Consolidated Balance Sheets (Unaudited) (USD $)	Aug. 31, 2011	May 31, 2011
Current Assets:
Cash	$ 317,356	$ 169,420
Accounts receivable -
Trade receivables, net of allowance of $75,000 at August 31, 2011 and May 31, 2011	1,500,324	1,769,387
Related party receivables	625,929	652,402
Inventory	1,217,584	543,557
Prepaid expenses and other	39,523	70,990
Total Current Assets	3,700,716	3,205,756
Property, Plant and Equipment	9,983,652	9,237,236
Less: Accumulated Depreciation	(5,589,664)	(5,346,073)
Property, Plant and Equipment, net	4,393,988	3,891,163
Assets of Variable Interest Entity	4,663,339	4,663,339
Less: Accumulated Depreciation of Variable Interest Entity Property	(869,592)	(840,894)
Assets of Variable Interest Entity, net	3,793,747	3,822,445
Other Assets	95,783	100,693
Total Assets	11,984,234	11,020,057
Current Liabilities:
Current portion of long-term debt	3,722,179	3,689,738
Advances payable - related party	690,580	725,080
Current portion of variable interest entities’ long-term debt	369,517	383,016
Accounts payable and accrued expenses	2,086,703	1,927,162
Accounts payable and accrued expenses - related parties	1,730,759	1,621,838
Total Current Liabilities	8,599,738	8,346,834
Long-Term Debt, net of current portion	5,451,017	5,192,259
Long-Term Debt of Variable Interest Entities, net of current portion	7,106,222	7,185,955
Common shares authorized: 5,000,000,000
Common shares issued: 26,111,201 at August 31, 2011 and May 31, 2011	2,611	2,611
Additional paid-in capital	48,089,298	48,089,298
Accumulated deficit	(61,801,507)	(62,297,986)
Total Greystone Stockholders’ Deficit	(13,709,598)	(14,206,077)
Non-controlling interests	4,536,855	4,501,086
Total Deficit	(9,172,743)	(9,704,991)
Total Liabilities and Deficit	$ 11,984,234	$ 11,020,057