$GLGI
GREYSTONE LOGISTICS, INC.

2024 Q1 Form 10-Q Financial Statement

#000143774924001375 Filed on January 16, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4
Revenue $13.98M $15.60M
YoY Change 2.96% 28.88%
Cost Of Revenue $12.11M $12.46M
YoY Change 7.96% 14.53%
Gross Profit $1.866M $3.137M
YoY Change -20.83% 156.67%
Gross Profit Margin 13.35% 20.12%
Selling, General & Admin $1.277M $1.374M
YoY Change -20.52% 13.93%
% of Gross Profit 68.42% 43.79%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.475M $1.442M
YoY Change 19.3% 6.68%
% of Gross Profit 79.05% 45.95%
Operating Expenses $1.277M $1.374M
YoY Change -20.52% 13.93%
Operating Profit $589.3K $1.763M
YoY Change -21.51% 10661.88%
Interest Expense -$310.2K -$330.2K
YoY Change -110.49% 14.52%
% of Operating Profit -52.64% -18.72%
Other Income/Expense, Net $176.9K $1.550K
YoY Change -3.68% 127.94%
Pretax Income $455.9K $1.435M
YoY Change -88.28% -628.97%
Income Tax $158.0K $470.0K
% Of Pretax Income 34.65% 32.76%
Net Earnings $297.9K $964.8K
YoY Change -91.94% -615.27%
Net Earnings / Revenue 2.13% 6.19%
Basic Earnings Per Share $0.01 $0.03
Diluted Earnings Per Share $0.01 $0.03
COMMON SHARES
Basic Shares Outstanding 28.28M 28.28M
Diluted Shares Outstanding 28.78M 28.77M

Balance Sheet

Concept 2024 Q1 2023 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.320M $4.183M
YoY Change 392.78% 310.44%
Cash & Equivalents $4.320M $4.183M
Short-Term Investments
Other Short-Term Assets $2.369M $379.5K
YoY Change 267.57% 120.96%
Inventory $3.003M $5.260M
Prepaid Expenses $880.0K $293.7K
Receivables $6.101M $3.574M
Other Receivables $1.489M $85.71K
Total Short-Term Assets $15.79M $13.40M
YoY Change 36.9% 22.93%
LONG-TERM ASSETS
Property, Plant & Equipment $30.59M $31.87M
YoY Change 7.28% 12.56%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $35.73M $37.08M
YoY Change 5.32% 9.85%
TOTAL ASSETS
Total Short-Term Assets $15.79M $13.40M
Total Long-Term Assets $35.73M $37.08M
Total Assets $51.52M $50.47M
YoY Change 13.33% 13.05%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.954M $3.637M
YoY Change -18.99% -34.48%
Accrued Expenses $232.5K $242.4K
YoY Change -4.7% -0.75%
Deferred Revenue $568.3K $23.01K
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $2.385M $2.321M
YoY Change 7.56% 10.46%
Total Short-Term Liabilities $7.302M $6.399M
YoY Change -3.15% -20.86%
LONG-TERM LIABILITIES
Long-Term Debt $11.64M $12.25M
YoY Change -7.09% -18.11%
Other Long-Term Liabilities $4.943M $4.998M
YoY Change -4.19% -3.72%
Total Long-Term Liabilities $11.64M $12.25M
YoY Change -7.09% -18.11%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.302M $6.399M
Total Long-Term Liabilities $11.64M $12.25M
Total Liabilities $18.94M $18.65M
YoY Change -5.61% -19.08%
SHAREHOLDERS EQUITY
Retained Earnings -$31.43M -$31.58M
YoY Change -11.14% -18.88%
Common Stock $2.828K $2.828K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $22.11M $21.96M
YoY Change
Total Liabilities & Shareholders Equity $51.52M $50.47M
YoY Change 13.33% 13.05%

Cashflow Statement

Concept 2024 Q1 2023 Q4
OPERATING ACTIVITIES
Net Income $297.9K $964.8K
YoY Change -91.94% -615.27%
Depreciation, Depletion And Amortization $1.475M $1.442M
YoY Change 19.3% 6.68%
Cash From Operating Activities $1.543M $2.501M
YoY Change -58.5% -43975.79%
INVESTING ACTIVITIES
Capital Expenditures $694.9K $672.8K
YoY Change -50.21% 2.93%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change
Cash From Investing Activities -$694.9K -$672.8K
YoY Change -50.21% 2.94%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -711.2K -701.5K
YoY Change -71.13% -44.17%
NET CHANGE
Cash From Operating Activities 1.543M 2.501M
Cash From Investing Activities -694.9K -672.8K
Cash From Financing Activities -711.2K -701.5K
Net Change In Cash 136.4K 1.127M
YoY Change -195.67% -158.81%
FREE CASH FLOW
Cash From Operating Activities $1.543M $2.501M
Capital Expenditures $694.9K $672.8K
Free Cash Flow $847.6K $1.828M
YoY Change -63.48% -377.27%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;"> <tbody><tr style="vertical-align: top;"> <td style="width: 36pt;"> <p style="margin: 0pt; text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><b>Note 1.</b></p> </td> <td style="width: auto;"> <p style="margin: 0pt; text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><b>Basis of Financial Statements</b></p> </td> </tr> </tbody></table> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">In the opinion of Greystone Logistics, Inc. (“Greystone” or the “Company”), the accompanying unaudited consolidated financial statements contain all adjustments and reclassifications, which are of a normal recurring nature, necessary to present fairly its financial position as of November 30, 2023, the results of its operations for the six months and three months ended November 30, 2023 and 2022 and its cash flows for the six months ended November 30, 2023 and 2022. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements as of and for the fiscal year ended May 31, 2023 and the notes thereto included in the Form 10-K for such period. The results of operations for the six months and three months ended November 30, 2023 and 2022 are not necessarily indicative of the results to be expected for the full fiscal year.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">The unaudited consolidated financial statements of Greystone include its wholly-owned subsidiaries, Greystone Manufacturing, L.L.C. (“GSM”) and Plastic Pallet Production, Inc. (“PPP”), and the variable interest entity, Greystone Real Estate, L.L.C. (“GRE”) for the period from June 1, 2022 through July 29, 2022. All material intercompany accounts and transactions have been eliminated in the unaudited consolidated financial statements.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">GRE owns two buildings located in Bettendorf, IA, which are occupied by Greystone. GRE is wholly owned by Robert B. Rosene, Jr., a member of Greystone's Board of Directors. Effective July 29, 2022, GRE paid off its mortgage note payable, and in conjunction with the Company's refinancing described in Note 6, GRE was removed from the cross-collateralization agreement. Following these transactions Greystone was no longer determined to be the primary beneficiary of GRE. Accordingly, GRE was deconsolidated from the Greystone consolidated financial statements as of July 29, 2022, resulting in the recognition of a gain in the amount of $569,997. Subsequent to the deconsolidation, the Company entered into a new lease agreement with GRE and recorded right-of-use assets and liabilities for the new lease. See Note 7.</p>
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CY2023Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.03
CY2022Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.01
CY2023Q4 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
818354 usd
CY2023Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
28279701
CY2023Q4 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
495079
CY2023Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
28774780
CY2023Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.03
CY2023Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
2114110 usd
CY2023Q2 us-gaap Inventory Raw Materials
InventoryRawMaterials
2299911 usd
CY2023Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
3145892 usd
CY2023Q2 us-gaap Inventory Finished Goods
InventoryFinishedGoods
2184195 usd
CY2023Q4 us-gaap Inventory Net
InventoryNet
5260002 usd
CY2023Q2 us-gaap Inventory Net
InventoryNet
4484106 usd
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
72045054 usd
CY2023Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
70527909 usd
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
40171754 usd
CY2023Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
37343203 usd
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
31873300 usd
CY2023Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
33184706 usd
glgi Depreciation Expense Including Amortization Related To Financing Leases
DepreciationExpenseIncludingAmortizationRelatedToFinancingLeases
2828552 usd
glgi Depreciation Expense Including Amortization Related To Financing Leases
DepreciationExpenseIncludingAmortizationRelatedToFinancingLeases
2719312 usd
CY2023Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
14669888 usd
CY2023Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
17253279 usd
CY2023Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
94244 usd
CY2023Q2 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
84022 usd
CY2023Q4 us-gaap Long Term Debt
LongTermDebt
14575644 usd
CY2023Q2 us-gaap Long Term Debt
LongTermDebt
17169257 usd
CY2023Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
2321333 usd
CY2023Q2 us-gaap Long Term Debt Current
LongTermDebtCurrent
2249570 usd
CY2023Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
12254311 usd
CY2023Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
14919687 usd
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
2862 usd
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
2862 usd
CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Rolling Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextRollingTwelveMonths
2321333 usd
CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Rolling Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearTwo
2269023 usd
CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Rolling Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearThree
2257551 usd
CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Rolling Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearFour
7281401 usd
CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Rolling Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearFive
540580 usd
CY2023Q4 us-gaap Finance Lease Liability
FinanceLeaseLiability
40435 usd
CY2023Q2 us-gaap Finance Lease Liability
FinanceLeaseLiability
60485 usd
CY2023Q4 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
28698 usd
CY2023Q2 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
31981 usd
CY2023Q4 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
11737 usd
CY2023Q2 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
28504 usd
CY2023Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Before Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization
176565 usd
CY2023Q2 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Before Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization
176565 usd
CY2023Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAccumulatedDepreciationAndAmortization
110844 usd
CY2023Q2 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAccumulatedDepreciationAndAmortization
95477 usd
CY2023Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset After Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization
65721 usd
CY2023Q2 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset After Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization
81118 usd
us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
15397 usd
us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
180240 usd
us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
15397 usd
us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
180240 usd
us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
1085 usd
us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
25261 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
328070 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
190343 usd
us-gaap Short Term Lease Cost
ShortTermLeaseCost
801548 usd
us-gaap Short Term Lease Cost
ShortTermLeaseCost
783360 usd
us-gaap Lease Cost
LeaseCost
1146100 usd
us-gaap Lease Cost
LeaseCost
1179204 usd
us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
1085 usd
us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
25261 usd
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
20008 usd
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
549029 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
328070 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
190343 usd
CY2023Q4 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P1Y4M24D
CY2022Q4 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P1Y10M24D
CY2023Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P13Y7M6D
CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P14Y7M6D
CY2023Q4 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.042 pure
CY2022Q4 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.047 pure
CY2023Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.06 pure
CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.06 pure
CY2023Q4 us-gaap Finance Lease Liability Payments Due In Next Rolling Twelve Months
FinanceLeaseLiabilityPaymentsDueInNextRollingTwelveMonths
29686 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Rolling Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextRollingTwelveMonths
543037 usd
CY2023Q4 us-gaap Finance Lease Liability Payments Due In Rolling Year Two
FinanceLeaseLiabilityPaymentsDueInRollingYearTwo
10463 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Two
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearTwo
534000 usd
CY2023Q4 us-gaap Finance Lease Liability Payments Due In Rolling Year Three
FinanceLeaseLiabilityPaymentsDueInRollingYearThree
1505 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Three
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearThree
534000 usd
CY2023Q4 us-gaap Finance Lease Liability Payments Due In Rolling Year Four
FinanceLeaseLiabilityPaymentsDueInRollingYearFour
0 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Four
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearFour
542920 usd
CY2023Q4 us-gaap Finance Lease Liability Payments Due In Rolling Year Five
FinanceLeaseLiabilityPaymentsDueInRollingYearFive
0 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Five
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearFive
560760 usd
CY2023Q4 us-gaap Finance Lease Liability Payments Due In Rolling After Year Five
FinanceLeaseLiabilityPaymentsDueInRollingAfterYearFive
0 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due After Rolling Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterRollingYearFive
4999720 usd
CY2023Q4 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
41654 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
7714437 usd
CY2023Q4 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
1219 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
2474340 usd
CY2023Q4 us-gaap Finance Lease Liability
FinanceLeaseLiability
40435 usd
CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
5240097 usd
CY2023Q4 us-gaap Purchase Obligation
PurchaseObligation
0 usd

Files In Submission

Name View Source Status
glgi-20231130_def.xml Edgar Link unprocessable
FilingSummary.xml Edgar Link unprocessable
glgi-20231130_pre.xml Edgar Link unprocessable
glgi-20231130_cal.xml Edgar Link unprocessable
glgi-20231130_lab.xml Edgar Link unprocessable
0001437749-24-001375-index-headers.html Edgar Link pending
0001437749-24-001375-index.html Edgar Link pending
0001437749-24-001375.txt Edgar Link pending
0001437749-24-001375-xbrl.zip Edgar Link pending
ex_614028.htm Edgar Link pending
ex_614029.htm Edgar Link pending
ex_614030.htm Edgar Link pending
ex_614031.htm Edgar Link pending
Financial_Report.xlsx Edgar Link pending
glgi-20231130.xsd Edgar Link pending
glgi20231130_10q.htm Edgar Link pending
MetaLinks.json Edgar Link pending
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glgi20231130_10q_htm.xml Edgar Link completed
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