GREYSTONE LOGISTICS INC
For the period ended Feb 29, 2024. Filed Apr 15, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Feb 29, 2024 · Filed Apr 15, 2024
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Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Item 1. Financial Statements
| Consolidated Balance Sheets (Unaudited) As of February 29, 2024 and May 31, 2023 | 1 | |
| Consolidated Statements of Income (Unaudited) For the Nine Months Ended February 29(28), 2024 and 2023 | 2 | |
| Consolidated Statements of Income (Unaudited) For the Three Months Ended February 29(28), 2024 and 2023 | 3 | |
| Consolidated Statements of Changes in Equity (Unaudited) For the Nine Months Ended February 29(28), 2024 and 2023 | 4 | |
| Consolidated Statements of Cash Flows (Unaudited) For the Nine Months Ended February 29(28), 2024 and 2023 | 5 | |
| Notes to Consolidated Financial Statements (Unaudited) | 6 | |
| Item 2. | Management's Discussion and Analysis of Financial Condition and Results of Operations | 14 |
|---|---|---|
| Item 3. | Quantitative and Qualitative Disclosures About Market Risk | 20 |
| Item 4. | Controls and Procedures | 20 |
| PART II. OTHER INFORMATION | 20 | |
| Item 1. | Legal Proceedings | 20 |
| Item 1A. | Risk Factors | 20 |
| Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 21 |
| Item 3. | Defaults Upon Senior Securities | 21 |
| Item 4. | Mine Safety Disclosures | 21 |
| Item 5. | Other Information | 21 |
| Item 6. | Exhibits | 21 |
| SIGNATURES | 22 |
PART I. FINANCIAL INFORMATION
Greystone Logistics, Inc. and Subsidiaries
Consolidated Balance Sheets
(Unaudited)
| February 29, 2024 | May 31, 2023 | |
|---|---|---|
| Assets | ||
| Current Assets: | ||
| Cash | $4,319,849 | $695,951 |
| Accounts receivable - | ||
| Trade | 5,976,046 | 4,857,504 |
| Related parties | 125,202 | 56,550 |
| Other | 1,488,602 | 386,877 |
| Inventory | 3,002,754 | 4,484,106 |
| Prepaid expenses | 879,956 | 528,962 |
| Total Current Assets | 15,792,409 | 11,009,950 |
| Property, Plant and Equipment, net | 30,594,286 | 33,184,706 |
| Right-of-Use Operating Lease Assets | 5,132,215 | 5,335,714 |
| Total Assets | $51,518,910 | $49,530,370 |
| Liabilities and Equity | ||
| Current Liabilities: | ||
| Current portion of long-term debt | $2,384,993 | $2,249,570 |
| Current portion of financing leases | 15,288 | 31,981 |
| Current portion of operating leases | 232,481 | 240,346 |
| Accounts payable and accrued liabilities | 3,954,002 | 3,337,410 |
| Deferred revenue | 568,299 | 23,007 |
| Preferred dividends payable | 146,473 | 134,414 |
| Total Current Liabilities | 7,301,536 | 6,016,728 |
| Long-Term Debt, net of current portion and debt issuance costs | 11,635,540 | 14,919,687 |
| Financing Leases, net of current portion | 1,782 | 28,504 |
| Operating Leases, net of current portion | 4,942,738 | 5,119,688 |
| Deferred Tax Liability | 5,529,000 | 3,905,279 |
| Equity: | ||
| Preferred stock, $0.0001 par value, cumulative, 20,750,000 shares authorized, 50,000 shares issued and outstanding, liquidation preference of $5,000,000 | 5 | 5 |
| Common stock, $0.0001 par value, 5,000,000,000 shares authorized, 28,279,701 shares issued and outstanding | 2,828 | 2,828 |
| Additional paid-in capital | 53,533,272 | 53,533,272 |
| Accumulated deficit | (31,427,791) | (33,995,621) |
| Total Equity | 22,108,314 | 19,540,484 |
| Total Liabilities and Equity | $51,518,910 | $49,530,370 |
The accompanying notes are an integral part of these unaudited consolidated financial statements.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.