GREYSTONE LOGISTICS INC
For the period ended May 31, 2024. Filed Sep 13, 2024.
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FY2024 · Filed Sep 13, 2024
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Consolidated Statements of Income
Greystone Logistics, Inc.
Consolidated Statements of Income
| For the Years Ended May 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Sales | $61,780,715 | $60,758,962 |
| Cost of Sales | 50,065,085 | 51,427,409 |
| Gross Profit | 11,715,630 | 9,331,553 |
| Selling, General and Administrative Expenses | 5,168,607 | 5,100,170 |
| Gain on involuntary conversion (Note 4) | (593,647) | - |
| Operating Income | 7,140,670 | 4,231,383 |
| Other Income (Expense): | ||
| Federal tax credits realized | - | 4,911,863 |
| Gain on deconsolidation of variable interest entity | - | 569,997 |
| Other income, net | 209,079 | 325,599 |
| Interest expense | (1,291,054) | (1,189,034) |
| Income before Income Taxes | 6,058,695 | 8,849,808 |
| Provision for Income Taxes | 1,031,204 | 2,461,700 |
| Net Income | 5,027,491 | 6,388,108 |
| Income Attributable to Non-controlling Interest | - | (49,599) |
| Preferred Dividends | (587,226) | (495,681) |
| Net Income Attributable to Common Stockholders | $4,440,265 | $5,842,828 |
| Income Per Share of Common Stock - | ||
| Basic | $0.16 | $0.21 |
| Diluted | $0.15 | $0.20 |
| Weighted Average Shares of Common Stock Outstanding - | ||
| Basic | 28,279,701 | 28,279,701 |
| Diluted | 28,774,984 | 32,105,515 |
The accompanying notes are an integral part of these consolidated financial statements.
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