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| x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED November 30, 2010 |
|---|------------------------------------------------------------------------------------------------------------------------------------------|

| o | TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM _________ TO _________ |
|---|-------------------------------------------------------------------------------------------------------------------------------|

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| Oklahoma                                                       | 75-2954680                                |
|----------------------------------------------------------------|-------------------------------------------|
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |

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

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| Item 1.    Financial Statements                                                                        | Page                                                                                                                |
|-----------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------|
|                                                                                                                  |                                                                                                                |   |
|                                                                                                                  | Consolidated Balance Sheets as of November 30, 2010 (Unaudited) and May 31, 2010                                    | 1 |
|                                                                                                                  |                                                                                                                |   |
|                                                                                                                  | Consolidated Statements of Operations (Unaudited) For the Six Month Periods Ended November 30, 2010 and 2009        | 2 |
|                                                                                                                  |                                                                                                                |   |
|                                                                                                                  | Consolidated Statements of Operations (Unaudited) For the Three Month Periods Ended November 30, 2010 and 2009 | 3 |
|                                                                                                                  |                                                                                                                |   |
|                                                                                                                  | Consolidated Statements of Cash Flows (Unaudited) For the Six Month Periods Ended November 30, 2010 and 2009   | 4 |
|                                                                                                                  |                                                                                                                |   |
|                                                                                                                  | Notes to Consolidated Financial Statements (Unaudited)                                                              | 5 |
|                                                                                                                  |                                                                                                                |   |
| Item 2.    Management’s Discussion and Analysis of Financial Condition and Results of Operations | 7                                                                                                                   |
|                                                                                                                  |                                                                                                                |   |
| Item 4.    Controls and Procedures                                                                     | 12                                                                                                                  |
|                                                                                                                  |                                                                                                                |   |
|                                                                                                                  |                                                                                                                |
|                                                                                                                  |                                                                                                                |
| PART II.  OTHER INFORMATION                                                                                 |                                                                                                                |
|                                                                                                                  |                                                                                                                |   |
| Item 6.    Exhibits                                                                                    | 13                                                                                                                  |
|                                                                                                                  |                                                                                                                |   |
| SIGNATURES                                                                                                            | 14                                                                                                                  |

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|                                    |   | November 30, |      |   | May 31, |   |
|-----------------------------------------|--------|--------------|-----------|--------|---------|--------|
|                                    |   | 2010         |      |   | 2010    |   |
| Assets                                  |   | (Unaudited)  |      |   |    |   |
| Current Assets:                         |   |         |      |   |    |   |   |   |
|    Cash                       |   | $            | 174,654   |   |    | $      | 163,749 |   |
|    Accounts receivable        |   |         | 1,574,484 |   |    |   | 1,605,160 |   |
|    Inventory                  |   |         | 588,596   |   |    |   | 649,943 |   |
|    Prepaid expenses and other |   |         | 61,906    |   |    |   | 68,673 |   |

| Total Current Assets                                                                |   |   | 2,399,640   |   |   |   | 2,487,525   |   |
|-------------------------------------------------------------------------------------|--------|--------|-------------|--------|--------|--------|-------------|--------|
|                                                                                |   |   |        |   |   |   |        |   |
| Property, Plant and Equipment, net of accumulated depreciation                      |   |   |        |   |   |   |        |   |
| of $5,365,901 and $4,885,135 at November 30, 2010 and                               |   |   |        |   |   |   |        |   |
| May 31, 2010, respectively                                                          |   |   | 6,070,672   |   |   |   | 5,779,245   |   |
|                                                                                |   |   |        |   |   |   |        |   |
| Assets of Greystone Real Estate, LLC, net of accumulated                            |   |   |        |   |   |   |        |   |
| depreciation of $323,426 and $298,386 at November 30, 2010                          |   |   |        |   |   |   |        |   |
| and May 31, 2010, respectively                                                      |   |   | 1,740,920   |   |   |   | 1,765,960   |   |
|                                                                                |   |   |        |   |   |   |        |   |
| Other Assets, net                                                                   |   |   | 86,690      |   |   |   | 95,176      |   |
|                                                                                |   |   |        |   |   |   |        |   |
| Total Assets                                                                        |   | $      | 10,297,922  |   |   | $      | 10,127,906  |   |
|                                                                                |   |   |        |   |   |   |        |   |
| Liabilities and Deficit                                                             |   |   |        |   |   |   |        |   |
| Current Liabilities:                                                                |   |   |        |   |   |   |        |   |
| Current portion of long-term debt                                                   |   | $      | 9,463,286   |   |   | $      | 8,950,837   |   |
| Advances payable - related party                                                    |   |   | 782,580     |   |   |   | 851,581     |   |
| Current portion of Greystone Real Estate, LLC long-term debt                        |   |   | 56,810      |   |   |   | 55,067      |   |
| Accounts payable and accrued expenses                                               |   |   | 1,945,378   |   |   |   | 1,301,344   |   |
| Accounts payable and accrued expenses - related parties                             |   |   | 1,744,220   |   |   |   | 1,660,195   |   |
| Preferred dividends payable                                                         |   |   | 2,445,067   |   |   |   | 2,282,122   |   |
| Total Current Liabilities                                                           |   |   | 16,437,341  |   |   |   | 15,101,146  |   |
|                                                                                |   |   |        |   |   |   |        |   |
| Long-Term Debt, net of current portion                                              |   |   | 1,373,451   |   |   |   | 1,549,486   |   |
| Long-Term Debt of Greystone Real Estate, LLC, net of                                |   |   | 1,129,962   |   |   |   | 1,158,810   |   |
| current portion                                                                     |   |   |        |   |   |   |        |   |
|                                                                                |   |   |        |   |   |   |        |   |
| Deficit:                                                                            |   |   |        |   |   |   |        |   |
| Preferred stock, $0.0001 par value, 20,750,000 shares authorized,                   |   |   |        |   |   |   |        |   |
|   50,000 shares  issued and outstanding, liquidation preference |   |   |        |   |   |   |        |   |
|   of $5,000,000                                                           |   |   | 5           |   |   |   | 5           |   |
| Common stock, $0.0001 par value, 5,000,000,000 shares                               |   |   |        |   |   |   |        |   |
|   authorized, 26,111,201 shares issued and outstanding                    |   |   | 2,611       |   |   |   | 2,611       |   |
| Additional paid-in capital                                                          |   |   | 53,065,301  |   |   |   | 53,017,317  |   |
| Accumulated deficit                                                                 |   |   | (62,578,565 | )      |   |   | (61,527,891 | )      |
| Total Greystone Stockholders' Deficit                                               |   |   | (9,510,648  | )      |   |   | (8,507,958  | )      |
| Non-controlling interest                                                            |   |   | 867,816     |   |   |   | 826,422     |   |
| Total Deficit                                                                       |   |   | (8,642,832  | )      |   |   | (7,681,536  | )      |
|                                                                                |   |   |        |   |   |   |        |   |
| Total Liabilities and Deficit                                                       |   | $      | 10,297,922  |   |   | $      | 10,127,906  |   |

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|                                                       |   | Six Months Ended November 30, |       |
|------------------------------------------------------------|--------|-------------------------------|------------|
|                                                       |   | 2010                          |       |   | 2009 |   |
|                                                       |   |                          |       |   |   |   |
| Sales                                                      |   | $                             | 10,047,081 |   |   | $ | 7,626,246 |   |
|                                                       |   |                          |       |   |   |   |   |   |
| Cost of Sales                                              |   |                          | 9,519,823  |   |   |   | 6,178,091 |   |
|                                                       |   |                          |       |   |   |   |   |   |
| Gross Profit                                               |   |                          | 527,258    |   |   |   | 1,448,155 |   |
|                                                       |   |                          |       |   |   |   |   |   |
| General, Selling and Administration Expenses               |   |                          | 988,781    |   |   |   | 985,738 |   |
|                                                       |   |                          |       |   |   |   |   |   |
| Operating Income (Loss)                                    |   |                          | (461,523   | ) |   |   | 462,417 |   |
|                                                       |   |                          |       |   |   |   |   |   |
| Other Income (Expense):                                    |   |                          |       |   |   |   |   |   |
| Other Income                                               |   |                          | 7,650      |   |   |   | 26,667 |   |
|   Interest Expense                                    |   |                          | (392,462   | ) |   |   | (414,983 | ) |
| Total Other Expense, net                                   |   |                          | (384,812   | ) |   |   | (388,316 | ) |
|                                                       |   |                          |       |   |   |   |   |   |
| Net Income (Loss)                                          |   |                          | (846,335   | ) |   |   | 74,101 |   |
|                                                       |   |                          |       |   |   |   |   |   |
| Less: Income Attributable to Non-controlling Interest      |   |                          | (41,394    | ) |   |   | (40,738 | ) |
|                                                       |   |                          |       |   |   |   |   |   |
| Preferred Dividends                                        |   |                          | (162,945   | ) |   |   | (162,945 | ) |
|                                                       |   |                          |       |   |   |   |   |   |
| Net Loss Available to Common Stockholders                  |   | $                             | (1,050,674 | ) |   | $ | (129,582 | ) |
|                                                       |   |                          |       |   |   |   |   |   |
| Loss Available to Common Stockholders                      |   |                          |       |   |   |   |   |   |
|    Per Share of Common Stock - Basic and Diluted |   | $                             | (0.04      | ) |   | $ | (0.01 | ) |
|                                                       |   |                          |       |   |   |   |   |   |
| Weighted Average Shares of Common Stock Outstanding -      |   |                          |       |   |   |   |   |   |
|       Basic and Diluted           |   |                          | 26,111,000 |   |   |   | 26,111,000 |   |

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|                                                                               |   | Three Months Ended November 30, |       |
|------------------------------------------------------------------------------------|--------|---------------------------------|------------|
|                                                                               |   | 2010                            |       |   | 2009 |   |
|                                                                               |   |                            |       |   |   |   |
| Sales                                                                              |   | $                               | 5,052,873  |   |   | $ | 3,249,583 |   |
|                                                                               |   |                            |       |   |   |   |   |   |
| Cost of Sales                                                                      |   |                            | 4,781,367  |   |   |   | 2,472,409 |   |
|                                                                               |   |                            |       |   |   |   |   |   |
| Gross Profit                                                                       |   |                            | 271,506    |   |   |   | 777,174 |   |
|                                                                               |   |                            |       |   |   |   |   |   |
| General, Selling and Administration Expenses                                       |   |                            | 497,697    |   |   |   | 446,186 |   |
|                                                                               |   |                            |       |   |   |   |   |   |
| Operating Income (Loss)                                                            |   |                            | (226,191   | ) |   |   | 330,988 |   |
|                                                                               |   |                            |       |   |   |   |   |   |
| Other Income (Expense):                                                            |   |                            |       |   |   |   |   |   |
|        Other Income                                  |   |                            | —    |   |   |   | 14,667 |   |
|        Interest Expense                              |   |                            | (202,502   | ) |   |   | (200,164 | ) |
|        Total Other Expense, net                      |   |                            | (202,502   | ) |   |   | (185,497 | ) |
|                                                                               |   |                            |       |   |   |   |   |   |
| Net Income (Loss)                                                                  |   |                            | (428,693   | ) |   |   | 145,491 |   |
|                                                                               |   |                            |       |   |   |   |   |   |
| Less: Income Attributable to Non-controlling Interest                              |   |                            | (20,802    | ) |   |   | (20,468 | ) |
|                                                                               |   |                            |       |   |   |   |   |   |
| Preferred Dividends                                                                |   |                            | (81,027    | ) |   |   | (81,027 | ) |
|                                                                               |   |                            |       |   |   |   |   |   |
| Net Income (Loss) Available to Common Stockholders                                 |   | $                               | (530,522   | ) |   | $ | 43,996 |   |
|                                                                               |   |                            |       |   |   |   |   |   |
| Income (Loss) Available to Common Stockholders                                     |   |                            |       |   |   |   |   |   |
|        Per Share of Common Stock - Basic and Diluted |   | $                               | (0.02      | ) |   | $ | 0.00 |   |
|                                                                               |   |                            |       |   |   |   |   |   |
| Weighted Average Shares of Common Stock Outstanding -                              |   |                            |       |   |   |   |   |   |
|        Basic                                         |   |                            | 26,111,000 |   |   |   | 26,111,000 |   |
|        Diluted                                       |   |                            | 26,111,000 |   |   |   | 26,183,000 |   |
|                                                                               |   |                            |       |   |   |   |   |   |

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|                                                     |   | Six Months Ended November 30, |     |
|----------------------------------------------------------|--------|-------------------------------|----------|
|                                                     |   | 2010                          |     |   | 2009 |   |
|                                                     |   |                          |     |   |   |   |
| Cash Flows from Operating Activities:                    |   |                          |     |   |   |   |
| Net income (loss)                                        |   | $                             | (846,335 | ) |   | $ | 74,101 |   |
| Adjustments to reconcile net income (loss)               |   |                          |     |   |   |   |   |   |
|   to net cash provided by operating activities |   |                          |     |   |   |   |   |   |
| Depreciation and amortization                            |   |                          | 511,552  |   |   |   | 504,431 |   |
| Stock-based compensation                                 |   |                          | 47,984   |   |   |   | 47,984 |   |
| Recognition of deferred income                           |   |                          | —  |   |   |   | (26,667 | ) |
| Changes in accounts receivable                           |   |                          | 30,676   |   |   |   | 55,720 |   |
| Changes in inventory                                     |   |                          | 61,347   |   |   |   | 347,180 |   |
| Changes in prepaid expenses and other                    |   |                          | 6,767    |   |   |   | (34,091 | ) |
| Change in other assets                                   |   |                          | 2,740    |   |   |   | (2,300 | ) |
| Changes in accounts payable and accrued expenses         |   |                          | 728,059  |   |   |   | 72,077 |   |
| Net cash provided by operating activities                |   |                          | 542,790  |   |   |   | 1,038,435 |   |
|                                                     |   |                          |     |   |   |   |   |   |
| Cash Flows from Investing Activities:                    |   |                          |     |   |   |   |   |   |
| Purchases of property and equipment                      |   |                          | (772,193 | ) |   |   | (196,892 | ) |
|                                                     |   |                          |     |   |   |   |   |   |
| Cash Flows from Financing Activities:                    |   |                          |     |   |   |   |   |   |
| Proceeds from notes payable to related party             |   |                          | 500,000  |   |   |   | — |   |
| Payments on long-term debt                               |   |                          | (163,586 | ) |   |   | (625,774 | ) |
| Payments on advances from related parties                |   |                          | (69,001  | ) |   |   | (102,438 | ) |
| Payments on Greystone Real Estate, LLC, long-term debt   |   |                          | (27,105  | ) |   |   | (25,466 | ) |
| Non-controlling interest distribution                    |   |                          | —  |   |   |   | (43,071 | ) |
| Net cash provided by (used in) financing activities      |   |                          | 240,308  |   |   |   | (796,749 | ) |
|                                                     |   |                          |     |   |   |   |   |   |
| Net Increase in Cash                                     |   |                          | 10,905   |   |   |   | 44,794 |   |
| Cash, beginning of period                                |   |                          | 163,749  |   |   |   | 274,765 |   |
|                                                     |   |                          |     |   |   |   |   |   |
| Cash, end of period                                      |   | $                             | 174,654  |   |   | $ | 319,559 |   |
|                                                     |   |                          |     |   |   |   |   |   |
| Non-cash Activities:                                     |   |                          |     |   |   |   |   |   |
| Preferred Dividend Accrual                               |   | $                             | 162,945  |   |   | $ | 162,945 |   |
| Supplemental Information:                                |   |                          |     |   |   |   |   |   |
| Interest Paid                                            |   | $                             | 198,379  |   |   | $ | 220,678 |   |
|                                                     |   |                          |     |   |   |

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|                              |                              |
|-----------------------------------|-----------------------------------|
| Options to purchase common stock  | 1,970,000                         |
|  Convertible preferred stock |     3,333,000 |
|                              |  5,303,000                   |

|                        | November 30, 2010  |   | May 31, 2010     |
|-----------------------------|-------------------------|--------|-----------------------|
|                        | (Unaudited)             |   |                  |
|                        |                    |   |                  |
| Raw materials     | $   339,136   |   | $   331,539 |
|                        |                    |   |                  |
| Finished goods         | 249,460                 |   | 318,404               |
|                        |                    |   |                  |
| Total inventory   | $   588,596   |   | $   649,943 |

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| Cash provided by operating activities  | $   542,790 |    |
|---------------------------------------------|----------------------------|---------|
|                                        |                       |    |
| Cash used in investing activities      | (772,193                   | )  |
|                                        |                       |    |
| Cash provided by financing activities  | 240,308                    |    |

|           |  Total | Less than1 year |  1-3 years |  4-5 years | Over5 years |
|----------------|-------------|-----------------|-----------------|-----------------|-------------|
| Long-term debt | $10,836,737 | $9,463,286      | $506,226        | $381,160        | $486,065    |

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|   | 11.1 | Computation of Loss per Share is in Note 2 in the Notes to the financial statements. |
|--------|------|--------------------------------------------------------------------------------------|

|   | 31.1 | Certification of Chief Executive Officer pursuant to Rules 13a-14(a) and 15d-14(a) promulgated under the Securities Exchange Act of 1934, as amended, and Item 601(b)(31) of Regulation S-K, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 31.2 | Certification of Interim Chief Financial Officer pursuant to Rules 13a-14(a) and 15d-14(a) promulgated under the Securities Exchange Act of 1934, as amended, and Item 601(b)(31) of Regulation S-K, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 32.1 | Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 32.2 | Certification of Interim Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| Date: January 19, 2011 | /s/ Warren F. Kruger |   |
|------------------------|----------------------|--------|

|   | Warren F. Kruger |
|--------|------------------|

|   | President and Chief Executive Officer |
|--------|---------------------------------------|

| Date: January 19, 2011 | /s/ William W. Rahhal |   |
|------------------------|-----------------------|--------|

|   | William W. Rahhal |
|--------|-------------------|

|   | Interim Chief Financial Officer |
|--------|---------------------------------|

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