$GLGI

GREYSTONE LOGISTICS, INC.

CIK:0001088413|SEC Filings

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Aug. 31, 2026	Aug. 31, 2025
Sales	$ 5,321,088	$ 10,732,573
Cost of Sales	6,099,892	10,229,018
Gross Profit	(778,804)	503,555
Selling, General and Administrative Expenses	1,103,477	1,728,539
Gain on Involuntary Conversions (Note 4)	(1,882,281)	(1,224,984)
Other income (expense):
Other income	3,269	5,119
Interest expense	(281,843)	(229,829)
Loss before income taxes	(2,160,855)	(1,449,694)
Benefit (provision) for income taxes	(398,140)	350,672
Net loss	(2,558,995)	(1,099,022)
Net loss attributable to common stockholders	$ (2,558,995)	$ (1,099,022)
Net loss per share of common stock -
Basic (in dollars per share)	$ (0.09)	$ (0.04)
Diluted (in dollars per share)	$ (0.09)	$ (0.04)
Weighted average shares of common stock outstanding
Basic (in shares)	27,270,701	27,278,050
Diluted (in shares)	27,270,701	27,774,105

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Aug. 31, 2026	Aug. 31, 2025
Cash Flows from Operating Activities:
Net loss	$ (2,558,995)	$ (1,099,022)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities
Depreciation and amortization	1,396,149	1,530,669
Change in deferred taxes	398,140	(350,672)
Effects of changes in operating assets and liabilities:
Trade accounts receivable	41,821	1,798,260
Related parties receivable	(345,471)	96,700
Inventory	167,792	8,881
Operating lease expense	10,046	6,789
Prepaid expenses	193,020	190,984
Accounts payable and accrued expenses	778,824	(274,324)
Net cash provided by operating activities	81,326	1,908,265
Cash Flows from Investing Activities:
Purchase of property, plant and equipment	(220,143)	(441,739)
Net cash used in investing activities	(220,143)	(441,739)
Cash Flows from Financing Activities:
Principal payments on long-term debt and financing leases	(12,565)	(547,535)
Repurchase of common stock	0	(123,147)
Dividends paid on preferred stock	0	(1,610)
Net cash used in financing activities	(12,565)	(672,292)
Net (Decrease) Increase in Cash	(151,382)	794,234
Cash, beginning of period	511,915	1,545,035
Cash, end of period	360,533	2,339,269
Non-Cash Activities:
Capital expenditures in accounts payable	0	157,569
Supplemental Information:
Interest paid	$ 276,345	$ 218,207

Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Aug. 31, 2026	May 31, 2026
Current Assets:
Cash	$ 360,533	$ 511,915
Inventory	2,519,945	2,687,737
Prepaid expenses	364,760	557,780
Total Current Assets	6,546,551	6,755,095
Property, Plant and Equipment, net	24,585,692	25,842,759
Right-to-use Assets	4,674,530	4,763,629
Total Assets	35,806,773	37,361,483
Current Liabilities:
Accounts payable and accrued expenses	2,962,704	2,273,620
Current portion of revolver loan	2,200,000	2,200,000
Current portion of long-term debt	9,790,703	9,794,589
Current portion of operating leases	331,469	323,977
Deferred revenue	22,964	22,964
Total Current Liabilities	15,307,840	14,615,150
Finance Obligation	1,670,424	1,670,424
Operating Leases, net of current portion	4,453,964	4,540,509
Deferred Tax Liability	5,415,954	5,017,814
Total Liabilities	26,848,182	25,843,897
Preferred stock, $0.0001 par value, cumulative, 20,750,000 shares authorized; -0- shares issued and outstanding at August 31, 2026 and May 31, 2026	0	0
Common stock, $0.0001 par value, 5,000,000,000 shares authorized; 27,270,701 shares issued and outstanding at August 31, 2026 and May 31, 2026	2,727	2,727
Additional paid-in capital	47,383,494	47,383,494
Accumulated deficit	(38,427,630)	(35,868,635)
Total Equity	8,958,591	11,517,586
Total Liabilities and Equity	35,806,773	37,361,483
Nonrelated Party [Member]
Current Assets:
Accounts Receivable	1,926,380	1,968,201
Related Party [Member]
Current Assets:
Accounts Receivable	$ 1,374,933	$ 1,029,462