GREYSTONE LOGISTICS, INC.
For the period ended May 31, 2025. Filed Aug 29, 2025.
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FY2025 · Filed Aug 29, 2025
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Income Taxes
| Note 9. | INCOME TAXES |
|---|
Deferred taxes as of May 31, 2025 and 2024 are as follows:
| May 31, · May 31, | |||
|---|---|---|---|
| 2025 · 2024 | |||
| Deferred tax asset: | |||
| Net operating loss carryforward | $ | - | $1,051,595 |
| Other | 179,295 | 57,293 | |
| Total deferred tax asset | 179,295 | 1,108,888 | |
| Deferred tax liability: | |||
| Depreciation and amortization recognized for tax in excess of financial | (4,804,317) | (5,160,509) | |
| Deferred rent adjustments | (1,167,327) | - | |
| Valuation allowance | - | (793,337) | |
| Net deferred tax liability | $(5,792,349) | $(4,844,958) | |
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 May 31, 2025, and, accordingly, no valuation allowance was recorded. As of May 31, 2024, management determined that Greystone will not be able to realize the full effect of deferred taxes and a valuation allowance of $793,337 was recorded. All remaining NOLs are anticipated to expire or be utilized during the current fiscal year.
The net change in deferred taxes for the year ended May 31, 2025 and 2024, is as follows:
| 2025 | 2024 | |
|---|---|---|
| Net operating loss carryforward | $(1,051,595) | $(1,033,000) |
| Depreciation and amortization, tax reporting in excess of financial | 356,192 | (11,073) |
| Interest expense carryforward | - | (172,126) |
| Deferred rent adjustments | (1,167,327) | - |
| Valuation allowance | 793,337 | 251,024 |
| Other | 122,002 | 25,496 |
| Net change | $(947,391) | $(939,679) |
The provision for income taxes as of May 31, 2025 and 2024 consists of the following:
| 2025 | 2024 | |
|---|---|---|
| Current income tax: | ||
| Federal | $110,115 | $282,153 |
| State | 48,959 | (190,628) |
| Deferred income tax | 947,391 | 939,679 |
| Provision for income taxes | $1,106,465 | $1,031,204 |
Greystone's provision for income taxes for the years ended May 31, 2025 and 2024 differs from the federal statutory rate as follows:
| 2025 | 2024 | |
|---|---|---|
| Tax provision using statutory rates | 21% | 21% |
| State income taxes | 6 | 8 |
| Permanent differences | 8 | - |
| Change in state rates | 0 | (10) |
| Change in valuation allowance | (3) | (2) |
| Tax provision per consolidated financial statements | 32% | 17% |
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