0001493152-20-000629.txt : 20200115 0001493152-20-000629.hdr.sgml : 20200115 20200115163058 ACCESSION NUMBER: 0001493152-20-000629 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 59 CONFORMED PERIOD OF REPORT: 20191130 FILED AS OF DATE: 20200115 DATE AS OF CHANGE: 20200115 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: 20528564 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 November 30, 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 15^th 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 every Interactive Data File required to be submitted 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, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

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

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]

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: January 10, 2020 - 28,361,201

GREYSTONE LOGISTICS, INC.

FORM 10-Q

For the Period Ended November 30, 2019

		Page
PART I. FINANCIAL INFORMATION

Item 1.	Financial Statements

	Consolidated Balance Sheets (Unaudited) As of November 30, 2019 and May 31, 2019	1

	Consolidated Statements of Income (Unaudited) For the Six Months Ended November 30, 2019 and 2018	2

	Consolidated Statements of Income (Unaudited) For the Three Months Ended November 30, 2019 and 2018	3

	Consolidated Statements of Changes in Equity (Unaudited) For the Six Months Ended November 30, 2019 and 2018	4

	Consolidated Statements of Cash Flows (Unaudited) For the Six Months Ended November 30, 2019 and 2018	5

	Notes to Consolidated Financial Statements (Unaudited)	6

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	16

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	21

Item 4.	Controls and Procedures	21

PART II. OTHER INFORMATION

Item 1.	Legal Proceedings	21

Item 1A.	Risk Factors	21

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	21

Item 3.	Defaults Upon Senior Securities	21

Item 4.	Mine Safety Disclosures	21

Item 5.	Other Information	22

Item 6.	Exhibits	22

SIGNATURES		23

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements.

Greystone Logistics, Inc. and Subsidiaries

Consolidated Balance Sheets

(Unaudited)

	November 30, 2019			May 31, 2019
Assets
Current Assets:
Cash	$	1,580,845		$	1,255,408
Accounts receivable -
Trade		4,391,278			6,320,875
Related parties		103,834			50,320
Inventory		3,692,991			2,620,991
Prepaid expenses		99,978			239,146
Total Current Assets		9,868,926			10,486,740
Property, Plant and Equipment, net		32,413,476			32,680,472

Total Assets	$	42,282,402		$	43,167,212

Liabilities and Equity
Current Liabilities:
Current portion of long-term debt	$	3,442,269		$	3,030,630
Current portion of financing leases		2,111,028			1,516,629
Current portion of operating leases		72,144			58,236
Accounts payable and accrued liabilities		7,442,317			6,520,721
Deferred revenue		1,514,495			2,201,067
Preferred dividends payable		102,637			112,192
Total Current Liabilities		14,684,890			13,439,475
Long-Term Debt, net of current portion		17,905,736			19,629,148
Financing Leases, net of current portion		3,732,262			5,238,190
Operating Leases, net of current portion		146,489			122,558
Deferred Tax Liability		1,246,642			926,642
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		(50,361,999	)		(51,108,677	)
Total Greystone Stockholders’ Equity		3,431,606			2,684,928
Non-controlling interest		1,134,777			1,126,271
Total Equity		4,566,383			3,811,199

Total Liabilities and Equity	$	42,282,402		$	43,167,212

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

Greystone Logistics, Inc.

Consolidated Statements of Income

(Unaudited)

	For the Six Months Ended November 30,
	2019			2018

Sales	$	38,167,971		$	32,939,240

Cost of Sales		33,656,973			28,801,518

Gross Profit		4,510,998			4,137,722

Selling, General and Administrative Expenses		2,190,228			1,792,741

Operating Income		2,320,770			2,344,981

Other Income (Expense):
Other income		4,913			5,290
Interest expense		(913,699	)		(848,318	)

Income before Income Taxes		1,411,984			1,501,953
Provision for Income Taxes		320,000			440,100
Net Income		1,091,984			1,061,853

Income Attributable to Non-controlling Interest		(130,306	)		(123,527	)

Preferred Dividends		(215,000	)		(208,045	)

Net Income Attributable to Common Stockholders	$	746,678		$	730,281

Income Per Share of Common Stock -
Basic and Diluted	$	0.03		$	0.03
Weighted Average Shares of Common Stock Outstanding -
Basic		28,361,201			28,361,201
Diluted		29,005,432			29,009,949

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

Greystone Logistics, Inc.

Consolidated Statements of Income

(Unaudited)

	For the Three Months Ended November 30,
	2019			2018
Sales	$	19,503,462		$	14,733,130

Cost of Sales		17,353,239			13,041,366

Gross Profit		2,150,223			1,691,764

Selling, General and Administrative Expenses		1,112,630			853,650

Operating Income		1,037,593			838,114

Other Income (Expense):
Other income		2,880			3,021
Interest expense		(432,788	)		(435,690	)
Income before Income Taxes		607,685			405,445
Provision for Income Taxes		135,000			108,500
Net Income		472,685			296,945

Income Attributable to Non-controlling Interest		(65,620	)		(62,952	)
Preferred Dividends		(102,637	)		(105,100	)

Net Income Attributable to Common Stockholders	$	304,428		$	128,893

Income Per Share of Common Stock -
Basic and Diluted	$	0.01		$	0.00
Weighted Average Shares of Common Stock Outstanding -
Basic		28,361,201			28,361,201
Diluted		29,001,160			29,018,262

The accompanying notes are an integral part of these consolidated financial

Greystone Logistics, Inc. and Subsidiaries

Consolidated Statements of Changes in Equity

For the Six Months Ended November 30, 2019 and 2018

(Unaudited)

														Total
									Additional					Greystone			Non-
	Preferred Stock				Common Stock				Paid-in		Accumulated			Stockholders’			controlling			Total
	Shares		Amount		Shares		Amount		Capital		Deficit			Equity			Interest			Equity
Balances, May 31, 2019		50,000	$	5		28,361,201	$	2,836	$	53,790,764	$	(51,108,677	)	$	2,684,928		$	1,126,271		$	3,811,199
Cash distributions		-		-		-		-		-		-			-			(52,200	)		(52,200	)
Preferred dividends, $2.25/share		-		-		-		-		-		(112,363	)		(112,363	)		-			(112,363	)
Net income		-		-		-		-		-		554,613			554,613			64,686			619,299
Balances, August 31, 2019		50,000		5		28,361,201		2,836		53,790,764		(50,666,427	)		3,127,178			1,138,757			4,265,935
Cash distributions		-		-		-		-		-		-			-			(69,600	)		(69,600	)
Preferred dividends, $2.05/share		-		-		-		-		-		(102,637	)		(102,637	)		-			(215,000	)
Net income		-		-		-		-		-		407,065			407,065			65,620			472,685
Balances, November 30, 2019		50,000	$	5		28,361,201	$	2,836	$	53,790,764	$	(50,361,999	)	$	3,431,606		$	1,134,777		$	4,566,383

Balances, May 31, 2018		50,000	$	5		28,361,201	$	2,836	$	53,790,764	$	(52,485,313	)	$	1,308,292		$	1,085,155		$	2,393,447
Cash distributions		-		-		-		-		-		-			-			(51,000	)		(51,000	)
Preferred dividends, $2.06/share		-		-		-		-		-		(102,945	)		(102,945	)		-			(102,945	)
Net income		-		-		-		-		-		704,333			704,333			60,575			764,908
Balances, August 31, 2018		50,000		5		28,361,201		2,836		53,790,764		(51,883,925	)		1,909,680			1,094,730			3,004,410
Cash distributions		-		-		-		-		-		-			-			(51,000	)		(51,000	)
Preferred dividends, $2.10/share		-		-		-		-		-		(105,100	)		(105,100	)		-			(105,100	)
Net income		-		-		-		-		-		233,993			233,993			62,952			296,945
Balances, November 30, 2018		50,000	$	5		28,361,201	$	2,836	$	53,790,764	$	(51,755,032	)	$	2,038,573		$	1,106,682		$	3,145,255

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

Greystone Logistics, Inc. and Subsidiaries

Consolidated Statements of Cash Flows

(Unaudited)

	For the Six Months Ended November 30,
	2019			2018
Cash Flows from Operating Activities:
Net income	$	1,091,984		$	1,061,853
Adjustments to reconcile net income to net cash provided by operating activities -
Depreciation and amortization		2,560,516			2,178,499
Deferred tax expense		320,000			440,100
Decrease in trade accounts receivable		1,929,597			2,591,083
Increase in related party receivables		(53,514	)		(41,262	)
Increase in inventory		(1,072,000	)		(2,298,739	)
Decrease in prepaid expenses		139,168			159,246
Increase in accounts payable and accrued liabilities		687,310			2,272,400
Decrease in deferred revenue		(686,572	)		(2,846,745	)
Net cash provided by operating activities		4,916,489			3,516,435

Cash Flows from Investing Activities:
Purchases of property and equipment		(2,018,815	)		(5,308,802	)

Cash Flows from Financing Activities:
Proceeds from long-term debt		672,000			3,514,265
Principal payments on long-term debt and financing leases		(2,390,138	)		(2,321,590	)
Proceeds from revolving loan		690,000			2,421,000
Principal payments on revolving loan		(972,000	)		(1,300,000	)
Principal payments on related party note payable and financing lease		(222,384	)		(122,501	)
Payments for debt issuance costs		(3,360	)		-
Dividends paid on preferred stock		(224,555	)		(102,945	)
Distributions paid by non-controlling interest		(121,800	)		(102,000	)
Net cash provided by (used in) financing activities		(2,572,237	)		1,986,229
Net Increase in Cash		325,437			193,862
Cash, beginning of period		1,255,408			379,632
Cash, end of period	$	1,580,845		$	573,494
Non-cash Activities:
Acquisition of equipment by capital lease	$	-		$	2,333,333
Capital expenditures in accounts payable	$	507,851		$	110,182
Preferred dividend accrual	$	102,637		$	105,100
Supplemental information:
Interest paid	$	913,992		$	828,706

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

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 November 30, 2019 and the results of its operations and cash flows for the six months and three months ended November 30, 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, 2019 and the notes thereto included in Greystone’s Form 10-K for such period. The results of operations for the six months and three months ended November 30, 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 for the six months and three months ended November 30 are as follows:

	2019		2018

Preferred stock convertible into common stock		3,333,333		3,333,333

The following tables set forth the computation of basic and diluted earnings per share:

For the six months ended November 30, 2019 and 2018:

	2019		2018
Numerator -
Net income attributable to common stockholders	$	746,678	$	730,281
Denominator -
Weighted-average shares outstanding - basic		28,361,201		28,361,201
Incremental shares from assumed conversion of options and warrants		644,231		648,748
Diluted shares		29,005,432		29,009,949
Income per share -
Basic and Diluted	$	0.03	$	0.03

For the three months ended November 30, 2019 and 2018:

	2019		2018
Numerator -
Net income attributable to common stockholders	$	304,428	$	128,893
Denominator -
Weighted-average shares outstanding - basic		28,361,201		28,361,201
Incremental shares from assumed conversion of options and warrants		639,959		657,061
Diluted shares		29,001,160		29,018,262
Income per share -
Basic and Diluted	$	0.01	$	0.00

Note 3. Inventory

Inventory consists of the following:

	November 30, 2019		May 31, 2019
Raw materials	$	1,701,839	$	1,295,991
Finished goods		1,991,152		1,325,000
Total inventory	$	3,692,991	$	2,620,991

Note 4. Property, Plant and Equipment

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

	November 30, 2019			May 31, 2019
Production machinery and equipment	$	47,323,256		$	45,645,910
Plant buildings and land		6,724,513			6,336,855
Leasehold improvements		1,129,474			979,890
Furniture and fixtures		601,586			563,074
Right-to-use assets under operating leases		218,634			180,794
		55,997,463			53,706,523

Less: Accumulated depreciation and amortization		(23,583,987	)		(21,026,051	)

Net Property, Plant and Equipment	$	32,413,476		$	32,680,472

Production machinery and equipment includes right-to-use equipment capitalized pursuant to financing leases in the amount of $7,861,233 at November 30, 2019 and May 31, 2019. The financing leases all include an option to purchase which management anticipates exercising and, accordingly, the related equipment is being amortized over the estimated useful life 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 $923,063 at November 30, 2019 which have not been placed into service. Two plant buildings and land are owned by GRE, a variable interest entity (“VIE”), having a net book value of $2,838,613 at November 30, 2019.

Depreciation expense, including amortization expense related to right-to-use assets under financing leases, for the six months ended November 30, 2019 and 2018 was $2,557,936 and $2,131,971, 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 $27,500 for use of Yorktown’s grinding equipment and pelletizing equipment. Rental fees were $715,000 for the each of the six months ended November 30, 2019 and 2018.

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 $24,000 for each of the six months ended November 30, 2019 and 2018. At November 30, 2019, future minimum payments under the non-cancelable operating lease for the remaining three years are $48,000, $48,000, and $4,000.

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 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 six months ended November 30, 2019 and 2018 totaled $5,400 and $42,349, 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 $271,320 and $167,400 for the six months ended November 30, 2019 and 2018, respectively. The account receivable due from Green at November 30, 2019 was $96,900.

Note 6. Long-term Debt

Debt as of November 30, 2019 and May 31, 2019 is as follows:

	November 30, 2019			May 31, 2019
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	$	2,861,716		$	3,234,947

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, 2024		1,287,485			1,399,490

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		1,447,506			1,744,235

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		814,945			927,199

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		3,082,407			3,398,247

Term loan G payable to International Bank of Commerce, prime rate of interest plus 0.5% but not less than 5.25%, maturing April 30, 2024		858,375			876,934

Term loan H payable to International Bank of Commerce, prime rate of interest plus 0.5% but not less than 5.25%, maturing January 1, 2022		564,067			-

Revolving loan payable to International Bank of Commerce, prime rate of interest plus 0.5% but not less than 5.5%, due January 31, 2021		2,923,000			3,205,000

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		643,089			800,488

Term loan payable by GRE to International Bank of Commerce, interest rate of 5.5%, monthly principal and interest payment of $27,688, due April 30, 2023		2,362,662			2,461,116

Note payable to Robert Rosene, 7.5% interest, due January 15, 2021		4,340,285			4,426,631

Other		200,934			223,177
Total long-term debt		21,386,471			22,697,464
Debt issuance costs, net of amortization		(38,466	)		(37,686	)
Total debt, net of debt issuance costs		21,348,005			22,659,778
Less: Current portion of long-term debt		(3,442,269	)		(3,030,630	)
Long-term debt, net of current portion	$	17,905,736		$	19,629,148

The prime rate of interest as of November 30, 2019 was 4.75%.

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 July 1, 2019, the Borrowers and IBC entered into the Tenth Amendment to the IBC Loan Agreement providing for Term Loan H in the amount of $672,000 with a maturity date of January 1, 2022, for the procurement of production equipment.

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 February 29, 2016 (currently $77,550 per month), (ii) Term Loan C over a seven-year period beginning November 30, 2017 (currently $25,205 per month) and (iii) Term Loan D over a four-year period beginning February 10, 2019 (currently $57,469 per month), (iv) Term Loan E over a four-year period beginning February 10, 2019 (currently $23,060 per month), (v) Term Loan F over a five-year period beginning February 28, 2019 (currently $68,849 per month), (vi) Term Loan G over a fifteen-year period beginning April 30, 2019 (currently $7,466 per month) and (vii) Term Loan H over 30 months beginning August 1, 2019 (currently $24,203 per month). 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, as amended, provides a revolving loan in an aggregate principal amount of up to $4,000,000 (the “Revolving Loan”). The amount which can be borrowed from time to time is dependent upon the amount of the borrowing base not to exceed $4,000,000. The Revolving Loan bears interest at the greater of the prime rate of interest plus 0.5%, or 5.50% 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 November 30, 2019, Greystone was not in compliance with this debt service coverage ratio. IBC has issued a waiver, dated January 14, 2020, 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 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 November 30, 2019 was $4,340,285.

Maturities

Maturities of Greystone’s long-term debt for the five years subsequent to November 30, 2019 are $3,442,269, $12,683,643, $1,919,583, $2,416,434 and $924,542.

Note 7. Leases

Financing Leases

Financing leases as of November 30, 2019 and May 31, 2019:

	November 30, 2019			May 31, 2019
Non-cancellable financing leases	$	5,843,290		$	6,754,819
Less: Current portion		(2,111,028	)		(1,516,629	)
Non-cancellable financing leases, net of current portion	$	3,732,262		$	5,238,190

Greystone and an unrelated private company entered into three lease agreements for certain production equipment with a total cost of approximately $6.9 million which were effective February 24, 2018, August 2, 2018 and December 21, 2018, respectively, with five-year terms and a capitalized interest rate of 7.4%. Each of the lease agreements include a bargain purchase option to acquire the production equipment at the end of the lease term. The leased equipment is principally used to produce pallets for the private company. Lease payments are made as a credit on the sales invoice at the rate of $3.32 for each pallet produced and shipped from the respective leased equipment. The estimated aggregate monthly rental payments are approximately $178,000. The rent payments can vary each month depending on the quantity of pallets produced from each machine. Due to improvements in the production process, pallet production has increased since May 31, 2019 thereby resulting in an increase in the estimated aggregate future rental payments. The lease agreements 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 28, 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, 2022. The lease agreement has a $10,000 purchase option at the end of the lease.

The production equipment under the non-cancelable financing leases has a gross carrying amount of $7,861,233 at November 30, 2019. Amortization of the carrying amount of approximately $416,000 and $449,000 was included in depreciation expense for the six months ended November 30, 2019 and 2018, respectively.

Operating Leases

Greystone recognize a lease liability for each lease based on the present value of remaining minimum fixed rental payments, using a discount rate that approximates the rate of interest for a collateralized loan over a similar term. A right-of-use asset, reported in property, plant and equipment on the consolidated balance sheets, is recognized for each lease, valued at the lease liability. Minimum fixed rental payments are recognized on a straight-line basis over the life of the lease as costs and expenses on the consolidated statement of income. Variable and short-term rental payments are recognized as costs and expenses as they are incurred.

Greystone has three non-cancellable operating leases for (i) equipment with a fifty-two month term and a forty-eight month term and a discount rate of 5.40% and (ii) office space on a sixty month term and a discount rate of 5.0%. The leases are single-term with constant monthly rental rates.

Lease Summary Information

For the six months ended November 30, 2019 and 2018:

	2019			2018
Lease Expense
Financing lease expense -
Amortization of right-of-use assets	$	416,000		$	449,000
Interest on lease liabilities		220,255			126,514
Operating lease expense		39,650			24,000
Short-term lease expense		797,835			749,843
Total	$	1,473,740		$	1,349,357

Other Information
Cash paid for amounts included in the measurement of lease liabilities for finance leases -
Operating cash flows	$	220,255		$	126,514
Financing cash flows	$	911,529		$	1,333,699
Cash paid for amounts included in the measurement of lease liabilities for operating leases -
Operating cash flows	$	39,650		$	24,000
Right-of-use assets obtained in exchange for lease liabilities -
Financing leases	$	-		$	2,333,333
Operating leases	$	67,750		$	-
Weighted-average remaining lease term (in years) -
Financing leases		3.2			3.4
Operating leases		3.5			3.1
Weighted-average discount rate -
Financing leases		7.1	%		7.0	%
Operating leases		5.3	%		5.0	%

Future minimum lease payments under non-cancelable leases as of November 30, 2019, are approximately:

	Financing Leases		Operating Leases
Twelve months ended November 30, 2020	$	2,471,000	$	81,881
Twelve months ended November 30, 2021		2,471,000		81,881
Twelve months ended November 30, 2022		1,506,000		37,881
Twelve months ended November 30, 2023		-		27,751
Twelve months ended November 30, 2024		-		9,037
Total future minimum lease payments		6,448,000		238,431
Present value discount		604,710		19,798
Present value of minimum lease payments	$	5,843,290	$	218,633

Note 8. Deferred Revenue

Advances from a customer pursuant to a contract for the sale of plastic pallets is recognized as deferred revenue. Revenue is recognized by Greystone as pallets are shipped to the customer(s). Customer advances totaled $-0- and $3,280,500 during the six months ended November 30, 2019 and 2018, respectively. Revenue recognition from customer advances during the six months ended November 30, 2019 was $686,572. The unrecognized balance of deferred revenue at November 30, 2019 and May 31, 2019, was $1,514,495 and $2,201,067, respectively.

Note 9. Revenue and Revenue Recognition

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.

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 $1,803,000 and $291,000 in fiscal years 2020 and 2019, 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 six months ended November 30, 2019 and 2018, respectively, were as follows:

Category	2019			2018
End Users – Major Customers		88	%		84	%
End Users - Other		1	%		2	%
Distributors		11	%		14	%

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 88% and 84% of its total sales from four customers (three in fiscal year 2019) in fiscal years 2020 and 2019, 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 $1,019,279 and $814,764 in fiscal years 2020 and 2019, 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 November 30, 2019, Greystone is indebted to Mr. Rosene in the amount of $4,340,285 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. Commitments

At November 30, 2019, Greystone had commitments totaling $2,468,000 toward the purchase of production equipment.

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 2020 refer to the six months and three months ended November 30, 2019. References to fiscal year 2019 refer to the six months and three months ended November 30, 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 personnel includes both full-time employees and temporary contract personnel. Temporary personnel train for ninety days and, if appropriate, hired as full-time. Greystone had approximately 268 and 185 full-time employees as of November 30, 2019 and 2018, respectively. In addition, temporary personnel totaled 145 and 107 as of November 30, 2019 and 2018, respectively.

Six Months Ended November 30, 2019 Compared to Six Months Ended November 30, 2018

Sales

Sales for fiscal year 2020 were $38,167,971 compared to $32,939,240 in fiscal year 2019 for an increase of $5,228,731, or 16%. The increase in pallet sales in fiscal year 2020 over 2019 was primarily attributable to the sales growth within Greystone’s largest customers which included a new customer in fiscal year 2020.

Sales to Greystone’s four (three in fiscal year 2019) largest customers accounted for approximately 88% and 84% of sales in fiscal years 2020 and 2019, 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 2020 was $33,656,973, or 88% of sales, compared to $28,801,518, or 87% of sales, in fiscal year 2019. During the last two months of the six months ended November 30, 2019, Greystone achieved (i) significant improvements in pallet production as a result of installation of hardware and software to improve the flow of resin into molds on two injection molding machines and (ii) completion of the installation of an additional pelletizing line which increased Greystone’s capacity for pelletizing thereby resulting in a cost savings over purchasing plastic in pelletized form.

Initiatives to facilitate and continue improvements to the ratio of cost of sales to sales include resolution on production issues on certain machines and molds, hardware and software to improve resin mold flow on remaining injection molding machines, installation of an additional grinding machine allowing the purchase of lower-priced unprocessed recycled plastic, and completion of installation for robotics on two production lines. Greystone plans to complete the remaining initiatives throughout the year ending May 31, 2020.

Selling, General and Administrative Expenses

Selling, general and administrative expenses were $2,190,228, or 6% of sales, in fiscal year 2020 compared to $1,792,741, or 5% of sales, for an increase of $397,487 or 22%. The increase in fiscal year 2020 over fiscal year 2019 results principally from increased costs for administrative personnel. The selling, general and administrative are estimated to increase proportionately with increases in sales.

Other Income (Expenses)

Other income was $4,913 in fiscal year 2020 compared to $5,290 in fiscal year 2019.

Interest expense was $913,699 in fiscal year 2020 compared to $848,318 in fiscal year 2019 for an increase of $65,381. The prime rate of interest declined from 5.50% at May 31, 2019 to 4.75% at November 30, 2019. The weighted average prime rate of interest was 5.19% compared to 5.07% for the six months ended November 30, 2019 and 2018, respectively.

Provision for Income Taxes

The provision for income taxes was $320,000 and $440,100 in fiscal years 2020 and 2019, respectively. The effective tax rate differs from federal statutory rates due to net income from GRE which, as a limited liability company of which Greystone has no equity ownership, is not taxed at the corporate level, charges which have no tax benefit and changes in the valuation allowance.

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 $1,091,984 in fiscal year 2020 compared to $1,061,853 in fiscal year 2019 primarily for the reasons discussed above.

Net Income Attributable to Common Stockholders

The net income attributable to common stockholders for fiscal year 2020 was $746,678, or $0.03 per share, compared $730,281, or $0.03 per share, in fiscal year 2019 primarily for the reasons discussed above.

Three Months Ended November 30, 2019 Compared to Three Months Ended November 30, 2018

Sales

Sales for fiscal year 2020 were $19,503,462 compared to $14,733,130 in fiscal year 2019 for an increase of $4,770,332, or 32%. The increase in pallet sales in fiscal year 2020 over 2019 was primarily due to the sales growth within Greystone’s largest customers which included a new customer in fiscal year 2020.

Sales to Greystone’s four (three in fiscal year 2019) largest customers accounted for approximately 88% and 85% of sales in fiscal years 2020 and 2019, 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 2020 was $17,353,239, or 89% of sales, compared to $13,041,366, or 89% of sales, in fiscal year 2019. During the last two months of the six months ended November 30, 2019, Greystone achieved (i) significant improvement in pallet production per machine as a result of installation of hardware and software to improve the flow of resin into molds on two injection molding machines and (ii) completion of the installation of an additional pelletizing line which increased Greystone’s capacity for pelletizing thereby resulting in a cost savings over purchasing plastic in pelletized form.

Selling, General and Administrative Expenses

Selling, general and administrative expenses were $1,112,630, or 6% of sales, in fiscal year 2020 compared to $853,650, or 7% of sales, for an increase of $258,980 or 30%. The increase in fiscal year 2020 over fiscal year 2019 results principally from increased costs for administrative personnel. The selling, general and administrative are estimated to increase proportionately with increases in sales.

Other Income (Expenses)

Other income was $2,880 in fiscal year 2020 compared to $3,021 in fiscal year 2019.

Interest expense was $432,788 in fiscal year 2020 compared to $435,690 in fiscal year 2019 for a decrease of $2,902. The prime rate of interest declined from 5.25% at August 31, 2019 to 4.75% at November 30, 2019. The weighted average prime rate of interest was 4.96% compared to 5.18% for the three months ended November 30, 2018.

Provision for Income Taxes

The provision for income taxes was $135,000 and $108,500 in fiscal years 2020 and 2019, respectively. The effective tax rate differs from federal statutory rates due to net income from GRE which, as a limited liability company of which Greystone has no equity ownership, is not taxed at the corporate level, charges which have no tax benefit and changes in the valuation allowance.

Net Income

Greystone recorded net income of $472,685 in fiscal year 2020 compared to $296,945 in fiscal year 2019 primarily for the reasons discussed above.

Net Income Attributable to Common Stockholders

The net income attributable to common stockholders for fiscal year 2020 was $304,428, or $0.01 per share, compared $128,893, or $0.00 per share, in fiscal year 2019 primarily for the reasons discussed above.

Liquidity and Capital Resources

A summary of cash flows for the six months ended November 30, 2019 is as follows:

Cash provided by operating activities	$	4,916,489

Cash used in investing activities	$	(2,018,815	)

Cash used in financing activities	$	(2,572,237	)

The contractual obligations of Greystone are as follows:

	Total		Less than 1 year		1-3 years		4-5 years		More than 5 years
Long-term debt	$	21,386,471	$	3,442,269	$	14,603,226	$	3,340,976	$	-
Financing lease rent	$	6,448,000	$	2,471,000	$	3,977,000	$	-	$	-
Operating lease rent	$	238,431	$	81,881	$	119,762	$	36,788	$	-
Commitments	$	2,468,000	$	2,468,000	$	-	$	-	$	-

Greystone had a working capital deficit of $(4,815,964) at November 30, 2019. To provide for the funding to meet Greystone’s operating activities and contractual obligations as of November 30, 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.

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, 2019, which was filed on August 29, 2019. 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.

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, 2019, 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 November 30, 2019.

During the six months ended November 30, 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.

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 November 30, 2019 and May 31, 2019, (ii) the Consolidated Statements of Income for the Six Months and Three months ended November 30, 2019 and 2018, (iii) the Consolidated Statements of Changes in Equity for the Six Months and Three Months ended November 30, 2019 and 2018, (iv) the Consolidated Statements of Cash Flows for the Six Months ended November 30, 2019 and 2018, and (v) the Notes to the Consolidated Financial Statements (submitted herewith).

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: January 15, 2020	/s/ Warren F. Kruger
	Warren F. Kruger, President and Chief
	Executive Officer (Principal Executive Officer)

Date: January 15, 2020	/s/ William W. Rahhal
	William W. Rahhal, Chief Financial Officer
	(Principal Financial Officer and Principal Accounting Officer)

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 November 30, 2019 and May 31, 2019, (ii) the Consolidated Statements of Income for the Six Months and Three months ended November 30, 2019 and 2018, (iii) the Consolidated Statements of Changes in Equity for the Six Months and Three months ended November 30, 2019 and 2018, (iv) the Consolidated Statements of Cash Flows for the Six Months ended November 30, 2019 and 2018, and (v) the Notes to the Consolidated Financial Statements (submitted herewith).

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

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.

January 15, 2020	/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

	(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.

January 15, 2020	/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 November 30, 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.

January 15, 2020	/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 November 30, 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.

January 15, 2020	/s/ William W. Rahhal
	William W. Rahhal
	Chief Financial Officer

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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Note 4. Property, Plant and Equipment   A summary of property, plant and equipment for Greystone is as follows:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">November 30, 2019</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">May 31, 2019</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 58%">Production machinery and equipment</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 18%; text-align: right">47,323,256</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 18%; text-align: right">45,645,910</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Plant buildings and land</td> <td> </td> <td> </td> <td style="text-align: right">6,724,513</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">6,336,855</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Leasehold improvements</td> <td> </td> <td> </td> <td style="text-align: right">1,129,474</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">979,890</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt">Furniture and fixtures</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">601,586</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">563,074</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Right-to-use assets under operating leases</td> <td> </td> <td> </td> <td style="text-align: right">218,634</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">180,794</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td> </td> <td style="text-align: right">55,997,463</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">53,706,523</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt">Less: Accumulated depreciation and amortization</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(23,583,987</td> <td style="padding-bottom: 1.5pt">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(21,026,051</td> <td style="padding-bottom: 1.5pt">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt">Net Property, Plant and Equipment</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">32,413,476</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">32,680,472</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>   Production machinery and equipment includes right-to-use equipment capitalized pursuant to financing leases in the amount of $7,861,233 at November 30, 2019 and May 31, 2019. The financing leases all include an option to purchase which management anticipates exercising and, accordingly, the related equipment is being amortized over the estimated useful life 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 $923,063 at November 30, 2019 which have not been placed into service. Two plant buildings and land are owned by GRE, a variable interest entity (“VIE”), having a net book value of $2,838,613 at November 30, 2019.   Depreciation expense, including amortization expense related to right-to-use assets under financing leases, for the six months ended November 30, 2019 and 2018 was $2,557,936 and $2,131,971, respectively.

Note 6. Long-term Debt   Debt as of November 30, 2019 and May 31, 2019 is as follows:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">November 30, 2019</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">May 31, 2019</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 58%">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</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 18%; text-align: right">2,861,716</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 18%; text-align: right">3,234,947</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>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, 2024</td> <td> </td> <td> </td> <td style="text-align: right">1,287,485</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">1,399,490</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>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</td> <td> </td> <td> </td> <td style="text-align: right">1,447,506</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">1,744,235</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>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</td> <td> </td> <td> </td> <td style="text-align: right">814,945</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">927,199</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>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</td> <td> </td> <td> </td> <td style="text-align: right">3,082,407</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">3,398,247</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Term loan G payable to International Bank of Commerce, prime rate of interest plus 0.5% but not less than 5.25%, maturing April 30, 2024</td> <td> </td> <td> </td> <td style="text-align: right">858,375</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">876,934</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Term loan H payable to International Bank of Commerce, prime rate of interest plus 0.5% but not less than 5.25%, maturing January 1, 2022</td> <td> </td> <td> </td> <td style="text-align: right">564,067</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Revolving loan payable to International Bank of Commerce, prime rate of interest plus 0.5% but not less than 5.5%, due January 31, 2021</td> <td> </td> <td> </td> <td style="text-align: right">2,923,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">3,205,000</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>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</td> <td> </td> <td> </td> <td style="text-align: right">643,089</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">800,488</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Term loan payable by GRE to International Bank of Commerce, interest rate of 5.5%, monthly principal and interest payment of $27,688, due April 30, 2023</td> <td> </td> <td> </td> <td style="text-align: right">2,362,662</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">2,461,116</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Note payable to Robert Rosene, 7.5% interest, due January 15, 2021</td> <td> </td> <td> </td> <td style="text-align: right">4,340,285</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">4,426,631</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt">Other</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">200,934</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">223,177</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Total long-term debt</td> <td> </td> <td> </td> <td style="text-align: right">21,386,471</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">22,697,464</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt">Debt issuance costs, net of amortization</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(38,466</td> <td style="padding-bottom: 1.5pt">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(37,686</td> <td style="padding-bottom: 1.5pt">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Total debt, net of debt issuance costs</td> <td> </td> <td> </td> <td style="text-align: right">21,348,005</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">22,659,778</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt">Less: Current portion of long-term debt</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(3,442,269</td> <td style="padding-bottom: 1.5pt">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(3,030,630</td> <td style="padding-bottom: 1.5pt">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt">Long-term debt, net of current portion</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">17,905,736</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">19,629,148</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>   The prime rate of interest as of November 30, 2019 was 4.75%.   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 July 1, 2019, the Borrowers and IBC entered into the Tenth Amendment to the IBC Loan Agreement providing for Term Loan H in the amount of $672,000 with a maturity date of January 1, 2022, for the procurement of production equipment.   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 February 29, 2016 (currently $77,550 per month), (ii) Term Loan C over a seven-year period beginning November 30, 2017 (currently $25,205 per month) and (iii) Term Loan D over a four-year period beginning February 10, 2019 (currently $57,469 per month), (iv) Term Loan E over a four-year period beginning February 10, 2019 (currently $23,060 per month), (v) Term Loan F over a five-year period beginning February 28, 2019 (currently $68,849 per month), (vi) Term Loan G over a fifteen-year period beginning April 30, 2019 (currently $7,466 per month) and (vii) Term Loan H over 30 months beginning August 1, 2019 (currently $24,203 per month). 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, as amended, provides a revolving loan in an aggregate principal amount of up to $4,000,000 (the “Revolving Loan”). The amount which can be borrowed from time to time is dependent upon the amount of the borrowing base not to exceed $4,000,000. The Revolving Loan bears interest at the greater of the prime rate of interest plus 0.5%, or 5.50% 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 November 30, 2019, Greystone was not in compliance with this debt service coverage ratio. IBC has issued a waiver, dated January 14, 2020, 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 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 November 30, 2019 was $4,340,285.   Maturities   Maturities of Greystone’s long-term debt for the five years subsequent to November 30, 2019 are $3,442,269, $12,683,643, $1,919,583, $2,416,434 and $924,542.

A summary of property, plant and equipment for Greystone is as follows:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">November 30, 2019</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">May 31, 2019</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 58%">Production machinery and equipment</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 18%; text-align: right">47,323,256</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 18%; text-align: right">45,645,910</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Plant buildings and land</td> <td> </td> <td> </td> <td style="text-align: right">6,724,513</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">6,336,855</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Leasehold improvements</td> <td> </td> <td> </td> <td style="text-align: right">1,129,474</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">979,890</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt">Furniture and fixtures</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">601,586</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">563,074</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Right-to-use assets under operating leases</td> <td> </td> <td> </td> <td style="text-align: right">218,634</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">180,794</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td> </td> <td style="text-align: right">55,997,463</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">53,706,523</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt">Less: Accumulated depreciation and amortization</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(23,583,987</td> <td style="padding-bottom: 1.5pt">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(21,026,051</td> <td style="padding-bottom: 1.5pt">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt">Net Property, Plant and Equipment</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">32,413,476</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">32,680,472</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>

Note 3. Inventory   Inventory consists of the following:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">November 30, 2019</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">May 31, 2019</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 58%">Raw materials</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 18%; text-align: right">1,701,839</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 18%; text-align: right">1,295,991</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt">Finished goods</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">1,991,152</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">1,325,000</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt">Total inventory</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">3,692,991</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">2,620,991</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>

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 $27,500 for use of Yorktown’s grinding equipment and pelletizing equipment. Rental fees were $715,000 for the each of the six months ended November 30, 2019 and 2018.   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 $24,000 for each of the six months ended November 30, 2019 and 2018. At November 30, 2019, future minimum payments under the non-cancelable operating lease for the remaining three years are $48,000, $48,000, and $4,000.   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 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 six months ended November 30, 2019 and 2018 totaled $5,400 and $42,349, 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 $271,320 and $167,400 for the six months ended November 30, 2019 and 2018, respectively. The account receivable due from Green at November 30, 2019 was $96,900.

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.

GREYSTONE LOGISTICS, INC. 10-Q 2019-11-30 false --05-31 Non-accelerated Filer 2020

Inventory consists of the following:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">November 30, 2019</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">May 31, 2019</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 58%">Raw materials</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 18%; text-align: right">1,701,839</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 18%; text-align: right">1,295,991</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt">Finished goods</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">1,991,152</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">1,325,000</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt">Total inventory</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">3,692,991</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">2,620,991</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>

Debt as of November 30, 2019 and May 31, 2019 is as follows:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">November 30, 2019</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">May 31, 2019</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 58%">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</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 18%; text-align: right">2,861,716</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 18%; text-align: right">3,234,947</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>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, 2024</td> <td> </td> <td> </td> <td style="text-align: right">1,287,485</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">1,399,490</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>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</td> <td> </td> <td> </td> <td style="text-align: right">1,447,506</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">1,744,235</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>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</td> <td> </td> <td> </td> <td style="text-align: right">814,945</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">927,199</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>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</td> <td> </td> <td> </td> <td style="text-align: right">3,082,407</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">3,398,247</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Term loan G payable to International Bank of Commerce, prime rate of interest plus 0.5% but not less than 5.25%, maturing April 30, 2024</td> <td> </td> <td> </td> <td style="text-align: right">858,375</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">876,934</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Term loan H payable to International Bank of Commerce, prime rate of interest plus 0.5% but not less than 5.25%, maturing January 1, 2022</td> <td> </td> <td> </td> <td style="text-align: right">564,067</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Revolving loan payable to International Bank of Commerce, prime rate of interest plus 0.5% but not less than 5.5%, due January 31, 2021</td> <td> </td> <td> </td> <td style="text-align: right">2,923,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">3,205,000</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>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</td> <td> </td> <td> </td> <td style="text-align: right">643,089</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">800,488</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Term loan payable by GRE to International Bank of Commerce, interest rate of 5.5%, monthly principal and interest payment of $27,688, due April 30, 2023</td> <td> </td> <td> </td> <td style="text-align: right">2,362,662</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">2,461,116</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Note payable to Robert Rosene, 7.5% interest, due January 15, 2021</td> <td> </td> <td> </td> <td style="text-align: right">4,340,285</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">4,426,631</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt">Other</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">200,934</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">223,177</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Total long-term debt</td> <td> </td> <td> </td> <td style="text-align: right">21,386,471</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">22,697,464</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt">Debt issuance costs, net of amortization</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(38,466</td> <td style="padding-bottom: 1.5pt">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(37,686</td> <td style="padding-bottom: 1.5pt">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Total debt, net of debt issuance costs</td> <td> </td> <td> </td> <td style="text-align: right">21,348,005</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">22,659,778</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt">Less: Current portion of long-term debt</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(3,442,269</td> <td style="padding-bottom: 1.5pt">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(3,030,630</td> <td style="padding-bottom: 1.5pt">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt">Long-term debt, net of current portion</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">17,905,736</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">19,629,148</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>

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2021-01-31

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Note 12. Commitments   At November 30, 2019, Greystone had commitments totaling $2,468,000 toward the purchase of production equipment.

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Note 11. Concentrations, Risks and Uncertainties   Greystone derived approximately 88% and 84% of its total sales from four customers (three in fiscal year 2019) in fiscal years 2020 and 2019, 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 $1,019,279 and $814,764 in fiscal years 2020 and 2019, 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 November 30, 2019, Greystone is indebted to Mr. Rosene in the amount of $4,340,285 for a note payable due January 15, 2021. There is no assurance that Mr. Rosene will renew the note as of the maturity date.

Yes false false

Sales to the following categories of customers for the six months ended November 30, 2019 and 2018, respectively, were as follows:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid; text-align: center">Category</td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2019</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2018</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 58%">End Users – Major Customers</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 18%; text-align: right">88</td> <td style="width: 1%">%</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 18%; text-align: right">84</td> <td style="width: 1%">%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>End Users - Other</td> <td> </td> <td> </td> <td style="text-align: right">1</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">2</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Distributors</td> <td> </td> <td> </td> <td style="text-align: right">11</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">14</td> <td>%</td></tr> </table>

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Borrowers are required to maintain a debt service coverage ratio of 1:25 to 1:00. 6500000

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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 November 30, 2019 and the results of its operations and cash flows for the six months and three months ended November 30, 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, 2019 and the notes thereto included in Greystone’s Form 10-K for such period. The results of operations for the six months and three months ended November 30, 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 for the six months and three months ended November 30 are as follows:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2019</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2018</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 62%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 16%; text-align: right"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 16%; text-align: right"> </td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt">Preferred stock convertible into common stock</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">3,333,333</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">3,333,333</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>   The following tables set forth the computation of basic and diluted earnings per share:   For the six months ended November 30, 2019 and 2018:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2019</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2018</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Numerator -</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 58%; padding-left: 10pt">Net income attributable to common stockholders</td> <td style="width: 1%"> </td> <td style="border-bottom: black 2.25pt double; width: 1%">$</td> <td style="border-bottom: black 2.25pt double; width: 18%; text-align: right">746,678</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="border-bottom: black 2.25pt double; width: 1%">$</td> <td style="border-bottom: black 2.25pt double; width: 18%; text-align: right">730,281</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Denominator -</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt">Weighted-average shares outstanding - basic</td> <td> </td> <td> </td> <td style="text-align: right">28,361,201</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">28,361,201</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt">Incremental shares from assumed conversion of options and warrants</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">644,231</td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">648,748</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt">Diluted shares</td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">29,005,432</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">29,009,949</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Income per share -</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt">Basic and Diluted</td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">0.03</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">0.03</td> <td> </td></tr> </table>   For the three months ended November 30, 2019 and 2018:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2019</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2018</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Numerator -</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 58%; padding-bottom: 2.5pt; padding-left: 10pt">Net income attributable to common stockholders</td> <td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double; width: 1%">$</td> <td style="border-bottom: black 2.25pt double; width: 18%; text-align: right">304,428</td> <td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double; width: 1%">$</td> <td style="border-bottom: black 2.25pt double; width: 18%; text-align: right">128,893</td> <td style="width: 1%; padding-bottom: 2.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Denominator -</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt">Weighted-average shares outstanding - basic</td> <td> </td> <td> </td> <td style="text-align: right">28,361,201</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">28,361,201</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt; padding-left: 10pt">Incremental shares from assumed conversion of options and warrants</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">639,959</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">657,061</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; padding-left: 10pt">Diluted shares</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">29,001,160</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">29,018,262</td> <td style="padding-bottom: 2.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Income per share -</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; padding-left: 10pt">Basic and Diluted</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">0.01</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">0.00</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>

Instruments which have an anti-dilutive effect for the six months and three months ended November 30 are as follows:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2019</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2018</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 62%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 16%; text-align: right"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 16%; text-align: right"> </td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt">Preferred stock convertible into common stock</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">3,333,333</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">3,333,333</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>

The following tables set forth the computation of basic and diluted earnings per share:   For the six months ended November 30, 2019 and 2018:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2019</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2018</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Numerator -</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 58%; padding-left: 10pt">Net income attributable to common stockholders</td> <td style="width: 1%"> </td> <td style="border-bottom: black 2.25pt double; width: 1%">$</td> <td style="border-bottom: black 2.25pt double; width: 18%; text-align: right">746,678</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="border-bottom: black 2.25pt double; width: 1%">$</td> <td style="border-bottom: black 2.25pt double; width: 18%; text-align: right">730,281</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Denominator -</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt">Weighted-average shares outstanding - basic</td> <td> </td> <td> </td> <td style="text-align: right">28,361,201</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">28,361,201</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt">Incremental shares from assumed conversion of options and warrants</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">644,231</td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">648,748</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt">Diluted shares</td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">29,005,432</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">29,009,949</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Income per share -</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt">Basic and Diluted</td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">0.03</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">0.03</td> <td> </td></tr> </table>   For the three months ended November 30, 2019 and 2018:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2019</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2018</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Numerator -</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 58%; padding-bottom: 2.5pt; padding-left: 10pt">Net income attributable to common stockholders</td> <td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double; width: 1%">$</td> <td style="border-bottom: black 2.25pt double; width: 18%; text-align: right">304,428</td> <td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double; width: 1%">$</td> <td style="border-bottom: black 2.25pt double; width: 18%; text-align: right">128,893</td> <td style="width: 1%; padding-bottom: 2.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Denominator -</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt">Weighted-average shares outstanding - basic</td> <td> </td> <td> </td> <td style="text-align: right">28,361,201</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">28,361,201</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt; padding-left: 10pt">Incremental shares from assumed conversion of options and warrants</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">639,959</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">657,061</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; padding-left: 10pt">Diluted shares</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">29,001,160</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">29,018,262</td> <td style="padding-bottom: 2.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Income per share -</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; padding-left: 10pt">Basic and Diluted</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">0.01</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">0.00</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>

Financing leases as of November 30, 2019 and May 31, 2019:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">November 30, 2019</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">May 31, 2019</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 56%; text-align: justify">Non-cancellable financing leases</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 19%; text-align: right">5,843,290</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 19%; text-align: right">6,754,819</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt; text-align: justify">Less: Current portion</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(2,111,028</td> <td style="padding-bottom: 1.5pt">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(1,516,629</td> <td style="padding-bottom: 1.5pt">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt">Non-cancellable financing leases, net of current portion</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">3,732,262</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">5,238,190</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>

For the six months ended November 30, 2019 and 2018:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2019</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2018</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Lease Expense</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Financing lease expense -</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 62%; padding-left: 10pt">Amortization of right-of-use assets</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 16%; text-align: right">416,000</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 16%; text-align: right">449,000</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt">Interest on lease liabilities</td> <td> </td> <td> </td> <td style="text-align: right">220,255</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">126,514</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Operating lease expense</td> <td> </td> <td> </td> <td style="text-align: right">39,650</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">24,000</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt">Short-term lease expense</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">797,835</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">749,843</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt">Total</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">1,473,740</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">1,349,357</td> <td style="padding-bottom: 2.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Other Information</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Cash paid for amounts included in the measurement of lease liabilities for finance leases -</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt">Operating cash flows</td> <td> </td> <td>$</td> <td style="text-align: right">220,255</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">126,514</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt">Financing cash flows</td> <td> </td> <td>$</td> <td style="text-align: right">911,529</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">1,333,699</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Cash paid for amounts included in the measurement of lease liabilities for operating leases -</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt">Operating cash flows</td> <td> </td> <td>$</td> <td style="text-align: right">39,650</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">24,000</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Right-of-use assets obtained in exchange for lease liabilities -</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt">Financing leases</td> <td> </td> <td>$</td> <td style="text-align: right">-</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">2,333,333</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt">Operating leases</td> <td> </td> <td>$</td> <td style="text-align: right">67,750</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">-</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Weighted-average remaining lease term (in years) -</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt">Financing leases</td> <td> </td> <td> </td> <td style="text-align: right">3.2</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">3.4</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt">Operating leases</td> <td> </td> <td> </td> <td style="text-align: right">3.5</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">3.1</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Weighted-average discount rate -</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt">Financing leases</td> <td> </td> <td> </td> <td style="text-align: right">7.1</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">7.0</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt">Operating leases</td> <td> </td> <td> </td> <td style="text-align: right">5.3</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">5.0</td> <td>%</td></tr> </table>

Future minimum lease payments under non-cancelable leases as of November 30, 2019, are approximately:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Financing Leases</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Operating Leases</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 62%; text-align: justify">Twelve months ended November 30, 2020</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 16%; text-align: right">2,471,000</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 16%; text-align: right">81,881</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Twelve months ended November 30, 2021</td> <td> </td> <td> </td> <td style="text-align: right">2,471,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">81,881</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify">Twelve months ended November 30, 2022</td> <td> </td> <td> </td> <td style="text-align: right">1,506,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">37,881</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Twelve months ended November 30, 2023</td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">27,751</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt; text-align: justify">Twelve months ended November 30, 2024</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">-</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">9,037</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Total future minimum lease payments</td> <td> </td> <td> </td> <td style="text-align: right">6,448,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">238,431</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt; text-align: justify">Present value discount</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">604,710</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">19,798</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; text-align: justify">Present value of minimum lease payments</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">5,843,290</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">218,633</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>

3333333

7861233

923063

P3Y6M

P12Y

P5Y

P52M

P48M

P60M

6900000 0.074

P5Y

968168

0.0540

0.050

416000

449000

220255

126514

39650

24000

797835

749843

715000

1473740

1349357

715000

4000

24000

911529

1333699

39650

24000

2333333

67750

P3Y4M24D

P3Y2M12D

P3Y1M6D

P3Y6M

0.070

0.071

0.050

0.053

604710

19798

218633

6754819

5843290

2201067 1514495

2021-01-15

644231

648748

639959

657061

2468000

Note 9. Revenue and Revenue Recognition   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.   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 $1,803,000 and $291,000 in fiscal years 2020 and 2019, 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 six months ended November 30, 2019 and 2018, respectively, were as follows:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid; text-align: center">Category</td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2019</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2018</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 58%">End Users – Major Customers</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 18%; text-align: right">88</td> <td style="width: 1%">%</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 18%; text-align: right">84</td> <td style="width: 1%">%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>End Users - Other</td> <td> </td> <td> </td> <td style="text-align: right">1</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">2</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Distributors</td> <td> </td> <td> </td> <td style="text-align: right">11</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">14</td> <td>%</td></tr> </table>

Note 8. Deferred Revenue   Advances from a customer pursuant to a contract for the sale of plastic pallets is recognized as deferred revenue. Revenue is recognized by Greystone as pallets are shipped to the customer(s). Customer advances totaled $-0- and $3,280,500 during the six months ended November 30, 2019 and 2018, respectively. Revenue recognition from customer advances during the six months ended November 30, 2019 was $686,572. The unrecognized balance of deferred revenue at November 30, 2019 and May 31, 2019, was $1,514,495 and $2,201,067, respectively.

48000

81881

48000

81881

4000

37881

5400

42349

2471000

1506000

6448000

27751

9037

238431

Note 7. Leases   Financing Leases   Financing leases as of November 30, 2019 and May 31, 2019:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">November 30, 2019</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">May 31, 2019</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 56%; text-align: justify">Non-cancellable financing leases</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 19%; text-align: right">5,843,290</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 19%; text-align: right">6,754,819</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt; text-align: justify">Less: Current portion</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(2,111,028</td> <td style="padding-bottom: 1.5pt">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(1,516,629</td> <td style="padding-bottom: 1.5pt">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt">Non-cancellable financing leases, net of current portion</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">3,732,262</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">5,238,190</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>   Greystone and an unrelated private company entered into three lease agreements for certain production equipment with a total cost of approximately $6.9 million which were effective February 24, 2018, August 2, 2018 and December 21, 2018, respectively, with five-year terms and a capitalized interest rate of 7.4%. Each of the lease agreements include a bargain purchase option to acquire the production equipment at the end of the lease term. The leased equipment is principally used to produce pallets for the private company. Lease payments are made as a credit on the sales invoice at the rate of $3.32 for each pallet produced and shipped from the respective leased equipment. The estimated aggregate monthly rental payments are approximately $178,000. The rent payments can vary each month depending on the quantity of pallets produced from each machine. Due to improvements in the production process, pallet production has increased since May 31, 2019 thereby resulting in an increase in the estimated aggregate future rental payments. The lease agreements 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 28, 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, 2022. The lease agreement has a $10,000 purchase option at the end of the lease.   The production equipment under the non-cancelable financing leases has a gross carrying amount of $7,861,233 at November 30, 2019. Amortization of the carrying amount of approximately $416,000 and $449,000 was included in depreciation expense for the six months ended November 30, 2019 and 2018, respectively.   Operating Leases   Greystone recognize a lease liability for each lease based on the present value of remaining minimum fixed rental payments, using a discount rate that approximates the rate of interest for a collateralized loan over a similar term. A right-of-use asset, reported in property, plant and equipment on the consolidated balance sheets, is recognized for each lease, valued at the lease liability. Minimum fixed rental payments are recognized on a straight-line basis over the life of the lease as costs and expenses on the consolidated statement of income. Variable and short-term rental payments are recognized as costs and expenses as they are incurred.   Greystone has three non-cancellable operating leases for (i) equipment with a fifty-two month term and a forty-eight month term and a discount rate of 5.40% and (ii) office space on a sixty month term and a discount rate of 5.0%. The leases are single-term with constant monthly rental rates.   Lease Summary Information   For the six months ended November 30, 2019 and 2018:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2019</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2018</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Lease Expense</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Financing lease expense -</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 62%; padding-left: 10pt">Amortization of right-of-use assets</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 16%; text-align: right">416,000</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 16%; text-align: right">449,000</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt">Interest on lease liabilities</td> <td> </td> <td> </td> <td style="text-align: right">220,255</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">126,514</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Operating lease expense</td> <td> </td> <td> </td> <td style="text-align: right">39,650</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">24,000</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt">Short-term lease expense</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">797,835</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">749,843</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt">Total</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">1,473,740</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">1,349,357</td> <td style="padding-bottom: 2.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Other Information</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Cash paid for amounts included in the measurement of lease liabilities for finance leases -</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt">Operating cash flows</td> <td> </td> <td>$</td> <td style="text-align: right">220,255</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">126,514</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt">Financing cash flows</td> <td> </td> <td>$</td> <td style="text-align: right">911,529</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">1,333,699</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Cash paid for amounts included in the measurement of lease liabilities for operating leases -</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt">Operating cash flows</td> <td> </td> <td>$</td> <td style="text-align: right">39,650</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">24,000</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Right-of-use assets obtained in exchange for lease liabilities -</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt">Financing leases</td> <td> </td> <td>$</td> <td style="text-align: right">-</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">2,333,333</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt">Operating leases</td> <td> </td> <td>$</td> <td style="text-align: right">67,750</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">-</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Weighted-average remaining lease term (in years) -</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt">Financing leases</td> <td> </td> <td> </td> <td style="text-align: right">3.2</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">3.4</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt">Operating leases</td> <td> </td> <td> </td> <td style="text-align: right">3.5</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">3.1</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Weighted-average discount rate -</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt">Financing leases</td> <td> </td> <td> </td> <td style="text-align: right">7.1</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">7.0</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt">Operating leases</td> <td> </td> <td> </td> <td style="text-align: right">5.3</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">5.0</td> <td>%</td></tr> </table>   Future minimum lease payments under non-cancelable leases as of November 30, 2019, are approximately:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Financing Leases</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Operating Leases</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 62%; text-align: justify">Twelve months ended November 30, 2020</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 16%; text-align: right">2,471,000</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 16%; text-align: right">81,881</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Twelve months ended November 30, 2021</td> <td> </td> <td> </td> <td style="text-align: right">2,471,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">81,881</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify">Twelve months ended November 30, 2022</td> <td> </td> <td> </td> <td style="text-align: right">1,506,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">37,881</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Twelve months ended November 30, 2023</td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">27,751</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt; text-align: justify">Twelve months ended November 30, 2024</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">-</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">9,037</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Total future minimum lease payments</td> <td> </td> <td> </td> <td style="text-align: right">6,448,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">238,431</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt; text-align: justify">Present value discount</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">604,710</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">19,798</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; text-align: justify">Present value of minimum lease payments</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">5,843,290</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">218,633</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>

2.05

2.10

2.06

2.25

686572

12683643

1919583

2416434

924542

3442269

2333333

220255

126514

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Rosene, Jr. [Member] 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] Term Loan G Payable to International Bank of Commerce, Prime Rate of Interest Plus 0.5% But Not Less Than 5.25%, Maturing April 30, 2024 [Member] Other [Member] Counterparty Name [Axis] Revolving Loan [Member] IBC Loan Agreement [Member] Guaranty [Member] 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] Variable Rate [Axis] Prime Rate [Member] Term Loan H Payable to International Bank of Commerce, Prime Rate of Interest Plus 0.5% But Not Less Than 5.25%, Maturing January 1, 2022 [Member] Revolving Loan Payable to International Bank of Commerce, Prime Rate of Interest Plus 0.5% But Not Less Than 5.5%, Due January 31, 2021 [Member] Property, Plant and Equipment, Type [Axis] Production Machinery and Equipment [Member] Leasehold Improvements [Member] Plant Buildings and Land [Member] Furniture and Fixtures [Member] Green Plastic Pallets [Member] Long-term Debt, Type [Axis] Restated Note [Member] Term Loan A [Member] Term Loan C [Member] Range [Axis] Maximum [Member] Term Loan D [Member] 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] Term Loan Payable by GRE to International Bank of Commerce, Interest Rate of 5.5%, Monthly Principal and Interest Payment of $27,688, Due April 30, 2023 [Member] Equity Components [Axis] Preferred Stock [Member] Common Stock [Member] Additional Paid-in Capital [Member] Accumulated Deficit [Member] Non-controlling Interest [Member] Finite-Lived Intangible Assets by Major Class [Axis] Non-Cancelable Operating Lease [Member] Customer [Axis] Distributors [Member] Type of Arrangement and Non-arrangement Transactions [Axis] Sale and Leaseback Agreement [Member] Collateral [Axis] Yorktown Production Equipment [Member] Scenario [Axis] Initial Thirty Six Months [Member] Term Loan E [Member] Term Loan F [Member] Term Loan G [Member] GRE and IBC [Member] Note Payable to Robert Rosene, 7.5% Interest, Due January 15, 2021 [Member] Lease Arrangement, Type [Axis] Three Five-Year Lease Agreements [Member] Production Equipment [Member] Yorktown's Grinding and Pelletizing Equipment [Member] Class of Stock [Axis] Convertible Preferred Stock [Member] Product and Service [Axis] Service [Member] Molding Machines [Member] Right-to-use Assets Under Operating Leases [Member] Weekly [Member] Office Space [Member] Monthly [Member] Term Loan H [Member] Equipment One [Member] Equipment Two [Member] Geographical [Axis] Canada and Mexico [Member] Fiscal Year 2020 [Member] Title of Individual [Axis] Mr. Rosene [Member] Fiscal Year 2019 [Member] Concentration Risk Benchmark [Axis] Sales Revenue, Net [Member] Four Customers [Member] Three Customers [Member] TriEnda Holdings, L.L.C [Member] Total Greystone Stockholders' Equity [Member] End Users - Major Customers [Member] End Users - Other [Member] Variable Interest Entities [Axis] Two Plant Buildings and Land [Member] Document And Entity Information Entity Registrant Name Entity Central Index Key Document Type Document Period End Date Amendment Flag Current Fiscal Year End Date Entity Current Reporting Status Entity Interactive Data Current Entity Filer Category Entity Small Business Flag Entity Emerging Growth Company Entity Ex Transition Period Entity Shell Company Entity Common Stock, Shares Outstanding Document Fiscal Period Focus Document Fiscal Year Focus Statement of Financial Position [Abstract] Assets Current Assets: Cash Accounts receivable - Trade Accounts receivable - Related parties Inventory Prepaid expenses Total Current Assets Property, Plant and Equipment, net Total Assets Liabilities and Equity Current Liabilities: Current portion of long-term debt Current portion of financing leases Current portion of operating leases Accounts payable and accrued liabilities Deferred revenue Preferred dividends payable Total Current Liabilities Long-Term Debt, net of current portion Financing Leases, net of current portion Operating Leases, net of current portion Deferred Tax Liability 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 Common stock, $0.0001 par value, 5,000,000,000 shares authorized, 28,361,201 shares issued and outstanding Additional paid-in capital Accumulated deficit Total Greystone Stockholders' Equity Non-controlling interest Total Equity Total Liabilities and Equity Preferred stock, par value Preferred stock, shares authorized Preferred stock, shares issued Preferred stock, shares outstanding Preferred stock, liquidation preference Common stock, par value Common stock, shares authorized Common stock, shares issued Common stock, shares outstanding Income Statement [Abstract] Sales Cost of Sales Gross Profit Selling, General and Administrative Expenses Operating Income Other Income (Expense): Other income Interest expense Income before Income Taxes Provision for Income Taxes Net Income Income Attributable to Non-controlling Interest Preferred Dividends Net Income Attributable to Common Stockholders Income Per Share of Common Stock - Basic and Diluted Weighted Average Shares of Common Stock Outstanding - Basic Weighted Average Shares of Common Stock Outstanding - Diluted Statement [Table] Statement [Line Items] Balance Balance, shares Cash distributions Preferred dividends Net income Balance Balance, shares Statement of Stockholders' Equity [Abstract] Preferred dividends per share Statement of Cash Flows [Abstract] Cash Flows from Operating Activities: Adjustments to reconcile net income to net cash provided by operating activities - Depreciation and amortization Deferred tax expense Decrease in trade accounts receivable Increase in related party receivables Increase in inventory Decrease in prepaid expenses Increase in accounts payable and accrued liabilities Decrease in deferred revenue Net cash provided by operating activities Cash Flows from Investing Activities: Purchases of property and equipment Cash Flows from Financing Activities: Proceeds from long-term debt Principal payments on long-term debt and financing leases Proceeds from revolving loan Principal payments on revolving loan EX-101.PRE 11 glgi-20191130_pre.xml XBRL PRESENTATION FILE XML 12 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; /* word-wrap: break-word; */ } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 13 R14.htm IDEA: XBRL DOCUMENT

Leases

6 Months Ended

Nov. 30, 2019

Leases [Abstract]

Leases

Note 7. Leases

Financing Leases

Financing leases as of November 30, 2019 and May 31, 2019:

	November 30, 2019			May 31, 2019
Non-cancellable financing leases	$	5,843,290		$	6,754,819
Less: Current portion		(2,111,028	)		(1,516,629	)
Non-cancellable financing leases, net of current portion	$	3,732,262		$	5,238,190

Operating Leases

Lease Summary Information

For the six months ended November 30, 2019 and 2018:

	2019			2018
Lease Expense
Financing lease expense -
Amortization of right-of-use assets	$	416,000		$	449,000
Interest on lease liabilities		220,255			126,514
Operating lease expense		39,650			24,000
Short-term lease expense		797,835			749,843
Total	$	1,473,740		$	1,349,357

Other Information
Cash paid for amounts included in the measurement of lease liabilities for finance leases -
Operating cash flows	$	220,255		$	126,514
Financing cash flows	$	911,529		$	1,333,699
Cash paid for amounts included in the measurement of lease liabilities for operating leases -
Operating cash flows	$	39,650		$	24,000
Right-of-use assets obtained in exchange for lease liabilities -
Financing leases	$	-		$	2,333,333
Operating leases	$	67,750		$	-
Weighted-average remaining lease term (in years) -
Financing leases		3.2			3.4
Operating leases		3.5			3.1
Weighted-average discount rate -
Financing leases		7.1	%		7.0	%
Operating leases		5.3	%		5.0	%

Future minimum lease payments under non-cancelable leases as of November 30, 2019, are approximately:

	Financing Leases		Operating Leases
Twelve months ended November 30, 2020	$	2,471,000	$	81,881
Twelve months ended November 30, 2021		2,471,000		81,881
Twelve months ended November 30, 2022		1,506,000		37,881
Twelve months ended November 30, 2023		-		27,751
Twelve months ended November 30, 2024		-		9,037
Total future minimum lease payments		6,448,000		238,431
Present value discount		604,710		19,798
Present value of minimum lease payments	$	5,843,290	$	218,633

XML 14 R10.htm IDEA: XBRL DOCUMENT

Inventory

6 Months Ended

Nov. 30, 2019

Inventory Disclosure [Abstract]

Inventory

Note 3. Inventory

Inventory consists of the following:

	November 30, 2019		May 31, 2019
Raw materials	$	1,701,839	$	1,295,991
Finished goods		1,991,152		1,325,000
Total inventory	$	3,692,991	$	2,620,991

XML 15 R18.htm IDEA: XBRL DOCUMENT

Concentrations, Risks and Uncertainties

6 Months Ended

Nov. 30, 2019

Risks and Uncertainties [Abstract]

Concentrations, Risks and Uncertainties

Note 11. Concentrations, Risks and Uncertainties

XML 16 R33.htm IDEA: XBRL DOCUMENT

Long-Term Debt - Schedule of Long-Term Debt (Details) - USD ($)	Nov. 30, 2019	May 31, 2019
Debt Instrument [Line Items]
Total long-term debt	$ 21,386,471	$ 22,697,464
Debt issuance costs, net of amortization	(38,466)	(37,686)
Total debt, net of debt issuance costs	21,348,005	22,659,778
Less: Current portion of long-term debt	(3,442,269)	(3,030,630)
Long-term debt, net of current portion	17,905,736	19,629,148
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 [Line Items]
Total long-term debt	2,861,716	3,234,947
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, 2024 [Member]
Debt Instrument [Line Items]
Total long-term debt	1,287,485	1,399,490
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 [Line Items]
Total long-term debt	1,447,506	1,744,235
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 [Line Items]
Total long-term debt	814,945	927,199
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 [Line Items]
Total long-term debt	3,082,407	3,398,247
Term Loan G Payable to International Bank of Commerce, Prime Rate of Interest Plus 0.5% But Not Less Than 5.25%, Maturing April 30, 2024 [Member]
Debt Instrument [Line Items]
Total long-term debt	858,375	876,934
Term Loan H Payable to International Bank of Commerce, Prime Rate of Interest Plus 0.5% But Not Less Than 5.25%, Maturing January 1, 2022 [Member]
Debt Instrument [Line Items]
Total long-term debt	564,067
Revolving Loan Payable to International Bank of Commerce, Prime Rate of Interest Plus 0.5% But Not Less Than 5.5%, Due January 31, 2021 [Member]
Debt Instrument [Line Items]
Total long-term debt	2,923,000	3,205,000
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]
Debt Instrument [Line Items]
Total long-term debt	643,089	800,488
Term Loan Payable by GRE to International Bank of Commerce, Interest Rate of 5.5%, Monthly Principal and Interest Payment of $27,688, Due April 30, 2023 [Member]
Debt Instrument [Line Items]
Total long-term debt	2,362,662	2,461,116
Note Payable to Robert Rosene, 7.5% Interest, Due January 15, 2021 [Member]
Debt Instrument [Line Items]
Total long-term debt	4,340,285	4,426,631
Other [Member]
Debt Instrument [Line Items]
Total long-term debt	$ 200,934	$ 223,177

XML 17 R37.htm IDEA: XBRL DOCUMENT

Leases - Schedule of Lease Cost (Details) - USD ($)	6 Months Ended
Leases - Schedule of Lease Cost (Details) - USD ($)	Nov. 30, 2019	Nov. 30, 2018
Leases [Abstract]
Financing lease expense - Amortization of right-of-use assets	$ 416,000	$ 449,000
Financing lease expense - Interest on lease liabilities	220,255	126,514
Operating lease expense	39,650	24,000
Short-term lease expense	797,835	749,843
Total	1,473,740	1,349,357
Cash paid for amounts included in the measurement of lease liabilities for finance leases - Operating cash flows	220,255	126,514
Cash paid for amounts included in the measurement of lease liabilities for finance leases - Financing cash flows	911,529	1,333,699
Cash paid for amounts included in the measurement of lease liabilities for operating leases - Operating cash flows	39,650	24,000
Right-of-use assets obtained in exchange for lease liabilities - Financing leases		2,333,333
Right-of-use assets obtained in exchange for lease liabilities - Operating leases	$ 67,750
Weighted-average remaining lease term (in years) - Financing leases	3 years 2 months 12 days	3 years 4 months 24 days
Weighted-average remaining lease term (in years) - Operating leases	3 years 6 months	3 years 1 month 6 days
Weighted-average discount rate - Financing leases	7.10%	7.00%
Weighted-average discount rate - Operating leases	5.30%	5.00%

XML 18 R26.htm IDEA: XBRL DOCUMENT

Earnings Per Share - Schedule of Anti-Dilutive Instruments of Earnings Per Share (Details) - shares	6 Months Ended
	Nov. 30, 2019	Nov. 30, 2018
Convertible Preferred Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-Dilutive Instruments of Earnings per Share	3,333,333	3,333,333

XML 19 R22.htm IDEA: XBRL DOCUMENT

Property, Plant and Equipment (Tables)

6 Months Ended

Nov. 30, 2019

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

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

	November 30, 2019			May 31, 2019
Production machinery and equipment	$	47,323,256		$	45,645,910
Plant buildings and land		6,724,513			6,336,855
Leasehold improvements		1,129,474			979,890
Furniture and fixtures		601,586			563,074
Right-to-use assets under operating leases		218,634			180,794
		55,997,463			53,706,523

Less: Accumulated depreciation and amortization		(23,583,987	)		(21,026,051	)

Net Property, Plant and Equipment	$	32,413,476		$	32,680,472

XML 20 R43.htm IDEA: XBRL DOCUMENT

Commitments (Details Narrative)	Nov. 30, 2019 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Purchase obligation on acquisition of equipment	$ 2,468,000

XML 21 R2.htm IDEA: XBRL DOCUMENT

Consolidated Balance Sheets - USD ($)	Nov. 30, 2019	May 31, 2019
Current Assets:
Cash	$ 1,580,845	$ 1,255,408
Accounts receivable - Trade	4,391,278	6,320,875
Accounts receivable - Related parties	103,834	50,320
Inventory	3,692,991	2,620,991
Prepaid expenses	99,978	239,146
Total Current Assets	9,868,926	10,486,740
Property, Plant and Equipment, net	32,413,476	32,680,472
Total Assets	42,282,402	43,167,212
Current Liabilities:
Current portion of long-term debt	3,442,269	3,030,630
Current portion of financing leases	2,111,028	1,516,629
Current portion of operating leases	72,144	58,236
Accounts payable and accrued liabilities	7,442,317	6,520,721
Deferred revenue	1,514,495	2,201,067
Preferred dividends payable	102,637	112,192
Total Current Liabilities	14,684,890	13,439,475
Long-Term Debt, net of current portion	17,905,736	19,629,148
Financing Leases, net of current portion	3,732,262	5,238,190
Operating Leases, net of current portion	146,489	122,558
Deferred Tax Liability	1,246,642	926,642
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	(50,361,999)	(51,108,677)
Total Greystone Stockholders' Equity	3,431,606	2,684,928
Non-controlling interest	1,134,777	1,126,271
Total Equity	4,566,383	3,811,199
Total Liabilities and Equity	$ 42,282,402	$ 43,167,212

XML 22 R6.htm IDEA: XBRL DOCUMENT

Consolidated Statements of Changes in Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Nov. 30, 2019	Aug. 31, 2019	Nov. 30, 2018	Aug. 31, 2018
Statement of Stockholders' Equity [Abstract]
Preferred dividends per share	$ 2.05	$ 2.25	$ 2.10	$ 2.06

XML 23 R27.htm IDEA: XBRL DOCUMENT

Earnings Per Share - Schedule of Basic and Diluted Earnings Per Share (Details) - USD ($)	3 Months Ended		6 Months Ended
	Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2019	Nov. 30, 2018
Earnings Per Share [Abstract]
Net income attributable to common stockholders	$ 304,428	$ 128,893	$ 746,678	$ 730,281
Weighted-average shares outstanding - basic	28,361,201	28,361,201	28,361,201	28,361,201
Incremental shares from assumed conversion of options and warrants	639,959	657,061	644,231	648,748
Diluted shares	29,001,160	29,018,262	29,005,432	29,009,949
Income per share - Basic and Diluted	$ 0.01	$ 0.00	$ 0.03	$ 0.03

XML 24 R23.htm IDEA: XBRL DOCUMENT

Long-Term Debt (Tables)

6 Months Ended

Nov. 30, 2019

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

Debt as of November 30, 2019 and May 31, 2019 is as follows:

	November 30, 2019			May 31, 2019
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	$	2,861,716		$	3,234,947

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, 2024		1,287,485			1,399,490

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		1,447,506			1,744,235

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		814,945			927,199

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		3,082,407			3,398,247

Term loan G payable to International Bank of Commerce, prime rate of interest plus 0.5% but not less than 5.25%, maturing April 30, 2024		858,375			876,934

Term loan H payable to International Bank of Commerce, prime rate of interest plus 0.5% but not less than 5.25%, maturing January 1, 2022		564,067			-

Revolving loan payable to International Bank of Commerce, prime rate of interest plus 0.5% but not less than 5.5%, due January 31, 2021		2,923,000			3,205,000

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		643,089			800,488

Term loan payable by GRE to International Bank of Commerce, interest rate of 5.5%, monthly principal and interest payment of $27,688, due April 30, 2023		2,362,662			2,461,116

Note payable to Robert Rosene, 7.5% interest, due January 15, 2021		4,340,285			4,426,631

Other		200,934			223,177
Total long-term debt		21,386,471			22,697,464
Debt issuance costs, net of amortization		(38,466	)		(37,686	)
Total debt, net of debt issuance costs		21,348,005			22,659,778
Less: Current portion of long-term debt		(3,442,269	)		(3,030,630	)
Long-term debt, net of current portion	$	17,905,736		$	19,629,148

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

XML 25 R3.htm IDEA: XBRL DOCUMENT

Consolidated Balance Sheets (Parenthetical) - USD ($)	Nov. 30, 2019	May 31, 2019
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

XML 26 R7.htm IDEA: XBRL DOCUMENT

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Nov. 30, 2019	Nov. 30, 2018
Cash Flows from Operating Activities:
Net income	$ 1,091,984	$ 1,061,853
Adjustments to reconcile net income to net cash provided by operating activities -
Depreciation and amortization	2,560,516	2,178,499
Deferred tax expense	320,000	440,100
Decrease in trade accounts receivable	1,929,597	2,591,083
Increase in related party receivables	(53,514)	(41,262)
Increase in inventory	(1,072,000)	(2,298,739)
Decrease in prepaid expenses	139,168	159,246
Increase in accounts payable and accrued liabilities	687,310	2,272,400
Decrease in deferred revenue	(686,572)	(2,846,745)
Net cash provided by operating activities	4,916,489	3,516,435
Cash Flows from Investing Activities:
Purchases of property and equipment	(2,018,815)	(5,308,802)
Cash Flows from Financing Activities:
Proceeds from long-term debt	672,000	3,514,265
Principal payments on long-term debt and financing leases	(2,390,138)	(2,321,590)
Proceeds from revolving loan	690,000	2,421,000
Principal payments on revolving loan	(972,000)	(1,300,000)
Principal payments on related party note payable and financing lease	(222,384)	(122,501)
Payments for debt issuance costs	(3,360)
Dividends paid on preferred stock	(224,555)	(102,945)
Distributions paid by non-controlling interest	(121,800)	(102,000)
Net cash provided by (used in) financing activities	(2,572,237)	1,986,229
Net Increase in Cash	325,437	193,862
Cash, beginning of period	1,255,408	379,632
Cash, end of period	1,580,845	573,494
Non-cash Activities:
Acquisition of equipment by capital lease		2,333,333
Capital expenditures in accounts payable	507,851	110,182
Preferred dividend accrual	102,637	105,100
Supplemental information:
Interest paid	$ 913,992	$ 828,706

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Concentrations, Risks and Uncertainties (Details Narrative)	6 Months Ended
	Nov. 30, 2019 USD ($)
Concentration Risk [Line Items]
Notes payable	$ 4,340,285
Mr. Rosene [Member]
Concentration Risk [Line Items]
Notes payable	$ 4,340,285
Notes payable due date	Jan. 15, 2021
Fiscal Year 2020 [Member]
Concentration Risk [Line Items]
Customer purchases amount	$ 1,019,279
Fiscal Year 2019 [Member]
Concentration Risk [Line Items]
Customer purchases amount	$ 814,764
Sales Revenue, Net [Member] \| Four Customers [Member] \| Fiscal Year 2020 [Member]
Concentration Risk [Line Items]
Concentration risk percentage	88.00%
Sales Revenue, Net [Member] \| Three Customers [Member] \| Fiscal Year 2019 [Member]
Concentration Risk [Line Items]
Concentration risk percentage	84.00%

XML 29 R19.htm IDEA: XBRL DOCUMENT

Commitments

6 Months Ended

Nov. 30, 2019

Commitments and Contingencies Disclosure [Abstract]

Commitments

Note 12. Commitments

At November 30, 2019, Greystone had commitments totaling $2,468,000 toward the purchase of production equipment.

XML 30 R15.htm IDEA: XBRL DOCUMENT

Deferred Revenue

6 Months Ended

Nov. 30, 2019

Revenue from Contract with Customer [Abstract]

Deferred Revenue

Note 8. Deferred Revenue

XML 31 R11.htm IDEA: XBRL DOCUMENT

Property, Plant and Equipment

6 Months Ended

Nov. 30, 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:

	November 30, 2019			May 31, 2019
Production machinery and equipment	$	47,323,256		$	45,645,910
Plant buildings and land		6,724,513			6,336,855
Leasehold improvements		1,129,474			979,890
Furniture and fixtures		601,586			563,074
Right-to-use assets under operating leases		218,634			180,794
		55,997,463			53,706,523

Less: Accumulated depreciation and amortization		(23,583,987	)		(21,026,051	)

Net Property, Plant and Equipment	$	32,413,476		$	32,680,472

XML 33 R32.htm IDEA: XBRL DOCUMENT

Long-Term Debt (Details Narrative) - USD ($)				6 Months Ended
Long-Term Debt (Details Narrative) - USD ($)	Jul. 01, 2019	Aug. 10, 2018	Jun. 02, 2016	Nov. 30, 2019	Nov. 30, 2018	Dec. 15, 2005
Debt Instrument [Line Items]
Proceeds from long-term debt				$ 672,000	$ 3,514,265
Note payable				4,340,285
Maturities long term debt current				3,442,269
Maturities long term debt year two				12,683,643
Maturities long term debt year three				1,919,583
Maturities long term debt year four				2,416,434
Maturities long term debt year five				$ 924,542
Restated Note [Member]
Debt Instrument [Line Items]
Debt instrument principal amount			$ 2,066,000
Note payable			4,541,690
Debt accrued interest			$ 2,475,690
Extended maturity date			Jan. 15, 2021
Robert B. Rosene, Jr. [Member]
Debt Instrument [Line Items]
Debt instrument interest rate						7.50%
Note payable						$ 2,066,000
IBC Loan Agreement [Member]
Debt Instrument [Line Items]
Borrowers maintain coverage ratio description				Borrowers are required to maintain a debt service coverage ratio of 1:25 to 1:00.
Revolving Loan [Member]
Debt Instrument [Line Items]
Debt instrument maturity date				Jan. 31, 2021
GRE and IBC [Member]
Debt Instrument [Line Items]
Debt instrument interest rate		5.50%
Debt instrument maturity date		Apr. 30, 2023
Term Loan H [Member]
Debt Instrument [Line Items]
Proceeds from long-term debt	$ 672,000
Debt instrument maturity date	Jan. 01, 2022
Note term				30 months
Debt monthly payment				$ 24,203
Term Loan A [Member]
Debt Instrument [Line Items]
Note term				7 years
Debt monthly payment				$ 77,550
Term Loan C [Member]
Debt Instrument [Line Items]
Note term				7 years
Debt monthly payment				$ 25,205
Term Loan D [Member]
Debt Instrument [Line Items]
Note term				4 years
Debt monthly payment				$ 57,469
Term Loan E [Member]
Debt Instrument [Line Items]
Note term				4 years
Debt monthly payment				$ 23,060
Term Loan F [Member]
Debt Instrument [Line Items]
Note term				5 years
Debt monthly payment				$ 68,849
Term Loan G [Member]
Debt Instrument [Line Items]
Note term				15 years
Debt monthly payment				$ 7,466
Revolving Loan [Member]
Debt Instrument [Line Items]
Debt instrument interest rate				5.50%
Revolving Loan [Member] \| IBC Loan Agreement [Member]
Debt Instrument [Line Items]
Debt instrument principal amount				$ 4,000,000
Line of credit maximum borrowing capacity				4,000,000
Guaranty [Member] \| IBC Loan Agreement [Member]
Debt Instrument [Line Items]
Borrowing combined amount				$ 6,500,000
Prime Rate [Member]
Debt Instrument [Line Items]
Debt instrument interest rate				4.75%
Prime Rate [Member] \| Revolving Loan [Member]
Debt Instrument [Line Items]
Debt instrument interest rate				0.50%

XML 34 R36.htm IDEA: XBRL DOCUMENT

Leases - Schedule of Financing Lease (Details) - USD ($)	Nov. 30, 2019	May 31, 2019
Leases [Abstract]
Non-cancellable financing leases	$ 5,843,290	$ 6,754,819
Less: Current portion	(2,111,028)	(1,516,629)
Non-cancellable financing leases, net of current portion	$ 3,732,262	$ 5,238,190

XML 35 R25.htm IDEA: XBRL DOCUMENT

Revenue and Revenue Recognition (Tables)

6 Months Ended

Nov. 30, 2019

Revenue from Contract with Customer [Abstract]

Schedule of Sale of Revenues for Customer Categories

Sales to the following categories of customers for the six months ended November 30, 2019 and 2018, respectively, were as follows:

Category	2019			2018
End Users – Major Customers		88	%		84	%
End Users - Other		1	%		2	%
Distributors		11	%		14	%

XML 36 R21.htm IDEA: XBRL DOCUMENT

Inventory (Tables)

6 Months Ended

Nov. 30, 2019

Inventory Disclosure [Abstract]

Schedule of Inventory

Inventory consists of the following:

	November 30, 2019		May 31, 2019
Raw materials	$	1,701,839	$	1,295,991
Finished goods		1,991,152		1,325,000
Total inventory	$	3,692,991	$	2,620,991

XML 37 R29.htm IDEA: XBRL DOCUMENT

Property, Plant and Equipment (Details Narrative) - USD ($)	6 Months Ended
	Nov. 30, 2019	Nov. 30, 2018	May 31, 2019
Property, Plant and Equipment [Line Items]
Machinery and equipment	$ 7,861,233		$ 7,861,233
Estimated useful life	3 years 6 months
Carrying value of assets	$ 42,282,402		$ 43,167,212
Depreciation expense	2,557,936	$ 2,131,971
Two Plant Buildings and Land [Member]
Property, Plant and Equipment [Line Items]
Carrying value of assets	2,838,613
Service [Member]
Property, Plant and Equipment [Line Items]
Machinery and equipment	$ 923,063
Molding Machines [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life	12 years

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Consolidated Statements of Changes in Equity (Unaudited) - USD ($)

Preferred Stock [Member]

Common Stock [Member]

Additional Paid-in Capital [Member]

Accumulated Deficit [Member]

Total Greystone Stockholders' Equity [Member]

Non-controlling Interest [Member]

Total

Balance at May. 31, 2018 $ 5 $ 2,836 $ 53,790,764 $ (52,485,313) $ 1,308,292 $ 1,085,155 $ 2,393,447

Balance, shares at May. 31, 2018 50,000 28,361,201

Cash distributions (51,000) (51,000)

Preferred dividends (102,945) (102,945) (102,945)

Net income 704,333 704,333 60,575 764,908

Balance at Aug. 31, 2018 $ 5 $ 2,836 53,790,764 (51,883,925) 1,909,680 1,094,730 3,004,410

Balance, shares at Aug. 31, 2018 50,000 28,361,201

Balance at May. 31, 2018 $ 5 $ 2,836 53,790,764 (52,485,313) 1,308,292 1,085,155 2,393,447

Balance, shares at May. 31, 2018 50,000 28,361,201

Net income 1,061,853

Balance at Nov. 30, 2018 $ 5 $ 2,836 53,790,764 (51,755,032) 2,038,573 1,106,682 3,145,255

Balance, shares at Nov. 30, 2018 50,000 28,361,201

Balance at Aug. 31, 2018 $ 5 $ 2,836 53,790,764 (51,883,925) 1,909,680 1,094,730 3,004,410

Balance, shares at Aug. 31, 2018 50,000 28,361,201

Cash distributions (51,000) (51,000)

Preferred dividends (105,100) (105,100) (105,100)

Net income 233,993 233,993 62,952 296,945

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Balance, shares at Nov. 30, 2018 50,000 28,361,201

Balance at May. 31, 2019 $ 5 $ 2,836 53,790,764 (51,108,677) 2,684,928 1,126,271 3,811,199

Balance, shares at May. 31, 2019 50,000 28,361,201

Cash distributions (52,200) (52,200)

Preferred dividends (112,363) (112,363) (112,363)

Net income 554,613 554,613 64,686 619,299

Balance at Aug. 31, 2019 $ 5 $ 2,836 53,790,764 (50,666,427) 3,127,178 1,138,757 4,265,935

Balance, shares at Aug. 31, 2019 50,000 28,361,201

Balance at May. 31, 2019 $ 5 $ 2,836 53,790,764 (51,108,677) 2,684,928 1,126,271 3,811,199

Balance, shares at May. 31, 2019 50,000 28,361,201

Net income 1,091,984

Balance at Nov. 30, 2019 $ 5 $ 2,836 53,790,764 (50,361,999) 3,431,606 1,134,777 4,566,383

Balance, shares at Nov. 30, 2019 50,000 28,361,201

Balance at Aug. 31, 2019 $ 5 $ 2,836 53,790,764 (50,666,427) 3,127,178 1,138,757 4,265,935

Balance, shares at Aug. 31, 2019 50,000 28,361,201

Cash distributions (69,600) (69,600)

Preferred dividends (102,637) (102,637) (215,000)

Net income 407,065 407,065 65,620 472,685

Balance at Nov. 30, 2019 $ 5 $ 2,836 $ 53,790,764 $ (50,361,999) $ 3,431,606 $ 1,134,777 $ 4,566,383

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Nov. 30, 2019

USD ($)

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Fiscal Year 2019 [Member]

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Earnings Per Share
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Nov. 30, 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 for the six months and three months ended November 30 are as follows:

2019 2018

Preferred stock convertible into common stock 3,333,333 3,333,333

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For the six months ended November 30, 2019 and 2018:

2019 2018

Numerator -

Net income attributable to common stockholders $ 746,678 $ 730,281

Denominator -

Weighted-average shares outstanding - basic 28,361,201 28,361,201

Incremental shares from assumed conversion of options and warrants 644,231 648,748

Diluted shares 29,005,432 29,009,949

Income per share -

Basic and Diluted $ 0.03 $ 0.03

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2019 2018

Numerator -

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Twelve months ended November 30, 2021 2,471,000

Twelve months ended November 30, 2022 1,506,000

Twelve months ended November 30, 2023

Twelve months ended November 30, 2024

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Twelve months ended November 30, 2021 81,881

Twelve months ended November 30, 2022 37,881

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Twelve months ended November 30, 2024 9,037

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Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($)

Nov. 30, 2019

May 31, 2019

Property, Plant and Equipment [Line Items]

Property plant and equipment, gross $ 55,997,463 $ 53,706,523

Less: Accumulated depreciation and amortization (23,583,987) (21,026,051)

Net Property, Plant and Equipment 32,413,476 32,680,472

Production Machinery and Equipment [Member]

Property, Plant and Equipment [Line Items]

Property plant and equipment, gross 47,323,256 45,645,910

Plant Buildings and Land [Member]

Property, Plant and Equipment [Line Items]

Property plant and equipment, gross 6,724,513 6,336,855

Leasehold Improvements [Member]

Property, Plant and Equipment [Line Items]

Property plant and equipment, gross 1,129,474 979,890

Furniture and Fixtures [Member]

Property, Plant and Equipment [Line Items]

Property plant and equipment, gross 601,586 563,074

Right-to-use Assets Under Operating Leases [Member]

Property, Plant and Equipment [Line Items]

Property plant and equipment, gross $ 218,634 $ 180,794

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Long-Term Debt - Schedule of Long-Term Debt (Details) (Parenthetical) - USD ($)
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Nov. 30, 2019

May 31, 2019

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 [Line Items]

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 [Line Items]

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, 2024 [Member]

Debt Instrument [Line Items]

Debt instrument interest rate 0.50% 0.50%

Debt instrument maturity date Aug. 04, 2024 Aug. 04, 2024

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, 2024 [Member] | Maximum [Member]

Debt Instrument [Line Items]

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 [Line Items]

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 [Line Items]

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 [Line Items]

Debt instrument interest rate 0.50% 0.50%

Debt instrument maturity date Jan. 10, 2022 Jan. 10, 2022

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Debt Instrument [Line Items]

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 [Line Items]

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 [Line Items]

Debt instrument interest rate 5.25% 5.25%

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Debt Instrument [Line Items]

Debt instrument interest rate 0.50% 0.50%

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Debt Instrument [Line Items]

Debt instrument interest rate 5.25% 5.25%

Term Loan H Payable to International Bank of Commerce, Prime Rate of Interest Plus 0.5% But Not Less Than 5.25%, Maturing January 1, 2022 [Member]

Debt Instrument [Line Items]

Debt instrument interest rate 0.50% 0.50%

Debt instrument maturity date Jan. 01, 2022 Jan. 01, 2022

Term Loan H Payable to International Bank of Commerce, Prime Rate of Interest Plus 0.5% But Not Less Than 5.25%, Maturing January 1, 2022 [Member] | Maximum [Member]

Debt Instrument [Line Items]

Debt instrument interest rate 5.25% 5.25%

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Debt Instrument [Line Items]

Debt instrument interest rate 0.50% 0.50%

Debt instrument maturity date Jan. 31, 2021 Jan. 31, 2021

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Debt Instrument [Line Items]

Debt instrument interest rate 5.50% 5.50%

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 [Line Items]

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

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Debt instrument maturity date Apr. 30, 2023 Apr. 30, 2023

Debt instrument principal and interest amount $ 27,688 $ 27,688

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Debt instrument maturity date Jan. 15, 2021 Jan. 15, 2021

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Fair Value of Financial Instruments
6 Months Ended

Nov. 30, 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:

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Long-Term Debt
6 Months Ended

Nov. 30, 2019

Debt Disclosure [Abstract]

Long-Term Debt

Note 6. Long-term Debt

Debt as of November 30, 2019 and May 31, 2019 is as follows:

November 30, 2019 May 31, 2019

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 $ 2,861,716 $ 3,234,947

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, 2024 1,287,485 1,399,490

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 1,447,506 1,744,235

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 814,945 927,199

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 3,082,407 3,398,247

Term loan G payable to International Bank of Commerce, prime rate of interest plus 0.5% but not less than 5.25%, maturing April 30, 2024 858,375 876,934

Term loan H payable to International Bank of Commerce, prime rate of interest plus 0.5% but not less than 5.25%, maturing January 1, 2022 564,067 -

Revolving loan payable to International Bank of Commerce, prime rate of interest plus 0.5% but not less than 5.5%, due January 31, 2021 2,923,000 3,205,000

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 643,089 800,488

Term loan payable by GRE to International Bank of Commerce, interest rate of 5.5%, monthly principal and interest payment of $27,688, due April 30, 2023 2,362,662 2,461,116

Note payable to Robert Rosene, 7.5% interest, due January 15, 2021 4,340,285 4,426,631

Other 200,934 223,177

Total long-term debt 21,386,471 22,697,464

Debt issuance costs, net of amortization (38,466 ) (37,686 )

Total debt, net of debt issuance costs 21,348,005 22,659,778

Less: Current portion of long-term debt (3,442,269 ) (3,030,630 )

Long-term debt, net of current portion $ 17,905,736 $ 19,629,148

The prime rate of interest as of November 30, 2019 was 4.75%.

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 July 1, 2019, the Borrowers and IBC entered into the Tenth Amendment to the IBC Loan Agreement providing for Term Loan H in the amount of $672,000 with a maturity date of January 1, 2022, for the procurement of production equipment.

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 February 29, 2016 (currently $77,550 per month), (ii) Term Loan C over a seven-year period beginning November 30, 2017 (currently $25,205 per month) and (iii) Term Loan D over a four-year period beginning February 10, 2019 (currently $57,469 per month), (iv) Term Loan E over a four-year period beginning February 10, 2019 (currently $23,060 per month), (v) Term Loan F over a five-year period beginning February 28, 2019 (currently $68,849 per month), (vi) Term Loan G over a fifteen-year period beginning April 30, 2019 (currently $7,466 per month) and (vii) Term Loan H over 30 months beginning August 1, 2019 (currently $24,203 per month). 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, as amended, provides a revolving loan in an aggregate principal amount of up to $4,000,000 (the “Revolving Loan”). The amount which can be borrowed from time to time is dependent upon the amount of the borrowing base not to exceed $4,000,000. The Revolving Loan bears interest at the greater of the prime rate of interest plus 0.5%, or 5.50% 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 November 30, 2019, Greystone was not in compliance with this debt service coverage ratio. IBC has issued a waiver, dated January 14, 2020, 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 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 November 30, 2019 was $4,340,285.

Maturities

Maturities of Greystone’s long-term debt for the five years subsequent to November 30, 2019 are $3,442,269, $12,683,643, $1,919,583, $2,416,434 and $924,542.

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Related Party Transactions/Activity (Details Narrative) - USD ($)
6 Months Ended

Jan. 01, 2017

Nov. 30, 2019

Nov. 30, 2018

Related Party Transaction [Line Items]

Rent expense $ 1,473,740 $ 1,349,357

Future minimum payments under operating lease 2020 81,881

Future minimum payments under operating lease 2021 81,881

Future minimum payments under operating lease 2022 37,881

Non-Cancelable Operating Lease [Member]

Related Party Transaction [Line Items]

Future minimum payments under operating lease 2020 48,000

Future minimum payments under operating lease 2021 48,000

Future minimum payments under operating lease 2022 4,000

Office Space [Member]

Related Party Transaction [Line Items]

Rent expense $ 24,000 24,000

Lease term 60 months

Monthly [Member] | Office Space [Member]

Related Party Transaction [Line Items]

Rent expense $ 4,000

Lease term 5 years

Yorktown's Grinding and Pelletizing Equipment [Member]

Related Party Transaction [Line Items]

Rent expense $ 715,000 715,000

Yorktown's Grinding and Pelletizing Equipment [Member] | Weekly [Member]

Related Party Transaction [Line Items]

Payments of rental fees 27,500

TriEnda Holdings, L.L.C [Member]

Related Party Transaction [Line Items]

Related party transaction purchases 5,400 42,349

Green Plastic Pallets [Member]

Related Party Transaction [Line Items]

Revenue from service 271,320 $ 167,400

Account receivable $ 96,900

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Leases (Details Narrative) - USD ($)
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Nov. 30, 2019

Nov. 30, 2018

May 31, 2019

Lessee, Lease, Description [Line Items]

Production equipment gross carrying amount $ 7,861,233 $ 7,861,233

Amortization $ 416,000 $ 449,000

Equipment One [Member]

Lessee, Lease, Description [Line Items]

Operating Lease term 52 months

Operating lease discount rate 5.40%

Equipment Two [Member]

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Operating lease discount rate 5.40%

Office Space [Member]

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Operating Lease term 60 months

Operating lease discount rate 5.00%

Production Equipment [Member]

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Production equipment gross carrying amount $ 7,861,233

Sale and Leaseback Agreement [Member] | Yorktown Production Equipment [Member]

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Payments of monthly rental amount 7,695

Value of production equipment purchased $ 968,168

Lease maturity date Dec. 27, 2022

Bargain purchase option amount $ 10,000

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Three Five-Year Lease Agreements [Member]

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Finance Lease term 5 years

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Deferred Revenue (Details Narrative) - USD ($)
6 Months Ended

Nov. 30, 2019

May 31, 2019

Nov. 30, 2018

Revenue from Contract with Customer [Abstract]

Customer advances $ 0 $ 3,280,500

Revenue recognition from customer advances 686,572

Unrecognized deferred revenue $ 1,514,495 $ 2,201,067

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Revenue and Revenue Recognition
6 Months Ended

Nov. 30, 2019

Revenue from Contract with Customer [Abstract]

Revenue and Revenue Recognition

Note 9. Revenue and Revenue Recognition

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.

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 $1,803,000 and $291,000 in fiscal years 2020 and 2019, 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 six months ended November 30, 2019 and 2018, respectively, were as follows:

Category 2019 2018

End Users – Major Customers 88 % 84 %

End Users - Other 1 % 2 %

Distributors 11 % 14 %

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Related Party Transactions/Activity
6 Months Ended

Nov. 30, 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 $27,500 for use of Yorktown’s grinding equipment and pelletizing equipment. Rental fees were $715,000 for the each of the six months ended November 30, 2019 and 2018.

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 $24,000 for each of the six months ended November 30, 2019 and 2018. At November 30, 2019, future minimum payments under the non-cancelable operating lease for the remaining three years are $48,000, $48,000, and $4,000.

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 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 six months ended November 30, 2019 and 2018 totaled $5,400 and $42,349, 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 $271,320 and $167,400 for the six months ended November 30, 2019 and 2018, respectively. The account receivable due from Green at November 30, 2019 was $96,900.

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Inventory - Schedule of Inventory (Details) - USD ($)

Nov. 30, 2019

May 31, 2019

Inventory Disclosure [Abstract]

Raw materials $ 1,701,839 $ 1,295,991

Finished goods 1,991,152 1,325,000

Total inventory $ 3,692,991 $ 2,620,991

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Leases (Tables)
6 Months Ended

Nov. 30, 2019

Leases [Abstract]

Schedule of Financing Lease

Financing leases as of November 30, 2019 and May 31, 2019:

November 30, 2019 May 31, 2019

Non-cancellable financing leases $ 5,843,290 $ 6,754,819

Less: Current portion (2,111,028 ) (1,516,629 )

Non-cancellable financing leases, net of current portion $ 3,732,262 $ 5,238,190

Schedule of Lease Cost

For the six months ended November 30, 2019 and 2018:

2019 2018

Lease Expense

Financing lease expense -

Amortization of right-of-use assets $ 416,000 $ 449,000

Interest on lease liabilities 220,255 126,514

Operating lease expense 39,650 24,000

Short-term lease expense 797,835 749,843

Total $ 1,473,740 $ 1,349,357

Other Information

Cash paid for amounts included in the measurement of lease liabilities for finance leases -

Operating cash flows $ 220,255 $ 126,514

Financing cash flows $ 911,529 $ 1,333,699

Cash paid for amounts included in the measurement of lease liabilities for operating leases -

Operating cash flows $ 39,650 $ 24,000

Right-of-use assets obtained in exchange for lease liabilities -

Financing leases $ - $ 2,333,333

Operating leases $ 67,750 $ -

Weighted-average remaining lease term (in years) -

Financing leases 3.2 3.4

Operating leases 3.5 3.1

Weighted-average discount rate -

Financing leases 7.1 % 7.0 %

Operating leases 5.3 % 5.0 %

Schedule of Future Minimum Lease Payments

Future minimum lease payments under non-cancelable leases as of November 30, 2019, are approximately:

Financing Leases Operating Leases

Twelve months ended November 30, 2020 $ 2,471,000 $ 81,881

Twelve months ended November 30, 2021 2,471,000 81,881

Twelve months ended November 30, 2022 1,506,000 37,881

Twelve months ended November 30, 2023 - 27,751

Twelve months ended November 30, 2024 - 9,037

Total future minimum lease payments 6,448,000 238,431

Present value discount 604,710 19,798

Present value of minimum lease payments $ 5,843,290 $ 218,633

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Earnings Per Share (Tables)
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Nov. 30, 2019

Earnings Per Share [Abstract]

Schedule of Anti-Dilutive Instruments of Earnings Per Share

Instruments which have an anti-dilutive effect for the six months and three months ended November 30 are as follows:

2019 2018

Preferred stock convertible into common stock 3,333,333 3,333,333

Schedule of Basic and Diluted Earnings Per Share

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For the six months ended November 30, 2019 and 2018:

2019 2018

Numerator -

Net income attributable to common stockholders $ 746,678 $ 730,281

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2019 2018

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Nov. 30, 2019

Nov. 30, 2018

End Users - Major Customers [Member]

Concentration Risk [Line Items]

Total 88.00% 84.00%

End Users - Other [Member]

Concentration Risk [Line Items]

Total 1.00% 2.00%

Distributors [Member]

Concentration Risk [Line Items]

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Basis of Financial Statements
6 Months Ended

Nov. 30, 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 November 30, 2019 and the results of its operations and cash flows for the six months and three months ended November 30, 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, 2019 and the notes thereto included in Greystone’s Form 10-K for such period. The results of operations for the six months and three months ended November 30, 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.

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Consolidated Statements of Income (Unaudited) - USD ($)
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Nov. 30, 2019

Nov. 30, 2018

Nov. 30, 2019

Nov. 30, 2018

Income Statement [Abstract]

Sales $ 19,503,462 $ 14,733,130 $ 38,167,971 $ 32,939,240

Cost of Sales 17,353,239 13,041,366 33,656,973 28,801,518

Gross Profit 2,150,223 1,691,764 4,510,998 4,137,722

Selling, General and Administrative Expenses 1,112,630 853,650 2,190,228 1,792,741

Operating Income 1,037,593 838,114 2,320,770 2,344,981

Other Income (Expense):

Other income 2,880 3,021 4,913 5,290

Interest expense (432,788) (435,690) (913,699) (848,318)

Income before Income Taxes 607,685 405,445 1,411,984 1,501,953

Provision for Income Taxes 135,000 108,500 320,000 440,100

Net Income 472,685 296,945 1,091,984 1,061,853

Income Attributable to Non-controlling Interest (65,620) (62,952) (130,306) (123,527)

Preferred Dividends (102,637) (105,100) (215,000) (208,045)

Net Income Attributable to Common Stockholders $ 304,428 $ 128,893 $ 746,678 $ 730,281

Income Per Share of Common Stock - Basic and Diluted $ 0.01 $ 0.00 $ 0.03 $ 0.03

Weighted Average Shares of Common Stock Outstanding - Basic 28,361,201 28,361,201 28,361,201 28,361,201

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- Definition
Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period.
+ References
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=117326831&loc=d3e1448-109256

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257
+ Details

Name: us-gaap_WeightedAverageNumberOfSharesOutstandingBasic

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: duration

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Nov. 30, 2019	Jan. 10, 2020
Document And Entity Information
Entity Registrant Name	GREYSTONE LOGISTICS, INC.
Entity Central Index Key	0001088413
Document Type	10-Q
Document Period End Date	Nov. 30, 2019
Amendment Flag	false
Current Fiscal Year End Date	--05-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business Flag	true
Entity Emerging Growth Company	false
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		28,361,201
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2020

Consolidated Statements of Changes in Equity (Unaudited) - USD ($)	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Total Greystone Stockholders' Equity [Member]	Non-controlling Interest [Member]	Total
Balance at May. 31, 2018	$ 5	$ 2,836	$ 53,790,764	$ (52,485,313)	$ 1,308,292	$ 1,085,155	$ 2,393,447
Balance, shares at May. 31, 2018	50,000	28,361,201
Cash distributions						(51,000)	(51,000)
Preferred dividends				(102,945)	(102,945)		(102,945)
Net income				704,333	704,333	60,575	764,908
Balance at Aug. 31, 2018	$ 5	$ 2,836	53,790,764	(51,883,925)	1,909,680	1,094,730	3,004,410
Balance, shares at Aug. 31, 2018	50,000	28,361,201
Balance at May. 31, 2018	$ 5	$ 2,836	53,790,764	(52,485,313)	1,308,292	1,085,155	2,393,447
Balance, shares at May. 31, 2018	50,000	28,361,201
Net income							1,061,853
Balance at Nov. 30, 2018	$ 5	$ 2,836	53,790,764	(51,755,032)	2,038,573	1,106,682	3,145,255
Balance, shares at Nov. 30, 2018	50,000	28,361,201
Balance at Aug. 31, 2018	$ 5	$ 2,836	53,790,764	(51,883,925)	1,909,680	1,094,730	3,004,410
Balance, shares at Aug. 31, 2018	50,000	28,361,201
Cash distributions						(51,000)	(51,000)
Preferred dividends				(105,100)	(105,100)		(105,100)
Net income				233,993	233,993	62,952	296,945
Balance at Nov. 30, 2018	$ 5	$ 2,836	53,790,764	(51,755,032)	2,038,573	1,106,682	3,145,255
Balance, shares at Nov. 30, 2018	50,000	28,361,201
Balance at May. 31, 2019	$ 5	$ 2,836	53,790,764	(51,108,677)	2,684,928	1,126,271	3,811,199
Balance, shares at May. 31, 2019	50,000	28,361,201
Cash distributions						(52,200)	(52,200)
Preferred dividends				(112,363)	(112,363)		(112,363)
Net income				554,613	554,613	64,686	619,299
Balance at Aug. 31, 2019	$ 5	$ 2,836	53,790,764	(50,666,427)	3,127,178	1,138,757	4,265,935
Balance, shares at Aug. 31, 2019	50,000	28,361,201
Balance at May. 31, 2019	$ 5	$ 2,836	53,790,764	(51,108,677)	2,684,928	1,126,271	3,811,199
Balance, shares at May. 31, 2019	50,000	28,361,201
Net income							1,091,984
Balance at Nov. 30, 2019	$ 5	$ 2,836	53,790,764	(50,361,999)	3,431,606	1,134,777	4,566,383
Balance, shares at Nov. 30, 2019	50,000	28,361,201
Balance at Aug. 31, 2019	$ 5	$ 2,836	53,790,764	(50,666,427)	3,127,178	1,138,757	4,265,935
Balance, shares at Aug. 31, 2019	50,000	28,361,201
Cash distributions						(69,600)	(69,600)
Preferred dividends				(102,637)	(102,637)		(215,000)
Net income				407,065	407,065	65,620	472,685
Balance at Nov. 30, 2019	$ 5	$ 2,836	$ 53,790,764	$ (50,361,999)	$ 3,431,606	$ 1,134,777	$ 4,566,383
Balance, shares at Nov. 30, 2019	50,000	28,361,201

Revenue and Revenue Recognition (Details Narrative) - Canada and Mexico [Member]	6 Months Ended
	Nov. 30, 2019 USD ($)
Fiscal Year 2020 [Member]
Disaggregation of Revenue [Line Items]
Sales revenue	$ 1,803,000
Fiscal Year 2019 [Member]
Disaggregation of Revenue [Line Items]
Sales revenue	$ 291,000

Leases - Schedule of Future Minimum Lease Payments (Details) - USD ($)	Nov. 30, 2019	May 31, 2019
Leases [Abstract]
Twelve months ended November 30, 2020	$ 2,471,000
Twelve months ended November 30, 2021	2,471,000
Twelve months ended November 30, 2022	1,506,000
Twelve months ended November 30, 2023
Twelve months ended November 30, 2024
Total future minimum lease payments	6,448,000
Present value discount	604,710
Present value of minimum lease payments	5,843,290	$ 6,754,819
Twelve months ended November 30, 2020	81,881
Twelve months ended November 30, 2021	81,881
Twelve months ended November 30, 2022	37,881
Twelve months ended November 30, 2023	27,751
Twelve months ended November 30, 2024	9,037
Total future minimum lease payments	238,431
Present value discount	19,798
Present value of minimum lease payments	$ 218,633

Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($)	Nov. 30, 2019	May 31, 2019
Property, Plant and Equipment [Line Items]
Property plant and equipment, gross	$ 55,997,463	$ 53,706,523
Less: Accumulated depreciation and amortization	(23,583,987)	(21,026,051)
Net Property, Plant and Equipment	32,413,476	32,680,472
Production Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment, gross	47,323,256	45,645,910
Plant Buildings and Land [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment, gross	6,724,513	6,336,855
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment, gross	1,129,474	979,890
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment, gross	601,586	563,074
Right-to-use Assets Under Operating Leases [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment, gross	$ 218,634	$ 180,794

Related Party Transactions/Activity (Details Narrative) - USD ($)		6 Months Ended
	Jan. 01, 2017	Nov. 30, 2019	Nov. 30, 2018
Related Party Transaction [Line Items]
Rent expense		$ 1,473,740	$ 1,349,357
Future minimum payments under operating lease 2020		81,881
Future minimum payments under operating lease 2021		81,881
Future minimum payments under operating lease 2022		37,881
Non-Cancelable Operating Lease [Member]
Related Party Transaction [Line Items]
Future minimum payments under operating lease 2020		48,000
Future minimum payments under operating lease 2021		48,000
Future minimum payments under operating lease 2022		4,000
Office Space [Member]
Related Party Transaction [Line Items]
Rent expense		$ 24,000	24,000
Lease term		60 months
Monthly [Member] \| Office Space [Member]
Related Party Transaction [Line Items]
Rent expense	$ 4,000
Lease term	5 years
Yorktown's Grinding and Pelletizing Equipment [Member]
Related Party Transaction [Line Items]
Rent expense		$ 715,000	715,000
Yorktown's Grinding and Pelletizing Equipment [Member] \| Weekly [Member]
Related Party Transaction [Line Items]
Payments of rental fees		27,500
TriEnda Holdings, L.L.C [Member]
Related Party Transaction [Line Items]
Related party transaction purchases		5,400	42,349
Green Plastic Pallets [Member]
Related Party Transaction [Line Items]
Revenue from service		271,320	$ 167,400
Account receivable		$ 96,900

Leases (Details Narrative) - USD ($)	6 Months Ended
Leases (Details Narrative) - USD ($)	Nov. 30, 2019	Nov. 30, 2018	May 31, 2019
Lessee, Lease, Description [Line Items]
Production equipment gross carrying amount	$ 7,861,233		$ 7,861,233
Amortization	$ 416,000	$ 449,000
Equipment One [Member]
Lessee, Lease, Description [Line Items]
Operating Lease term	52 months
Operating lease discount rate	5.40%
Equipment Two [Member]
Lessee, Lease, Description [Line Items]
Operating Lease term	48 months
Operating lease discount rate	5.40%
Office Space [Member]
Lessee, Lease, Description [Line Items]
Operating Lease term	60 months
Operating lease discount rate	5.00%
Production Equipment [Member]
Lessee, Lease, Description [Line Items]
Production equipment gross carrying amount	$ 7,861,233
Sale and Leaseback Agreement [Member] \| Yorktown Production Equipment [Member]
Lessee, Lease, Description [Line Items]
Payments of monthly rental amount	7,695
Value of production equipment purchased	$ 968,168
Lease maturity date	Dec. 27, 2022
Bargain purchase option amount	$ 10,000
Sale and Leaseback Agreement [Member] \| Yorktown Production Equipment [Member] \| Initial Thirty Six Months [Member]
Lessee, Lease, Description [Line Items]
Payments of monthly rental amount	27,915
Three Five-Year Lease Agreements [Member]
Lessee, Lease, Description [Line Items]
Leased equipment	$ 6,900,000
Finance Lease term	5 years
Lease interest rate	7.40%
Lease payment per invoice rate	$ 3.32
Payments of monthly rental amount	$ 178,000

Deferred Revenue (Details Narrative) - USD ($)	6 Months Ended
Deferred Revenue (Details Narrative) - USD ($)	Nov. 30, 2019	May 31, 2019	Nov. 30, 2018
Revenue from Contract with Customer [Abstract]
Customer advances	$ 0		$ 3,280,500
Revenue recognition from customer advances	686,572
Unrecognized deferred revenue	$ 1,514,495	$ 2,201,067

Inventory - Schedule of Inventory (Details) - USD ($)	Nov. 30, 2019	May 31, 2019
Inventory Disclosure [Abstract]
Raw materials	$ 1,701,839	$ 1,295,991
Finished goods	1,991,152	1,325,000
Total inventory	$ 3,692,991	$ 2,620,991

Revenue and Revenue Recognition - Schedule of Sale of Revenues for Customer Categories (Details)	6 Months Ended
	Nov. 30, 2019	Nov. 30, 2018
End Users - Major Customers [Member]
Concentration Risk [Line Items]
Total	88.00%	84.00%
End Users - Other [Member]
Concentration Risk [Line Items]
Total	1.00%	2.00%
Distributors [Member]
Concentration Risk [Line Items]
Total	11.00%	14.00%

Consolidated Statements of Income (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
Consolidated Statements of Income (Unaudited) - USD ($)	Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2019	Nov. 30, 2018
Income Statement [Abstract]
Sales	$ 19,503,462	$ 14,733,130	$ 38,167,971	$ 32,939,240
Cost of Sales	17,353,239	13,041,366	33,656,973	28,801,518
Gross Profit	2,150,223	1,691,764	4,510,998	4,137,722
Selling, General and Administrative Expenses	1,112,630	853,650	2,190,228	1,792,741
Operating Income	1,037,593	838,114	2,320,770	2,344,981
Other Income (Expense):
Other income	2,880	3,021	4,913	5,290
Interest expense	(432,788)	(435,690)	(913,699)	(848,318)
Income before Income Taxes	607,685	405,445	1,411,984	1,501,953
Provision for Income Taxes	135,000	108,500	320,000	440,100
Net Income	472,685	296,945	1,091,984	1,061,853
Income Attributable to Non-controlling Interest	(65,620)	(62,952)	(130,306)	(123,527)
Preferred Dividends	(102,637)	(105,100)	(215,000)	(208,045)
Net Income Attributable to Common Stockholders	$ 304,428	$ 128,893	$ 746,678	$ 730,281
Income Per Share of Common Stock - Basic and Diluted	$ 0.01	$ 0.00	$ 0.03	$ 0.03
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	29,001,160	29,018,262	29,005,432	29,009,949