Greystone Logistics Files 2024 10-K

TL;DR

GLGI filed its 2024 10-K. Financials are in. Check it out.

AI Summary

Greystone Logistics, Inc. filed its 10-K for the fiscal year ending May 31, 2024. The company, formerly Palweb Corp, reported financial results for the period. Key financial data and business operations are detailed in the filing, which was submitted on September 13, 2024.

Why It Matters

This filing provides investors and analysts with a comprehensive overview of Greystone Logistics' financial health and operational performance for the fiscal year 2024, crucial for investment decisions.

Risk Assessment

Risk Level: medium — The filing mentions customer concentration risk, indicating a potential vulnerability if key customers are lost.

Key Players & Entities

• GREYSTONE LOGISTICS, INC. (company) — Filer
• PALWEB CORP (company) — Former Company Name
• 2024-05-31 (date) — Fiscal Year End
• 2024-09-13 (date) — Filing Date

FAQ

Key Financial Figures

• $0.0001 — ection 12(g) of the Act: Common Stock, $0.0001 par value (Title of class) Indicate
• $0.95 — h date, was approximately $ 11,479,202 ($0.95 per share). As of August 30, 2024, the
• $25 billion — an incremental opportunity of more than $25 billion between 2018 and 2025. Types of Pallet

Filing Documents

• glgi20240531_10k.htm (10-K) — 1184KB
• ex_723187.htm (EX-21.1) — 3KB
• ex_723188.htm (EX-31.1) — 12KB
• ex_723189.htm (EX-31.2) — 12KB
• ex_723190.htm (EX-32.1) — 5KB
• ex_723191.htm (EX-32.2) — 5KB
• 0001437749-24-029155.txt ( ) — 6184KB
• glgi-20240531.xsd (EX-101.SCH) — 64KB
• glgi-20240531_def.xml (EX-101.DEF) — 420KB
• glgi-20240531_lab.xml (EX-101.LAB) — 361KB
• glgi-20240531_pre.xml (EX-101.PRE) — 456KB
• glgi-20240531_cal.xml (EX-101.CAL) — 61KB
• glgi20240531_10k_htm.xml (XML) — 785KB

Business

Business 4 Item 1A.

Risk Factors

Risk Factors 8 Item 1B. Unresolved Staff Comments 13 Item 1C. Cybersecurity 13 Item 2.

Properties

Properties 14 Item 3.

Legal Proceedings

Legal Proceedings 14 Item 4. Mine Safety Disclosures 14 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 14 Item 6. [Reserved] 15 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 15 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 19 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 19 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 19 Item 9A.

Controls and Procedures

Controls and Procedures 19 Item 9B. Other Information 20 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. 20 PART III Item 10. Directors, Executive Officers and Corporate Governance 20 Item 11.

Executive Compensation

Executive Compensation 24 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 24 Item 13. Certain Relationships and Related Transactions, and Director Independence 26 Item 14. Principal Accountant Fees and Services 27 PART IV Item 15. Exhibits and Financial Statement Schedules 27 Item 16. Form 10-K Summary 29

Signatures

Signatures 30 3 Table of Contents PART I

Business

Item 1. Business. Organization Greystone Logistics, Inc. ("Greystone" or the "Company") was incorporated in Delaware on February 24, 1969, under the name Permaspray Manufacturing Corporation. It subsequently changed its name to Browning Enterprises Inc. in April 1982, to Cabec Energy Corp. in June 1993, to PalWeb Corporation in April 1999 and to Greystone Logistics, Inc. in March 2005, as further described below. In December 1997, Greystone acquired all of the issued and outstanding stock of Plastic Pallet Production, Inc., a Texas corporation ("PPP"), and since that time, Greystone has primarily been engaged in the business of manufacturing and selling plastic pallets. Effective September 8, 2003, Greystone acquired substantially all of the assets of Greystone Plastics, Inc., an Iowa corporation, through the purchase of such assets by Greystone's newly formed, wholly-owned subsidiary, Greystone Manufacturing, L.L.C., an Oklahoma limited liability company ("GSM"). Greystone Plastics, Inc. was a manufacturer of plastic pallets used in the beverage industry. Effective March 18, 2005, the Company caused its newly formed, wholly owned subsidiary, Greystone Logistics, Inc., an Oklahoma corporation, to be merged with and into the Company. In connection with such merger and as of the effective time of the merger, the Company amended its certificate of incorporation by changing its name from PalWeb Corporation to Greystone Logistics, Inc., pursuant to the terms of the certificate of ownership and merger filed by Greystone with the Secretary of State of Oklahoma. Current Business Products Greystone's primary business is the manufacturing of plastic pallets utilizing recycled plastic and selling the pallets through its wholly owned subsidiary, GSM. Greystone sells its pallets through a network of independent contractor distributors and direct sales by its President and sales department. As of May 31, 2024, Greystone had an aggregate in-house production capacity of

Risk Factors

Item 1A. Risk Factors. Our business could be affected by changes in the availability of raw materials. Greystone uses a proprietary mix of raw materials to produce its plastic pallets. Such raw materials are generally readily available, and some may be obtained from a broad range of recycled plastic suppliers and unprocessed waste plastic. At the present time, these materials are being purchased from local and national suppliers. If available, these materials may also be purchased from international suppliers. The availability of Greystone's raw materials could change at any time for various reasons. For example, the market demand for Greystone's raw materials could suddenly increase, or the rate at which plastic materials are recycled could decrease, affecting both availability and price. Additionally, the laws and regulations governing the production of plastics and the recycling of plastic containers could change and, as a result, affect the supply of Greystone's raw materials. Any interruption in the supply of raw materials or components could have a material adverse effect on Greystone. Furthermore, certain potential alternative suppliers may have pre-existing exclusive relationships with Greystone's competitors and others that may preclude Greystone from obtaining raw materials from such suppliers. Greystone's business could be affected by competition and rapid technological change. Greystone currently faces competition from many companies that produce wooden pallets at prices that are substantially lower than the prices Greystone and other companies that manufacture plastic pallets charge for their plastic pallets. It is anticipated that the plastic pallet industry will be subject to intense competition and rapid technological change. Greystone could potentially face additional competition from recycling and plastics companies, many of which have substantially greater financial and other resources than Greystone and, therefore, are able to spend more t

View Full Filing

View this 10-K filing on SEC EDGAR