GREYSTONE LOGISTICS, INC. Files 10-Q for Q2 2023
Ticker: GLGI · Form: 10-Q · Filed: Jan 16, 2024 · CIK: 1088413
| Field | Detail |
|---|---|
| Company | Greystone Logistics, Inc. (GLGI) |
| Form Type | 10-Q |
| Filed Date | Jan 16, 2024 |
| Risk Level | medium |
| Pages | 13 |
| Reading Time | 16 min |
| Sentiment | neutral |
Complexity: simple
Sentiment: neutral
Topics: 10-Q, Financial Report, Logistics, Loan Agreements, Customer Concentration
TL;DR
<b>GREYSTONE LOGISTICS, INC. filed its Q2 2023 10-Q report on January 16, 2024, detailing financial activities and loan agreements.</b>
AI Summary
GREYSTONE LOGISTICS, INC. (GLGI) filed a Quarterly Report (10-Q) with the SEC on January 16, 2024. GREYSTONE LOGISTICS, INC. reported its Q2 2023 results ending November 30, 2023. The company's fiscal year ends May 31. The filing details various loan agreements, including FIB Loan Agreement, IBCLoanAgreement, and RevolvingCreditFacility. Key dates include the fiscal year end of 0531 and the filing date of 2024-01-16. The SIC code for the company is 3559 - SPECIAL INDUSTRY MACHINERY, NEC.
Why It Matters
For investors and stakeholders tracking GREYSTONE LOGISTICS, INC., this filing contains several important signals. This 10-Q filing provides a crucial update on GREYSTONE LOGISTICS, INC.'s financial health and operational status for the second quarter of fiscal year 2023. Investors and analysts can use this report to assess the company's performance, debt structure, and potential risks, particularly concerning its loan agreements and customer concentration.
Risk Assessment
Risk Level: medium — GREYSTONE LOGISTICS, INC. shows moderate risk based on this filing. The company's reliance on a limited number of customers presents a significant risk, as indicated by the 'CustomerConcentrationRiskMember' tags in the filing.
Analyst Insight
Review the detailed breakdown of revenue by customer segment and assess the impact of customer concentration on future revenue stability.
Key Numbers
- 2023-11-30 — Q2 2023 End Date (Conformed Period of Report)
- 2024-01-16 — Filing Date (Filed As Of Date)
- 0531 — Fiscal Year End (Company fiscal year end)
- 3559 — SIC Code (Standard Industrial Classification)
- 1.25 — Value (Related to glgi:InsuranceForDamagedEquipmentMember)
- 2023-12-01 — Date (Subsequent Event Date)
- 2022-06-01 — Start Date (Comparison period start date)
- 2022-11-30 — End Date (Comparison period end date)
Key Players & Entities
- GREYSTONE LOGISTICS, INC. (company) — Filer name
- GLGI (company) — Ticker symbol
- 10-Q (document) — Form type
- 2023-11-30 (date) — Conformed period of report
- 2024-01-16 (date) — Filed as of date
- 3559 (industry_code) — Standard Industrial Classification
- PALWEB CORP (company) — Former company name
- 1999-06-10 (date) — Date of name change
Forward-Looking Statements
- GREYSTONE LOGISTICS, INC. will remain highly vulnerable to revenue fluctuations due to its concentrated customer base. (GREYSTONE LOGISTICS, INC.) — high confidence, target: 2024-11-30
- Any negative change in relationship with the single customer accounting for 60% of sales could lead to a significant stock price drop. (GREYSTONE LOGISTICS, INC.) — high confidence, target: 2024-06-01
FAQ
When did GREYSTONE LOGISTICS, INC. file this 10-Q?
GREYSTONE LOGISTICS, INC. filed this Quarterly Report (10-Q) with the SEC on January 16, 2024.
What is a 10-Q filing?
A 10-Q is a quarterly financial report with unaudited financials, management discussion, and interim business updates. This particular 10-Q was filed by GREYSTONE LOGISTICS, INC. (GLGI).
Where can I read the original 10-Q filing from GREYSTONE LOGISTICS, INC.?
You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by GREYSTONE LOGISTICS, INC..
What are the key takeaways from GREYSTONE LOGISTICS, INC.'s 10-Q?
GREYSTONE LOGISTICS, INC. filed this 10-Q on January 16, 2024. Key takeaways: GREYSTONE LOGISTICS, INC. reported its Q2 2023 results ending November 30, 2023.. The company's fiscal year ends May 31.. The filing details various loan agreements, including FIB Loan Agreement, IBCLoanAgreement, and RevolvingCreditFacility..
Is GREYSTONE LOGISTICS, INC. a risky investment based on this filing?
Based on this 10-Q, GREYSTONE LOGISTICS, INC. presents a moderate-risk profile. The company's reliance on a limited number of customers presents a significant risk, as indicated by the 'CustomerConcentrationRiskMember' tags in the filing.
What should investors do after reading GREYSTONE LOGISTICS, INC.'s 10-Q?
Review the detailed breakdown of revenue by customer segment and assess the impact of customer concentration on future revenue stability. The overall sentiment from this filing is neutral.
Risk Factors
- Customer Concentration Risk [high — financial]: The company's revenue is significantly dependent on a small number of customers, posing a risk to financial stability if these relationships are disrupted.
Key Dates
- 2023-11-30: End of Q2 2023 — Reporting period end date for the 10-Q filing.
- 2024-01-16: 10-Q Filing Date — Date the Q2 2023 10-Q was officially filed with the SEC.
- 2023-05-31: Fiscal Year End — The company's annual fiscal year concludes on this date.
- 2021-08-23: FIB Loan Agreement — Date of the FIB Loan Agreement.
Glossary
- 10-Q
- A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides an update on the company's financial performance and condition between annual reports.)
Filing Stats: 3,936 words · 16 min read · ~13 pages · Grade level 19.9 · Accepted 2024-01-16 14:10:55
Filing Documents
- glgi20231130_10q.htm (10-Q) — 758KB
- ex_614028.htm (EX-31.1) — 14KB
- ex_614029.htm (EX-31.2) — 14KB
- ex_614030.htm (EX-32.1) — 5KB
- ex_614031.htm (EX-32.2) — 6KB
- 0001437749-24-001375.txt ( ) — 4218KB
- glgi-20231130.xsd (EX-101.SCH) — 43KB
- glgi-20231130_def.xml (EX-101.DEF) — 301KB
- glgi-20231130_lab.xml (EX-101.LAB) — 256KB
- glgi-20231130_pre.xml (EX-101.PRE) — 329KB
- glgi-20231130_cal.xml (EX-101.CAL) — 47KB
- glgi20231130_10q_htm.xml (XML) — 531KB
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION      
Financial Statements
Item 1. Financial Statements           Consolidated Balance Sheets (Unaudited) As of November 30, 2023 and May 31, 2023 1         Consolidated Statements of Income (Unaudited) For the Six Months Ended November 30, 2023 and 2022 2         Consolidated Statements of Operations (Unaudited) For the Three Months Ended November 30, 2023 and 2022 3         Consolidated Statements of Changes in Equity (Unaudited) For the Six Months Ended November 30, 2023 and 2022 4         Consolidated Statements of Cash Flows (Unaudited) For the Six Months Ended November 30, 2023 and 2022 5        
Notes to Consolidated Financial Statements (Unaudited)
Notes to Consolidated Financial Statements (Unaudited) 6       Item 2.
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 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 21       Item 4.
Controls and Procedures
Controls and Procedures 21      
OTHER INFORMATION
PART II. OTHER INFORMATION 21       Item 1.
Legal Proceedings
Legal Proceedings 21       Item 1A.
Risk Factors
Risk Factors 21       Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 22       Item 3. Defaults Upon Senior Securities 22       Item 4. Mine Safety Disclosures 22       Item 5. Other Information 22       Item 6. Exhibits 23      
SIGNATURES
SIGNATURES 24     Table of Contents      
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION  
Financial Statements
Item 1. Financial Statements Greystone Logistics, Inc. and Subsidiaries   Consolidated Balance Sheets   (Unaudited)         November 30, 2023     May 31, 2023   Assets                 Current Assets:                 Cash   $ 4,183,406     $ 695,951   Accounts receivable -                 Trade     3,402,977       4,857,504   Related parties     170,960       56,550   Other     85,709       386,877   Inventory     5,260,002       4,484,106   Prepaid expenses     293,735       528,962   Total Current Assets     13,396,789       11,009,950   Property, Plant and Equipment, net     31,873,300       33,184,706   Right-of-Use Operating Lease Assets     5,203,089       5,335,714   Total Assets   $ 50,473,178     $ 49,530,370                     Liabilities and Equity                 Current Liabilities:                 Current portion of long-term debt   $ 2,321,333     $ 2,249,570   Current portion of financing leases     28,698       31,981   Current portion of operating leases     242,417       240,346   Accounts payable and accrued expenses     3,636,664       3,337,410   D
Notes to Consolidated Financial Statements
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 November 30, 2023, the results of its operations for the six months and three months ended November 30, 2023 and 2022 and its cash flows for the six months ended November 30, 2023 and 2022. 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 and the notes thereto included in the Form 10-K for such period. The results of operations for the six months and three months ended November 30, 2023 and 2022 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 note payable, and in conjunction with the Company'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