$GLGI
GREYSTONE LOGISTICS, INC.

2023 Q2 Form 10-Q Financial Statement

#000149315223012369 Filed on April 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $16.13M $13.58M $22.45M
YoY Change -23.58% -39.52% 54.71%
Cost Of Revenue $12.84M $11.22M $19.73M
YoY Change -30.54% -43.14% 65.08%
Gross Profit $3.289M $2.357M $2.717M
YoY Change 25.57% -13.22% 6.24%
Gross Profit Margin 20.39% 17.36% 12.1%
Selling, General & Admin $1.182M $1.607M $1.681M
YoY Change 1.29% -4.42% 43.87%
% of Gross Profit 35.94% 68.15% 61.88%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.252M $1.237M $1.230M
YoY Change -7.32% 0.5% -10.77%
% of Gross Profit 38.06% 52.45% 45.29%
Operating Expenses $1.182M $1.607M $1.681M
YoY Change 1.29% -4.42% 43.87%
Operating Profit $2.107M $750.9K $1.036M
YoY Change 45.08% -27.49% -25.42%
Interest Expense $1.274M $2.957M -$202.0K
YoY Change -704.75% -1563.95% -25.25%
% of Operating Profit 60.46% 393.82% -19.51%
Other Income/Expense, Net $135.7K $183.6K $3.690K
YoY Change -44.69% 4875.61% -63.75%
Pretax Income $3.516M $3.891M $837.2K
YoY Change 136.47% 364.8% -25.81%
Income Tax $2.010M $196.0K $234.0K
% Of Pretax Income 57.16% 5.04% 27.95%
Net Earnings $1.372M $3.695M $532.6K
YoY Change 40.07% 593.86% -25.36%
Net Earnings / Revenue 8.51% 27.22% 2.37%
Basic Earnings Per Share $0.13 $0.02
Diluted Earnings Per Share $0.04 $0.12 $18.39K
COMMON SHARES
Basic Shares Outstanding 28.28M shares 28.28M shares 28.47M shares
Diluted Shares Outstanding 32.10M shares 28.97M shares

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $696.0K $876.6K $7.982M
YoY Change -77.86% -89.02% 1268.9%
Cash & Equivalents $696.0K $876.6K $7.982M
Short-Term Investments
Other Short-Term Assets $915.8K $644.4K $629.6K
YoY Change 486.47% 2.35% 931.3%
Inventory $4.484M $4.827M $4.288M
Prepaid Expenses $529.0K $644.4K
Receivables $4.914M $5.067M $5.698M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $11.01M $11.54M $18.60M
YoY Change -20.29% -37.97% 116.41%
LONG-TERM ASSETS
Property, Plant & Equipment $33.18M $28.52M $32.16M
YoY Change 4.1% -11.33% 0.81%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $38.52M $33.92M $32.16M
YoY Change 20.63% 5.47% 0.81%
TOTAL ASSETS
Total Short-Term Assets $11.01M $11.54M $18.60M
Total Long-Term Assets $38.52M $33.92M $32.16M
Total Assets $49.53M $45.46M $50.76M
YoY Change 8.27% -10.45% 25.34%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.337M $4.881M $7.759M
YoY Change -57.33% -37.1% 64.32%
Accrued Expenses $240.4K $244.0K $33.88K
YoY Change 609.42% 620.04% -50.29%
Deferred Revenue $23.01K
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $2.250M $2.217M $4.410M
YoY Change -45.93% -49.73% -35.09%
Total Short-Term Liabilities $6.017M $7.539M $22.50M
YoY Change -68.43% -66.5% 79.35%
LONG-TERM LIABILITIES
Long-Term Debt $14.92M $12.52M $12.17M
YoY Change 60.32% 2.87% -18.58%
Other Long-Term Liabilities $5.120M $5.159M $28.36K
YoY Change 23547.53% 18090.48% -51.92%
Total Long-Term Liabilities $14.92M $12.52M $12.20M
YoY Change 60.32% 2.63% -18.71%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.017M $7.539M $22.50M
Total Long-Term Liabilities $14.92M $12.52M $12.20M
Total Liabilities $20.94M $20.06M $37.96M
YoY Change -26.19% -47.14% 21.87%
SHAREHOLDERS EQUITY
Retained Earnings -$34.00M -$35.37M
YoY Change -14.67%
Common Stock $2.828K $2.828K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $19.54M $18.17M $12.80M
YoY Change
Total Liabilities & Shareholders Equity $49.53M $45.46M $50.76M
YoY Change 8.27% -10.45% 25.34%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income $1.372M $3.695M $532.6K
YoY Change 40.07% 593.86% -25.36%
Depreciation, Depletion And Amortization $1.252M $1.237M $1.230M
YoY Change -7.32% 0.5% -10.77%
Cash From Operating Activities $3.465M $3.716M -$3.294M
YoY Change -236.03% -212.82% -219.26%
INVESTING ACTIVITIES
Capital Expenditures $5.978M $1.396M -$3.337M
YoY Change -576.35% -141.83% 246.99%
Acquisitions
YoY Change
Other Investing Activities $55.00K $0.00 $0.00
YoY Change
Cash From Investing Activities -$5.923M -$1.396M -$3.337M
YoY Change 371.97% -58.17% 246.99%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net -$281.5K
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.277M -2.463M 619.0K
YoY Change -319.67% -497.95% -131.43%
NET CHANGE
Cash From Operating Activities 3.465M 3.716M -3.294M
Cash From Investing Activities -5.923M -1.396M -3.337M
Cash From Financing Activities 2.277M -2.463M 619.0K
Net Change In Cash -180.7K -142.6K -6.012M
YoY Change -96.27% -97.63% 3454.56%
FREE CASH FLOW
Cash From Operating Activities $3.465M $3.716M -$3.294M
Capital Expenditures $5.978M $1.396M -$3.337M
Free Cash Flow -$2.513M $2.321M $42.56K
YoY Change 94.49% 5352.77% -98.86%

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CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
452458 usd
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.13
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.02
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.12
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.02
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
28279701 shares
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
28472639 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
32104265 shares
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
28967144 shares
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
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
CY2021Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
13954868 usd
CY2022Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
281500 usd
CY2022Q1 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
80000 usd
CY2022Q1 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
1.60
CY2022Q1 us-gaap Dividends Preferred Stock
DividendsPreferredStock
80137 usd
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
603244 usd
CY2022Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
14116475 usd
CY2022Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
14116475 usd
CY2022Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
15081481 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
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 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
CY2023Q1 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
2.65
CY2023Q1 us-gaap Dividends Preferred Stock
DividendsPreferredStock
132500 usd
CY2023Q1 us-gaap Dividends Preferred Stock
DividendsPreferredStock
132500 usd
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
3695496 usd
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
3695496 usd
CY2023Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
18168780 usd
CY2023Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
18168780 usd
us-gaap Profit Loss
ProfitLoss
4881990 usd
us-gaap Profit Loss
ProfitLoss
3496217 usd
us-gaap Depreciation And Amortization
DepreciationAndAmortization
3958766 usd
us-gaap Depreciation And Amortization
DepreciationAndAmortization
4015292 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 Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
-296000 usd
us-gaap Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
-99000 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-934369 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
999470 usd
us-gaap Increase Decrease In Accounts Receivable Related Parties
IncreaseDecreaseInAccountsReceivableRelatedParties
-131278 usd
us-gaap Increase Decrease In Accounts Receivable Related Parties
IncreaseDecreaseInAccountsReceivableRelatedParties
-41376 usd
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
714583 usd
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
846041 usd
us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
340144 usd
us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
577297 usd
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-2865056 usd
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
3258539 usd
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-5306040 usd
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
3787750 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
406583 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
9184533 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
3201187 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
4875530 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
-3203993 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-4825530 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
5412171 usd
us-gaap Repayments Of Debt
RepaymentsOfDebt
4390444 usd
us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
3348178 usd
us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
353523 usd
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
1090648 usd
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
3700000 usd
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
1790648 usd
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
24000 usd
GLGI Proceeds From Repayment Of Treasury Stock
ProceedsFromRepaymentOfTreasuryStock
-281500 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
314144 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
132200 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
530779 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-764364 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-2266631 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
3594639 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
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
876626 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
7982172 usd
GLGI Deconsolidation Of Variable Interest Entity To Noncontrolling Interest
DeconsolidationOfVariableInterestEntityToNoncontrollingInterest
3102424 usd
GLGI Refinancing Of Certain Term Loans
RefinancingOfCertainTermLoans
2669892 usd
GLGI Capital Expenditures In Accounts Payable
CapitalExpendituresInAccountsPayable
51403 usd
GLGI Capital Expenditures In Accounts Payable
CapitalExpendituresInAccountsPayable
255062 usd
GLGI Acquisition Of Equipment Through Financing Lease
AcquisitionOfEquipmentThroughFinancingLease
24441 usd
GLGI Preferred Dividend Accruals
PreferredDividendAccruals
132500 usd
GLGI Preferred Dividend Accruals
PreferredDividendAccruals
80137 usd
us-gaap Interest Paid Net
InterestPaidNet
818222 usd
us-gaap Interest Paid Net
InterestPaidNet
627555 usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
510000 usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
1015000 usd
us-gaap Basis Of Accounting
BasisOfAccounting
<p id="xdx_808_eus-gaap--BasisOfAccounting_zMpcwvGRZPN6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 1. <span id="xdx_827_zj3oyAjWl6Uc">Basis of Financial Statements</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 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: 0pt 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 February 28, 2023, the results of its operations for the nine months and three months ended February 28, 2023 and 2022 and its cash flows for the nine months ended February 28, 2023 and 2022. 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 nine months and three months ended February 28, 2023 and 2022 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: 0pt 13.7pt 0pt 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: 0pt 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: 0pt 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: 0pt 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_90C_ecustom--GainOnDeconsolidationOfVariableInterestEntity_c20220601__20230228_zLWpqXKXxhKj" 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: 0pt 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: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain balances in the consolidated balance sheet as of May 31, 2022, have been restated for comparative purposes.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><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
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
4471124 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
3044535 usd
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
28279701 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
28472256 shares
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.16
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.11
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
4471124 usd
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
3044535 usd
us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
361267 usd
us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
243082 usd
GLGI Net Income Allocated To Common Stockholders
NetIncomeAllocatedToCommonStockholders
4832391 usd
GLGI Net Income Allocated To Common Stockholders
NetIncomeAllocatedToCommonStockholders
3287617 usd
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
28279701 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
28472256 shares
us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
3825723 shares
us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
3828828 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
32105424 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
32301084 shares
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.15
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.10
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
3562996 usd
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
452458 usd
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
28279701 shares
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
28472639 shares
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.13
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.02
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
3562996 usd
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
452458 usd
CY2023Q1 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
132500 usd
CY2023Q1 GLGI Net Income Allocated To Common Stockholders
NetIncomeAllocatedToCommonStockholders
3695496 usd
CY2022Q1 GLGI Net Income Allocated To Common Stockholders
NetIncomeAllocatedToCommonStockholders
452458 usd
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
28279701 shares
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
28472639 shares
CY2023Q1 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
3824564 shares
CY2022Q1 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
494505 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
32104265 shares
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
28967144 shares
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.12
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.02
CY2023Q1 us-gaap Inventory Raw Materials
InventoryRawMaterials
2109820 usd
CY2022Q2 us-gaap Inventory Raw Materials
InventoryRawMaterials
2091551 usd
CY2023Q1 us-gaap Inventory Finished Goods
InventoryFinishedGoods
2717259 usd
CY2022Q2 us-gaap Inventory Finished Goods
InventoryFinishedGoods
2020945 usd
CY2023Q1 us-gaap Inventory Net
InventoryNet
4827079 usd
CY2022Q2 us-gaap Inventory Net
InventoryNet
4112496 usd
CY2023Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
64855027 usd
CY2022Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
66391904 usd
CY2023Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
36335865 usd
CY2022Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
34515139 usd
CY2023Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
28519162 usd
CY2022Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
31876765 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
3954444 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
4011025 usd
us-gaap Payments For Rent
PaymentsForRent
46800 usd
us-gaap Payments For Rent
PaymentsForRent
36000 usd
CY2023Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
14836974 usd
CY2022Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
13496191 usd
CY2023Q1 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
96583 usd
CY2022Q2 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
29751 usd
CY2023Q1 us-gaap Long Term Debt
LongTermDebt
14740391 usd
CY2022Q2 us-gaap Long Term Debt
LongTermDebt
13466440 usd
CY2023Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
2217304 usd
CY2022Q2 us-gaap Long Term Debt Current
LongTermDebtCurrent
4160403 usd
CY2023Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
12523087 usd
CY2022Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
9306037 usd
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
4322 usd
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
4267 usd
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
2217304 usd
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
5387090 usd
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
2228841 usd
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
1215659 usd
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
3260851 usd
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
527229 usd
GLGI Schedule Of Financing Lease Table Textblock
ScheduleOfFinancingLeaseTableTextblock
<p id="xdx_89E_ecustom--ScheduleOfFinancingLeaseTableTextblock_zj7oj8uaNUP8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financing leases as of February 28, 2023 and May 31, 2022:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B8_zkTDw22KsGpe" style="display: none">Schedule of Financing Lease</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"/> <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: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_494_20230228_zLLrjSvDvE17" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><p style="margin-top: 0; margin-bottom: 0">February 28,</p> <p style="margin-top: 0; margin-bottom: 0">2023</p></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_490_20220531_z6BBeoeJGBU3" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">May 31,</p> <p style="margin-top: 0; margin-bottom: 0">2022</p></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr id="xdx_40D_eus-gaap--FinanceLeaseLiability_iI_zX6Z96JLyfMl" 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">69,337</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">2,163,043</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--FinanceLeaseLiabilityCurrent_iNI_di_zmZer9QEAXqg" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1.5pt">Less: Current portion</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(41,487</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,630,895</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr id="xdx_40F_eus-gaap--FinanceLeaseLiabilityNoncurrent_iI_zh6qlCo8jKbl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt">Non-cancellable financing leases, net of current portion</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">27,850</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>
CY2023Q1 us-gaap Finance Lease Liability
FinanceLeaseLiability
69337 usd
CY2022Q2 us-gaap Finance Lease Liability
FinanceLeaseLiability
2163043 usd
CY2023Q1 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
41487 usd
CY2022Q2 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
1630895 usd
CY2023Q1 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
27850 usd
CY2022Q2 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
532148 usd
us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
189927 usd
us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
721923 usd
us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
189927 usd
us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
721923 usd
us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
30614 usd
us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
119000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
335378 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
53411 usd
us-gaap Short Term Lease Cost
ShortTermLeaseCost
1217095 usd
us-gaap Short Term Lease Cost
ShortTermLeaseCost
1101133 usd
us-gaap Lease Cost
LeaseCost
1773014 usd
us-gaap Lease Cost
LeaseCost
1995467 usd
us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
30614 usd
us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
119000 usd
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
626329 usd
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
1248371 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
335378 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
53411 usd
us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
24441 usd
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
5516006 usd
CY2023Q1 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P1Y10M24D
CY2022Q1 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P1Y6M
CY2023Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P14Y4M24D
CY2022Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P1Y10M24D
CY2023Q1 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.044 pure
CY2022Q1 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.073 pure
CY2023Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.060 pure
CY2022Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.054 pure
CY2023Q1 us-gaap Finance Lease Liability Payments Remainder Of Fiscal Year
FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
42185 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
561947 usd
CY2023Q1 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
22440 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
543612 usd
CY2023Q1 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
7811 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
534000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
534000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
549610 usd
CY2023Q1 GLGI Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
5420290 usd
CY2023Q1 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
72436 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
8143459 usd
CY2023Q1 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
3099 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
2740690 usd
CY2023Q1 us-gaap Finance Lease Liability
FinanceLeaseLiability
69337 usd
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
5402769 usd
CY2022 GLGI Purchases From Customers
PurchasesFromCustomers
313050 usd
CY2023Q1 us-gaap Purchase Obligation
PurchaseObligation
5300000 usd
CY2021Q2 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
3034000 usd
CY2021Q2 us-gaap Tax Credit Carryforward Description
TaxCreditCarryforwardDescription
The CARES Act also provided an Employee Retention Credit (“ERC”) which is a refundable tax credit against certain employment taxes equal to 50% of qualified wages paid, up to $10,000 per employee annually for wages paid. Additional relief provisions were passed by the United States government, which extended and expanded the qualified wage caps on these credits to 70% of qualified wages paid, up to $10,000 per employee per quarter, through September 30, 2021.
CY2021Q2 GLGI Employee Retention Credits
EmployeeRetentionCredits
3270424 usd
CY2021Q3 GLGI Employee Retention Credits
EmployeeRetentionCredits
3270424 usd
CY2021Q1 GLGI Employee Retention Credits
EmployeeRetentionCredits
1641000 usd

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