Consolidated Balance Sheets (Unaudited) (USD $)	Nov. 30, 2011	May 31, 2011
Current Assets:
Cash	$ 598,898	$ 169,420
Accounts receivable - Trade	1,700,897	1,769,387
Related party	444,825	652,402
Inventory	1,281,957	543,557
Prepaid expenses and other	95,652	70,990
Total Current Assets	4,122,229	3,205,756
Property, Plant and Equipment	14,801,332	13,900,575
Less: Accumulated Depreciation	(6,759,696)	(6,186,967)
Property, Plant and Equipment, net	8,041,636	7,713,608
Other Assets	96,733	100,693
Total Assets	12,260,598	11,020,057
Current Liabilities:
Current portion of long-term debt	3,967,848	3,937,581
Advances payable - related party	666,080	725,080
Current portion of variable interest entities’ long-term debt	0	135,173
Preferred dividends payable	2,762,944	0
Accounts payable and accrued expenses	2,392,821	1,927,162
Accounts payable and accrued expenses - related parties	1,817,121	1,621,838
Total Current Liabilities	11,606,814	8,346,834
Long-Term Debt, net of current portion	8,655,064	8,811,243
Long-Term Debt of Variable Interest Entity, net of current portion	0	3,566,971
Deficit:
Preferred stock, $0.0001 par value, liquidation preference of $5,000,000	5	0
Common stock, $0.0001 par value	2,611	2,611
Additional paid-in capital	53,089,293	48,089,298
Accumulated deficit	(62,065,476)	(62,297,986)
Total Greystone Stockholders’ Deficit	(8,973,567)	(14,206,077)
Noncontrolling interests	972,287	4,501,086
Total Deficit	(8,001,280)	(9,704,991)
Total Liabilities and Deficit	$ 12,260,598	$ 11,020,057