SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

May 31, 2013

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

Useful life of property plant and equipment

Greystone's property, plant and equipment is stated at cost.  Depreciation expense is computed on the straight-line method over the estimated useful lives, as follows:

Plant buildings	39 years
Production machinery and equipment	5-10 years
Office equipment & furniture & fixtures	3-5 years

Antidilutive securities

The following securities were not included in the computation of diluted earnings per share for the fiscal years ended May 31, 2013 and 2012 as their effect would have been antidilutive:

	2013	2012
Options to purchase common stock	350,000	1,400,000
Convertible preferred stock	3,333,333	3,333,333
	3,683,333	4,733,333