GLGI Greystone Logistics Inc (QB)

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

 

Greystone Logistics, Inc.

Consolidated Balance Sheets

(Unaudited)

 

 

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

 

 

Greystone Logistics, Inc.

Consolidated Statements of Operations

For the Six Months Ended November 30, 2024 and 2023

(Unaudited)

 

 

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

 

 

Greystone Logistics, Inc.

Consolidated Statements of Operations

For the Three Months Ended November 30, 2024 and 2023

(Unaudited)

 

 

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

 

 

Greystone Logistics, Inc.

Consolidated Statements of Changes in Equity

For the Six Months Ended November 30, 2024 and 2023

(Unaudited)

 

 

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

 

 

Greystone Logistics, Inc.

Consolidated Statements of Cash Flows

For the Six Months Ended November 30, 2024 and 2023

(Unaudited)

 

 

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

 

 

Greystone Logistics, Inc.

Notes to Consolidated Financial Statements

(Unaudited)

 

 

Note 1. Basis of Financial Statements

 

In the opinion of Greystone Logistics, Inc. (“Greystone” or the “Company”), 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, 2024, and the results of its operations for the six months and three months ended November 30, 2024 and 2023 and its cash flows for the six months ended November 30, 2024 and 2023. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements as of and for the fiscal year ended May 31, 2024, and the notes thereto included in Greystone’s Annual Report on Form 10-K for such period, as filed with the Securities and Exchange Commission. The results of operations for the six and three months ended November 30, 2024 and 2023 are not necessarily indicative of the results to be expected for the full fiscal year.

 

The unaudited consolidated financial statements of Greystone include its wholly owned subsidiaries, Greystone Manufacturing, L.L.C. (“GSM”) and Plastic Pallet Production, Inc. (“PPP”). All material intercompany accounts and transactions have been eliminated in the unaudited 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 as of November 30 are as follows:

 

		2024				2023
For the six and three months ended November 30
Preferred stock convertible into common stock			3,333,333				3,333,333
Warrants exercisable into common stock			500,000				-
Total			3,833,333				3,333,333

 

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

 

For the six months ended November 30, 2024 and 2023:

 

		2024				2023
Basic earnings (loss) per share of common stock
Numerator -
Net income (loss) attributable to common stockholders		$	(157,925	)		$	2,416,374
Denominator -
Weighted-average shares outstanding - basic			28,279,701				28,279,701
Income (Loss) per share of common stock - basic		$	(0.01	)		$	0.09
Diluted earnings (loss) per share of common stock:
Numerator -
Net income (loss) attributable to common stockholders		$	(157,925	)		$	2,416,374
Denominator -
Weighted-average shares outstanding - basic			28,279,701				28,279,701
Incremental shares from assumed conversion of options warrants and preferred stock, as appropriate			-				494,861
Weighted average common stock outstanding - diluted			28,279,701				28,774,562
Income (Loss) per share of common stock - diluted		$	(0.01	)		$	0.08

 

For the three months ended November 30, 2024 and 2023:

 

		2024				2023
Basic earnings (loss) per share of common stock:
Numerator -
Net income (loss) attributable to common stockholders		$	(345,297	)		$	818,354
Denominator -
Weighted-average shares outstanding - basic			28,279,701				28,279,701
Income (Loss) per share of common stock - basic		$	(0.01	)		$	0.03
Diluted earnings (loss) per share of common stock:
Numerator -
Net income (loss) attributable to common stockholders		$	(345,297	)		$	818,354
Denominator -
Weighted-average shares outstanding - basic			28,279,701				28,279,701
Incremental shares from assumed conversion of options warrants and preferred stock, as appropriate			-				495,079
Weighted average common stock outstanding - diluted			28,279,701				28,774,780
Income (Loss) per share of common stock - diluted		$	(0.01	)		$	0.03

 

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Note 3. Inventory

 

Inventory consisted of the following:

 

		November 30,				May 31,
		2024				2024
Raw material		$	2,195,374			$	2,040,348
Finished goods			1,309,146				1,831,278
Total inventory		$	3,504,520			$	3,871,626

 

  

Note 4. Property, Plant and Equipment

 

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

 

		November 30,				May 31,
		2024				2024
Production machinery and equipment		$	71,307,457			$	68,532,989
Plant buildings and land			3,930,207				2,289,233
Leasehold improvements			1,709,846				1,658,751
Furniture and fixtures			542,057				542,057
			77,489,567				73,023,030
Less: Accumulated depreciation and amortization			(45,800,130	)			(42,956,911	)
Net Property, Plant and Equipment		$	31,689,437			$	30,066,119

 

Property, plant and equipment includes production equipment with a carrying value of $1,124,400 as of November 30, 2024, which has not been placed into service.

 

Depreciation expense, including amortization expense related to financing leases, for the six months ended November 30, 2024 and 2023 was $2,843,219 and $2,828,552, respectively.

 

In February 2024, one of the Company’s storage warehouses caught fire with damage to finished goods inventory valued at $1,326,752 and the building with a net book value of $161,850. As of May 31, 2024, the Company recorded an insurance receivable of $2,058,602 as an estimate for damage to the inventory and building, which resulted in a gain from the involuntary conversion of $593,647 for the fiscal year ended May 31, 2024. The insurer and the Company finalized the claim value for the inventory as well as a prior claim for equipment damage from an electrical storm occurring in December 2022, resulting in an additional gain from the involuntary conversion of $741,821 for the six months ended November 30, 2024. All amounts owed related to these claims, reflected in other receivables on the consolidated balance sheets, were fully funded during the second quarter by the insurer.

 

 

Note 5. Related Party Transactions/Activity

 

Yorktown Management & Financial Services, LLC

Yorktown Management & Financial Services, LLC (“Yorktown”), an entity wholly owned by Warren F. Kruger, Greystone’s CEO, President, Chairman of the Board and a significant stockholder of Greystone, 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 and $742,500 for the six months ended November 30, 2024 and 2023, respectively.

 

Greystone leases administrative office space from Yorktown at a monthly rental of $6,250 per month under a six-year lease. Total rent payments were $37,500 and $36,450 for the six months ended November 30, 2024 and 2023, respectively.

 

Greystone Real Estate, L.L.C. (GRE)

GRE owns two primary manufacturing facilities occupied by Greystone and is wholly owned by Robert B. Rosene, Jr., a member of Greystone’s Board of Directors. Effective August 1, 2022, Greystone and GRE entered into a non-cancellable ten-year lease agreement with a five-year extension for the use of these manufacturing facilities at the initial rate of $44,500 per month, increasing 5.00% per month every fifth year. During the six months ended November 30, 2024 and 2023, rent payments to GRE totaled $267,000.

 

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TriEnda Holdings, L.L.C.

TriEnda Holdings, L.L.C. (“TriEnda”) is a manufacturer of plastic pallets, protective packaging and dunnage utilizing thermoform processing for which Mr. Kruger, Greystone’s President, CEO, Chairman of the Board and a significant stockholder of Greystone, 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 may purchase pallets from TriEnda for resale or sell Greystone pallets to TriEnda. Greystone purchases from TriEnda during the six months ended November 30, 2024 and 2023, totaled $45,526 and $0, respectively. During the six months ended November 30, 2024 and 2023, Greystone sales to TriEnda totaled $348,884 and $150,189, respectively. As of November 30, 2024 and May 31, 2024, TriEnda owed $449,228 and $143,290, respectively, to Greystone.

 

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, CEO, Chairman of the Board and a significant stockholder of Greystone. Greystone had sales to Green of $139,230 and $122,670 for the six months ended November 30, 2024 and 2023, respectively. The account receivable due from Green as of November 30, 2024 and May 31, 2024, was $174,610 and $122,280, respectively.

 

 

Note 6. Long-term Debt

 

Debt as of November 30, 2024 and May 31, 2024 was as follows:

 

		November 30, 2024				May 31, 2024
Term loans dated July 29, 2022, payable to International Bank of Commerce, prime rate of interest plus 0.5% but not less than 4.50% maturing July 29, 2027		$	11,545,320			$	12,519,501
Term loan payable to First Interstate Bank, interest rate of 3.70% monthly principal and interest payments of $27,593, due March 19, 2025, secured by certain equipment			109,282				271,061
Term loan payable to First Interstate Bank, interest rate of 3.50%, monthly principal and interest payments of $5,997, due August 10, 2028, secured by certain real estate			690,241				709,916
Other			13,693				33,964
Total long-term debt			12,358,536				13,534,442
Debt issuance costs, net of amortization			(88,915	)			(91,494	)
Total debt, net of debt issuance costs			12,269,621				13,442,948
Less: Current portion of long-term debt			(2,245,185	)			(2,362,212	)
Long-term debt, net of current portion		$	10,024,436			$	11,080,736

 

The prime rate of interest as of November 30, 2024, was 7.75%.

 

Debt Issuance Costs consists of the amounts paid to third parties in connection with the issuance and modification of debt instruments. These costs are shown on the consolidated balance sheet as a direct reduction to the related debt instrument. Amortization of these costs is included in interest expense. Greystone recorded amortization of debt issuance costs of $2,579 and $2,862 for the six months ended November 30, 2024 and 2023, respectively.

 

Restated and Amended Loan Agreement between Greystone and IBC

On July 29, 2022, Greystone and GSM (each a “Borrower” and together, the “Borrowers”) entered into an Amended and Restated Loan Agreement (“IBC Restated Loan Agreement”) with International Bank of Commerce (“IBC”) that provided for the consolidation of certain term loans and a renewed revolver loan. 

 

The IBC term loans require equal monthly payments of principal and interest in such amounts sufficient to amortize the principal balance of the loans over the remaining lives. The monthly payments of principal and interest on the IBC term loans may vary due to changes in the prime rate of interest. As of November 30, 2024, the aggregate payments for the IBC term loans are approximately $254,000 per month.

 

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The IBC Restated Loan Agreement, dated July 29, 2022, as amended, provided for IBC to make certain term loans to Greystone to consolidate all existing term loans and provide additional funding for the purchase of equipment and renewal of the revolving loan in the aggregate principal amount of $6,000,000 (the “Revolving Loan”), subject to borrowing base limitations. The Revolving Loan has an interest rate of the greater of 7.50% through February 4, 2025 and 6.50% beginning February 5, 2025 or prime rate of interest plus 0.50% and a maturity date of February 5, 2026. As of November 30, 2024, Greystone’s available revolving loan borrowing capacity was approximately $3,950,000. 

 

The IBC Restated Loan Agreement includes customary events of default, including events of default relating to non-payment of principal and other amounts owing under the IBC Restated 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 Restated Loan Agreement or the related loan documents. In addition, without prior written consent, Greystone shall not declare or pay any dividends, redemptions, distributions and withdrawals with respect to its equity interest other than distributions to holders of its preferred stock in the aggregate of $1,000,000 in any fiscal year.  Among other things, a default under the IBC Restated Loan Agreement would permit IBC to cease lending funds under the IBC Restated Loan Agreement and require immediate repayment of any outstanding notes with interest and any unpaid accrued fees.

 

The IBC Restated Loan Agreement is secured by a lien on substantially all assets of the Borrowers.  Warren F. Kruger, the Company’s President, CEO and Chairman of the Board and a significant stockholder of Greystone, and Robert B. Rosene, Jr., a member of the Company’s Board of Directors, have provided limited guaranties of the Borrowers’ obligations under the IBC Restated Loan Agreement. Mr. Kruger’s guarantee is limited to 32.4% of all debt obligations to IBC. Mr. Rosene’s limited guaranty is the lesser of (i) $3,500,000 less all amounts paid on the principal amount of the loans after the date of the agreement excluding payments on the revolver and (ii) the amount owed to IBC of the loans outstanding from time to time including accrued interest and fees.

 

Loan Agreement with First Interstate Bank, formerly Great Western Bank

On August 23, 2021, Greystone entered into a loan agreement with First Interstate Bank (“FIB Loan Agreement”) to include prior commercial loans and subsequent loans. GSM is a named guarantor under the FIB Loan Agreement.

 

The FIB Loan Agreement includes customary representations and warranties and affirmative and negative covenants which include (i) requiring the Borrowers to maintain a debt service coverage ratio of 1:25 to 1:00 as of the end of each fiscal year end and debt to tangible net worth ratio of 4:00 to 1:00 as of the end of each fiscal year end with a decrease of 0.50 in the ratio each year thereafter until reaching a minimum ratio of 3:00 to 1:00. In addition, the FIB Loan Agreement provides that Greystone shall not, without prior consent of the bank, incur or assume additional indebtedness or capital leases.

 

The FIB Loan Agreement is secured by a mortgage on one of Greystone’s warehouses. 

 

Maturities

Maturities of Greystone’s long-term debt for the years subsequent to November 30, 2024, are $2,245,185, $2,305,530, $7,266,254, and $541,567.

 

 

Note 7. Leases

 

Financing Leases

The outstanding liability for financing leases, as of November 30, 2024 and May 31, 2024, was as follows:

 

		November 30,				May 31,
		2024				2024
Non-cancellable financing leases		$	11,132			$	23,143
Less: Current portion			(10,133	)			(19,171	)
Non-cancellable financing leases, net of current portion		$	999			$	3,972

 

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The production equipment under the non-cancelable financing leases as of November 30, 2024 and May 31, 2024 was as follows:

 

		November 30,				May 31,
		2024				2024
Production equipment under financing leases		$	87,888			$	176,565
Less: Accumulated amortization			(54,592	)			(119,759	)
Production equipment under financing leases, net		$	33,296			$	56,806

 

Amortization of the carrying amount of $8,090 and $15,397 was included in depreciation and amortization expense for the six months ended November 30, 2024 and 2023, 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 operations. Variable and short-term rental payments are recognized as costs and expenses as they are incurred.

 

Greystone has two non-cancellable operating leases for (i) two buildings owned by GRE with a 120-month term, a 60-month renewal option and a discount rate of 6.0% and (ii) the corporate offices located in Tulsa, OK with a 72-month lease and a discount rate of 8.5%. The leases are single term with constant monthly rental rates.

 

The outstanding liability for right to use assets under operating leases as of November 30, 2024 and May 31, 2024, is as follows:

 

		November 30,				May 31,
		2024				2024
Liability under operating leases		$	5,313,052			$	5,453,234
Less: Current portion			(294,219	)			(286,221	)
Long-term portion of liability under operating leases		$	5,018,833			$	5,167,013

 

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Lease Summary Information

Lease summary information as of and for the six-month periods ending November 30, 2024 and 2023 was as follows:

 

		2024				2023
Lease Expense
Financing lease expense -
Amortization of right-of-use assets		$	8,090			$	15,397
Interest on lease liabilities			344				1,085
Operating lease expense			318,675				328,070
Short-term lease expense			726,078				801,548
Total		$	1,053,187			$	1,146,100
Other Information
Cash paid for amounts included in the measurement of lease liabilities for finance leases -
Operating cash flows		$	344			$	1,085
Financing cash flows		$	11,667			$	20,008
Cash paid for amounts included in the measurement of lease liabilities for operating leases -
Operating cash flows		$	305,791			$	328,070
Weighted-average remaining lease term (in years) -
Financing leases			0.9				1.4
Operating leases			12.2				13.6
Weighted-average discount rate -
Financing leases			3.63	%			4.2	%
Operating leases			6.13	%			6.0	%

 

Future minimum lease payments under non-cancelable leases as of November 30, 2024, are approximately:   

 

		Financing				Operating
		Leases				Leases
Twelve months ending November 30, 2025		$	9,829			$	609,000
Twelve months ending November 30, 2026			1,501				609,000
Twelve months ending November 30, 2027			-				617,920
Twelve months ending November 30, 2028			-				635,760
Twelve months ending November 30, 2029			-				635,760
Thereafter			-				4,445,211
Total future minimum lease payments			11,330				7,552,651
Less: Imputed interest			198				2,239,599
Present value of minimum lease payments		$	11,132			$	5,313,052

 

  

Note 8. Deferred Revenue

 

Advances from customers 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. Revenue related to prior advances totaled $817,981 and $-0- during the six months ended November 30, 2024 and 2023, respectively. The unrecognized balance of deferred revenue as of November 30, 2024 and May 31, 2024, was $22,964 and $840,945, respectively.

 

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Note 9. Revenue and Revenue Recognition

 

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 $257,000 and $228,000 during the six months ended November 30, 2024 and 2023, 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, 2024 and 2023, respectively, were as follows:

 

		2024				2023
End-user customers			76	%			85	%
Distributors			24	%			15	%

 

  

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 consolidated balance sheets approximate fair value.

 

 

Note 11. Concentrations, Risks and Uncertainties

 

Greystone derived approximately 76% and 83% of its total sales during the six months ended November 30, 2024 and 2023, respectively, from a limited number of customers, generally ranging from 2 to 4. 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 $360,274 and $470,648 during the six months ended November 30, 2024 and 2023, respectively, is from one of its major customers.

 

 

Note 12. Commitments

 

As of November 30, 2024, Greystone had commitments totaling $366,433 toward the purchase of production equipment.

 

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

 

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. 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 Annual Report on Form 10-K for the fiscal year ended May 31, 2024, which was filed with the Securities and Exchange Commission on September 13, 2024, as the same may be updated from time to time. Actual results may vary materially from the forward-looking statements. The results of operations for the six months ended November 30, 2024, are not necessarily indicative of the results for the fiscal year ending May 31, 2025. Greystone undertakes no duty to update any of the forward-looking statements contained in this Quarterly Report on Form 10-Q.

 

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”). All material intercompany accounts and transactions have been eliminated.

 

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 full-time equivalents of approximately 161 and 181 regular employees as of November 30, 2024 and 2023, respectively, additionally at any point in time, the Company can have between 65-70 temporary employees. Full-time equivalent is a measure based on time worked.

 

Six Months Ended November 30, 2024 Compared to Six Months Ended November 30, 2023

 

Sales

Sales for the six months ended November 30, 2024, were $25,595,894 compared to $33,010,707 for the six months ended November 30, 2023, representing a decrease of $7,414,813, or 23%. The reduction in sales for the six months ended November 30, 2024, compared to the prior period is primarily attributable to an approximate 38% decrease in demand from one of its significant customers, which was offset somewhat by an increase in demand from another of its significant customers. The increase in demand from the latter customer was due to a newly designed plastic pallet to specifically meet the customer’s needs.

 

Greystone generally has a limited number of customers, generally 2 to 4, that accounted for approximately 76% and 83% of sales during the six months ended November 30, 2024 and 2023, respectively. Greystone is not able to predict the future needs of these major customers and will continue its efforts to increase sales through the addition of new customers developed through Greystone’s marketing efforts.

 

Cost of Sales

The cost of sales for the six months ended November 30, 2024, was $22,312,466, or 87% of sales, compared to $25,828,480, or 78% of sales, for the six months ended November 30, 2023. The increase in the ratio of cost of sales to sales for the six months ended November 30, 2024, over the prior period was primarily the result of an approximate 30% decrease in production of plastic pallets. Due to Greystone’s inflexible manufacturing costs, the gross profit margin is directly affected by variations in the quantity of plastic pallets produced.

 

Gross Profit

Gross profit for the six months ended November 30, 2024, was $3,283,428, or 13% of sales, compared to $7,182,227, or 22% of sales, for the six months ended November 30, 2023. The principal reason for decrease in gross profit margin for the six months ended November 30, 2024, over the prior period was the decline in production as discussed above.

 

Gain from Involuntary Conversion

During the six months ended November 30, 2024, the Company and the insurer agreed on the amount of settlements on certain casualty losses occurring in fiscal years 2024 and 2023. The payments resulted in a gain of $741,821.

 

 

Selling, General and Administrative Expenses

Selling, general and administrative expenses were $3,181,148, or 12% of sales, for the six months ended November 30, 2024 compared to $2,586,974, or 8% of sales, for the six months ended November 30, 2023, representing an increase of $594,174. The increase is primarily due to bonuses paid during the six months ended November 30, 2024.

 

Other Income (Expenses)

Other income, generally from interest income and the sale of scrap material, was $70,470 and $3,153 for the six months ended November 30, 2024 and 2023.

 

Interest expense was $570,081 for the six months ended November 30, 2024, compared to $672,361 for the six months ended November 30, 2023, representing a decrease of $102,280. This decrease is due to the continuing payments on the principal of outstanding debt as well as a reduction in the prime rate.

 

Provision for Income Taxes

The provision for income taxes was $213,750 and $1,217,000 for the six months ended November 30, 2024 and 2023, respectively. The effective tax rate differs from federal statutory rates due principally to state income taxes, charges (income) which have no tax benefit (expense), and changes in the valuation allowance.

 

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

 

Net Income

Greystone recorded net income of $130,740 for the six months ended November 30, 2024, compared to $2,709,045 for the six months ended November 30, 2023, primarily for the reasons discussed above.

 

Net Income (Loss) Attributable to Common Stockholders

The net income (loss) attributable to common stockholders for the six months ended November 30, 2024, was $(157,295), or $(0.01) per share, compared to $2,416,374, or $0.09 per share, for the six months ended November 30, 2023, primarily for the reasons discussed above.

 

Three Months Ended November 30, 2024 Compared to Three Months Ended November 30, 2023

 

Sales

Sales for the three months ended November 30, 2024, were $12,135,247 compared to $15,597,036 for the three months ended November 30, 2023, representing a decrease of $3,461,789, or 22%. The reduction in sales for the three months ended November 30, 2024, compared to the prior period is primarily attributable to an approximate 33% decrease in demand from one of its significant customers, which was offset somewhat by an increase in demand from another of its significant customers. The increase in demand from the latter customer was due to a newly designed plastic pallet to specifically meet the customer’s needs.

 

Greystone generally has a limited number of customers, generally 2 to 4, that accounted for approximately 76% and 85% of sales during the three months ended November 30, 2024 and 2023, respectively. Greystone is not able to predict the future needs of these major customers and will continue its efforts to increase sales through the addition of new customers developed through Greystone’s marketing efforts.

 

Cost of Sales

The cost of sales for the three months ended November 30, 2024, was $10,754,713, or 89% of sales, compared to $12,459,570, or 80% of sales, for the three months ended November 30, 2023. The increase in the ratio of cost of sales to sales for the three months ended November 30, 2024, over the prior period was primarily the result of an approximate 30% decrease in production of plastic pallets. Due to Greystone’s inflexible manufacturing costs, the gross profit margin is directly affected by variations in the quantity of plastic pallets produced.

 

Gross Profit

Gross profit for the three months ended November 30, 2024, was $1,380,534 or 11% of sales, compared to $3,137,466 or 20% of sales, for the three months ended November 30, 2023. The principal reason for decrease in gross profit margin for the three months ended November 30, 2024, over the prior period was the decline in production as discussed above.

 

Selling, General and Administrative Expenses

Selling, general and administrative expenses were $1,360,957, or 11% of sales, for the three months ended November 30, 2024 compared to $1,374,024, or 9% of sales, for the three months ended November 30, 2023, representing a decrease of $13,067. SG&A costs during the current period compared to the prior period was consistent with past performance.

 

 

Other Income (Expenses)

Other income, generally from interest income and the sale of scrap material, was $51,081 and $1,554 for the three months ended November 30, 2024 and 2023, respectively.

 

Interest expense was $275,372 for the three months ended November 30, 2024, compared to $330,170 for the three months ended November 30, 2023, representing a decrease of $54,798. This decrease is due to the continuing payments on the principal of outstanding debt as well as a reduction in the prime rate.

 

Provision for Income Taxes

The provision for income taxes was $0 and $470,000 for the three months ended November 30, 2024 and 2023, respectively. The effective tax rate differs from federal statutory rates due principally to state income taxes, charges (income) which have no tax benefit (expense), and changes in the valuation allowance.

 

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

 

Net Income (Loss)

Greystone recorded net loss of $(204,714) for the three months ended November 30, 2024, compared to $964,826 for the three months ended November 30, 2023, primarily for the reasons discussed above.

 

Net Income (Loss) Attributable to Common Stockholders,

The net income (loss) attributable to common stockholders for the three months ended November 30, 2024, was $(345,297), or $(0.01) per share, compared to $818,354, or $0.03 per share, for the three months ended November 30, 2023, primarily for the reasons discussed above.

 

 

Liquidity and Capital Resources

 

A summary of cash flows for the six months ended November 30, 2024, was as follows:         

 

Cash provided by operating activities		$	5,043,637
Cash used in investing activities		$	(4,521,758	)
Cash used in financing activities		$	(1,429,216	)

 

The contractual obligations and rents of Greystone are as follows:

 

						Less than
		Total				1 year				1-3 years				4-5 years				Thereafter
Long-term debt		$	12,358,536			$	2,245,185			$	9,571,784			$	541,567			$	-
Financing leases		$	11,330			$	9,829			$	1,501			$	-			$	-
Operating leases		$	7,552,651			$	609,000			$	1,226,920			$	1,271,520			$	4,445,211
Commitments		$	366,433			$	366,433			$	-			$	-			$	-

 

Greystone had a working capital of $6,986,685 as of November 30, 2024. To provide for the funding to meet Greystone's operating activities and contractual obligations as of November 30, 2024, 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.

 

A substantial amount of Greystone’s debt financing has resulted primarily from bank notes which are guaranteed by certain officers and directors of Greystone. Greystone continues to be dependent upon its officers and directors to secure, or possibly provide, additional financing and there is no assurance that its officers and directors will continue to do so, or that they will do so on terms that are acceptable to Greystone. 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 Restated Loan Agreement, as discussed in Note 6 to the unaudited consolidated financial statements, Greystone may pay dividends on its preferred stock in an amount not to exceed $1,000,000 per year.

 

Off-Balance Sheet Arrangements

 

Greystone does not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to investors.

 

 

Critical Accounting Policies and Estimates

 

Greystone believes that the following critical policies affect Greystone’s more significant judgments and estimates used in preparation of Greystone’s financial statements.

 

General

The preparation of unaudited consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

 

Recognition of Revenues

Revenue is recognized at the point in 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.

 

Accounts receivable

Trade receivables are carried at the original invoice amount less an  allowance for credit losses. Management determines the allowance by regularly evaluating individual customer receivables and considering a customer’s financial condition, credit history and current economic conditions. Trade receivables are written off against the allowance when deemed uncollectible. Recoveries of trade receivables previously written off are recorded when received. The Company generally does not charge interest on past due accounts.   

 

Inventory

Inventory consists of finished pallets and raw materials which are stated at the lower of average cost or net realizable value. Management applies overhead costs to inventory based on an analysis of the Company's expense categories. The specific costs are then applied to inventory based on production during the period. Management relies on estimates and assumptions regarding the specific costs to include in the production costs, as well as the period to use in determining inventory production.

 

Income Taxes

Greystone accounts for income taxes under the liability method, which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the consolidated financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on the difference between the consolidated financial statements and tax bases of assets and liabilities and tax loss carryforwards using enacted tax rates in effect for the year in which the differences are expected to reverse.

 

 

A deferred tax asset is recognized for tax-deductible temporary differences and operating losses using the applicable enacted tax rate. In assessing the realizability of deferred tax assets, management considers the likelihood of whether it is more likely than not the net deferred tax asset will be realized. Based on this evaluation, management will provide a valuation allowance if it is determined more likely than not the associated asset will not be recognized. Based on this, management has determined that Greystone will be able to realize the full effect of the deferred tax assets as of November 30, 2024, and, accordingly, no valuation allowance was recorded. As of May 31, 2024, management determined that Greystone would not be able to realize the full effect of deferred taxes and a valuation allowance of $793,337 was recorded. The primary reason for no valuation allowance as of November 30, 2024, was the expiration of outstanding net operating losses during the current fiscal year ending May 31, 2025.

 

New Accounting Pronouncements

 

Management does not believe that any recently issued, but not yet effective, accounting standards could have a material effect on the accompanying unaudited consolidated financial statements. As new accounting pronouncements are issued, Greystone will adopt those that are applicable under the circumstances.

 

Recent accounting pronouncements issued by the Financial Accounting Standards Board, the American Institute of Certified Public Accountants and the SEC did not or are not believed by management to have a material effect on Greystone’s unaudited consolidated financial statements.

 

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 (CEO) of the effectiveness of Greystone's disclosure controls and procedures pursuant to the Rules 13a-15(e) and 15d-15(e) promulgated under the Securities Exchange Act of 1934, as amended (“Exchange Act”).  Based on an evaluation as of November 30, 2024, Greystone’s CEO and CFO concluded that Greystone’s disclosure controls and procedures (as such term is defined in Rule 13a-15(e) under the Exchange Act) were not effective as of November 30, 2024, as a result of a weakness in the design of internal controls over financial reporting identified below.

 

Management has determined that a material weakness exists due for the following reasons:

 

	●	The Company has an ineffective control environment due to a lack of the necessary corporate accounting resources with SEC financial reporting experience to ensure consistent, complete and accurate financial reporting, as well as disclosure controls and procedures.
	●	The Company has limited resources to ensure that necessary internal controls are implemented and followed throughout the Company. The limited resources result in inadequate internal controls relating to the authorization, recognition, capture, and review of transactions, facts, circumstances and events that could have a material impact on the Company’s financial reporting process.

 

During the six months ended November 30, 2024, there were no changes in Greystone's internal control over financial reporting that have materially affected, or that are reasonably likely to materially affect, Greystone's internal control over financial reporting.

 

 

PART II. OTHER INFORMATION

 

Item 1. Legal Proceedings.

 

None.

 

Item 1A. Risk Factors.

 

Not applicable.

 

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

 

None.

 

Item 3. Defaults Upon Senior Securities.

 

None.

 

Item 4. Mine Safety Disclosures.

 

Not applicable.

 

 

Item 5. Other Information.

 

None.

 

 

Item 6. Exhibits.

 

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

 

	31.1*		Certification of Chief Executive Officer pursuant to Rules 13a-14(a) and 15d-14(a) promulgated under the Securities Exchange Act of 1934, as amended, and Item 601(b)(31) of Regulation S-K, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
	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.
	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.
	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.
	101.INS*		Inline XBRL Instance Document.
	101.SCH*		Inline XBRL Taxonomy Extension Schema Document.
	101.CAL*		Inline XBRL Taxonomy Extension Calculation Linkbase.
	101.DEF*		Inline XBRL Taxonomy Extension Definition Linkbase.
	101.LAB*		Inline XBRL Taxonomy Extension Labels Linkbase.
	101.PRE*		Inline XBRL Taxonomy Extension Presentation Linkbase.
	104*		Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

*	Filed herewith.
**	Furnished herewith.

 

 

SIGNATURES

 

 

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

 

 

	GREYSTONE LOGISTICS, INC.
	(Registrant)
Date: January 14, 2025	/s/ Warren F. Kruger
	Warren F. Kruger, President and Chief
	Executive Officer (Principal Executive Officer)
Date: January 14, 2025	/s/ Warren F. Kruger
	Warren F. Kruger, Interim Chief Financial Officer
	(Principal Financial Officer and Principal Accounting Officer)

 

Exhibit 31.1

 

CERTIFICATION

 

I, Warren F. Kruger, certify that:

 

1.

I have reviewed this quarterly report on Form 10‑Q for the six months ended November 30, 2024, 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, 2025	/s/ Warren F. Kruger
	Warren F. Kruger
	President and Chief Executive Officer
	(principal executive officer)

 

Exhibit 31.2

 

CERTIFICATION

 

I, Warren F. Kruger, certify that:

 

1.

I have reviewed this quarterly report on Form 10‑Q for the six months ended November 30, 2024, 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, 2025	/s/ Warren F. Kruger
	Warren F. Kruger
	Interim Chief Financial Officer
	(principal financial officer and accounting officer)

 

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 ended November 30, 2024, 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, 2025	/s/ Warren F. Kruger
	Warren F. Kruger
	President and Chief Executive Officer
	(principal 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.

 

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 ended November 30, 2024, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Warren F. Kruger, Interim 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, 2025	/s/ Warren F. Kruger
	Warren F. Kruger
	Chief Financial Officer
	(principal financial officer and accounting 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.

 

v3.24.4

Document And Entity Information - shares	6 Months Ended
	Nov. 30, 2024	Jan. 14, 2025
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Nov. 30, 2024
Document Transition Report	false
Entity File Number	000-26331
Entity Registrant Name	GREYSTONE LOGISTICS, INC.
Entity Incorporation, State or Country Code	OK
Entity Tax Identification Number	75-2954680
Entity Address, Address Line One	1613 East 15th Street
Entity Address, City or Town	Tulsa
Entity Address, State or Province	OK
Entity Address, Postal Zip Code	74120
City Area Code	918
Local Phone Number	583-7441
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		28,279,701
Entity Central Index Key	0001088413
Current Fiscal Year End Date	--05-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false

v3.24.4

Consolidated Balance Sheets (Unaudited) - USD ($)	Nov. 30, 2024	May 31, 2024
Current Assets:
Cash	$ 4,891,304	$ 5,798,641
Other	0	2,107,108
Inventory	3,504,520	3,871,626
Prepaid expenses	1,154,397	585,423
Total Current Assets	13,629,089	16,786,749
Property, Plant and Equipment, net	31,689,437	30,066,119
Right-to-use Assets	5,249,678	5,403,441
Total Assets	50,568,204	52,256,309
Current portion of long-term debt	2,245,185	2,362,212
Current portion of financing leases	10,133	19,171
Current portion of operating leases	294,219	286,221
Accounts payable	2,808,499	2,633,572
Accrued expenses	1,214,383	1,036,760
Deferred revenue	22,964	840,945
Preferred dividends payable	47,021	0
Total Current Liabilities	6,642,404	7,178,881
Long-Term Debt, net of current portion and debt issuance costs	10,024,436	11,080,736
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, 28,279,701 and 28,361,201 shares issued and outstanding, respectively	2,828	2,828
Additional paid-in capital	53,533,272	53,533,272
Accumulated deficit	(29,713,281)	(29,555,356)
Total Equity	23,822,824	23,980,749
Total Liabilities and Equity	50,568,204	52,256,309
Financing Leases, net of current portion	999	3,972
Operating Leases, net of current portion	5,018,833	5,167,013
Deferred Tax Liability	5,058,708	4,844,958
Cash	4,891,304	5,798,641
Other	0	2,107,108
Inventory	3,504,520	3,871,626
Prepaid expenses	1,154,397	585,423
Total Current Assets	13,629,089	16,786,749
Property, Plant and Equipment, net	31,689,437	30,066,119
Right-to-use Assets	5,249,678	5,403,441
Total Assets	50,568,204	52,256,309
Current portion of long-term debt	2,245,185	2,362,212
Current portion of financing leases	10,133	19,171
Current portion of operating leases	294,219	286,221
Accounts payable	2,808,499	2,633,572
Accrued expenses	1,214,383	1,036,760
Deferred revenue	22,964	840,945
Preferred dividends payable	47,021	0
Total Current Liabilities	6,642,404	7,178,881
Long-Term Debt, net of current portion and debt issuance costs	10,024,436	11,080,736
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, 28,279,701 and 28,361,201 shares issued and outstanding, respectively	2,828	2,828
Additional paid-in capital	53,533,272	53,533,272
Accumulated deficit	(29,713,281)	(29,555,356)
Total Equity	23,822,824	23,980,749
Total Liabilities and Equity	50,568,204	52,256,309
Financing Leases, net of current portion	999	3,972
Operating Leases, net of current portion	5,018,833	5,167,013
Deferred Tax Liability	5,058,708	4,844,958
Current Liabilities:	50,568,204	52,256,309
Current portion of long-term debt	2,245,185	2,362,212
Current portion of financing leases	10,133	19,171
Current portion of operating leases	294,219	286,221
Accounts payable	2,808,499	2,633,572
Accrued expenses	1,214,383	1,036,760
Deferred revenue	22,964	840,945
Preferred dividends payable	47,021	0
Total Current Liabilities	6,642,404	7,178,881
Long-Term Debt, net of current portion and debt issuance costs	10,024,436	11,080,736
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, 28,279,701 and 28,361,201 shares issued and outstanding, respectively	2,828	2,828
Additional paid-in capital	53,533,272	53,533,272
Accumulated deficit	(29,713,281)	(29,555,356)
Total Equity	23,822,824	23,980,749
Total Liabilities and Equity	50,568,204	52,256,309
Financing Leases, net of current portion	999	3,972
Operating Leases, net of current portion	5,018,833	5,167,013
Deferred Tax Liability	5,058,708	4,844,958
Long-Term Debt, net of current portion and debt issuance costs	10,024,436	11,080,736
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, 28,279,701 and 28,361,201 shares issued and outstanding, respectively	2,828	2,828
Additional paid-in capital	53,533,272	53,533,272
Accumulated deficit	(29,713,281)	(29,555,356)
Total Equity	23,822,824	23,980,749
Total Liabilities and Equity	50,568,204	52,256,309
Nonrelated Party [Member]
Current Assets:
Accounts Receivable	3,455,030	4,158,381
Accounts Receivable	3,455,030	4,158,381
Related Party [Member]
Current Assets:
Accounts Receivable	623,838	265,570
Accounts Receivable	$ 623,838	$ 265,570

v3.24.4

Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($)	Nov. 30, 2024	May 31, 2024
Preferred Stock, Par or Stated Value Per Share (in dollars per share)	$ 0.0001	$ 0.0001
Preferred Stock, Shares Authorized (in shares)	20,750,000	20,750,000
Preferred Stock, Shares Issued (in shares)	50,000	50,000
Preferred Stock, Shares Outstanding (in shares)	50,000	50,000
Preferred Stock, Liquidation Preference, Value	$ 5,000,000
Common Stock, Par or Stated Value Per Share (in dollars per share)	$ 0.0001	$ 0.0001
Common Stock, Shares Authorized (in shares)	5,000,000,000	5,000,000,000
Common Stock, Shares, Issued (in shares)	28,279,701	28,279,701
Common Stock, Shares, Outstanding (in shares)	28,279,701	28,279,701
Common Stock, Shares, Issued (in shares)	28,279,701	28,279,701

v3.24.4

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Nov. 30, 2024	Nov. 30, 2023	Nov. 30, 2024	Nov. 30, 2023
Sales	$ 12,135,247	$ 15,597,036	$ 25,595,894	$ 33,010,707
Cost of Sales	10,754,713	12,459,570	22,312,466	25,828,480
Gross Profit	1,380,534	3,137,466	3,283,428	7,182,227
Selling, General and Administrative Expenses	1,360,957	1,374,024	3,181,148	2,586,974
Gain on involuntary conversion (See Note 4)			(741,821)	0
Operating Income	19,577	1,763,442	844,101	4,595,253
Other Income (Expense):
Other income	51,081	1,554	70,470	3,153
Interest expense	(275,372)	(330,170)	(570,081)	(672,361)
Income before Income Taxes	(204,714)	1,434,826	344,490	3,926,045
Provision for Income Taxes	0	(470,000)	(213,750)	(1,217,000)
Net Income	(204,714)	964,826	130,740	2,709,045
Preferred Dividends	(140,583)	(146,472)	(288,665)	(292,671)
Net Income (Loss) Attributable to Common Stockholders	(345,297)	818,354	(157,925)	2,416,374
Income (Loss) before Income Taxes	(204,714)	1,434,826	344,490	3,926,045
Preferred Dividends	$ 140,583	$ 146,472	$ 288,665	$ 292,671
Income Per Share of Common Stock - (in dollars per share)	$ (0.01)	$ 0.03	$ (0.01)	$ 0.08
Basic (in dollars per share)	$ (0.01)	$ 0.03	$ (0.01)	$ 0.09
Basic (in shares)	28,279,701	28,279,701	28,279,701	28,279,701
Diluted (in shares)	28,279,701	28,774,780	28,279,701	28,774,562
Sales	$ 12,135,247	$ 15,597,036	$ 25,595,894	$ 33,010,707
Cost of Sales	10,754,713	12,459,570	22,312,466	25,828,480
Gross Profit	1,380,534	3,137,466	3,283,428	7,182,227
Selling, General and Administrative Expenses	1,360,957	1,374,024	3,181,148	2,586,974
Operating Income	$ 19,577	$ 1,763,442	$ 844,101	$ 4,595,253
Net Income (Loss) Per Share of Common Stock -
Basic (in dollars per share)	$ (0.01)	$ 0.03	$ (0.01)	$ 0.09
Income Per Share of Common Stock - (in dollars per share)	(0.01)	0.03	(0.01)	0.08
Basic (in dollars per share)	$ (0.01)	$ 0.03	$ (0.01)	$ 0.09
Basic (in shares)	28,279,701	28,279,701	28,279,701	28,279,701
Diluted (in shares)	28,279,701	28,774,780	28,279,701	28,774,562
Sales	$ 12,135,247	$ 15,597,036	$ 25,595,894	$ 33,010,707
Cost of Sales	10,754,713	12,459,570	22,312,466	25,828,480
Gross Profit	1,380,534	3,137,466	3,283,428	7,182,227
Selling, General and Administrative Expenses	1,360,957	1,374,024	3,181,148	2,586,974
Operating Income	$ 19,577	$ 1,763,442	$ 844,101	$ 4,595,253
Basic (in shares)	28,279,701	28,279,701	28,279,701	28,279,701
Diluted (in shares)	28,279,701	28,774,780	28,279,701	28,774,562

v3.24.4

Consolidated Statements of Changes in Equity (Unaudited) - USD ($)	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balances (in shares) at May. 31, 2023	50,000	28,279,701
Balances at May. 31, 2023	$ 5	$ 2,828	$ 53,533,272	$ (33,995,621)	$ 19,540,484
Preferred dividends	0	0	0	(146,199)	(146,199)
Net income	0	0	0	1,744,219	1,744,219
Net income	$ 0	$ 0	0	1,744,219	1,744,219
Balances (in shares) at Aug. 31, 2023	50,000	28,279,701
Balances at Aug. 31, 2023	$ 5	$ 2,828	53,533,272	(32,397,601)	21,138,504
Balances (in shares) at May. 31, 2023	50,000	28,279,701
Balances at May. 31, 2023	$ 5	$ 2,828	53,533,272	(33,995,621)	19,540,484
Net income					2,709,045
Net income					2,709,045
Balances (in shares) at Nov. 30, 2023	50,000	28,279,701
Balances at Nov. 30, 2023	$ 5	$ 2,828	53,533,272	(31,579,247)	21,956,858
Balances (in shares) at Aug. 31, 2023	50,000	28,279,701
Balances at Aug. 31, 2023	$ 5	$ 2,828	53,533,272	(32,397,601)	21,138,504
Preferred dividends	0	0	0	(146,472)	(146,472)
Net income	0	0	0	964,826	964,826
Net income	$ 0	$ 0	0	964,826	964,826
Balances (in shares) at Nov. 30, 2023	50,000	28,279,701
Balances at Nov. 30, 2023	$ 5	$ 2,828	53,533,272	(31,579,247)	21,956,858
Balances (in shares) at May. 31, 2024	50,000	28,279,701
Balances at May. 31, 2024	$ 5	$ 2,828	53,533,272	(29,555,356)	23,980,749
Preferred dividends	0	0	0	(148,082)	(148,082)
Net income	0	0	0	335,454	335,454
Net income	$ 0	$ 0	0	335,454	335,454
Balances (in shares) at Aug. 31, 2024	50,000	28,279,701
Balances at Aug. 31, 2024	$ 5	$ 2,828	53,533,272	(29,367,984)	24,168,121
Balances (in shares) at May. 31, 2024	50,000	28,279,701
Balances at May. 31, 2024	$ 5	$ 2,828	53,533,272	(29,555,356)	23,980,749
Net income					130,740
Net income					130,740
Balances (in shares) at Nov. 30, 2024	50,000	28,279,701
Balances at Nov. 30, 2024	$ 5	$ 2,828	53,533,272	(29,713,281)	23,822,824
Balances (in shares) at Aug. 31, 2024	50,000	28,279,701
Balances at Aug. 31, 2024	$ 5	$ 2,828	53,533,272	(29,367,984)	24,168,121
Preferred dividends	0	0	0	(140,583)	(140,583)
Net income	0	0	0	(204,714)	(204,714)
Net income	$ 0	$ 0	0	(204,714)	(204,714)
Balances (in shares) at Nov. 30, 2024	50,000	28,279,701
Balances at Nov. 30, 2024	$ 5	$ 2,828	$ 53,533,272	$ (29,713,281)	$ 23,822,824

v3.24.4

Consolidated Statements of Changes in Equity (Unaudited) (Parentheticals) - $ / shares	3 Months Ended		4 Months Ended
	Nov. 30, 2024	Nov. 30, 2023	Aug. 31, 2024	Aug. 31, 2023
Preferred Stock, Dividends Per Share, Declared (in dollars per share)	$ 2.81	$ 2.93	$ 2.96	$ 2.92
Preferred Stock, Dividends Per Share, Declared (in dollars per share)	$ 2.81	$ 2.93	$ 2.96	$ 2.92

v3.24.4

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended				6 Months Ended		12 Months Ended
	Nov. 30, 2024	Aug. 31, 2024	Nov. 30, 2023	Aug. 31, 2023	Nov. 30, 2024	Nov. 30, 2023	May 31, 2024
Cash Flows from Operating Activities:
Net income	$ (204,714)	$ 335,454	$ 964,826	$ 1,744,219	$ 130,740	$ 2,709,045
Adjustments, Noncash Items, to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract]
Gain on involuntary conversion (See Note 4)					(741,821)	0
Depreciation and amortization					2,845,798	2,844,103
Change in deferred taxes					213,750	948,721
Decrease in trade and other accounts receivable					3,552,280	1,755,695
Increase in related parties receivable					(358,268)	(114,410)
Decrease (increase) in inventory					367,106	(775,896)
Decrease (increase) in prepaid expenses					(568,974)	235,227
Increase in accounts payable and accrued expenses					421,005	127,987
Decrease in deferred revenue					(817,981)	0
Net cash provided by operating activities					5,043,635	7,730,472
Cash Flows from Investing Activities:
Purchase of property, plant and equipment					(4,521,755)	(1,345,880)
Cash Flows from Financing Activities:
Principal payments on long-term debt and financing leases					(1,187,573)	(1,103,440)
Principal payments on revolving loan					(0)	1,500,000
Payments for debt issue costs					0	(13,085)
Dividends paid on preferred stock					(241,644)	(280,612)
Net cash used in financing activities					(1,429,217)	(2,897,137)
Net Increase (Decrease) in cash					(907,337)	3,487,455
Cash, beginning of period		$ 5,798,641		$ 695,951	5,798,641	695,951	$ 695,951
Cash, end of period	$ 4,891,304		$ 4,183,406		4,891,304	4,183,406	$ 5,798,641
Noncash Investing and Financing Items [Abstract]
Equipment in Accounts payable					106,058	316,329
Preferred dividend accrual					47,021	146,473
Supplemental information:
Interest paid					$ 563,158	$ 674,407

v3.24.4

Note 1 - Basis of Financial Statements	6 Months Ended
	Nov. 30, 2024
Notes to Financial Statements
Basis of Accounting [Text Block]	Note 1. Basis of Financial Statements   In the opinion of Greystone Logistics, Inc. (“Greystone” or the “Company”), 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, 2024, and the results of its operations for the six months and three months ended November 30, 2024 and 2023 and its cash flows for the six months ended November 30, 2024 and 2023. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements as of and for the fiscal year ended May 31, 2024, and the notes thereto included in Greystone’s Annual Report on Form 10-K for such period, as filed with the Securities and Exchange Commission. The results of operations for the six and three months ended November 30, 2024 and 2023 are not necessarily indicative of the results to be expected for the full fiscal year.   The unaudited consolidated financial statements of Greystone include its wholly owned subsidiaries, Greystone Manufacturing, L.L.C. (“GSM”) and Plastic Pallet Production, Inc. (“PPP”). All material intercompany accounts and transactions have been eliminated in the unaudited consolidated financial statements.

v3.24.4

Note 2 - Earnings Per Share	6 Months Ended
	Nov. 30, 2024
Notes to Financial Statements
Earnings Per Share [Text Block]	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 as of November 30 are as follows:       2024     2023   For the six and three months ended November 30                 Preferred stock convertible into common stock     3,333,333       3,333,333   Warrants exercisable into common stock     500,000       -   Total     3,833,333       3,333,333       The following tables set forth the computation of basic and diluted earnings per share.   For the six months ended November 30, 2024 and 2023:       2024     2023   Basic earnings (loss) per share of common stock                 Numerator -                 Net income (loss) attributable to common stockholders   $ (157,925 )   $ 2,416,374   Denominator -                 Weighted-average shares outstanding - basic     28,279,701       28,279,701   Income (Loss) per share of common stock - basic   $ (0.01 )   $ 0.09                     Diluted earnings (loss) per share of common stock:                 Numerator -                 Net income (loss) attributable to common stockholders   $ (157,925 )   $ 2,416,374   Denominator -                 Weighted-average shares outstanding - basic     28,279,701       28,279,701   Incremental shares from assumed conversion of options warrants and preferred stock, as appropriate     -       494,861   Weighted average common stock outstanding - diluted     28,279,701       28,774,562   Income (Loss) per share of common stock - diluted   $ (0.01 )   $ 0.08     For the three months ended November 30, 2024 and 2023:       2024     2023   Basic earnings (loss) per share of common stock:                 Numerator -                 Net income (loss) attributable to common stockholders   $ (345,297 )   $ 818,354   Denominator -                 Weighted-average shares outstanding - basic     28,279,701       28,279,701   Income (Loss) per share of common stock - basic   $ (0.01 )   $ 0.03                     Diluted earnings (loss) per share of common stock:                 Numerator -                 Net income (loss) attributable to common stockholders   $ (345,297 )   $ 818,354   Denominator -                 Weighted-average shares outstanding - basic     28,279,701       28,279,701   Incremental shares from assumed conversion of options warrants and preferred stock, as appropriate     -       495,079   Weighted average common stock outstanding - diluted     28,279,701       28,774,780   Income (Loss) per share of common stock - diluted   $ (0.01 )   $ 0.03

v3.24.4

Note 3 - Inventory	6 Months Ended
	Nov. 30, 2024
Notes to Financial Statements
Inventory Disclosure [Text Block]	Note 3. Inventory   Inventory consisted of the following:       November 30,     May 31,       2024     2024   Raw material   $ 2,195,374     $ 2,040,348   Finished goods     1,309,146       1,831,278   Total inventory   $ 3,504,520     $ 3,871,626

v3.24.4

Note 4 - Property, Plant and Equipment	6 Months Ended
	Nov. 30, 2024
Notes to Financial Statements
Property, Plant and Equipment Disclosure [Text Block]	Note 4. Property, Plant and Equipment   A summary of property, plant and equipment for Greystone is as follows:       November 30,     May 31,       2024     2024   Production machinery and equipment   $ 71,307,457     $ 68,532,989   Plant buildings and land     3,930,207       2,289,233   Leasehold improvements     1,709,846       1,658,751   Furniture and fixtures     542,057       542,057         77,489,567       73,023,030   Less: Accumulated depreciation and amortization     (45,800,130 )     (42,956,911 ) Net Property, Plant and Equipment   $ 31,689,437     $ 30,066,119     Property, plant and equipment includes production equipment with a carrying value of $1,124,400 as of November 30, 2024, which has not been placed into service.   Depreciation expense, including amortization expense related to financing leases, for the six months ended November 30, 2024 and 2023 was $2,843,219 and $2,828,552, respectively.   In February 2024, one of the Company’s storage warehouses caught fire with damage to finished goods inventory valued at $1,326,752 and the building with a net book value of $161,850. As of May 31, 2024, the Company recorded an insurance receivable of $2,058,602 as an estimate for damage to the inventory and building, which resulted in a gain from the involuntary conversion of $593,647 for the fiscal year ended May 31, 2024. The insurer and the Company finalized the claim value for the inventory as well as a prior claim for equipment damage from an electrical storm occurring in December 2022, resulting in an additional gain from the involuntary conversion of $741,821 for the six months ended November 30, 2024. All amounts owed related to these claims, reflected in other receivables on the consolidated balance sheets, were fully funded during the second quarter by the insurer.

v3.24.4

Note 5 - Related Party Transactions/Activity	6 Months Ended
	Nov. 30, 2024
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	Note 5. Related Party Transactions/Activity   Yorktown Management & Financial Services, LLC Yorktown Management & Financial Services, LLC (“Yorktown”), an entity wholly owned by Warren F. Kruger, Greystone’s CEO, President, Chairman of the Board and a significant stockholder of Greystone, 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 and $742,500 for the six months ended November 30, 2024 and 2023, respectively.   Greystone leases administrative office space from Yorktown at a monthly rental of $6,250 per month under a six-year lease. Total rent payments were $37,500 and $36,450 for the six months ended November 30, 2024 and 2023, respectively.   Greystone Real Estate, L.L.C. (GRE) GRE owns two primary manufacturing facilities occupied by Greystone and is wholly owned by Robert B. Rosene, Jr., a member of Greystone’s Board of Directors. Effective August 1, 2022, Greystone and GRE entered into a non-cancellable ten-year lease agreement with a five-year extension for the use of these manufacturing facilities at the initial rate of $44,500 per month, increasing 5.00% per month every fifth year. During the six months ended November 30, 2024 and 2023, rent payments to GRE totaled $267,000.     TriEnda Holdings, L.L.C. TriEnda Holdings, L.L.C. (“TriEnda”) is a manufacturer of plastic pallets, protective packaging and dunnage utilizing thermoform processing for which Mr. Kruger, Greystone’s President, CEO, Chairman of the Board and a significant stockholder of Greystone, 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 may purchase pallets from TriEnda for resale or sell Greystone pallets to TriEnda. Greystone purchases from TriEnda during the six months ended November 30, 2024 and 2023, totaled $45,526 and $0, respectively. During the six months ended November 30, 2024 and 2023, Greystone sales to TriEnda totaled $348,884 and $150,189, respectively. As of November 30, 2024 and May 31, 2024, TriEnda owed $449,228 and $143,290, respectively, to Greystone.   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, CEO, Chairman of the Board and a significant stockholder of Greystone. Greystone had sales to Green of $139,230 and $122,670 for the six months ended November 30, 2024 and 2023, respectively. The account receivable due from Green as of November 30, 2024 and May 31, 2024, was $174,610 and $122,280, respectively.

v3.24.4

Note 6 - Long-term Debt	6 Months Ended
	Nov. 30, 2024
Notes to Financial Statements
Long-Term Debt [Text Block]	Note 6. Long-term Debt   Debt as of November 30, 2024 and May 31, 2024 was as follows:       November 30, 2024     May 31, 2024   Term loans dated July 29, 2022, payable to International Bank of Commerce, prime rate of interest plus 0.5% but not less than 4.50% maturing July 29, 2027   $ 11,545,320     $ 12,519,501   Term loan payable to First Interstate Bank, interest rate of 3.70% monthly principal and interest payments of $27,593, due March 19, 2025, secured by certain equipment     109,282       271,061   Term loan payable to First Interstate Bank, interest rate of 3.50%, monthly principal and interest payments of $5,997, due August 10, 2028, secured by certain real estate     690,241       709,916   Other     13,693       33,964   Total long-term debt     12,358,536       13,534,442   Debt issuance costs, net of amortization     (88,915 )     (91,494 ) Total debt, net of debt issuance costs     12,269,621       13,442,948   Less: Current portion of long-term debt     (2,245,185 )     (2,362,212 ) Long-term debt, net of current portion   $ 10,024,436     $ 11,080,736     The prime rate of interest as of November 30, 2024, was 7.75%.   Debt Issuance Costs consists of the amounts paid to third parties in connection with the issuance and modification of debt instruments. These costs are shown on the consolidated balance sheet as a direct reduction to the related debt instrument. Amortization of these costs is included in interest expense. Greystone recorded amortization of debt issuance costs of $2,579 and $2,862 for the six months ended November 30, 2024 and 2023, respectively.   Restated and Amended Loan Agreement between Greystone and IBC On July 29, 2022, Greystone and GSM (each a “Borrower” and together, the “Borrowers”) entered into an Amended and Restated Loan Agreement (“IBC Restated Loan Agreement”) with International Bank of Commerce (“IBC”) that provided for the consolidation of certain term loans and a renewed revolver loan.    The IBC term loans require equal monthly payments of principal and interest in such amounts sufficient to amortize the principal balance of the loans over the remaining lives. The monthly payments of principal and interest on the IBC term loans may vary due to changes in the prime rate of interest. As of November 30, 2024, the aggregate payments for the IBC term loans are approximately $254,000 per month.     The IBC Restated Loan Agreement, dated July 29, 2022, as amended, provided for IBC to make certain term loans to Greystone to consolidate all existing term loans and provide additional funding for the purchase of equipment and renewal of the revolving loan in the aggregate principal amount of $6,000,000 (the “Revolving Loan”), subject to borrowing base limitations. The Revolving Loan has an interest rate of the greater of 7.50% through February 4, 2025 and 6.50% beginning February 5, 2025 or prime rate of interest plus 0.50% and a maturity date of February 5, 2026. As of November 30, 2024, Greystone’s available revolving loan borrowing capacity was approximately $3,950,000.    The IBC Restated Loan Agreement includes customary events of default, including events of default relating to non-payment of principal and other amounts owing under the IBC Restated 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 Restated Loan Agreement or the related loan documents. In addition, without prior written consent, Greystone shall not declare or pay any dividends, redemptions, distributions and withdrawals with respect to its equity interest other than distributions to holders of its preferred stock in the aggregate of $1,000,000 in any fiscal year.  Among other things, a default under the IBC Restated Loan Agreement would permit IBC to cease lending funds under the IBC Restated Loan Agreement and require immediate repayment of any outstanding notes with interest and any unpaid accrued fees.   The IBC Restated Loan Agreement is secured by a lien on substantially all assets of the Borrowers.  Warren F. Kruger, the Company’s President, CEO and Chairman of the Board and a significant stockholder of Greystone, and Robert B. Rosene, Jr., a member of the Company’s Board of Directors, have provided limited guaranties of the Borrowers’ obligations under the IBC Restated Loan Agreement. Mr. Kruger’s guarantee is limited to 32.4% of all debt obligations to IBC. Mr. Rosene’s limited guaranty is the lesser of (i) $3,500,000 less all amounts paid on the principal amount of the loans after the date of the agreement excluding payments on the revolver and (ii) the amount owed to IBC of the loans outstanding from time to time including accrued interest and fees.   Loan Agreement with First Interstate Bank, formerly Great Western Bank On August 23, 2021, Greystone entered into a loan agreement with First Interstate Bank (“FIB Loan Agreement”) to include prior commercial loans and subsequent loans. GSM is a named guarantor under the FIB Loan Agreement.   The FIB Loan Agreement includes customary representations and warranties and affirmative and negative covenants which include (i) requiring the Borrowers to maintain a debt service coverage ratio of 1:25 to 1:00 as of the end of each fiscal year end and debt to tangible net worth ratio of 4:00 to 1:00 as of the end of each fiscal year end with a decrease of 0.50 in the ratio each year thereafter until reaching a minimum ratio of 3:00 to 1:00. In addition, the FIB Loan Agreement provides that Greystone shall not, without prior consent of the bank, incur or assume additional indebtedness or capital leases.   The FIB Loan Agreement is secured by a mortgage on one of Greystone’s warehouses.    Maturities Maturities of Greystone’s long-term debt for the years subsequent to November 30, 2024, are $2,245,185, $2,305,530, $7,266,254, and $541,567.

v3.24.4

Note 7 - Leases	6 Months Ended
	Nov. 30, 2024
Notes to Financial Statements
Lessee, Operating Leases [Text Block]	Note 7. Leases   Financing Leases The outstanding liability for financing leases, as of November 30, 2024 and May 31, 2024, was as follows:       November 30,     May 31,       2024     2024   Non-cancellable financing leases   $ 11,132     $ 23,143   Less: Current portion     (10,133 )     (19,171 ) Non-cancellable financing leases, net of current portion   $ 999     $ 3,972       The production equipment under the non-cancelable financing leases as of November 30, 2024 and May 31, 2024 was as follows:       November 30,     May 31,       2024     2024   Production equipment under financing leases   $ 87,888     $ 176,565   Less: Accumulated amortization     (54,592 )     (119,759 ) Production equipment under financing leases, net   $ 33,296     $ 56,806     Amortization of the carrying amount of $8,090 and $15,397 was included in depreciation and amortization expense for the six months ended November 30, 2024 and 2023, 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 operations. Variable and short-term rental payments are recognized as costs and expenses as they are incurred.   Greystone has two non-cancellable operating leases for (i) two buildings owned by GRE with a 120-month term, a 60-month renewal option and a discount rate of 6.0% and (ii) the corporate offices located in Tulsa, OK with a 72-month lease and a discount rate of 8.5%. The leases are single term with constant monthly rental rates.   The outstanding liability for right to use assets under operating leases as of November 30, 2024 and May 31, 2024, is as follows:       November 30,     May 31,       2024     2024   Liability under operating leases   $ 5,313,052     $ 5,453,234   Less: Current portion     (294,219 )     (286,221 ) Long-term portion of liability under operating leases   $ 5,018,833     $ 5,167,013       Lease Summary Information Lease summary information as of and for the six-month periods ending November 30, 2024 and 2023 was as follows:       2024     2023   Lease Expense                 Financing lease expense -                 Amortization of right-of-use assets   $ 8,090     $ 15,397   Interest on lease liabilities     344       1,085   Operating lease expense     318,675       328,070   Short-term lease expense     726,078       801,548   Total   $ 1,053,187     $ 1,146,100                     Other Information                 Cash paid for amounts included in the measurement of lease liabilities for finance leases -                 Operating cash flows   $ 344     $ 1,085   Financing cash flows   $ 11,667     $ 20,008   Cash paid for amounts included in the measurement of lease liabilities for operating leases -                 Operating cash flows   $ 305,791     $ 328,070   Weighted-average remaining lease term (in years) -                 Financing leases     0.9       1.4   Operating leases     12.2       13.6   Weighted-average discount rate -                 Financing leases     3.63 %     4.2 % Operating leases     6.13 %     6.0 %   Future minimum lease payments under non-cancelable leases as of November 30, 2024, are approximately:          Financing     Operating       Leases     Leases   Twelve months ending November 30, 2025   $ 9,829     $ 609,000   Twelve months ending November 30, 2026     1,501       609,000   Twelve months ending November 30, 2027     -       617,920   Twelve months ending November 30, 2028     -       635,760   Twelve months ending November 30, 2029     -       635,760   Thereafter     -       4,445,211   Total future minimum lease payments     11,330       7,552,651   Less: Imputed interest     198       2,239,599   Present value of minimum lease payments   $ 11,132     $ 5,313,052

v3.24.4

Note 8 - Deferred Revenue	6 Months Ended
	Nov. 30, 2024
Notes to Financial Statements
Deferred Revenue [Text Block]	Note 8. Deferred Revenue   Advances from customers 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. Revenue related to prior advances totaled $817,981 and $-0- during the six months ended November 30, 2024 and 2023, respectively. The unrecognized balance of deferred revenue as of November 30, 2024 and May 31, 2024, was $22,964 and $840,945, respectively.

v3.24.4

Note 9 - Revenue and Revenue Recognition	6 Months Ended
	Nov. 30, 2024
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	Note 9. Revenue and Revenue Recognition   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 $257,000 and $228,000 during the six months ended November 30, 2024 and 2023, 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, 2024 and 2023, respectively, were as follows:       2024     2023   End-user customers     76 %     85 % Distributors     24 %     15 %

v3.24.4

Note 10 - Fair Value of Financial Instruments	6 Months Ended
	Nov. 30, 2024
Notes to Financial Statements
Financial Instruments Disclosure [Text Block]	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 consolidated balance sheets approximate fair value.

v3.24.4

Note 11 - Concentrations, Risks and Uncertainties	6 Months Ended
	Nov. 30, 2024
Notes to Financial Statements
Concentration Risk Disclosure [Text Block]	Note 11. Concentrations, Risks and Uncertainties   Greystone derived approximately 76% and 83% of its total sales during the six months ended November 30, 2024 and 2023, respectively, from a limited number of customers, generally ranging from 2 to 4. 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 $360,274 and $470,648 during the six months ended November 30, 2024 and 2023, respectively, is from one of its major customers.

v3.24.4

Note 12 - Commitments	6 Months Ended
	Nov. 30, 2024
Notes to Financial Statements
Commitments Disclosure [Text Block]	Note 12. Commitments   As of November 30, 2024, Greystone had commitments totaling $366,433 toward the purchase of production equipment.

v3.24.4

Insider Trading Arrangements	3 Months Ended	6 Months Ended
	Nov. 30, 2024	Nov. 30, 2024
Insider Trading Arr Line Items
Material Terms of Trading Arrangement [Text Block]		Item 5. Other Information.   None.
Rule 10b5-1 Arrangement Adopted [Flag]	false
Non-Rule 10b5-1 Arrangement Adopted [Flag]	false
Rule 10b5-1 Arrangement Terminated [Flag]	false
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false

v3.24.4

Note 2 - Earnings Per Share (Tables)	6 Months Ended
	Nov. 30, 2024
Notes Tables
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]	2024     2023   For the six and three months ended November 30                 Preferred stock convertible into common stock     3,333,333       3,333,333   Warrants exercisable into common stock     500,000       -   Total     3,833,333       3,333,333
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	2024     2023   Basic earnings (loss) per share of common stock                 Numerator -                 Net income (loss) attributable to common stockholders   $ (157,925 )   $ 2,416,374   Denominator -                 Weighted-average shares outstanding - basic     28,279,701       28,279,701   Income (Loss) per share of common stock - basic   $ (0.01 )   $ 0.09                     Diluted earnings (loss) per share of common stock:                 Numerator -                 Net income (loss) attributable to common stockholders   $ (157,925 )   $ 2,416,374   Denominator -                 Weighted-average shares outstanding - basic     28,279,701       28,279,701   Incremental shares from assumed conversion of options warrants and preferred stock, as appropriate     -       494,861   Weighted average common stock outstanding - diluted     28,279,701       28,774,562   Income (Loss) per share of common stock - diluted   $ (0.01 )   $ 0.08       2024     2023   Basic earnings (loss) per share of common stock:                 Numerator -                 Net income (loss) attributable to common stockholders   $ (345,297 )   $ 818,354   Denominator -                 Weighted-average shares outstanding - basic     28,279,701       28,279,701   Income (Loss) per share of common stock - basic   $ (0.01 )   $ 0.03                     Diluted earnings (loss) per share of common stock:                 Numerator -                 Net income (loss) attributable to common stockholders   $ (345,297 )   $ 818,354   Denominator -                 Weighted-average shares outstanding - basic     28,279,701       28,279,701   Incremental shares from assumed conversion of options warrants and preferred stock, as appropriate     -       495,079   Weighted average common stock outstanding - diluted     28,279,701       28,774,780   Income (Loss) per share of common stock - diluted   $ (0.01 )   $ 0.03

v3.24.4

Note 3 - Inventory (Tables)	6 Months Ended
	Nov. 30, 2024
Notes Tables
Schedule of Inventory, Current [Table Text Block]	November 30,     May 31,       2024     2024   Raw material   $ 2,195,374     $ 2,040,348   Finished goods     1,309,146       1,831,278   Total inventory   $ 3,504,520     $ 3,871,626

v3.24.4

Note 4 - Property, Plant and Equipment (Tables)	6 Months Ended
	Nov. 30, 2024
Notes Tables
Property, Plant and Equipment [Table Text Block]	November 30,     May 31,       2024     2024   Production machinery and equipment   $ 71,307,457     $ 68,532,989   Plant buildings and land     3,930,207       2,289,233   Leasehold improvements     1,709,846       1,658,751   Furniture and fixtures     542,057       542,057         77,489,567       73,023,030   Less: Accumulated depreciation and amortization     (45,800,130 )     (42,956,911 ) Net Property, Plant and Equipment   $ 31,689,437     $ 30,066,119

v3.24.4

Note 6 - Long-term Debt (Tables)	6 Months Ended
	Nov. 30, 2024
Notes Tables
Schedule of Long-Term Debt Instruments [Table Text Block]	November 30, 2024     May 31, 2024   Term loans dated July 29, 2022, payable to International Bank of Commerce, prime rate of interest plus 0.5% but not less than 4.50% maturing July 29, 2027   $ 11,545,320     $ 12,519,501   Term loan payable to First Interstate Bank, interest rate of 3.70% monthly principal and interest payments of $27,593, due March 19, 2025, secured by certain equipment     109,282       271,061   Term loan payable to First Interstate Bank, interest rate of 3.50%, monthly principal and interest payments of $5,997, due August 10, 2028, secured by certain real estate     690,241       709,916   Other     13,693       33,964   Total long-term debt     12,358,536       13,534,442   Debt issuance costs, net of amortization     (88,915 )     (91,494 ) Total debt, net of debt issuance costs     12,269,621       13,442,948   Less: Current portion of long-term debt     (2,245,185 )     (2,362,212 ) Long-term debt, net of current portion   $ 10,024,436     $ 11,080,736

v3.24.4

Note 7 - Leases (Tables)	6 Months Ended
	Nov. 30, 2024
Notes Tables
Schedule of Financing Lease [Table Text Block]	November 30,     May 31,       2024     2024   Non-cancellable financing leases   $ 11,132     $ 23,143   Less: Current portion     (10,133 )     (19,171 ) Non-cancellable financing leases, net of current portion   $ 999     $ 3,972       November 30,     May 31,       2024     2024   Production equipment under financing leases   $ 87,888     $ 176,565   Less: Accumulated amortization     (54,592 )     (119,759 ) Production equipment under financing leases, net   $ 33,296     $ 56,806
Schedule of Operating Lease [Table Text Block]	November 30,     May 31,       2024     2024   Liability under operating leases   $ 5,313,052     $ 5,453,234   Less: Current portion     (294,219 )     (286,221 ) Long-term portion of liability under operating leases   $ 5,018,833     $ 5,167,013
Lease, Cost [Table Text Block]	2024     2023   Lease Expense                 Financing lease expense -                 Amortization of right-of-use assets   $ 8,090     $ 15,397   Interest on lease liabilities     344       1,085   Operating lease expense     318,675       328,070   Short-term lease expense     726,078       801,548   Total   $ 1,053,187     $ 1,146,100                     Other Information                 Cash paid for amounts included in the measurement of lease liabilities for finance leases -                 Operating cash flows   $ 344     $ 1,085   Financing cash flows   $ 11,667     $ 20,008   Cash paid for amounts included in the measurement of lease liabilities for operating leases -                 Operating cash flows   $ 305,791     $ 328,070   Weighted-average remaining lease term (in years) -                 Financing leases     0.9       1.4   Operating leases     12.2       13.6   Weighted-average discount rate -                 Financing leases     3.63 %     4.2 % Operating leases     6.13 %     6.0 %
Finance Lease, Liability, to be Paid, Maturity [Table Text Block]	Financing     Operating       Leases     Leases   Twelve months ending November 30, 2025   $ 9,829     $ 609,000   Twelve months ending November 30, 2026     1,501       609,000   Twelve months ending November 30, 2027     -       617,920   Twelve months ending November 30, 2028     -       635,760   Twelve months ending November 30, 2029     -       635,760   Thereafter     -       4,445,211   Total future minimum lease payments     11,330       7,552,651   Less: Imputed interest     198       2,239,599   Present value of minimum lease payments   $ 11,132     $ 5,313,052

v3.24.4

Note 9 - Revenue and Revenue Recognition (Tables)	6 Months Ended
	Nov. 30, 2024
Notes Tables
Disaggregation of Revenue [Table Text Block]	2024     2023   End-user customers     76 %     85 % Distributors     24 %     15 %

v3.24.4

Note 2 - Earnings Per Share - Schedule of Anti-dilutive Shares (Details) - shares	6 Months Ended
	Nov. 30, 2024	Nov. 30, 2023
Preferred stock convertible into common stock (in shares)	3,833,333	3,333,333
Preferred Stock Into Common Stock [Member]
Preferred stock convertible into common stock (in shares)	3,333,333	3,333,333
Warrants Exercisable Into Common Stock [Member]
Preferred stock convertible into common stock (in shares)	500,000	0

v3.24.4

Note 2 - Earning Per Share - Schedule of Basic and Diluted Earnings Per Share (Details) - USD ($)	3 Months Ended		6 Months Ended
	Nov. 30, 2024	Nov. 30, 2023	Nov. 30, 2024	Nov. 30, 2023
Net income (loss) attributable to common stockholders	$ (345,297)	$ 818,354	$ (157,925)	$ 2,416,374
Basic (in shares)	28,279,701	28,279,701	28,279,701	28,279,701
Basic (in dollars per share)	$ (0.01)	$ 0.03	$ (0.01)	$ 0.09
Weighted-average shares outstanding - basic (in shares)	28,279,701	28,279,701	28,279,701	28,279,701
Incremental shares from assumed conversion of options warrants and preferred stock, as appropriate (in shares)	0	495,079	0	494,861
Weighted average common stock outstanding - diluted (in shares)	28,279,701	28,774,780	28,279,701	28,774,562
Income Per Share of Common Stock - (in dollars per share)	$ (0.01)	$ 0.03	$ (0.01)	$ 0.08

v3.24.4

Note 3 - Inventory - Summary of Inventory (Details) - USD ($)	Nov. 30, 2024	May 31, 2024
Raw material	$ 2,195,374	$ 2,040,348
Finished goods	1,309,146	1,831,278
Total inventory	$ 3,504,520	$ 3,871,626

v3.24.4

Note 4 - Property, Plant and Equipment (Details Textual) - USD ($)	6 Months Ended		12 Months Ended
	Nov. 30, 2024	Nov. 30, 2023	May 31, 2024	Feb. 28, 2024
Depreciation Expense, Including Amortization Related to Financing Leases	$ 2,843,219	$ 2,828,552
Property, Plant and Equipment, Net	31,689,437		$ 30,066,119
Gain on Business Interruption Insurance Recovery	741,821	$ (0)
Fire [Member]
Inventory, Finished Goods, Net of Reserves	1,326,752
Insurance Settlements Receivable				$ 2,058,602
Gain on Business Interruption Insurance Recovery			$ 593,647
Electrical Storm [Member]
Gain on Business Interruption Insurance Recovery	741,821
Machinery and Equipment [Member]
Deposit Assets	$ 1,124,400
Building [Member] | Fire [Member]
Property, Plant and Equipment, Net				$ 161,850

v3.24.4

Note 4 - Property, Plant and Equipment - Summary of Property, Plant and Equipment (Details) - USD ($)	Nov. 30, 2024	May 31, 2024
Property, Plant and Equipment, Gross	$ 77,489,567	$ 73,023,030
Less: Accumulated depreciation and amortization	(45,800,130)	(42,956,911)
Net Property, Plant and Equipment	31,689,437	30,066,119
Machinery and Equipment [Member]
Property, Plant and Equipment, Gross	71,307,457	68,532,989
Plant Buildings and Land [Member]
Property, Plant and Equipment, Gross	3,930,207	2,289,233
Leasehold Improvements [Member]
Property, Plant and Equipment, Gross	1,709,846	1,658,751
Furniture and Fixtures [Member]
Property, Plant and Equipment, Gross	$ 542,057	$ 542,057

v3.24.4

Note 5 - Related Party Transactions/Activity (Details Textual) - USD ($)			3 Months Ended	6 Months Ended
	Aug. 01, 2022	Jan. 01, 2017	Nov. 30, 2024	Nov. 30, 2024	Nov. 30, 2023	May 31, 2024
TriEnda Holdings LLC [Member]
Related Party Transaction, Purchases from Related Party				$ 45,526	$ 0
Related Party Transaction, Purchases from Related Party				348,884	150,189
Yorktown [Member] | Grinding and Pelletizing Equipment [Member]
Weekly Rental Expenses			$ 27,500
Operating Lease, Expense				715,000	742,500
Yorktown [Member] | Office Space Lease [Member]
Operating Lease, Expense				37,500	36,450
Monthly Rental Expense, Renewal		$ 6,250
Greystone Real Estate L L C [Member]
Operating Lease, Expense				267,000	267,000
Greystone Real Estate L L C [Member] | Manufacturing Facilities Lease [Member]
Lessee, Operating Lease, Term of Contract	10 years
Lessee, Operating Lease, Renewal Term	5 years
Monthly Rent Expense	$ 44,500
Monthly Rent Expense, Monthly Increase Every Fifth Year, Percent	5.00%
TriEnda Holdings LLC [Member]
Accounts Receivable, after Allowance for Credit Loss			449,228	449,228		$ 143,290
Green Plastic Pallets [Member]
Related Party Transaction, Purchases from Related Party				139,230	$ 122,670
Accounts Receivable, after Allowance for Credit Loss			$ 174,610	$ 174,610		$ 122,280

v3.24.4

Note 6 - Long-term Debt (Details Textual)		3 Months Ended		12 Months Ended
	Feb. 05, 2025	Nov. 30, 2024 USD ($)	Nov. 30, 2023 USD ($)	May 31, 2024	Jul. 29, 2022 USD ($)	Aug. 23, 2021
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]		us-gaap:PrimeRateMember		us-gaap:PrimeRateMember
Amortization of Debt Issuance Costs		$ 2,579	$ 2,862
Debt Instrument, Debt Service Coverage Ratio						1.25
Debt Instrument, Debt to Tangible Net Worth Ratio						4
Long-Term Debt, Maturities, Repayments of Principal in Next Rolling 12 Months		2,245,185
Long-Term Debt, Maturities, Repayments of Principal in Rolling Year Two		2,305,530
Long-Term Debt, Maturities, Repayments of Principal in Rolling Year Three		7,266,254
Long-Term Debt, Maturities, Repayments of Principal in Rolling Year Four		541,567
Minimum [Member]
Debt Instrument, Debt to Tangible Net Worth Ratio						3
Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity		$ 3,950,000			$ 6,000,000
Debt Instrument, Interest Rate, Stated Percentage		7.50%
Revolving Credit Facility [Member] | Forecast [Member]
Debt Instrument, Interest Rate, Stated Percentage	6.50%
Debt Instrument, Basis Spread on Variable Rate	0.50%
Debt Interest [Member]
Debt Instrument, Interest Rate, Effective Percentage		7.75%
I B C Loan Agreement [Member]
Debt Instrument, Periodic Payment		$ 254,000
Debt Instrument, Covenant, Maximum Amount of Unauthorized Distributions		$ 1,000,000

v3.24.4

Note 6 - Long-term Debt - Summary of Long-term Debt (Details) - USD ($)	Nov. 30, 2024	May 31, 2024
Long-Term Debt, Gross	$ 12,358,536	$ 13,534,442
Debt issuance costs, net of amortization	(88,915)	(91,494)
Total debt, net of debt issuance costs	12,269,621	13,442,948
Less: Current portion of long-term debt	(2,245,185)	(2,362,212)
Long-term debt, net of current portion	10,024,436	11,080,736
Term Loans Due July 29, 2027 [Member]
Long-Term Debt, Gross	11,545,320	12,519,501
Term Loan Payable Due March 19, 2025 [Member]
Long-Term Debt, Gross	109,282	271,061
Term Loan Payable Due August 10, 2028 [Member]
Long-Term Debt, Gross	690,241	709,916
Other Debt [Member]
Long-Term Debt, Gross	$ 13,693	$ 33,964

v3.24.4

Note 6 - Long-term Debt - Summary of Long-term Debt (Details) (Parentheticals) - USD ($)	3 Months Ended	6 Months Ended	12 Months Ended
	Nov. 30, 2024	Nov. 30, 2024	May 31, 2024
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]	us-gaap:PrimeRateMember		us-gaap:PrimeRateMember
Term Loans Due July 29, 2027 [Member] | Minimum [Member]
Debt Instrument, Basis Spread on Variable Rate	0.50%		0.50%
Term Loans Due July 29, 2027 [Member] | Maximum [Member]
Debt Instrument, Basis Spread on Variable Rate	4.50%		4.50%
Term Loan Payable Due March 19, 2025 [Member]
Debt Instrument, Interest Rate, Stated Percentage	3.70%	3.70%	3.70%
Debt Instrument, Periodic Payment		$ 27,593	$ 27,593
Debt Instrument, Maturity Date		Mar. 19, 2025	Mar. 19, 2025
Term Loan Payable Due August 10, 2028 [Member]
Debt Instrument, Interest Rate, Stated Percentage	3.50%	3.50%	3.50%
Debt Instrument, Periodic Payment		$ 5,997	$ 5,997
Debt Instrument, Maturity Date		Aug. 10, 2028	Aug. 10, 2028

v3.24.4

Note 7 - Leases (Details Textual) - USD ($)	3 Months Ended
	Nov. 30, 2024	Nov. 30, 2023
Finance Lease, Right-of-Use Asset, Amortization	$ 8,090	$ 15,397
Equipment One [Member]
Finance Lease, Right-of-Use Asset, Amortization	$ 8,090	$ 15,397
Two Buildings [Member]
Lessee, Operating Lease, Term of Contract	120 months
Lessee, Operating Lease, Renewal Term	60 months
Lessee, Operating Lease, Discount Rate	6.00%
Corporate Offices [Member]
Lessee, Operating Lease, Term of Contract	72 months
Lessee, Operating Lease, Discount Rate	8.50%

v3.24.4

Note 7 - Leases - Schedule of Financing Lease (Details) - USD ($)	Nov. 30, 2024	May 31, 2024
Non-cancellable financing leases	$ 11,132
Production equipment under financing leases	87,888	$ 176,565
Less: Current portion	(10,133)	(19,171)
Less: Accumulated amortization	(54,592)	(119,759)
Non-cancellable financing leases, net of current portion	999	3,972
Production equipment under financing leases, net	33,296	56,806
Non-cancellable Leases [Member]
Non-cancellable financing leases	11,132	23,143
Less: Current portion	(10,133)	(19,171)
Non-cancellable financing leases, net of current portion	$ 999	$ 3,972

v3.24.4

Note 7 - Leases - Schedule of Operating Lease (Details) - USD ($)	Nov. 30, 2024	May 31, 2024
Liability under operating leases	$ 5,313,052	$ 5,453,234
Less: Current portion	(294,219)	(286,221)
Operating Leases, net of current portion	$ 5,018,833	$ 5,167,013

v3.24.4

Note 7 - Leases - Summary of Lease Activity (Details) - USD ($)	3 Months Ended
	Nov. 30, 2024	Nov. 30, 2023
Amortization of right-of-use assets	$ 8,090	$ 15,397
Interest on lease liabilities	344	1,085
Operating lease expense	318,675	328,070
Short-term lease expense	726,078	801,548
Total	1,053,187	1,146,100
Operating cash flows	344	1,085
Financing cash flows	11,667	20,008
Operating cash flows	$ 305,791	$ 328,070
Financing leases (Year)	10 months 24 days	1 year 4 months 24 days
Operating leases (Year)	12 years 2 months 12 days	13 years 7 months 6 days
Financing leases	3.63%	4.20%
Operating leases	6.13%	6.00%

v3.24.4

Note 7 - Leases - Summary of Liability Maturity (Details) - USD ($)	Nov. 30, 2024	May 31, 2024
2025, financing leases	$ 9,829
2025, operating leases	609,000
2026, financing leases	1,501
2026, operating leases	609,000
2027, financing leases	0
2027, operating leases	617,920
2028, financing leases	0
2028, operating leases	635,760
2029, financing leases	0
2029, operating leases	635,760
Thereafter, Finance Lease	0
Thereafter, Operating leases	4,445,211
Total future minimum lease payments, Finance Lease	11,330
Total future minimum lease payments, Operating leases	7,552,651
Present value discount, Finance Lease	198
Present value discount, Operating leases	2,239,599
Present value of minimum lease payments, Finance Lease	11,132
Liability under operating leases	$ 5,313,052	$ 5,453,234

v3.24.4

Note 8 - Deferred Revenue (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Nov. 30, 2024	Nov. 30, 2023	Nov. 30, 2024	Nov. 30, 2023	May 31, 2024
Revenue from Contract with Customer, Excluding Assessed Tax	$ 12,135,247	$ 15,597,036	$ 25,595,894	$ 33,010,707
Pallets [Member]
Revenue from Contract with Customer, Excluding Assessed Tax	817,981	$ 0
Deferred Revenue, Current	$ 22,964		$ 22,964		$ 840,945

v3.24.4

Note 9 - Revenue and Revenue Recognition (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Nov. 30, 2024	Nov. 30, 2023	Nov. 30, 2024	Nov. 30, 2023
Revenue from Contract with Customer, Excluding Assessed Tax	$ 12,135,247	$ 15,597,036	$ 25,595,894	$ 33,010,707
Non-US [Member]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 257,000	$ 228,000

v3.24.4

Note 9 - Revenue and Revenue Recognition - Disaggregation of Revenue (Details) - Customer Concentration Risk [Member]	3 Months Ended
	Nov. 30, 2024	Nov. 30, 2023
Revenue from Contract with Customer Benchmark [Member] | End User Customers [Member]
Percentage	76.00%	85.00%
Revenue, Product and Service Benchmark [Member] | Distributors [Member]
Percentage	24.00%	15.00%

v3.24.4

Note 11 - Concentrations, Risks and Uncertainties (Details Textual) - USD ($)	3 Months Ended
	Nov. 30, 2024	Nov. 30, 2023
One Customer [Member]
Purchases From Customers	$ 360,274	$ 470,648
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Two to Four Customers [Member]
Concentration Risk, Percentage	76.00%	83.00%

v3.24.4

Note 12 - Commitments (Details Textual)	Nov. 30, 2024 USD ($)
Purchase Obligation	$ 366,433

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