0001493152-19-005358.txt : 20190415 0001493152-19-005358.hdr.sgml : 20190415 20190415171516 ACCESSION NUMBER: 0001493152-19-005358 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 58 CONFORMED PERIOD OF REPORT: 20190228 FILED AS OF DATE: 20190415 DATE AS OF CHANGE: 20190415 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GREYSTONE LOGISTICS, INC. CENTRAL INDEX KEY: 0001088413 STANDARD INDUSTRIAL CLASSIFICATION: SPECIAL INDUSTRY MACHINERY, NEC [3559] IRS NUMBER: 752954680 FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-26331 FILM NUMBER: 19749257 BUSINESS ADDRESS: STREET 1: 1613 EAST 15TH STREET CITY: TULSA STATE: OK ZIP: 74120 BUSINESS PHONE: 918-583-7441 MAIL ADDRESS: STREET 1: 1613 EAST 15TH STREET CITY: TULSA STATE: OK ZIP: 74120 FORMER COMPANY: FORMER CONFORMED NAME: PALWEB CORP DATE OF NAME CHANGE: 19990610 10-Q 1 form10-q.htm

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 10-Q

 

(Mark One)

 

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED February 28, 2019
   
[  ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

FOR THE TRANSITION PERIOD FROM ______ TO ________

 

Commission file number 000-26331

 

GREYSTONE LOGISTICS, INC.

(Exact name of registrant as specified in its charter)

 

Oklahoma   75-2954680
(State or other jurisdiction of
incorporation or organization)		   (I.R.S. Employer
Identification No.)

 

1613 East 15th Street, Tulsa, Oklahoma 74120
(Address of principal executive offices) (Zip Code)

 

(918) 583-7441
(Registrant’s telephone number, including area code)

 

 

(Former name, former address and former fiscal year, if changed since last report)

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [  ]

 

Indicate by check mark whether the registrant has submitted electronically and posted on its Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to post and submit such files). Yes [X] No [  ]

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer [  ]   Accelerated filer [  ]
Non-accelerated filer [  ] Smaller reporting company [X]

 

Indicate by checkmark whether the registrant is a shell company (as defined in rule 12b-2 of the Exchange Act). Yes [  ] No [X]

 

Applicable only to corporate issuers:

 

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: April 10, 2019 - 28,361,201

 

 

 

   
 

 

GREYSTONE LOGISTICS, INC.

FORM 10-Q

For the Period Ended February 28, 2019

 

      Page
PART I. FINANCIAL INFORMATION    
       
Item 1. Financial Statements  
       
  Consolidated Balance Sheets (Unaudited) As of February 28, 2019 and May 31, 2018   1
       
  Consolidated Statements of Income (Unaudited) For the Nine Months Ended February 28, 2019 and 2018   2
       
  Consolidated Statements of Operations (Unaudited) For the Three Months Ended February 28, 2019 and 2018   3
       
  Consolidated Statements of Cash Flows (Unaudited) For the Nine Months Ended February 28, 2019 and 2018   4
       
  Notes to Consolidated Financial Statements (Unaudited)   5
       
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations   14
       
Item 3. Quantitative and Qualitative Disclosures About Market Risk   19
       
Item 4. Controls and Procedures   19
       
PART II. OTHER INFORMATION    
       
Item 1. Legal Proceedings   19
       
Item 1A. Risk Factors   19
       
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds   19
       
Item 3. Defaults Upon Senior Securities   20
       
Item 4. Mine Safety Disclosures   20
       
Item 5. Other Information   20
       
Item 6. Exhibits   20
       
SIGNATURES   21

 

   
 

 

PART I. FINANCIAL INFORMATION

 

Item 1. Financial Statements

 

Greystone Logistics, Inc. and Subsidiaries

Consolidated Balance Sheets

(Unaudited)

 

   February 28, 2019   May 31, 2018 
Assets          
Current Assets:          
Cash  $1,094,895   $379,632 
Accounts receivable -          
Trade   4,242,272    4,951,148 
Related party   26,698    60,045 
Inventory   5,151,417    3,089,267 
Prepaid expenses   239,548    215,617 
Total Current Assets   10,754,830    8,695,709 
Property, Plant and Equipment, net   32,811,038    25,353,876 
           
Total Assets  $43,565,868   $34,049,585 
           
Liabilities and Equity          
Current Liabilities:          
Current portion of long-term debt  $2,961,095   $2,324,046 
Current portion of capital leases   1,948,191    2,160,807 
Accounts payable and accrued liabilities   6,315,163    4,651,695 
Deferred revenue   2,652,507    3,404,334 
Accrued liabilities - related party   -    55,104 
Preferred dividends payable   108,219    - 
Total Current Liabilities   13,985,175    12,595,986 
Long-Term Debt, net of current portion   19,854,056    16,836,180 
Capital Leases, net of current portion   5,531,906    1,733,007 
Deferred Tax Liability   977,265    490,965 
Equity:          
Preferred stock, $0.0001 par value, cumulative,
20,750,000 shares authorized, 50,000 shares issued and outstanding, liquidation preference of $5,000,000		   5    5 
Common stock, $0.0001 par value, 5,000,000,000 shares authorized, 28,361,201 shares issued and outstanding   2,836    2,836 
Additional paid-in capital   53,790,764    53,790,764 
Accumulated deficit   (51,695,914)   (52,485,313)
Total Greystone Stockholders’ Equity   2,097,691    1,308,292 
Non-controlling interest   1,119,775    1,085,155 
Total Equity   3,217,466    2,393,447 
           
Total Liabilities and Equity  $43,565,868   $34,049,585 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

 1 
   

 

Greystone Logistics, Inc.

Consolidated Statements of Income

(Unaudited)

 

   For the Nine Months Ended
February 28,		 
   2019   2018 
         
Sales  $50,163,707   $32,073,828 
           
Cost of Sales   44,257,438    27,325,588 
           
Gross Profit   5,906,269    4,748,240 
           
General, Selling and Administrative Expenses   2,752,029    2,177,164 
           
Operating Income   3,154,240    2,571,076 
           
Other Income (Expense):          
Other income   7,728    5,867 
Interest expense   (1,348,285)   (997,944)
           
Income before Income Taxes   1,813,683    1,578,999 
Provision for Income Taxes   520,400    899,100 
Net Income   1,293,283    679,899 
           
Income Attributable to Non-controlling Interest   (187,620)   (185,520)
           
Preferred Dividends   (316,264)   (283,562)
           
Net Income Attributable to Common Stockholders  $789,399   $210,817 
           
Income Per Share of Common Stock -          
Basic and Diluted  $0.03   $0.01 
           
Weighted Average Shares of Common Stock Outstanding -          
Basic   28,361,201    28,361,201 
Diluted   29,009,415    28,992,153 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

 2 
   

 

Greystone Logistics, Inc.

Consolidated Statements of Operations

(Unaudited)

 

   For the Three Months Ended
February 28,		 
   2019   2018 
         
Sales  $17,224,467   $12,064,651 
           
Cost of Sales   15,455,920    10,349,347 
           
Gross Profit   1,768,547    1,715,304 
           
General, Selling and Administrative Expenses   959,288    724,748 
           
Operating Income   809,259    990,556 
           
Other Income (Expense):          
Other income (expense)   2,438    (6,202)
Interest expense   (499,967)   (339,208)
           
Income before Income Taxes   311,730    645,146 
Provision for Income Taxes   80,300    639,600 
Net Income   231,430    5,546 
           
Income Attributable to Non-controlling Interest   (64,093)   (62,552)
           
Preferred Dividends   (108,219)   (95,548)
           
Net Income (Loss) Attributable to Common Stockholders  $59,118   $(152,554)
           
Income (Loss) Per Share of Common Stock -          
Basic and Diluted  $0.00   $(0.01)
           
Weighted Average Shares of Common Stock Outstanding -          
Basic   28,361,201    28,361,201 
Diluted   29,012,048    28,361,201 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

 3 
   

 

Greystone Logistics, Inc. and Subsidiaries

Consolidated Statements of Cash Flows

(Unaudited)

 

   For the Nine Months Ended
February 28,		 
   2019   2018 
Cash Flows from Operating Activities:          
Net income  $1,293,283   $679,899 
Adjustments to reconcile net income to net cash provided by operating activities -          
Depreciation and amortization   3,334,730    2,578,842 
Deferred tax expense   486,300    882,100 
Loss on sale of asset   -    7,932 
Decrease in trade accounts receivable   708,876    2,486,180 
Decrease in related party receivables   33,347    18,498 
Increase in inventory   (2,062,150)   (2,501,222)
Decrease (increase) in prepaid expenses   (23,931)   30,470 
Increase (decrease) in accounts payable and accrued liabilities   1,943,133    (2,778,406)
Increase (decrease) in deferred revenue   (751,827)   4,595,034 
Net cash provided by operating activities   4,961,761    5,999,327 
           
Cash Flows from Investing Activities:          
Purchase of property and equipment   (6,380,490)   (3,768,337)
Proceeds from sale of equipment   968,168    3,000 
Net cash used in investing activities   (5,412,322)   (3,765,337)
           
Cash Flows from Financing Activities:          
Proceeds from long-term debt   3,756,800    2,320,200 
Principal payments on long-term debt and capitalized leases   (3,567,629)   (4,371,488)
Proceeds from revolving loan   4,321,000    240,000 
Principal payments on revolving loan   (2,750,000)   - 
Principal payments on related party note payable and capital lease   (233,302)   (172,999)
Dividends paid on preferred stock   (208,045)   (313,288)
Distributions paid by non-controlling interest   (153,000)   (181,400)
Net cash provided by (used in) financing activities   1,165,824    (2,478,975)
           
Net Increase (Decrease) in Cash   715,263    (244,985)
Cash, beginning of period   379,632    579,021 
           
Cash, end of period  $1,094,895   $334,036 
           
Non-cash Activities:          
Acquisition of equipment by capital lease  $4,667,380   $1,998,500 
Capital expenditures in accounts payable  $38,445   $- 
Revolver loan converted to term loan  $-   $2,500,000 
Preferred dividend accrual  $108,219   $- 
Supplemental information:          
Interest paid  $1,394,789   $993,994 
Taxes paid  $-   $10,000 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

 4 
   

 

GREYSTONE LOGISTICS, INC.

Notes to Consolidated Financial Statements

(Unaudited)

 

Note 1. Basis of Financial Statements

 

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, 2019, the results of its operations for the nine months and three months ended February 28, 2019 and 2018, and its cash flows for the nine months ended February 28, 2019 and 2018. 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, 2018 and the notes thereto included in Greystone’s Form 10-K for such period. The results of operations for the nine months and three months ended February 28, 2019 and 2018 are not necessarily indicative of the results to be expected for the full fiscal year.

 

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”). GRE owns two buildings located in Bettendorf, Iowa which are leased to GSM. All material intercompany accounts and transactions have been eliminated in the consolidated financial statements.

 

Note 2. Earnings Per Share

 

Basic earnings per share is based on the weighted-average effect of all common shares issued and outstanding and is calculated by dividing net income attributable to common stockholders by the weighted-average shares outstanding during the period. Diluted earnings per share is calculated by dividing net income attributable to common stockholders by the weighted-average number of common shares used in the basic earnings per share calculation plus the number of common shares that would be issued assuming exercise or conversion of all potentially dilutive common shares outstanding.

 

Greystone excludes equity instruments from the calculation of diluted earnings per share if the effect of including such instruments is anti-dilutive. Instruments which have an anti-dilutive effect are as follows:

 

   2019   2018 
Nine months ended February 28:          
Preferred stock convertible into common stock   3,333,333    3,333,333 
           
Total   3,333,333    3,333,333 
           
Three months ended February 28:          
Options to purchase common stock   -    200,000 
Warrants to purchase common stock   -    500,000 
Preferred stock convertible into common stock   3,333,333    3,333,333 
Total   3,333,333    4,033,333 

 

 5 
   

 

The following tables set forth the computation of basic and diluted earnings per share for the nine months and three months ended February 28, 2019 and 2018:

 

   2019   2018 
Nine months ended February 28:          
Numerator -          
Net income attributable to common stockholders  $789,399   $210,817 
Denominator -          
Weighted-average shares outstanding - basic   28,361,201    28,361,201 
Incremental shares from assumed conversion of options and warrants   648,214    630,952 
Diluted shares   29,009,415    28,992,153 
Income per share -          
Basic and Diluted  $0.03   $0.01 
Three months ended February 28:          
Numerator -          
Net income (loss) attributable to common stockholders  $59,118   $(152,554)
Denominator -          
Weighted-average shares outstanding - basic   28,361,201    28,361,201 
Incremental shares from assumed conversion of options and warrants   650,847    - 
Diluted shares   29,012,048    28,361,201 
Income (Loss) per share -          
Basic and Diluted  $0.00   $(0.01)

 

Note 3. Inventory

 

Inventory consists of the following:

 

   February 28, 2019   May 31, 2018 
Raw materials  $2,006,573   $864,339 
Finished goods   3,144,844    2,224,928 
Total inventory  $5,151,417   $3,089,267 

 

 6 
   

 

Note 4. Property, Plant and Equipment

 

A summary of property, plant and equipment for Greystone is as follows:

 

   February 28, 2019   May 31, 2018 
Production machinery and equipment  $44,895,520   $35,270,326 
Plant buildings and land   6,271,202    5,739,491 
Leasehold improvements   924,641    534,637 
Furniture and fixtures   563,074    396,882 
    52,654,437    41,941,336 
           
Less: Accumulated depreciation and amortization   (19,843,399)   (16,587,460)
           
Net Property, Plant and Equipment  $32,811,038   $25,353,876 

 

Production machinery and equipment includes equipment capitalized pursuant to capital leases in the amount of $13,227,122. The equipment is being amortized using the straight-line method over 3.5 years for pallet molds and 12 years for injection molding machines.

 

Production machinery includes deposits on equipment in the amount of $1,390,839 that had not been placed into service as of February 28, 2019. Two plant buildings and land are owned by GRE, a variable interest entity (“VIE”), having a net book value of $2,925,517 at February 28, 2019.

 

Depreciation expense, including amortization expense related to assets under capital leases, for the nine months ended February 28, 2019 and 2018 was $3,255,939 and $2,476,050, respectively.

 

Note 5. Related Party Transactions/Activity

 

Yorktown Management & Financial Services, LLC

 

Yorktown Management & Financial Services, LLC (“Yorktown”), an entity wholly-owned by Greystone’s CEO and President, owns and rents to Greystone (1) grinding equipment used to grind raw materials for Greystone’s pallet production and (2) extruders for pelletizing recycled plastic into pellets for resale and for use as raw material in the manufacture of pallets. GSM pays weekly rental fees to Yorktown of $22,500 for use of Yorktown’s grinding equipment and $5,000 for the use of Yorktown’s pelletizing equipment for which GSM paid Yorktown rental fees of $1,100,000 and $1,072,500 for each of the nine months ended February 28, 2019 and 2018 respectively.

 

Effective January 1, 2017, Greystone and Yorktown entered into a five-year lease for office space at a monthly rental of $4,000 per month. Total rent expense was $36,000 for each of fiscal year 2019 and 2018. At February 28, 2019, future minimum payments under the non-cancelable operating lease for the remaining three years are $48,000, $48,000 and $44,000.

 

 7 
   

 

Effective December 28, 2018, Yorktown purchased certain production equipment from Greystone at net book value of $968,168 and entered into a four-year lease agreement with Greystone at a monthly rent of $27,915 for the initial thirty-six months and $7,695 for the following twelve months. The lease agreement provides for a bargain purchase option of $10,000 at the end of the lease.

 

TriEnda Holdings, L.L.C.

 

TriEnda Holdings, L.L.C. (“TriEnda”) is a manufacturer of plastic pallets, protective packing and dunnage utilizing thermoform processing for which Warren F. Kruger, Greystone’s President and CEO, serves TriEnda as the non-executive Chairman of the Board and is a partner in a partnership which has a majority ownership interest in TriEnda. Greystone periodically purchases material and pallets from TriEnda. Purchases for the nine months ended February 28, 2019 and 2018 totaled $42,349 and $123,072, respectively.

 

Green Plastic Pallets

 

Greystone sells plastic pallets to Green Plastic Pallets (“Green”), an entity that is owned by James Kruger, brother to Warren Kruger, Greystone’s President and CEO. Greystone had sales to Green of $167,400 and $330,144 for the nine months ended February 28, 2019 and 2018, respectively. The account receivable due from Green at February 28, 2019 was $19,440.

 

Note 6. Debt

 

Debt as of February 28, 2019 and May 31, 2018 is as follows:

 

   February 28, 2019   May 31, 2018 
Term loan A payable to International Bank of Commerce, prime rate of interest plus 0.5% but not less than 4.0%, maturing April 30, 2023  $3,417,791   $3,945,443 
           
Term loan C payable to International Bank of Commerce, prime rate of interest plus 0.5% but not less than 4.0%, maturing August 4, 2020   1,453,103    1,613,445 
           
Term loan D payable to International Bank of Commerce, prime rate of interest plus 0.5% but not less than 4.75%, maturing January 10, 2022   1,889,391    2,314,935 
           
Term loan E payable to International Bank of Commerce, prime rate of interest plus 0.5% but not less than 4.75%, maturing January 10, 2022   982,106    843,200 
           
Term loan F payable to International Bank of Commerce, prime rate of interest plus 0.5% but not less than 5.25%, maturing February 8, 2021   3,545,514    - 
           
Revolving loan payable to International Bank of Commerce, prime rate of interest plus 0.5% but not less than 4.75%, due January 31, 2021   3,450,000    1,879,000 
           
Note payable to First Bank, prime rate of interest plus 1.45% but not less than 4.95%, monthly principal and interest payment of $30,628, due August 21, 2021, secured by production equipment   878,088    1,099,447 
           
Term loan payable by GRE to International Bank of Commerce, interest rate of 5.5%, monthly principal and interest payment of $26,215, due April 30, 2023   2,510,295    2,652,428 
           
Note payable to Robert Rosene, 7.5% interest, due January 15, 2021   4,467,330    4,469,355 
           
Note payable to Yorktown Management & Financial Services, LLC, paid in full in February 2019   -    181,850 
           
Other   234,112    252,493 
Total debt   22,827,730    19,251,596 
Debt issue costs, net of amortization   (12,579)   (91,370)
Total debt, net of debt issue costs   22,815,151    19,160,226 
Less: Current portion   (2,961,095)   (2,324,046)
Long-term debt  $19,854,056   $16,836,180 

 

The prime rate of interest as of February 28, 2019 was 5.5%.

 

 8 
   

 

Loan Agreement between Greystone and IBC

 

The Loan Agreement (“IBC Loan Agreement”), dated January 31, 2014 and as amended from time to time, among Greystone and GSM (the “Borrowers”) and International Bank of Commerce (“IBC”) provides for certain term loans and a revolver loan.

 

Effective August 10, 2018, the Borrowers and IBC entered into the seventh Amendment to the IBC Loan Agreement providing (i) an advancing Term Loan F of $3,600,000 with a maturity date of February 8, 2021 for the procurement of production equipment and (ii) an extension of the maturity date of Term Loan A to April 30, 2023.

 

The IBC term loans make equal monthly payments of principal and interest in such amounts sufficient to amortize the principal balance as follows: (i) Term Loan A over a seven-year period beginning January 31, 2016 (currently $77,548 per month), (ii) Term Loan C over a seven-year period beginning February 28, 2018 (currently $25,205 per month) and (iii) Term Loan D over a four-year period beginning August 4, 2020 (currently $57,469 per month), (iv) Term Loan E over a four-year period beginning February 10, 2019 (currently $23,060) and (v) Term Loan F over a five-year period beginning February 28, 2019 (currently $68,849). The monthly payments of principal and interest on the IBC term loans may vary as a result of changes in the prime rate of interest.

 

The IBC Loan Agreement provides a revolving loan in an aggregate principal amount of up to $4,000,000 (the “Revolving Loan”). The Loan Agreement was amended December 28, 2018 increasing the principal amount under the Revolving Loan to $4,000,000 of which the amount which can be borrowed from time to time is dependent upon the amount of the borrowing base, but can in no event exceed $4,000,000. The Revolving Loan bears interest at the greater of the prime rate of interest plus 0.5%, or 4.75% and matures January 31, 2021. The Borrowers are required to pay all interest accrued on the outstanding principal balance of the Revolving Loan on a monthly basis. Any principal on the Revolving Loan that is prepaid by the Borrowers does not reduce the original amount available to the Borrowers.

 

The IBC Loan Agreement, among other things, requires a quarterly affirmation that the Borrowers have maintained a debt service coverage ratio of 1:25 to 1:00. As of February 28, 2019, Greystone was not in compliance with this debt service coverage ratio. IBC has issued a waiver with respect to this event of noncompliance.

 

The IBC Loan Agreement includes customary events of default, including events of default relating to non-payment of principal and other amounts owing under the IBC Loan Agreement from time to time, inaccuracy of representations, violation of covenants, defaults under other agreements, bankruptcy and similar events, the death of a guarantor, certain material adverse changes relating to a Borrower or guarantor, certain judgments or awards against a Borrower, or government action affecting a Borrower’s or guarantor’s ability to perform under the IBC Loan Agreement or the related loan documents. Among other things, a default under the IBC Loan Agreement would permit IBC to cease lending funds under the IBC Loan Agreement, and require immediate repayment of any outstanding notes with interest and any unpaid accrued fees.

 

The IBC Loan Agreement is secured by a lien on substantially all of the assets of the Borrowers. In addition, the IBC Loan Agreement is secured by a mortgage granted by GRE on the real property owned by GRE in Bettendorf, Iowa (the “Mortgage”). GRE is owned by Warren F. Kruger, Greystone’s President and CEO, and Robert B. Rosene, Jr., a director of Greystone. Messrs. Kruger and Rosene have provided a combined limited guaranty of the Borrowers’ obligations under the IBC Loan Agreement, with such guaranty being limited to a combined amount of $6,500,000 (the “Guaranty”). The Mortgage and the Guaranty also secure or guaranty, as applicable, the obligations of GRE under the Loan Agreement between GRE and IBC dated January 31, 2014 as discussed in the following paragraph.

 

Loan Agreement between GRE and IBC

 

On August 10, 2018, GRE and IBC entered into an amended agreement to extend the maturity of the note to April 30, 2023 and increase the interest rate to 5.5%. The note is secured by a mortgage on the two buildings in Bettendorf, Iowa which are leased to Greystone.

 

 9 
   

 

Note Payable between Greystone and Robert B. Rosene, Jr.

 

Effective December 15, 2005, Greystone entered into an agreement with Robert B. Rosene, Jr., a member of Greystone’s board of directors, to convert $2,066,000 of advances into an unsecured note payable at 7.5% interest. Effective June 1, 2016, the note was restated (the “Restated Note”) to combine the outstanding principal, $2,066,000, and accrued interest, $2,475,690, into an unsecured note payable of $4,541,690 with an extended maturity date of January 15, 2021. The Restated Note provides that accrued interest is payable monthly and allows Greystone to use commercially reasonable efforts to pay such amounts as allowed by the IBC Loan Agreement against the interest accrued prior to the restatement. The balance of the note at February 28, 2019 was $4,467,330.

 

Maturities

 

Maturities of Greystone’s long-term debt for the five years subsequent to February 28, 2019 are $2,961,095, $12,049,591, $3,070,785, $2,157,675 and $2,588,584.

 

Note 7. Capital Leases

 

Capital leases as of February 28, 2019 and May 31, 2018:

 

   February 28, 2019   May 31, 2018 
Non-cancellable capital leases  $7,480,097   $3,893,814 
Less: Current portion   (1,948,191)   (2,160,807)
Non-cancellable capital leases, net of current portion  $5,531,906   $1,733,007 

 

Greystone and an unrelated private company entered into four lease agreements for certain production equipment with a total cost of approximately $12.2 million. The first agreement, dated August 7, 2016, was a three-year lease agreement for two injection molding machines and pallet molds, capitalized interest rate of 5.0% and maturity date of August 7, 2019 (“Agreement A”). The remaining three agreements, effective February 24, 2018, August 2, 2018 and December 21, 2018, were five-year lease agreements for three additional injection molding machines and one pallet mold, capitalized interest rate of 7.4% and maturity dates of February 23, 2023, August 1, 2023 and December 20, 2023, respectively, (“Agreement B”). The lease agreements include a bargain purchase option to acquire the production equipment at the end of the lease terms. Lease payments are made on a per invoice basis at rates of (i) $6.25 per pallet produced on the equipment leased pursuant to Agreement A and sold to the private company estimated at $180,000 per month and (ii) $3.32 per pallet produced on the equipment leased pursuant to Agreement B and sold to the private company estimated at an aggregate rent of $144,000 per month. Both Agreements A & B provide for minimum monthly lease rental payments based upon the total pallets sold in excess of a specified amount not to exceed the monthly productive capacity of the leased machines.

 

Effective December 31, 2018, Yorktown purchased certain production equipment from Greystone at net book value of $968,168 and entered into a lease agreement with Greystone for the equipment with a monthly rent of $27,915 for the initial thirty-six months and $7,695 for the following twelve months and maturing December 27, 2023. The lease agreement has a $10,000 bargain purchase option at the end of the lease.

 

 10 
   

 

The production equipment under the non-cancelable capital leases has a gross carrying amount of $13,227,122 at February 28, 2019. Amortization of the carrying amount of approximately $776,000 and $402,000 was included in depreciation expense for the nine months ended February 28, 2019 and 2018, respectively.

 

Future minimum lease payments under non-cancelable capital leases as of February 28, 2019, are approximately:

 

Twelve months ended February 29, 2020  $2,435,000 
Twelve months ended February 28, 2021   2,063,000 
Twelve months ended February 28, 2022   2,023,000 
Twelve months ended February 28, 2023   2,165,000 
Total lease payments   8,686,000 
Imputed interest   1,205,903 
Present value of minimum lease payments  $7,480,097 

 

Note 8.   Deferred Revenue

 

Deferred revenue as of February 28, 2019 and May 31, 2018 represents advance payments from a customer to purchase plastic pallets with shipments expected to be complete by January 3, 2020. Greystone recognizes revenue as plastic pallets are shipped to the customer. Recognized revenue totaled $4,252,500 during the nine months ended February 28, 2019.

 

Note 9.   Revenue and Revenue Recognition

 

On June 1, 2018, Greystone adopted Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606), as amended, using the retrospective method. Greystone determined that there was no cumulative effect adjustment to the Consolidated Financial Statements and the adoption of the new standard did not require any adjustments to Greystone’s consolidated financial statements for prior periods. Under the guidance of the new standard, revenue is recognized at the time a good or service is transferred to a customer and the customer obtains control of that good or receives the service performed. Sales arrangements with customers are short-term in nature involving single performance obligations related to the delivery of goods and generally provide for transfer of control at the time of shipment. In limited circumstances, where acceptance of the goods is subject to approval by the customer, revenue is recognized upon approval by the customer unless, historically, there have been insignificant rejections of goods by the customer. Contract liabilities associated with sales arrangements primarily relate to deferred revenue on prepaid sales of goods. Greystone generally permits returns of product due to defects; however, product returns are historically insignificant.

 

 11 
   

 

The amount of revenue recognized reflects the consideration to which Greystone expects to be entitled to receive in exchange for its products. The following steps are applied in determining the amount and timing of revenue recognition:

 

  1. Identification of a contract with a customer is a sales arrangement involving a purchase order issued by the customer stating each party’s rights regarding the plastic pallets to be transferred. Payment terms vary by customer from net 30 days to 90 days. Discounts on sales arrangements are generally not provided. Credit worthiness is determined by Greystone based on payment experience and financial information available on the customer.
  2. Identification of performance obligations in the sales arrangement which is predominantly the promise to transfer plastic pallets to Greystone’s customer.
  3. Determination of the transaction price which is specified in the purchase order based on product pricing negotiated between Greystone and the customer.
  4. Allocation of the transaction price to performance obligations.
  5. Recognition of revenue which predominantly occurs upon completion of the performance obligation and transfer of control. Transfer of control generally occurs at the point of shipment which is Greystone’s manufacturing and warehouse locations.

 

Greystone’s principal product is plastic pallets produced from recycled plastic resin. Sales are primarily to customers in the continental United States of America. International sales are made to customers in Canada and Mexico which totaled approximately $408,499 and $527,750 in fiscal years 2019 and 2018, respectively.

 

Greystone’s customers include stocking and non-stocking distributors and direct sales to end-user customers. Sales to the following categories of customers for the nine months ended February 28, 2019 and 2018, respectively, were as follows:

 

Category  2019   2018 
Major customers (end users)   85%   76%
Distributors   14%   22%
Total   99%   98%

 

Note 10. Fair Value of Financial Instruments

 

The following methods and assumptions are used in estimating the fair-value disclosures for financial instruments:

 

Debt: The carrying amount of notes with floating rates of interest approximate fair value. Fixed rate notes are valued based on cash flows using estimated rates of comparable notes. The carrying amounts reported on the balance sheets approximate fair value.

 

Note 11. Concentrations, Risks and Uncertainties

 

Greystone derived approximately 85% and 76% of its total sales from three customers in fiscal years 2019 and 2018, respectively. The loss of a material amount of business from one or more of these customers could have a material adverse effect on Greystone.

 

 12 
   

 

Greystone purchases damaged pallets from its customers at a price based on the value of the raw material content in the pallet. A majority of these purchases, totaling $1,249,653 and $1,200,335 in fiscal years 2019 and 2018, respectively, is from one of its major customers.

 

Robert B. Rosene, Jr., a Greystone director, has provided financing and guarantees on Greystone’s bank debt. As of February 28, 2019, Greystone is indebted to Mr. Rosene in the amount of $4,467,330 for a note payable due January 15, 2021. There is no assurance that Mr. Rosene will renew the note as of the maturity date.

 

Note 12. Recent Accounting Pronouncements

 

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which is intended to improve financial reporting about leasing transactions. The ASU will require organizations (“lessees”) that lease assets with lease terms of more than twelve months to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases. In addition, the ASU will require disclosures to help investors and other financial statement users better understand the amount, timing and uncertainty of cash flows arising from leases. The effective date of this ASU is for fiscal years beginning after December 31, 2018 and interim periods within that year. Management has reviewed Greystone’s leases and determined that the implementation of ASU 2016-02 will not have a material impact on the consolidated financial statements.

 

Note 13. Commitments

 

At February 28, 2019, Greystone had commitments totaling $945,000 toward the purchase of production equipment.

 

Note 14. Reclassifications

 

Certain amounts in the Consolidated Statement of Cash Flows for the nine months ended February 28, 2018 have been reclassified to conform to classifications utilized in the nine months ended February 28, 2019.

 

 13 
   

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

 

Results of Operations

 

General to All Periods

 

The unaudited consolidated statements include Greystone Logistics, Inc., and its two wholly-owned subsidiaries, Greystone Manufacturing, L.L.C. (“GSM”) and Plastic Pallet Production, Inc. (“PPP”). Greystone also consolidates its variable interest entity, Greystone Real Estate, L.L.C. (“GRE”). All material intercompany accounts and transactions have been eliminated.

 

References to fiscal year 2019 refer to the nine months and three months ended February 28, 2019. References to fiscal year 2018 refer to the nine months and three months ended February 28, 2018.

 

Sales

 

Greystone’s primary focus is to provide quality plastic pallets to its existing customers while continuing its marketing efforts to broaden its customer base. Greystone’s existing customers are primarily located in the United States and engaged in the beverage, pharmaceutical and other industries. Greystone has generated, and plans to continue to generate, interest in its pallets by attending trade shows sponsored by industry segments that would benefit from Greystone’s products. Greystone hopes to gain wider product acceptance by marketing the concept that the widespread use of plastic pallets could greatly reduce the destruction of trees on a worldwide basis. Greystone’s marketing is conducted through contract distributors, its President and other employees.

 

Personnel

 

Greystone had approximately 220 and 197 full-time employees as of February 28, 2019 and 2018, respectively.

 

Nine Months Ended February 28, 2019 Compared to Nine Months Ended February 28, 2018

 

Sales

 

Sales for fiscal year 2019 were $50,163,707 compared to $32,073,828 in fiscal year 2018 for an increase of $18,089,879. The increase in pallet sales in fiscal year 2019 over 2018 was primarily due to sales growth with a pallet leasing company, one of Greystone’s major customers.

 

Greystone has three major customers who accounted for approximately 85% and 76% of sales in fiscal years 2019 and 2018, respectively. Pallet sales to Greystone’s major customers are generally based on the customers’ needs which may vary from period to period. Greystone is not able to predict the future needs of these major customers and will continue its efforts to grow sales through the addition of new customers developed through Greystone’s marketing efforts.

 

Cost of Sales

 

Cost of sales in fiscal year 2019 was $44,257,438, or 88% of sales, compared to $27,325,588, or 85% of sales, in fiscal year 2018. The significant increase in sales volume that Greystone has experienced during the past two years has had a direct effect on production and material costs resulting in the increase in the ratio of cost of sales to sales from fiscal year 2018 to 2019. Factors affecting the ratio of cost of sales to sales include: start-up costs to accommodate the growth; certain newer products are more labor intensive; and Greystone’s requirement for refined plastic resin has exceeded its capacity for grinding and pelletizing material resulting in purchases of ground and pelletized material at a higher cost than in-house processed material.

 

 14 
   

 

Machinery to provide additional capacity for grinding and pelletizing plastic resin was anticipated on being installed during the third quarter of FY2019, but has since been delayed to April 2019. Additionally, machinery to automate certain production lines which will improve working conditions for production labor as well as reduce labor costs is expected to be installed by May 31, 2019.

 

General, Selling and Administrative Expenses

 

General, selling and administrative expenses were $2,752,029, or 5% of sales, in fiscal year 2019 compared to $2,177,164, or 7% of sales, in fiscal year 2018 for an increase of $574,865, or approximately 26%. The increase in fiscal year 2019 over fiscal year 2018 results principally from increased costs related to administrative personnel.

 

Other Income (Expenses)

 

Other income was $7,728 and $5,867 in fiscal years 2019 and 2018, respectively. The source of other income is the sale of scrap material.

 

Interest expense was $1,348,285 and $997,944 in fiscal years 2019 and 2018 for an increase of $350,341. The increase in interest expense in fiscal year 2019 over fiscal year 2018 is principally due to an increase in debt and capitalized leases and a 1.00% increase in the prime rate of interest from February 28, 2018 to February 28, 2019.

 

Provision for Income Taxes

 

The provision for income taxes was $520,400 and $889,100 in fiscal years 2019 and 2018, respectively. A change in federal corporate tax rates enacted in December 2017 resulted in an adjustment to the provision for income taxes in fiscal year 2018. The provision for income taxes does not include the income from the variable interest entity as the entity is not included in the income tax returns of Greystone and the taxable income of the entity is passed-through to the respective owners.

 

Based upon a review of its income tax filing positions, Greystone believes that its positions would be sustained upon an audit by the Internal Revenue Service and does not anticipate any adjustments that would result in a material change to its financial position. Therefore, no reserves for uncertain income tax positions have been recorded.

 

Net Income

 

Greystone recorded net income of $1,293,283 in fiscal year 2019 compared to $679,899 in fiscal year 2018 primarily for the reasons discussed above.

 

 15 
   

 

Net Income Attributable to Common Stockholders

 

Net income attributable to common stockholders for fiscal year 2019 was $789,399, or $0.03 per share, compared to $210,817, or $0.01 per share, in fiscal year 2018 primarily for the reasons discussed above.

 

Three Months Ended February 28, 2019 Compared to Three Months Ended February 28, 2018

 

Sales

 

Sales for fiscal year 2019 were $17,224,467 compared to $12,064,651 in fiscal year 2018 for an increase of $5,159,816. The increase in pallet sales in fiscal year 2019 over 2018 was primarily due to the sales growth with the pallet leasing company and sales to the latest addition of a major customer.

 

Sales to Greystone’s three largest customers accounted for approximately 86% and 80% of sales in fiscal years 2019 and 2018, respectively. Greystone is not able to predict the future needs of these major customers and will continue its efforts to grow sales through the addition of new customers developed through Greystone’s marketing efforts.

 

Cost of Sales

 

Cost of sales in fiscal year 2019 was $15,455,920, or 90% of sales, compared to $10,349,347, or 86% of sales, in fiscal year 2018. The significant increase in sales volume that Greystone has experienced during the past two years has had a direct effect on production costs resulting in the increase in the ratio of cost of sales to sales from fiscal year 2018 to 2019. Factors affecting the ratio of cost of sales to sales include: start-up costs to accommodate the growth; certain newer products are more labor intensive; and Greystone’s requirement for refined plastic resin has exceeded its capacity for grinding and pelletizing material resulting in purchases of ground and pelletized material at a higher cost than in-house processed material.

 

Machinery to provide additional capacity for grinding and pelletizing plastic resin was anticipated on being installed during the third quarter of FY2019, but has since been delayed to about April 2019. Additionally, machinery to automate certain production lines which will improve working conditions for production labor as well as reduce labor costs is expected to be installed by May 31, 2019.

 

General, Selling and Administrative Expenses

 

General, selling and administrative expenses were $959,288, or 6% of sales, in fiscal year 2019 compared to $724,748, or 6% of sales, in fiscal year 2018 for an increase of $234,540 or 32%. The increase in fiscal year 2019 over fiscal year 2018 results principally from increased costs related to administrative personnel.

 

Other Income (Expenses)

 

Other income was $2,438 in fiscal years 2019 compared to a loss of $(6,202) in fiscal year 2018.

 

 16 
   

 

Interest expense was $499,967 in fiscal year 2019 compared to $339,208 in fiscal year 2018 for an increase of $160,759. The increase in interest expense in fiscal year 2019 over 2018 is due principally to increases in the prime rate of interest, 5.5% at February 28, 2019 compared to 4.5% at February 28, 2018 and increases in amount of debt and capital leases.

 

Provision for Income Taxes

 

The provision for income taxes was $80,300 and $639,600 in fiscal years 2019 and 2018, respectively. A change in federal corporate tax rates enacted in December 2017 resulted in an adjustment to the provision for income taxes in fiscal year 2018. The provision for income taxes does not include the income from the variable interest entity as the entity is not included in the income tax returns of Greystone and the taxable income from this entity is passed-through to the respective owners.

 

Based upon a review of its income tax filing positions, Greystone believes that its positions would be sustained upon an audit by the Internal Revenue Service and does not anticipate any adjustments that would result in a material change to its financial position. Therefore, no reserves for uncertain income tax positions have been recorded.

 

Net Income

 

Greystone recorded net income of $231,430 in fiscal year 2019 compared to $5,546 in fiscal year 2018 primarily for the reasons discussed above.

 

Net Income (Loss) Attributable to Common Stockholders

 

The net income attributable to common stockholders for fiscal year 2019 was $59,118, or $0.00 per share, compared a net loss to common stockholders of $(152,554), or $(0.01) per share, in fiscal year 2018 primarily for the reasons discussed above.

 

Liquidity and Capital Resources

 

A summary of cash flows for the nine months ended February 28, 2019 is as follows:

 

Cash provided by operating activities  $4,961,761 
      
Cash used in investing activities  $(5,412,322)
      
Cash provided by financing activities  $1,165,824 

 

 17 
   

 

The contractual obligations of Greystone for long-term debt and capital lease obligations are as follows:

 

  

 

Total

  

Less than

1 year

  

 

1-3 years

  

 

4-5 years

  

More than

5 years

 
Long-term debt and capital leases  $30,307,827   $4,909,286   $18,610,958   $6,787,583   $-0- 

 

Greystone had a working capital deficit of $(3,230,345) at February 28, 2019. To provide for the funding to meet Greystone’s operating activities and contractual obligations as of February 28, 2019, Greystone will have to continue to produce positive operating results or explore various options including additional long-term debt and equity financing. However, there is no guarantee that Greystone will continue to create positive operating results or be able to raise sufficient capital to meet these obligations.

 

Effective August 10, 2018 and December 28, 2018, Greystone and IBC entered into the amendments to the IBC Loan Agreement dated January 31, 2014 which provided for new funding in the form of an advancing loan in the amount of $3,600,000 to purchase production equipment and increasing the line of credit under the revolving loan to $4,000,000, respectively. Additionally, during fiscal year 2019, production equipment valued at approximately $4.7 million was acquired through a capital leasing arrangement.

 

Substantially all of the financing that Greystone has received through the last few fiscal years resulted primarily from bank notes which are guaranteed by certain officers and directors of Greystone and, formerly, from loans provided by certain officers and directors of Greystone. Greystone continues to be dependent upon its officers and directors to provide and/or secure additional financing and there is no assurance that its officers and directors will continue to do so. As such, there is no assurance that funding will be available for Greystone to continue operations.

 

Greystone has 50,000 outstanding shares of cumulative 2003 Preferred Stock with a liquidation preference of $5,000,000 and a preferred dividend rate of the prime rate of interest plus 3.25%. Greystone does not anticipate that it will make cash dividend payments to any holders of its common stock unless and until the financial position of Greystone improves through increased revenues, another financing transaction or otherwise. Pursuant to the IBC Loan Agreement, as discussed in Note 6 to the consolidated financial statements, Greystone may pay dividends on its preferred stock in an amount not to exceed $500,000 per year.

 

Forward Looking Statements and Material Risks

 

This Quarterly Report on Form 10-Q includes certain statements that may be deemed “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are made in reliance on the safe harbor protections provided under the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, that address activities, events or developments that Greystone expects, believes or anticipates will or may occur in the future, including decreased costs, securing financing, the profitability of Greystone, potential sales of pallets or other possible business developments, are forward-looking statements. Such statements are subject to a number of assumptions, risks and uncertainties. The forward-looking statements contained in this Quarterly Report on Form 10-Q could be affected by any of the following factors: Greystone’s prospects could be affected by changes in availability of raw materials, competition, rapid technological change and new legislation regarding environmental matters; Greystone may not be able to secure additional financing necessary to sustain and grow its operations; and a material portion of Greystone’s business is and will be dependent upon a few large customers and there is no assurance that Greystone will be able to retain such customers. These risks and other risks that could affect Greystone’s business are more fully described in Greystone’s Form 10-K for the fiscal year ended May 31, 2018, which was filed on August 29, 2018. Actual results may vary materially from the forward-looking statements. Greystone undertakes no duty to update any of the forward-looking statements contained in this Quarterly Report on Form 10-Q.

 

 18 
   

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

 

Not applicable.

 

Item 4. Controls and Procedures.

 

As of the end of the period covered by this Quarterly Report on Form 10-Q, Greystone carried out an evaluation under the supervision of Greystone’s Chief Executive Officer and Chief Financial Officer of the effectiveness of the design and operation of Greystone’s disclosure controls and procedures pursuant to the Securities Exchange Act Rules 13a-15(e) and 15d-15(e). Based on an evaluation as of May 31, 2018, Warren F. Kruger, Greystone’s Chief Executive Officer, and William W. Rahhal, Greystone’s Chief Financial Officer, identified no material weakness in Greystone’s internal control over financial reporting. As a result, Greystone’s CEO and Chief Financial Officer concluded that the design and operation of Greystone’s disclosure controls and procedures (as such term is defined in Rule 13a-15(e) under the Exchange Act) were effective as of February 28, 2019.

 

During the nine months ended February 28, 2019, there were no changes in Greystone’s internal controls over financial reporting that have materially affected, or that are reasonably likely to materially affect, Greystone’s internal control over financial reporting.

 

PART II. OTHER INFORMATION

 

Item 1. Legal Proceedings.

 

None.

 

Item 1A. Risk Factors.

 

Not applicable.

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

 

None.

 

 19 
   

 

Item 3. Defaults Upon Senior Securities.

 

None.

 

Item 4. Mine Safety Disclosures.

 

Not applicable.

 

Item 5. Other Information.

 

None.

 

Item 6. Exhibits.

 

The following exhibits are filed or furnished as part of this Quarterly Report on Form 10-Q.

 

  31.1 Certification of Chief Executive Officer pursuant to Rules 13a-14(a) and 15d-14(a) promulgated under the Securities Exchange Act of 1934, as amended, and Item 601(b)(31) of Regulation S-K, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (submitted herewith).
     
  31.2 Certification of Chief Financial Officer pursuant to Rules 13a-14(a) and 15d-14(a) promulgated under the Securities Exchange Act of 1934, as amended, and Item 601(b)(31) of Regulation S-K, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (submitted herewith).
     
  32.1 Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (submitted herewith).
     
  32.2 Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (submitted herewith).
     
  101 Interactive data files pursuant to Rule 405 of Regulation S-T: (i) the Consolidated Balance Sheets at February 28, 2019 and May 31, 2018, (ii) the Consolidated Statements of Income (Operations) for the nine months and three months ended February 28, 2019 and 2018, (iii) the Consolidated Statements of Cash Flows for the nine months ended February 28, 2019 and 2018, and (iv) the Notes to the Consolidated Financial Statements (submitted herewith).

 

 20 
   

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

  GREYSTONE LOGISTICS, INC.
  (Registrant)
   
Date: April 15, 2019 /s/ Warren F. Kruger
  Warren F. Kruger, President and Chief
  Executive Officer (Principal Executive Officer)
   
Date: April 15, 2019 /s/ William W. Rahhal
  William W. Rahhal, Chief Financial Officer
  (Principal Financial Officer and Principal Accounting Officer)

 

 21 
   

 

Index to Exhibits

 

The following exhibits are filed or furnished as part of this Quarterly Report on Form 10-Q.

 

31.1 Certification of Chief Executive Officer pursuant to Rules 13a-14(a) and 15d-14(a) promulgated under the Securities Exchange Act of 1934, as amended, and Item 601(b)(31) of Regulation S-K, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (submitted herewith).
   
31.2 Certification of Chief Financial Officer pursuant to Rules 13a-14(a) and 15d-14(a) promulgated under the Securities Exchange Act of 1934, as amended, and Item 601(b)(31) of Regulation S-K, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (submitted herewith).
   
32.1 Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (submitted herewith).
   
32.2 Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (submitted herewith).
   
101 Interactive data files pursuant to Rule 405 of Regulation S-T: (i) the Consolidated Balance Sheets at February 28, 2019 and May 31, 2018, (ii) the Consolidated Statements of Income (Operations) for the nine months and three months ended February 28, 2019 and 2018, (iii) the Consolidated Statements of Cash Flows for the nine months ended February 28, 2019 and 2018, and (iv) the Notes to the Consolidated Financial Statements (submitted herewith).

 

 22 
   

 

 EX-31.1 2 ex31-1.htm

 

Exhibit 31.1

 

CERTIFICATION

 

I, Warren F. Kruger, certify that:

 

  1. I have reviewed this quarterly report on Form 10-Q of Greystone Logistics, Inc.;
     
  2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
     
  3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
     
  4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

  (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
     
  (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
     
  (c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
     
  (d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

  5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
     
  (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

April 15, 2019 /s/ Warren F. Kruger
  Warren F. Kruger
  President and Chief Executive Officer

 

   

 

 

 EX-31.2 3 ex31-2.htm

 

Exhibit 31.2

 

CERTIFICATION

 

I, William W. Rahhal, certify that:

 

  1. I have reviewed this quarterly report on Form 10-Q of Greystone Logistics, Inc.;
     
  2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
     
  3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
     
  4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

  (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
     
  (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
     
  (c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
     
  (d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

  5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
     
  (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

April 15, 2019 /s/ William W. Rahhal
  William W. Rahhal
  Chief Financial Officer

 

   

 

 

 EX-32.1 4 ex32-1.htm

 

Exhibit 32.1

 

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the quarterly report of Greystone Logistics, Inc. (the “Company”) on Form 10-Q for the period ending February 28, 2019 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Warren F. Kruger, President and Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

 

  (1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
     
  (2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

April 15, 2019 /s/ Warren F. Kruger
  Warren F. Kruger
  President and Chief Executive Officer

 

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

 

The foregoing certification is being furnished to the Securities and Exchange Commission as an exhibit to the Report and shall not be considered filed as part of the Report.

 

   

 

 

 EX-32.2 5 ex32-2.htm

 

Exhibit 32.2

 

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the quarterly report of Greystone Logistics, Inc. (the “Company”) on Form 10-Q for the period ending February 28, 2019, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, William W. Rahhal, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

 

  (1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
     
  (2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

April 15, 2019 /s/ William W. Rahhal
  William W. Rahhal
  Chief Financial Officer

 

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

 

The foregoing certification is being furnished to the Securities and Exchange Commission as an exhibit to the Report and shall not be considered filed as part of the Report.

 

   

 

 

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Apr. 10, 2019
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Entity Registrant Name GREYSTONE LOGISTICS, INC.  
Entity Central Index Key 0001088413  
Document Type 10-Q  
Document Period End Date Feb. 28, 2019  
Amendment Flag false  
Current Fiscal Year End Date --05-31  
Entity Filer Category Non-accelerated Filer  
Entity Small Business Flag true  
Entity Emerging Growth Company false  
Entity Ex Transition Period false  
Entity Common Stock, Shares Outstanding   28,361,201
Trading Symbol GLGI  
Document Fiscal Period Focus Q3  
Document Fiscal Year Focus 2019  
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Consolidated Balance Sheets (Unaudited) - USD ($)
Feb. 28, 2019
May 31, 2018
Current Assets:    
Cash $ 1,094,895 $ 379,632
Accounts receivable - Trade 4,242,272 4,951,148
Related party 26,698 60,045
Inventory 5,151,417 3,089,267
Prepaid expenses 239,548 215,617
Total Current Assets 10,754,830 8,695,709
Property, Plant and Equipment, net 32,811,038 25,353,876
Total Assets 43,565,868 34,049,585
Current Liabilities:    
Current portion of long-term debt 2,961,095 2,324,046
Current portion of capital leases 1,948,191 2,160,807
Accounts payable and accrued liabilities 6,315,163 4,651,695
Deferred revenue 2,652,507 3,404,334
Accrued liabilities - related party 55,104
Preferred dividends payable 108,219
Total Current Liabilities 13,985,175 12,595,986
Long-Term Debt, net of current portion 19,854,056 16,836,180
Capital Leases, net of current portion 5,531,906 1,733,007
Deferred Tax Liability 977,265 490,965
Equity:    
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Common stock, $0.0001 par value, 5,000,000,000 shares authorized, 28,361,201 shares issued and outstanding 2,836 2,836
Additional paid-in capital 53,790,764 53,790,764
Accumulated deficit (51,695,914) (52,485,313)
Total Greystone Stockholders' Equity 2,097,691 1,308,292
Non-controlling interest 1,119,775 1,085,155
Total Equity 3,217,466 2,393,447
Total Liabilities and Equity $ 43,565,868 $ 34,049,585
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Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)
Feb. 28, 2019
May 31, 2018
Statement of Financial Position [Abstract]    
Preferred stock, par value $ 0.0001 $ 0.0001
Preferred stock, shares authorized 20,750,000 20,750,000
Preferred stock, shares issued 50,000 50,000
Preferred stock, shares outstanding 50,000 50,000
Preferred stock, liquidation preference $ 5,000,000 $ 5,000,000
Common stock, par value $ 0.0001 $ 0.0001
Common stock, shares authorized 5,000,000,000 5,000,000,000
Common stock, shares issued 28,361,201 28,361,201
Common stock, shares outstanding 28,361,201 28,361,201
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Consolidated Statements of Operations (Income) (Unaudited) - USD ($)
 3 Months Ended 9 Months Ended
Feb. 28, 2019
Feb. 28, 2018
Feb. 28, 2019
Feb. 28, 2018
Income Statement [Abstract]        
Sales $ 17,224,467 $ 12,064,651 $ 50,163,707 $ 32,073,828
Cost of Sales 15,455,920 10,349,347 44,257,438 27,325,588
Gross Profit 1,768,547 1,715,304 5,906,269 4,748,240
General, Selling and Administrative Expenses 959,288 724,748 2,752,029 2,177,164
Operating Income 809,259 990,556 3,154,240 2,571,076
Other Income (Expense):        
Other income 2,438 (6,202) 7,728 5,867
Interest expense (499,967) (339,208) (1,348,285) (997,944)
Income before Income Taxes 311,730 645,146 1,813,683 1,578,999
Provision for Income Taxes 80,300 639,600 520,400 899,100
Net Income 231,430 5,546 1,293,283 679,899
Income Attributable to Non-controlling Interest (64,093) (62,552) (187,620) (185,520)
Preferred Dividends (108,219) (95,548) (316,264) (283,562)
Net Income (Loss) Attributable to Common Stockholders $ 59,118 $ (152,554) $ 789,399 $ 210,817
Income (Loss) Per Share of Common Stock - Basic and Diluted $ 0.00 $ (0.01) $ 0.03 $ 0.01
Weighted Average Shares of Common Stock Outstanding - Basic 28,361,201 28,361,201 28,361,201 28,361,201
Weighted Average Shares of Common Stock Outstanding - Diluted 29,012,048 28,361,201 29,009,415 28,992,153
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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Feb. 28, 2019
Feb. 28, 2018
Cash Flows from Operating Activities:    
Net income $ 1,293,283 $ 679,899
Adjustments to reconcile net income to net cash provided by operating activities -    
Depreciation and amortization 3,334,730 2,578,842
Deferred tax expense 486,300 882,100
Loss on sale of asset 7,932
Decrease in trade accounts receivable 708,876 2,486,180
Decrease in related party receivables 33,347 18,498
Increase in inventory (2,062,150) (2,501,222)
Decrease (increase) in prepaid expenses (23,931) 30,470
Increase (decrease) in accounts payable and accrued liabilities 1,943,133 (2,778,406)
Increase (decrease) in deferred revenue (751,827) 4,595,034
Net cash provided by operating activities 4,961,761 5,999,327
Cash Flows from Investing Activities:    
Purchase of property and equipment (6,380,490) (3,768,337)
Proceeds from sale of equipment 968,168 3,000
Net cash used in investing activities (5,412,322) (3,765,337)
Cash Flows from Financing Activities:    
Proceeds from long-term debt 3,756,800 2,320,200
Principal payments on long-term debt and capitalized leases (3,567,629) (4,371,488)
Proceeds from revolving loan 4,321,000 240,000
Principal payments on revolving loan (2,750,000)
Principal payments on related party note payable and capital lease (233,302) (172,999)
Dividends paid on preferred stock (208,045) (313,288)
Distributions paid by non-controlling interest (153,000) (181,400)
Net cash provided by (used in) financing activities 1,165,824 (2,478,975)
Net Increase (Decrease) in Cash 715,263 (244,985)
Cash, beginning of period 379,632 579,021
Cash, end of period 1,094,895 334,036
Non-cash Activities:    
Acquisition of equipment by capital lease 4,667,380 1,998,500
Capital expenditures in accounts payable 38,445
Revolver loan converted to term loan 2,500,000
Preferred dividend accrual 108,219
Supplemental information:    
Interest paid 1,394,789 993,994
Taxes paid $ 10,000
XML 17 R6.htm IDEA: XBRL DOCUMENT v3.19.1
Basis of Financial Statements
 9 Months Ended
Feb. 28, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Financial Statements

Note 1. Basis of Financial Statements

 

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, 2019, the results of its operations for the nine months and three months ended February 28, 2019 and 2018, and its cash flows for the nine months ended February 28, 2019 and 2018. 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, 2018 and the notes thereto included in Greystone’s Form 10-K for such period. The results of operations for the nine months and three months ended February 28, 2019 and 2018 are not necessarily indicative of the results to be expected for the full fiscal year.

 

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”). GRE owns two buildings located in Bettendorf, Iowa which are leased to GSM. All material intercompany accounts and transactions have been eliminated in the consolidated financial statements.
XML 18 R7.htm IDEA: XBRL DOCUMENT v3.19.1
Earnings Per Share
 9 Months Ended
Feb. 28, 2019
Earnings Per Share [Abstract]  
Earnings Per Share

Note 2. Earnings Per Share

 

Basic earnings per share is based on the weighted-average effect of all common shares issued and outstanding and is calculated by dividing net income attributable to common stockholders by the weighted-average shares outstanding during the period. Diluted earnings per share is calculated by dividing net income attributable to common stockholders by the weighted-average number of common shares used in the basic earnings per share calculation plus the number of common shares that would be issued assuming exercise or conversion of all potentially dilutive common shares outstanding.

 

Greystone excludes equity instruments from the calculation of diluted earnings per share if the effect of including such instruments is anti-dilutive. Instruments which have an anti-dilutive effect are as follows:

 

    2019     2018  
Nine months ended February 28:                
Preferred stock convertible into common stock     3,333,333       3,333,333  
                 
Total     3,333,333       3,333,333  
                 
Three months ended February 28:                
Options to purchase common stock     -       200,000  
Warrants to purchase common stock     -       500,000  
Preferred stock convertible into common stock     3,333,333       3,333,333  
Total     3,333,333       4,033,333  

  

The following tables set forth the computation of basic and diluted earnings per share for the nine months and three months ended February 28, 2019 and 2018:

 

    2019     2018  
Nine months ended February 28:                
Numerator -                
Net income attributable to common stockholders   $ 789,399     $ 210,817  
Denominator -                
Weighted-average shares outstanding - basic     28,361,201       28,361,201  
Incremental shares from assumed conversion of options and warrants     648,214       630,952  
Diluted shares     29,009,415       28,992,153  
Income per share -                
Basic and Diluted   $ 0.03     $ 0.01  
Three months ended February 28:                
Numerator -                
Net income (loss) attributable to common stockholders   $ 59,118     $ (152,554 )
Denominator -                
Weighted-average shares outstanding - basic     28,361,201       28,361,201  
Incremental shares from assumed conversion of options and warrants     650,847       -  
Diluted shares     29,012,048       28,361,201  
Income (Loss) per share -                
Basic and Diluted   $ 0.00     $ (0.01 )
XML 19 R8.htm IDEA: XBRL DOCUMENT v3.19.1
Inventory
 9 Months Ended
Feb. 28, 2019
Inventory Disclosure [Abstract]  
Inventory

Note 3. Inventory

 

Inventory consists of the following:

 

    February 28, 2019     May 31, 2018  
Raw materials   $ 2,006,573     $ 864,339  
Finished goods     3,144,844       2,224,928  
Total inventory   $ 5,151,417     $ 3,089,267  
XML 20 R9.htm IDEA: XBRL DOCUMENT v3.19.1
Property, Plant and Equipment
 9 Months Ended
Feb. 28, 2019
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment

Note 4. Property, Plant and Equipment

 

A summary of property, plant and equipment for Greystone is as follows:

 

    February 28, 2019     May 31, 2018  
Production machinery and equipment   $ 44,895,520     $ 35,270,326  
Plant buildings and land     6,271,202       5,739,491  
Leasehold improvements     924,641       534,637  
Furniture and fixtures     563,074       396,882  
      52,654,437       41,941,336  
                 
Less: Accumulated depreciation and amortization     (19,843,399 )     (16,587,460 )
                 
Net Property, Plant and Equipment   $ 32,811,038     $ 25,353,876  

 

Production machinery and equipment includes equipment capitalized pursuant to capital leases in the amount of $13,227,122. The equipment is being amortized using the straight-line method over 3.5 years for pallet molds and 12 years for injection molding machines.

 

Production machinery includes deposits on equipment in the amount of $1,390,839 that had not been placed into service as of February 28, 2019. Two plant buildings and land are owned by GRE, a variable interest entity (“VIE”), having a net book value of $2,925,517 at February 28, 2019.

 

Depreciation expense, including amortization expense related to assets under capital leases, for the nine months ended February 28, 2019 and 2018 was $3,255,939 and $2,476,050, respectively.
XML 21 R10.htm IDEA: XBRL DOCUMENT v3.19.1
Related Party Transactions/Activity
 9 Months Ended
Feb. 28, 2019
Related Party Transactions [Abstract]  
Related Party Transactions/Activity

Note 5. Related Party Transactions/Activity

 

Yorktown Management & Financial Services, LLC

 

Yorktown Management & Financial Services, LLC (“Yorktown”), an entity wholly-owned by Greystone’s CEO and President, owns and rents to Greystone (1) grinding equipment used to grind raw materials for Greystone’s pallet production and (2) extruders for pelletizing recycled plastic into pellets for resale and for use as raw material in the manufacture of pallets. GSM pays weekly rental fees to Yorktown of $22,500 for use of Yorktown’s grinding equipment and $5,000 for the use of Yorktown’s pelletizing equipment for which GSM paid Yorktown rental fees of $1,10,000 and $1,072,500 for each of the nine months ended February 28, 2019 and 2018 respectively.

 

Effective January 1, 2017, Greystone and Yorktown entered into a five-year lease for office space at a monthly rental of $4,000 per month. Total rent expense was $36,000 for each of fiscal year 2019 and 2018. At February 28, 2019, future minimum payments under the non-cancelable operating lease for the remaining three years are $48,000, $48,000 and $44,000.

 

Effective December 28, 2018, Yorktown purchased certain production equipment from Greystone at net book value of $968,168 and entered into a four-year lease agreement with Greystone at a monthly rent of $27,915 for the initial thirty-six months and $7,695 for the following twelve months. The lease agreement provides for a bargain purchase option of $10,000 at the end of the lease.

 

TriEnda Holdings, L.L.C.

 

TriEnda Holdings, L.L.C. (“TriEnda”) is a manufacturer of plastic pallets, protective packing and dunnage utilizing thermoform processing for which Warren F. Kruger, Greystone’s President and CEO, serves TriEnda as the non-executive Chairman of the Board and is a partner in a partnership which has a majority ownership interest in TriEnda. Greystone periodically purchases material and pallets from TriEnda. Purchases for the nine months ended February 28, 2019 and 2018 totaled $42,349 and $123,072, respectively.

 

Green Plastic Pallets

 

Greystone sells plastic pallets to Green Plastic Pallets (“Green”), an entity that is owned by James Kruger, brother to Warren Kruger, Greystone’s President and CEO. Greystone had sales to Green of $167,400 and $330,144 for the nine months ended February 28, 2019 and 2018, respectively. The account receivable due from Green at February 28, 2019 was $19,440.
XML 22 R11.htm IDEA: XBRL DOCUMENT v3.19.1
Debt
 9 Months Ended
Feb. 28, 2019
Debt Disclosure [Abstract]  
Debt

Note 6. Debt

 

Debt as of February 28, 2019 and May 31, 2018 is as follows:

 

    February 28, 2019     May 31, 2018  
Term loan A payable to International Bank of Commerce, prime rate of interest plus 0.5% but not less than 4.0%, maturing April 30, 2023   $ 3,417,791     $ 3,945,443  
                 
Term loan C payable to International Bank of Commerce, prime rate of interest plus 0.5% but not less than 4.0%, maturing August 4, 2020     1,453,103       1,613,445  
                 
Term loan D payable to International Bank of Commerce, prime rate of interest plus 0.5% but not less than 4.75%, maturing January 10, 2022     1,889,391       2,314,935  
                 
Term loan E payable to International Bank of Commerce, prime rate of interest plus 0.5% but not less than 4.75%, maturing January 10, 2022     982,106       843,200  
                 
Term loan F payable to International Bank of Commerce, prime rate of interest plus 0.5% but not less than 5.25%, maturing February 8, 2021     3,545,514       -  
                 
Revolving loan payable to International Bank of Commerce, prime rate of interest plus 0.5% but not less than 4.75%, due January 31, 2021     3,450,000       1,879,000  
                 
Note payable to First Bank, prime rate of interest plus 1.45% but not less than 4.95%, monthly principal and interest payment of $30,628, due August 21, 2021, secured by production equipment     878,088       1,099,447  
                 
Term loan payable by GRE to International Bank of Commerce, interest rate of 5.5%, monthly principal and interest payment of $26,215, due April 30, 2023     2,510,295       2,652,428  
                 
Note payable to Robert Rosene, 7.5% interest, due January 15, 2021     4,467,330       4,469,355  
                 
Note payable to Yorktown Management & Financial Services, LLC, paid in full in February 2019     -       181,850  
                 
Other     234,112       252,493  
Total debt     22,827,730       19,251,596  
Debt issue costs, net of amortization     (12,579 )     (91,370 )
Total debt, net of debt issue costs     22,815,151       19,160,226  
Less: Current portion     (2,961,095 )     (2,324,046 )
Long-term debt   $ 19,854,056     $ 16,836,180  

 

The prime rate of interest as of February 28, 2019 was 5.5%.

  

Loan Agreement between Greystone and IBC

 

The Loan Agreement (“IBC Loan Agreement”), dated January 31, 2014 and as amended from time to time, among Greystone and GSM (the “Borrowers”) and International Bank of Commerce (“IBC”), provides for certain term loans and a revolver loan.

 

Effective August 10, 2018, the Borrowers and IBC entered into the seventh Amendment to the IBC Loan Agreement providing (i) an advancing Term Loan F of $3,600,000 with a maturity date of February 8, 2021 for the procurement of production equipment and (ii) an extension of the maturity date of Term Loan A to April 30, 2023.

 

The IBC term loans make equal monthly payments of principal and interest in such amounts sufficient to amortize the principal balance as follows: (i) Term Loan A over a seven-year period beginning January 31, 2016 (currently $77,548 per month), (ii) Term Loan C over a seven-year period beginning February 28, 2018 (currently $25,205 per month) and (iii) Term Loan D over a four-year period beginning August 4, 2020 (currently $57,469 per month), (iv) Term Loan E over a four-year period beginning February 10, 2019 (currently $23,060) and (v) Term Loan F over a five-year period beginning February 28, 2019 (currently $68,849). The monthly payments of principal and interest on the IBC term loans may vary as a result of changes in the prime rate of interest.

 

The IBC Loan Agreement provides a revolving loan in an aggregate principal amount of up to $4,000,000 (the “Revolving Loan”). The Loan Agreement was amended December 28, 2018 increasing the principal amount under the Revolving Loan to $4,000,000 of which the amount which can be borrowed from time to time is dependent upon the amount of the borrowing base, but can in no event exceed $4,000,000. The Revolving Loan bears interest at the greater of the prime rate of interest plus 0.5%, or 4.75% and matures January 31, 2021. The Borrowers are required to pay all interest accrued on the outstanding principal balance of the Revolving Loan on a monthly basis. Any principal on the Revolving Loan that is prepaid by the Borrowers does not reduce the original amount available to the Borrowers.

 

The IBC Loan Agreement, among other things, requires a quarterly affirmation that the Borrowers have maintained a debt service coverage ratio of 1:25 to 1:00. As of February 28, 2019, Greystone was not in compliance with this debt service coverage ratio. IBC has issued a waiver with respect to this event of noncompliance.

 

The IBC Loan Agreement includes customary events of default, including events of default relating to non-payment of principal and other amounts owing under the IBC Loan Agreement from time to time, inaccuracy of representations, violation of covenants, defaults under other agreements, bankruptcy and similar events, the death of a guarantor, certain material adverse changes relating to a Borrower or guarantor, certain judgments or awards against a Borrower, or government action affecting a Borrower’s or guarantor’s ability to perform under the IBC Loan Agreement or the related loan documents. Among other things, a default under the IBC Loan Agreement would permit IBC to cease lending funds under the IBC Loan Agreement, and require immediate repayment of any outstanding notes with interest and any unpaid accrued fees.

 

The IBC Loan Agreement is secured by a lien on substantially all of the assets of the Borrowers. In addition, the IBC Loan Agreement is secured by a mortgage granted by GRE on the real property owned by GRE in Bettendorf, Iowa (the “Mortgage”). GRE is owned by Warren F. Kruger, Greystone’s President and CEO, and Robert B. Rosene, Jr., a director of Greystone. Messrs. Kruger and Rosene have provided a combined limited guaranty of the Borrowers’ obligations under the IBC Loan Agreement, with such guaranty being limited to a combined amount of $6,500,000 (the “Guaranty”). The Mortgage and the Guaranty also secure or guaranty, as applicable, the obligations of GRE under the Loan Agreement between GRE and IBC dated January 31, 2014 as discussed in the following paragraph.

 

Loan Agreement between GRE and IBC

 

On August 10, 2018, GRE and IBC entered into an amended agreement to extend the maturity of the note to April 30, 2023 and increase the interest rate to 5.5%. The note is secured by a mortgage on the two buildings in Bettendorf, Iowa which are leased to Greystone.

  

Note Payable between Greystone and Robert B. Rosene, Jr.

 

Effective December 15, 2005, Greystone entered into an agreement with Robert B. Rosene, Jr., a member of Greystone’s board of directors, to convert $2,066,000 of advances into an unsecured note payable at 7.5% interest. Effective June 1, 2016, the note was restated (the “Restated Note”) to combine the outstanding principal, $2,066,000, and accrued interest, $2,475,690, into an unsecured note payable of $4,541,690 with an extended maturity date of January 15, 2021. The Restated Note provides that accrued interest is payable monthly and allows Greystone to use commercially reasonable efforts to pay such amounts as allowed by the IBC Loan Agreement against the interest accrued prior to the restatement. The balance of the note at February 28, 2019 was $4,467,330.

 

Maturities

 

Maturities of Greystone’s long-term debt for the five years subsequent to February 28, 2019 are $2,961,095, $12,049,591, $3,070,785, $2,157,675 and $2,588,584.
XML 23 R12.htm IDEA: XBRL DOCUMENT v3.19.1
Capital Leases
 9 Months Ended
Feb. 28, 2019
Leases [Abstract]  
Capital Leases

Note 7. Capital Leases

 

Capital leases as of February 28, 2019 and May 31, 2018:

 

    February 28, 2019     May 31, 2018  
Non-cancellable capital leases   $ 7,480,097     $ 3,893,814  
Less: Current portion     (1,948,191 )     (2,160,807 )
Non-cancellable capital leases, net of current portion   $ 5,531,906     $ 1,733,007  

 

Greystone and an unrelated private company entered into four lease agreements for certain production equipment with a total cost of approximately $12.2 million. The first agreement, dated August 7, 2016, was a three-year lease agreement for two injection molding machines and pallet molds, capitalized interest rate of 5.0% and maturity date of August 7, 2019 (“Agreement A”). The remaining three agreements, effective February 24, 2018, August 2, 2018 and December 21, 2018, were five-year lease agreements for three additional injection molding machines and one pallet mold, capitalized interest rate of 7.4% and maturity dates of February 23, 2023, August 1, 2023 and December 20, 2023, respectively, (“Agreement B”). The lease agreements include a bargain purchase option to acquire the production equipment at the end of the lease terms. Lease payments are made on a per invoice basis at rates of (i) $6.25 per pallet produced on the equipment leased pursuant to Agreement A and sold to the private company estimated at $180,000 per month and (ii) $3.32 per pallet produced on the equipment leased pursuant to Agreement B and sold to the private company estimated at an aggregate rent of $144,000 per month. Both Agreements A & B provide for minimum monthly lease rental payments based upon the total pallets sold in excess of a specified amount not to exceed the monthly productive capacity of the leased machines.

 

Effective December 31, 2018, Yorktown purchased certain production equipment from Greystone at net book value of $968,168 and entered into a lease agreement with Greystone for the equipment with a monthly rent of $27,915 for the initial thirty-six months and $7,695 for the following twelve months and maturing December 27, 2023. The lease agreement has a $10,000 bargain purchase option at the end of the lease.

 

The production equipment under the non-cancelable capital leases has a gross carrying amount of $13,227,122 at February 28, 2019. Amortization of the carrying amount of approximately $776,000 and $402,000 was included in depreciation expense for the nine months ended February 28, 2019 and 2018, respectively.

 

Future minimum lease payments under non-cancelable capital leases as of February 28, 2019, are approximately:

 

Twelve months ended February 29, 2020   $ 2,435,000  
Twelve months ended February 28, 2021     2,063,000  
Twelve months ended February 28, 2022     2,023,000  
Twelve months ended February 28, 2023     2,165,000  
Total lease payments     8,686,000  
Imputed interest     1,205,903  
Present value of minimum lease payments   $ 7,480,097  
XML 24 R13.htm IDEA: XBRL DOCUMENT v3.19.1
Deferred Revenue
 9 Months Ended
Feb. 28, 2019
Revenue Recognition and Deferred Revenue [Abstract]  
Deferred Revenue

Note 8.   Deferred Revenue

 

Deferred revenue as of February 28, 2019 and May 31, 2018 represents advance payments from a customer to purchase plastic pallets with shipments expected to be complete by January 3, 2020. Greystone recognizes revenue as plastic pallets are shipped to the customer. Recognized revenue totaled $4,252,500 during the nine months ended February 28, 2019.
XML 25 R14.htm IDEA: XBRL DOCUMENT v3.19.1
Revenue and Revenue Recognition
 9 Months Ended
Feb. 28, 2019
Revenue Recognition and Deferred Revenue [Abstract]  
Revenue and Revenue Recognition

Note 9.   Revenue and Revenue Recognition

 

On June 1, 2018, Greystone adopted Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606), as amended, using the retrospective method. Greystone determined that there was no cumulative effect adjustment to the Consolidated Financial Statements and the adoption of the new standard did not require any adjustments to Greystone’s consolidated financial statements for prior periods. Under the guidance of the new standard, revenue is recognized at the time a good or service is transferred to a customer and the customer obtains control of that good or receives the service performed. Sales arrangements with customers are short-term in nature involving single performance obligations related to the delivery of goods and generally provide for transfer of control at the time of shipment. In limited circumstances, where acceptance of the goods is subject to approval by the customer, revenue is recognized upon approval by the customer unless, historically, there have been insignificant rejections of goods by the customer. Contract liabilities associated with sales arrangements primarily relate to deferred revenue on prepaid sales of goods. Greystone generally permits returns of product due to defects; however, product returns are historically insignificant.

  

The amount of revenue recognized reflects the consideration to which Greystone expects to be entitled to receive in exchange for its products. The following steps are applied in determining the amount and timing of revenue recognition:

 

  1. Identification of a contract with a customer is a sales arrangement involving a purchase order issued by the customer stating each party’s rights regarding the plastic pallets to be transferred. Payment terms vary by customer from net 30 days to 90 days. Discounts on sales arrangements are generally not provided. Credit worthiness is determined by Greystone based on payment experience and financial information available on the customer.
  2. Identification of performance obligations in the sales arrangement which is predominantly the promise to transfer plastic pallets to Greystone’s customer.
  3. Determination of the transaction price which is specified in the purchase order based on product pricing negotiated between Greystone and the customer.
  4. Allocation of the transaction price to performance obligations.
  5. Recognition of revenue which predominantly occurs upon completion of the performance obligation and transfer of control. Transfer of control generally occurs at the point of shipment which is Greystone’s manufacturing and warehouse locations.

 

Greystone’s principal product is plastic pallets produced from recycled plastic resin. Sales are primarily to customers in the continental United States of America. International sales are made to customers in Canada and Mexico which totaled approximately $408,499 and $527,750 in fiscal years 2019 and 2018, respectively.

 

Greystone’s customers include stocking and non-stocking distributors and direct sales to end-user customers. Sales to the following categories of customers for the nine months ended February 28, 2019 and 2018, respectively, were as follows:

 

Category   2019     2018  
Major customers (end users)     85 %     76 %
Distributors     14 %     22 %
Total     99 %     98 %
XML 26 R15.htm IDEA: XBRL DOCUMENT v3.19.1
Fair Value of Financial Instruments
 9 Months Ended
Feb. 28, 2019
Investments, All Other Investments [Abstract]  
Fair Value of Financial Instruments

Note 10. Fair Value of Financial Instruments

 

The following methods and assumptions are used in estimating the fair-value disclosures for financial instruments:

 

Debt: The carrying amount of notes with floating rates of interest approximate fair value. Fixed rate notes are valued based on cash flows using estimated rates of comparable notes. The carrying amounts reported on the balance sheets approximate fair value.
XML 27 R16.htm IDEA: XBRL DOCUMENT v3.19.1
Concentrations, Risks and Uncertainties
 9 Months Ended
Feb. 28, 2019
Risks and Uncertainties [Abstract]  
Concentrations, Risks and Uncertainties

Note 11. Concentrations, Risks and Uncertainties

 

Greystone derived approximately 85% and 76% of its total sales from three customers in fiscal years 2019 and 2018, respectively. The loss of a material amount of business from one or more of these customers could have a material adverse effect on Greystone.

  

Greystone purchases damaged pallets from its customers at a price based on the value of the raw material content in the pallet. A majority of these purchases, totaling $1,249,653 and $1,200,335 in fiscal years 2019 and 2018, respectively, is from one of its major customers.

 

Robert B. Rosene, Jr., a Greystone director, has provided financing and guarantees on Greystone’s bank debt. As of February 28, 2019, Greystone is indebted to Mr. Rosene in the amount of $4,467,330 for a note payable due January 15, 2021. There is no assurance that Mr. Rosene will renew the note as of the maturity date.
XML 28 R17.htm IDEA: XBRL DOCUMENT v3.19.1
Recent Accounting Pronouncements
 9 Months Ended
Feb. 28, 2019
Accounting Changes and Error Corrections [Abstract]  
Recent Accounting Pronouncements

Note 12. Recent Accounting Pronouncements

 

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which is intended to improve financial reporting about leasing transactions. The ASU will require organizations (“lessees”) that lease assets with lease terms of more than twelve months to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases. In addition, the ASU will require disclosures to help investors and other financial statement users better understand the amount, timing and uncertainty of cash flows arising from leases. The effective date of this ASU is for fiscal years beginning after December 31, 2018 and interim periods within that year. Management has reviewed Greystone’s leases and determined that the implementation of ASU 2016-02 will not have a material impact on the consolidated financial statements.
XML 29 R18.htm IDEA: XBRL DOCUMENT v3.19.1
Commitments
 9 Months Ended
Feb. 28, 2019
Commitments and Contingencies Disclosure [Abstract]  
Commitments

Note 13. Commitments

 

At February 28, 2019, Greystone had commitments totaling $945,000 toward the purchase of production equipment.
XML 30 R19.htm IDEA: XBRL DOCUMENT v3.19.1
Reclassifications
 9 Months Ended
Feb. 28, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Reclassifications

Note 14. Reclassifications

 

Certain amounts in the Consolidated Statement of Cash Flows for the nine months ended February 28, 2018 have been reclassified to conform to classifications utilized in the nine months ended February 28, 2019.
XML 31 R20.htm IDEA: XBRL DOCUMENT v3.19.1
Earnings Per Share (Tables)
 9 Months Ended
Feb. 28, 2019
Earnings Per Share [Abstract]  
Schedule of Anti-Dilutive Securities Excluded from Computation of Earnings Per Share

Instruments which have an anti-dilutive effect are as follows:

 

    2019     2018  
Nine months ended February 28:                
Preferred stock convertible into common stock     3,333,333       3,333,333  
                 
Total     3,333,333       3,333,333  
                 
Three months ended February 28:                
Options to purchase common stock     -       200,000  
Warrants to purchase common stock     -       500,000  
Preferred stock convertible into common stock     3,333,333       3,333,333  
Total     3,333,333       4,033,333  
Schedule of Computation of Basic and Diluted Earnings Per Share

The following tables set forth the computation of basic and diluted earnings per share for the nine months and three months ended February 28, 2019 and 2018:

 

    2019     2018  
Nine months ended February 28:                
Numerator -                
Net income attributable to common stockholders   $ 789,399     $ 210,817  
Denominator -                
Weighted-average shares outstanding - basic     28,361,201       28,361,201  
Incremental shares from assumed conversion of options and warrants     648,214       630,952  
Diluted shares     29,009,415       28,992,153  
Income per share -                
Basic and Diluted   $ 0.03     $ 0.01  
Three months ended February 28:                
Numerator -                
Net income (loss) attributable to common stockholders   $ 59,118     $ (152,554 )
Denominator -                
Weighted-average shares outstanding - basic     28,361,201       28,361,201  
Incremental shares from assumed conversion of options and warrants     650,847       -  
Diluted shares     29,012,048       28,361,201  
Income (Loss) per share -                
Basic and Diluted   $ 0.00     $ (0.01 )
XML 32 R21.htm IDEA: XBRL DOCUMENT v3.19.1
Inventory (Tables)
 9 Months Ended
Feb. 28, 2019
Inventory Disclosure [Abstract]  
Schedule of Inventory

Inventory consists of the following:

 

    February 28, 2019     May 31, 2018  
Raw materials   $ 2,006,573     $ 864,339  
Finished goods     3,144,844       2,224,928  
Total inventory   $ 5,151,417     $ 3,089,267  
XML 33 R22.htm IDEA: XBRL DOCUMENT v3.19.1
Property, Plant and Equipment (Tables)
 9 Months Ended
Feb. 28, 2019
Property, Plant and Equipment [Abstract]  
Schedule of Property, Plant and Equipment

A summary of property, plant and equipment for Greystone is as follows:

 

    February 28, 2019     May 31, 2018  
Production machinery and equipment   $ 44,895,520     $ 35,270,326  
Plant buildings and land     6,271,202       5,739,491  
Leasehold improvements     924,641       534,637  
Furniture and fixtures     563,074       396,882  
      52,654,437       41,941,336  
                 
Less: Accumulated depreciation and amortization     (19,843,399 )     (16,587,460 )
                 
Net Property, Plant and Equipment   $ 32,811,038     $ 25,353,876  
XML 34 R23.htm IDEA: XBRL DOCUMENT v3.19.1
Debt (Tables)
 9 Months Ended
Feb. 28, 2019
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt

Debt as of February 28, 2019 and May 31, 2018 is as follows:

 

    February 28, 2019     May 31, 2018  
Term loan A payable to International Bank of Commerce, prime rate of interest plus 0.5% but not less than 4.0%, maturing April 30, 2023   $ 3,417,791     $ 3,945,443  
                 
Term loan C payable to International Bank of Commerce, prime rate of interest plus 0.5% but not less than 4.0%, maturing August 4, 2020     1,453,103       1,613,445  
                 
Term loan D payable to International Bank of Commerce, prime rate of interest plus 0.5% but not less than 4.75%, maturing January 10, 2022     1,889,391       2,314,935  
                 
Term loan E payable to International Bank of Commerce, prime rate of interest plus 0.5% but not less than 4.75%, maturing January 10, 2022     982,106       843,200  
                 
Term loan F payable to International Bank of Commerce, prime rate of interest plus 0.5% but not less than 5.25%, maturing February 8, 2021     3,545,514       -  
                 
Revolving loan payable to International Bank of Commerce, prime rate of interest plus 0.5% but not less than 4.75%, due January 31, 2021     3,450,000       1,879,000  
                 
Note payable to First Bank, prime rate of interest plus 1.45% but not less than 4.95%, monthly principal and interest payment of $30,628, due August 21, 2021, secured by production equipment     878,088       1,099,447  
                 
Term loan payable by GRE to International Bank of Commerce, interest rate of 5.5%, monthly principal and interest payment of $26,215, due April 30, 2023     2,510,295       2,652,428  
                 
Note payable to Robert Rosene, 7.5% interest, due January 15, 2021     4,467,330       4,469,355  
                 
Note payable to Yorktown Management & Financial Services, LLC, paid in full in February 2019     -       181,850  
                 
Other     234,112       252,493  
Total debt     22,827,730       19,251,596  
Debt issue costs, net of amortization     (12,579 )     (91,370 )
Total debt, net of debt issue costs     22,815,151       19,160,226  
Less: Current portion     (2,961,095 )     (2,324,046 )
Long-term debt   $ 19,854,056     $ 16,836,180  
XML 35 R24.htm IDEA: XBRL DOCUMENT v3.19.1
Capital Leases (Tables)
 9 Months Ended
Feb. 28, 2019
Leases [Abstract]  
Schedule of Non-cancellable Capital Leases

Capital leases as of February 28, 2019 and May 31, 2018:

 

    February 28, 2019     May 31, 2018  
Non-cancellable capital leases   $ 7,480,097     $ 3,893,814  
Less: Current portion     (1,948,191 )     (2,160,807 )
Non-cancellable capital leases, net of current portion   $ 5,531,906     $ 1,733,007  
Schedule of Future Minimum Lease Payments Under Non-cancellable Capital Leases

Future minimum lease payments under non-cancelable capital leases as of February 28, 2019, are approximately:

 

Twelve months ended February 29, 2020   $ 2,435,000  
Twelve months ended February 28, 2021     2,063,000  
Twelve months ended February 28, 2022     2,023,000  
Twelve months ended February 28, 2023     2,165,000  
Total lease payments     8,686,000  
Imputed interest     1,205,903  
Present value of minimum lease payments   $ 7,480,097  
XML 36 R25.htm IDEA: XBRL DOCUMENT v3.19.1
Revenue and Revenue Recognition (Tables)
 9 Months Ended
Feb. 28, 2019
Revenue Recognition and Deferred Revenue [Abstract]  
Schedule of Sale of Revenues for Customer Categories

Sales to the following categories of customers for the nine months ended February 28, 2019 and 2018, respectively, were as follows:

 

Category   2019     2018  
Major customers (end users)     85 %     76 %
Distributors     14 %     22 %
Total     99 %     98 %
XML 37 R26.htm IDEA: XBRL DOCUMENT v3.19.1
Earnings Per Share - Schedule of Anti-Dilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares
 3 Months Ended 9 Months Ended
Feb. 28, 2019
Feb. 28, 2018
Feb. 28, 2019
Feb. 28, 2018
Antidilutive securities excluded from computation of earnings per share 3,333,333 4,033,333 3,333,333 3,333,333
Convertible Preferred Stock [Member]        
Antidilutive securities excluded from computation of earnings per share 3,333,333 3,333,333 3,333,333 3,333,333
Stock Options [Member]        
Antidilutive securities excluded from computation of earnings per share 200,000    
Warrants [Member]        
Antidilutive securities excluded from computation of earnings per share 500,000    
XML 38 R27.htm IDEA: XBRL DOCUMENT v3.19.1
Earnings Per Share - Schedule of Computation of Basic and Diluted Earnings Per Share (Details) - USD ($)
 3 Months Ended 9 Months Ended
Feb. 28, 2019
Feb. 28, 2018
Feb. 28, 2019
Feb. 28, 2018
Earnings Per Share [Abstract]        
Numerator - Net income (loss) attributable to common stockholders $ 59,118 $ (152,554) $ 789,399 $ 210,817
Denominator - Weighted-average shares outstanding - basic 28,361,201 28,361,201 28,361,201 28,361,201
Denominator - Incremental shares from assumed conversion of options and warrants 650,847 648,214 630,952
Denominator - Diluted shares 29,012,048 28,361,201 29,009,415 28,992,153
Income (Loss) per share - Basic and Diluted $ 0.00 $ (0.01) $ 0.03 $ 0.01
XML 39 R28.htm IDEA: XBRL DOCUMENT v3.19.1
Inventory - Schedule of Inventory (Details) - USD ($)
Feb. 28, 2019
May 31, 2018
Inventory Disclosure [Abstract]    
Raw materials $ 2,006,573 $ 864,339
Finished goods 3,144,844 2,224,928
Total inventory $ 5,151,417 $ 3,089,267
XML 40 R29.htm IDEA: XBRL DOCUMENT v3.19.1
Property, Plant and Equipment (Details Narrative) - USD ($)
 9 Months Ended
Feb. 28, 2019
Feb. 28, 2018
Production machinery and equipment, gross $ 13,227,122  
Production machinery includes deposits on equipment 1,390,839  
Plant buildings and land net book value 2,925,517  
Depreciation expense $ 3,255,939 $ 2,476,050
Pallet Molds [Member]    
Property plant and equipment useful life 3 years 6 months  
Injection Molding Machines [Member]    
Property plant and equipment useful life 12 years  
XML 41 R30.htm IDEA: XBRL DOCUMENT v3.19.1
Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($)
Feb. 28, 2019
May 31, 2018
Property plant and equipment, gross $ 52,654,437 $ 41,941,336
Less: Accumulated depreciation and amortization (19,843,399) (16,587,460)
Net Property, Plant and Equipment 32,811,038 25,353,876
Production Machinery and Equipment [Member]    
Property plant and equipment, gross 44,895,520 35,270,326
Plant Buildings and Land [Member]    
Property plant and equipment, gross 6,271,202 5,739,491
Leasehold Improvements [Member]    
Property plant and equipment, gross 924,641 534,637
Furniture and Fixtures [Member]    
Property plant and equipment, gross $ 563,074 $ 396,882
XML 42 R31.htm IDEA: XBRL DOCUMENT v3.19.1
Related Party Transactions/Activity (Details Narrative) - USD ($)
 9 Months Ended
Feb. 28, 2019
Feb. 28, 2018
Future minimum payments under operating lease 2020 $ 2,435,000  
Future minimum payments under operating lease 2021 2,063,000  
Net book value of production equipment 968,168 $ 3,000
Green Plastic Pallets [Member]    
Pallet sales 167,400 330,144
Account receivable 19,440  
Fiscal Year 2019 [Member]    
Rent expense 36,000  
Fiscal Year 2018 [Member]    
Rent expense 36,000  
Yorktown Management & Financial Services, LLC [Member]    
Payments of rental fees 1,100,000 1,072,500
Rent expense 4,000  
Future minimum payments under operating lease 2019 48,000  
Future minimum payments under operating lease 2020 48,000  
Future minimum payments under operating lease 2021 44,000  
TriEnda Holdings, L.L.C [Member]    
Material purchase amount 42,349 $ 123,072
Yorktown Grinding Equipment [Member]    
Payments of rental fees 22,500  
Yorktown's Pelletizing Equipment [Member]    
Payments of rental fees 5,000  
Yorktown Production Equipment [Member]    
Payments of rental fees 7,695  
Net book value of production equipment $ 968,168  
Lease term 4 years  
Bargain purchase option amount $ 10,000  
Yorktown Production Equipment [Member] | Initial Thirty Six Months [Member]    
Payments of rental fees $ 27,915  
XML 43 R32.htm IDEA: XBRL DOCUMENT v3.19.1
Debt (Details Narrative) - USD ($)
 9 Months Ended
Aug. 10, 2018
Jun. 02, 2016
Feb. 28, 2019
Dec. 15, 2005
Debt instrument maturity date     Jan. 15, 2021  
Maturities of long term debt current     $ 2,961,095  
Maturities of long term debt year two     12,049,591  
Maturities of long term debt year three     3,070,785  
Maturities of long term debt year four     2,157,675  
Maturities of long term debt year five     $ 2,588,584  
Term Loan A [Member]        
Note term     7 years  
Debt monthly payment     $ 77,548  
Term Loan C [Member]        
Note term     7 years  
Debt monthly payment     $ 25,205  
Term Loan D [Member]        
Note term     4 years  
Debt monthly payment     $ 57,469  
Term Loan E [Member]        
Note term     4 years  
Debt monthly payment     $ 23,060  
Term Loan F [Member]        
Note term     5 years  
Debt monthly payment     $ 68,849  
Revolving Loan [Member]        
Debt instrument interest rate     4.75%  
Robert B. Rosene, Jr. [Member]        
Debt instrument interest rate       7.50%
Unsecured note payable       $ 2,066,000
Robert B. Rosene, Jr. [Member] | Restated Note [Member]        
Debt instrument principal amount   $ 2,066,000    
Debt instrument maturity date   Jan. 15, 2021    
Unsecured note payable   $ 4,541,690 $ 4,467,330  
Debt accrued interest   $ 2,475,690    
Term Loan F [Member] | IBC Loan Agreement [Member]        
Debt instrument principal amount $ 3,600,000      
Debt instrument maturity date Feb. 08, 2021      
Term Loan A [Member] | IBC Loan Agreement [Member]        
Debt instrument maturity date Apr. 30, 2023      
IBC Loan Agreement [Member]        
Debt service coverage ratio description     Debt service coverage ratio of 1:25 to 1:00.  
IBC Loan Agreement [Member] | Revolving Loan [Member]        
Revolving loan aggregate principal amount     $ 4,000,000  
Line of credit maximum borrowing capacity     4,000,000  
IBC Loan Agreement [Member] | Guaranty [Member]        
Guaranty combined amount     $ 6,500,000  
Revolving Loan [Member]        
Debt instrument maturity date     Jan. 31, 2021  
GRE and IBC [Member] | Loan Agreement [Member]        
Debt instrument interest rate 5.50%      
Debt instrument maturity date Apr. 30, 2023      
Prime Rate [Member]        
Debt instrument interest rate     5.50%  
Prime Rate [Member] | Revolving Loan [Member]        
Debt instrument interest rate     0.50%  
XML 44 R33.htm IDEA: XBRL DOCUMENT v3.19.1
Debt - Schedule of Long-Term Debt (Details) - USD ($)
Feb. 28, 2019
May 31, 2018
Face value of long-term debt $ 22,827,730 $ 19,251,596
Debt issue costs, net of amortization (12,579) (91,370)
Total debt, net of debt issue costs 22,815,151 19,160,226
Less: Current Portion (2,961,095) (2,324,046)
Long-term debt 19,854,056 16,836,180
Term Loan A Payable to International Bank of Commerce, Prime Rate of Interest Plus 0.5% But Not Less Than 4.0%, Maturing April 30, 2023 [Member]    
Face value of long-term debt 3,417,791 3,945,443
Term Loan C Payable to International Bank of Commerce, Prime Rate of Interest Plus 0.5% but Not Less Than 4.0%, Maturing August 4, 2020 [Member]    
Face value of long-term debt 1,453,103 1,613,445
Term Loan D Payable to International Bank of Commerce, Prime Rate of Interest Plus 0.5% but Not Less Than 4.75%, Maturing January 10, 2022 [Member]    
Face value of long-term debt 1,889,391 2,314,935
Term Loan E Payable to International Bank of Commerce, Prime Rate of Interest Plus 0.5% but Not Less Than 4.75%, Maturing January 10, 2022 [Member]    
Face value of long-term debt 982,106 843,200
Term Loan F Payable to International Bank of Commerce, Prime Rate of Interest Plus 0.5% but Not Less Than 5.25%, Maturing February 8, 2021 [Member]    
Face value of long-term debt 3,545,514
Revolving Loan Payable to International Bank of Commerce, Prime Rate of Interest Plus 0.5% But Not Less Than 4.75%, Due January 31, 2021 [Member]    
Face value of long-term debt 3,450,000 1,879,000
Note Payable to First Bank, Prime Rate of Interest Plus 1.45% but Not Less Than 4.95%, Monthly Principal and Interest Payment of $30,628, Due August 21, 2021, Secured by Production Equipment [Member]    
Face value of long-term debt 878,088 1,099,447
Term Loan Payable by Gre to International Bank of Commerce, Interest Rate of 5.5%, Monthly Principal and Interest Payment of $26,215, Due April 30, 2023 [Member]    
Face value of long-term debt 2,510,295 2,652,428
Note Payable to Robert Rosene, 7.5% Interest, Due January 15, 2021 [Member]    
Face value of long-term debt 4,467,330 4,469,355
Note Payable to Yorktown Management & Financial Services, LLC, Paid in Full in February 2019 [Member]    
Face value of long-term debt 181,850
Other Note Payable [Member]    
Face value of long-term debt $ 234,112 $ 252,493
XML 45 R34.htm IDEA: XBRL DOCUMENT v3.19.1
Debt - Schedule of Long-Term Debt (Details) (Parenthetical) - USD ($)
 9 Months Ended 12 Months Ended
Feb. 28, 2019
May 31, 2018
Debt instrument maturity date Jan. 15, 2021  
Term Loan A Payable to International Bank of Commerce, Prime Rate of Interest Plus 0.5% But Not Less Than 4.0%, Maturing April 30, 2023 [Member]    
Debt instrument interest rate 0.50% 0.50%
Debt instrument maturity date Apr. 30, 2023 Apr. 30, 2023
Term Loan A Payable to International Bank of Commerce, Prime Rate of Interest Plus 0.5% But Not Less Than 4.0%, Maturing April 30, 2023 [Member] | Maximum [Member]    
Debt instrument interest rate 4.00% 4.00%
Term Loan C Payable to International Bank of Commerce, Prime Rate of Interest Plus 0.5% but Not Less Than 4.0%, Maturing August 4, 2020 [Member]    
Debt instrument interest rate 0.50% 0.50%
Debt instrument maturity date Aug. 04, 2020 Aug. 04, 2020
Term Loan C Payable to International Bank of Commerce, Prime Rate of Interest Plus 0.5% but Not Less Than 4.0%, Maturing August 4, 2020 [Member] | Maximum [Member]    
Debt instrument interest rate 4.00% 4.00%
Term Loan D Payable to International Bank of Commerce, Prime Rate of Interest Plus 0.5% but Not Less Than 4.75%, Maturing January 10, 2022 [Member]    
Debt instrument interest rate 0.50% 0.50%
Debt instrument maturity date Jan. 10, 2022 Jan. 10, 2022
Term Loan D Payable to International Bank of Commerce, Prime Rate of Interest Plus 0.5% but Not Less Than 4.75%, Maturing January 10, 2022 [Member] | Maximum [Member]    
Debt instrument interest rate 4.75% 4.75%
Term Loan E Payable to International Bank of Commerce, Prime Rate of Interest Plus 0.5% but Not Less Than 4.75%, Maturing January 10, 2022 [Member]    
Debt instrument interest rate 0.50% 0.50%
Debt instrument maturity date Jan. 10, 2022 Jan. 10, 2022
Term Loan E Payable to International Bank of Commerce, Prime Rate of Interest Plus 0.5% but Not Less Than 4.75%, Maturing January 10, 2022 [Member] | Maximum [Member]    
Debt instrument interest rate 4.75% 4.75%
Term Loan F Payable to International Bank of Commerce, Prime Rate of Interest Plus 0.5% but Not Less Than 5.25%, Maturing February 8, 2021 [Member]    
Debt instrument interest rate 0.50% 0.50%
Debt instrument maturity date Feb. 08, 2021 Feb. 08, 2021
Term Loan F Payable to International Bank of Commerce, Prime Rate of Interest Plus 0.5% but Not Less Than 5.25%, Maturing February 8, 2021 [Member] | Maximum [Member]    
Debt instrument interest rate 5.25% 5.25%
Revolving Loan Payable to International Bank of Commerce, Prime Rate of Interest Plus 0.5% But Not Less Than 4.75%, Due January 31, 2021 [Member]    
Debt instrument interest rate 0.50% 0.50%
Debt instrument maturity date Jan. 31, 2020 Jan. 31, 2020
Revolving Loan Payable to International Bank of Commerce, Prime Rate of Interest Plus 0.5% But Not Less Than 4.75%, Due January 31, 2021 [Member] | Maximum [Member]    
Debt instrument interest rate 4.75% 4.75%
Note Payable to First Bank, Prime Rate of Interest Plus 1.45% but Not Less Than 4.95%, Monthly Principal and Interest Payment of $30,628, Due August 21, 2021, Secured by Production Equipment [Member]    
Debt instrument interest rate 1.45% 1.45%
Debt instrument maturity date Aug. 21, 2021 Aug. 21, 2021
Debt instrument principal and interest amount $ 30,628 $ 30,628
Note Payable to First Bank, Prime Rate of Interest Plus 1.45% but Not Less Than 4.95%, Monthly Principal and Interest Payment of $30,628, Due August 21, 2021, Secured by Production Equipment [Member] | Maximum [Member]    
Debt instrument interest rate 4.95% 4.95%
Term Loan Payable by Gre to International Bank of Commerce, Interest Rate of 5.5%, Monthly Principal and Interest Payment of $26,215, Due April 30, 2023 [Member]    
Debt instrument interest rate 5.50% 5.50%
Debt instrument maturity date Apr. 30, 2023 Apr. 30, 2023
Debt instrument principal and interest amount $ 26,215 $ 26,215
Note Payable to Robert Rosene, 7.5% Interest, Due January 15, 2021 [Member]    
Debt instrument interest rate 7.50% 7.50%
Debt instrument maturity date Jan. 15, 2021 Jan. 15, 2020
Note Payable to Yorktown Management & Financial Services, LLC, Paid in Full in February 2019 [Member]    
Debt instrument maturity date Feb. 28, 2019 Feb. 28, 2019
XML 46 R35.htm IDEA: XBRL DOCUMENT v3.19.1
Capital Leases (Details Narrative) - USD ($)
 9 Months Ended
Dec. 21, 2018
Aug. 02, 2018
Feb. 24, 2018
Aug. 07, 2016
Feb. 28, 2019
Feb. 28, 2018
May 31, 2018
Capital expenditure on fixed assets         $ 13,227,122    
Monthly lease payment         8,686,000    
Net book value of production equipment         968,168 $ 3,000  
Capital leases carrying amount         7,480,097   $ 3,893,814
Amortization         $ 776,000 $ 402,000  
Yorktown Production Equipment [Member]              
Lease maturity date         Dec. 27, 2023    
Net book value of production equipment         $ 968,168    
Payments of monthly rental fees         7,695    
Bargain purchase option amount         10,000    
Yorktown Production Equipment [Member] | Initial Thirty Six Months [Member]              
Payments of monthly rental fees         27,915    
Five and Three-Year Lease Agreements [Member]              
Capital expenditure on fixed assets         12,200,000    
Capital leases carrying amount         $ 13,227,122    
Three-Year Lease Agreement [Member] | Agreement A [Member]              
Lease bears interest rate       5.00%      
Lease maturity date       Aug. 07, 2019      
Lease payment per invoice rate         $ 6.25    
Monthly lease payment         $ 180,000    
Five-Year Lease Agreement [Member] | Agreement B [Member]              
Lease bears interest rate 7.40% 7.40% 7.40%        
Lease maturity date Dec. 20, 2023 Aug. 01, 2023 Feb. 23, 2023        
Lease payment per invoice rate         $ 3.32    
Monthly lease payment         $ 144,000    
XML 47 R36.htm IDEA: XBRL DOCUMENT v3.19.1
Capital Leases - Schedule of Non-cancellable Capital Leases (Details) - USD ($)
Feb. 28, 2019
May 31, 2018
Leases [Abstract]    
Non-cancellable capital leases $ 7,480,097 $ 3,893,814
Less: Current portion (1,948,191) (2,160,807)
Non-cancelable capital leases, net of current portion $ 5,531,906 $ 1,733,007
XML 48 R37.htm IDEA: XBRL DOCUMENT v3.19.1
Capital Leases - Schedule of Future Minimum Lease Payments Under Non-cancellable Capital Leases (Details)
Feb. 28, 2019
USD ($)
Leases [Abstract]  
Twelve months ended February 29, 2020 $ 2,435,000
Twelve months ended February 28, 2021 2,063,000
Twelve months ended February 28, 2022 2,023,000
Twelve months ended February 28, 2023 2,165,000
Total lease payments 8,686,000
Imputed interest 1,205,903
Present value of minimum lease payments $ 7,480,097
XML 49 R38.htm IDEA: XBRL DOCUMENT v3.19.1
Deferred Revenue (Details Narrative)
 9 Months Ended
Feb. 28, 2019
USD ($)
Revenue Recognition and Deferred Revenue [Abstract]  
Recognized revenue $ 4,252,500
XML 50 R39.htm IDEA: XBRL DOCUMENT v3.19.1
Revenue and Revenue Recognition (Details Narrative) - Canada and Mexico [Member] - USD ($)
 9 Months Ended
Feb. 28, 2019
Feb. 28, 2018
Fiscal Year 2019 [Member]    
International sales $ 408,499  
Fiscal Year 2018 [Member]    
International sales   $ 527,750
XML 51 R40.htm IDEA: XBRL DOCUMENT v3.19.1
Revenue and Revenue Recognition - Schedule of Sale of Revenues for Customer Categories (Details)
 9 Months Ended
Feb. 28, 2019
Feb. 28, 2018
Total 99.00% 98.00%
Major Customers (End Users) [Member]    
Total 85.00% 76.00%
Distributors [Member]    
Total 14.00% 22.00%
XML 52 R41.htm IDEA: XBRL DOCUMENT v3.19.1
Concentrations, Risks and Uncertainties (Details Narrative) - USD ($)
 9 Months Ended
Feb. 28, 2019
Feb. 28, 2018
Concentration risk percentage 99.00% 98.00%
Indebted amount $ 4,467,330  
Maturity date Jan. 15, 2021  
Fiscal Year 2019 [Member]    
Repurchase of damages from customers $ 1,249,653  
Fiscal Year 2018 [Member]    
Repurchase of damages from customers $ 1,200,335  
Sales Revenue, Net [Member] | Three Customers [Member] | Fiscal Year 2019 [Member]    
Concentration risk percentage 85.00%  
Sales Revenue, Net [Member] | Three Customers [Member] | Fiscal Year 2018 [Member]    
Concentration risk percentage   76.00%
XML 53 R42.htm IDEA: XBRL DOCUMENT v3.19.1
Commitments (Details Narrative)
 9 Months Ended
Feb. 28, 2019
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
Commitments for acquisition of equipment $ 945,000
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