Subsequent Event

3 Months Ended

Aug. 31, 2011

Subsequent Event

Note 8.    Subsequent Event

As discussed in Note 5, GLOG was dissolved effective September 20, 2011 and, accordingly, ceased to be a variable interest entity of Greystone.  Accordingly, GLOG will be de-consolidated effective September 1, 2011.  A condensed pro forma balance sheet as of August 31, 2011 showing the effect of the de-consolidation is as follows:

Assets:
Current assets	$    3,700,716
Property, plant and equipment, net of accumulated depreciation	4,393,988
Assets of variable interest entity, net of accumulated depreciation	3,793,747
Other assets	95,783
Total Assets	$  11,984,234
Liabilities and Deficit:
Current liabilities	$  11,156,983
Long-term debt, net of current portion	5,451,017
Long-term debt of variable interest entity, net of current portion	3,558,598
Deficit -
Greystone stockholders’ deficit	(9,109,392)
Non-controlling interests	927,028
Total deficit	(8,182,364)
Total Liabilities and Deficit	$  11,984,234