$GLGI
GREYSTONE LOGISTICS, INC.

2023 Q1 Form 10-Q Financial Statement

#000149315223001654 Filed on January 17, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2021 Q4
Revenue $13.58M $12.10M $15.84M
YoY Change -39.52% -23.62% 2.07%
Cost Of Revenue $11.22M $10.88M $14.87M
YoY Change -43.14% -26.83% 19.68%
Gross Profit $2.357M $1.222M $977.0K
YoY Change -13.22% 25.12% -68.49%
Gross Profit Margin 17.36% 10.1% 6.17%
Selling, General & Admin $1.607M $1.206M $1.134M
YoY Change -4.42% 6.36% -14.82%
% of Gross Profit 68.15% 98.66% 116.06%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.237M $1.351M $1.411M
YoY Change 0.5% -4.19% -7.82%
% of Gross Profit 52.45% 110.56% 144.38%
Operating Expenses $1.607M $1.206M $1.134M
YoY Change -4.42% 6.36% -14.82%
Operating Profit $750.9K $16.39K -$156.9K
YoY Change -27.49% -110.44% -108.87%
Interest Expense $2.957M -$288.3K -$205.8K
YoY Change -1563.95% 40.12% -29.38%
% of Operating Profit 393.82% -1759.55%
Other Income/Expense, Net $183.6K $680.00 $5.220K
YoY Change 4875.61% -86.97% 114.81%
Pretax Income $3.891M -$271.2K -$357.5K
YoY Change 364.8% -24.12% -124.15%
Income Tax $196.0K -$84.00K -$128.0K
% Of Pretax Income 5.04%
Net Earnings $3.695M -$187.2K -$297.8K
YoY Change 593.86% -37.13% -131.18%
Net Earnings / Revenue 27.22% -1.55% -1.88%
Basic Earnings Per Share $0.13 -$0.01 -$0.01
Diluted Earnings Per Share $0.12 -$0.01 -$10.43K
COMMON SHARES
Basic Shares Outstanding 28.28M shares 28.28M shares 28.56M shares
Diluted Shares Outstanding 32.10M shares 28.28M shares 28.56M shares

Balance Sheet

Concept 2023 Q1 2022 Q4 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $876.6K $1.019M $13.99M
YoY Change -89.02% -92.72% 1760.33%
Cash & Equivalents $876.6K $1.019M $13.99M
Short-Term Investments
Other Short-Term Assets $644.4K $171.7K $301.7K
YoY Change 2.35% -43.07% 294.08%
Inventory $4.827M $5.107M $4.379M
Prepaid Expenses $644.4K $171.7K
Receivables $5.067M $4.387M $4.836M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $11.54M $10.90M $23.51M
YoY Change -37.97% -53.65% 183.87%
LONG-TERM ASSETS
Property, Plant & Equipment $28.52M $28.32M $29.93M
YoY Change -11.33% -5.4% -8.1%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $33.92M $33.75M $29.93M
YoY Change 5.47% 12.75% -8.1%
TOTAL ASSETS
Total Short-Term Assets $11.54M $10.90M $23.51M
Total Long-Term Assets $33.92M $33.75M $29.93M
Total Assets $45.46M $44.65M $53.45M
YoY Change -10.45% -16.46% 30.81%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.881M $5.550M $4.587M
YoY Change -37.1% 21.02% 23.98%
Accrued Expenses $244.0K $244.2K $34.65K
YoY Change 620.04% 604.88% -54.44%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $2.217M $2.101M $4.491M
YoY Change -49.73% -53.21% -36.89%
Total Short-Term Liabilities $7.539M $8.086M $26.10M
YoY Change -66.5% -69.01% 110.83%
LONG-TERM LIABILITIES
Long-Term Debt $12.52M $14.96M $11.11M
YoY Change 2.87% 34.67% -32.52%
Other Long-Term Liabilities $5.159M $5.191M $38.10K
YoY Change 18090.48% 13524.57% -44.96%
Total Long-Term Liabilities $12.52M $14.96M $11.15M
YoY Change 2.63% 34.21% -32.57%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.539M $8.086M $26.10M
Total Long-Term Liabilities $12.52M $14.96M $11.15M
Total Liabilities $20.06M $23.05M $40.81M
YoY Change -47.14% -43.52% 27.0%
SHAREHOLDERS EQUITY
Retained Earnings -$35.37M -$38.93M
YoY Change
Common Stock $2.828K $2.828K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $18.17M $14.61M $12.63M
YoY Change
Total Liabilities & Shareholders Equity $45.46M $44.65M $53.45M
YoY Change -10.45% -16.46% 30.81%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2021 Q4
OPERATING ACTIVITIES
Net Income $3.695M -$187.2K -$297.8K
YoY Change 593.86% -37.13% -131.18%
Depreciation, Depletion And Amortization $1.237M $1.351M $1.411M
YoY Change 0.5% -4.19% -7.82%
Cash From Operating Activities $3.716M -$5.700K $12.10M
YoY Change -212.82% -100.05% 360.41%
INVESTING ACTIVITIES
Capital Expenditures $1.396M $653.6K -$879.4K
YoY Change -141.83% -174.33% 61.08%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $0.00
YoY Change
Cash From Investing Activities -$1.396M -$653.6K -$879.4K
YoY Change -58.17% -25.67% 61.08%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.463M -1.256M -117.8K
YoY Change -497.95% 966.23% -94.52%
NET CHANGE
Cash From Operating Activities 3.716M -5.700K 12.10M
Cash From Investing Activities -1.396M -653.6K -879.4K
Cash From Financing Activities -2.463M -1.256M -117.8K
Net Change In Cash -142.6K -1.916M 11.11M
YoY Change -97.63% -117.25% -16237.74%
FREE CASH FLOW
Cash From Operating Activities $3.716M -$5.700K $12.10M
Capital Expenditures $1.396M $653.6K -$879.4K
Free Cash Flow $2.321M -$659.3K $12.98M
YoY Change 5352.77% -105.08% 308.93%

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CY2021Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
11253040 usd
CY2021Q3 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
24000 usd
CY2021Q3 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
52200 usd
CY2021Q3 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
1.64
CY2021Q3 us-gaap Dividends Preferred Stock
DividendsPreferredStock
81918 usd
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
3122458 usd
CY2021Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
14265380 usd
CY2021Q4 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
1.62
CY2021Q4 us-gaap Dividends Preferred Stock
DividendsPreferredStock
81027 usd
CY2021Q4 us-gaap Net Income Loss
NetIncomeLoss
-229485 usd
CY2021Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
13954868 usd
CY2022Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
15081481 usd
CY2022Q3 GLGI Cash Contribution To Noncontrolling Interest
CashContributionToNoncontrollingInterest
1669000 usd
CY2022Q3 GLGI Deconsolidation Of Variable Interest Entity To Noncontrolling Interest
DeconsolidationOfVariableInterestEntityToNoncontrollingInterest
3102424 usd
CY2022Q3 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
2.19
CY2022Q3 us-gaap Dividends Preferred Stock
DividendsPreferredStock
109418 usd
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
1373741 usd
CY2022Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
14912380 usd
CY2022Q4 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
2.39
CY2022Q4 us-gaap Dividends Preferred Stock
DividendsPreferredStock
119349 usd
CY2022Q4 us-gaap Dividends Preferred Stock
DividendsPreferredStock
119349 usd
CY2022Q4 us-gaap Net Income Loss
NetIncomeLoss
-187247 usd
CY2022Q4 us-gaap Net Income Loss
NetIncomeLoss
-187247 usd
CY2022Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
14605784 usd
CY2022Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
14605784 usd
us-gaap Net Income Loss
NetIncomeLoss
1186494 usd
us-gaap Net Income Loss
NetIncomeLoss
2892973 usd
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
3068497 usd
GLGI Gain On Deconsolidation Of Variable Interest Entity
GainOnDeconsolidationOfVariableInterestEntity
569997 usd
us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
22336 usd
us-gaap Depreciation And Amortization
DepreciationAndAmortization
2722174 usd
us-gaap Depreciation And Amortization
DepreciationAndAmortization
2784864 usd
us-gaap Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
-19000 usd
us-gaap Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
135000 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-1770360 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
147493 usd
us-gaap Increase Decrease In Accounts Receivable Related Parties
IncreaseDecreaseInAccountsReceivableRelatedParties
-39411 usd
us-gaap Increase Decrease In Accounts Receivable Related Parties
IncreaseDecreaseInAccountsReceivableRelatedParties
-51336 usd
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
994525 usd
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
937363 usd
us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
23653 usd
us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
249359 usd
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-2153136 usd
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
757788 usd
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-5306040 usd
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
10551925 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-3309912 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
12478838 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1805395 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1538664 usd
GLGI Deconsolidation Of Variable Interest Entity
DeconsolidationOfVariableInterestEntity
2806 usd
us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
50000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-1808201 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-1488664 usd
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
8707426 usd
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
837000 usd
us-gaap Repayments Of Debt
RepaymentsOfDebt
4823623 usd
us-gaap Repayments Of Debt
RepaymentsOfDebt
3146683 usd
us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
3340533 usd
us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
277777 usd
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
1090648 usd
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
1400000 usd
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
42867 usd
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
24000 usd
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
71154 usd
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
4752 usd
us-gaap Payments Of Dividends
PaymentsOfDividends
194795 usd
us-gaap Payments Of Dividends
PaymentsOfDividends
162945 usd
us-gaap Proceeds From Contributed Capital
ProceedsFromContributedCapital
1669000 usd
us-gaap Payments Of Distributions To Affiliates
PaymentsOfDistributionsToAffiliates
52200 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
2994102 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-1383357 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-2124011 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
9606817 usd
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
3143257 usd
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
4387533 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
1019246 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
13994350 usd
GLGI Refinancing Of Certain Term Loans
RefinancingOfCertainTermLoans
2669892 usd
GLGI Deconsolidation Of Variable Interest Entity To Noncontrolling Interest
DeconsolidationOfVariableInterestEntityToNoncontrollingInterest
3102424 usd
GLGI Acquisition Of Equipment Through Financing Lease
AcquisitionOfEquipmentThroughFinancingLease
24441 usd
GLGI Capital Expenditures In Accounts Payable
CapitalExpendituresInAccountsPayable
8863 usd
GLGI Capital Expenditures In Accounts Payable
CapitalExpendituresInAccountsPayable
124331 usd
GLGI Preferred Dividend Accruals
PreferredDividendAccruals
119349 usd
us-gaap Interest Paid Net
InterestPaidNet
505723 usd
us-gaap Interest Paid Net
InterestPaidNet
425338 usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
160000 usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
255000 usd
CY2021Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
28561201 shares
CY2022Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.01
CY2021Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.01
CY2022Q4 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-306596 usd
CY2021Q4 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-378844 usd
us-gaap Basis Of Accounting
BasisOfAccounting
<p id="xdx_809_eus-gaap--BasisOfAccounting_zhyGjniS8jw" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 1. <span id="xdx_82E_zW9db4UfVAA">Basis of Financial Statements</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 November 30, 2022, the results of its operations for the six months and three months ended November 30, 2022 and 2021 and its changes in equity and cash flows for the six months ended November 30, 2022 and 2021. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements as of and for the fiscal year ended May 31, 2022 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, 2022 and 2021 are not necessarily indicative of the results to be expected for the full fiscal year.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">GRE, which is wholly-owned by a member of Greystone’s Board of Directors, owns two primary manufacturing facilities which are occupied by Greystone. 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 in the loan agreement between Greystone and International Bank of Commerce. 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 $<span id="xdx_90B_ecustom--GainOnDeconsolidationOfVariableInterestEntity_c20220601__20221130_z7961nwDvSHe" title="Gain on deconsolidation of variable interest entity">569,997</span>. Subsequent to the deconsolidation, Greystone entered into a new lease agreement with the related party and recorded right of use assets and liabilities for the new lease, see Note 7.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
GLGI Gain On Deconsolidation Of Variable Interest Entity
GainOnDeconsolidationOfVariableInterestEntity
569997 usd
CY2022Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
13496191 usd
CY2022Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
98043 usd
CY2022Q4 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3833333 shares
CY2021Q4 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3833333 shares
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
908128 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
2592077 usd
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
28279701 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
28472676 shares
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.03
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.09
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
908128 usd
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
2592077 usd
us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
162945 usd
GLGI Net Income Allocated To Common Stockholders
NetIncomeAllocatedToCommonStockholders
908128 usd
GLGI Net Income Allocated To Common Stockholders
NetIncomeAllocatedToCommonStockholders
2755022 usd
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
28279701 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
28472676 shares
us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
493506 shares
us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
3829060 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
28773207 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
32301736 shares
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.03
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.09
CY2022Q4 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-306596 usd
CY2021Q4 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-378844 usd
CY2022Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
28279701 shares
CY2022Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
28279701 shares
CY2021Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
28561201 shares
CY2022Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
28279701 shares
CY2021Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
28561201 shares
CY2022Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.01
CY2021Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.01
CY2022Q2 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
29751 usd
CY2022Q4 us-gaap Long Term Debt
LongTermDebt
17065520 usd
CY2022Q2 us-gaap Long Term Debt
LongTermDebt
13466440 usd
CY2022Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
2101460 usd
CY2022Q2 us-gaap Long Term Debt Current
LongTermDebtCurrent
4160403 usd
CY2022Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
14964060 usd
CY2022Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
2170635 usd
CY2022Q2 us-gaap Inventory Raw Materials
InventoryRawMaterials
2091551 usd
CY2022Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
2936386 usd
CY2022Q2 us-gaap Inventory Finished Goods
InventoryFinishedGoods
2020945 usd
CY2022Q4 us-gaap Inventory Net
InventoryNet
5107021 usd
CY2022Q2 us-gaap Inventory Net
InventoryNet
4112496 usd
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
63416695 usd
CY2022Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
66391904 usd
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
35100733 usd
CY2022Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
34515139 usd
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
28315962 usd
CY2022Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
31876765 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
2719312 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
2782057 usd
us-gaap Payments For Rent
PaymentsForRent
31200 usd
us-gaap Payments For Rent
PaymentsForRent
24000 usd
CY2022Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
17163563 usd
CY2022Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
9306037 usd
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
2862 usd
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
2808 usd
CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
2101460 usd
CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
6968620 usd
CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
2147857 usd
CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
1851171 usd
CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
3553879 usd
CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
540576 usd
GLGI Schedule Of Financing Lease Table Textblock
ScheduleOfFinancingLeaseTableTextblock
<p id="xdx_89E_ecustom--ScheduleOfFinancingLeaseTableTextblock_z7eR6svcgFW1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financing leases as of November 30, 2022 and May 31, 2022:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B7_zBMzXwYsqa93" style="display: none">Schedule of Financing Lease</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_499_20221130_zyyXSoFhzoA2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">November 30, 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_494_20220531_zwrfGZhkKNK2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">May 31, 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr id="xdx_40D_eus-gaap--FinanceLeaseLiability_iI_zSZtqfUTgti1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: justify">Non-cancellable financing leases</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">86,722</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">2,163,043</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--FinanceLeaseLiabilityCurrent_iNI_di_z7P0K9777X4g" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1.5pt">Less: Current portion</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(47,151</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,630,895</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr id="xdx_40F_eus-gaap--FinanceLeaseLiabilityNoncurrent_iI_zfuFj6HFHUja" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt">Non-cancellable financing leases, net of current portion</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">39,571</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">532,148</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>
CY2022Q4 us-gaap Finance Lease Liability
FinanceLeaseLiability
86722 usd
CY2022Q2 us-gaap Finance Lease Liability
FinanceLeaseLiability
2163043 usd
CY2022Q4 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
47151 usd
CY2022Q2 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
1630895 usd
CY2022Q4 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
39571 usd
CY2022Q2 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
532148 usd
us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
180240 usd
us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
505935 usd
us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
180240 usd
us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
505935 usd
us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
25261 usd
us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
99412 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
190343 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
40941 usd
us-gaap Short Term Lease Cost
ShortTermLeaseCost
783360 usd
us-gaap Short Term Lease Cost
ShortTermLeaseCost
1016148 usd
us-gaap Lease Cost
LeaseCost
1179204 usd
us-gaap Lease Cost
LeaseCost
1662436 usd
us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
25261 usd
us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
99412 usd
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
549029 usd
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
832239 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
190343 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
40941 usd
CY2022Q4 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P1Y10M24D
CY2021Q4 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P1Y10M24D
CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P14Y7M6D
CY2021Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y
CY2022Q4 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.047 pure
CY2021Q4 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.073 pure
CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.060 pure
CY2021Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.054 pure
CY2022Q4 us-gaap Finance Lease Liability Payments Remainder Of Fiscal Year
FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
49880 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
564816 usd
CY2022Q4 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
29720 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
546792 usd
CY2022Q4 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
9598 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
534000 usd
CY2022Q4 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
1503 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
534000 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
542920 usd
CY2022Q4 GLGI Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
5560480 usd
CY2022Q4 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
90701 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
8283008 usd
CY2022Q4 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
3979 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
2847810 usd
CY2022Q4 us-gaap Finance Lease Liability
FinanceLeaseLiability
86722 usd
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
5435198 usd
GLGI Purchases From Customers
PurchasesFromCustomers
313050 usd
GLGI Purchases From Customers
PurchasesFromCustomers
524321 usd
CY2022Q4 us-gaap Purchase Obligation
PurchaseObligation
5065888 usd

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