----

| x      | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934        |
|--------|------------------------------------------------------------------------------------------------|
|   | For the quarterly period ended August 31, 2010                                                 |
|   |                                                                                           |
|   | or                                                                                             |
|   |                                                                                           |
| o      | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934  |

----

| NEVADA                                                         |   | 20-8616221                           |
|----------------------------------------------------------------|--------|--------------------------------------|
| (State or other jurisdiction of incorporation or organization) |   | (I.R.S. Employer Identification No.) |

----

| Large Accelerated Filer                       | o      | Accelerated Filer         | o |
|-----------------------------------------------|--------|---------------------------|---|
| Non-accelerated Filer                    | o      | Smaller Reporting Company | x |
| (Do not check if a smaller reporting company) |   |                      |

----

|                                                       |   | AUGUST 31 |        |   | NOVEMBER 30 |   |
|------------------------------------------------------------|--------|-----------|-------------|--------|-------------|--------|
|                                                       |   | 2010      |        |   | 2009        |   |
| ASSETS                                                     |   |      |        |   |        |   |
|                                                       |   |      |        |   |        |   |
| Current                                                    |   |      |        |   |        |   |
| Cash                                                       |   | $         | 70,891      |   |        | $      | 41,956 |   |
| Amounts receivable                                         |   |      | 7,898       |   |        |   | 6,390 |   |
| Prepaid expenses                                           |   |      | 30,356      |   |        |   | 26,075 |   |
|                                                       |   |      | 109,145     |   |        |   | 74,421 |   |
| Equipment                                                  |   |      | 5,607       |   |        |   | 5,006 |   |
|                                                       |   | $         | 114,752     |   |        | $      | 79,427 |   |
|                                                       |   |      |        |   |        |   |   |   |
| LIABILITIES                                                |   |      |        |   |        |   |   |   |
|                                                       |   |      |        |   |        |   |   |   |
| Current                                                    |   |      |        |   |        |   |   |   |
| Accounts payable and accrued liabilities (Note 8)          |   | $         | 2,452,483   |   |        | $      | 1,860,372 |   |
| Convertible notes (Note 4)                                 |   |      | 939,629     |   |        |   | 684,419 |   |
| Loans payable (Note 5)                                     |   |      | 1,854,505   |   |        |   | 1,878,127 |   |
|                                                       |   |      | 5,246,617   |   |        |   | 4,422,918 |   |
| Project Funding Advances (Note 3(b))                       |   |      | 7,995,308   |   |        |   | 1,386,986 |   |
|                                                       |   |      | 13,241,925  |   |        |   | 5,809,904 |   |
| Commitments And Contractual Obligations (Note 9)           |   |      |        |   |        |   |   |   |
| Subsequent Events (Note 13)                                |   |      |        |   |        |   |   |   |
|                                                       |   |      |        |   |        |   |   |   |
| STOCKHOLDERS’ DEFICIENCY                             |   |      |        |   |        |   |   |   |
| Capital Stock (Note 7)                                     |   |      |        |   |        |   |   |   |
| Authorized:                                                |   |      |        |   |        |   |   |   |
| 100,000,000 Common shares, par value $0.00001 per share    |   |      |        |   |        |   |   |   |
| Issued and outstanding:                                    |   |      |        |   |        |   |   |   |
|   47,511,099 common shares at August 31, 2010         |   |      | 475         |   |        |   | 465 |   |
|   46,461,099 common shares at November 30, 2009       |   |      |        |   |        |   |   |   |
|                                                       |   |      |        |   |        |   |   |   |
| Additional Paid-In Capital                                 |   |      | 20,270,548  |   |        |   | 20,017,711 |   |
| Shares To Be Issued (Note 7)                               |   |      | -           |   |        |   | 82,688 |   |
| Share Purchase Warrants                                    |   |      | 620,500     |   |        |   | 620,500 |   |
| Deferred Compensation                                      |   |      | -           |   |        |   | (114,800 | ) |
| Deficit Accumulated During The Development Stage           |   |      | (33,907,222 | )      |        |   | (26,337,041 | ) |
| Global Green Solutions Inc. Stockholders’ Deficiency |   |      | (13,015,699 | )      |        |   | (5,730,477 | ) |
| Non-controlling Interests’ Deficiency (Note 6)       |   |      | (111,474    | )      |        |   | - |   |
| Total Deficiency                                           |   |      | (13,127,173 | )      |        |   | (5,730,477 | ) |
|                                                       |   | $         | 114,752     |   |        | $      | 79,427 |   |

----

|                                                                        |   |               |       |   |              |   |       | CUMULATIVE       |   |
|-----------------------------------------------------------------------------|--------|--------------------|------------|--------|-------------------|--------|------------|------------------|--------|
|                                                                        |   |               |       |   |              |   |       | PERIOD FROM      |   |
|                                                                        |   | THREE MONTHS ENDED |       |   | NINE MONTHS ENDED |   |       | INCEPTION        |   |
|                                                                        |   | AUGUST 31          |       |   | AUGUST 31         |   |       | JUNE 10, 2003 TO |   |
|                                                                        |   | 2010               |       |   | 2009              |   |       | 2010             |   |   | 2009 |   |   | AUGUST 31, 2010 |   |
|                                                                        |   |               |       |   |              |   |       |             |   |   |   |   |   |   |   |
| Revenue                                                                     |   | $                  | -          |   |              | $      | -          |             |   | $ | - |   |   | $ | - |   |   | $ | - |   |
|                                                                        |   |               |       |   |              |   |       |             |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating Expenses                                                          |   |               |       |   |              |   |       |             |   |   |   |   |   |   |   |   |   |   |   |   |
| Consulting fees (Note 8)                                                    |   |               | 108,024    |   |              |   | 289,095    |             |   |   | 374,563 |   |   |   | 799,867 |   |   |   | 4,177,112 |   |
| Finance charges                                                             |   |               | 47,390     |   |              |   | 16,318     |             |   |   | 120,476 |   |   |   | 29,696 |   |   |   | 2,193,202 |   |
| Interest and bank charges                                                   |   |               | 297,711    |   |              |   | 94,335     |             |   |   | 646,091 |   |   |   | 200,523 |   |   |   | 1,054,629 |   |
| Office and sundry (Note 8)                                                  |   |               | (22,683    | )      |              |   | 50,324     |             |   |   | 59,748 |   |   |   | 221,859 |   |   |   | 1,601,895 |   |
| Professional fees                                                           |   |               | 32,501     |   |              |   | 11,934     |             |   |   | 127,710 |   |   |   | 109,148 |   |   |   | 963,734 |   |
| Project development expenses                                                |   |               | 2,089,431  |   |              |   | (287,846   | )                |   |   | 6,235,600 |   |   |   | 472,255 |   |   |   | 13,549,605 |   |
| Stock-based compensation                                                    |   |               | 3,600      |   |              |   | 87,170     |             |   |   | 132,767 |   |   |   | 426,271 |   |   |   | 7,660,100 |   |
|                                                                        |   |               | 2,555,974  |   |              |   | 261,330    |             |   |   | 7,696,955 |   |   |   | 2,259,619 |   |   |   | 31,200,277 |   |
| Operating Loss, before Other Income (Expense) and Non-controlling Interests |   |               | (2,555,974 | )      |              |   | (261,330   | )                |   |   | (7,696,955 | ) |   |   | (2,259,619 | ) |   |   | (31,200,277 | ) |
|                                                                        |   |               |       |   |              |   |       |             |   |   |   |   |   |   |   |   |   |   |   |   |
| Other Income (Expense)                                                      |   |               |       |   |              |   |       |             |   |   |   |   |   |   |   |   |   |   |   |   |
| Impairment of advances (Note 3 (a))                                         |   |               | -          |   |              |   | -          |             |   |   | - |   |   |   | - |   |   |   | (2,837,160 | ) |
| Impairment of intangibles                                                   |   |               | -          |   |              |   | -          |             |   |   | - |   |   |   | - |   |   |   | (357,100 | ) |
| Interest income                                                             |   |               | -          |   |              |   | -          |             |   |   | - |   |   |   | 1,041 |   |   |   | 60,049 |   |
|                                                                        |   |               |       |   |              |   |       |             |   |   |   |   |   |   |   |   |   |   |   |   |
| Loss Before Non-controlling Interests                                       |   |               | (2,555,974 | )      |              |   | (261,330   | )                |   |   | (7,696,955 | ) |   |   | (2,258,578 | ) |   |   | (34,334,488 | ) |
|                                                                        |   |               |       |   |              |   |       |             |   |   |   |   |   |   |   |   |   |   |   |   |
| Net Income Attributable To Non-controlling Interests                        |   |               | 5,448      |   |              |   | 5,100      |             |   |   | 19,358 |   |   |   | 15,300 |   |   |   | 319,850 |   |
|                                                                        |   |               |       |   |              |   |       |             |   |   |   |   |   |   |   |   |   |   |   |   |
| Net Loss Attributable to Global Green Solutions Inc.                        |   | $                  | (2,550,526 | )      |              | $      | (256,230   | )                |   | $ | (7,677,597 | ) |   | $ | (2,243,278 | ) |   | $ | (34,014,638 | ) |
|                                                                        |   |               |       |   |              |   |       |             |   |   |   |   |   |   |   |   |   |   |   |   |
| Basic And Diluted Loss Per Common Share                                     |   | $                  | (0.05      | )      |              | $      | (0.01      | )                |   | $ | (0.16 | ) |   | $ | (0.05 | ) |   |   |   |   |
|                                                                        |   |               |       |   |              |   |       |             |   |   |   |   |   |   |   |   |   |   |   |   |
| Weighted Average Number Of Common Shares Outstanding                        |   |               | 47,418,164 |   |              |   | 45,345,365 |             |   |   | 47,266,208 |   |   |   | 45,118,471 |   |   |   |   |   |

----

|                                                                       |   |              |       |   |             |   |       | CUMULATIVE      |   |
|----------------------------------------------------------------------------|--------|-------------------|------------|--------|------------------|--------|------------|-----------------|--------|
|                                                                       |   |              |       |   |             |   |       | PERIOD FROM     |   |
|                                                                       |   | NINE MONTHS ENDED |       |   | INCEPTION        |   |
|                                                                       |   | AUGUST 31         |       |   | JUNE 10, 2003 TO |   |
|                                                                       |   | 2010              |       |   | 2009             |   |       | AUGUST 31, 2010 |   |
| Cash Flows (Used In) Provided By:Operating Activities                      |   |              |       |   |             |   |       |            |   |
| Net loss attributable to Global Green Solutions Inc.                       |   | $                 | (7,677,597 | )      |             | $      | (2,243,278 | )               |   | $ | (34,014,638 | ) |
| Adjustments to reconcile net loss to net cash used by operating activities |   |              |       |   |             |   |       |            |   |   |   |   |
| Depreciation                                                               |   |              | 3,293      |   |             |   | 18,180     |            |   |   | 64,483 |   |
| Non-controlling interests in operations of consolidated subsidiaries       |   |              | (19,358    | )      |             |   | (15,300    | )               |   |   | (319,850 | ) |
| Non-cash finance charges                                                   |   |              | 120,476    |   |             |   | 29,696     |            |   |   | 2,193,202 |   |
| Stock-based compensation                                                   |   |              | 132,767    |   |             |   | 426,271    |            |   |   | 7,660,100 |   |
| Non-cash consulting services                                               |   |              | 84,526     |   |             |   | 85,251     |            |   |   | 1,028,083 |   |
| Non-cash license fee                                                       |   |              | -          |   |             |   | -          |            |   |   | 165,000 |   |
| Non-cash settlement                                                        |   |              | -          |   |             |   | -          |            |   |   | 7,178 |   |
| Non-cash project development expense recovery                              |   |              | -          |   |             |   | (575,314   | )               |   |   | (573,314 | ) |
| Accrued interest                                                           |   |              | 643,460    |   |             |   | 193,478    |            |   |   | 1,008,485 |   |
| Impairment of intangible assets                                            |   |              | -          |   |             |   | -          |            |   |   | 357,100 |   |
| Impairment of advances                                                     |   |              | -          |   |             |   | -          |            |   |   | 2,837,160 |   |
| Changes to operating assets and liabilities                                |   |              |       |   |             |   |       |            |   |   |   |   |
| Amounts receivable                                                         |   |              | (1,508     | )      |             |   | 60,283     |            |   |   | (126,898 | ) |
| Prepaid expenses                                                           |   |              | (4,281     | )      |             |   | (1,172     | )               |   |   | (30,356 | ) |
| Accounts payable and accrued liabilities                                   |   |              | 404,325    |   |             |   | 420,010    |            |   |   | 2,135,610 |   |
|                                                                       |   |              | (6,313,897 | )      |             |   | (1,601,895 | )               |   |   | (17,610,655 | ) |
| Investing Activities                                                       |   |              |       |   |             |   |       |            |   |   |   |   |
| Acquisition of equipment and intangible asset                              |   |              | (3,894     | )      |             |   | -          |            |   |   | (70,190 | ) |
| Pilot project facilities and equipment                                     |   |              | -          |   |             |   | -          |            |   |   | (2,718,160 | ) |
|                                                                       |   |              | (3,894     | )      |             |   | -          |            |   |   | (2,788,350 | ) |
| Financing Activities                                                       |   |              |       |   |             |   |       |            |   |   |   |   |
| Issue of share capital, net of issuance costs                              |   |              | -          |   |             |   | -          |            |   |   | 7,907,588 |   |
| Net proceeds from convertible notes                                        |   |              | 182,400    |   |             |   | 467,655    |            |   |   | 2,518,932 |   |
| Advances from minority interest                                            |   |              | 15,300     |   |             |   | 15,300     |            |   |   | 119,292 |   |
| Loan advances (repayments) - net                                           |   |              | (3,622     | )      |             |   | 559,718    |            |   |   | 2,449,650 |   |
| Project funding advances                                                   |   |              | 6,152,648  |   |             |   | 500,117    |            |   |   | 7,474,434 |   |
|                                                                       |   |              | 6,346,726  |   |             |   | 1,542,790  |            |   |   | 20,469,896 |   |
| Increase (Decrease) In Cash                                                |   |              | 28,935     |   |             |   | (59,105    | )               |   |   | 70,891 |   |
| Cash, Beginning Of Period                                                  |   |              | 41,956     |   |             |   | 81,376     |            |   |   | - |   |
| Cash, End Of Period                                                        |   | $                 | 70,891     |   |             | $      | 22,271     |            |   | $ | 70,891 |   |
| Supplemental Information                                                   |   |              |       |   |             |   |       |            |   |   |   |   |
| Cash Activities:                                                           |   |              |       |   |             |   |       |            |   |   |   |   |
| Interest paid                                                              |   | $                 | -          |   |             | $      | -          |            |   |   |   |   |
| Income taxes paid                                                          |   | $                 | -          |   |             | $      | -          |            |   |   |   |   |
| Non-Cash Investing and Financing Activities (Note 10)                      |   |

----

| 1. | NATURE OF OPERATIONS AND GOING CONCERN |
|----|----------------------------------------|

----

| 2. | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
|----|--------------------------------------------|

|   | a) | Principles of Consolidation |
|--------|----|-----------------------------|

|   | b) | Use of Estimates and Assumptions |
|--------|----|----------------------------------|

----

| 2. | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) |
|----|--------------------------------------------------------|

|   | c) | Development Stage Company |
|--------|----|---------------------------|

|   | d) | Cash |
|--------|----|------|

|   | e) | Equipment and Depreciation |
|--------|----|----------------------------|

|   | f) | Intangible Assets |
|--------|----|-------------------|

|   | g) | Impairment of Long-Lived Assets |
|--------|----|---------------------------------|

|   | h) | Financial Instruments and Concentration of Risk |
|--------|----|-------------------------------------------------|

----

| 2. | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) |
|----|--------------------------------------------------------|

|   | h) | Financial Instruments and Concentration of Risk (Continued) |
|--------|----|-------------------------------------------------------------|

|   | i) | Basic and Diluted Net Income (Loss) Per Share |
|--------|----|-----------------------------------------------|

|   | j) | Foreign Currency Translation |
|--------|----|------------------------------|

|   | k) | Product Development Costs |
|--------|----|---------------------------|

----

| 2. | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(Continued) |
|----|-------------------------------------------------------|

|   | l) | Comprehensive Loss |
|--------|----|--------------------|

|   | m) | Common Share Non-Monetary Consideration |
|--------|----|-----------------------------------------|

|   | i) | the counterparty’s performance is complete; |
|--------|----|---------------------------------------------------|

|   | ii) | a commitment for performance by the counterparty to earn the common shares is reached; or |
|--------|-----|-------------------------------------------------------------------------------------------|

|   | iii) | the common shares are issued if they are fully vested and non-forfeitable at that date. |
|--------|------|-----------------------------------------------------------------------------------------|

|   | n) | Escrowed Shares |
|--------|----|-----------------|

|   | o) | Stock-Based Compensation |
|--------|----|--------------------------|

----

| 2. | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(Continued) |
|----|-------------------------------------------------------|

|   | p) | Recent Accounting Pronouncements |
|--------|----|----------------------------------|

----

| 3. | PROJECT DEVELOPMENT |
|----|---------------------|

|   | a) | Algae Biofuel Project |
|--------|----|-----------------------|

----

| 3. | PROJECT DEVELOPMENT (Continued) |
|----|---------------------------------|

|   | b) | Waste Biomass Fueled Steam Generation Project |
|--------|----|-----------------------------------------------|

|   | i) | 150,000 shares upon delivery of commercial steam generation from the first unit after successful experimental testing and operational permitting and accepted by the customer purchasing the steam as the steam production commencement date; |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ii) | 150,000 shares upon delivery of commercial steam generation from the fourth unit after successful operational testing and accepted by the customer purchasing the steam as the steam production commencement date; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | iii) | 150,000 shares upon delivery of commercial steam generation from the seventh unit after successful operational testing and accepted by the customer purchasing the steam as the steam production commencement date; |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | iv) | 150,000 shares upon delivery of commercial steam generation from the tenth unit after successful operational testing and accepted by the customer purchasing the steam as the steam production commencement date. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 3. | PROJECT DEVELOPMENT (Continued) |
|----|---------------------------------|

|   | b) | Waste Biomass Fueled Steam Generation Project (Continued) |
|--------|----|-----------------------------------------------------------|

|   | - | 150,000 shares of restricted common stock upon execution of the definitive agreement (issued in the year ended November 30, 2007); |
|--------|---|------------------------------------------------------------------------------------------------------------------------------------|

|   | - | 850,000 shares of restricted common stock upon execution of a steam supply contract or similar contract with a major oil company; |
|--------|---|-----------------------------------------------------------------------------------------------------------------------------------|

|   | - | 500,000 shares of restricted common stock if the initial steam generating unit achieves reasonably acceptable commercial production; |
|--------|---|--------------------------------------------------------------------------------------------------------------------------------------|

|   | - | 500,000 shares of restricted common stock upon the earlier of (a) the one year anniversary of the execution of a steam supply contract, or (b) commissioning of a 4th steam generating unit; |
|--------|---|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | - | 1,000,000 shares of restricted common stock upon the earlier of (a) the commissioning of the 10th steam generating unit or (b) the second anniversary of the steam supply contract; |
|--------|---|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | - | 1,000,000 shares of restricted common stock upon the earlier of (a) commissioning of the 15th steam generating unit or (b) the second anniversary of the execution of a steam supply contract. |
|--------|---|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Aera will continue to contribute up to $3 million of the cost of the demonstration unit. An additional $5 million of payments has been included in Aera’s 2010 R&D budget. If the Aera Board of Directors approves the request, Aera will make payments to Greensteam for the demonstration unit up to a total of $8 million. If Aera’s Board does not approve the request, then the Program Agreement and any site-specific agreements shall be deemed terminated. Aera’s Board of Directors subsequently approved the budget request. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Payments from Aera are to be used exclusively for the management, design, engineering, permitting, construction (including materials), and operation of the demonstration unit. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 3. | PROJECT DEVELOPMENT(Continued) |
|----|--------------------------------|

|   | b) | Waste Biomass Fueled Steam Generation Project (Continued) |
|--------|----|-----------------------------------------------------------|

|   | · | In return, if the demonstration unit meets the pre-agreed Specific Test Requirements and there is a Full Scale Period, Greensteam will be obligated to provide Aera with discount-priced steam. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | If there is no Full Scale Period in which Greensteam can provide Aera with discount-priced Steam, Greensteam will grant Aera a perpetual, exclusive license to use Greensteam’s technology at any property owned or leased by Aera, and access to Greensteam’s intellectual property (collectively the “Exclusive License Grant”), subject to a royalty of 0.004 times the Incremental Energy Charge as defined in the Agreement if Aera proceeds with the Full Scale period on its own. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | There are no longer any Early Termination Fees as had been included in the First Amendment. Those have been replaced in the Second Amendment by the obligation for Greensteam to grant Aera an Exclusive License Grant in the following circumstances: |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 1. | If the Test Unit fails to meet the pre-agreed Specific Test Requirements and either Party gives notice as provided; |
|--------|----|---------------------------------------------------------------------------------------------------------------------|

|   | 2. | If the Test Unit meets the pre-agreed Specific Test Requirements, both Parties give notice that the pre-agreed Specific Test Requirements are met or that the test results are acceptable, Aera’s Board approves amending the Full Scale Period definition by replacing the language “five (5) years” with “ten (10) years”, and Greensteam is subsequently unable to (1) obtain the Full Scale Permit after diligent effort or (2) obtain financing for the first Project after diligent effort; |
|--------|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3. | If the Test Unit meets the pre-agreed Specific Test Requirements, both Parties give notice that the pre-agreed Specific Test Requirements are met or that the test results are acceptable, Greensteam subsequently obtains the Full Scale Permit, Greensteam obtains financing for the first Project, and Greensteam fails to implement the Full Scale Period Project(s). |
|--------|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 4. | CONVERTIBLE NOTES |
|----|-------------------|

----

| 5. | LOANS PAYABLE |
|----|---------------|

|   | - | Of that total, $654,292 (November 30, 2009: $664,292) is unsecured, non-interest bearing and with no specific terms of repayment. |
|--------|---|-----------------------------------------------------------------------------------------------------------------------------------|

|   | - | $Nil (November 30, 2009: $20,000) is unsecured, with no specific terms of repayment but bears interest at 12% per annum, |
|--------|---|--------------------------------------------------------------------------------------------------------------------------|

|   | - | $1,200,214 (November 30, 2009: $1,193,836) of the total is due to directors, officers and related parties, is also unsecured and with no specific terms of repayment, but bears interest of 10% per annum. Maturity dates have been reached and monthly compounding of interest has commenced on loans aggregating $945,214 (November 30, 2009: $938,836). These loans are considered to be due on demand. The balance of loans aggregating $255,000, have mature  on October 30, 2010, at which time compounding of interest will commence and the loans will be considered to be due on demand. To August 31, 2010, the Company has recorded accrued interest of $253,431 (November 30, 2009: $163,371). |
|--------|---|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6. | NON-CONTROLLING INTERESTS |
|----|---------------------------|

| 7. | CAPITAL STOCK |
|----|---------------|

|   | a) | Common Stock |
|--------|----|--------------|

|   | i) | issued 750,000 shares with a fair value of $78,750 in connection with three consulting agreements , all of which was expensed in the year ended November 30, 2009 and recorded as Shares To Be Issued at that date. |
|--------|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ii) | issued 300,000 shares with a fair value of $32,964 in connection with a consulting agreement, $29,026 of which was expensed the period and $3,938 of which was expensed in the year ended November 30, 2009 and included in Shares To Be Issued at that date. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 7. | CAPITAL STOCK (Continued) |
|----|---------------------------|

|   | b) | Stock Options |
|--------|----|---------------|

----

| 7. | CAPITAL STOCK(Continued) |
|----|--------------------------|

|   | b) | Stock Options (Continued) |
|--------|----|---------------------------|

|     |   |   | STOCK       |   |   | STOCK       |   | WEIGHTED    |
|----------|--------|--------|-------------|--------|--------|-------------|--------|-------------|
|     |   |   | OPTIONS     |   |   | OPTIONS     |   | AVERAGE     |
|     |   |   | ISSUED      |   |   | OUTSTANDING |   | REMAINING   |
| EXERCISE |   |   | AND         |   |   | AND         |   | CONTRACTUAL |
| PRICE    |   |   | OUTSTANDING |   |   | EXERCISABLE |   | LIFE        |
|     |   |   |        |   |   |        |   |        |   |
|     | $      | 0.20   |        |   |   | 2,760,000   |   |        |   | 2,760,000 |   | 1.39 years |
|     | $      | 0.20   |        |   |   | 675,000     |   |        |   | 675,000 |   | 1.44 years |
|     | $      | 0.50   |        |   |   | 500,000     |   |        |   | 500,000 |   | 0.58 years |
|     | $      | 0.50   |        |   |   | 300,000     |   |        |   | 300,000 |   | 0.66 years |
|     |   |   |        |   |   |        |   |        |   |   |   |   |
|     |   |   |        |   |   | 4,235,000   |   |        |   | 4,235,000 |   |   |

|                                   |   |    |       |   |     |   | WEIGHTED    |
|----------------------------------------|--------|---------|------------|--------|----------|--------|-------------|
|                                   |   |    |       |   | WEIGHTED |   | AVERAGE     |
|                                   |   | NUMBER  |       |   | AVERAGE  |   | REMAINING   |
|                                   |   | OF      |       |   | EXERCISE |   | CONTRACTUAL |
|                                   |   | OPTIONS |       |   | PRICE    |   | LIFE        |
|                                   |   |    |       |   |     |   |        |
| Balance outstanding, November 30, 2008 |   |    | 5,390,000  |   |     |   | 0.57        |   | 0.91 years |
|                                   |   |    |       |   |     |   |        |   |   |
| Granted during the year                |   |    | 3,435,000  |   |     |   | 0.20        |   |   |
| Expired/Forfeited during the year      |   |    | (3,275,000 | )      |     |   | 0.50        |   |   |
|                                   |   |    |       |   |     |   |        |   |   |
| Balance outstanding, November 30, 2009 |   |    | 5,550,000  |   |     | $      | 0.39        |   | 1.58 years |
|                                   |   |    |       |   |     |   |        |   |   |
| Expired/Forfeited during the period    |   |    | (1,315,000 | )      |     |   | 0.80        |   |   |
|                                   |   |    |       |   |     |   |        |   |   |
| Balance outstanding August 31, 2010    |   |    | 4,235,000  |   |     |   | 0.26        |   | 1.25 years |

----

| 7. | CAPITAL STOCK (Continued) |
|----|---------------------------|

|   | c) | Share PurchaseWarrants |
|--------|----|------------------------|

|                       |   |      |      |   |     |   | WEIGHTED    |
|----------------------------|--------|-----------|-----------|--------|----------|--------|-------------|
|                       |   | NUMBER OF |      |   | WEIGHTED |   | AVERAGE     |
|                       |   | SHARE     |      |   | AVERAGE  |   | REMAINING   |
|                       |   | PURCHASE  |      |   | EXERCISE |   | CONTRACTUAL |
|                       |   | WARRANTS  |      |   | PRICE    |   | LIFE        |
|                       |   |      |      |   |     |   |        |
| Balance, November 30, 2008 |   |      | 1,635,295 |   |     | $      | 1.49        |   | 1.86 years |
|                       |   |      |      |   |     |   |        |   |   |
| Expired during the year    |   |      | (308,824  | )      |     |   | 1.50        |   |   |
|                       |   |      |      |   |     |   |        |   |   |
| Balance, November 30, 2009 |   |      | 1,326,471 |   |     |   | 1.49        |   | 1.13 years |
|                       |   |      |      |   |     |   |        |   |   |
| Balance, August 31, 2010   |   |      | 1,326,471 |   |     | $      | 1.49        |   | 0.38 years |

|     |   |   | SHARE PURCHASE |   |  WEIGHTED |
|----------|--------|--------|----------------|--------|----------------|
|     |   |   | WARRANTS       |   | AVERAGE        |
|     |   |   | OUTSTANDING    |   | REMAINING      |
| EXERCISE |   |   | AND            |   | CONTRACTUAL    |
| PRICES   |   |   | EXERCISABLE    |   | LIFE           |
|     |   |   |           |   |           |   |
|     | $      | 1.40   |           |   |           | 150,000 |   | 1.17 years |
|     | $      | 1.50   |           |   |           | 1,176,471 |   | 0.28 years |
|     |   |   |           |   |           |   |   |   |
|     |   |   |           |   |           | 1,326,471 |   |   |

----

| 7. | CAPITAL STOCK(Continued) |
|----|--------------------------|

|   | d) | Restricted Common Shares in Escrow |
|--------|----|------------------------------------|

| 8. | RELATED PARTY TRANSACTIONS AND AMOUNTS OWING |
|----|----------------------------------------------|

|   | - | During the nine month period ended August 31, 2010, the Company paid and/or accrued consulting fees to directors and officers and other related parties of the Company in the amount of $401,197 (2009 - $553,711). |
|--------|---|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | - | During the nine month period ended August 31, 2010, the Company paid or accrued $Nil (2009 - $90,800) in rent and administration fees to a company controlled by a significant shareholder of the Company. |
|--------|---|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | - | $1,222,938 (November 30, 2009 - $1,029,973) was owing to related parties and is included in accounts payable and accrued liabilities.  These amounts are unsecured, non-interest bearing, and have no specific terms of repayment. See also Note 5. |
|--------|---|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 9. | COMMITMENTS AND CONTRACTUAL OBLIGATIONS |
|----|-----------------------------------------|

|   | a) | The Company entered into the following agreements with officers, employees and consultants: |
|--------|----|---------------------------------------------------------------------------------------------|

|   | i) | Effective February 1, 2007, and having a five year term with a privately held company controlled by an officer of the Company, to provide services of a Chief Executive Officer, as well as office premises for the Company in Europe.  This agreement superseded an earlier agreement that was cancelled by mutual consent. The fees for providing the services are as follows: |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Base compensation of $12,747 (8,500 Euros) per month; |
|--------|--------|-------------------------------------------------------|

|   | · | Office rent of $1,800 (1,200 Euros) per month; |
|--------|--------|------------------------------------------------|

|   | · | $2,999 (2,000 Euros) monthly for European Social costs. |
|--------|--------|---------------------------------------------------------|

|   | · | An annual performance bonus of 1% of net profit; |
|--------|--------|--------------------------------------------------|

|   | ii) | On September 18, 2007, effective from May 1, 2007, for the services of a Chief Operating Officer.  The agreement has a five year term and includes base annual compensation of $96,000 plus $12,000 annually for providing a serviced office, and $48,000 annually for marketing and communication services.  All amounts are payable monthly.  The contract may be terminated upon six months notice. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | iii) | Effective February 1, 2008, with a four year term for the provision of services of a Corporate Secretary by a consulting firm that is owned and controlled by a director of the Company.  The agreement includes base compensation of $6,500 per month, plus applicable Tax.  The agreement may be terminated by either party upon thirty days written notice.  In the event of termination upon a change of control, the consulting firm is entitled to severance compensation equal to twelve months of base compensation.  This replaced a previous agreement which had expired. |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | iv) | Effective February 1, 2008, with a four year term for the provision of services of a corporate consulting firm which is owned and controlled by a director of the Company.  The agreement includes base compensation of $2,500 per month, plus applicable Tax.  The agreement may be terminated by either party upon thirty days written notice.  In the event of termination upon a change of control, the consultant is entitled to severance compensation equal to twelve months of base compensation.  This replaced a previous agreement which had expired. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | v) | Effective May 1, 2008, for the provision of services of a General Manager for its subsidiary, Global Green Solutions Pty Ltd. The agreement has a three year term ending April 30, 2011 and may be terminated on three months notice. Compensation under this agreement is comprised of a base fee of $81,600 annually, payable monthly, and an option to acquire 100,000 restricted common shares at $0.00001, vesting immediately. 100,000 shares were issued in the year ended November 30, 2008. |
|--------|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 9. | COMMITMENTS AND CONTRACTUAL OBLIGATIONS (Continued) |
|----|-----------------------------------------------------|

|   | vi) | Effective January 1, 2009, with a three year term for the services of a Chief Financial Officer. The agreement includes base compensation of $8,000 per month, plus applicable Tax. The agreement may be terminated upon six months notice by the Company. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | b) | On January 29, 2009, the Company entered into an agreement for services, primarily for the raising of project equity and/or debt finance or credit arrangements for the provision of capital purchases, working capital, development and construction costs for the Company’s Greensteam project to be constructed near Bakersfield, California.  The agreement included a monthly fee of $8,723 (£6,000) and may be terminated on sixty days notice. The agreement also contained transaction related fees and success fees comprised of project equity percentages and warrants. By mutual agreement, the services and monthly fees were put on indefinite hold after October, 2009. |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10. | NON-CASH INVESTING AND FINANCING ACTIVITIES |
|-----|---------------------------------------------|

|                                                                                              |   | Nine Month             |    |
|---------------------------------------------------------------------------------------------------|--------|------------------------|---------|
|                                                                                              |   | Period Ended August 31 |    |
|                                                                                              |   | 2010                   |    |   | 2009 |   |
| Amortization of the intrinsic value and/or beneficial conversion feature of the convertible notes |   | $                      | 120,476 |   |   | $ | 29,696 |   |

|   | § | The Company recognized the value of the embedded beneficial conversion feature of $67,666 in respect of convertible notes totaling $215,000. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------|

|   | § | In connection with three consulting agreements, the Company issued 750,000 shares with a fair value of $78,750, all of which had been expensed in the year ended November 30, 2009 and recorded as Shares To Be Issued at that date. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | § | The Company issued 300,000 shares with a fair value of $32,964 in connection with a consulting agreement, $29,026 of which was expensed in the period and $3,938 of which was expensed in the year ended November 30, 2009 and included in Shares To Be Issued at that date. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | § | entered into an agreement for consulting services which included as compensation 262,500 restricted common shares with a combined fair value of $25,951 which was expensed. 37,500 of those shares, with a fair value of $4,875 were included in Shares To Be Issued at August 31, 2009; |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | § | issued 117,000 restricted common shares with a combined fair value of $7,126 in settlement of a debt totaling $7,126, resulting in no gain or loss on settlement; |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | § | recognized the value of the embedded beneficial conversion feature of $168,216 in respect of convertible notes totaling $485,405; and |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------|

|   | § | returned 125,000 shares to treasury in connection with a debt settlement whereby a consultant retained 100,000 shares out of 225,000 shares that had been issued but not yet earned, with an estimated fair value of $6,693, to settle an amount payable to the consultant of $6,693 resulting in no gain or loss on settlement. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 11. | FAIR VALUE OF ASSETS AND LIABILITIES |
|-----|--------------------------------------|

|   | Level 1 - Valuation is based upon quoted prices for identical instruments traded in active markets. Level 1 assets and liabilities include debt and equity securities traded in an active exchange market, as well as U.S. Treasury securities. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Level 2 - Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Level 3 - Valuation is determined using model-based techniques with significant assumptions not observable in the market. |
|--------|---------------------------------------------------------------------------------------------------------------------------|

|   | For assets measured at fair value on a nonrecurring basis, the following table provides the fair value measures by level of valuation assumptions used: |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                      |   | Fair Value Measurement Using |   |
|-------------------------------------------|--------|------------------------------|--------|
|                                      |   | Level 1                      |   |   | Level 2 |   |   | Level 3 |   |
| Project Funding Advances                  |   |                         |   |   |   |   |   |   |   |
|     August 31, 2010   |   | $                            | -      |   |   | $ | - |   |   | $ | 7,995,308 |   |
|     November 30, 2009 |   | $                            | -      |   |   | $ | - |   |   | $ | 1,386,986 |   |

|                                     |   | August 31, 2010 |      |   | November 30, 2009    |   |
|------------------------------------------|--------|-----------------|-----------|--------|----------------------|--------|
|                                     |   | Carrying Amount |      |   | Estimated Fair Value |   |   | Carrying Amount |   |   | Estimated Fair Value |   |
| Financial Assets:                        |   |            |      |   |                 |   |   |   |   |   |   |   |
| Cash                                     |   | $               | 70,891    |   |                 | $      | 70,891 |   |   | $ | 41,956 |   |   | $ | 41,956 |   |
| Amounts receivable                       |   |            | 7,898     |   |                 |   | 7,898 |   |   |   | 6,390 |   |   |   | 6,390 |   |
| Financial Liabilities:                   |   |            |      |   |                 |   |   |   |   |   |   |   |   |   |   |   |
| Accounts payable and accrued liabilities |   |            | 2,452,483 |   |                 |   | 2,452,483 |   |   |   | 1,860,372 |   |   |   | 1,860,372 |   |
| Convertible notes                        |   |            | 939,629   |   |                 |   | 939,629 |   |   |   | 684,419 |   |   |   | 684,419 |   |
| Loans payable                            |   |            | 1,854,505 |   |                 |   | 1,854,505 |   |   |   | 1,878,127 |   |   |   | 1,878,127 |   |

----

| 11. | FAIR VALUE OF ASSETS AND LIABILITIES (Continued) |
|-----|--------------------------------------------------|

| 12. | SEGMENT AND GEOGRAPHIC INFORMATION |
|-----|------------------------------------|

|   | a) | Algae Biofuel Project |
|--------|----|-----------------------|

|   | b) | Waste Biomass – Fueled Steam Generation Projects |
|--------|----|--------------------------------------------------------|

|                                                                                          |   | Three Months Ended August 31 |      |   | Nine Months Ended August 31 |   |
|-----------------------------------------------------------------------------------------------|--------|------------------------------|-----------|--------|-----------------------------|--------|
|                                                                                          |   | 2010                         |      |   | 2009                        |   |   | 2010 |   |   | 2009 |   |
| Operating Loss                                                                                |   |                         |      |   |                        |   |   |   |   |   |   |   |
|                                                                                          |   |                         |      |   |                        |   |   |   |   |   |   |   |
| Algae biofuel project                                                                         |   | $                            | -         |   |                        | $      | (573,563 | ) |   | $ | 18,191 |   |   | $ | (431,209 | ) |
| Waste biomass-fueled industrial process steam and combined heat and power generation projects |   |                         | 2,088,487 |   |                        |   | 270,063 |   |   |   | 6,210,273 |   |   |   | 863,175 |   |
| Other                                                                                         |   |                         | 944       |   |                        |   | 15,654 |   |   |   | 7,136 |   |   |   | 40,289 |   |
|                                                                                          |   |                         |      |   |                        |   |   |   |   |   |   |   |   |   |   |   |
| Total reportable segments                                                                     |   |                         | 2,089,431 |   |                        |   | (287,846 | ) |   |   | 6,235,600 |   |   |   | 472,255 |   |
| Corporate and other                                                                           |   |                         | 466,543   |   |                        |   | 549,176 |   |   |   | 1,461,355 |   |   |   | 1,786,323 |   |
| Total operating loss                                                                          |   | $                            | 2,555,974 |   |                        | $      | 261,330 |   |   | $ | 7,696,955 |   |   | $ | 2,258,578 |   |

----

| 13. | SUBSEQUENT EVENTS |
|-----|-------------------|

----

|   | · | the uncertainty of future revenue and profitability based upon our current financial condition and history of losses; |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------|

|   | · | risks related to failure to obtain adequate financing on a timely basis and on acceptable terms for our planned  projects; |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------|

|   | · | other risks and uncertainties related to our business strategy. |
|--------|--------|-----------------------------------------------------------------|

|   | § | Greensteam uses a high thermal efficiency, low air emission technology to economically generate renewable steam from waste biomass, primarily wood and crop waste. The steam is to be sold under long term contract for industrial process steam, for distributed heat, or for electrical power co-generation. This is the Company’s core business. Greensteam’s patent-pending process technology is currently in the demonstration and early commercialization phase, with full commercialization expected in late 2011 when construction of the first full scale, commercial unit is planned to commence. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | § | Vertigro Algae Technologies LLC (“VAT”) is the entity through which the Company and its 50% partner, Valcent USA, Inc. (“VUI”) pursued development of a joint project to use algae as a source for biofuel feedstock and other products. The Company restructured its operations in 2008 to focus on its commercial stage Global Greensteam business and was evaluating alternative strategies for conducting ongoing development of an algae initiative, including working with new strategic partners. The Company concluded that its interests are best served by focusing all of its efforts on its Greensteam business. The Company and VUI have now agreed to the wind-up and dissolution of VAT, as announced July 8, 2010. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | · | Aera agreed to continue to contribute up to $3 million of the cost of the demonstration unit |
|--------|--------|----------------------------------------------------------------------------------------------|

|   | · | An additional $5 million of payments has been included in Aera’s 2010 R&D budget, which has now been approved by the Aera Board of Directors. Aera will make payments to Greensteam for the demonstration unit up to a total of $8 million. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Payments from Aera are to be used exclusively for the management, design, engineering, permitting, construction (including materials), and operation of the Test Unit. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | In return, if the demonstration unit meets the pre-agreed Specific Test Requirements and there is a Full Scale Period (as such term is defined in the agreement), Greensteam will be obligated to provide Aera with discount-priced steam for the full term of the agreement. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | If there is no Full Scale Period in which Greensteam can provide Aera with discount-priced Steam, Greensteam will grant Aera a perpetual, exclusive license to use Greensteam’s technology at any property owned or leased by Aera, and access to Greensteam’s intellectual property (collectively the “Exclusive License Grant”), subject to a royalty of 0.004 times the Incremental Energy Charge as defined in the Agreement if Aera proceeds with the Full Scale period on its own. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | There are no longer any Early Termination Fees as had been included in the First Amendment. Those have been replaced in the Second Amendment by the obligation for Greensteam to grant Aera an Exclusive License Grant in the following circumstances: |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 1. | If the Test Unit fails to meet the pre-agreed Specific Test Requirements and either Party gives notice as provided; |
|--------|----|---------------------------------------------------------------------------------------------------------------------|

|   | 2. | If the Test Unit meets the pre-agreed Specific Test Requirements, both Parties give notice that the pre-agreed Specific Test Requirements are met or that the test results are acceptable, Aera’s Board approves amending the Full Scale Period definition by replacing the language “five (5) years” with “ten (10) years”, and Greensteam is subsequently unable to (1) obtain the Full Scale Permit after diligent effort or (2) obtain financing for the first Project after diligent effort; |
|--------|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3. | If the Test Unit meets the pre-agreed Specific Test Requirements, both Parties give notice that the pre-agreed Specific Test Requirements are met or that the test results are acceptable, Greensteam subsequently obtains the Full Scale Permit, Greensteam obtains financing for the first Project, and Greensteam fails to implement the Full Scale Period Project(s). |
|--------|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | · | Sustainable and economical biomass supplies can provide the base load generation to meet the RE targets. |
|--------|--------|----------------------------------------------------------------------------------------------------------|

|   | · | Biomass to energy technology currently available is proven for small to medium and large size generation capacity for industrial and commercial combined heat and power (CHP) facilities. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Distributed small-medium size biomass generation facilities built local to biomass supply sources are sustainable and economical. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------|

|                                          |   | Three Months Ended August 31 |       |   | Change |   |
|-----------------------------------------------|--------|------------------------------|------------|--------|--------|--------|
|                                          |   | 2010                         |       |   | 2009   |   |   | Amount |   |   | Percentage |   |
| Revenue                                       |   | $                            | -          |   |   | $      | - |   |   | $ | - |   |   |   | - |   |
| Expenses                                      |   | $                            | (2,555,974 | )      |   | $      | (261,330 | ) |   | $ | (2,294,644 | ) |   |   | 878 | % |
| Net Income (Loss) - Non-controlling interests |   | $                            | 5,448      |   |   | $      | 5,100 |   |   | $ | 348 |   |   |   | 7 | % |
| Net Loss – Global Green Solutions       |   | $                            | (2,550,526 | )      |   | $      | (256,230 | ) |   | $ | (2,294,296 | ) |   |   | 895 | % |

----

|                                        |   | August 31 |       |   | November 30 |   |       | Change |   |
|---------------------------------------------|--------|-----------|------------|--------|-------------|--------|------------|--------|--------|
|                                        |   | 2010      |       |   | 2009        |   |       | Amount |   |   | Percentage |   |
| Cash                                        |   | $         | 70,891     |   |        | $      | 41,956     |   |   | $ | 28,935 |   |   |   | 69 | % |
| Accounts payable and accrued liabilities    |   | $         | 2,452,483  |   |        | $      | 1,860,372  |   |   | $ | 592,111 |   |   |   | 32 | % |
| Convertible notes, net of discount          |   | $         | 939,629    |   |        | $      | 684,419    |   |   | $ | 255,210 |   |   |   | 37 | % |
| Project Funding Advances                    |   | $         | 7,995,308  |   |        | $      | 1,386,986  |   |   | $ | 6,608,322 |   |   |   | 477 | % |
| Additional Paid In Capital                  |   | $         | 20,270,548 |   |        | $      | 20,017,711 |   |   | $ | 252,837 |   |   |   | 13 | % |
| Shares to Be Issued                         |   | $         | -          |   |        | $      | 82,688     |   |   | $ | (82,688 | ) |   |   | (74 | %) |
| Deferred Compensation                       |   | $         | -          |   |        | $      | 114,800    |   |   | $ | (114,800 | ) |   |   | (100 | %) |
| Non-controlling Interests’ Deficiency |   | $         | (111,474   | )      |        | $      | -          |   |   | $ | (111,474 | ) |   |   |   |   |

|   | § | Cash increased primarily due to funding received in August in connection with Greensteam project expenses for the period ended August 31, 2010 that was not disbursed until shortly after that date, in early September, 2010. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | § | Payables related to corporate overhead increased by approximately $240,000 due to incoming funding being less than expenses for the nine months ended August 31, 2010. Greensteam project payables increased approximately $164,000 due to escalation in the pilot project build rate (construction commenced in Jan 2010) and timing of disbursements at the end of Q3 2010. Cash was received from Aera Energy at the end of the quarter but not all of it was disbursed to project vendors until after August 31, 2010. Convertible debt interest and loan interest increases were approximately $98,000 and $90,000 respectively. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | § | The increase in Convertible Notes is due to new notes issued in the nine months ended August 31, 2010. |
|--------|--------|--------------------------------------------------------------------------------------------------------|

|   | § | Project funding advances received in the nine months ended August 31, 2010 from Aera Energy LLC under the terms of our agreement with Aera to build a Greensteam demonstration unit totaled $6,152,648. Accretion of $455,674 on these advances was recorded during the same period. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | § | Additional Paid In Capital increased approximately $112,000 as a result of 1,050,000 shares issued in the period ended August 31, 2010 for consulting services; increased approximately $68,000 from recording the value of the embedded conversion feature in convertible notes that were issued in the same period, and increased approximately $73,000 due to the amortization of stock based compensation. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | § | Shares To Be Issued decreased approximately $83,000 as we issued 787,500 shares recorded as issuable at November 30, 2009 in connection with consulting services. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | § | Deferred Compensation balances arise from consulting services which are prepaid with equity instruments (stock or options). Any unearned balance is amortized over the underlying term of the consulting agreement. At November 30, 2009 there were unamortized amounts whereas by August 31, 2010, all such amounts had been fully amortized. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | § | Effective December 1, 2009, the Company adopted the new standards for presentation of non-controlling interests as a component of stockholders’ equity. The Company recorded a non-controlling interest debit of $111,474 for previously unrecorded non-controlling interest share of losses.  This amount was recorded as a direct charge to deficit during the period. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                         |   | Three Months Ended August 31 |      |   | Change |   |
|------------------------------|--------|------------------------------|-----------|--------|--------|--------|
|                         |   | 2010                         |      |   | 2009   |   |   | Amount |   |   | Percentage |   |
| Consulting fees              |   | $                            | 108,024   |   |   | $      | 289,095 |   |   | $ | (181,071 | ) |   |   | (63 | %) |
| Finance charges              |   | $                            | 47,930    |   |   | $      | 16,318 |   |   | $ | 31,072 |   |   |   | 190 | % |
| Interest and bank charges    |   | $                            | 297,711   |   |   | $      | 94,335 |   |   | $ | 203,376 |   |   |   | 216 | % |
| Office and sundry            |   | $                            | (22,683   | )      |   | $      | 50,324 |   |   | $ | (73,007 | ) |   |   | (145 | %) |
| Professional fees            |   | $                            | 32,501    |   |   | $      | 11,934 |   |   | $ | 20,567 |   |   |   | 172 | % |
| Project development expenses |   | $                            | 2,089,431 |   |   | $      | (287,846 | ) |   | $ | 2,377,277 |   |   |   | 826 | % |
| Stock based compensation     |   | $                            | 3,600     |   |   | $      | 87,170 |   |   | $ | (83,570 | ) |   |   | (96 | %) |

----

|   | § | Consulting fees decreased approximately $32,000 due to a consulting agreement that commenced in Q1 2009 being put on indefinite hold in late 2009; decreased approximately $72,000 due to the allocation of consulting fees to Greensteam project development in Q3 2010 but not in Q3 2009 when consulting fees for project management services were not yet fundable as part of the project; decreased approximately $51,000 due to the end of two consulting arrangements in the year ended November 30, 2009; decreased due to miscellaneous consulting of approximately $12,000 in Q3 2009 versus $Nil in Q3 2010; and amortization of deferred compensation being lower in Q3 2010 than Q3 2009 by approximately $11,000 as prepaid consulting services were fully amortized. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | § | The increase in Finance charges resulted from an increase in accretion of charges on convertible debt, the face value of which was approximately $1,162,000 at the end of Q3 2010 compared to approximately $585,000 at the end of Q3 2009. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | § | Interest on Convertible Debt increased approximately $17,000 year over year for Q3, a 94% increase which is in line with the increase of 99% in the face value of convertible debt from August 31, 2009 to August 31, 2010. Accretion on advances from Aera Energy increased approximately $194,000 as the level of those advances went from $500,117 at August 31, 2009 to $7,474,434 at August 31, 2010. These main items were offset by miscellaneous quarter over quarter reductions totaling approximately $7,000. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | § | Office and sundry decreased approximately $4,000 as a result of lower depreciation as many assets are now fully depreciated; and decreased approximately $67,000 due to a reduced accrual for rent and administrative services as the contract for those services has expired and a new arrangement is under review. |
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|   | § | Professional fees increased quarter over quarter mainly due to legal services for contract and regulatory issues. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------|

|   | § | Project development costs increased due to the commencement of construction of the Greensteam pilot project in Q1 2010, which was completed in June 2010. A testing period commenced in June, which is expected to lead to operational (steam production) conditions in late October, 2010. As construction ramped up, there was a corresponding increase in funding advances from Aera Energy which totaled $2,408,582 in Q3 2010 compared to approximately $97,445 in Q3 2009. Also, Q3 2009 includes the reversal of $573,314 of costs in connection with the algae biofuel development project. |
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|   | § | Stock-based compensation was lower in Q3 2010 than Q3 2009 due to there being no options issued in the nine months ended August 31, 2010 and all options issued in previous fiscal years were fully expensed by August 31, 2010. |
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|   | o | We estimate that our funding requirement for public company administration and maintenance, fund raising and investor relations, to the end of December, 2011 will total approximately $970,000. |
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|   | o | We estimate that we will require approximately $2.7 million through December 31, 2011 to complete the Greensteam demonstration project, the Greensteam process development and the engineering for the Aera full scale project. |
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|   | o | We estimate that we will require approximately $1.3 million through December 31, 2011 to build a sustainable Greensteam business through marketing and business development and new project and contract development, plus related costs. |
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|   | o | $8.9 million is now being contributed to the demonstration project costs by Aera Energy LLC.  $7.9 million has been received as of October 14, 2010. Aera will recover that project funding via a discount on the price of steam to be sold to Aera from the commercial scale units. |
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|   | o | Construction of the first of up to 10 full scale commercial units is planned to start in the second half of 2011. Capital costs for the ten full scale projects contemplated in our agreement with Aera are estimated to be $80 million. Project funding efforts are underway but no funding is currently in place for the first full scale project. |
|--------|---|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| Exhibit No. | Document Description                                                                                     |
|-------------|----------------------------------------------------------------------------------------------------------|
| 31.1        | Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.  |
| 31.2        | Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.  |
| 32.1        | Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 for the Chief Executive Officer. |
| 32.2        | Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 for the Chief Financial Officer. |

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|   | GLOBAL GREEN SOLUTIONS INC.    |
|--------|--------------------------------|
|   | (the “Registrant”) |
|   |                           |   |
|   | BY:                            |  Doug Frater |
|   |                           | J. Douglas Frater, President and Principal Executive Officer, |
|   |                           |   |
|   | BY:                            |  Arnold Hughes |
|   |                           | Arnold Hughes, Principal Accounting Officer, Principal Financial Officer and Treasurer |

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| Exhibit No. | Document Description                                                                                     |
|-------------|----------------------------------------------------------------------------------------------------------|
| 31.1        | Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.  |
| 31.2        | Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.  |
| 32.1        | Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 for the Chief Executive Officer. |
| 32.2        | Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 for the Chief Financial Officer. |

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