2Q is out

The number of outstanding shares of common stock as of August 20, 2009 was 500,000,000.


http://www.sec.gov/Archives/edgar/data/1269127/000126912709000103/gersq209.txt

We currently own four corn oil extraction facilities that are located in Oshkosh, Wisconsin, Medina, New York, Marion, Indiana, and Riga, Michigan. We have also installed one facility in Albion, Michigan under a modified version of our market offering where our client paid to build the extraction facility. We have the long-term right (10 years or more) to buy the oil extracted from the Albion facility but the client retains ownership of the extraction assets and is paid a higher price for the corn oil extracted than we pay to our other clients.These facilities collectively are designed to extract in excess of 7.3 million gallons per year. We are currently focused on securing the capital resources we need to operate our existing facilities and to build new corn oil extraction facilities.
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I think this is telling me that, although GreenShift owns 4 (+1) COES - not all are operating. That would explain the 296,727 gallons of corn oil extracted this quarter? Even 4 COES - each operating @ a rate of "only" a million gallons a year would be producing a "million" gallons a quarter.

I think I also found a significant math error. At the bottom of page 22 the corn oil is reported sold for $4.59 a gallon. The first quarter it was $1.15. I think the $4.59 is about what they got for biodiesel at the height of the oil spike last year?

The new 2Q also shows 449,514 gallons produced in the first six months of '09. That should be the first quarter (3months) and the second quarter (3months) added together. However in the 1Q p 25, they show 461,211 gallons produced in the 1Q alone. I think some numbers got mixed up.

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ITEM 3 DEFAULTS UPON SENIOR SECURITIES
As of June 30, 2009, the Company was in technical default of certain senior secured debt due to YA Global Investments, L.P. ("YAGI"), which default was due to the failure of the CleanBioenergy Partners, LLC financing to close as explained more fully in Note 11 to the Company's Condensed Financial Statements for the quarter ended June 30, 2009. The Company intends to cure this default and restructure its debt due to YAGI during 2009. ************

Other new Quotes in the 2Q that caught my eye:

1. Looks like someone is burning raw corn oil?

"The Company sells its corn oil as a feedstock for biofuel production or for direct use as a biofuel, . ."

2. You cannot say corn oil extraction is not cutting edge:

"More than an estimated 20% of the ethanol industry is using corn oil extraction technology today."

SkunK