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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Item 8. Consolidated Statements of Cash Flows
Greystone Logistics, Inc.
Consolidated Statements of Cash Flows
| For the Years Ended May 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Cash Flows from Operating Activities: | ||
| Net income | $5,027,491 | $6,388,108 |
| Adjustments to reconcile net income to net cash provided by operating activities - | ||
| Depreciation and amortization | 5,736,342 | 5,210,357 |
| Change in deferred taxes | 939,679 | 2,161,585 |
| Gain on deconsolidation of variable interest entity | - | (569,997) |
| (Gain) loss on disposition of property, plant and equipment | 43,601 | (154,984) |
| Gain on involuntary conversion | (593,647) | - |
| Decrease in trade accounts receivable | 1,037,142 | 1,021,400 |
| Decrease (increase) in related party receivable | (209,020) | 195,562 |
| Decrease in inventory | (690,273) | (371,610) |
| Operating lease expense | 25,473 | - |
| Increase in prepaid expenses | (56,460) | (224,722) |
| Increase (decrease) in accounts payable and accrued expenses | 316,706 | (4,478,041) |
| Increase (decrease) in deferred revenue | 817,938 | (5,306,040) |
| Net cash provided by operating activities | 12,394,972 | 3,871,618 |
| Cash Flows from Investing Activities: | ||
| Purchase of property and equipment | (2,801,378) | (9,179,370) |
| Deconsolidation of variable interest entity | - | (2,806) |
| Proceeds from sale of equipment | - | 55,000 |
| Net cash used in investing activities | (2,801,378) | (9,127,176) |
| Cash Flows from Financing Activities: | ||
| Proceeds from long-term debt | - | 13,184,816 |
| Proceeds from revolving loan | - | 2,525,000 |
| Payments on revolving loan | (1,500,000) | (4,725,000) |
| Payments on long-term debt and financing leases | (2,256,179) | (5,982,108) |
| Payments on related party note payable and financing lease | - | (3,348,178) |
| Payments for debt issuance costs | (13,085) | (68,634) |
| Dividends paid on preferred stock | (721,640) | (446,644) |
| Capital contribution by non-controlling interest | - | 1,669,000 |
| Net cash provided by (used in) financing activities | (4,490,904) | 2,808,252 |
| Net Increase (Decrease) in Cash and Cash Equivalents | 5,102,690 | (2,447,306) |
| Cash and Cash Equivalents, beginning of year | 695,951 | 3,143,257 |
| Cash and Cash Equivalents, end of year | $5,798,641 | $695,951 |
The accompanying notes are an integral part of these 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.