Revenue

12 Months Ended

May 31, 2019

Revenue Recognition and Deferred Revenue [Abstract]

Revenue

Note 6. REVENUE

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 $540,969 and $408,499 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 fiscal years 2019 and 2018, respectively, were as follows:

Category	2019			2018
Major customers (end users)		86	%		78	%
Distributors		14	%		22	%

Advances from a customer pursuant to a contract for the sale of plastics pallets is recognized as deferred revenue. Revenue is recognized by Greystone as pallets are shipped to the customer. Customer advances totaled $3,161,118 and $4,595,034 in fiscal years 2019 and 2018, respectively. The unrecognized balance of deferred revenue at May 31, 2019 and 2018, was $2,201,067 and $3,404,334, respectively. The Company recognized $3,404,334 into revenue during the year ended May 31, 2019, related to customer advances which were recorded at May 31, 2018.