GREYSTONE LOGISTICS, INC.
For the period ended May 31, 2025. Filed Aug 29, 2025.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Aug 29, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Leases
| Note 6. | LEASES |
|---|
Financing Leases
Financing leases consist of the following as of May 31:
| May 31, · May 31, | |||
|---|---|---|---|
| 2025 · 2024 | |||
| Non-cancellable financing leases | $4,457 | $23,143 | |
| Less: Current portion | (4,457) | (19,171) | |
| Non-cancellable financing leases, net of current portion | $ | - | $3,972 |
The production equipment under the non-cancelable financing leases as of May 31, 2025 and 2024 was as follows:
| May 31, | May 31, | |
|---|---|---|
| 2025 | 2024 | |
| Production equipment under financing leases | $24,431 | $176,565 |
| Less: Accumulated amortization | (17,509) | (119,759) |
| Production equipment under financing leases, net | $6,922 | $56,806 |
Amortization of the carrying amount of the assets was $4,887 and $24,312 for the years ended May 31, 2025 and 2024, respectively. The amortization was included in depreciation and amortization expense.
Operating Leases
Greystone has four non-cancellable operating leases for (i) equipment with afifty-two month term and aforty-eight month term and a discount rate of 5.40%, (ii) two buildings on aten year lease with afive year renewal option and a discount rate of 6.00%, and (iii) office space on asix year lease and a discount rate of 8.50%. The leases are single-term with defined constant monthly rental rates.
Effective January 1, 2024, Greystone and a related party entered into a non-cancellablesix-year lease agreement with onefive-year extension for which Greystone recorded a right-of-use asset and liability based on the present value of the lease payments in the amount of $354,041, using a term of seventy two (72) months and a discount rate of 8.50%.
The outstanding liability for right to use assets under operating leases as of May 31, 2025 and 2024 is as follows:
| May 31, | May 31, | |
|---|---|---|
| 2025 | 2024 | |
| Liability under operating leases | $5,168,301 | $5,453,234 |
| Less: Current portion | (303,815) | (286,221) |
| Long-term portion of liability under operating leases | $4,864,486 | $5,167,013 |
Lease Summary Information
For the years ended May 31, 2025 and 2024, a summary of lease activity follows:
| May 31, · May 31, | |||
|---|---|---|---|
| 2025 · 2024 | |||
| Lease Expense | |||
| Financing lease expense - | |||
| Amortization of right-of-use assets | $4,887 | $24,312 | |
| Interest on lease liabilities | 487 | 1,719 | |
| Operating lease expense | 636,755 | 609,976 | |
| Short-term lease expense | 1,506,817 | 1,512,438 | |
| Total | $2,148,946 | $2,148,445 | |
| Other Information | |||
| Cash paid for amounts included in the measurement of lease liabilities for finance leases - | |||
| Operating cash flows | $487 | $26,031 | |
| Financing cash flows | $18,686 | $37,342 | |
| Cash paid for amounts included in the measurement of lease liabilities for operating leases - | |||
| Operating cash flows | $610,291 | $583,807 | |
| Right-of-use assets obtained in exchange for lease liability - | |||
| Operating leases | $ | - | $354,041 |
| Weighted-average remaining lease term (in years) - | |||
| Financing leases | 0.7 | 1.2 | |
| Operating leases | 11.7 | 12.7 | |
| Weighted-average discount rate - | |||
| Financing leases | 3.0% | 4.0% | |
| Operating leases | 6.1% | 6.1% | |
Future minimum lease payments under non-cancelable operating and financing leases as of May 31, 2025, are approximately:
| Financing | Operating | |
|---|---|---|
| Leases | Leases | |
| Twelve months ending May 31, 2026 | $4,513 | $609,000 |
| Twelve months ending May 31, 2027 | - | 609,000 |
| Twelve months ending May 31, 2028 | - | 631,300 |
| Twelve months ending May 31, 2029 | - | 635,760 |
| Twelve months ending May 31, 2030 | - | 604,510 |
| Thereafter | - | 4,158,580 |
| Total future minimum lease payments | 4,513 | 7,248,150 |
| Less: Imputed interest | 55 | 2,079,849 |
| Present value of minimum lease payments | $4,457 | $5,168,301 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.