0001493152-21-001072.txt : 20210114 0001493152-21-001072.hdr.sgml : 20210114 20210114171106 ACCESSION NUMBER: 0001493152-21-001072 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 59 CONFORMED PERIOD OF REPORT: 20201130 FILED AS OF DATE: 20210114 DATE AS OF CHANGE: 20210114 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: 21529576 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, 2020

 

[  ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from ___________ to ____________

 

Commission file number 000-26331  

 

GREYSTONE LOGISTICS, INC.
(Exact name of registrant as specified in its charter)

 

Oklahoma   75-2954680

(State or other jurisdiction of

incorporation or organization)

  

(I.R.S. Employer

Identification No.)

 

1613 East 15th Street, Tulsa, Oklahoma 74120

 

(Address of principal executive offices)   (Zip Code)

 

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

 

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

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading Symbol   Name of each exchange on which registered
NONE   GLGI   NONE

 

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 8, 2021 - 28,361,201

 

 

 

 

 

 

GREYSTONE LOGISTICS, INC.

FORM 10-Q

For the Period Ended November 30, 2020

 

  Page
PART I. FINANCIAL INFORMATION  
     
Item 1. Financial Statements    
       
  Consolidated Balance Sheets (Unaudited) As of November 30, 2020 and May 31, 2020   1
       
  Consolidated Statements of Income (Unaudited) For the Six Months Ended November 30, 2020 and 2019  

2

       
  Consolidated Statements of Income (Unaudited) For the Three Months Ended November 30, 2020 and 2019   3
       
  Consolidated Statements of Changes in Equity (Unaudited) For the Six Months Ended November 30, 2020 and 2019  

4

       
  Consolidated Statements of Cash Flows (Unaudited) For the Six Months Ended November 30, 2020 and 2019  

5

       
  Notes to Consolidated Financial Statements (Unaudited)   6
       
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations  

15

       
Item 3. Quantitative and Qualitative Disclosures About Market Risk   19
       
Item 4. Controls and Procedures   19
       
PART II. OTHER INFORMATION   20
       
Item 1. Legal Proceedings   20
       
Item 1A. Risk Factors   20
       
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds   20
       
Item 3. Defaults Upon Senior Securities   20
       
Item 4. Mine Safety Disclosures   20
       
Item 5. Other Information   20
       
Item 6. Exhibits   20
       
SIGNATURES   21

 

 

 

 

PART I. FINANCIAL INFORMATION

 

Item 1. Financial Statements

 

Greystone Logistics, Inc. and Subsidiaries

Consolidated Balance Sheets

(Unaudited)

 

   November 30, 2020   May 31, 2020 
Assets          
Current Assets:          
Cash  $752,252   $1,131,850 
Accounts receivable -          
Trade   4,086,279    6,670,771 
Related parties   137,460    94,351 
Inventory   3,229,886    4,229,895 
Prepaid expenses   76,549    7,488 
Total Current Assets   8,282,426    12,134,355 
Property, Plant and Equipment, net   32,428,271    34,142,407 
Right-of-Use Operating Lease Assets   145,269    181,525 
Total Assets  $40,855,966   $46,458,287 
           
Liabilities and Equity          
Current Liabilities:          
Current portion of long-term debt  $5,195,878   $4,416,377 
Current portion of financing leases   1,920,854    1,838,251 
Current portion of operating leases   76,052    74,024 
Accounts payable and accrued liabilities   3,699,423    4,929,234 
Deferred revenue   1,403,007    3,793,167 
Preferred dividends payable   81,918    84,110 
Total Current Liabilities   12,377,132    15,135,163 
Long-Term Debt, net of current portion and debt issue costs   13,886,814    18,329,633 
Financing Leases, net of current portion   2,579,223    3,617,405 
Operating Leases, net of current portion   69,217    107,501 
Deferred Tax Liability   2,020,052    1,109,052 
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   (45,073,711)   (46,807,092)
Total Greystone Stockholders’ Equity   8,719,894    6,986,513 
Non-controlling interest   1,203,634    1,173,020 
Total Equity   9,923,528    8,159,533 
           
Total Liabilities and Equity  $40,855,966   $46,458,287 

 

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

 

 1 
 

 

Greystone Logistics, Inc.

Consolidated Statements of Income

For the Six Months Ended November 30,

(Unaudited)

 

   2020   2019 
         
Sales  $33,091,494   $38,167,971 
           
Cost of Sales   27,032,690    33,656,973 
           
Gross Profit   6,058,804    4,510,998 
           
Selling, General and Administrative Expenses   2,471,457    2,190,228 
           
Operating Income   3,587,347    2,320,770 
           
Other Income (Expense):          
Other income   8,944    4,913 
Interest expense   (653,060)   (913,699)
           
Income before Income Taxes   2,943,231    1,411,984 
Provision for Income Taxes   911,000    320,000 
Net Income   2,032,231    1,091,984 
           
Income Attributable to Non-controlling Interest   (135,014)   (130,306)
           
Preferred Dividends   (163,836)   (215,000)
           
Net Income Attributable to Common Stockholders  $1,733,381   $746,678 
           
Income Per Share of Common Stock -          
Basic and Diluted  $0.06   $0.03 
           
Weighted Average Shares of Common Stock Outstanding -          
Basic   28,361,201    28,361,201 
Diluted   32,363,351    29,005,432 

 

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

 

 2 
 

 

Greystone Logistics, Inc.

Consolidated Statements of Income

For the Three Months Ended November 30,

(Unaudited)

 

   2020   2019 
         
Sales  $15,523,318   $19,503,462 
           
Cost of Sales   12,423,073    17,353,239 
           
Gross Profit   3,100,245    2,150,223 
           
Selling, General and Administrative Expenses   1,331,219    1,112,630 
           
Operating Income   1,769,026    1,037,593 
           
Other Income (Expense):          
Other income   2,434    2,880 
Interest expense   (291,387)   (432,788)
           
Income before Income Taxes   1,480,073    607,685 
Provision for Income Taxes   457,000    135,000 
Net Income   1,023,073    472,685 
           
Income Attributable to Non-controlling Interest   (67,975)   (65,620)
           
Preferred Dividends   (81,918)   (102,637)
           
Net Income Attributable to Common Stockholders  $873,180   $304,428 
           
Income Per Share of Common Stock -          
Basic and Diluted  $0.03   $0.01 
           
Weighted Average Shares of Common Stock Outstanding -          
Basic   28,361,201    28,361,201 
Diluted   32,363,683    29,001,160 

 

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

 

 3 
 

 

Greystone Logistics, Inc. and Subsidiaries

Consolidated Statements of Changes in Equity

For the Six Months Ended November 30, 2020 and 2019

(Unaudited)

 

   Preferred Stock   Common Stock  

Additional

Paid-in

   Accumulated   Total Greystone Stockholders’   Non-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 per 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 per 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, 2020   50,000   $5    28,361,201   $2,836   $53,790,764   $(46,807,092)  $6,986,513   $1,173,020   $8,159,533 
Cash distributions   -    -    -    -    -    -    -    (52,200)   (52,200)
Preferred dividends, $1.64 per share   -    -    -    -    -    (81,918)   (81,918)   -    (81,918)
Net income   -    -    -    -    -    942,119    942,119    67,039    1,009,158 
Balances, August 31, 2020   50,000    5    28,361,201    2,836    53,790,764    (45,946,891)   7,846,714    1,187,859    9,034,573 
Cash distributions   -    -    -    -    -    -    -    (52,200)   (52,200)
Preferred dividends, $1.64 per share   -    -    -    -    -    (81,918)   (81,918)   -    (81,918)
Net income   -    -    -    -    -    955,098    955,098    67,975    1,023,073 
Balances, November 30, 2020   50,000   $5    28,361,201   $2,836   $53,790,764   $(45,073,711)  $8,719,894   $1,203,634   $9,923,528 

 

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

 

 4 
 

 

Greystone Logistics, Inc. and Subsidiaries

Consolidated Statements of Cash Flows

For the Six Months Ended November 30,

(Unaudited)

 

   2020   2019 
Cash Flows from Operating Activities:          
Net income  $2,032,231   $1,091,984 
Adjustments to reconcile net income to net cash provided by operating activities -          
Depreciation and amortization   3,021,502    2,560,516 
Deferred tax expense   911,000    320,000 
Decrease in trade accounts receivable   2,584,492    1,929,597 
Increase in related party receivables   (43,109)   (53,514)
Decrease (increase) in inventory   973,259    (1,072,000)
Decrease (increase) in prepaid expenses   (69,061)   139,168 
Increase (decrease) in accounts payable and accrued liabilities   (1,217,243)   687,310 
Decrease in deferred revenue   (2,390,160)   (686,572)
Net cash provided by operating activities   5,802,911    4,916,489 
           
Cash Flows from Investing Activities:          
Purchase of property and equipment   (1,290,604)   (2,018,815)
           
Cash Flows from Financing Activities:          
Proceeds from long-term debt   -    672,000 
Payments on long-term debt and financing leases   (2,429,656)   (2,390,138)
Proceeds from revolving loan   1,250,000    690,000 
Payments on revolving loan   (2,690,000)   (972,000)
Payments on related party note payable and financing lease   (751,821)   (222,384)
Payments for debt issuance costs   -    (3,360)
Dividends paid on preferred stock   (166,028)   (224,555)
Distributions paid by non-controlling interest   (104,400)   (121,800)
Net cash used in financing activities   (4,891,905)   (2,572,237)
Net Increase (Decrease) in Cash   (379,598)   325,437 
Cash, beginning of period   1,131,850    1,255,408 
Cash, end of period  $752,252   $1,580,845 
Non-cash Activities:          
Capital expenditures in accounts payable  $282,540   $507,851 
Equipment transferred from inventory  $26,750   $- 
Preferred dividend accrual  $81,918   $102,637 
Supplemental information:          
Interest paid  $632,488   $913,992 

 

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

 

 5 
 

 

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, 2020, the results of its operations for the six months and three months ended November 30, 2020 and 2019 and its cash flows for the six months ended November 30, 2020 and 2019. 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, 2020 and the notes thereto included in the Form 10-K for such period. The results of operations for the six months and three months ended November 30, 2020 and 2019 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 at November 30 are as follows:

 

   2020   2019 
           
Preferred stock convertible into common stock   -    3,333,333 

 

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

 

 6 
 

 

For the six months ended November 30, 2020 and 2019:

 

   2020   2019 
Basic earnings per share of common stock:        
Numerator -        
Net income attributable to common stockholders  $1,733,381   $746,678 
Denominator -          
Weighted-average shares outstanding - basic   28,361,201    28,361,201 
Income per share of common stock - basic  $0.06   $0.03 
           
Diluted earnings per share of common stock:          
Numerator -          
Net income attributable to common stockholders  $1,733,381   $746,678 
Add: Preferred stock dividends for assumed conversion   163,836    - 
Net income allocated to common stockholders  $1,897,217   $746,678 
Denominator -          
Weighted-average shares outstanding - basic   28,361,201    28,361,201 
Incremental shares from assumed conversion of options, warrants and preferred stock, as appropriate   4,002,150    644,231 
Weighted average common stock outstanding - diluted   32,363,351    29,005,432 
Income per share of common stock – diluted  $0.06   $0.03 

 

For the three months ended November 30, 2020 and 2019:

 

   2020   2019 
Basic earnings per share of common stock:        
Numerator -        
Net income attributable to common stockholders  $873,180   $304,428 
Denominator -          
Weighted-average shares outstanding - basic   28,361,201    28,361,201 
Income per share of common stock - basic  $0.03   $0.01 
           
Diluted earnings per share of common stock:          
Numerator -          
Net income attributable to common stockholders  $873,180   $304,428 
Add: Preferred stock dividends for assumed conversion   81,918    - 
Net income allocated to common stockholders  $955,098   $304,428 
Denominator -          
Weighted-average shares outstanding - basic   28,361,201    28,361,201 
Incremental shares from assumed conversion of options, warrants and preferred stock, as appropriate   4,002,482    639,959 
Weighted average common stock outstanding - diluted   32,363,683    29,001,160 
Income per share of common stock – diluted  $0.03   $0.01 

 

Note 3. Inventory

 

Inventory consists of the following:

 

   November 30,   May 31, 
   2020   2020 
Raw materials  $1,586,089   $1,953,957 
Finished goods   1,643,797    2,275,938 
Total inventory  $3,229,886   $4,229,895 

 

 

 7 
 

 

Note 4. Property, Plant and Equipment

 

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

 

   November 30, 2020   May 31,
2020		 
Production machinery and equipment  $51,262,623   $51,637,883 
Plant buildings and land   6,931,302    6,881,326 
Leasehold improvements   1,428,281    1,323,535 
Furniture and fixtures   601,586    601,586 
    60,223,792    60,444,330 
           
Less: Accumulated depreciation and amortization   (27,795,521)   (26,301,923)
           
Net Property, Plant and Equipment  $32,428,271   $34,142,407 

 

Production machinery includes deposits on equipment in the amount of $207,160 at November 30, 2020, which has not been placed into service. Plant buildings and land include two properties which are owned by GRE, a variable interest entity (“VIE”) and have an aggregate net book value of $2,722,741 at November 30, 2020.

 

Depreciation expense, including amortization expense related to financing leases, for the six months ended November 30, 2020 and 2019 was $3,018,922 and $2,557,936, 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 President and CEO, 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, 2020 and 2019.

 

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, 2020 and 2019. As of November 30, 2020, future minimum payments under the non-cancelable operating lease for the remaining two years are $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 F. Kruger, Greystone’s President and CEO, serves TriEnda as the non-executive Chairman of the Board and is a partner in a partnership which has a majority ownership interest in TriEnda. Greystone periodically purchases material and pallets from TriEnda. Purchases for the six months ended November 30, 2020 and 2019 totaled $52,356 and $5,400, respectively. As of November 30, 2020, Greystone owed $40,800 to TriEnda for such purchases.

 

 8 
 

 

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 $236,250 and $271,320 for the six months ended November 30, 2020 and 2019, respectively. The account receivable due from Green at November 30, 2020 was $129,150.

 

Note 6. Long-term Debt

 

Debt as of November 30, 2020 and May 31, 2020 is as follows:

 

   November 30,   May 31, 
   2020   2020 
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  $2,046,067   $2,459,854 
           
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   1,037,291    1,165,774 
           
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   815,983    1,136,455 
           
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   573,469    696,174 
           
Term loan F payable to International Bank of Commerce, prime rate of interest plus 0.5% but not less than 5.25%, maturing February 29, 2024   2,398,571    2,752,293 
           
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   814,314    837,811 
           
Revolving loan payable to International Bank of Commerce, prime rate of interest plus 0.5% but not less than 5.5%, due January 31, 2022   1,100,000    2,540,000 
           
Paycheck Protection Program note, interest rate of 1.0%, maturing April 13, 2022   3,034,000    3,034,000 
           
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   2,157,320    2,261,425 
           
Term note payable to Great Western Bank, interest rate of 3.7%, monthly principal and interest payments of $27,593, due March 19, 2025, secured by certain equipment   1,323,295    1,461,726 
           
Note payable to Robert Rosene, 7.5% interest, due January 15, 2022   3,649,878    4,253,228 
           
Other   165,810    183,156 
Total long-term debt   19,115,998    22,781,896 
Debt issuance costs, net of amortization   (33,306)   (35,886)
Total debt, net of debt issuance costs   19,082,692    22,746,010 
Less: Current portion of long-term debt   (5,195,878)   (4,416,377)
Long-term debt, net of current portion  $13,886,814   $18,329,633 

 

The prime rate of interest as of November 30, 2020 was 3.25%.

 

 9 
 

 

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.

 

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 $76,705 per month), (ii) Term Loan C over a seven-year period beginning November 30, 2017 (currently $25,205 per month), (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 $68,402 per month) and (vi) Term Loan G over a fifteen-year period beginning April 30, 2019 (currently $7,466 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, as defined in the IBC Loan Agreement, 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, 2022. 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. Greystone’s available revolving loan borrowing capacity was $2,900,000 at November 30, 2020.

 

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

 

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

 

Paycheck Protection Program (“PPP”) Loan

 

On April 10, 2020, the Company received a SBA Payroll Protection Program (“PPP”) loan pursuant to the Paycheck Protection Program under the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), with IBC for $3,034,000. The PPP loan bears interest at 1.0% per annum, with monthly payments of principal and interest in the amount of $236,909 commencing on April 14, 2021 and maturing April 10, 2022. The Paycheck Protection Program provides that the PPP loan may be partially or fully forgiven if the funds are used for certain qualifying expenses as described in the CARES Act. The Company believes that the proceeds from the PPP loan were used for qualifying expenses in accordance with the terms in the CARES Act and plans to apply for forgiveness of the PPP loan in accordance with the requirements and limitations under the CARES Act, the PPP Flexibility Act and SBA regulations and requirements. However, there is no assurance that all or any portion of the PPP loan will be forgiven.

 

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, 2022. 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, 2020 was $3,649,878.

 

 10 
 

 

Maturities

 

Maturities of Greystone’s long-term debt for the five years subsequent to November 30, 2020 are $5,195,878, $8,929,312, $3,493,294, $1,373,137 and $124,377.

 

Note 7. Leases

 

Financing Leases

 

Financing leases as of November 30, 2020 and May 31, 2020:

 

   November 30, 2020  

May 31,

2020

 
Non-cancellable financing leases  $4,500,077   $5,455,656 
Less: Current portion   (1,920,854)   (1,838,251)
Non-cancellable financing leases, net of current portion  $2,579,223   $3,617,405 

 

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 an effective 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 $153,000. The rent payments can vary each month depending on the quantity of pallets produced from each machine. 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 $8,473,357 at November 30, 2020. Amortization of the carrying amount of $505,935 and $416,314 was included in depreciation expense for the six months ended November 30, 2020 and 2019, respectively.

 

Operating Leases

 

Greystone recognized 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 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 statements 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.

 

 11 
 

 

Lease Summary Information

 

For the periods ending November 30, 2020 and 2019:

 

   2020   2019 
Lease Expense          
Financing lease expense -          
Amortization of right-of-use assets  $505,935   $416,000 
Interest on lease liabilities   156,059    220,255 
Operating lease expense   40,941    39,650 
Short-term lease expense   723,443    797,835 
Total  $1,426,378   $1,473,740 
           
Other Information          
Cash paid for amounts included in the measurement of lease liabilities for finance leases -          
Operating cash flows  $156,059   $220,255 
Financing cash flows  $955,580   $911,529 
Cash paid for amounts included in the measurement of lease liabilities for operating leases -          
Operating cash flows  $40,941   $39,650 
Right-of-use assets obtained in exchange for lease liabilities -          
Operating leases  $-   $67,750 
Weighted-average remaining lease term (in years) -          
Financing leases   2.3    3.2 
Operating leases   2.4    3.5 
Weighted-average discount rate -          
Financing leases   7.4%   7.1%
Operating leases   5.2%   5.3%

 

Future minimum lease payments under non-cancelable leases as of November 30, 2020, are approximately:

 

   Financing Leases   Operating Leases 
Twelve months ended November 30, 2021  $2,186,436   $81,881 
Twelve months ended November 30, 2022   1,991,930    37,881 
Twelve months ended November 30, 2023   701,171    27,751 
Twelve months ended November 30, 2024   23,669    9,037 
Twelve months ended November 30, 2025   3,593    - 
Total future minimum lease payments   4,906,799    156,550 
Present value discount   406,722    11,281 
Present value of minimum lease payments  $4,500,077   $145,269 

 

 12 
 

 

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 which totaled $3,770,160 and $686,572 during the six months ended November 30, 2020 and 2019, respectively. Customer advances received during the six months ended November 30, 2020 and 2019 were $1,380,000 and $-0-, respectively. The unrecognized balance of deferred revenue as of November 30, 2020 and May 31, 2020, was $1,403,007 and $3,793,167, 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. The amount of revenue recognized reflects the consideration to which Greystone expects to be entitled to receive in exchange for its products.

 

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 0.8% and 4.7% of sales during the six months ended November 30, 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, 2020 and 2019, respectively, were as follows:

 

Category  2020   2019 
End User Customers   86%   89%
Distributors   14%   11%

 

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 86% and 88% of its total sales from four customers during the six months ended November 30, 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 $524,321 and $1,019,279 in fiscal years 2021 and 2020, respectively, were from one of its major customers.

 

 13 
 

 

Robert B. Rosene, Jr., a Greystone director, has provided financing and guarantees on Greystone’s bank debt. As of November 30, 2020, Greystone is indebted to Mr. Rosene in the amount of $3,649,878 for a note payable due January 15, 2022. There is no assurance that Mr. Rosene will renew the note as of the maturity date.

 

COVID-19 Risks. The impact of COVID-19 has created much uncertainty in the marketplace. To date, the demand for Greystone’s products has not been affected as Greystone’s pallets are generally used logistically by essential entities. The major issue that Greystone has incurred is maintaining adequate work force to meet demand for pallets. The virus has impacted the overall workforce in our operating area as well as Greystone’s workforce due to employees electing to stay at home for protection from COVID-19 and reductions of recruitment of new employees. Management is unable to predict the stability of its workforce as the longer that the virus stays active, the greater the uncertainty.

 

Greystone is subject to litigation, claims and other commitments and contingencies arising in the ordinary course of business. Although the asserted value of these matters may be significant, the company currently does not expect that the ultimate resolution of any open matters will have a material adverse effect on its consolidated financial position or results of operations.

 

Effective January 1, 2021, Greystone’s major customer in the beer industry notified Greystone that the customer will be diversifying its purchases of pallets for case goods with another vendor, but Greystone will continue to be the sole provider of the keg pallet to the customer. This change is expected to decrease Greystone’s annual revenues in the range of about 4% to 5%. Greystone will continue to purchase damaged pallets from the customer. Management has evaluated this impact in conjunction with other contractual adjustments that were made with the customer, and management does not expect that this impact will have a material adverse effect on Greystone’s consolidated financial statements.

 

Note 12. Commitments

 

As of November 30, 2020, Greystone had commitments totaling $445,040 toward the purchase of production equipment.

 

 14 
 

  

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 the variable interest entity, Greystone Real Estate, L.L.C. (“GRE”). All material intercompany accounts and transactions have been eliminated.

 

References to fiscal year 2021 refer to the six months and three months ended November 30, 2020. References to fiscal year 2020 refer to the six months and three months ended November 30, 2019.

 

Sales

 

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

 

Personnel

 

Greystone had approximately 272 and 268 full-time employees as of November 30, 2020 and 2019, respectively. In addition, employee recruitment is outsourced to certain personnel agencies. Greystone employed 37 and 145 personnel through these agencies as of November 30, 2020 and 2019.

 

Six Months Ended November 30, 2020 Compared to Six Months Ended November 30, 2019

 

Sales

 

Sales for fiscal year 2021 were $33,091,494 compared to $38,167,971 in fiscal year 2020 for a decrease of $5,076,477. While the number of pallets sold during fiscal year 2021 increased by approximately 3% over fiscal year 2020, the overall decrease in the value of sales in fiscal year 2021 from fiscal year 2020 was primarily due to changes in the manufacturing process for certain pallets and the related pricing for such pallets.

 

Greystone had four customers which accounted for approximately 86% and 88% of sales in fiscal years 2021 and 2020, 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.

 

Effective January 1, 2021, Greystone’s major customer in the beer industry notified Greystone that the customer will be diversifying its purchases of pallets for case goods with another vendor, but Greystone will continue to be the sole provider of the keg pallet to the customer. This change is expected to decrease Greystone’s annual revenues in the range of about 4% to 5%. Greystone will continue to purchase damaged pallets from the customer. Management has evaluated this impact in conjunction with other contractual adjustments that were made with the customer, and management does not expect that this impact will have a material adverse effect on Greystone’s consolidated financial statements.

 

 15 
 

 

Cost of Sales

 

Cost of sales in fiscal year 2021 was $27,032,690, or 82% of sales, compared to $33,656,973, or 88% of sales, in fiscal year 2020. The decrease in the ratio of cost of sales to sales in fiscal year 2021 from the ratio during fiscal year 2020 is primarily the result of improved profit margins from changes in the manufacturing process for certain pallets, increases in pallet production per machine attributable to the utilization of new tools in managing the injection molding machines and an increase of in-house capacity for grinding and pelletizing plastic material.

 

Selling, General and Administrative Expenses

 

Selling, general and administrative expenses were $2,471,457 in fiscal year 2021 compared to $2,190,228 in fiscal year 2020 for an increase of $281,229 or 12.8%. The primary reason for the increase in fiscal year 2021 over fiscal year 2020 was due to a mix of items including increased costs for administrative personnel, costs for resolution of a breach in the Company’s email system, legal fees and research and development costs to develop an acceptable fire retardant for Greystone pallets.

 

Other Income (Expenses)

 

Other income from sales of scrap material was $8,944 in fiscal year 2021 compared to $4,913 in fiscal year 2020.

 

Interest expense was $653,060 in fiscal year 2021 compared to $913,699 in fiscal year 2020 for a decrease of $260,639. There was a reduction in total debt of approximately $2,270,000 from the outstanding balances at November 30, 2019 to November 30, 2020. In addition, the debt as of November 30, 2020 included a Paycheck Protection Program note in the amount of $3,034,000 which bears an interest rate of 1.0% and the prime rate of interest was 3.25% as of November 30, 2020 compared to 4.75% at November 30, 2019.

 

Provision for Income Taxes

 

The provision for income taxes was $911,000 and $320,000 in fiscal years 2021 and 2020, respectively. The effective tax rate differs from federal statutory rates principally due to state income taxes, charges which have no tax benefit, changes in the valuation allowance, and the basis that net income from GRE is not taxable at the corporate level because GRE is a limited liability company of which Greystone has no equity ownership.

 

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 $2,032,231 in fiscal year 2021 compared to $1,091,984 in fiscal year 2020 primarily for the reasons discussed above.

 

Net Income Attributable to Common Stockholders

 

The net income attributable to common stockholders (net income less preferred dividends and GRE’s net income) for fiscal year 2021 was $1,733,381, or $0.06 per share, compared $746,678, or $0.03 per share, in fiscal year 2020 primarily for the reasons discussed above.

 

 16 
 

 

Three Months Ended November 30, 2020 Compared to Three Months Ended November 30, 2019

 

Sales

 

Sales for fiscal year 2021 were $15,523,318 compared to $19,503,462 in fiscal year 2020 for a decrease of $3,980,144. While there was a slight decline of 3% of the number of pallets sold during fiscal year 2021 from fiscal year 2020, the overall decrease in the value of sales in fiscal year 2021 from fiscal year 2020 was primarily due to changes in the manufacturing process for certain pallets and the related pricing for such pallets.

 

Greystone had four customers which accounted for approximately 84% and 88% of sales in fiscal years 2021 and 2020, 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.

 

Effective January 1, 2021, Greystone’s major customer in the beer industry notified Greystone that the customer will be diversifying its purchases of pallets for case goods with another vendor, but Greystone will continue to be the sole provider of the keg pallet to the customer. This change is expected to decrease Greystone’s annual revenues in the range of about 4% to 5%. Greystone will continue to purchase damaged pallets from the customer. Management has evaluated this impact in conjunction with other contractual adjustments that were made with the customer, and management does not expect that this impact will have a material adverse effect on Greystone’s consolidated financial statements.

 

Cost of Sales

 

Cost of sales in fiscal year 2021 was $12,423,073, or 80% of sales, compared to $17,353,239, or 89% of sales, in fiscal year 2020. The decrease in the ratio of cost of sales to sales in fiscal year 2021 from the ratio during fiscal year 2020 is primarily the result of improved profit margins from changes in the manufacturing process for certain pallets, increases in pallet production per machine attributable to the utilization of new tools in managing the injection molding machines and an increase of in-house capacity for grinding and pelletizing plastic material.

 

Selling, General and Administrative Expenses

 

Selling, general and administrative expenses were $1,331,219 in fiscal year 2021 compared to $1,112,630 in fiscal year 2020 for an increase of $218,589 or 19.6%. The increase in fiscal year 2021 over fiscal year 2020 was due to a mix of items including increased costs for administrative personnel, costs for resolution of a breach in the Company’s email system, legal fees and research and development costs to develop an acceptable fire retardant for Greystone pallets.

 

Other Income (Expenses)

 

Other income from sales of scrap material was $2,434 in fiscal year 2021 compared to $2,880 in fiscal year 2020.

 

Interest expense was $291,387 in fiscal year 2021 compared to $432,788 in fiscal year 2020 for a decrease of $141,401. There was a reduction in total debt of approximately $2,270,000 from the outstanding balances at November 30, 2019 to November 30, 2020. In addition, the debt as of November 30, 2020 included a Paycheck Protection Program note in the amount of $3,034,000 which bears an interest rate of 1.0% and the prime rate of interest was 3.25% as of November 30, 2020 compared to 4.75% at November 30, 2019.

 

 17 
 

 

Provision for Income Taxes

 

The provision for income taxes was $457,000 and $135,000 in fiscal years 2021 and 2020, respectively. The effective tax rate differs from federal statutory rates due principally to state income taxes, charges which have no tax benefit, changes in the valuation allowance, and the basis that the net income from GRE is not taxable at the corporate level because GRE is a limited liability company of which Greystone has no equity ownership.

 

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 $1,023,073 in fiscal year 2021 compared to $472,685 in fiscal year 2020 primarily for the reasons discussed above.

 

Net Income Attributable to Common Stockholders

 

The net income attributable to common stockholders (net income less preferred dividends and GRE’s net income) for fiscal year 2021 was $873,180, or $0.03 per share, compared $304,428, or $0.01 per share, in fiscal year 2020 primarily for the reasons discussed above.

 

Liquidity and Capital Resources

 

A summary of cash flows for the six months ended November 30, 2020 is as follows:

 

 

Cash provided by operating activities  $5,802,911 
      
Cash used in investing activities  $(1,290,604)
      
Cash used in financing activities  $(4,891,905)

 

The contractual obligations of Greystone are as follows:

 

  

 

Total

  

Less than

1 year

  

 

1-3 years

  

 

4-5 years

 
Long-term debt  $19,115,998   $5,195,878   $12,422,606   $1,497,514 
Financing lease rents  $4,906,799   $2,186,436   $2,693,101   $27,262 
Operating lease rents  $156,550   $81,881   $65,632   $9,037 
Commitments  $445,040   $445,040   $-   $- 

 

Greystone had a working capital deficit of $(4,094,706) at November 30, 2020. To provide for the funding to meet Greystone’s operating activities and contractual obligations as of November 30, 2020, 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.

 

 18 
 

 

A substantial amount of the Greystone’s debt financing has resulted primarily from bank notes which are guaranteed by certain officers and directors of Greystone and 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, 2020, which was filed on August 24, 2020. 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, 2020, 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, 2020.

 

During the three months ended November 30, 2020, 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.

 

 19 
 

 

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, 2020 and May 31, 2020, (ii) the Consolidated Statements of Income for the six months and three months ended November 30, 2020 and 2019, (iii) the Consolidated Statements of Changes in Equity for the six months ended November 30, 2020 and 2019, (iv) the Consolidated Statements of Cash Flows for the six months ended November 30, 2020 and 2019, and (v) the Notes to the Consolidated Financial Statements (submitted herewith).

 

 20 
 

 

SIGNATURES

 

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

 

  GREYSTONE LOGISTICS, INC.
  (Registrant)
   
Date: January 14, 2021 /s/ Warren F. Kruger
  Warren F. Kruger, President and Chief
  Executive Officer (Principal Executive Officer)
   
Date: January 14, 2021 /s/ William W. Rahhal
  William W. Rahhal, Chief Financial Officer
  (Principal Financial Officer and Principal Accounting Officer)

 

 21 
 

 

Index to Exhibits

 

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

 

31.1 Certification of Chief Executive Officer pursuant to Rules 13a-14(a) and 15d-14(a) promulgated under the Securities Exchange Act of 1934, as amended, and Item 601(b)(31) of Regulation S-K, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (submitted herewith).
   
31.2 Certification of Chief Financial Officer pursuant to Rules 13a-14(a) and 15d-14(a) promulgated under the Securities Exchange Act of 1934, as amended, and Item 601(b)(31) of Regulation S-K, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (submitted herewith).
   
32.1 Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (submitted herewith).
   
32.2 Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (submitted herewith).
   
101 Interactive data files pursuant to Rule 405 of Regulation S-T: (i) the Consolidated Balance Sheets at November 30, 2020 and May 31, 2020, (ii) the Consolidated Statements of Income for six months and three months ended November 30, 2020 and 2019, (iii) the Consolidated Statements of Changes in Equity for the six months ended November 30, 2020 and 2019, (iv) the Consolidated Statements of Cash Flows for the six months ended November 30, 2020 and 2019, and (v) the Notes to the Consolidated Financial Statements (submitted herewith).

 

 22 

 

 EX-31.1 2 ex31-1.htm

 

Exhibit 31.1

 

CERTIFICATION

 

I, Warren F. Kruger, certify that:

 

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

 

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

 

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

 

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

 

January 14, 2021 /s/ Warren F. Kruger
  Warren F. Kruger
  President and Chief Executive Officer

 

 

 

 EX-31.2 3 ex31-2.htm

 

Exhibit 31.2

 

CERTIFICATION

 

I, William W. Rahhal, certify that:

 

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

 

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

 

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

 

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

 

January 14, 2021 /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, 2020 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 14, 2021 /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, 2020, 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 14, 2021 /s/ William W. Rahhal
  William W. Rahhal
  Chief Financial Officer

 

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

 

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

 

 

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Document and Entity Information - shares
 6 Months Ended
Nov. 30, 2020
Jan. 08, 2021
Cover [Abstract]    
Entity Registrant Name GREYSTONE LOGISTICS, INC.  
Entity Central Index Key 0001088413  
Document Type 10-Q  
Document Period End Date Nov. 30, 2020  
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 Shell Company false  
Entity Common Stock, Shares Outstanding   28,361,201
Document Fiscal Period Focus Q2  
Document Fiscal Year Focus 2021  
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Consolidated Balance Sheets (Unaudited) - USD ($)
Nov. 30, 2020
May 31, 2020
Current Assets:    
Cash $ 752,252 $ 1,131,850
Accounts receivable - Trade 4,086,279 6,670,771
Accounts receivable - Related parties 137,460 94,351
Inventory 3,229,886 4,229,895
Prepaid expenses 76,549 7,488
Total Current Assets 8,282,426 12,134,355
Property, Plant and Equipment, net 32,428,271 34,142,407
Right-of-Use Operating Lease Assets 145,269 181,525
Total Assets 40,855,966 46,458,287
Current Liabilities:    
Current portion of long-term debt 5,195,878 4,416,377
Current portion of financing leases 1,920,854 1,838,251
Current portion of operating leases 76,052 74,024
Accounts payable and accrued liabilities 3,699,423 4,929,234
Deferred revenue 1,403,007 3,793,167
Preferred dividends payable 81,918 84,110
Total Current Liabilities 12,377,132 15,135,163
Long-Term Debt, net of current portion and debt issue costs 13,886,814 18,329,633
Financing Leases, net of current portion 2,579,223 3,617,405
Operating Leases, net of current portion 69,217 107,501
Deferred Tax Liability 2,020,052 1,109,052
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 (45,073,711) (46,807,092)
Total Greystone Stockholders' Equity 8,719,894 6,986,513
Non-controlling interest 1,203,634 1,173,020
Total Equity 9,923,528 8,159,533
Total Liabilities and Equity $ 40,855,966 $ 46,458,287
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Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)
Nov. 30, 2020
May 31, 2020
Statement of Financial Position [Abstract]    
Preferred stock, par value $ 0.0001 $ 0.0001
Preferred stock, shares authorized 20,750,000 20,750,000
Preferred stock, shares issued 50,000 50,000
Preferred stock, shares outstanding 50,000 50,000
Preferred stock, liquidation preference $ 5,000,000 $ 5,000,000
Common stock, par value $ 0.0001 $ 0.0001
Common stock, shares authorized 5,000,000,000 5,000,000,000
Common stock, shares issued 28,361,201 28,361,201
Common stock, shares outstanding 28,361,201 28,361,201
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Consolidated Statements of Income (Unaudited) - USD ($)
 3 Months Ended 6 Months Ended
Nov. 30, 2020
Nov. 30, 2019
Nov. 30, 2020
Nov. 30, 2019
Income Statement [Abstract]        
Sales $ 15,523,318 $ 19,503,462 $ 33,091,494 $ 38,167,971
Cost of Sales 12,423,073 17,353,239 27,032,690 33,656,973
Gross Profit 3,100,245 2,150,223 6,058,804 4,510,998
Selling, General and Administrative Expenses 1,331,219 1,112,630 2,471,457 2,190,228
Operating Income 1,769,026 1,037,593 3,587,347 2,320,770
Other Income (Expense):        
Other income 2,434 2,880 8,944 4,913
Interest expense (291,387) (432,788) (653,060) (913,699)
Income before Income Taxes 1,480,073 607,685 2,943,231 1,411,984
Provision for Income Taxes 457,000 135,000 911,000 320,000
Net Income 1,023,073 472,685 2,032,231 1,091,984
Income Attributable to Non-controlling Interest (67,975) (65,620) (135,014) (130,306)
Preferred Dividends (81,918) (102,637) (163,836) (215,000)
Net Income Attributable to Common Stockholders $ 873,180 $ 304,428 $ 1,733,381 $ 746,678
Income Per Share of Common Stock - Basic and Diluted $ 0.03 $ 0.01 $ 0.06 $ 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 32,363,683 29,001,160 32,363,351 29,005,432
XML 16 R5.htm IDEA: XBRL DOCUMENT v3.20.4
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, 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          
Balance at May. 31, 2020 $ 5 $ 2,836 53,790,764 (46,807,092) 6,986,513 1,173,020 8,159,533
Balance, shares at May. 31, 2020 50,000 28,361,201          
Cash distributions (52,200) (52,200)
Preferred dividends (81,918) (81,918) (81,918)
Net income 942,119 942,119 67,039 1,009,158
Balance at Aug. 31, 2020 $ 5 $ 2,836 53,790,764 (45,946,891) 7,846,714 1,187,859 9,034,573
Balance, shares at Aug. 31, 2020 50,000 28,361,201          
Balance at May. 31, 2020 $ 5 $ 2,836 53,790,764 (46,807,092) 6,986,513 1,173,020 8,159,533
Balance, shares at May. 31, 2020 50,000 28,361,201          
Net income             2,032,231
Balance at Nov. 30, 2020 $ 5 $ 2,836 53,790,764 (45,073,711) 8,719,894 1,203,634 9,923,528
Balance, shares at Nov. 30, 2020 50,000 28,361,201          
Balance at Aug. 31, 2020 $ 5 $ 2,836 53,790,764 (45,946,891) 7,846,714 1,187,859 9,034,573
Balance, shares at Aug. 31, 2020 50,000 28,361,201          
Cash distributions     (52,200) (52,200)
Preferred dividends (81,918) (81,918) (81,918)
Net income 955,098 955,098 67,975 1,023,073
Balance at Nov. 30, 2020 $ 5 $ 2,836 $ 53,790,764 $ (45,073,711) $ 8,719,894 $ 1,203,634 $ 9,923,528
Balance, shares at Nov. 30, 2020 50,000 28,361,201          
XML 17 R6.htm IDEA: XBRL DOCUMENT v3.20.4
Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares
 3 Months Ended
Nov. 30, 2020
Aug. 31, 2020
Nov. 30, 2019
Aug. 31, 2019
Statement of Stockholders' Equity [Abstract]        
Preferred dividends per share $ 1.64 $ 1.64 $ 2.05 $ 2.25
XML 18 R7.htm IDEA: XBRL DOCUMENT v3.20.4
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Nov. 30, 2020
Nov. 30, 2019
Cash Flows from Operating Activities:    
Net income $ 2,032,231 $ 1,091,984
Adjustments to reconcile net income to net cash provided by operating activities -    
Depreciation and amortization 3,021,502 2,560,516
Deferred tax expense 911,000 320,000
Decrease in trade accounts receivable 2,584,492 1,929,597
Increase in related party receivables (43,109) (53,514)
Decrease (increase) in inventory 973,259 (1,072,000)
Decrease (increase) in prepaid expenses (69,061) 139,168
Increase (decrease) in accounts payable and accrued liabilities (1,217,243) 687,310
Decrease in deferred revenue (2,390,160) (686,572)
Net cash provided by operating activities 5,802,911 4,916,489
Cash Flows from Investing Activities:    
Purchase of property and equipment (1,290,604) (2,018,815)
Cash Flows from Financing Activities:    
Proceeds from long-term debt 672,000
Payments on long-term debt and financing leases (2,429,656) (2,390,138)
Proceeds from revolving loan 1,250,000 690,000
Payments on revolving loan (2,690,000) (972,000)
Payments on related party note payable and financing lease (751,821) (222,384)
Payments for debt issuance costs (3,360)
Dividends paid on preferred stock (166,028) (224,555)
Distributions paid by non-controlling interest (104,400) (121,800)
Net cash used in financing activities (4,891,905) (2,572,237)
Net Increase (Decrease) in Cash (379,598) 325,437
Cash, beginning of period 1,131,850 1,255,408
Cash, end of period 752,252 1,580,845
Non-cash Activities:    
Capital expenditures in accounts payable 282,540 507,851
Equipment transferred from inventory 26,750
Preferred dividend accrual 81,918 102,637
Supplemental information:    
Interest paid $ 632,488 $ 913,992
XML 19 R8.htm IDEA: XBRL DOCUMENT v3.20.4
Basis of Financial Statements
 6 Months Ended
Nov. 30, 2020
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, 2020, the results of its operations for the six months and three months ended November 30, 2020 and 2019 and its cash flows for the six months ended November 30, 2020 and 2019. 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, 2020 and the notes thereto included in the Form 10-K for such period. The results of operations for the six months and three months ended November 30, 2020 and 2019 are not necessarily indicative of the results to be expected for the full fiscal year.

 

The consolidated financial statements of Greystone include its wholly-owned subsidiaries, Greystone Manufacturing, L.L.C. (“GSM”) and Plastic Pallet Production, Inc. (“PPP”), and the variable interest entity, Greystone Real Estate, L.L.C. (“GRE”). GRE owns two buildings located in Bettendorf, Iowa which are leased to GSM. All material intercompany accounts and transactions have been eliminated in the consolidated financial statements.
XML 20 R9.htm IDEA: XBRL DOCUMENT v3.20.4
Earnings Per Share
 6 Months Ended
Nov. 30, 2020
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 at November 30 are as follows:

 

    2020     2019  
                 
Preferred stock convertible into common stock     -       3,333,333  

 

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

 

For the six months ended November 30, 2020 and 2019:

 

    2020     2019  
Basic earnings per share of common stock:            
Numerator -            
Net income attributable to common stockholders   $ 1,733,381     $ 746,678  
Denominator -                
Weighted-average shares outstanding - basic     28,361,201       28,361,201  
Income per share of common stock - basic   $ 0.06     $ 0.03  
                 
Diluted earnings per share of common stock:                
Numerator -                
Net income attributable to common stockholders   $ 1,733,381     $ 746,678  
Add: Preferred stock dividends for assumed conversion     163,836       -  
Net income allocated to common stockholders   $ 1,897,217     $ 746,678  
Denominator -                
Weighted-average shares outstanding - basic     28,361,201       28,361,201  
Incremental shares from assumed conversion of options, warrants and preferred stock, as appropriate     4,002,150       644,231  
Weighted average common stock outstanding - diluted     32,363,351       29,005,432  
Income per share of common stock – diluted   $ 0.06     $ 0.03  

 

For the three months ended November 30, 2020 and 2019:

 

    2020     2019  
Basic earnings per share of common stock:            
Numerator -            
Net income attributable to common stockholders   $ 873,180     $ 304,428  
Denominator -                
Weighted-average shares outstanding - basic     28,361,201       28,361,201  
Income per share of common stock - basic   $ 0.03     $ 0.01  
                 
Diluted earnings per share of common stock:                
Numerator -                
Net income attributable to common stockholders   $ 873,180     $ 304,428  
Add: Preferred stock dividends for assumed conversion     81,918       -  
Net income allocated to common stockholders   $ 955,098     $ 304,428  
Denominator -                
Weighted-average shares outstanding - basic     28,361,201       28,361,201  
Incremental shares from assumed conversion of options, warrants and preferred stock, as appropriate     4,002,482       639,959  
Weighted average common stock outstanding - diluted     32,363,683       29,001,160  
Income per share of common stock – diluted   $ 0.03     $ 0.01  
XML 21 R10.htm IDEA: XBRL DOCUMENT v3.20.4
Inventory
 6 Months Ended
Nov. 30, 2020
Inventory Disclosure [Abstract]  
Inventory

Note 3. Inventory

 

Inventory consists of the following:

 

    November 30,     May 31,  
    2020     2020  
Raw materials   $ 1,586,089     $ 1,953,957  
Finished goods     1,643,797       2,275,938  
Total inventory   $ 3,229,886     $ 4,229,895  
XML 22 R11.htm IDEA: XBRL DOCUMENT v3.20.4
Property, Plant and Equipment
 6 Months Ended
Nov. 30, 2020
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment

Note 4. Property, Plant and Equipment

 

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

 

    November 30, 2020     May 31,
2020		  
Production machinery and equipment   $ 51,262,623     $ 51,637,883  
Plant buildings and land     6,931,302       6,881,326  
Leasehold improvements     1,428,281       1,323,535  
Furniture and fixtures     601,586       601,586  
      60,223,792       60,444,330  
                 
Less: Accumulated depreciation and amortization     (27,795,521 )     (26,301,923 )
                 
Net Property, Plant and Equipment   $ 32,428,271     $ 34,142,407  

 

Production machinery includes deposits on equipment in the amount of $207,160 at November 30, 2020, which has not been placed into service. Plant buildings and land include two properties which are owned by GRE, a variable interest entity (“VIE”) and have an aggregate net book value of $2,722,741 at November 30, 2020.

 

Depreciation expense, including amortization expense related to financing leases, for the six months ended November 30, 2020 and 2019 was $3,018,922 and $2,557,936, respectively.
XML 23 R12.htm IDEA: XBRL DOCUMENT v3.20.4
Related Party Transactions/Activity
 6 Months Ended
Nov. 30, 2020
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 President and CEO, 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, 2020 and 2019.

 

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, 2020 and 2019. As of November 30, 2020, future minimum payments under the non-cancelable operating lease for the remaining two years are $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 F. Kruger, Greystone’s President and CEO, serves TriEnda as the non-executive Chairman of the Board and is a partner in a partnership which has a majority ownership interest in TriEnda. Greystone periodically purchases material and pallets from TriEnda. Purchases for the six months ended November 30, 2020 and 2019 totaled $52,356 and $5,400, respectively. As of November 30, 2020, Greystone owed $40,800 to TriEnda for such purchases.

 

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 $236,250 and $271,320 for the six months ended November 30, 2020 and 2019, respectively. The account receivable due from Green at November 30, 2020 was $129,150.
XML 24 R13.htm IDEA: XBRL DOCUMENT v3.20.4
Long-Term Debt
 6 Months Ended
Nov. 30, 2020
Debt Disclosure [Abstract]  
Long-Term Debt

Note 6. Long-term Debt

 

Debt as of November 30, 2020 and May 31, 2020 is as follows:

 

    November 30,     May 31,  
    2020     2020  
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   $ 2,046,067     $ 2,459,854  
                 
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     1,037,291       1,165,774  
                 
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     815,983       1,136,455  
                 
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     573,469       696,174  
                 
Term loan F payable to International Bank of Commerce, prime rate of interest plus 0.5% but not less than 5.25%, maturing February 29, 2024     2,398,571       2,752,293  
                 
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     814,314       837,811  
                 
Revolving loan payable to International Bank of Commerce, prime rate of interest plus 0.5% but not less than 5.5%, due January 31, 2022     1,100,000       2,540,000  
                 
Paycheck Protection Program note, interest rate of 1.0%, maturing April 13, 2022     3,034,000       3,034,000  
                 
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     2,157,320       2,261,425  
                 
Term note payable to Great Western Bank, interest rate of 3.7%, monthly principal and interest payments of $27,593, due March 19, 2025, secured by certain equipment     1,323,295       1,461,726  
                 
Note payable to Robert Rosene, 7.5% interest, due January 15, 2022     3,649,878       4,253,228  
                 
Other     165,810       183,156  
Total long-term debt     19,115,998       22,781,896  
Debt issuance costs, net of amortization     (33,306 )     (35,886 )
Total debt, net of debt issuance costs     19,082,692       22,746,010  
Less: Current portion of long-term debt     (5,195,878 )     (4,416,377 )
Long-term debt, net of current portion   $ 13,886,814     $ 18,329,633  

 

The prime rate of interest as of November 30, 2020 was 3.25%.

 

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.

 

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 $76,705 per month), (ii) Term Loan C over a seven-year period beginning November 30, 2017 (currently $25,205 per month), (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 $68,402 per month) and (vi) Term Loan G over a fifteen-year period beginning April 30, 2019 (currently $7,466 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, as defined in the IBC Loan Agreement, 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, 2022. 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. Greystone’s available revolving loan borrowing capacity was $2,900,000 at November 30, 2020.

 

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

 

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

 

Paycheck Protection Program (“PPP”) Loan

 

On April 10, 2020, the Company received a SBA Payroll Protection Program (“PPP”) loan pursuant to the Paycheck Protection Program under the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), with IBC for $3,034,000. The PPP loan bears interest at 1.0% per annum, with monthly payments of principal and interest in the amount of $236,909 commencing on April 14, 2021 and maturing April 10, 2022. The Paycheck Protection Program provides that the PPP loan may be partially or fully forgiven if the funds are used for certain qualifying expenses as described in the CARES Act. The Company believes that the proceeds from the PPP loan were used for qualifying expenses in accordance with the terms in the CARES Act and plans to apply for forgiveness of the PPP loan in accordance with the requirements and limitations under the CARES Act, the PPP Flexibility Act and SBA regulations and requirements. However, there is no assurance that all or any portion of the PPP loan will be forgiven.

 

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, 2022. 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, 2020 was $3,649,878.

 

Maturities

 

Maturities of Greystone’s long-term debt for the five years subsequent to November 30, 2020 are $5,195,878, $8,929,312, $3,493,294, $1,373,137 and $124,377.
XML 25 R14.htm IDEA: XBRL DOCUMENT v3.20.4
Leases
 6 Months Ended
Nov. 30, 2020
Leases [Abstract]  
Leases

Note 7. Leases

 

Financing Leases

 

Financing leases as of November 30, 2020 and May 31, 2020:

 

    November 30, 2020    

May 31,

2020

  
Non-cancellable financing leases   $ 4,500,077     $ 5,455,656  
Less: Current portion     (1,920,854 )     (1,838,251 )
Non-cancellable financing leases, net of current portion   $ 2,579,223     $ 3,617,405  

 

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 an effective 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 $153,000. The rent payments can vary each month depending on the quantity of pallets produced from each machine. 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 $8,473,357 at November 30, 2020. Amortization of the carrying amount of $505,935 and $416,314 was included in depreciation expense for the six months ended November 30, 2020 and 2019, respectively.

 

Operating Leases

 

Greystone recognized 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 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 statements 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 periods ending November 30, 2020 and 2019:

 

    2020     2019  
Lease Expense                
Financing lease expense -                
Amortization of right-of-use assets   $ 505,935     $ 416,000  
Interest on lease liabilities     156,059       220,255  
Operating lease expense     40,941       39,650  
Short-term lease expense     723,443       797,835  
Total   $ 1,426,378     $ 1,473,740  
                 
Other Information                
Cash paid for amounts included in the measurement of lease liabilities for finance leases -                
Operating cash flows   $ 156,059     $ 220,255  
Financing cash flows   $ 955,580     $ 911,529  
Cash paid for amounts included in the measurement of lease liabilities for operating leases -                
Operating cash flows   $ 40,941     $ 39,650  
Right-of-use assets obtained in exchange for lease liabilities -                
Operating leases   $ -     $ 67,750  
Weighted-average remaining lease term (in years) -                
Financing leases     2.3       3.2  
Operating leases     2.4       3.5  
Weighted-average discount rate -                
Financing leases     7.4 %     7.1 %
Operating leases     5.2 %     5.3 %

 

Future minimum lease payments under non-cancelable leases as of November 30, 2020, are approximately:

 

    Financing Leases     Operating Leases  
Twelve months ended November 30, 2021   $ 2,186,436     $ 81,881  
Twelve months ended November 30, 2022     1,991,930       37,881  
Twelve months ended November 30, 2023     701,171       27,751  
Twelve months ended November 30, 2024     23,669       9,037  
Twelve months ended November 30, 2025     3,593       -  
Total future minimum lease payments     4,906,799       156,550  
Present value discount     406,722       11,281  
Present value of minimum lease payments   $ 4,500,077     $ 145,269  
XML 26 R15.htm IDEA: XBRL DOCUMENT v3.20.4
Deferred Revenue
 6 Months Ended
Nov. 30, 2020
Revenue from Contract with Customer [Abstract]  
Deferred Revenue

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 which totaled $3,770,160 and $686,572 during the six months ended November 30, 2020 and 2019, respectively. Customer advances received during the six months ended November 30, 2020 and 2019 were $1,380,000 and $-0-, respectively. The unrecognized balance of deferred revenue as of November 30, 2020 and May 31, 2020, was $1,403,007 and $3,793,167, respectively.
XML 27 R16.htm IDEA: XBRL DOCUMENT v3.20.4
Revenue and Revenue Recognition
 6 Months Ended
Nov. 30, 2020
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. The amount of revenue recognized reflects the consideration to which Greystone expects to be entitled to receive in exchange for its products.

 

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 0.8% and 4.7% of sales during the six months ended November 30, 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, 2020 and 2019, respectively, were as follows:

 

Category   2020     2019  
End User Customers     86 %     89 %
Distributors     14 %     11 %
XML 28 R17.htm IDEA: XBRL DOCUMENT v3.20.4
Fair Value of Financial Instruments
 6 Months Ended
Nov. 30, 2020
Investments, All Other Investments [Abstract]  
Fair Value of Financial Instruments

Note 10. Fair Value of Financial Instruments

 

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

 

Debt: The carrying amount of notes with floating rates of interest approximate fair value. Fixed rate notes are valued based on cash flows using estimated rates of comparable notes. The carrying amounts reported on the balance sheets approximate fair value.
XML 29 R18.htm IDEA: XBRL DOCUMENT v3.20.4
Concentrations, Risks and Uncertainties
 6 Months Ended
Nov. 30, 2020
Risks and Uncertainties [Abstract]  
Concentrations, Risks and Uncertainties

Note 11. Concentrations, Risks and Uncertainties

 

Greystone derived approximately 86% and 88% of its total sales from four customers during the six months ended November 30, 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 $524,321 and $1,019,279 in fiscal years 2021 and 2020, respectively, were 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, 2020, Greystone is indebted to Mr. Rosene in the amount of $3,649,878 for a note payable due January 15, 2022. There is no assurance that Mr. Rosene will renew the note as of the maturity date.

 

COVID-19 Risks. The impact of COVID-19 has created much uncertainty in the marketplace. To date, the demand for Greystone’s products has not been affected as Greystone’s pallets are generally used logistically by essential entities. The major issue that Greystone has incurred is maintaining adequate work force to meet demand for pallets. The virus has impacted the overall workforce in our operating area as well as Greystone’s workforce due to employees electing to stay at home for protection from COVID-19 and reductions of recruitment of new employees. Management is unable to predict the stability of its workforce as the longer that the virus stays active, the greater the uncertainty.

 

Greystone is subject to litigation, claims and other commitments and contingencies arising in the ordinary course of business. Although the asserted value of these matters may be significant, the company currently does not expect that the ultimate resolution of any open matters will have a material adverse effect on its consolidated financial position or results of operations.

 

Effective January 1, 2021, Greystone’s major customer in the beer industry notified Greystone that the customer will be diversifying its purchases of pallets for case goods with another vendor, but Greystone will continue to be the sole provider of the keg pallet to the customer. This change is expected to decrease Greystone’s annual revenues in the range of about 4% to 5%. Greystone will continue to purchase damaged pallets from the customer. Management has evaluated this impact in conjunction with other contractual adjustments that were made with the customer, and management does not expect that this impact will have a material adverse effect on Greystone’s consolidated financial statements.
XML 30 R19.htm IDEA: XBRL DOCUMENT v3.20.4
Commitments
 6 Months Ended
Nov. 30, 2020
Commitments and Contingencies Disclosure [Abstract]  
Commitments

Note 12. Commitments

 

As of November 30, 2020, Greystone had commitments totaling $445,040 toward the purchase of production equipment.
XML 31 R20.htm IDEA: XBRL DOCUMENT v3.20.4
Earnings Per Share (Tables)
 6 Months Ended
Nov. 30, 2020
Earnings Per Share [Abstract]  
Schedule of Anti-Dilutive Instruments of Earnings Per Share

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 at November 30 are as follows:

 

    2020     2019  
                 
Preferred stock convertible into common stock     -       3,333,333  
Schedule of Basic and Diluted Earnings Per Share

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

 

For the six months ended November 30, 2020 and 2019:

 

    2020     2019  
Basic earnings per share of common stock:            
Numerator -            
Net income attributable to common stockholders   $ 1,733,381     $ 746,678  
Denominator -                
Weighted-average shares outstanding - basic     28,361,201       28,361,201  
Income per share of common stock - basic   $ 0.06     $ 0.03  
                 
Diluted earnings per share of common stock:                
Numerator -                
Net income attributable to common stockholders   $ 1,733,381     $ 746,678  
Add: Preferred stock dividends for assumed conversion     163,836       -  
Net income allocated to common stockholders   $ 1,897,217     $ 746,678  
Denominator -                
Weighted-average shares outstanding - basic     28,361,201       28,361,201  
Incremental shares from assumed conversion of options, warrants and preferred stock, as appropriate     4,002,150       644,231  
Weighted average common stock outstanding - diluted     32,363,351       29,005,432  
Income per share of common stock – diluted   $ 0.06     $ 0.03  

 

For the three months ended November 30, 2020 and 2019:

 

    2020     2019  
Basic earnings per share of common stock:            
Numerator -            
Net income attributable to common stockholders   $ 873,180     $ 304,428  
Denominator -                
Weighted-average shares outstanding - basic     28,361,201       28,361,201  
Income per share of common stock - basic   $ 0.03     $ 0.01  
                 
Diluted earnings per share of common stock:                
Numerator -                
Net income attributable to common stockholders   $ 873,180     $ 304,428  
Add: Preferred stock dividends for assumed conversion     81,918       -  
Net income allocated to common stockholders   $ 955,098     $ 304,428  
Denominator -                
Weighted-average shares outstanding - basic     28,361,201       28,361,201  
Incremental shares from assumed conversion of options, warrants and preferred stock, as appropriate     4,002,482       639,959  
Weighted average common stock outstanding - diluted     32,363,683       29,001,160  
Income per share of common stock – diluted   $ 0.03     $ 0.01  
XML 32 R21.htm IDEA: XBRL DOCUMENT v3.20.4
Inventory (Tables)
 6 Months Ended
Nov. 30, 2020
Inventory Disclosure [Abstract]  
Schedule of Inventory

Inventory consists of the following:

 

    November 30,     May 31,  
    2020     2020  
Raw materials   $ 1,586,089     $ 1,953,957  
Finished goods     1,643,797       2,275,938  
Total inventory   $ 3,229,886     $ 4,229,895  
XML 33 R22.htm IDEA: XBRL DOCUMENT v3.20.4
Property, Plant and Equipment (Tables)
 6 Months Ended
Nov. 30, 2020
Property, Plant and Equipment [Abstract]  
Schedule of Property, Plant and Equipment

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

 

    November 30, 2020     May 31,
2020		  
Production machinery and equipment   $ 51,262,623     $ 51,637,883  
Plant buildings and land     6,931,302       6,881,326  
Leasehold improvements     1,428,281       1,323,535  
Furniture and fixtures     601,586       601,586  
      60,223,792       60,444,330  
                 
Less: Accumulated depreciation and amortization     (27,795,521 )     (26,301,923 )
                 
Net Property, Plant and Equipment   $ 32,428,271     $ 34,142,407  
XML 34 R23.htm IDEA: XBRL DOCUMENT v3.20.4
Long-Term Debt (Tables)
 6 Months Ended
Nov. 30, 2020
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt

Debt as of November 30, 2020 and May 31, 2020 is as follows:

 

    November 30,     May 31,  
    2020     2020  
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   $ 2,046,067     $ 2,459,854  
                 
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     1,037,291       1,165,774  
                 
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     815,983       1,136,455  
                 
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     573,469       696,174  
                 
Term loan F payable to International Bank of Commerce, prime rate of interest plus 0.5% but not less than 5.25%, maturing February 29, 2024     2,398,571       2,752,293  
                 
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     814,314       837,811  
                 
Revolving loan payable to International Bank of Commerce, prime rate of interest plus 0.5% but not less than 5.5%, due January 31, 2022     1,100,000       2,540,000  
                 
Paycheck Protection Program note, interest rate of 1.0%, maturing April 13, 2022     3,034,000       3,034,000  
                 
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     2,157,320       2,261,425  
                 
Term note payable to Great Western Bank, interest rate of 3.7%, monthly principal and interest payments of $27,593, due March 19, 2025, secured by certain equipment     1,323,295       1,461,726  
                 
Note payable to Robert Rosene, 7.5% interest, due January 15, 2022     3,649,878       4,253,228  
                 
Other     165,810       183,156  
Total long-term debt     19,115,998       22,781,896  
Debt issuance costs, net of amortization     (33,306 )     (35,886 )
Total debt, net of debt issuance costs     19,082,692       22,746,010  
Less: Current portion of long-term debt     (5,195,878 )     (4,416,377 )
Long-term debt, net of current portion   $ 13,886,814     $ 18,329,633  
XML 35 R24.htm IDEA: XBRL DOCUMENT v3.20.4
Leases (Tables)
 6 Months Ended
Nov. 30, 2020
Leases [Abstract]  
Schedule of Financing Lease

Financing leases as of November 30, 2020 and May 31, 2020:

 

    November 30, 2020    

May 31,

2020

  
Non-cancellable financing leases   $ 4,500,077     $ 5,455,656  
Less: Current portion     (1,920,854 )     (1,838,251 )
Non-cancellable financing leases, net of current portion   $ 2,579,223     $ 3,617,405  
Summary of Lease Activity

For the periods ending November 30, 2020 and 2019:

 

    2020     2019  
Lease Expense                
Financing lease expense -                
Amortization of right-of-use assets   $ 505,935     $ 416,000  
Interest on lease liabilities     156,059       220,255  
Operating lease expense     40,941       39,650  
Short-term lease expense     723,443       797,835  
Total   $ 1,426,378     $ 1,473,740  
                 
Other Information                
Cash paid for amounts included in the measurement of lease liabilities for finance leases -                
Operating cash flows   $ 156,059     $ 220,255  
Financing cash flows   $ 955,580     $ 911,529  
Cash paid for amounts included in the measurement of lease liabilities for operating leases -                
Operating cash flows   $ 40,941     $ 39,650  
Right-of-use assets obtained in exchange for lease liabilities -                
Operating leases   $ -     $ 67,750  
Weighted-average remaining lease term (in years) -                
Financing leases     2.3       3.2  
Operating leases     2.4       3.5  
Weighted-average discount rate -                
Financing leases     7.4 %     7.1 %
Operating leases     5.2 %     5.3 %
Schedule of Future Minimum Lease Payments

Future minimum lease payments under non-cancelable leases as of November 30, 2020, are approximately:

 

    Financing Leases     Operating Leases  
Twelve months ended November 30, 2021   $ 2,186,436     $ 81,881  
Twelve months ended November 30, 2022     1,991,930       37,881  
Twelve months ended November 30, 2023     701,171       27,751  
Twelve months ended November 30, 2024     23,669       9,037  
Twelve months ended November 30, 2025     3,593       -  
Total future minimum lease payments     4,906,799       156,550  
Present value discount     406,722       11,281  
Present value of minimum lease payments   $ 4,500,077     $ 145,269  
XML 36 R25.htm IDEA: XBRL DOCUMENT v3.20.4
Revenue and Revenue Recognition (Tables)
 6 Months Ended
Nov. 30, 2020
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, 2020 and 2019, respectively, were as follows:

 

Category   2020     2019  
End User Customers     86 %     89 %
Distributors     14 %     11 %
XML 37 R26.htm IDEA: XBRL DOCUMENT v3.20.4
Earnings Per Share - Schedule of Anti-Dilutive Instruments of Earnings Per Share (Details) - shares
 6 Months Ended
Nov. 30, 2020
Nov. 30, 2019
Convertible Preferred Stock [Member]    
Anti-dilutive instruments of earnings per share 3,333,333
XML 38 R27.htm IDEA: XBRL DOCUMENT v3.20.4
Earnings Per Share - Schedule of Basic and Diluted Earnings Per Share (Details) - USD ($)
 3 Months Ended 6 Months Ended
Nov. 30, 2020
Nov. 30, 2019
Nov. 30, 2020
Nov. 30, 2019
Earnings Per Share [Abstract]        
Net income attributable to common stockholders $ 873,180 $ 304,428 $ 1,733,381 $ 746,678
Weighted-average common shares outstanding - Basic 28,361,201 28,361,201 28,361,201 28,361,201
Income per share of common stock - Basic $ 0.03 $ 0.01 $ 0.06 $ 0.03
Net income attributable to common stockholders $ 873,180 $ 304,428 $ 1,733,381 $ 746,678
Add: Preferred stock dividends for assumed conversion 81,918 163,836
Net Income allocated to common stockholders $ 955,098 $ 304,428 $ 1,897,217 $ 746,678
Weighted-average shares outstanding - basic 28,361,201 28,361,201 28,361,201 28,361,201
Incremental shares from assumed conversion of options, warrants and preferred stock, as appropriate 4,002,482 639,959 4,002,150 644,231
Weighted average common stock outstanding - diluted 32,363,683 29,001,160 32,363,351 29,005,432
Income per share of common stock - diluted $ 0.03 $ 0.01 $ 0.06 $ 0.03
XML 39 R28.htm IDEA: XBRL DOCUMENT v3.20.4
Inventory - Schedule of Inventory (Details) - USD ($)
Nov. 30, 2020
May 31, 2020
Inventory Disclosure [Abstract]    
Raw materials $ 1,586,089 $ 1,953,957
Finished goods 1,643,797 2,275,938
Total inventory $ 3,229,886 $ 4,229,895
XML 40 R29.htm IDEA: XBRL DOCUMENT v3.20.4
Property, Plant and Equipment (Details Narrative) - USD ($)
 6 Months Ended
Nov. 30, 2020
Nov. 30, 2019
May 31, 2020
Property, Plant and Equipment [Line Items]      
Carrying value of property, plant and equipment $ 60,223,792   $ 60,444,330
Depreciation expense 3,018,922 $ 2,557,936  
Two Plant Buildings and Land [Member]      
Property, Plant and Equipment [Line Items]      
Carrying value of property, plant and equipment 2,722,741    
Service [Member]      
Property, Plant and Equipment [Line Items]      
Machinery and equipment $ 207,160    
XML 41 R30.htm IDEA: XBRL DOCUMENT v3.20.4
Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($)
Nov. 30, 2020
May 31, 2020
Property, Plant and Equipment [Line Items]    
Property plant and equipment, gross $ 60,223,792 $ 60,444,330
Less: Accumulated depreciation and amortization (27,795,521) (26,301,923)
Net Property, Plant and Equipment 32,428,271 34,142,407
Production Machinery and Equipment [Member]    
Property, Plant and Equipment [Line Items]    
Property plant and equipment, gross 51,262,623 51,637,883
Plant Buildings and Land [Member]    
Property, Plant and Equipment [Line Items]    
Property plant and equipment, gross 6,931,302 6,881,326
Leasehold Improvements [Member]    
Property, Plant and Equipment [Line Items]    
Property plant and equipment, gross 1,428,281 1,323,535
Furniture and Fixtures [Member]    
Property, Plant and Equipment [Line Items]    
Property plant and equipment, gross $ 601,586 $ 601,586
XML 42 R31.htm IDEA: XBRL DOCUMENT v3.20.4
Related Party Transactions/Activity (Details Narrative) - USD ($)
 6 Months Ended
Nov. 30, 2020
Nov. 30, 2019
Non-Cancelable Operating Lease [Member]    
Related Party Transaction [Line Items]    
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]    
Payments of rental fees $ 24,000 $ 24,000
Lease term 60 months  
Monthly [Member] | Office Space [Member]    
Related Party Transaction [Line Items]    
Payments of rental fees $ 4,000  
Lease term 5 years  
Yorktown's Grinding and Pelletizing Equipment [Member]    
Related Party Transaction [Line Items]    
Payments of rental fees $ 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 52,356 5,400
Accounts payable 40,800  
Green Plastic Pallets [Member]    
Related Party Transaction [Line Items]    
Revenue from goods 236,250 $ 271,320
Account receivable $ 129,150  
XML 43 R32.htm IDEA: XBRL DOCUMENT v3.20.4
Long-Term Debt (Details Narrative) - USD ($)
 6 Months Ended
Apr. 10, 2020
Aug. 10, 2018
Jun. 02, 2018
Nov. 30, 2020
Dec. 15, 2005
Maturities long term debt year one       $ 5,195,878  
Maturities long term debt year two       8,929,312  
Maturities long term debt year three       3,493,294  
Maturities long term debt year four       1,373,137  
Maturities long term debt year five       $ 124,377  
Robert B. Rosene, Jr. [Member]          
Debt instrument interest rate         7.50%
Debt instrument maturity date       Jan. 15, 2022  
Note payable       $ 3,649,878 $ 2,066,000
Debt accrued interest         $ 2,475,690
Robert B. Rosene, Jr. [Member] | Restated Note [Member]          
Extended maturity date     Jan. 15, 2022    
Unsecured note payable     $ 4,541,690    
Paycheck Protection Program [Member]          
Debt monthly payment $ 236,909        
Debt instrument principal amount $ 3,034,000        
Debt instrument maturity date Apr. 10, 2022        
Debt interest rate 1.00%        
Revolving Loan [Member]          
Debt instrument maturity date       Jan. 31, 2022  
Term Loan A [Member]          
Note term       7 years  
Debt monthly payment       $ 76,705  
Term Loan C [Member]          
Note term       7 years  
Debt monthly payment       $ 25,205  
Term Loan D [Member]          
Note term       4 years  
Debt monthly payment       $ 57,469  
Term Loan E [Member]          
Note term       4 years  
Debt monthly payment       $ 23,060  
Term Loan F [Member]          
Note term       5 years  
Debt monthly payment       $ 68,402  
Term Loan G [Member]          
Note term       15 years  
Debt monthly payment       $ 7,466  
Revolving Loan [Member]          
Debt instrument interest rate       5.50%  
Line of credit maximum borrowing capacity       $ 2,900,000  
Revolving Loan [Member] | IBC Loan Agreement [Member]          
Debt instrument principal amount       4,000,000  
Line of credit maximum borrowing capacity       4,000,000  
Guaranty [Member] | IBC Loan Agreement [Member]          
Guarantees combined amount       $ 6,500,000  
Mortgage Loan [Member] | GRE and IBC [Member]          
Debt instrument interest rate   5.50%      
Extended maturity date   Apr. 30, 2023      
Prime Rate [Member]          
Debt instrument interest rate       3.25%  
Prime Rate [Member] | Revolving Loan [Member]          
Debt instrument interest rate       0.50%  
XML 44 R33.htm IDEA: XBRL DOCUMENT v3.20.4
Long-Term Debt - Schedule of Long-Term Debt (Details) - USD ($)
Nov. 30, 2020
May 31, 2020
Debt Instrument [Line Items]    
Total long-term debt $ 19,115,998 $ 22,781,896
Debt issuance costs, net of amortization (33,306) (35,886)
Total debt, net of debt issuance costs 19,082,692 22,746,010
Less: Current portion of long-term debt (5,195,878) (4,416,377)
Long-term debt, net of current portion and debt issue costs 13,886,814 18,329,633
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 2,046,067 2,459,854
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 1,037,291 1,165,774
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 815,983 1,136,455
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 573,469 696,174
Term Loan F Payable to International Bank of Commerce, Prime Rate of Interest Plus 0.5% But Not Less Than 5.25%, Maturing February 29, 2024 [Member]    
Debt Instrument [Line Items]    
Total long-term debt 2,398,571 2,752,293
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 814,314 837,811
Revolving Loan Payable to International Bank of Commerce, Prime Rate of Interest Plus 0.5% But Not Less Than 5.5%, Due January 31, 2022 [Member]    
Debt Instrument [Line Items]    
Total long-term debt 1,100,000 2,540,000
Paycheck Protection Program Note, Interest Rate of 1.0%, Maturing April 13, 2022 [Member]    
Debt Instrument [Line Items]    
Total long-term debt 3,034,000 3,034,000
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 2,157,320 2,261,425
Term Note Payable to Great Western Bank, Interest Rate of 3.7%, Monthly Principal and Interest Payments of $27,593, due March 19, 2025, Secured by Certain Equipment [Member]    
Debt Instrument [Line Items]    
Total long-term debt 1,323,295 1,461,726
Note Payable to Robert Rosene, 7.5% Interest, Due January 15, 2022 [Member]    
Debt Instrument [Line Items]    
Total long-term debt 3,649,878 4,253,228
Other [Member]    
Debt Instrument [Line Items]    
Total long-term debt $ 165,810 $ 183,156
XML 45 R34.htm IDEA: XBRL DOCUMENT v3.20.4
Long-Term Debt - Schedule of Long-Term Debt (Details) (Parenthetical) - USD ($)
 6 Months Ended 12 Months Ended
Nov. 30, 2020
May 31, 2020
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
Term Loan E Payable to International Bank of Commerce, Prime Rate of Interest Plus 0.5% But Not Less Than 4.75%, Maturing January 10, 2022 [Member] | Maximum [Member]    
Debt Instrument [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 29, 2024 [Member]    
Debt Instrument [Line Items]    
Debt instrument interest rate 0.50% 0.50%
Debt instrument maturity date Feb. 29, 2024 Feb. 29, 2024
Term Loan F Payable to International Bank of Commerce, Prime Rate of Interest Plus 0.5% But Not Less Than 5.25%, Maturing February 29, 2024 [Member] | Maximum [Member]    
Debt Instrument [Line Items]    
Debt instrument interest rate 5.25% 5.25%
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]    
Debt instrument interest rate 0.50% 0.50%
Debt instrument maturity date Apr. 30, 2024 Apr. 30, 2024
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] | Maximum [Member]    
Debt Instrument [Line Items]    
Debt instrument interest rate 5.25% 5.25%
Revolving Loan Payable to International Bank of Commerce, Prime Rate of Interest Plus 0.5% But Not Less Than 5.5%, Due January 31, 2022 [Member]    
Debt Instrument [Line Items]    
Debt instrument interest rate 0.50% 0.50%
Debt instrument maturity date Jan. 31, 2022 Jan. 31, 2022
Revolving Loan Payable to International Bank of Commerce, Prime Rate of Interest Plus 0.5% But Not Less Than 5.5%, Due January 31, 2022 [Member] | Maximum [Member]    
Debt Instrument [Line Items]    
Debt instrument interest rate 5.50% 5.50%
Paycheck Protection Program Note, Interest Rate of 1.0%, Maturing April 13, 2022 [Member]    
Debt Instrument [Line Items]    
Debt instrument interest rate 1.00% 1.00%
Debt instrument maturity date Apr. 13, 2022 Apr. 13, 2022
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]    
Debt instrument interest rate 5.50% 5.50%
Debt instrument maturity date Apr. 30, 2023 Apr. 30, 2023
Debt instrument principal and interest amount $ 27,688 $ 27,688
Term Note Payable to Great Western Bank, Interest Rate of 3.7%, Monthly Principal and Interest Payments of $27,593, due March 19, 2025, Secured by Certain Equipment [Member]    
Debt Instrument [Line Items]    
Debt instrument interest rate 3.70% 3.70%
Debt instrument maturity date Mar. 19, 2025 Mar. 19, 2025
Debt instrument principal and interest amount $ 27,593 $ 27,593
Note Payable to Robert Rosene, 7.5% Interest, Due January 15, 2022 [Member]    
Debt Instrument [Line Items]    
Debt instrument interest rate 7.50% 7.50%
Debt instrument maturity date Jan. 15, 2022 Jan. 15, 2022
XML 46 R35.htm IDEA: XBRL DOCUMENT v3.20.4
Leases (Details Narrative) - USD ($)
 6 Months Ended
Nov. 30, 2020
Nov. 30, 2019
Lessee, Lease, Description [Line Items]    
Finance lease cost $ 1,426,378 $ 1,473,740
Amortization of assets $ 505,935 416,000
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]    
Payments of monthly rental amount $ 24,000 $ 24,000
Operating lease term 60 months  
Operating lease discount rate 5.00%  
Sale and Leaseback Agreement [Member] | Yorktown Production Equipment [Member]    
Lessee, Lease, Description [Line Items]    
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  
Sale and Leaseback Agreement [Member] | Yorktown Production Equipment [Member] | Following Twelve Months [Member]    
Lessee, Lease, Description [Line Items]    
Payments of monthly rental amount 7,695  
Non- Cancelable Financing Leases [Member] | Production Equipment [Member]    
Lessee, Lease, Description [Line Items]    
Production equipment gross carrying amount 8,473,357  
Three Lease Agreements with Five Year Terms [Member]    
Lessee, Lease, Description [Line Items]    
Finance lease cost $ 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 $ 153,000  
XML 47 R36.htm IDEA: XBRL DOCUMENT v3.20.4
Leases - Schedule of Financing Lease (Details) - USD ($)
Nov. 30, 2020
May 31, 2020
Leases [Abstract]    
Non-cancellable financing leases $ 4,500,077 $ 5,455,656
Less: Current portion (1,920,854) (1,838,251)
Non-cancellable financing leases, net of current portion $ 2,579,223 $ 3,617,405
XML 48 R37.htm IDEA: XBRL DOCUMENT v3.20.4
Leases - Summary of Lease Activity (Details) - USD ($)
 6 Months Ended
Nov. 30, 2020
Nov. 30, 2019
Leases [Abstract]    
Financing lease expense - Amortization of right-of-use assets $ 505,935 $ 416,000
Financing lease expense - Interest on lease liabilities 156,059 220,255
Operating lease expense 40,941 39,650
Short-term lease expense 723,443 797,835
Total 1,426,378 1,473,740
Cash paid for amounts included in the measurement of lease liabilities for finance leases - Operating cash flows 156,059 220,255
Cash paid for amounts included in the measurement of lease liabilities for finance leases - Financing cash flows 955,580 911,529
Cash paid for amounts included in the measurement of lease liabilities for operating leases - Operating cash flows 40,941 39,650
Right-of-use assets obtained in exchange for lease liabilities - Operating leases $ 67,750
Weighted-average remaining lease term (in years) - Financing leases 2 years 3 months 19 days 3 years 2 months 12 days
Weighted-average remaining lease term (in years) - Operating leases 2 years 4 months 24 days 3 years 6 months
Weighted-average discount rate - Financing leases 7.40% 7.10%
Weighted-average discount rate - Operating leases 5.20% 5.30%
XML 49 R38.htm IDEA: XBRL DOCUMENT v3.20.4
Leases - Schedule of Future Minimum Lease Payments (Details) - USD ($)
Nov. 30, 2020
May 31, 2020
Leases [Abstract]    
Twelve months ended November 30, 2021 $ 2,186,436  
Twelve months ended November 30, 2022 1,991,930  
Twelve months ended November 30, 2023 701,171  
Twelve months ended November 30, 2024 23,669  
Twelve months ended November 30, 2025 3,593  
Total future minimum lease payments 4,906,799  
Present value discount 406,722  
Present value of minimum lease payments 4,500,077 $ 5,455,656
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  
Twelve months ended November 30, 2025  
Total future minimum lease payments 156,550  
Present value discount 11,281  
Present value of minimum lease payments $ 145,269  
XML 50 R39.htm IDEA: XBRL DOCUMENT v3.20.4
Deferred Revenue (Details Narrative) - USD ($)
 3 Months Ended 6 Months Ended
Nov. 30, 2020
Nov. 30, 2019
Nov. 30, 2020
Nov. 30, 2019
May 31, 2020
Revenue $ 15,523,318 $ 19,503,462 $ 33,091,494 $ 38,167,971  
Customer advances     1,380,000 0  
Deferred revenue $ 1,403,007   1,403,007   $ 3,793,167
Pallets [Member]          
Revenue     $ 3,770,160 $ 686,572  
XML 51 R40.htm IDEA: XBRL DOCUMENT v3.20.4
Revenue and Revenue Recognition (Details Narrative)
 6 Months Ended
Nov. 30, 2020
Nov. 30, 2019
Canada and Mexico [Member]    
Disaggregation of Revenue [Line Items]    
Concentration risk percentage 0.80% 4.70%
XML 52 R41.htm IDEA: XBRL DOCUMENT v3.20.4
Revenue and Revenue Recognition - Schedule of Sale of Revenues for Customer Categories (Details)
 6 Months Ended
Nov. 30, 2020
Nov. 30, 2019
End User Customers [Member]    
Concentration Risk [Line Items]    
Total 86.00% 89.00%
Distributors [Member]    
Concentration Risk [Line Items]    
Total 14.00% 11.00%
XML 53 R42.htm IDEA: XBRL DOCUMENT v3.20.4
Concentrations, Risks and Uncertainties (Details Narrative) - USD ($)
 6 Months Ended
Jan. 01, 2021
Nov. 30, 2020
Nov. 30, 2019
Dec. 15, 2005
Robert B. Rosene, Jr. [Member]        
Concentration Risk [Line Items]        
Note payable   $ 3,649,878   $ 2,066,000
Debt instrument, maturity date   Jan. 15, 2022    
Fiscal Year 2021 [Member]        
Concentration Risk [Line Items]        
Customer purchases amount   $ 524,321    
Fiscal Year 2020 [Member]        
Concentration Risk [Line Items]        
Customer purchases amount   $ 1,019,279    
Sales Revenue, Net [Member] | Minimum [Member]        
Concentration Risk [Line Items]        
Concentration risk percentage 4.00%      
Sales Revenue, Net [Member] | Maximum [Member]        
Concentration Risk [Line Items]        
Concentration risk percentage 5.00%      
Sales Revenue, Net [Member] | Four Customers [Member]        
Concentration Risk [Line Items]        
Concentration risk percentage   86.00% 88.00%  
XML 54 R43.htm IDEA: XBRL DOCUMENT v3.20.4
Commitments (Details Narrative)
Nov. 30, 2020
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
Purchase of production equipment $ 445,040
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