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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

(Mark One)

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended ~~February~~August 2931, 2024

☐	TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ___________ to ____________

Commission file number 000-26331

GREYSTONE LOGISTICS, INC. (Exact name of registrant as specified in its charter)

(Exact name of registrant as specified in its charter)

Oklahoma	75-2954680
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

1613 East 15th Street, Tulsa, Oklahoma 74120
(Address of principal executive offices)	(Zip Code)

(918) 583-7441 (Registrant's telephone number, including area code)

N/A (~~Registrant's~~Former ~~telephone~~name, ~~number~~former address and former fiscal year, ~~including~~if ~~area~~changed ~~code~~since last report)

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered ~~NONE~~N/A ~~GLGI~~N/A ~~NONE~~N/A

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to ~~post and~~ submit such files).

Yes ☒ No ☐

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Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐	Accelerated filer ☐
Non-accelerated filer ☒	Smaller reporting company ☒
	Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by checkmark whether the registrant is a shell company (as defined in rule 12b-2 of the Exchange Act). Yes ☐ ~~No ☒~~

~~Applicable~~Indicate ~~only~~by tocheckmark ~~corporate~~whether ~~issuers:~~the registrant is a shell company (as defined in rule 12b-2 of the Exchange Act).

~~Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date: April 15, 2024 – 28,279,701~~Yes ☐ No ☒

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date:

October 18, 2024 - 28,279,701

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GREYSTONE LOGISTICS, INC.

FORM 10-Q

For the Period Ended ~~February~~August 2931, 2024

PART I. FINANCIAL INFORMATION		Page
		Page
Item 1. Financial Statements
PART I. FINANCIAL INFORMATION
	Consolidated Balance Sheets (Unaudited) As of February 29, 2024 and May 31, 2023	1
Item 1.	Financial Statements
	Consolidated Statements of Income (Unaudited) For the Nine Months Ended February 29(28), 2024 and 2023	2
	Consolidated Balance Sheets (Unaudited) As of August 31, 2024 and May 31, 2024	1
	Consolidated Statements of Income (Unaudited) For the Three Months Ended February 29(28), 2024 and 2023	3
	Consolidated Statements of Income (Unaudited) For the Three Months Ended August 31, 2024 and 2023	2
	Consolidated Statements of Changes in Equity (Unaudited) For the Nine Months Ended February 29(28), 2024 and 2023	4
	Consolidated Statements of Changes in Equity (Unaudited) For the Three Months Ended August 31, 2024 and 2023	3
	Consolidated Statements of Cash Flows (Unaudited) For the Nine Months Ended February 29(28), 2024 and 2023	5
	Consolidated Statements of Cash Flows (Unaudited) For the Three Months Ended August 31, 2024 and 2023	4
	Notes to Consolidated Financial Statements (Unaudited)	65
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	14
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	2019
Item 4.	Controls and Procedures	20
PART II. OTHER INFORMATION		20
Item 1.	Legal Proceedings	20
Item 1A.	Risk Factors	20
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	2120
Item 3.	Defaults Upon Senior Securities	2120
Item 4.	Mine Safety Disclosures	2120
Item 5.	Other Information	2120
Item 6.	Exhibits	2120
SIGNATURES		2221

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PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

Greystone Logistics, Inc. ~~and Subsidiaries Consolidated Balance Sheets (Unaudited)~~

	February 29, 2024			May 31, 2023
Assets
Current Assets:
Cash	$	4,319,849		$	695,951
Accounts receivable -
Trade		5,976,046			4,857,504
Related parties		125,202			56,550
Other		1,488,602			386,877
Inventory		3,002,754			4,484,106
Prepaid expenses		879,956			528,962
Total Current Assets		15,792,409			11,009,950
Property, Plant and Equipment, net		30,594,286			33,184,706
Right-of-Use Operating Lease Assets		5,132,215			5,335,714
Total Assets	$	51,518,910		$	49,530,370
Liabilities and Equity
Current Liabilities:
Current portion of long-term debt	$	2,384,993		$	2,249,570
Current portion of financing leases		15,288			31,981
Current portion of operating leases		232,481			240,346
Accounts payable and accrued liabilities		3,954,002			3,337,410
Deferred revenue		568,299			23,007
Preferred dividends payable		146,473			134,414
Total Current Liabilities		7,301,536			6,016,728
Long-Term Debt, net of current portion and debt issuance costs		11,635,540			14,919,687
Financing Leases, net of current portion		1,782			28,504
Operating Leases, net of current portion		4,942,738			5,119,688
Deferred Tax Liability		5,529,000			3,905,279
Equity:
Preferred stock, $0.0001 par value, cumulative, 20,750,000 shares authorized, 50,000 shares issued and outstanding, liquidation preference of $5,000,000		5			5
Common stock, $0.0001 par value, 5,000,000,000 shares authorized, 28,279,701 shares issued and outstanding		2,828			2,828
Additional paid-in capital		53,533,272			53,533,272
Accumulated deficit		(31,427,791	)		(33,995,621	)
Total Equity		22,108,314			19,540,484
Total Liabilities and Equity	$	51,518,910		$	49,530,370

Consolidated Balance Sheets

(Unaudited)

	August 31, 2024			May 31, 2024
Assets
Current Assets:
Cash	$	3,884,673		$	5,798,641
Accounts receivable -
Trade		3,458,712			4,158,381
Related parties		487,148			265,570
Other		1,781,836			2,107,108
Inventory		3,722,429			3,871,626
Prepaid expenses		590,590			585,423
Total Current Assets		13,925,388			16,786,749
Property, Plant and Equipment, net		32,256,659			30,066,119
Right-of-Use Operating Lease Assets		5,327,121			5,403,441
Total Assets	$	51,509,168		$	52,256,309

Liabilities and Equity
Current Liabilities:
Current portion of long-term debt	$	2,336,625		$	2,362,212
Current portion of financing leases		14,505			19,171
Current portion of operating leases		239,543			286,221
Accounts payable and accrued expenses		3,938,560			3,670,332
Deferred revenue		22,964			840,945
Preferred dividends payable		51,507			-
Total Current Liabilities		6,603,704			7,178,881
Long-Term Debt, net of current portion and debt issuance costs		10,531,524			11,080,736
Financing Leases, net of current portion		2,950			3,972
Operating Leases, net of current portion		5,144,161			5,167,013
Deferred Tax Liability		5,058,708			4,844,958
Equity:
Preferred stock, $0.0001 par value, cumulative, 20,750,000 shares authorized, 50,000 shares issued and outstanding, liquidation preference of $5,000,000		5			5
Common stock, $0.0001 par value, 5,000,000,000 shares authorized, 28,279,701 shares issued and outstanding		2,828			2,828
Additional paid-in capital		53,533,272			53,533,272
Accumulated deficit		(29,367,984	)		(29,555,356	)
Total Equity		24,168,121			23,980,749
Total Liabilities and Equity	$	51,509,168		$	52,256,309

The accompanying notes are an integral part of these unaudited consolidated financial statements.

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Greystone Logistics, Inc. ~~and Subsidiaries Consolidated Statements of Income For the Nine Months Ended February 29(28), (Unaudited)~~

	2024			2023
Sales	$	46,990,716		$	44,633,542
Cost of Sales		37,942,179			38,590,544
Gross Profit		9,048,537			6,042,998
Selling, General and Administrative Expenses		3,863,975			3,918,205
Operating Income		5,184,562			2,124,793
Other Income (Expense):
Federal tax credits realized		-			3,270,424
Gain on deconsolidation of variable interest entity		-			569,997
Other income		180,004			189,914
Interest expense		(982,592	)		(821,138	)
Income before Income Taxes		4,381,974			5,333,990
Provision for Income Taxes		(1,375,000	)		(452,000	)
Net Income		3,006,974			4,881,990
Income Attributable to Non-controlling Interest		-			(49,599	)
Preferred Dividends		(439,144	)		(361,267	)
Net Income Attributable to Common Stockholders	$	2,567,830		$	4,471,124
Income Per Share of Common Stock -
Basic	$	0.09		$	0.16
Diluted	$	0.09		$	0.15
Weighted Average Shares of Common Stock Outstanding -
Basic		28,279,701			28,279,701
Diluted		28,774,701			32,105,424

Consolidated Statements of Income

For the Three Months Ended August 31, 2024 and 2023

(Unaudited)

	2024			2023
Sales	$	13,460,647		$	17,413,671

Cost of Sales		11,557,753			13,368,909

Gross Profit		1,902,894			4,044,762

Selling, General and Administrative Expenses		1,820,191			1,212,951

Gain on involuntary conversion (See Note 4)		(741,821	)		-

Operating Income		824,524			2,831,811

Other Income (Expense):
Other income, net		19,389			1,599
Interest expense		(294,709	)		(342,191	)

Income before Income Taxes		549,204			2,491,219
Provision for Income Taxes		(213,750	)		(747,000	)
Net Income		335,454			1,744,219

Preferred Dividends		(148,082	)		(146,199	)

Net Income Attributable to Common Stockholders	$	187,372		$	1,598,020

Income Per Share of Common Stock -
Basic	$	0.01		$	0.06
Diluted	$	0.01		$	0.05

Weighted Average Shares of Common Stock Outstanding -
Basic		28,279,701			28,279,701
Diluted		28,775,996			32,107,754

The accompanying notes are an integral part of these unaudited consolidated financial statements.

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Greystone Logistics, Inc. ~~and Subsidiaries Consolidated Statements of Income For the Three Months Ended February 29(28), (Unaudited)~~

	2024			2023
Sales	$	13,980,009		$	13,578,269
Cost of Sales		12,113,699			11,220,791
Gross Profit		1,866,310			2,357,478
Selling, General and Administrative Expenses		1,277,001			1,606,626
Operating Income		589,309			750,852
Other Income (Expense):
Federal tax credits realized		-			3,270,424
Other income		176,851			183,596
Interest expense		(310,231	)		(313,376	)
Income before Income Taxes		455,929			3,891,496
Provision for Income Taxes		(158,000	)		(196,000	)
Net Income		297,929			3,695,496	)
Preferred Dividends		(146,473	)		(132,500	)
Income Attributable to Common Stockholders	$	151,456		$	3,562,996
Income Per Share of Common Stock -
Basic	$	0.01		$	0.13
Diluted	$	0.01		$	0.12
Weighted Average Shares of Common Stock Outstanding -
Basic		28,279,701			28,279,701
Diluted		28,775,156			32,104,265

Consolidated Statements of Changes in Equity

For the Three Months Ended August 31, 2024 and 2023

(Unaudited)

	Preferred Stock				Common Stock				Additional		Accumulated			Total Stockholders’
	Shares		Amount		Shares		Amount		Paid-in Capital		Deficit			Equity
Balances, May 31, 2023		50,000	$	5		28,279,701	$	2,828	$	53,533,272	$	(33,995,621	)	$	19,540,484

Preferred dividends ($2.92 per share)		-		-		-		-		-		(146,199	)		(146,199	)

Net income		-		-		-		-		-		1,744,219			1,744,219

Balances, August 31, 2023		50,000	$	5		28,279,201	$	2,828	$	53,533,272	$	(32,397,601	)	$	21,138,504

Balances, May 31, 2024		50,000	$	5		28,279,201	$	2,828	$	53,533,272	$	(29,555,356	)	$	23,980,749

Preferred dividends ($2.96 per share)		-		-		-		-		-		(148,082	)		(148,082	)

Net income		-		-		-		-		-		335,454			335,454

Balances, August 31, 2024		50,000	$	5		28,279,701	$	2,828	$	53,533,272	$	(29,367,984	)	$	24,168,121

The accompanying notes are an integral part of these unaudited consolidated financial statements.

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Greystone Logistics, Inc. ~~Consolidated Statements of Changes in Equity For the Nine Months Ended February 29(28), 2024 and 2023 (Unaudited)~~

	Preferred Stock				Common Stock				Additional		Accumulated			Total Greystone Stockholders'			Non-controlling			Total
	Shares		Amount		Shares		Amount		Paid-in Capital		Deficit			Equity			Interest			Equity
Balances, May 31, 2022		50,000	$	5		28,279,701	$	2,828	$	53,533,272	$	(39,838,449	)	$	13,697,656		$	1,383,825		$	15,081,481
Capital contribution		-		-		-		-		-		-			-			1,669,000			1,669,000
Deconsolidation of variable interest entity		-		-		-		-		-		-			-			(3,102,424	)		(3,102,424	)
Preferred dividends ($2.19 per share)		-		-		-		-		-		(109,418	)		(109,418	)		-			(109,418	)
Net income		-		-		-		-		-		1,324,142			1,324,142			49,599			1,373,741
Balances, August 31, 2022		50,000		5		28,279,701		2,828		53,533,272		(38,623,725	)		14,912,380			-			14,912,380
Preferred dividends ($2.39 per share)		-		-		-		-		-		(119,349	)		(119,349	)		-			(119,349	)
Net loss		-		-		-		-		-		(187,247	)		(187,247	)		-			(187,247	)
Balances, November 30, 2022		50,000		5		28,279,701		2,828		53,533,272		(38,930,321	)		14,605,784			-			14,605,784
Preferred dividends ($2.65 per share)		-		-		-		-		-		(132,500	)		(132,500	)		-			(132,550	)
Net income		-		-		-		-		-		3,695,496			3,695,496			-			3,695,496
Balances, February 28, 2023		50,000	$	5		28,279,701	$	2,828	$	53,533,272	$	(35,367,325	)	$	18,168,780		$	-		$	18,168,780
Balances, May 31, 2023		50,000	$	5		28,279,701	$	2,828	$	53,533,272	$	(33,995,621	)	$	19,540,484		$	-		$	19,540,484
Preferred dividends ($2.92 per share)		-		-		-		-		-		(146,199	)		(146,199	)		-			(146,199	)
Net income		-		-		-		-		-		1,744,219			1,744,219			-			1,744,219
Balances, August 31, 2023		50,000		5		28,279,701		2,828		53,533,272		(32,397,601	)		21,138,504			-			21,138,504
Preferred dividends ($2.93 per share)		-		-		-		-		-		(146,472	)		(146,472	)		-			(146,472	)
Net income		-		-		-		-		-		964,826			964,826			-			964,826
Balances, November 30, 2023		50,000		5		28,279,701		2,828		53,533,272		(31,579,247	)		21,956,858			-			21,956,858
Preferred dividends ($2.93 per share)		-		-		-		-		-		(146,473	)		(146,473	)		-			(146,473	)
Net income		-		-		-		-		-		297,929			297,929			-			297,929
Balances, February 29, 2024		50,000	$	5		28,279,701	$	2,828	$	53,533,272	$	(31,427,791	)	$	22,108,314		$	-		$	22,108,314

Consolidated Statements of Cash Flows

For the Three Months Ended August 31, 2024 and 2023

(Unaudited)

	2024			2023
Cash Flows from Operating Activities:
Net income	$	335,454		$	1,744,219
Adjustments to reconcile net income to net cash provided by operating activities -
Gain on involuntary conversion		(741,821	)		-
Depreciation and amortization		1,264,911			1,402,408
Change in deferred taxes		213,750			747,000
Decrease in trade accounts receivable		1,766,762			1,483,283
Increase in related party receivables		(221,578	)		(11,843	)
Decrease (increase) in inventory		149,197			(823,700	)
Decrease (increase) in prepaid expenses		(5,167	)		27,465
Increase in accounts payable and accrued liabilities		156,758			660,722
Decrease in deferred revenue		(817,981	)		-
Net cash provided by operating activities		2,100,285			5,229,554

Cash Flows from Investing Activities:
Purchase of property and equipment		(3,335,901	)		(673,081	)

Cash Flows from Financing Activities:
Principal payments on long-term debt and financing leases		(581,777	)		(548,166	)
Principal payments on revolving loan		-			(1,500,000
Payments for debt issuance costs		-			(13,085	)
Dividends paid on preferred stock		(96,575	)		(134,414	)
Net cash used in financing activities		(678,352	)		(2,195,665
Net Increase (Decrease) in Cash		(1,913,968	)		2,360,808
Cash, beginning of period		5,798,641			695,951
Cash, end of period	$	3,884,673		$	3,056,759
Non-cash Activities:
Capital expenditures in accounts payable	$	272,750		$	295,381
Preferred dividend accrual	$	51,507		$	146,199
Supplemental information:
Interest paid	$	293,478		$	345,926

The accompanying notes are an integral part of these unaudited consolidated financial statements.

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Greystone Logistics, Inc. ~~and Subsidiaries Consolidated Statements of Cash Flows For the Nine Months Ended February 29(28), (Unaudited)~~

	2024			2023
Cash Flows from Operating Activities:
Net income	$	3,006,974		$	4,881,990
Adjustments to reconcile net income to net cash provided by operating activities -
Gain on deconsolidation of variable interest entity		-			(569,997	)
Loss on disposition of assets		12,649			-
Depreciation and amortization		4,319,390			3,958,766
Deferred tax expense		1,623,721			296,000
Decrease (increase) in trade accounts receivable		(1,118,542	)		934,369
Decrease (increase) in related party receivables		(68,652	)		131,278
Increase in other receivable		(939,877	)		-
Decrease (increase) in inventory		1,481,352			(714,583	)
Increase in prepaid expenses		(350,994	)		(340,144	)
Increase (decrease) in accounts payable and accrued liabilities		761,654			(2,865,056	)
Increase (decrease) in deferred revenue		545,292			(5,306,040	)
Net cash provided by operating activities		9,272,967			406,583
Cash Flows from Investing Activities:
Purchase of property, plant and equipment		(2,040,776	)		(3,201,187	)
Deconsolidation of variable interest entity		-			(2,806	)
Net cash used in investing activities		(2,040,776	)		(3,203,993	)
Cash Flows from Financing Activities:
Proceeds from long-term debt		-			8,707,426
Payments on long-term debt and financing leases		(1,668,123	)		(5,412,171	)
Payments on related party note payable and financing lease		-			(3,348,178	)
Proceeds from revolving loan		-			1,090,648
Payments on revolving loan		(1,500,000	)		(1,790,648	)
Payments for debt issuance costs		(13,085	)		(71,154	)
Dividends paid on preferred stock		(427,085	)		(314,144	)
Capital contribution to non-controlling interest		-			1,669,000
Net cash provided by (used in) financing activities		(3,608,293	)		530,779
Net Increase (Decrease) in Cash		3,623,898			(2,266,631	)
Cash, beginning of period		695,951			3,143,257
Cash, end of period	$	4,319,849		$	876,626
Non-cash Activities:
Refinancing of certain term loans	$	-		$	2,669,892
Deconsolidation of net assets of variable interest entity	$	-		$	3,102,424
Capital expenditures in accounts payable	$	-		$	51,403
Net book value of leases terminated	$	27,903		$	-
Decrease in financing lease liabilities from termination	$	15,254		$	-
Preferred dividend accrual	$	146,473		$	132,500
Supplemental information:
Interest paid	$	990,877		$	818,222
Income taxes paid	$	-		$	510,000

The accompanying notes are an integral part of these unaudited consolidated financial statements.

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Greystone Logistics, Inc. and Subsidiaries

Notes to Consolidated Financial Statements

(Unaudited)

Note 1. Basis of Financial Statements

In the opinion of Greystone Logistics, Inc. (“Greystone” or the “Company”), the accompanying unaudited consolidated financial statements contain all adjustments and reclassifications, which are of a normal recurring nature, necessary to present fairly its financial position as of ~~February~~August 2931, 2024, and the results of its operations ~~for the nine months~~ and ~~three months ended February 29(28), 2024 and 2023 and its~~ cash flows for the ~~nine~~three months ended ~~February~~August ~~29(28)~~31, 2024 and 2023. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements as of and for the fiscal year ended May 31, ~~2023~~2024, and the notes thereto included in ~~the~~Greystone’s Annual Report on Form 10-K for such period, as filed with the Securities and Exchange Commission. The results of operations for the ~~nine months and~~ three months ended ~~February~~August ~~29(28)~~31, 2024 and 2023 are not necessarily indicative of the results to be expected for the full fiscal year.

The unaudited consolidated financial statements of Greystone include its wholly- owned subsidiaries, Greystone Manufacturing, L.L.C. (“GSM”) and Plastic Pallet Production, Inc. (“PPP”)~~, and the variable interest entity, Greystone Real Estate, L~~.~~L.C.~~ ~~(“GRE”) for the period from June 1, 2022 through July 29, 2022.~~ All material intercompany accounts and transactions have been eliminated in the unaudited consolidated financial statements.

GRE owns two buildings located in Bettendorf, IA, which are occupied by Greystone. GRE is wholly owned by Robert B. Rosene, Jr., a member of Greystone’s Board of Directors. Effective July 29, 2022, GRE paid off its mortgage payable and, in conjunction with Greystone’s refinancing described in Note 6, GRE was removed from the cross-collateralization agreement. Following these transactions, Greystone was no longer determined to be the primary beneficiary of GRE. Accordingly, GRE was deconsolidated from Greystone’s consolidated financial statements as of July 29, 2022, resulting in the recognition of a gain in the amount of $569,997. Subsequent to the deconsolidation, Greystone entered into a new lease agreement with GRE and recorded right-of-use assets and liabilities for the new lease. See Note 7.

Note 2. Earnings Per Share

Basic earnings per share is based on the weighted-average effect of all common shares issued and outstanding and is calculated by dividing net income attributable to common stockholders by the weighted-average shares outstanding during the period. Diluted earnings per share is calculated by dividing net income attributable to common stockholders by the weighted-average number of common shares used in the basic earnings per share calculation plus the number of common shares that would be issued assuming exercise or conversion of all potentially dilutive common shares outstanding.

6Greystone excludes equity instruments from the calculation of diluted earnings per share if the effect of including such instruments is anti-dilutive. Instruments which have an anti-dilutive effect as of August 31 are as follows:

		2024				2023
Preferred stock convertible into common stock			3,333,333				-

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~~Greystone~~The ~~excludes~~following ~~equity~~tables ~~instruments~~set ~~from~~forth the ~~calculation~~computation of basic and diluted earnings per share ~~if the effect of including such instruments is anti-dilutive. Instruments which have an anti-dilutive effect~~ for the ~~periods~~three months ended ~~February~~August ~~29(28)~~31, ~~are~~2024 asand ~~follows~~2023:

	2024		2023
For the nine months ended February 29(28):
Basic earnings per share of common stock:
Preferred stock convertible into common stock		3,333,333		-
Numerator -
For the three months ended February 29(28):
Net income attributable to common stockholders	$	187,372	$	1,598,020
Preferred stock convertible into common stock		3,333,333		-
Denominator -
Weighted-average shares outstanding - basic		28,279,701		28,279,701
Income per share of common stock - basic	$	0.01	$	0.06
Diluted earnings per share of common stock:
Numerator -
Net income attributable to common stockholders	$	187,372	$	1,598,020
Add: Preferred stock dividends for assumed conversion		-		146,199
Net income attributable to common stockholders	$	187,372	$	1,744,219
Denominator -
Weighted-average shares outstanding - basic		28,279,701		28,279,701
Incremental shares from assumed conversion of options, warrants and preferred stock, as appropriate		496,295		3,828,053
Weighted average common stock outstanding - diluted		28,775,996		32,107,754
Income per share of common stock - diluted	$	0.01	$	0.05

The following tables set forth the computation of basic and diluted earnings per share.

For the nine months ended February 29(28), 2024 and 2023:

	2024		2023
Basic earnings per share of common stock:
Numerator -
Net income attributable to common stockholders	$	2,567,830	$	4,471,124
Denominator -
Weighted-average shares outstanding - basic		28,279,701		28,279,701
Income per share of common stock - basic	$	0.09	$	0.16
Diluted earnings per share of common stock:
Numerator -
Net income attributable to common stockholders	$	2,567,830	$	4,471,124
Add: Preferred stock dividends for assumed conversion		-		361,267
Net income allocated to common stockholders	$	2,567,830	$	4,832,391
Denominator -
Weighted-average shares outstanding – basic		28,279,701		28,279,701
Incremental shares from assumed conversion of warrants and preferred stock, as appropriate		495,000		3,825,723
Weighted average common stock outstanding – diluted		28,774,701		32,105,424
Income per share of common stock – diluted	$	0.09	$	0.15

For the three months ended February 29(28), 2024 and 2023:

	2024		2023
Basic earnings per share of common stock:
Numerator -
Net income attributable to common stockholders	$	151,456	$	3,562,996
Denominator -
Weighted-average shares outstanding - basic		28,279,701		28,279,701
Income per share of common stock - basic	$	0.01	$	0.13
Diluted earnings per share of common stock:
Numerator -
Net income attributable to common stockholders	$	151,456	$	3,562,996
Add: Preferred stock dividends for assumed conversion		-		132,500
	$	151,456	$	3,695,496
Denominator -
Weighted-average shares outstanding - basic		28,279,701		28,279,701
Incremental shares from assumed conversion of warrants and preferred stock, as appropriate		495,455		3,824,564
Weighted average common stock outstanding – diluted		28,775,156		32,104,265
Income per share of common stock - diluted	$	0.01	$	0.12

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Note 3. Inventory

Inventory ~~consists~~consisted of the following:

	February 29,		May 31,
	August 31,		May 31,
	2024		~~2023~~2024
Raw materials	$	1,~~933~~985,~~401~~224	$	2,~~299~~040,~~911~~348
Finished goods		1,~~069~~737,~~353~~205		21,~~184~~831,~~195~~278
Total inventory	$	3,~~002~~722,~~754~~429	$	43,~~484~~871,~~106~~626

Note 4. Property, Plant and Equipment

A summary of property, plant and equipment for Greystone is as follows:

	February 29, 2024			May 31, 2023
	August 31, 2024			May 31, 2024
Production machinery and equipment	$	6770,~~786~~339,~~046~~386		$	6668,~~068~~532,~~625~~989
Plant buildings and land		23,~~164~~930,~~232~~207			2,~~364~~289,~~089~~233
Leasehold improvements		1,~~624~~658,~~513~~751			1,~~553~~658,~~138~~751
Furniture and fixtures		542,057			542,057
		72,116,848			70,527,909
		76,470,401			73,023,030
Less: Accumulated depreciation and amortization		(4144,~~522~~213,~~562~~742	)		(3742,~~343~~956,~~203~~911	)
Net Property, Plant and Equipment	$	3032,~~594~~256,~~286~~659		$	3330,~~184~~066,~~706~~119

~~Production machinery includes deposits on equipment in the amount of $450,454 as of February 29, 2024, which has not been placed into service.~~ 6

~~Depreciation~~Table ~~expense,~~of ~~including amortization expense related to financing leases, for the nine months ended February 29(28), 2024 and 2023 was $4,296,383 and $3,954,444, respectively.~~Contents

Property, plant and equipment includes production equipment with a carrying value of $1,317,020 as of August 31, 2024, which has not been placed into service.

Depreciation expense, including amortization expense related to financing leases, for the three months ended August 31, 2024 and 2023 was $1,256,831 and $1,395,000, respectively.

In February 2024, one of the Company’s storage warehouses caught fire with damage to finished goods inventory valued at $1,326,752 and the building with a net book value of $161,850. As of May 31, 2024, the Company recorded an insurance receivable of $2,058,602 as an estimate for damage to the inventory and building, which resulted in a gain from the involuntary conversion of $593,647 for the fiscal year ended May 31, 2024. The insurer and the Company finalized the claim value for the inventory as well as a prior claim for equipment damage from an electrical storm occurring in December 2022, resulting in an additional gain from the involuntary conversion of $741,821 for the three months ended August 31, 2024. As of August 31, 2024, Other receivables of $1,781,836, as shown on the consolidated balance sheet, is the outstanding balance due from the insurer. The other receivable was fully funded on September 13, 2024 by the insurer.

Note 5. Related Party Transactions/Activity

Yorktown Management & Financial Services, LLC

Yorktown Management & Financial Services, LLC (“Yorktown”), an entity wholly- owned by Warren F. Kruger, Greystone’s CEO, President, Chairman of the Board, and a significant stockholder of Greystone, owns and rents to Greystone (1) grinding equipment used to grind raw materials for Greystone’s pallet production and (2) extruders for pelletizing recycled plastic into pellets for resale and for use as raw material in the manufacture of pallets. GSM pays weekly rental fees to Yorktown of $27,500 for use of Yorktown’s grinding equipment and pelletizing equipment. Rental fees were $1357,~~072,~~500 for ~~the~~ each of the ~~nine~~three months ended ~~February~~August ~~29(28)~~31, 2024 and 2023.

Greystone leases administrative office space from Yorktown at a monthly rental of $~~5,200 per month which increased to $~~6,250 per month ~~effective~~under ~~July 1, 2023, with the intent of Greystone and Yorktown finalizing~~ a ~~new~~six-year lease ~~agreement, subject to the Board of Directors approval~~. Total rent expenses were $5518,~~200~~750 and $4617,~~800~~700 for the ~~nine~~three months ended ~~February~~August ~~29(28)~~31, 2024 and 2023, respectively.

8Greystone Real Estate, L.L.C. (GRE)

GRE owns two primary manufacturing facilities occupied by Greystone and is wholly owned by Robert B. Rosene, Jr., a member of Greystone’s Board of Directors. Effective August 1, 2022, Greystone and GRE entered into a non-cancellable ten-year lease agreement with a five-year extension for the use of these manufacturing facilities at the initial rate of $44,500 per month, increasing 5.00% per month every fifth year. Rental payments to GRE totaled $133,500 for each of the three months ended August 31, 2024 and 2023.

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TriEnda Holdings, L.L.C.

TriEnda Holdings, L.L.C. (“TriEnda”) is a manufacturer of plastic pallets, protective ~~packing~~packaging and dunnage utilizing thermoform processing for which ~~Warren F~~Mr. Kruger, Greystone’s ~~CEO~~President, ~~President~~CEO, Chairman of the Board, and a significant stockholder of Greystone, serves TriEnda as the non-executive Chairman of the Board and is a partner in a partnership which has a majority ownership interest in TriEnda. Greystone may purchase pallets from TriEnda for resale or sell Greystone pallets to TriEnda. ~~During~~Greystone purchases from TriEnda during the ~~nine~~three months ended ~~February~~August ~~29(28)~~31, 2024 ~~and~~totaled ~~2023~~$42,840. ~~Greystone~~During ~~purchases~~the ~~from~~three ~~TriEnda~~months ~~totaled~~ended $7August 31,~~516~~ 2024 and ~~$431~~2023, ~~respectively~~Greystone ~~and~~ sales to TriEnda totaled $~~150~~269,~~389~~504 and $3151,~~231~~195, respectively. As of ~~February~~August 2931, 2024 and May 31, 2024, TriEnda owed $65369,~~907~~848 ~~to Greystone~~ and ~~Greystone owed~~ $7143,~~716~~290, respectively, to ~~TriEnda~~Greystone.

Green Plastic Pallets

Greystone sells plastic pallets to Green Plastic Pallets (“Green”), an entity that is owned by James Kruger, brother to Warren Kruger, Greystone’s ~~CEO~~President, ~~President~~CEO, Chairman of the Board, and a significant stockholder of Greystone. Greystone had sales to Green of $~~146~~46,~~454~~920 and $~~574~~52,~~768~~020 for the ~~nine~~three months ended ~~February~~August ~~29(28)~~31, 2024 and 2023, respectively. The account receivable due from Green as of ~~February~~August 2931, 2024 and May 31, 2024, was $59117,~~295~~300 and $122,280, respectively.

Note 6. Long-term Debt

Debt as of ~~February~~August 2931, 2024 and May 31, ~~2023~~2024 iswas as follows:

	February 29,			May 31,
	August 31,			May 31,
	2024			~~2023~~2024
Term loans dated July 29, 2022, payable to International Bank of Commerce, prime rate of interest plus 0.5% but not less than 4.50%, maturing July 29, 2027	$	12,~~992~~041,~~827~~817		$	1412,~~334~~519,~~736~~501
Revolving loan payable to International Bank of Commerce, prime rate of interest plus 0.5% but not less than 4.50%, due July 29, 2024		-			1,500,000
Term loan payable to First Interstate Bank, interest rate of 3.70%, monthly principal and interest payments of $27,593, due March 19, 2025, secured by certain equipment		190,541			271,061
Term loan payable to First Interstate Bank, interest rate of 3.70%, monthly principal and interest payments of $27,593, due March 19, 2025, secured by certain equipment		350,878			585,536
Term loan payable to First Interstate Bank, interest rate of 3.50%, monthly principal and interest payments of $5,997, due August 10, 2028, secured by certain real estate		702,121			709,916
Term loan payable to First Interstate Bank, interest rate of 3.50%, monthly principal and interest payments of $5,997, due August 10, 2028, secured by certain real estate		725,647			759,639
Other		23,874			33,964
Other		43,965			73,368
Total long-term debt		12,958,353			13,534,442
Total long-term debt		14,113,317			17,253,279
Debt issuance costs, net of amortization		(90,204	)		(91,494	)
Debt issuance costs, net of amortization		(92,784	)		(84,022	)
Total debt, net of debt issuance costs		12,868,149			13,442,948
Total debt, net of debt issuance costs		14,020,533			17,169,257
Less: Current portion of long-term debt		(2,336,625	)		(2,362,212	)
Less: Current portion of long-term debt		(2,384,993	)		(2,249,570	)
Long-term debt, net of current portion	$	10,531,524		$	11,080,736
Long-term debt, net of current portion	$	11,635,540		$	14,919,687

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The prime rate of interest as of ~~February~~August 2931, 2024, was 8.50%.

Debt ~~issuance~~Issuance ~~costs~~Costs ~~consist~~consists of the amounts paid to third parties in connection with the issuance and modification of debt instruments. These costs are shown on the consolidated balance sheet as a direct reduction to the related debt instrument. Amortization of these costs is included in interest expense. Greystone recorded amortization of debt issuance costs of $41,~~323~~290 and $41,~~322~~ 460 for the ~~nine~~three months ended ~~February~~August ~~29(28)~~31, 2024 and 2023, respectively.

Restated and Amended Loan Agreement between Greystone and IBC

On July 29, 2022, Greystone and GSM (each a “Borrower” and together, the “Borrowers”) entered into an Amended and Restated Loan Agreement (“IBC Restated Loan Agreement”) with International Bank of Commerce (“IBC”) that provided for the consolidation of certain term loans and a renewed revolver loan.

The IBC term loans ~~make~~require equal monthly payments of principal and interest in such amounts sufficient to amortize the principal balance of the loans over the remaining lives. The monthly payments of principal and interest on the IBC term loans may vary due to changes in the prime rate of interest. As of ~~February~~August 2931, 2024, the aggregate payments for the IBC term loans are approximately $254,000 per month.

The IBC Restated Loan Agreement, dated July 29, 2022, as amended, provided for IBC to make certain term loans to Greystone, to consolidate all existing term loans ~~in the aggregate amount of approximately $2,700,000~~ and provide additional funding ~~in the approximate amount of $13,200,000~~ for the purchase of equipment and renewal of the revolving loan ~~with~~in anthe ~~increase of $2,000,000 to an~~ aggregate principal amount of $6,000,000 (the “Revolving Loan”), subject to borrowing base limitations. AsThe Revolving Loan has an interest rate of the greater of 7.50% through February 294, 2025 and 6.50% beginning February 5, 2025 or prime rate of interest plus 0.50% and a maturity date of February 5, 2026. As of August 31, 2024, Greystone’s available revolving loan borrowing capacity was approximately $54,~~770~~125,000.

The IBC Restated Loan Agreement includes customary events of default, including events of default relating to non-payment of principal and other amounts owing under the IBC Restated Loan Agreement from time to time, inaccuracy of representations, violation of covenants, defaults under other agreements, bankruptcy and similar events, the death of a guarantor, certain material adverse changes relating to a Borrower or guarantor, certain judgments or awards against a Borrower, or government action affecting a Borrower’s or guarantor’s ability to perform under the IBC Restated Loan Agreement or the related loan documents. In addition, without prior written consent, Greystone shall not declare or pay any dividends, redemptions, distributions and withdrawals with respect to its equity interest other than distributions to holders of its preferred stock in the aggregate of $~~500~~1,000,000 in any fiscal year. Among other things, a default under the IBC Restated Loan Agreement would permit IBC to cease lending funds under the IBC Restated Loan Agreement and require immediate repayment of any outstanding notes with interest and any unpaid accrued fees.

The IBC Restated Loan Agreement is secured by a lien on substantially all assets of the Borrowers. Warren F. Kruger, the Company’s President, CEO and Chairman of the Board and a significant stockholder of Greystone, and Robert B. Rosene, Jr., a member of the Company’s Board of Directors, have provided limited guaranties of the Borrowers’ obligations under the IBC Restated Loan Agreement. Mr. Kruger’s guarantee is limited to 32.4% of all debt obligations to IBC. Mr. Rosene’s limited guaranty is the lesser of (i) $3,500,000 less all amounts paid on the principal amount of the loans after the date of the agreement excluding payments on the revolver and (ii) the amount owed to IBC of the loans outstanding from time to time including accrued interest and fees.9

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Loan Agreement with First Interstate Bank, formerly Great Western Bank

On August 23, 2021, Greystone entered into a loan agreement with First Interstate Bank (“FIB Loan Agreement”) to include prior commercial loans and subsequent loans. GSM is a named guarantor under the FIB Loan Agreement.

The FIB Loan Agreement includes customary representations and warranties and affirmative and negative covenants which include (i) requiring the Borrowers to maintain a debt service coverage ratio of 1:25 to 1:00 as of the end of each fiscal year end and debt to tangible net worth ratio of 4:00 to 1:00 as of the end of each fiscal year end with a decrease of 0.50 in the ratio each year thereafter until reaching a minimum ratio of 3:00 to 1:00. In addition, the FIB Loan Agreement provides that Greystone shall not, without prior consent of the bank, incur or assume additional indebtedness or capital leases.

The FIB Loan Agreement is secured by a mortgage on one of Greystone’s warehouses.

Maturities

Maturities of Greystone’s long-term debt for the ~~five~~ years subsequent to ~~February~~August 2931, 2024, are $2,~~384~~336,~~993~~625, $2,~~242~~305,~~998~~530, $27,~~404~~762,~~975~~751, ~~$6,552,966~~ and $~~527~~553,~~385~~447.

Note 7. Leases

Financing Leases

~~Financing~~The outstanding liability for financing leases, as of ~~February~~August 2931, 2024 and May 31, ~~2023~~2024, was as follows:

	February 29, 2024			May 31, 2023
	August 31, 2024			May 31, 2024
Non-cancellable financing leases	$	17,~~070~~455		$	6023,~~485~~143
Less: Current portion		(1514,~~288~~505	)		(3119,~~981~~171	)
Non-cancellable financing leases, net of current portion	$	12,~~782~~950		$	283,~~504~~972

The production equipment under the remaining non-cancelable financing leases as of February 29, 2024, has a gross carrying amount of $63,457 as of February 29, 2024. Amortization of the carrying amount of $21,470 and $189,927 was included in depreciation expense for the nine months ended February 29(28), 2024 and 2023, respectively.10

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The production equipment under the non-cancelable financing leases as of August 31, 2024 and May 31, 2024 was as follows:

	August 31, 2024			May 31, 2024
Production equipment under financing leases	$	97,047		$	176,565
Less: Accumulated amortization		(59,294	)		(119,759	)
Production equipment under financing leases, net	$	37,753		$	56,806

Amortization of the carrying amount of $4,045 and $7,699 was included in depreciation and amortization expense for the three months ended August 31, 2024 and 2023, respectively.

Operating Leases

Greystone recognized a lease liability for each lease based on the present value of remaining minimum fixed rental payments, using a discount rate that approximates the rate of interest for a collateralized loan over a similar term. A right-of-use asset is recognized for each lease, valued at the lease liability. Minimum fixed rental payments are recognized on a straight-line basis over the life of the lease as costs and expenses on the consolidated statements of income. Variable and short-term rental payments are recognized as costs and expenses as they are incurred.

Greystone has ~~three~~two non-cancellable operating leases for (i) ~~equipment~~two buildings owned by GRE with a ~~fifty~~120-~~two~~ month term, ~~and~~ a ~~forty~~60-~~eight~~ month ~~term~~renewal option and a discount rate of 56.400% and (ii) ~~two~~the ~~buildings~~corporate onoffices alocated ~~ten~~in ~~year~~Tulsa, ~~lease~~OK with a ~~five~~72-month ~~year~~lease ~~renewal option~~ and a discount rate of 68.005%. The leases are single- term with ~~defined~~ constant monthly rental rates.

The outstanding liability for right to use assets under operating leases as of August 31, 2024 and May 31, 2024, is as follows:

	August 31, 2024			May 31, 2024
Liability under operating leases	$	5,383,704		$	5,453,234
Less: Current portion		(239,543	)		( 286,221	)
Long-term portion of liability under operating leases	$	5,144,161		$	5,167,013

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Lease Summary Information

~~For~~Lease summary information as of and for the ~~nine-months~~periods ~~ended~~ending ~~February~~August ~~29(28)~~31, 2024 and 2023 was as follows:

	2024			2023
Lease Expense
Financing lease expense -
Amortization of right-of-use assets	$	214,~~470~~045		$	~~189~~7,~~927~~699
Interest on lease liabilities		~~1,415~~203			~~30,614~~600
Operating lease expense		~~454~~159,~~893~~635			~~335~~183,~~378~~957
Short-term lease expense		1385,~~205,951~~095			1360,~~217,095~~353
Total	$	1548,~~683,729~~978		$	1552,~~773,014~~609
Other Information
Cash paid for amounts included in the measurement of lease liabilities for finance leases -
Operating cash flows	$	~~1,415~~203		$	~~30,614~~600
Financing cash flows	$	115,~~650~~656		$	~~626~~9,~~329~~947
Cash paid for amounts included in the measurement of lease liabilities for operating leases -
Operating cash flows	$	~~467~~153,~~182~~541		$	~~335~~177,~~378~~217
Weighted-average remaining lease term (in years) -
Financing leases		1.0			1.96
Operating leases		1312.45			1413.49
Weighted-average discount rate -
Financing leases		43.89	%		4.43	%
Operating leases		6.01	%		6.0	%

Future minimum lease payments under non-cancelable leases as of ~~February~~August 2931, 2024, are approximately:

	Financing Leases		Operating Leases
Twelve months ended February 28, 2025	$	15,715	$	534,000
Twelve months ending August 31, 2025	$	14,818	$	609,000
Twelve months ended February 28, 2026		1,798		534,000
Twelve months ending August 31, 2026		3,009		609,000
Twelve months ended February 28, 2027		-		534,000
Twelve months ending August 31, 2027		-		611,230
Twelve months ended February 29, 2028		-		549,610
Twelve months ending August 31, 2028		-		635,760
Twelve months ended February 28, 2029		-		560,760
Twelve months ending August 31, 2029		-		635,760
Thereafter		-		4,~~859~~604,~~530~~150
Total future minimum lease payments		17,~~513~~827		7,~~571~~704,900
Present value discount		443		2,396,681
Less: Imputed interest		372		2,321,196
Present value of minimum lease payments	$	17,~~070~~455	$	5,~~175~~383,~~219~~704

Note 8. Deferred Revenue

Advances from customers pursuant to a contract for the sale of plastic pallets is recognized as deferred revenue. Revenue is recognized by Greystone as pallets are shipped to the customer. Revenue related to prior advances totaled $817,981 and $-0- during the three months ended August 31, 2024 and 2023, respectively. The unrecognized balance of deferred revenue as of August 31, 2024 and May 31, 2024, was $22,964 and $840,945, respectively.

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Note 8. Deferred Revenue

Advances from a customer pursuant to a contract for the sale of plastic pallets is recognized as deferred revenue. Revenue is recognized by Greystone as pallets are shipped to the customer which totaled $-0- and $6,378,040 during the nine months ended February 29(28), 2024 and 2023, respectively. Customer advances received during the nine months ended February 29(28), 2024 and 2023 were $545,292 and $1,072,000, respectively. The unrecognized balance of deferred revenue as of February 29, 2024 and May 31, 2023, was $568,299 and $23,007, respectively.

Note 9. Revenue and Revenue Recognition

Greystone’s principal product is plastic pallets produced from recycled plastic resin. Sales are primarily to customers in the continental United States of America. International sales are made to customers in Canada and Mexico which totaled approximately ~~0.8%~~$170,000 and ~~0.8%~~$137,000 ~~of sales~~ during the ~~nine~~three months ended ~~February~~August ~~29(28)~~31, 2024 and 2023, respectively.

Greystone’s customers include stocking and non-stocking distributors and direct sales to end-user customers. Sales to the following categories of customers for the ~~nine~~three months ended ~~February~~August ~~29(28)~~31, 2024 and 2023, respectively, were as follows:

Category	2024			2023
End User Customers		83	%		71	%
End-user customers		76	%		85	%
Distributors		1724	%		2915	%

Note 10. Fair Value of Financial Instruments

The following methods and assumptions are used in estimating the fair-value disclosures for financial instruments:

Debt: The carrying amount of notes with floating rates of interest approximate fair value. Fixed rate notes are valued based on cash flows using estimated rates of comparable notes. The carrying amounts reported on the consolidated balance sheets approximate fair value.

Note 11. Concentrations, Risks and Uncertainties

Greystone derived approximately 8376% and 7185% of its total sales ~~from~~during ~~its~~the ~~major~~three ~~customers~~months ~~(which~~ended ~~generally~~August ~~ranges~~31, ~~from~~2024 ~~two~~and to2023, ~~four~~respectively, ~~customers)~~from ~~during~~a ~~the~~limited ~~nine~~number ~~months~~of ~~ended~~customers, ~~February~~generally ~~29(28),~~ranging ~~2024~~from ~~and~~2 ~~2023,~~to ~~respectively~~4. The loss of a material amount of business from one or more of these customers could have a material adverse effect on Greystone.

Greystone purchases damaged pallets from its customers at a price based on the value of the raw material content in the pallet. A majority of these purchases, totaling $~~637~~189,~~906~~156 and $~~599~~211,~~700~~220 during the ~~nine~~three months ended ~~February~~August ~~29(28)~~31, 2024 and 2023, respectively, ~~were~~is from one of its major customers.

~~Greystone~~Note ~~is subject to litigation, claims and other commitments and contingencies arising in the ordinary course of business~~12. Although the asserted value of these matters may be significant, the company currently does not expect that the ultimate resolution of any open matters will have a material adverse effect on its consolidated financial position or results of operations.Commitments

As of August 31, 2024, Greystone had commitments totaling $330,209 toward the purchase of production equipment.

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Note 12. Commitments

As of February 29, 2024, the Company had commitments outstanding of $166,800 toward the purchase of production equipment.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Forward-Looking Statements and Material Risks

This Quarterly Report on Form 10-Q includes certain statements that may be deemed "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, that address activities, events, or developments that Greystone expects, believes, or anticipates will or may occur in the future, including decreased costs, securing financing, the profitability of Greystone, potential sales of pallets or other possible business developments, are forward-looking statements. Such statements are subject to a number of assumptions, risks, and uncertainties. The forward-looking statements contained in this Quarterly Report on Form 10-Q could be affected by any of the following factors: Greystone's prospects could be affected by changes in availability of raw materials, competition, rapid technological change and new legislation regarding environmental matters; Greystone may not be able to secure additional financing necessary to sustain and grow its operations; and a material portion of Greystone's business is and will be dependent upon a few large customers and there is no assurance that Greystone will be able to retain such customers. These risks and other risks that could affect Greystone's business are more fully described in Greystone's Annual Report on Form 10-K for the fiscal year ended May 31, ~~2023~~2024, which was filed with the Securities and Exchange Commission on ~~August~~September 2813, ~~2023~~2024, as the same may be updated from time to time. Actual results may vary materially from the forward-looking statements. The results of operations for the ~~nine~~three months ended ~~February~~August 2931, 2024, are not necessarily indicative of the results for the fiscal year ending May 31, 2024. Greystone undertakes no duty to update any of the forward-looking statements contained in this Quarterly Report on Form 10-Q.

Results of Operations

General to All Periods

The unaudited consolidated statements include Greystone Logistics, Inc., and its two wholly owned subsidiaries, Greystone Manufacturing, L.L.C. (“GSM”) and Plastic Pallet Production, Inc. (“PPP”). ~~Greystone also consolidated the variable interest entity, Greystone Real Estate, L.L.C. (“GRE”) through July 29, 2022, at which time a deconsolidation of the entity occurred.~~ All material intercompany accounts and transactions have been eliminated.

Sales

Greystone's primary focus is to provide quality plastic pallets to its existing customers while continuing its marketing efforts to broaden its customer base. Greystone's existing customers are primarily located in the United States and engaged in the beverage, pharmaceutical and other industries. Greystone has generated, and plans to continue to generate, interest in its pallets by attending trade shows sponsored by industry segments that would benefit from Greystone's products. Greystone hopes to gain wider product acceptance by marketing the concept that the widespread use of plastic pallets could greatly reduce the destruction of trees on a worldwide basis. Greystone’s marketing is conducted through contract distributors, its President and other employees.

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Sales

Personnel

Greystone had full-time- equivalents of approximately ~~167~~168 and ~~189~~177 ~~full‑time~~regular employees and 7972 and 56116 temporary employees as of ~~February~~August ~~29(28)~~31, 2024 and 2023, respectively. Full-time equivalent is a measure based on time worked.

~~Nine~~Three Months Ended ~~February~~August 2931, 2024 Compared to ~~Nine~~Three Months Ended ~~February~~August 2831, 2023

Sales

Sales for the ~~nine~~three months ended ~~February~~August 2931, 2024, were $4613,~~990~~460,~~716~~647 compared to $4417,~~633~~413,~~542~~671for ~~for~~ the ~~nine~~three months ended ~~February~~August 2831, 2023, ~~for~~representing ana ~~increase~~decrease of $23,~~357~~953,~~174~~024, or ~~5.3~~23%. The ~~number~~reduction ofin ~~pallets~~sales ~~sold~~for ~~during~~ the ~~nine~~three months ended ~~February~~August 2931, 2024, ~~increased~~compared byto ~~approximately~~the 9prior period is primarily attributable to an approximate 43% decrease in demand from ~~the~~one ~~prior~~of ~~period~~its significant customers, which was offset somewhat by an increase ~~approximate~~in 3%demand ~~decrease~~from another of its significant customers. The increase in demand from the ~~average~~latter ~~price~~customer ~~per~~was due to a newly designed plastic pallet ~~sold~~to specifically meet the customer’s needs.

Greystone’s ~~principal~~generally has a limited number of customers, ~~ranging~~generally ~~from~~2 ~~two~~ to ~~four customers~~4, that accounted for approximately 8376% and 7185% of sales ~~for~~during the ~~nine~~three months ended ~~February~~August ~~29(28)~~31, 2024 and 2023, respectively. Greystone is not able to predict the future needs of these ~~principal~~major customers and will continue its efforts to increase sales through the addition of new customers developed through Greystone’s marketing efforts.

Cost of Sales

~~Cost~~The cost of sales for the ~~nine~~three months ended ~~February~~August 2931, 2024, was $3711,~~942~~557,~~179~~753, or 8186% of sales, compared to $3813,~~590~~368,~~544~~909, or 8677% of sales, for the ~~nine~~three months ended ~~February~~August 2831, 2023. The ~~decrease~~increase in the ratio of cost of sales to sales for the ~~nine~~three months ended ~~February~~August 2931, 2024, ~~from~~over the prior period was primarily the result of ~~declines~~an inapproximate ~~the~~30% ~~cost~~decrease ofin ~~raw~~production ~~material~~of ~~and~~plastic anpallets. ~~improvement~~Due into ~~the~~Greystone’s ~~production~~inflexible ~~overhead~~manufacturing ~~burden~~costs, ~~due~~the togross anprofit ~~increase~~margin inis ~~production~~directly ofaffected ~~approximately~~by ~~20%~~variations ~~over~~in the ~~prior~~quantity ~~period~~of plastic pallets produced.

~~Selling,~~Gross ~~General and Administrative Expenses~~Profit

~~Selling,~~Gross ~~general~~profit ~~and administrative expenses were $3,863,975~~ for the ~~nine~~three months ended ~~February~~August 2931, 2024, was $1,902,894, or 14% of sales, compared to $34,~~918~~044,~~205~~762, or 23% of sales, for the ~~nine~~three months ended ~~February~~August 2831, 2023,. ~~for~~The aprincipal reason for decrease ofin ~~$54,230.~~gross ~~The~~profit ~~change~~margin infor ~~selling~~the three months ended August 31, ~~general~~2024, ~~and~~over ~~administrative~~the ~~expenses~~prior period was ~~nominal~~the ~~for~~decline ~~the~~in ~~two~~production ~~periods~~as discussed above.

~~Other~~Gain ~~Income~~from ~~(Expenses)~~Involuntary Conversion

During ~~nine~~the three months ended ~~February~~August 2831, ~~2023~~2024, the Company ~~realized:~~and the insurer agreed on the amount of settlements on certain casualty losses occurring in fiscal years 2024 and 2023. As of August 31, 2024, the outstanding balance on the receivable from the insurer is $1,781,836 as shown in Other receivable on the consolidated balance sheet. The payments resulted in a gain of $741,821.

● Federal tax credits realized in the amount of $3,270,424 from the Department of Treasury for claims filed pursuant to the Employee Retention Credits (“ERC”) under the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”).

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● Gain from deconsolidation of variable interest entity in the amount of $569,997 upon the deconsolidation GRE, a variable interest entity.

Other income for the nine months ended February 29(28), 2024 and 2023, was $180,004 and $189,914, respectively. The other income for the nine months ended February 29, 2024, consisted primarily of insurance recoveries and interest income. Other income for the nine months ended February 28, 2023, was primarily from interest income.

Interest expense was $982,592 for the nine months ended February 29, 2024, compared to $821,138 in the prior period for an increase of $161,454. The average U.S. prime rate of interest for the nine months ended February 29, 2024, was 8.50% compared the 6.14% for the prior period.

Provision for Income Taxes

The provision for income taxes was $1,375,000 and $452,000 for the nine months ended February 29(28), 2024 and 2023, respectively. The effective tax rate differs from federal statutory rates principally due to state income taxes, charges or income which have no tax benefit or expense, changes in the valuation allowance, and the basis that net income from GRE is not taxable at the corporate level because GRE is a limited liability company of which Greystone has no equity ownership.

Based upon a review of its income tax filing positions, Greystone believes that its positions would be sustained upon an audit by the Internal Revenue Service and does not anticipate any adjustments that would result in a material change to its financial position. Therefore, no reserves for uncertain income tax positions have been recorded.

Net Income

Greystone recorded net income of $3,006,974 for the nine months ended February 29, 2024, compared to $4,881,990 for the nine months ended February 28, 2023, primarily for the reasons discussed above.

Net Income Attributable to Common Stockholders

The net income attributable to common stockholders (net income less preferred dividends and GRE’s net income) for the nine months ended February 29, 2024, was $2,567,830, or $0.09 per share, compared $4,471,124, or $0.16 per share, for the nine months ended February 28, 2023, primarily for the reasons discussed above.

Three Months Ended February 29, 2024 Compared to Three Months Ended February 28, 2023

Sales

Sales for the three months ended February 29, 2024, were $13,980,009 compared to $13,578,269 for the three months ended February 28, 2023, for an increase of $401,740, or 3.0%. The increase in sales for the nine months ended February 29, 2024, over the prior period was primarily due to an approximate 2% increase in the average price per pallet sold.

Greystone’s principal customers, ranging from two to four customers, accounted for approximately 82% and 65% of sales for the nine months ended February 29(28), 2024 and 2023, respectively. Greystone is not able to predict the future needs of these principal customers and will continue its efforts to increase sales through the addition of new customers developed through Greystone’s marketing efforts.

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Cost of Sales

Cost of sales for the three months ended February 29, 2024, was $12,113,699, or 87% of sales, compared to $11,220,791, or 83% of sales, in the prior period. The increase in the ratio of cost of sales to sales for the current period over the prior period was primarily the result of an increase in the production overhead burden due to a decrease in production of approximately 12%.

Selling, General and Administrative Expenses

Selling, general and administrative expenses were $1,~~277~~820,~~001~~191, or 13.5% of sales, for the three months ended ~~February~~August 231, 2024, compared to $1,~~606~~212,~~626~~951, inor ~~the~~7.0% ~~prior~~of ~~period~~sales, for athe ~~decrease~~three months ended August 31, 2023, representing an increase of $~~329~~607,~~625~~240. The ~~decrease~~increase ~~resulted~~is ~~from~~primarily ~~employee~~due to bonuses paid during the three months ended ~~February~~August 2831, ~~2023~~2024.

Other Income (Expenses)

~~During~~Other ~~the~~income, ~~three~~generally ~~months~~from ~~ended~~interest ~~February~~income ~~28,~~and ~~2023,~~ the ~~Company~~sale ~~realized~~of ~~Federal~~scrap ~~tax~~material, ~~credits~~was ~~realized~~$19,389 inand ~~the amount of~~ $31,~~270,424~~599 ~~from the Department of Treasury~~ for ~~claims filed pursuant to~~ the ~~Employee~~three ~~Retention~~months ~~Credits~~ended ~~(“ERC”)~~August ~~under the Coronavirus Aid~~31, ~~Relief,~~2024 and ~~Economic Security Act (“CARES Act”)~~2023.

~~Other~~Interest ~~income~~expense was $294,709 for the three months ended ~~February~~August ~~29(28)~~31, 2024 ~~and 2023~~, ~~was~~compared ~~$176,851~~to ~~and~~ $~~183~~342,~~596,~~191 ~~respectively The other income~~ for the three months ended ~~February~~August 2931, ~~2024~~2023, ~~consisted~~representing ~~primarily~~a decrease of ~~insurance~~$47,482. ~~recoveries~~This ~~and~~decrease ~~interest~~is ~~income.~~due ~~Other~~to ~~income for~~ the ~~three~~continuing ~~months~~payments ~~ended~~on ~~February~~the ~~28,~~principal ~~2023,~~of ~~was~~outstanding ~~primarily from interest income~~debt.

Interest expense was $310,231 for the three months ended February 29, 2024, compared to $313,376 in the prior period for a decrease of $3,145. The average U.S. prime rate of interest for the three months ended February 29, 2024, was 8.50% compared the 7.23% for the prior period. The amortization of long-term debt and financing leases offset by the effect of the increase in the average U.S. prime rate of interest for the comparable periods resulted in the net decrease.

Provision for Income Taxes

The provision for income taxes was $~~158~~216,~~000~~750 and $~~196~~747,000 infor the three months ended ~~February~~August ~~29(28)~~31, 2024 and 2023, respectively. The effective tax rate differs from federal statutory rates due principally to state income taxes, charges or (income) which have no tax benefit or (expense), and changes in the valuation allowance~~, and the basis that the net income from GRE is not taxable at the corporate level because GRE is a limited liability company of which Greystone has no equity ownership~~.

Net Income

Greystone recorded net income of $~~297~~498,~~929~~733 for the three months ended ~~February~~August 2931, 2024, compared to $31,~~695~~744,~~496~~219 for ~~the~~ three months ended ~~February~~August 2831, 2023, primarily for the reasons discussed above.

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Net Income Attributable to Common Stockholders

The net income attributable to common stockholders ~~(net income less preferred dividends and GRE’s net income)~~ for ~~nine~~the three months ended ~~February~~August 2931, 2024, was $~~151~~350,~~456~~651, or $0.0102 per share, compared to $31,~~562~~598,~~996~~020, or $0.1306 per share, for the three months ended ~~February~~August 2831, 2023, primarily for the reasons discussed above.

~~Liquidity and Capital Resources~~16

A summary of cash flows for the nine months ended February 29, 2024, is as follows:

Cash provided by operating activities	$	9,272,967
Cash used in investing activities	$	(2,040,776	)
Cash provided by financing activities	$	(3,608,293	)

The contractual obligations of Greystone are as follows:

	Total		Less than 1 year		1-3 years		4-5 years		Thereafter
Long-term debt	$	14,113,317	$	2,384,993	$	4,647,973	$	7,080,351	$	-
Financing lease rents	$	17,513	$	15,715	$	1,798	$	-	$	-
Operating lease rents	$	7,571,900	$	534,000	$	1,068,000	$	1,110,370	$	4,859,530
Commitments	$	-	$	-	$	-	$	-	$	-

Greystone had a working capital of $8,490,873 as of February 29, 2024. To provide for the funding to meet Greystone's operating activities and contractual obligations as of February 29, 2024, Greystone will have to continue to produce positive operating results or explore various options including additional long-term debt and equity financing. However, there is no guarantee that Greystone will continue to create positive operating results or be able to raise sufficient capital to meet these obligations.

A substantial amount of Greystone’s debt financing has resulted primarily from bank notes which are guaranteed by certain officers and directors of Greystone and from loans provided by certain officers and directors of Greystone. Greystone continues to be dependent upon its officers and directors to provide and/or secure additional financing and there is no assurance that its officers and directors will continue to do so. As such, there is no assurance that funding will be available for Greystone to continue operations.

Greystone has 50,000 outstanding shares of cumulative 2003 Preferred Stock with a liquidation preference of $5,000,000 and a preferred dividend rate of the prime rate of interest plus 3.25%. Greystone does not anticipate that it will make cash dividend payments to any holders of its common stock unless and until the financial position of Greystone improves through increased revenues, another financing transaction or otherwise. Pursuant to the IBC Loan Agreement, as discussed in Note 6 of the consolidated financial statements, Greystone may pay dividends on its preferred stock in an amount not to exceed $500,000 per year.

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Liquidity and Capital Resources

A summary of cash flows for the three months ended August 31, 2024, was as follows:

Cash provided by operating activities	$	2,100,285

Cash used in investing activities	$	(3,335,901	)

Cash used in financing activities	$	(678,352	)

The contractual obligations and rents of Greystone are as follows:

	Total		Less than 1 year		1-3 years		4-5 years		Thereafter
Long-term debt	$	12,958,353	$	2,336,625	$	10,068,281	$	553,447	$	-
Financing leases	$	17,827	$	14,818	$	3,009	$	-	$	-
Operating leases	$	7,704,900	$	609,000	$	1,220,230	$	1,271,520	$	4,604,150
Commitments	$	330,209	$	330,209	$	-	$	-	$	-

Greystone had a working capital of $7,321,684 as of August 31, 2024. To provide for the funding to meet Greystone's operating activities and contractual obligations as of August 31, 2024, Greystone will have to continue to produce positive operating results or explore various options including additional long-term debt and equity financing. However, there is no guarantee that Greystone will continue to create positive operating results or be able to raise sufficient capital to meet these obligations.

A substantial amount of Greystone’s debt financing has resulted primarily from bank notes which are guaranteed by certain officers and directors of Greystone. Greystone continues to be dependent upon its officers and directors to secure, or possibly provide, additional financing and there is no assurance that its officers and directors will continue to do so, or that they will do so on terms that are acceptable to Greystone. As such, there is no assurance that funding will be available for Greystone to continue operations.

Greystone has 50,000 outstanding shares of cumulative 2003 Preferred Stock with a liquidation preference of $5,000,000 and a preferred dividend rate of the prime rate of interest plus 3.25%. Greystone does not anticipate that it will make cash dividend payments to any holders of its common stock unless and until the financial position of Greystone improves through increased revenues, another financing transaction or otherwise. Pursuant to the IBC Restated Loan Agreement, as discussed in Note 6 to the unaudited consolidated financial statements, Greystone may pay dividends on its preferred stock in an amount not to exceed $1,000,000 per year.

Off-Balance Sheet Arrangements

Greystone does not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to investors.

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Critical Accounting Policies and Estimates

Greystone believes that the following critical policies affect Greystone’s more significant judgments and estimates used in preparation of Greystone’s financial statements.

General

The preparation of unaudited consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Recognition of Revenues

Revenue is recognized at the point in time a good or service is transferred to a customer and the customer obtains control of that good or receives the service performed. Sales arrangements with customers are short-term in nature involving single performance obligations related to the delivery of goods and generally provide for transfer of control at the time of shipment. In limited circumstances, where acceptance of the goods is subject to approval by the customer, revenue is recognized upon approval by the customer unless, historically, there have been insignificant rejections of goods by the customer.

Accounts receivable

Trade receivables are carried at the original invoice amount less an allowance ~~estimate made~~ for ~~doubtful~~credit ~~accounts~~losses. Management determines the allowance ~~for credit losses~~ by regularly evaluating individual customer receivables and considering a customer’s financial condition, credit history and current economic conditions. Trade receivables are written off against the allowance when deemed uncollectible. Recoveries of trade receivables previously written off are recorded when received. The Company generally does not charge interest on past due accounts.

Inventory

Inventory consists of finished pallets and raw materials which are stated at the lower of average cost or net realizable value. Management applies overhead costs to inventory based on an analysis of the Company's expense categories. The specific costs are then applied to inventory based on production during the period. Management relies on estimates and assumptions regarding the specific costs to include in the production costs, as well as the period to use in determining inventory production.

Income Taxes

Greystone accounts for income taxes under the liability method, which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the consolidated financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on the difference between the consolidated financial statements and tax bases of assets and liabilities and tax loss carryforwards using enacted tax rates in effect for the year in which the differences are expected to reverse.

1918

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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 ~~not~~ be able to realize the full effect of the deferred tax assets as of August 31, 2024, and, aaccordingly, no valuation allowance was recorded. As of ~~$793~~May 31,~~337~~ 2024, management determined that Greystone would not be able to realize the full effect of deferred taxes and a valuation allowance of $1793,~~044,361 has~~337 ~~been~~was recorded. The primary reason for no valuation allowance as of ~~February~~August 2931, 2024, ~~and~~was the expiration of outstanding net operating losses during the current fiscal year ending May 31, ~~2023, respectively~~2025.

New Accounting Pronouncements

Management does not believe that any recently issued, but not yet effective, accounting standards could have a material effect on the accompanying unaudited consolidated financial statements. As new accounting pronouncements are issued, Greystone will adopt those that are applicable under the circumstances.

Recent accounting pronouncements issued by the Financial Accounting Standards Board, the American Institute of Certified Public Accountants and the SEC did not or are not believed by management to have a material effect on Greystone’s unaudited consolidated financial statements.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

Not applicable.

Item 4. Controls and Procedures.

As of the end of the period covered by this Quarterly Report on Form 10-Q, Greystone carried out an evaluation under the supervision of Greystone's Chief Executive Officer (CEO) ~~and Chief Financial Officer (CFO)~~ of the effectiveness of Greystone's disclosure controls and procedures pursuant to the Rules 13a-15(e) and 15d-15(e) promulgated under the Securities Exchange Act of 1934, as amended (“Exchange Act”). Based on an evaluation as of ~~February~~August 2931, 2024, Greystone’s CEO and CFO concluded that Greystone’s disclosure controls and procedures (as such term is defined in Rule 13a-15(e) under the Exchange Act) were not effective as of ~~February~~August 2931, 2024, as a result of a weakness in the design of internal controls over financial reporting identified below.

~~During~~Management ~~the~~has ~~nine~~determined ~~months ended February 29, 2024, there were no changes in Greystone's internal controls over financial reporting~~ that ~~have~~a ~~materially~~material ~~affected,~~weakness orexists ~~that~~due ~~are~~for ~~reasonably~~the ~~likely~~following ~~to materially affect, Greystone's internal control over financial reporting.~~reasons:

●

The Company has an ineffective control environment due to a lack of the necessary corporate accounting resources with SEC financial reporting experience to ensure consistent, complete and accurate financial reporting, as well as disclosure controls and procedures.

●

The Company has limited resources to ensure that necessary internal controls are implemented and followed throughout the Company. The limited resources result in inadequate internal controls relating to the authorization, recognition, capture, and review of transactions, facts, circumstances and events that could have a material impact on the Company’s financial reporting process.

During the three months ended August 31, 2024, there were no changes in Greystone's internal control over financial reporting that have materially affected, or that are reasonably likely to materially affect, Greystone's internal control over financial reporting.

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PART II. OTHER INFORMATION

Item 1. Legal Proceedings.

None.

Item 1A. Risk Factors.

Not applicable.

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Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

None.

~~dItem~~Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

Not applicable.

Item 5. Other Information.

None.

Item 6. Exhibits.

The following exhibits are filed or furnished as part of this Quarterly Report on Form 10-Q.

31.1*	~~Certification of Chief Executive Officer pursuant to Rules 13a-14(a) and 15d-14(a) promulgated under the Securities Exchange Act of 1934, as amended, and Item 601(b)(~~31~~) of Regulation S-K, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002~~.1*	Certification of Chief Executive Officer pursuant to Rules 13a-14(a) and 15d-14(a) promulgated under the Securities Exchange Act of 1934, as amended, and Item 601(b)(31) of Regulation S-K, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2*	~~Certification of Chief Financial Officer pursuant to Rules 13a-14(a) and 15d-14(a) promulgated under the Securities Exchange Act of 1934, as amended, and Item 601(b)(~~31~~) of Regulation S-K, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002~~.2*	Certification of Chief Financial Officer pursuant to Rules 13a-14(a) and 15d-14(a) promulgated under the Securities Exchange Act of 1934, as amended, and Item 601(b)(31) of Regulation S-K, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1**	~~Certification of Chief Executive Officer pursuant to 18 U~~32.~~S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.~~1**	Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2**	~~Certification of Chief Financial Officer pursuant to 18 U~~32.~~S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.~~2**	Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS*	~~Inline XBRL Instance Document~~101.INS*	Inline XBRL Instance Document.
10. SCH*	~~Inline XBRL Taxonomy Extension Schema Document~~10. SCH*	Inline XBRL Taxonomy Extension Schema Document.
101.CAL*	~~Inline XBRL Taxonomy Extension Calculation Linkbase~~101.CAL*	Inline XBRL Taxonomy Extension Calculation Linkbase.
101.DEF*	~~Inline XBRL Taxonomy Extension Definition Linkbase~~101.DEF*	Inline XBRL Taxonomy Extension Definition Linkbase.
101.LAB*	~~Inline XBRL Taxonomy Extension Labels Linkbase~~101.LAB*	Inline XBRL Taxonomy Extension Labels Linkbase.
101.PRE*	~~Inline XBRL Taxonomy Extension Presentation Linkbase~~101.PRE*	Inline XBRL Taxonomy Extension Presentation Linkbase.
104*	~~Cover Page Interactive Data File (embedded within the Inline XBRL and contained in Exhibit 101).~~104*	Cover Page Interactive Data File (embedded within the Inline XBRL document).

*	Filed herewith.

**	Furnished herewith.

2120

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	GREYSTONE LOGISTICS, INC.
	(Registrant)
Date: April 15, 2024	/s/ Warren F. Kruger
Date: October 18, 2024	/s/ Warren F. Kruger
	Warren F. Kruger, President and Chief
	Executive Officer (Principal Executive Officer)
Date: April 15, 2024	/s/ R. Brice Dille
Date: October 18, 2024	/s/ Warren F. Kruger
	R. Brice Dille, Interim Chief Financial Officer
	Warren F. Kruger, Interim Chief Financial Officer
	(Principal Financial Officer and Principal Accounting Officer)

2221

Filing Compare · GREYSTONE LOGISTICS, INC.