$GLGI
GREYSTONE LOGISTICS, INC.

2024 Q2 Form 10-Q Financial Statement

#000143774924012069 Filed on April 15, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $14.79M $13.98M
YoY Change -8.28% 2.96%
Cost Of Revenue $12.12M $12.11M
YoY Change -5.56% 7.96%
Gross Profit $2.667M $1.866M
YoY Change -18.9% -20.83%
Gross Profit Margin 18.03% 13.35%
Selling, General & Admin $1.305M $1.277M
YoY Change 10.38% -20.52%
% of Gross Profit 48.92% 68.42%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.417M $1.475M
YoY Change 13.21% 19.3%
% of Gross Profit 53.13% 79.05%
Operating Expenses $1.305M $1.277M
YoY Change 10.38% -20.52%
Operating Profit $1.362M $589.3K
YoY Change -35.32% -21.51%
Interest Expense -$308.5K -$310.2K
YoY Change -124.22% -110.49%
% of Operating Profit -22.64% -52.64%
Other Income/Expense, Net $29.08K $176.9K
YoY Change -78.57% -3.68%
Pretax Income $1.677M $455.9K
YoY Change -52.31% -88.28%
Income Tax -$343.8K $158.0K
% Of Pretax Income -20.5% 34.65%
Net Earnings $1.872M $297.9K
YoY Change 36.51% -91.94%
Net Earnings / Revenue 12.66% 2.13%
Basic Earnings Per Share $0.01
Diluted Earnings Per Share $0.07 $0.01
COMMON SHARES
Basic Shares Outstanding 28.28M 28.28M
Diluted Shares Outstanding 28.78M

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.799M $4.320M
YoY Change 733.2% 392.78%
Cash & Equivalents $5.799M $4.320M
Short-Term Investments
Other Short-Term Assets $2.693M $2.369M
YoY Change 194.0% 267.57%
Inventory $3.872M $3.003M
Prepaid Expenses $585.4K $880.0K
Receivables $4.424M $6.101M
Other Receivables $2.107M $1.489M
Total Short-Term Assets $16.79M $15.79M
YoY Change 52.47% 36.9%
LONG-TERM ASSETS
Property, Plant & Equipment $30.07M $30.59M
YoY Change -9.4% 7.28%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $0.00
YoY Change
Total Long-Term Assets $35.47M $35.73M
YoY Change -7.92% 5.32%
TOTAL ASSETS
Total Short-Term Assets $16.79M $15.79M
Total Long-Term Assets $35.47M $35.73M
Total Assets $52.26M $51.52M
YoY Change 5.5% 13.33%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.670M $3.954M
YoY Change 9.98% -18.99%
Accrued Expenses $286.2K $232.5K
YoY Change 19.08% -4.7%
Deferred Revenue $840.9K $568.3K
YoY Change 3555.17%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $2.362M $2.385M
YoY Change 5.01% 7.56%
Total Short-Term Liabilities $7.179M $7.302M
YoY Change 19.32% -3.15%
LONG-TERM LIABILITIES
Long-Term Debt $11.08M $11.64M
YoY Change -25.73% -7.09%
Other Long-Term Liabilities $5.167M $4.943M
YoY Change 0.92% -4.19%
Total Long-Term Liabilities $11.08M $11.64M
YoY Change -25.73% -7.09%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.179M $7.302M
Total Long-Term Liabilities $11.08M $11.64M
Total Liabilities $18.26M $18.94M
YoY Change -12.79% -5.61%
SHAREHOLDERS EQUITY
Retained Earnings -$29.56M -$31.43M
YoY Change -13.06% -11.14%
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 $23.98M $22.11M
YoY Change
Total Liabilities & Shareholders Equity $52.26M $51.52M
YoY Change 5.5% 13.33%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income $1.872M $297.9K
YoY Change 36.51% -91.94%
Depreciation, Depletion And Amortization $1.417M $1.475M
YoY Change 13.21% 19.3%
Cash From Operating Activities $3.122M $1.543M
YoY Change -9.9% -58.5%
INVESTING ACTIVITIES
Capital Expenditures $760.6K $694.9K
YoY Change -87.28% -50.21%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities -$760.6K -$694.9K
YoY Change -87.16% -50.21%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -882.6K -711.2K
YoY Change -138.75% -71.13%
NET CHANGE
Cash From Operating Activities 3.122M 1.543M
Cash From Investing Activities -760.6K -694.9K
Cash From Financing Activities -882.6K -711.2K
Net Change In Cash 1.479M 136.4K
YoY Change -918.46% -195.67%
FREE CASH FLOW
Cash From Operating Activities $3.122M $1.543M
Capital Expenditures $760.6K $694.9K
Free Cash Flow $2.361M $847.6K
YoY Change -193.96% -63.48%

Facts In Submission

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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”), 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 February 29, 2024, the results of its operations for the nine months and three months ended February 29(28), 2024 and 2023 and its cash flows for the nine months ended February 29(28), 2024 and 2023. 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 nine months and three months ended February 29(28), 2024 and 2023 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 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 payable and, in conjunction with Greystone’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 Greystone’s 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, Greystone entered into a new lease agreement with GRE and recorded right-of-use assets and liabilities for the new lease. See Note 7.</p> <p style="text-align: justify; font-size: 10pt; font-family: &quot;Times New Roman&quot;; margin: 0pt;"> </p>
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CY2024Q1 us-gaap Finance Lease Liability Undiscounted Excess Amount
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