prime rate of interest not less than 4.5%, due March 13, 2014, monthly principal payments of $72,593 plus interest</font></p> </td> <td nowrap="nowrap" valign="bottom" width="17%" style="height:38.25pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:115%;"> $       4,791,110 </font></p> </td> <td nowrap="nowrap" valign="bottom" width="4%" style="height:38.25pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="17%" style="height:38.25pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:115%;"> $       5,226,665 </font></p> </td> </tr> <tr style="height:8.25pt;"> <td nowrap="nowrap" valign="bottom" width="62%" style="height:8.25pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="17%" style="height:8.25pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="4%" style="height:8.25pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="17%" style="height:8.25pt;padding:.4pt .4pt 0in .4pt;"></td> </tr> <tr style="height:51.0pt;"> <td valign="bottom" width="62%" style="height:51.0pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:115%;">Note payable by variable interest entity to F&M Bank & Trust Company, prime rate of interest but not less than 4.75%, dueMarch 15, 2014, monthly installments of $35,512, secured by buildings and land</font></p> </td> <td nowrap="nowrap" valign="bottom" width="17%" style="height:51.0pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:115%;">          3,496,031 </font></p> </td> <td nowrap="nowrap" valign="bottom" width="4%" style="height:51.0pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="17%" style="height:51.0pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:115%;">          3,623,070 </font></p> </td> </tr> <tr style="height:8.25pt;"> <td nowrap="nowrap" valign="bottom" width="62%" style="height:8.25pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="17%" style="height:8.25pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="4%" style="height:8.25pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="17%" style="height:8.25pt;padding:.4pt .4pt 0in .4pt;"></td> </tr> <tr style="height:38.25pt;"> <td valign="bottom" width="62%" style="height:38.25pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:115%;">Capitalized lease payable, due August 15, 2016, 5% interest, monthly payments of $10,625 plus $0.50 per pallet for monthly sales in excess of 12,500</font></p> </td> <td nowrap="nowrap" valign="bottom" width="17%" style="height:38.25pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:115%;">             435,152 </font></p> </td> <td nowrap="nowrap" valign="bottom" width="4%" style="height:38.25pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="17%" style="height:38.25pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:115%;">             481,597 </font></p> </td> </tr> <tr style="height:8.25pt;"> <td nowrap="nowrap" valign="bottom" width="62%" style="height:8.25pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="17%" style="height:8.25pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="4%" style="height:8.25pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="17%" style="height:8.25pt;padding:.4pt .4pt 0in .4pt;"></td> </tr> <tr style="height:25.5pt;"> <td valign="bottom" width="62%" style="height:25.5pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:115%;">Note payable to BancFirst, prime rate of interest plus 1%, paid June 2012</font></p> </td> <td nowrap="nowrap" valign="bottom" width="17%" style="height:25.5pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:115%;">                        - </font></p> </td> <td nowrap="nowrap" valign="bottom" width="4%" style="height:25.5pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="17%" style="height:25.5pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:115%;">                 8,047 </font></p> </td> </tr> <tr style="height:8.25pt;"> <td nowrap="nowrap" valign="bottom" width="62%" style="height:8.25pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="17%" style="height:8.25pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="4%" style="height:8.25pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="17%" style="height:8.25pt;padding:.4pt .4pt 0in .4pt;"></td> </tr> <tr style="height:25.5pt;"> <td valign="bottom" width="62%" style="height:25.5pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:115%;">Note payable to Robert Rosene, 7.5% interest, due January 15, 2014</font></p> </td> <td nowrap="nowrap" valign="bottom" width="17%" style="height:25.5pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:115%;">          2,066,000 </font></p> </td> <td nowrap="nowrap" valign="bottom" width="4%" style="height:25.5pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="17%" style="height:25.5pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:115%;">          2,066,000 </font></p> </td> </tr> <tr style="height:8.25pt;"> <td nowrap="nowrap" valign="bottom" width="62%" style="height:8.25pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="17%" style="height:8.25pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="4%" style="height:8.25pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="17%" style="height:8.25pt;padding:.4pt .4pt 0in .4pt;"></td> </tr> <tr style="height:25.5pt;"> <td valign="bottom" width="62%" style="height:25.5pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:115%;">Note payable to Warren Kruger, 7.5% interest, due January 15, 2014</font></p> </td> <td nowrap="nowrap" valign="bottom" width="17%" style="height:25.5pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:115%;">             527,716 </font></p> </td> <td nowrap="nowrap" valign="bottom" width="4%" style="height:25.5pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="17%" style="height:25.5pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:115%;">             527,716 </font></p> </td> </tr> <tr style="height:8.25pt;"> <td nowrap="nowrap" valign="bottom" width="62%" style="height:8.25pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="17%" style="height:8.25pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="4%" style="height:8.25pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="17%" style="height:8.25pt;padding:.4pt .4pt 0in .4pt;"></td> </tr> <tr style="height:15.0pt;"> <td nowrap="nowrap" valign="bottom" width="62%" style="height:15.0pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:115%;">Other notes payable</font></p> </td> <td nowrap="nowrap" valign="bottom" width="17%" style="height:15.0pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><u><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:115%;">               88,962 </font></u></p> </td> <td nowrap="nowrap" valign="bottom" width="4%" style="height:15.0pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="17%" style="height:15.0pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><u><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:115%;">             110,778 </font></u></p> </td> </tr> <tr style="height:12.75pt;"> <td nowrap="nowrap" valign="bottom" width="62%" style="height:12.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="17%" style="height:12.75pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:115%;">        11,404,971 </font></p> </td> <td nowrap="nowrap" valign="bottom" width="4%" style="height:12.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="17%" style="height:12.75pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:115%;">        12,043,873 </font></p> </td> </tr> <tr style="height:15.0pt;"> <td nowrap="nowrap" valign="bottom" width="62%" style="height:15.0pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:115%;">Less: Current portion</font></p> </td> <td nowrap="nowrap" valign="bottom" width="17%" style="height:15.0pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><u><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:115%;">          1,285,911</font></u></p> </td> <td nowrap="nowrap" valign="bottom" width="4%" style="height:15.0pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="17%" style="height:15.0pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><u><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:115%;">          1,286,312</font></u></p> </td> </tr> <tr style="height:15.0pt;"> <td nowrap="nowrap" valign="bottom" width="62%" style="height:15.0pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:115%;">Long-term Debt</font></p> </td> <td nowrap="nowrap" valign="bottom" width="17%" style="height:15.0pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><u><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:115%;"> $     10,119,060 </font></u></p> </td> <td nowrap="nowrap" valign="bottom" width="4%" style="height:15.0pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="17%" style="height:15.0pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><u><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:115%;"> $     10,757,561 </font></u></p> </td> </tr> </table></div> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;"> </font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">Greystone, GSM, GRE, Warren F. Kruger, President and CEO, and Robert B. Rosene, Jr., a director, are parties to a loan agreement dated as of March 4, 2005, as amended, with F&M Bank & Trust Company (“F&M”).  The amended loan agreement (a) includes cross-collateralization and cross-default provisions among property and debts of GSM and GRE, an entity owned by Messrs. Kruger and Rosene, and Messrs. Kruger and Rosene, as owners of Greystone’s Series 2003 Preferred Stock (debt in the amount of approximately $3,400,000 owed by Messrs. Kruger and Rosene to F&M is collateralized by the preferred stock), (b) contains certain financial covenants, and (c) restricts the payments of dividends. Greystone’s note payable to F&M is secured by Greystone’s cash, accounts receivable, inventory and equipment.</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;"> </font></p>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">Note 6.   </font><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">Fair Value of Financial Instruments</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">                                              </font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">The following methods and assumptions are used in estimating the fair-value disclosures for financial instruments: </font></p> <p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;"> </font></p> <p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">Long-Term Debt: The carrying amount of loans with floating rates of interest approximate fair value.  Fixed rate loans are valued based on cash flows using estimated rates of comparable loans.  The carrying amounts reported in the balance sheet approximate fair value. </font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font color="black" lang="EN-US" style="font-family:Arial,sans-serif;font-size:12.0pt;line-height:115%;"> </font></p>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">Note 7.   Risks and Uncertainties</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;"> </font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">Greystone derives a substantial portion of its revenue from a national brewer.  This customer accounted for approximately 74% and 75% of Greystone’s pallet sales and 65% and 61% of Greystone’s total sales for the six months ended November 30, 2012 and 2011, respectively.  Greystone’s recycled plastic pallets are approved for use by the customer and, at the current time, are the only plastic pallets used by the customer for shipping products. There is no assurance that Greystone will retain this customer’s business at the same level, or at all.  The loss of a material amount of business from this customer could have a material adverse effect on Greystone.</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;"> </font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">            </font></b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">Warren F. Kruger, President and CEO, Robert B. Rosene, Jr., a Greystone director, have provided financing and guarantees on Greystone’s bank debt.  As of November 30, 2012, Greystone is indebted to Mr. Kruger in the amount of $527,716 for a note payable and to Mr. Rosene in the amount of $3,482,987 for a note payable and related accrued interest.  Effective January 15, 2012, Messrs. Kruger and Rosene agreed to a two year extension on the debt.  There is no assurance that these individuals will continue to provide extensions in the future.</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;"> </font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">             See Note 5 for a discussion of the cross-default and cross-collateralization provisions contained in the loan agreement dated as of March 4, 2005, as amended, with F&M.</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;"> </font></p>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;"><font color="black" lang="EN-US" style="background:white;font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">The following table sets forth the computation of basic and diluted earnings per share for the six and three months ended November 30, 2012 and 2011:</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;"> </font></p> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;width:0px;"> <tr style="height:15.75pt;"> <td nowrap="nowrap" valign="bottom" width="30%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="37%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="15%" style="border-bottom:solid windowtext 1.0pt;height:15.75pt;padding:.4pt .4pt 0in .4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">2012</font></b></p> </td> <td nowrap="nowrap" valign="bottom" width="3%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="15%" style="border-bottom:solid windowtext 1.0pt;height:15.75pt;padding:.4pt .4pt 0in .4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">2011</font></b></p> </td> </tr> <tr style="height:15.75pt;"> <td colspan="2" nowrap="nowrap" valign="bottom" width="67%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><b><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">For the Six Months Ended November 30:</font></b></p> </td> <td nowrap="nowrap" valign="bottom" width="15%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="3%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="15%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> </tr> <tr style="height:15.75pt;"> <td nowrap="nowrap" valign="bottom" width="30%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">Numerator:</font></p> </td> <td nowrap="nowrap" valign="bottom" width="37%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="15%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="3%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="15%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> </tr> <tr style="height:30.0pt;"> <td valign="bottom" width="30%" style="height:30.0pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">Net income available to common stockholders:</font></p> </td> <td nowrap="nowrap" valign="bottom" width="37%" style="height:30.0pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="15%" style="height:30.0pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><u><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;"> $       834,608 </font></u></p> </td> <td nowrap="nowrap" valign="bottom" width="3%" style="height:30.0pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="15%" style="height:30.0pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><u><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;"> $      623,934 </font></u></p> </td> </tr> <tr style="height:10.5pt;"> <td nowrap="nowrap" valign="bottom" width="30%" style="height:10.5pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="37%" style="height:10.5pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="15%" style="height:10.5pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="3%" style="height:10.5pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="15%" style="height:10.5pt;padding:.4pt .4pt 0in .4pt;"></td> </tr> <tr style="height:15.75pt;"> <td nowrap="nowrap" valign="bottom" width="30%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">Denominator:</font></p> </td> <td nowrap="nowrap" valign="bottom" width="37%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="15%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="3%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="15%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> </tr> <tr style="height:31.5pt;"> <td valign="bottom" width="30%" style="height:31.5pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">Weighted-average shares outstanding:</font></p> </td> <td nowrap="nowrap" valign="bottom" width="37%" style="height:31.5pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="15%" style="height:31.5pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="3%" style="height:31.5pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="15%" style="height:31.5pt;padding:.4pt .4pt 0in .4pt;"></td> </tr> <tr style="height:15.75pt;"> <td nowrap="nowrap" valign="bottom" width="30%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">Basic</font></p> </td> <td nowrap="nowrap" valign="bottom" width="37%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="15%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">     26,111,201 </font></p> </td> <td nowrap="nowrap" valign="bottom" width="3%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="15%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">    26,111,201 </font></p> </td> </tr> <tr style="height:29.25pt;"> <td valign="bottom" width="30%" style="height:29.25pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">Incremental shares from assumed conversion of options</font></p> </td> <td nowrap="nowrap" valign="bottom" width="37%" style="height:29.25pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="15%" style="height:29.25pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><u><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">       1,130,769 </font></u></p> </td> <td nowrap="nowrap" valign="bottom" width="3%" style="height:29.25pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="15%" style="height:29.25pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><u><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">                     - </font></u></p> </td> </tr> <tr style="height:15.75pt;"> <td nowrap="nowrap" valign="bottom" width="30%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">Diluted shares</font></p> </td> <td nowrap="nowrap" valign="bottom" width="37%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="15%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><u><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">     27,241,970 </font></u></p> </td> <td nowrap="nowrap" valign="bottom" width="3%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="15%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><u><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">    26,111,201 </font></u></p> </td> </tr> <tr style="height:15.75pt;"> <td nowrap="nowrap" valign="bottom" width="30%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">Earnings per share:</font></p> </td> <td nowrap="nowrap" valign="bottom" width="37%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="15%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="3%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="15%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> </tr> <tr style="height:15.75pt;"> <td nowrap="nowrap" valign="bottom" width="30%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">For the Six Months Then Ended</font></p> </td> <td nowrap="nowrap" valign="bottom" width="37%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="15%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="3%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="15%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> </tr> <tr style="height:.25in;"> <td nowrap="nowrap" valign="bottom" width="30%" style="height:.25in;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">Basic</font></p> </td> <td nowrap="nowrap" valign="bottom" width="37%" style="height:.25in;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="15%" style="height:.25in;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><u><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;"> $             0.03 </font></u></p> </td> <td nowrap="nowrap" valign="bottom" width="3%" style="height:.25in;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="15%" style="height:.25in;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><u><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;"> $            0.02 </font></u></p> </td> </tr> <tr style="height:.25in;"> <td nowrap="nowrap" valign="bottom" width="30%" style="height:.25in;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">Diluted</font></p> </td> <td nowrap="nowrap" valign="bottom" width="37%" style="height:.25in;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="15%" style="height:.25in;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><u><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;"> $             0.03 </font></u></p> </td> <td nowrap="nowrap" valign="bottom" width="3%" style="height:.25in;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="15%" style="height:.25in;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><u><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;"> $            0.02 </font></u></p> </td> </tr> <tr style="height:15.75pt;"> <td nowrap="nowrap" valign="bottom" width="30%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="37%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="15%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="3%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="15%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> </tr> <tr style="height:15.75pt;"> <td colspan="2" nowrap="nowrap" valign="bottom" width="67%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><b><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">For the Three Months ended November 30:</font></b></p> </td> <td nowrap="nowrap" valign="bottom" width="15%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="3%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="15%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> </tr> <tr style="height:15.75pt;"> <td nowrap="nowrap" valign="bottom" width="30%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">Numerator:</font></p> </td> <td nowrap="nowrap" valign="bottom" width="37%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="15%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="3%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="15%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> </tr> <tr style="height:33.75pt;"> <td valign="bottom" width="30%" style="height:33.75pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">Net income available to common stockholders:</font></p> </td> <td nowrap="nowrap" valign="bottom" width="37%" style="height:33.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="15%" style="height:33.75pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><u><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;"> $           2,603 </font></u></p> </td> <td nowrap="nowrap" valign="bottom" width="3%" style="height:33.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="15%" style="height:33.75pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><u><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;"> $      237,248 </font></u></p> </td> </tr> <tr style="height:15.75pt;"> <td nowrap="nowrap" valign="bottom" width="30%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="37%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="15%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="3%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="15%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> </tr> <tr style="height:15.75pt;"> <td nowrap="nowrap" valign="bottom" width="30%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">Denominator:</font></p> </td> <td nowrap="nowrap" valign="bottom" width="37%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="15%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="3%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="15%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> </tr> <tr style="height:31.5pt;"> <td valign="bottom" width="30%" style="height:31.5pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">Weighted-average shares outstanding:</font></p> </td> <td nowrap="nowrap" valign="bottom" width="37%" style="height:31.5pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="15%" style="height:31.5pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">     26,111,201 </font></p> </td> <td nowrap="nowrap" valign="bottom" width="3%" style="height:31.5pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="15%" style="height:31.5pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">    26,111,201 </font></p> </td> </tr> <tr style="height:15.75pt;"> <td nowrap="nowrap" valign="bottom" width="30%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">Basic</font></p> </td> <td nowrap="nowrap" valign="bottom" width="37%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="15%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="3%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="15%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> </tr> <tr style="height:33.75pt;"> <td valign="bottom" width="30%" style="height:33.75pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">Incremental shares from assumed conversion of options</font></p> </td> <td nowrap="nowrap" valign="bottom" width="37%" style="height:33.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="15%" style="height:33.75pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><u><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">       1,336,364 </font></u></p> </td> <td nowrap="nowrap" valign="bottom" width="3%" style="height:33.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="15%" style="height:33.75pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><u><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">                     - </font></u></p> </td> </tr> <tr style="height:.25in;"> <td nowrap="nowrap" valign="bottom" width="30%" style="height:.25in;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">Diluted shares</font></p> </td> <td nowrap="nowrap" valign="bottom" width="37%" style="height:.25in;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="15%" style="height:.25in;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><u><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">     27,447,565 </font></u></p> </td> <td nowrap="nowrap" valign="bottom" width="3%" style="height:.25in;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="15%" style="height:.25in;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><u><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">    26,111,201 </font></u></p> </td> </tr> <tr style="height:15.75pt;"> <td nowrap="nowrap" valign="bottom" width="30%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">Earnings per share:</font></p> </td> <td nowrap="nowrap" valign="bottom" width="37%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="15%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="3%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="15%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> </tr> <tr style="height:15.75pt;"> <td colspan="2" nowrap="nowrap" valign="bottom" width="67%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">For the  Three Months Then Ended:</font></p> </td> <td nowrap="nowrap" valign="bottom" width="15%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="3%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="15%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> </tr> <tr style="height:.25in;"> <td nowrap="nowrap" valign="bottom" width="30%" style="height:.25in;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">Basic</font></p> </td> <td nowrap="nowrap" valign="bottom" width="37%" style="height:.25in;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="15%" style="height:.25in;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><u><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;"> $             0.00 </font></u></p> </td> <td nowrap="nowrap" valign="bottom" width="3%" style="height:.25in;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="15%" style="height:.25in;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><u><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;"> $            0.01 </font></u></p> </td> </tr> <tr style="height:.25in;"> <td nowrap="nowrap" valign="bottom" width="30%" style="height:.25in;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">Diluted</font></p> </td> <td nowrap="nowrap" valign="bottom" width="37%" style="height:.25in;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="15%" style="height:.25in;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><u><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;"> $             0.00 </font></u></p> </td> <td nowrap="nowrap" valign="bottom" width="3%" style="height:.25in;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="15%" style="height:.25in;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><u><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;"> $            0.01 </font></u></p> </td> </tr> </table>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">               Inventory consists of the following:</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:12.0pt;">                        </font></p> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;margin-left:98.05pt;width:0px;"> <tr style="height:15.75pt;"> <td nowrap="nowrap" valign="bottom" width="41%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="26%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;"> November 30, </font></p> </td> <td nowrap="nowrap" valign="bottom" width="8%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="25%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;"> May 31, </font></p> </td> </tr> <tr style="height:15.75pt;"> <td nowrap="nowrap" valign="bottom" width="41%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="26%" style="border-bottom:solid windowtext 1.0pt;height:15.75pt;padding:.4pt .4pt 0in .4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">2012</font></p> </td> <td nowrap="nowrap" valign="bottom" width="8%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="25%" style="border-bottom:solid windowtext 1.0pt;height:15.75pt;padding:.4pt .4pt 0in .4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">2012</font></p> </td> </tr> <tr style="height:15.75pt;"> <td nowrap="nowrap" valign="bottom" width="41%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">Raw materials</font></p> </td> <td nowrap="nowrap" valign="bottom" width="26%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;"> $        710,904 </font></p> </td> <td nowrap="nowrap" valign="bottom" width="8%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="25%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;"> $        593,225 </font></p> </td> </tr> <tr style="height:15.75pt;"> <td nowrap="nowrap" valign="bottom" width="41%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">Finished goods</font></p> </td> <td nowrap="nowrap" valign="bottom" width="26%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><u><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">           422,658 </font></u></p> </td> <td nowrap="nowrap" valign="bottom" width="8%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="25%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><u><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">           363,413 </font></u></p> </td> </tr> <tr style="height:15.75pt;"> <td nowrap="nowrap" valign="bottom" width="41%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">Total inventory</font></p> </td> <td nowrap="nowrap" valign="bottom" width="26%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><u><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;"> $     1,133,562 </font></u></p> </td> <td nowrap="nowrap" valign="bottom" width="8%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="25%" style="height:15.75pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><u><font color="black" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;"> $        956,638 </font></u></p> </td> </tr> </table>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;">               Notes payable as of November 30, 2012 and May 31, 2012 are as follows:</font></p> <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:115%;"> </font></p> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;width:0px;"> <tr style="height:12.75pt;"> <td nowrap="nowrap" valign="bottom" width="62%" style="height:12.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="17%" style="height:12.75pt;padding:.4pt .4pt 0in .4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:115%;">November 30,</font></p> </td> <td nowrap="nowrap" valign="bottom" width="4%" style="height:12.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="17%" style="height:12.75pt;padding:.4pt .4pt 0in .4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:115%;">May 31,</font></p> </td> </tr> <tr style="height:12.75pt;"> <td nowrap="nowrap" valign="bottom" width="62%" style="height:12.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="17%" style="border-bottom:solid windowtext 1.0pt;height:12.75pt;padding:.4pt .4pt 0in .4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:115%;">2012</font></p> </td> <td nowrap="nowrap" valign="bottom" width="4%" style="height:12.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="17%" style="border-bottom:solid windowtext 1.0pt;height:12.75pt;padding:.4pt .4pt 0in .4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:115%;">2012</font></p> </td> </tr> <tr style="height:38.25pt;"> <td valign="bottom" width="62%" style="height:38.25pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:115%;">Note payable to F&M Bank & Trust Company, prime rate of interest not less than 4.5%, due March 13, 2014, monthly principal payments of $72,593 plus interest</font></p> </td> <td nowrap="nowrap" valign="bottom" width="17%" style="height:38.25pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:115%;"> $       4,791,110 </font></p> </td> <td nowrap="nowrap" valign="bottom" width="4%" style="height:38.25pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="17%" style="height:38.25pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:115%;"> $       5,226,665 </font></p> </td> </tr> <tr style="height:8.25pt;"> <td nowrap="nowrap" valign="bottom" width="62%" style="height:8.25pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="17%" style="height:8.25pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="4%" style="height:8.25pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="17%" style="height:8.25pt;padding:.4pt .4pt 0in .4pt;"></td> </tr> <tr style="height:51.0pt;"> <td valign="bottom" width="62%" style="height:51.0pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:115%;">Note payable by variable interest entity to F&M Bank & Trust Company, prime rate of interest but not less than 4.75%, dueMarch 15, 2014, monthly installments of $35,512, secured by buildings and land</font></p> </td> <td nowrap="nowrap" valign="bottom" width="17%" style="height:51.0pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:115%;">          3,496,031 </font></p> </td> <td nowrap="nowrap" valign="bottom" width="4%" style="height:51.0pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="17%" style="height:51.0pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:115%;">          3,623,070 </font></p> </td> </tr> <tr style="height:8.25pt;"> <td nowrap="nowrap" valign="bottom" width="62%" style="height:8.25pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="17%" style="height:8.25pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="4%" style="height:8.25pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="17%" style="height:8.25pt;padding:.4pt .4pt 0in .4pt;"></td> </tr> <tr style="height:38.25pt;"> <td valign="bottom" width="62%" style="height:38.25pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:115%;">Capitalized lease payable, due August 15, 2016, 5% interest, monthly payments of $10,625 plus $0.50 per pallet for monthly sales in excess of 12,500</font></p> </td> <td nowrap="nowrap" valign="bottom" width="17%" style="height:38.25pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:115%;">             435,152 </font></p> </td> <td nowrap="nowrap" valign="bottom" width="4%" style="height:38.25pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="17%" style="height:38.25pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:115%;">             481,597 </font></p> </td> </tr> <tr style="height:8.25pt;"> <td nowrap="nowrap" valign="bottom" width="62%" style="height:8.25pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="17%" style="height:8.25pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="4%" style="height:8.25pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="17%" style="height:8.25pt;padding:.4pt .4pt 0in .4pt;"></td> </tr> <tr style="height:25.5pt;"> <td valign="bottom" width="62%" style="height:25.5pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:115%;">Note payable to BancFirst, prime rate of interest plus 1%, paid June 2012</font></p> </td> <td nowrap="nowrap" valign="bottom" width="17%" style="height:25.5pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:115%;">                        - </font></p> </td> <td nowrap="nowrap" valign="bottom" width="4%" style="height:25.5pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="17%" style="height:25.5pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:115%;">                 8,047 </font></p> </td> </tr> <tr style="height:8.25pt;"> <td nowrap="nowrap" valign="bottom" width="62%" style="height:8.25pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="17%" style="height:8.25pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="4%" style="height:8.25pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="17%" style="height:8.25pt;padding:.4pt .4pt 0in .4pt;"></td> </tr> <tr style="height:25.5pt;"> <td valign="bottom" width="62%" style="height:25.5pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:115%;">Note payable to Robert Rosene, 7.5% interest, due January 15, 2014</font></p> </td> <td nowrap="nowrap" valign="bottom" width="17%" style="height:25.5pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:115%;">          2,066,000 </font></p> </td> <td nowrap="nowrap" valign="bottom" width="4%" style="height:25.5pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="17%" style="height:25.5pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:115%;">          2,066,000 </font></p> </td> </tr> <tr style="height:8.25pt;"> <td nowrap="nowrap" valign="bottom" width="62%" style="height:8.25pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="17%" style="height:8.25pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="4%" style="height:8.25pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="17%" style="height:8.25pt;padding:.4pt .4pt 0in .4pt;"></td> </tr> <tr style="height:25.5pt;"> <td valign="bottom" width="62%" style="height:25.5pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:115%;">Note payable to Warren Kruger, 7.5% interest, due January 15, 2014</font></p> </td> <td nowrap="nowrap" valign="bottom" width="17%" style="height:25.5pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:115%;">             527,716 </font></p> </td> <td nowrap="nowrap" valign="bottom" width="4%" style="height:25.5pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="17%" style="height:25.5pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:115%;">             527,716 </font></p> </td> </tr> <tr style="height:8.25pt;"> <td nowrap="nowrap" valign="bottom" width="62%" style="height:8.25pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="17%" style="height:8.25pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="4%" style="height:8.25pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="17%" style="height:8.25pt;padding:.4pt .4pt 0in .4pt;"></td> </tr> <tr style="height:15.0pt;"> <td nowrap="nowrap" valign="bottom" width="62%" style="height:15.0pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:115%;">Other notes payable</font></p> </td> <td nowrap="nowrap" valign="bottom" width="17%" style="height:15.0pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><u><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:115%;">               88,962 </font></u></p> </td> <td nowrap="nowrap" valign="bottom" width="4%" style="height:15.0pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="17%" style="height:15.0pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><u><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:115%;">             110,778 </font></u></p> </td> </tr> <tr style="height:12.75pt;"> <td nowrap="nowrap" valign="bottom" width="62%" style="height:12.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="17%" style="height:12.75pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:115%;">        11,404,971 </font></p> </td> <td nowrap="nowrap" valign="bottom" width="4%" style="height:12.75pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="17%" style="height:12.75pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:115%;">        12,043,873 </font></p> </td> </tr> <tr style="height:15.0pt;"> <td nowrap="nowrap" valign="bottom" width="62%" style="height:15.0pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:115%;">Less: Current portion</font></p> </td> <td nowrap="nowrap" valign="bottom" width="17%" style="height:15.0pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><u><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:115%;">          1,285,911</font></u></p> </td> <td nowrap="nowrap" valign="bottom" width="4%" style="height:15.0pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="17%" style="height:15.0pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><u><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:115%;">          1,286,312</font></u></p> </td> </tr> <tr style="height:15.0pt;"> <td nowrap="nowrap" valign="bottom" width="62%" style="height:15.0pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:115%;">Long-term Debt</font></p> </td> <td nowrap="nowrap" valign="bottom" width="17%" style="height:15.0pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><u><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:115%;"> $     10,119,060 </font></u></p> </td> <td nowrap="nowrap" valign="bottom" width="4%" style="height:15.0pt;padding:.4pt .4pt 0in .4pt;"></td> <td nowrap="nowrap" valign="bottom" width="17%" style="height:15.0pt;padding:.4pt .4pt 0in .4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><u><font color="black" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:115%;"> $     10,757,561 </font></u></p> </td> </tr> </table>
1130769
1336364
1940000
350000
1940000
350000
3333334
3333334
3333334
3333334
710904
593225
422658
363413
1133562
956638
2878240
768119
547680
720000
4791110
5226665
3496031
3623070
435152
481597
8047
2066000
2066000
527716
527716
88962
110778
11404971
12043873
1285911
1286312
3400000
0.74
0.75
0.65
0.61
527716
3482987