SEC Info - Greystone Logistics, Inc. - ‘10-K/A’ for 5/31/22

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Greystone Logistics, Inc. – ‘10-K/A’ for 5/31/22 – ‘XML’

On: Tuesday, 8/23/22, at 5:23pm ET · For: 5/31/22 · Accession #: 1493152-22-23867 · File #: 0-26331

Previous ‘10-K’: ‘10-K’ on 8/19/22 for 5/31/22 · Next & Latest: ‘10-K’ on 8/28/23 for 5/31/23 · 10 References:

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 8/23/22  Greystone Logistics, Inc.         10-K/A      5/31/22   79:5.1M                                   M2 Compliance LLC/FA

Amendment to Annual Report — Form 10-K

Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K/A      Amendment to Annual Report                          HTML   1.13M 
 2: EX-21.1     Subsidiaries List                                   HTML     20K 
 3: EX-31.1     Certification -- §302 - SOA'02                      HTML     27K 
 4: EX-31.2     Certification -- §302 - SOA'02                      HTML     27K 
 5: EX-32.1     Certification -- §906 - SOA'02                      HTML     22K 
 6: EX-32.2     Certification -- §906 - SOA'02                      HTML     23K 
12: R1          Cover                                               HTML     86K 
13: R2          Consolidated Balance Sheets                         HTML    126K 
14: R3          Consolidated Balance Sheets (Parenthetical)         HTML     41K 
15: R4          Consolidated Statements of Income                   HTML    103K 
16: R5          Consolidated Statements of Changes inEquity         HTML     65K 
17: R6          Consolidated Statements of Changes inEquity         HTML     23K 
                (Parenthetical)                                                  
18: R7          Consolidated Statements of Cash Flows               HTML    101K 
19: R8          Summary of Significant Accounting Policies          HTML     63K 
20: R9          Inventory                                           HTML     27K 
21: R10         Property, Plant and Equipment                       HTML     35K 
22: R11         Long-Term Debt                                      HTML    103K 
23: R12         Leases                                              HTML     70K 
24: R13         Revenue                                             HTML     35K 
25: R14         Related Party Transactions                          HTML     34K 
26: R15         Income Taxes                                        HTML     56K 
27: R16         Stockholders? Equity                                HTML     35K 
28: R17         Stock Options                                       HTML     32K 
29: R18         Retirement Plan                                     HTML     30K 
30: R19         Financial Instruments                               HTML     25K 
31: R20         Supplemental Information of Cash Flows              HTML     30K 
32: R21         Concentrations, Risks and Uncertainties             HTML     27K 
33: R22         Variable Interest Entities (Vie)                    HTML     28K 
34: R23         Commitments                                         HTML     24K 
35: R24         Summary of Significant Accounting Policies          HTML     96K 
                (Policies)                                                       
36: R25         Summary of Significant Accounting Policies          HTML     42K 
                (Tables)                                                         
37: R26         Inventory (Tables)                                  HTML     27K 
38: R27         Property, Plant and Equipment (Tables)              HTML     30K 
39: R28         Long-Term Debt (Tables)                             HTML     76K 
40: R29         Leases (Tables)                                     HTML     64K 
41: R30         Revenue (Tables)                                    HTML     28K 
42: R31         Income Taxes (Tables)                               HTML     59K 
43: R32         Stock Options (Tables)                              HTML     30K 
44: R33         Supplemental Information of Cash Flows (Tables)     HTML     28K 
45: R34         Schedule of Useful Life of Property, Plant and      HTML     36K 
                Equipment (Details)                                              
46: R35         Schedule of Basic and Diluted Earnings Per Share    HTML     53K 
                (Details)                                                        
47: R36         Schedule of Inventory (Details)                     HTML     27K 
48: R37         Schedule of Property, Plant and Equipment           HTML     38K 
                (Details)                                                        
49: R38         Property, Plant and Equipment (Details Narrative)   HTML     29K 
50: R39         Schedule of Long-Term Debt (Details)                HTML     85K 
51: R40         Long-Term Debt (Details Narrative)                  HTML    118K 
52: R41         Schedule of Financing Lease (Details)               HTML     27K 
53: R42         Schedule of Non-Cancelable Financing Leases         HTML     29K 
                (Details)                                                        
54: R43         Schedule of Operating Leases (Details)              HTML     27K 
55: R44         Summary of Lease Activity (Details)                 HTML     51K 
56: R45         Schedule of Future Minimum Lease Payments           HTML     50K 
                (Details)                                                        
57: R46         Leases (Details Narrative)                          HTML     55K 
58: R47         Schedule of Sale of Revenues for Customer           HTML     30K 
                Categories (Details)                                             
59: R48         Revenue (Details Narrative)                         HTML     32K 
60: R49         Related Party Transactions (Details Narrative)      HTML     49K 
61: R50         Summary of Deferred Taxes (Details)                 HTML     35K 
62: R51         Summary of Net Change in Deferred Taxes (Details)   HTML     31K 
63: R52         Summary of Provision for Income Taxes (Details)     HTML     33K 
64: R53         Summary of Provision for Income Taxes for Federal   HTML     32K 
                Statutory Rate (Details)                                         
65: R54         Summary of Net Operating Loss for Federal Income    HTML     30K 
                Tax (Details)                                                    
66: R55         Income Taxes (Details Narrative)                    HTML     24K 
67: R56         Stockholders? Equity (Details Narrative)            HTML     54K 
68: R57         Schedule of Option Activity (Details)               HTML     32K 
69: R58         Stock Options (Details Narrative)                   HTML     25K 
70: R59         Retirement Plan (Details Narrative)                 HTML     27K 
71: R60         Schedule of Supplemental Information of Cash Flows  HTML     34K 
                (Details)                                                        
72: R61         Concentrations, Risks and Uncertainties (Details    HTML     32K 
                Narrative)                                                       
73: R62         Variable Interest Entities (Vie) (Details           HTML     28K 
                Narrative)                                                       
74: R63         Commitments (Details Narrative)                     HTML     22K 
77: XML         IDEA XML File -- Filing Summary                      XML    138K 
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76: EXCEL       IDEA Workbook of Financial Reports                  XLSX    118K 
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                Linkbase Document -- glgi-20220531_cal                           
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                Document -- glgi-20220531_def                                    
10: EX-101.LAB  Inline XBRL Taxonomy Extension Label Linkbase        XML    952K 
                Document -- glgi-20220531_lab                                    
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                Linkbase Document -- glgi-20220531_pre                           
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                glgi-20220531                                                    
78: JSON        XBRL Instance as JSON Data -- MetaLinks              346±   483K 
79: ZIP         XBRL Zipped Folder -- 0001493152-22-023867-xbrl      Zip    236K

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<dei:AmendmentDescription contextRef="From2021-06-01to2022-05-31"> This Form 10-K/A is being filed by Greystone Logistics, Inc. (the “Company”) as Amendment No. 1 (this “Form 10-K/A”) to its Annual Report on Form 10-K for the fiscal year ended May 31, 2022 (the “Previous Form 10-K”). This Form 10-K/A amends and restates the Previous Form 10-K in its entirety. Accordingly, this Form 10-K/A should be read independently of the Previous Form 10-K and the Company’s filings made with the Securities and Exchange Commission subsequent to the filing of the Previous Form 10-K, including any amendments to those filings. The Company’s Previous Form 10-K was inadvertently and erroneously filed by the filing agent and accepted by the SEC (ACCESSION NUMBER: 0001493152-22-023637) on August 19, 2022, 5:28 PM. The Previous Form 10-K was not approved, nor signed by the principal executive officer, principal financial officer and board of directors. The Previous Form 10-K included a signed Report of Independent Registered Public Accounting Firm with a date of August 19, 2022. HoganTaylor LLP, the Company’s Independent Registered Public Accounting Firm, did not issue the Company a report for the May 31, 2022 consolidated financial statements that was included in the Previous Form 10-K. As such, the consolidated financial statements which are presented in the Previous Form 10-K are unaudited. This Form 10-K/A has been signed by the Company’s principal executive officer, principal financial officer and board of directors. Also, the Company’s principal executive officer and principal financial officer have provided new certifications in connection with this Form 10-K/A (Exhibits 31.1, 31.2, 32.1 and 32.2). Additionally, this Form 10-K/A includes the Report of Independent Registered Public Accounting Firm signed by HoganTaylor LLP dated August 23, 2022 and the accompanying audited consolidated financial statements. </dei:AmendmentDescription>

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<us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest contextRef="AsOf2021-05-31" decimals="0" unitRef="USD"> 11253040 </us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest>

<us-gaap:LiabilitiesAndStockholdersEquity contextRef="AsOf2022-05-31" decimals="0" unitRef="USD"> 45745454 </us-gaap:LiabilitiesAndStockholdersEquity>

<us-gaap:LiabilitiesAndStockholdersEquity contextRef="AsOf2021-05-31" decimals="0" unitRef="USD"> 43729507 </us-gaap:LiabilitiesAndStockholdersEquity>

<us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax contextRef="From2021-06-01to2022-05-31" decimals="0" unitRef="USD"> 74170351 </us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax>

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<us-gaap:CostOfGoodsAndServicesSold contextRef="From2021-06-01to2022-05-31" decimals="0" unitRef="USD"> 66395792 </us-gaap:CostOfGoodsAndServicesSold>

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<us-gaap:GrossProfit contextRef="From2021-06-01to2022-05-31" decimals="0" unitRef="USD"> 7774559 </us-gaap:GrossProfit>

<us-gaap:GrossProfit contextRef="From2020-06-012021-05-31" decimals="0" unitRef="USD"> 11456820 </us-gaap:GrossProfit>

<us-gaap:SellingGeneralAndAdministrativeExpense contextRef="From2021-06-01to2022-05-31" decimals="0" unitRef="USD"> 5200387 </us-gaap:SellingGeneralAndAdministrativeExpense>

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<us-gaap:NetIncomeLoss contextRef="From2021-06-01to2022-05-31" decimals="0" unitRef="USD"> 4546600 </us-gaap:NetIncomeLoss>

<us-gaap:NetIncomeLoss contextRef="From2020-06-012021-05-31" decimals="0" unitRef="USD"> 3625526 </us-gaap:NetIncomeLoss>

<us-gaap:NetIncomeLossAttributableToNoncontrollingInterest contextRef="From2021-06-01to2022-05-31" decimals="0" unitRef="USD"> 279663 </us-gaap:NetIncomeLossAttributableToNoncontrollingInterest>

<us-gaap:NetIncomeLossAttributableToNoncontrollingInterest contextRef="From2020-06-012021-05-31" decimals="0" unitRef="USD"> 272142 </us-gaap:NetIncomeLossAttributableToNoncontrollingInterest>

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<us-gaap:PreferredStockDividendsAndOtherAdjustments contextRef="From2020-06-012021-05-31" decimals="0" unitRef="USD"> 323219 </us-gaap:PreferredStockDividendsAndOtherAdjustments>

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<us-gaap:EarningsPerShareDiluted contextRef="From2020-06-012021-05-31" decimals="INF" unitRef="USDPShares"> 0.10 </us-gaap:EarningsPerShareDiluted>

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<us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding contextRef="From2020-06-012021-05-31" decimals="INF" unitRef="Shares"> 32364942 </us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding>

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<us-gaap:SharesOutstanding contextRef="AsOf2021-05-31_us-gaap_CommonStockMember" decimals="INF" unitRef="Shares"> 28361201 </us-gaap:SharesOutstanding>

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<us-gaap:StockIssuedDuringPeriodValueStockOptionsExercised contextRef="From2021-06-012022-05-31_us-gaap_CommonStockMember" decimals="0" unitRef="USD"> 20 </us-gaap:StockIssuedDuringPeriodValueStockOptionsExercised>

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<us-gaap:StockIssuedDuringPeriodValueStockOptionsExercised contextRef="From2021-06-012022-05-31_us-gaap_ParentMember" decimals="0" unitRef="USD"> 24000 </us-gaap:StockIssuedDuringPeriodValueStockOptionsExercised>

<us-gaap:StockIssuedDuringPeriodValueStockOptionsExercised contextRef="From2021-06-01to2022-05-31" decimals="0" unitRef="USD"> 24000 </us-gaap:StockIssuedDuringPeriodValueStockOptionsExercised>

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<us-gaap:StockIssuedDuringPeriodValueNewIssues contextRef="From2021-06-012022-05-31_us-gaap_ParentMember" decimals="0" unitRef="USD"> 281500 </us-gaap:StockIssuedDuringPeriodValueNewIssues>

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<us-gaap:SharesOutstanding contextRef="AsOf2022-05-31_us-gaap_CommonStockMember" decimals="INF" unitRef="Shares"> 28279701 </us-gaap:SharesOutstanding>

<us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest contextRef="AsOf2022-05-31_us-gaap_CommonStockMember" decimals="0" unitRef="USD"> 2828 </us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest>

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<us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest contextRef="AsOf2022-05-31_us-gaap_RetainedEarningsMember" decimals="0" unitRef="USD"> -39838449 </us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest>

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<us-gaap:GainLossOnDispositionOfAssets1 contextRef="From2021-06-01to2022-05-31" decimals="0" unitRef="USD"> 22336 </us-gaap:GainLossOnDispositionOfAssets1>

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<us-gaap:PaymentsToAcquirePropertyPlantAndEquipment contextRef="From2020-06-012021-05-31" decimals="0" unitRef="USD"> 2905640 </us-gaap:PaymentsToAcquirePropertyPlantAndEquipment>

<us-gaap:ProceedsFromSaleOfProductiveAssets contextRef="From2021-06-01to2022-05-31" decimals="0" unitRef="USD"> 50000 </us-gaap:ProceedsFromSaleOfProductiveAssets>

<us-gaap:NetCashProvidedByUsedInInvestingActivities contextRef="From2021-06-01to2022-05-31" decimals="0" unitRef="USD"> -6080521 </us-gaap:NetCashProvidedByUsedInInvestingActivities>

<us-gaap:NetCashProvidedByUsedInInvestingActivities contextRef="From2020-06-012021-05-31" decimals="0" unitRef="USD"> -2905640 </us-gaap:NetCashProvidedByUsedInInvestingActivities>

<us-gaap:ProceedsFromIssuanceOfLongTermDebt contextRef="From2021-06-01to2022-05-31" decimals="0" unitRef="USD"> 837000 </us-gaap:ProceedsFromIssuanceOfLongTermDebt>

<us-gaap:ProceedsFromLinesOfCredit contextRef="From2021-06-01to2022-05-31" decimals="0" unitRef="USD"> 3700000 </us-gaap:ProceedsFromLinesOfCredit>

<us-gaap:ProceedsFromLinesOfCredit contextRef="From2020-06-012021-05-31" decimals="0" unitRef="USD"> 2935000 </us-gaap:ProceedsFromLinesOfCredit>

<us-gaap:RepaymentsOfDebt contextRef="From2021-06-01to2022-05-31" decimals="0" unitRef="USD"> 5263858 </us-gaap:RepaymentsOfDebt>

<us-gaap:RepaymentsOfDebt contextRef="From2020-06-012021-05-31" decimals="0" unitRef="USD"> 4845494 </us-gaap:RepaymentsOfDebt>

<us-gaap:RepaymentsOfRelatedPartyDebt contextRef="From2021-06-01to2022-05-31" decimals="0" unitRef="USD"> 436724 </us-gaap:RepaymentsOfRelatedPartyDebt>

<us-gaap:RepaymentsOfRelatedPartyDebt contextRef="From2020-06-012021-05-31" decimals="0" unitRef="USD"> 1019683 </us-gaap:RepaymentsOfRelatedPartyDebt>

<us-gaap:RepaymentsOfLinesOfCredit contextRef="From2020-06-012021-05-31" decimals="0" unitRef="USD"> 5475000 </us-gaap:RepaymentsOfLinesOfCredit>

<us-gaap:PaymentsOfDebtIssuanceCosts contextRef="From2021-06-01to2022-05-31" decimals="0" unitRef="USD"> 4752 </us-gaap:PaymentsOfDebtIssuanceCosts>

<us-gaap:ProceedsFromStockOptionsExercised contextRef="From2021-06-01to2022-05-31" decimals="0" unitRef="USD"> 24000 </us-gaap:ProceedsFromStockOptionsExercised>

<us-gaap:ProceedsFromIssuanceOfCommonStock contextRef="From2021-06-01to2022-05-31" decimals="0" unitRef="USD"> -281500 </us-gaap:ProceedsFromIssuanceOfCommonStock>

<us-gaap:PaymentsOfDividends contextRef="From2021-06-01to2022-05-31" decimals="0" unitRef="USD"> 243082 </us-gaap:PaymentsOfDividends>

<us-gaap:PaymentsOfDividends contextRef="From2020-06-012021-05-31" decimals="0" unitRef="USD"> 407329 </us-gaap:PaymentsOfDividends>

<us-gaap:PaymentsOfDistributionsToAffiliates contextRef="From2021-06-01to2022-05-31" decimals="0" unitRef="USD"> 132200 </us-gaap:PaymentsOfDistributionsToAffiliates>

<us-gaap:PaymentsOfDistributionsToAffiliates contextRef="From2020-06-012021-05-31" decimals="0" unitRef="USD"> 208800 </us-gaap:PaymentsOfDistributionsToAffiliates>

<us-gaap:NetCashProvidedByUsedInFinancingActivities contextRef="From2021-06-01to2022-05-31" decimals="0" unitRef="USD"> -1801116 </us-gaap:NetCashProvidedByUsedInFinancingActivities>

<us-gaap:NetCashProvidedByUsedInFinancingActivities contextRef="From2020-06-012021-05-31" decimals="0" unitRef="USD"> -9021306 </us-gaap:NetCashProvidedByUsedInFinancingActivities>

<us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect contextRef="From2021-06-01to2022-05-31" decimals="0" unitRef="USD"> -1244276 </us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect>

<us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect contextRef="From2020-06-012021-05-31" decimals="0" unitRef="USD"> 3255683 </us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect>

<us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations contextRef="AsOf2021-05-31" decimals="0" unitRef="USD"> 4387533 </us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations>

<us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations contextRef="AsOf2020-05-31" decimals="0" unitRef="USD"> 1131850 </us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations>

<us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations contextRef="AsOf2022-05-31" decimals="0" unitRef="USD"> 3143257 </us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations>

<us-gaap:SignificantAccountingPoliciesTextBlock contextRef="From2021-06-01to2022-05-31">

Note 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Organization Greystone Logistics, Inc. (“Greystone”), through its two wholly owned subsidiaries, Greystone Manufacturing, LLC (“GSM”) and Plastic Pallet Production, Inc. (“PPP”), is engaged in the manufacturing and marketing of plastic pallets and pelletized recycled plastic resin. Principles of Consolidation The consolidated financial statements include the accounts of Greystone, its subsidiaries and entities required to be consolidated by the accounting guidance for variable interest entities (“VIE”). All material intercompany accounts and transactions have been eliminated. Greystone consolidates its VIE, Greystone Real Estate, L.L.C. (“GRE”), which owns the manufacturing facilities which are occupied by Greystone. GRE is owned by Warren F. Kruger, President and CEO, and Robert B. Rosene, Jr., a member of Greystone’s Board of Directors. Use of Estimates The preparation of Greystone’s consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires Greystone’s management to make estimates and assumptions that affect the amounts reported in these consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates. Cash and Cash Equivalents The Company considers all highly liquid temporary cash investments with an original maturity of three months or less to be cash equivalents. The Company maintains accounts at financial institutions which are insured by the Federal Deposit Insurance Corporation (FDIC). Cash balances at times are in excess of FDIC insurance limits. <p id="xdx_845_eus-gaap--ReceivablesTradeAndOtherAccountsReceivableAllowanceForDoubtfulAccountsPolicy_zvOL1O6szKSh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Accounts Receivable and Allowance for Uncollectible Accounts Greystone records its accounts receivable at their face value less an allowance for credit losses in an amount sufficient to absorb losses inherent in its accounts receivable portfolio based on projected expected credit losses. Greystone evaluates its accounts receivable and establishes an allowance for uncollectible accounts based on a combination of specific customer circumstances, credit conditions and history of collections. Inventory Inventory consists of finished pallets and raw materials which are stated at the lower of average cost or net realizable value. Property, Plant and Equipment Greystone’s property, plant and equipment is stated at cost. Depreciation expense is computed using the straight-line method over the estimated useful lives, as follows: SCHEDULE OF USEFUL LIFE OF PROPERTY, PLANT AND EQUIPMENT <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 80%; border-collapse: collapse; margin-right: auto"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; width: 44%">Plant buildings</td> <td style="width: 12%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 44%; text-align: justify"><span id="xdx_906_eus-gaap--PropertyPlantAndEquipmentUsefulLife_dtY_c20210601__20220531__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--PlantBuildingMember_zgO8kfUCjihe" title="Estimated useful life of property plant and equipment">39 years</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif">Production machinery and equipment</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_907_eus-gaap--PropertyPlantAndEquipmentUsefulLife_dtY_c20210601__20220531__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--MachineryAndEquipmentMember__srt--RangeAxis__srt--MinimumMember_zSQ3LRnngcw4" title="Estimated useful life of property plant and equipment">5-<span id="xdx_906_eus-gaap--PropertyPlantAndEquipmentUsefulLife_dtY_c20210601__20220531__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--MachineryAndEquipmentMember__srt--RangeAxis__srt--MaximumMember_zIxdIq3VhM55" title="Estimated useful life of property plant and equipment">12 years</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif">Leasehold improvements</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_90A_eus-gaap--PropertyPlantAndEquipmentUsefulLife_dtY_c20210601__20220531__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember__srt--RangeAxis__srt--MinimumMember_z9VjDtmUhQf5" title="Estimated useful life of property plant and equipment">5-<span id="xdx_900_eus-gaap--PropertyPlantAndEquipmentUsefulLife_dtY_c20210601__20220531__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember__srt--RangeAxis__srt--MaximumMember_zvT9zE1JOpB6" title="Estimated useful life of property plant and equipment">7 years</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif">Furniture & fixtures</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_908_eus-gaap--PropertyPlantAndEquipmentUsefulLife_dtY_c20210601__20220531__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember__srt--RangeAxis__srt--MinimumMember_z5yzNAank1Ta" title="Estimated useful life of property plant and equipment">3-<span id="xdx_90F_eus-gaap--PropertyPlantAndEquipmentUsefulLife_dtY_c20210601__20220531__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember__srt--RangeAxis__srt--MaximumMember_zzT92rRqsZBh" title="Estimated useful life of property plant and equipment">5 years</td></tr> </table> Upon sale, retirement or other disposal, the related costs and accumulated depreciation of items of property, plant or equipment are removed from the related accounts and any gain or loss is recognized. When events or changes in circumstances indicate that long-lived assets may be impaired, an evaluation is performed comparing the estimated future undiscounted cash flows associated with the asset to the asset’s carrying amount. If the asset’s carrying amount exceeds the cash flows, a write-down to fair value is required. Leases Greystone recognizes right-of-use assets and lease liabilities on the balance sheet and disclosure of key information about leasing arrangements. Greystone has operating and finance leases for facilities, office space and plant equipment. Operating leases are included in right-of-use (“ROU”) operating lease assets and finance lease ROU assets are included in property, plant and equipment, net in the consolidated balance sheet. The lease liabilities are included in operating leases and financing leases (current and non-current) in the consolidated balance sheet. The lease liability is initially measured at the present value of the lease payments, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the incremental borrowing rate. The incremental borrowing rate is defined as the rate of interest that a lessee would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. For finance leases, lease expenses are the sum of interest on the lease obligations and amortization of the ROU assets. Finance lease ROU assets are amortized based on the lesser of the lease term and the useful life of the leased asset according to the capital asset accounting policy. If ownership of the ROU assets transfers to Greystone at the end of the lease term or if Greystone is reasonably certain to exercise a purchase option, amortization is calculated using the estimated useful life of the leased asset. For operating leases, the lease expenses are generally recognized on a straight-line basis over the lease term and recorded to general and administrative expenses in the consolidated statements of income. In accordance with Accounting Standards Codification 842, Greystone has made accounting policy elections (1) to not recognize right-of-use assets and lease liabilities for lease arrangements with a term of twelve months or less and (2) to combine lease and non-lease components. The non-lease components are not material and do not result in significant timing differences in the recognition of lease expense. Short-term leases include real estate and vehicles and are not significant in comparison to Greystone’s overall lease portfolio. For these leases, the Company recognizes the leases as an operating expense on a straight-line basis over the term of the lease. Debt Issuance Costs The Company capitalizes debt issuance costs as incurred and amortizes such costs on a straight-line basis across the term of the debt. Debt issuance costs are fully amortized when the debt is repaid or refinanced. Stock Options The grant-date fair value of stock options and other equity-based compensation issued to employees is amortized on the straight-line basis over the vesting period of the award as compensation cost. The fair value of new option grants is estimated using the Black-Scholes option pricing model. The Black-Scholes option pricing model was developed for use in estimating the fair value of traded options, which have no vesting restrictions and are fully transferable. In addition, option pricing models require the input of highly subjective assumptions including the expected stock price volatility, dividend yields and expected holding periods. 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. Contract liabilities associated with sales arrangements primarily relate to deferred revenue on prepaid sales of goods. Greystone generally purchases damaged pallets from its customers which are reground and used in Greystone’s pallet production process; however, damaged pallet purchases are historically insignificant. 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. Earnings Per Share Basic earnings per share is computed by dividing the earnings available to common stockholders by the weighted average number of common shares outstanding for the year. In arriving at income available to common stockholders, income attributable to non-controlling interest and preferred stock dividends are deducted from net income for the year. Basic and diluted earnings per share of common stock for the years ending May 31, are as follows: SCHEDULE OF BASIC AND DILUTED EARNINGS PER SHARE <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_498_20210601__20220531_zYSjIy5llDJ4" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2022</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49D_20200601__20210531_zBEPahbipi2k" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2021</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify">Basic earnings per share of common stock:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Numerator -</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasic_zinScnD6xwlj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 68%; text-align: justify; padding-left: 10pt">Net income attributable to common stockholders</td><td style="width: 2%"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 12%; text-align: right">3,938,478</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 12%; text-align: right">3,030,165</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Denominator -</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_i_pdd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-left: 10pt">Weighted-average common shares outstanding</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">28,423,721</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">28,361,201</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--EarningsPerShareBasic_i_pdd" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Income per share of common stock - Basic</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">0.14</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">0.11</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: justify">Diluted earnings per share of common stock:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Numerator -</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_ecustom--NetIncomeLossAvailableToCommonStockholderBasic_maNIATCzsAS_zGJHrsOWryTd" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-left: 10pt">Net income attributable to common stockholders</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">3,938,478</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">3,030,165</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_ecustom--PreferredStockDividendsDueToAssumedConversion_maNIATCzsAS_zxkELsOA2Nag" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; padding-left: 10pt; text-align: justify">Add: Preferred stock dividends due to assumed conversion</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">328,459</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">323,219</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40E_ecustom--NetIncomeAllocatedToCommonStockholders_iT_pp0p0_mtNIATCzsAS_zwo0rB8yAlob" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: justify">Net income allocated to common stockholders</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">4,266,937</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,353,384</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Denominator -</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_zREojhKoIIh7" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: justify">Weighted-average common shares outstanding-basic</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">28,423,721</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">28,361,201</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--IncrementalCommonSharesAttributableToCallOptionsAndWarrants_i_pdd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; padding-left: 10pt; text-align: justify">Incremental common shares from assumed conversion of warrants, options and preferred stock, as appropriate</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,828,711</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">4,003,741</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_i_pdd" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: justify">Diluted weighted average common stock outstanding</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">32,252,432</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">32,364,942</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--EarningsPerShareDiluted_i_pdd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Income per share of common stock - Diluted</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">0.13</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">0.10</td><td style="text-align: left"> </td></tr> </table>

</us-gaap:SignificantAccountingPoliciesTextBlock>

<GLGI:OrganizationPolicyTextBlock contextRef="From2021-06-01to2022-05-31">

Organization Greystone Logistics, Inc. (“Greystone”), through its two wholly owned subsidiaries, Greystone Manufacturing, LLC (“GSM”) and Plastic Pallet Production, Inc. (“PPP”), is engaged in the manufacturing and marketing of plastic pallets and pelletized recycled plastic resin.

</GLGI:OrganizationPolicyTextBlock>

<us-gaap:ConsolidationPolicyTextBlock contextRef="From2021-06-01to2022-05-31">

Principles of Consolidation The consolidated financial statements include the accounts of Greystone, its subsidiaries and entities required to be consolidated by the accounting guidance for variable interest entities (“VIE”). All material intercompany accounts and transactions have been eliminated. Greystone consolidates its VIE, Greystone Real Estate, L.L.C. (“GRE”), which owns the manufacturing facilities which are occupied by Greystone. GRE is owned by Warren F. Kruger, President and CEO, and Robert B. Rosene, Jr., a member of Greystone’s Board of Directors.

</us-gaap:ConsolidationPolicyTextBlock>

<us-gaap:UseOfEstimates contextRef="From2021-06-01to2022-05-31">

Use of Estimates The preparation of Greystone’s consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires Greystone’s management to make estimates and assumptions that affect the amounts reported in these consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates.

</us-gaap:UseOfEstimates>

<us-gaap:CashAndCashEquivalentsPolicyTextBlock contextRef="From2021-06-01to2022-05-31">

Cash and Cash Equivalents The Company considers all highly liquid temporary cash investments with an original maturity of three months or less to be cash equivalents. The Company maintains accounts at financial institutions which are insured by the Federal Deposit Insurance Corporation (FDIC). Cash balances at times are in excess of FDIC insurance limits.

</us-gaap:CashAndCashEquivalentsPolicyTextBlock>

<us-gaap:ReceivablesTradeAndOtherAccountsReceivableAllowanceForDoubtfulAccountsPolicy contextRef="From2021-06-01to2022-05-31">

<p id="xdx_845_eus-gaap--ReceivablesTradeAndOtherAccountsReceivableAllowanceForDoubtfulAccountsPolicy_zvOL1O6szKSh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Accounts Receivable and Allowance for Uncollectible Accounts Greystone records its accounts receivable at their face value less an allowance for credit losses in an amount sufficient to absorb losses inherent in its accounts receivable portfolio based on projected expected credit losses. Greystone evaluates its accounts receivable and establishes an allowance for uncollectible accounts based on a combination of specific customer circumstances, credit conditions and history of collections.

</us-gaap:ReceivablesTradeAndOtherAccountsReceivableAllowanceForDoubtfulAccountsPolicy>

<us-gaap:InventoryPolicyTextBlock contextRef="From2021-06-01to2022-05-31">

Inventory Inventory consists of finished pallets and raw materials which are stated at the lower of average cost or net realizable value.

</us-gaap:InventoryPolicyTextBlock>

<us-gaap:PropertyPlantAndEquipmentPolicyTextBlock contextRef="From2021-06-01to2022-05-31">

Property, Plant and Equipment Greystone’s property, plant and equipment is stated at cost. Depreciation expense is computed using the straight-line method over the estimated useful lives, as follows: SCHEDULE OF USEFUL LIFE OF PROPERTY, PLANT AND EQUIPMENT <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 80%; border-collapse: collapse; margin-right: auto"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; width: 44%">Plant buildings</td> <td style="width: 12%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 44%; text-align: justify"><span id="xdx_906_eus-gaap--PropertyPlantAndEquipmentUsefulLife_dtY_c20210601__20220531__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--PlantBuildingMember_zgO8kfUCjihe" title="Estimated useful life of property plant and equipment">39 years</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif">Production machinery and equipment</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_907_eus-gaap--PropertyPlantAndEquipmentUsefulLife_dtY_c20210601__20220531__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--MachineryAndEquipmentMember__srt--RangeAxis__srt--MinimumMember_zSQ3LRnngcw4" title="Estimated useful life of property plant and equipment">5-<span id="xdx_906_eus-gaap--PropertyPlantAndEquipmentUsefulLife_dtY_c20210601__20220531__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--MachineryAndEquipmentMember__srt--RangeAxis__srt--MaximumMember_zIxdIq3VhM55" title="Estimated useful life of property plant and equipment">12 years</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif">Leasehold improvements</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_90A_eus-gaap--PropertyPlantAndEquipmentUsefulLife_dtY_c20210601__20220531__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember__srt--RangeAxis__srt--MinimumMember_z9VjDtmUhQf5" title="Estimated useful life of property plant and equipment">5-<span id="xdx_900_eus-gaap--PropertyPlantAndEquipmentUsefulLife_dtY_c20210601__20220531__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember__srt--RangeAxis__srt--MaximumMember_zvT9zE1JOpB6" title="Estimated useful life of property plant and equipment">7 years</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif">Furniture & fixtures</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_908_eus-gaap--PropertyPlantAndEquipmentUsefulLife_dtY_c20210601__20220531__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember__srt--RangeAxis__srt--MinimumMember_z5yzNAank1Ta" title="Estimated useful life of property plant and equipment">3-<span id="xdx_90F_eus-gaap--PropertyPlantAndEquipmentUsefulLife_dtY_c20210601__20220531__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember__srt--RangeAxis__srt--MaximumMember_zzT92rRqsZBh" title="Estimated useful life of property plant and equipment">5 years</td></tr> </table> Upon sale, retirement or other disposal, the related costs and accumulated depreciation of items of property, plant or equipment are removed from the related accounts and any gain or loss is recognized. When events or changes in circumstances indicate that long-lived assets may be impaired, an evaluation is performed comparing the estimated future undiscounted cash flows associated with the asset to the asset’s carrying amount. If the asset’s carrying amount exceeds the cash flows, a write-down to fair value is required.

</us-gaap:PropertyPlantAndEquipmentPolicyTextBlock>

<GLGI:ScheduleOfUsefulLifeOfPropertyPlantAndEquipmentTableTextBlock contextRef="From2021-06-01to2022-05-31">

Greystone’s property, plant and equipment is stated at cost. Depreciation expense is computed using the straight-line method over the estimated useful lives, as follows: SCHEDULE OF USEFUL LIFE OF PROPERTY, PLANT AND EQUIPMENT <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 80%; border-collapse: collapse; margin-right: auto"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; width: 44%">Plant buildings</td> <td style="width: 12%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 44%; text-align: justify"><span id="xdx_906_eus-gaap--PropertyPlantAndEquipmentUsefulLife_dtY_c20210601__20220531__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--PlantBuildingMember_zgO8kfUCjihe" title="Estimated useful life of property plant and equipment">39 years</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif">Production machinery and equipment</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_907_eus-gaap--PropertyPlantAndEquipmentUsefulLife_dtY_c20210601__20220531__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--MachineryAndEquipmentMember__srt--RangeAxis__srt--MinimumMember_zSQ3LRnngcw4" title="Estimated useful life of property plant and equipment">5-<span id="xdx_906_eus-gaap--PropertyPlantAndEquipmentUsefulLife_dtY_c20210601__20220531__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--MachineryAndEquipmentMember__srt--RangeAxis__srt--MaximumMember_zIxdIq3VhM55" title="Estimated useful life of property plant and equipment">12 years</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif">Leasehold improvements</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_90A_eus-gaap--PropertyPlantAndEquipmentUsefulLife_dtY_c20210601__20220531__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember__srt--RangeAxis__srt--MinimumMember_z9VjDtmUhQf5" title="Estimated useful life of property plant and equipment">5-<span id="xdx_900_eus-gaap--PropertyPlantAndEquipmentUsefulLife_dtY_c20210601__20220531__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember__srt--RangeAxis__srt--MaximumMember_zvT9zE1JOpB6" title="Estimated useful life of property plant and equipment">7 years</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif">Furniture & fixtures</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_908_eus-gaap--PropertyPlantAndEquipmentUsefulLife_dtY_c20210601__20220531__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember__srt--RangeAxis__srt--MinimumMember_z5yzNAank1Ta" title="Estimated useful life of property plant and equipment">3-<span id="xdx_90F_eus-gaap--PropertyPlantAndEquipmentUsefulLife_dtY_c20210601__20220531__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember__srt--RangeAxis__srt--MaximumMember_zzT92rRqsZBh" title="Estimated useful life of property plant and equipment">5 years</td></tr> </table>

</GLGI:ScheduleOfUsefulLifeOfPropertyPlantAndEquipmentTableTextBlock>

<us-gaap:PropertyPlantAndEquipmentUsefulLife contextRef="From2021-06-012022-05-31_custom_PlantBuildingMember"> P39Y </us-gaap:PropertyPlantAndEquipmentUsefulLife>

<us-gaap:PropertyPlantAndEquipmentUsefulLife contextRef="From2021-06-012022-05-31_us-gaap_MachineryAndEquipmentMember_srt_MinimumMember"> P5Y </us-gaap:PropertyPlantAndEquipmentUsefulLife>

<us-gaap:PropertyPlantAndEquipmentUsefulLife contextRef="From2021-06-012022-05-31_us-gaap_MachineryAndEquipmentMember_srt_MaximumMember"> P12Y </us-gaap:PropertyPlantAndEquipmentUsefulLife>

<us-gaap:PropertyPlantAndEquipmentUsefulLife contextRef="From2021-06-012022-05-31_us-gaap_LeaseholdImprovementsMember_srt_MinimumMember"> P5Y </us-gaap:PropertyPlantAndEquipmentUsefulLife>

<us-gaap:PropertyPlantAndEquipmentUsefulLife contextRef="From2021-06-012022-05-31_us-gaap_LeaseholdImprovementsMember_srt_MaximumMember"> P7Y </us-gaap:PropertyPlantAndEquipmentUsefulLife>

<us-gaap:PropertyPlantAndEquipmentUsefulLife contextRef="From2021-06-012022-05-31_us-gaap_FurnitureAndFixturesMember_srt_MinimumMember"> P3Y </us-gaap:PropertyPlantAndEquipmentUsefulLife>

<us-gaap:PropertyPlantAndEquipmentUsefulLife contextRef="From2021-06-012022-05-31_us-gaap_FurnitureAndFixturesMember_srt_MaximumMember"> P5Y </us-gaap:PropertyPlantAndEquipmentUsefulLife>

<us-gaap:LesseeLeasesPolicyTextBlock contextRef="From2021-06-01to2022-05-31">

Leases Greystone recognizes right-of-use assets and lease liabilities on the balance sheet and disclosure of key information about leasing arrangements. Greystone has operating and finance leases for facilities, office space and plant equipment. Operating leases are included in right-of-use (“ROU”) operating lease assets and finance lease ROU assets are included in property, plant and equipment, net in the consolidated balance sheet. The lease liabilities are included in operating leases and financing leases (current and non-current) in the consolidated balance sheet. The lease liability is initially measured at the present value of the lease payments, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the incremental borrowing rate. The incremental borrowing rate is defined as the rate of interest that a lessee would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. For finance leases, lease expenses are the sum of interest on the lease obligations and amortization of the ROU assets. Finance lease ROU assets are amortized based on the lesser of the lease term and the useful life of the leased asset according to the capital asset accounting policy. If ownership of the ROU assets transfers to Greystone at the end of the lease term or if Greystone is reasonably certain to exercise a purchase option, amortization is calculated using the estimated useful life of the leased asset. For operating leases, the lease expenses are generally recognized on a straight-line basis over the lease term and recorded to general and administrative expenses in the consolidated statements of income. In accordance with Accounting Standards Codification 842, Greystone has made accounting policy elections (1) to not recognize right-of-use assets and lease liabilities for lease arrangements with a term of twelve months or less and (2) to combine lease and non-lease components. The non-lease components are not material and do not result in significant timing differences in the recognition of lease expense. Short-term leases include real estate and vehicles and are not significant in comparison to Greystone’s overall lease portfolio. For these leases, the Company recognizes the leases as an operating expense on a straight-line basis over the term of the lease.

</us-gaap:LesseeLeasesPolicyTextBlock>

<us-gaap:DebtPolicyTextBlock contextRef="From2021-06-01to2022-05-31">

Debt Issuance Costs The Company capitalizes debt issuance costs as incurred and amortizes such costs on a straight-line basis across the term of the debt. Debt issuance costs are fully amortized when the debt is repaid or refinanced.

</us-gaap:DebtPolicyTextBlock>

<GLGI:StockOptionsPolicyTextBlock contextRef="From2021-06-01to2022-05-31">

Stock Options The grant-date fair value of stock options and other equity-based compensation issued to employees is amortized on the straight-line basis over the vesting period of the award as compensation cost. The fair value of new option grants is estimated using the Black-Scholes option pricing model. The Black-Scholes option pricing model was developed for use in estimating the fair value of traded options, which have no vesting restrictions and are fully transferable. In addition, option pricing models require the input of highly subjective assumptions including the expected stock price volatility, dividend yields and expected holding periods.

</GLGI:StockOptionsPolicyTextBlock>

<us-gaap:RevenueFromContractWithCustomerPolicyTextBlock contextRef="From2021-06-01to2022-05-31">

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. Contract liabilities associated with sales arrangements primarily relate to deferred revenue on prepaid sales of goods. Greystone generally purchases damaged pallets from its customers which are reground and used in Greystone’s pallet production process; however, damaged pallet purchases are historically insignificant.

</us-gaap:RevenueFromContractWithCustomerPolicyTextBlock>

<us-gaap:IncomeTaxPolicyTextBlock contextRef="From2021-06-01to2022-05-31">

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.

</us-gaap:IncomeTaxPolicyTextBlock>

<us-gaap:EarningsPerSharePolicyTextBlock contextRef="From2021-06-01to2022-05-31">

Earnings Per Share Basic earnings per share is computed by dividing the earnings available to common stockholders by the weighted average number of common shares outstanding for the year. In arriving at income available to common stockholders, income attributable to non-controlling interest and preferred stock dividends are deducted from net income for the year. Basic and diluted earnings per share of common stock for the years ending May 31, are as follows: SCHEDULE OF BASIC AND DILUTED EARNINGS PER SHARE <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_498_20210601__20220531_zYSjIy5llDJ4" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2022</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49D_20200601__20210531_zBEPahbipi2k" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2021</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify">Basic earnings per share of common stock:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Numerator -</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasic_zinScnD6xwlj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 68%; text-align: justify; padding-left: 10pt">Net income attributable to common stockholders</td><td style="width: 2%"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 12%; text-align: right">3,938,478</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 12%; text-align: right">3,030,165</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Denominator -</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_i_pdd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-left: 10pt">Weighted-average common shares outstanding</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">28,423,721</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">28,361,201</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--EarningsPerShareBasic_i_pdd" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Income per share of common stock - Basic</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">0.14</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">0.11</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: justify">Diluted earnings per share of common stock:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Numerator -</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_ecustom--NetIncomeLossAvailableToCommonStockholderBasic_maNIATCzsAS_zGJHrsOWryTd" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-left: 10pt">Net income attributable to common stockholders</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">3,938,478</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">3,030,165</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_ecustom--PreferredStockDividendsDueToAssumedConversion_maNIATCzsAS_zxkELsOA2Nag" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; padding-left: 10pt; text-align: justify">Add: Preferred stock dividends due to assumed conversion</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">328,459</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">323,219</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40E_ecustom--NetIncomeAllocatedToCommonStockholders_iT_pp0p0_mtNIATCzsAS_zwo0rB8yAlob" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: justify">Net income allocated to common stockholders</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">4,266,937</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,353,384</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Denominator -</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_zREojhKoIIh7" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: justify">Weighted-average common shares outstanding-basic</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">28,423,721</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">28,361,201</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--IncrementalCommonSharesAttributableToCallOptionsAndWarrants_i_pdd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; padding-left: 10pt; text-align: justify">Incremental common shares from assumed conversion of warrants, options and preferred stock, as appropriate</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,828,711</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">4,003,741</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_i_pdd" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: justify">Diluted weighted average common stock outstanding</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">32,252,432</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">32,364,942</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--EarningsPerShareDiluted_i_pdd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Income per share of common stock - Diluted</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">0.13</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">0.10</td><td style="text-align: left"> </td></tr> </table>

</us-gaap:EarningsPerSharePolicyTextBlock>

<us-gaap:ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock contextRef="From2021-06-01to2022-05-31">

Basic and diluted earnings per share of common stock for the years ending May 31, are as follows: SCHEDULE OF BASIC AND DILUTED EARNINGS PER SHARE <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_498_20210601__20220531_zYSjIy5llDJ4" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2022</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49D_20200601__20210531_zBEPahbipi2k" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2021</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify">Basic earnings per share of common stock:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Numerator -</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasic_zinScnD6xwlj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 68%; text-align: justify; padding-left: 10pt">Net income attributable to common stockholders</td><td style="width: 2%"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 12%; text-align: right">3,938,478</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 12%; text-align: right">3,030,165</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Denominator -</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_i_pdd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-left: 10pt">Weighted-average common shares outstanding</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">28,423,721</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">28,361,201</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--EarningsPerShareBasic_i_pdd" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Income per share of common stock - Basic</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">0.14</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">0.11</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: justify">Diluted earnings per share of common stock:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Numerator -</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_ecustom--NetIncomeLossAvailableToCommonStockholderBasic_maNIATCzsAS_zGJHrsOWryTd" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-left: 10pt">Net income attributable to common stockholders</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">3,938,478</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">3,030,165</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_ecustom--PreferredStockDividendsDueToAssumedConversion_maNIATCzsAS_zxkELsOA2Nag" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; padding-left: 10pt; text-align: justify">Add: Preferred stock dividends due to assumed conversion</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">328,459</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">323,219</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40E_ecustom--NetIncomeAllocatedToCommonStockholders_iT_pp0p0_mtNIATCzsAS_zwo0rB8yAlob" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: justify">Net income allocated to common stockholders</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">4,266,937</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,353,384</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Denominator -</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_zREojhKoIIh7" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: justify">Weighted-average common shares outstanding-basic</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">28,423,721</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">28,361,201</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--IncrementalCommonSharesAttributableToCallOptionsAndWarrants_i_pdd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; padding-left: 10pt; text-align: justify">Incremental common shares from assumed conversion of warrants, options and preferred stock, as appropriate</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,828,711</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">4,003,741</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_i_pdd" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: justify">Diluted weighted average common stock outstanding</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">32,252,432</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">32,364,942</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--EarningsPerShareDiluted_i_pdd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Income per share of common stock - Diluted</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">0.13</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">0.10</td><td style="text-align: left"> </td></tr> </table>

</us-gaap:ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock>

<us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic contextRef="From2021-06-01to2022-05-31" decimals="0" unitRef="USD"> 3938478 </us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic>

<us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic contextRef="From2020-06-012021-05-31" decimals="0" unitRef="USD"> 3030165 </us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic>

<us-gaap:WeightedAverageNumberOfSharesOutstandingBasic contextRef="From2021-06-01to2022-05-31" decimals="INF" unitRef="Shares"> 28423721 </us-gaap:WeightedAverageNumberOfSharesOutstandingBasic>

<us-gaap:WeightedAverageNumberOfSharesOutstandingBasic contextRef="From2020-06-012021-05-31" decimals="INF" unitRef="Shares"> 28361201 </us-gaap:WeightedAverageNumberOfSharesOutstandingBasic>

<us-gaap:EarningsPerShareBasic contextRef="From2021-06-01to2022-05-31" decimals="INF" unitRef="USDPShares"> 0.14 </us-gaap:EarningsPerShareBasic>

<us-gaap:EarningsPerShareBasic contextRef="From2020-06-012021-05-31" decimals="INF" unitRef="USDPShares"> 0.11 </us-gaap:EarningsPerShareBasic>

<GLGI:NetIncomeLossAvailableToCommonStockholderBasic contextRef="From2021-06-01to2022-05-31" decimals="0" unitRef="USD"> 3938478 </GLGI:NetIncomeLossAvailableToCommonStockholderBasic>

<GLGI:NetIncomeLossAvailableToCommonStockholderBasic contextRef="From2020-06-012021-05-31" decimals="0" unitRef="USD"> 3030165 </GLGI:NetIncomeLossAvailableToCommonStockholderBasic>

<GLGI:PreferredStockDividendsDueToAssumedConversion contextRef="From2021-06-01to2022-05-31" decimals="0" unitRef="USD"> 328459 </GLGI:PreferredStockDividendsDueToAssumedConversion>

<GLGI:PreferredStockDividendsDueToAssumedConversion contextRef="From2020-06-012021-05-31" decimals="0" unitRef="USD"> 323219 </GLGI:PreferredStockDividendsDueToAssumedConversion>

<GLGI:NetIncomeAllocatedToCommonStockholders contextRef="From2021-06-01to2022-05-31" decimals="0" unitRef="USD"> 4266937 </GLGI:NetIncomeAllocatedToCommonStockholders>

<GLGI:NetIncomeAllocatedToCommonStockholders contextRef="From2020-06-012021-05-31" decimals="0" unitRef="USD"> 3353384 </GLGI:NetIncomeAllocatedToCommonStockholders>

<us-gaap:WeightedAverageNumberOfSharesOutstandingBasic contextRef="From2021-06-01to2022-05-31" decimals="INF" unitRef="Shares"> 28423721 </us-gaap:WeightedAverageNumberOfSharesOutstandingBasic>

<us-gaap:WeightedAverageNumberOfSharesOutstandingBasic contextRef="From2020-06-012021-05-31" decimals="INF" unitRef="Shares"> 28361201 </us-gaap:WeightedAverageNumberOfSharesOutstandingBasic>

<us-gaap:IncrementalCommonSharesAttributableToCallOptionsAndWarrants contextRef="From2021-06-01to2022-05-31" decimals="INF" unitRef="Shares"> 3828711 </us-gaap:IncrementalCommonSharesAttributableToCallOptionsAndWarrants>

<us-gaap:IncrementalCommonSharesAttributableToCallOptionsAndWarrants contextRef="From2020-06-012021-05-31" decimals="INF" unitRef="Shares"> 4003741 </us-gaap:IncrementalCommonSharesAttributableToCallOptionsAndWarrants>

<us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding contextRef="From2020-06-012021-05-31" decimals="INF" unitRef="Shares"> 32364942 </us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding>

<us-gaap:EarningsPerShareDiluted contextRef="From2021-06-01to2022-05-31" decimals="INF" unitRef="USDPShares"> 0.13 </us-gaap:EarningsPerShareDiluted>

<us-gaap:EarningsPerShareDiluted contextRef="From2020-06-012021-05-31" decimals="INF" unitRef="USDPShares"> 0.10 </us-gaap:EarningsPerShareDiluted>

<us-gaap:InventoryDisclosureTextBlock contextRef="From2021-06-01to2022-05-31">

Note 2. INVENTORY Inventory consists of the following as of May 31: SCHEDULE OF INVENTORY <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 92%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20220531_ztjb9F1Ggnek" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20210531_zaQ9cpMwJlK5" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40B_eus-gaap--InventoryRawMaterials_iI_pp0p0_maINza79_zOxNSZWM5pek" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 66%; text-align: left">Raw materials</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">2,091,550</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">2,520,654</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--InventoryFinishedGoods_iI_pp0p0_maINza79_zcvDxKGnGHc5" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Finished pallets</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,020,946</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">921,320</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--InventoryNet_iTI_pp0p0_mtINza79_z8Pb5LZmxpY1" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Total Inventory</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">4,112,496</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,441,974</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

</us-gaap:InventoryDisclosureTextBlock>

<us-gaap:ScheduleOfInventoryCurrentTableTextBlock contextRef="From2021-06-01to2022-05-31">

Inventory consists of the following as of May 31: SCHEDULE OF INVENTORY <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 92%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20220531_ztjb9F1Ggnek" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20210531_zaQ9cpMwJlK5" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40B_eus-gaap--InventoryRawMaterials_iI_pp0p0_maINza79_zOxNSZWM5pek" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 66%; text-align: left">Raw materials</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">2,091,550</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">2,520,654</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--InventoryFinishedGoods_iI_pp0p0_maINza79_zcvDxKGnGHc5" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Finished pallets</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,020,946</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">921,320</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--InventoryNet_iTI_pp0p0_mtINza79_z8Pb5LZmxpY1" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Total Inventory</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">4,112,496</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,441,974</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

</us-gaap:ScheduleOfInventoryCurrentTableTextBlock>

<us-gaap:InventoryRawMaterials contextRef="AsOf2022-05-31" decimals="0" unitRef="USD"> 2091550 </us-gaap:InventoryRawMaterials>

<us-gaap:InventoryRawMaterials contextRef="AsOf2021-05-31" decimals="0" unitRef="USD"> 2520654 </us-gaap:InventoryRawMaterials>

<us-gaap:InventoryFinishedGoods contextRef="AsOf2022-05-31" decimals="0" unitRef="USD"> 2020946 </us-gaap:InventoryFinishedGoods>

<us-gaap:InventoryFinishedGoods contextRef="AsOf2021-05-31" decimals="0" unitRef="USD"> 921320 </us-gaap:InventoryFinishedGoods>

<us-gaap:InventoryNet contextRef="AsOf2022-05-31" decimals="0" unitRef="USD"> 4112496 </us-gaap:InventoryNet>

<us-gaap:InventoryNet contextRef="AsOf2021-05-31" decimals="0" unitRef="USD"> 3441974 </us-gaap:InventoryNet>

<us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock contextRef="From2021-06-01to2022-05-31">

Note 3. PROPERTY, PLANT AND EQUIPMENT A summary of the property, plant and equipment for Greystone is as follows, as of May 31: SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 92%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20220531_zooFT2kK2pRh" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20210531_zhw4QNU1cn92" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_408_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--MachineryAndEquipmentMember_zN87zYekutb8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 66%; text-align: left">Production machinery and equipment</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">57,341,906</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">52,292,733</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--PlantBuildingsandLandMember_ziXWFKUetpIk" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Plant buildings and land</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,020,543</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,970,949</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember_znTe9IVEtsDi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Leasehold improvements</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,487,398</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,487,398</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember_zOBAlW8I7B7d" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Furniture and fixtures</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">542,057</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">550,337</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--PropertyPlantAndEquipmentGross_iI_maPPAENzVGh_zK9kM7bEM1Ua" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Total property, plant and equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">66,391,904</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">61,301,417</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_di_msPPAENzVGh_zmyCKTSAlcX7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Less: Accumulated depreciation</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(34,515,139</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(30,302,429</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--PropertyPlantAndEquipmentNet_iTI_mtPPAENzVGh_zB1BPt5muh2a" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Property, Plant and Equipment, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">31,876,765</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">30,998,988</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> Property, plant and equipment includes production equipment with a carrying value of $3,175,990 which had not been placed into service as of May 31, 2022. Two plant buildings and land located in Bettendorf, Iowa are owned by GRE, a variable interest entity, and had a net book value of $<span id="xdx_905_eus-gaap--PropertyPlantAndEquipmentGross_iI_pp0p0_c20220531__srt--ConsolidatedEntitiesAxis__us-gaap--VariableInterestEntityPrimaryBeneficiaryMember_zneux1LVEnm5" title="Carrying value of property, plant and equipment">2,548,933 as of May 31, 2022. Effective July 29, 2022, GRE's relationship with Greystone as a VIE will terminate. The carrying values of the buildings will be eliminated and replaced by a right-of-use financing lease asset in the amount of the present value of the rentals under the lease agreement for the buildings. Depreciation expense for the years ended May 31, 2022 and 2021, was $5,359,993 and $5,796,357, respectively.

</us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock>

<us-gaap:PropertyPlantAndEquipmentTextBlock contextRef="From2021-06-01to2022-05-31">

A summary of the property, plant and equipment for Greystone is as follows, as of May 31: SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 92%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20220531_zooFT2kK2pRh" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20210531_zhw4QNU1cn92" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_408_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--MachineryAndEquipmentMember_zN87zYekutb8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 66%; text-align: left">Production machinery and equipment</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">57,341,906</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">52,292,733</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--PlantBuildingsandLandMember_ziXWFKUetpIk" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Plant buildings and land</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,020,543</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,970,949</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember_znTe9IVEtsDi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Leasehold improvements</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,487,398</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,487,398</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember_zOBAlW8I7B7d" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Furniture and fixtures</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">542,057</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">550,337</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--PropertyPlantAndEquipmentGross_iI_maPPAENzVGh_zK9kM7bEM1Ua" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Total property, plant and equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">66,391,904</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">61,301,417</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_di_msPPAENzVGh_zmyCKTSAlcX7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Less: Accumulated depreciation</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(34,515,139</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(30,302,429</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--PropertyPlantAndEquipmentNet_iTI_mtPPAENzVGh_zB1BPt5muh2a" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Property, Plant and Equipment, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">31,876,765</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">30,998,988</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

</us-gaap:PropertyPlantAndEquipmentTextBlock>

<us-gaap:PropertyPlantAndEquipmentGross contextRef="AsOf2022-05-31_us-gaap_MachineryAndEquipmentMember" decimals="0" unitRef="USD"> 57341906 </us-gaap:PropertyPlantAndEquipmentGross>

<us-gaap:PropertyPlantAndEquipmentGross contextRef="AsOf2021-05-31_us-gaap_MachineryAndEquipmentMember" decimals="0" unitRef="USD"> 52292733 </us-gaap:PropertyPlantAndEquipmentGross>

<us-gaap:PropertyPlantAndEquipmentGross contextRef="AsOf2022-05-31_custom_PlantBuildingsandLandMember" decimals="0" unitRef="USD"> 7020543 </us-gaap:PropertyPlantAndEquipmentGross>

<us-gaap:PropertyPlantAndEquipmentGross contextRef="AsOf2021-05-31_custom_PlantBuildingsandLandMember" decimals="0" unitRef="USD"> 6970949 </us-gaap:PropertyPlantAndEquipmentGross>

<us-gaap:PropertyPlantAndEquipmentGross contextRef="AsOf2022-05-31_us-gaap_LeaseholdImprovementsMember" decimals="0" unitRef="USD"> 1487398 </us-gaap:PropertyPlantAndEquipmentGross>

<us-gaap:PropertyPlantAndEquipmentGross contextRef="AsOf2021-05-31_us-gaap_LeaseholdImprovementsMember" decimals="0" unitRef="USD"> 1487398 </us-gaap:PropertyPlantAndEquipmentGross>

<us-gaap:PropertyPlantAndEquipmentGross contextRef="AsOf2022-05-31_us-gaap_FurnitureAndFixturesMember" decimals="0" unitRef="USD"> 542057 </us-gaap:PropertyPlantAndEquipmentGross>

<us-gaap:PropertyPlantAndEquipmentGross contextRef="AsOf2021-05-31_us-gaap_FurnitureAndFixturesMember" decimals="0" unitRef="USD"> 550337 </us-gaap:PropertyPlantAndEquipmentGross>

<us-gaap:PropertyPlantAndEquipmentGross contextRef="AsOf2022-05-31" decimals="0" unitRef="USD"> 66391904 </us-gaap:PropertyPlantAndEquipmentGross>

<us-gaap:PropertyPlantAndEquipmentGross contextRef="AsOf2021-05-31" decimals="0" unitRef="USD"> 61301417 </us-gaap:PropertyPlantAndEquipmentGross>

<us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment contextRef="AsOf2022-05-31" decimals="0" unitRef="USD"> 34515139 </us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment>

<us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment contextRef="AsOf2021-05-31" decimals="0" unitRef="USD"> 30302429 </us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment>

<us-gaap:PropertyPlantAndEquipmentNet contextRef="AsOf2022-05-31" decimals="0" unitRef="USD"> 31876765 </us-gaap:PropertyPlantAndEquipmentNet>

<us-gaap:PropertyPlantAndEquipmentNet contextRef="AsOf2021-05-31" decimals="0" unitRef="USD"> 30998988 </us-gaap:PropertyPlantAndEquipmentNet>

<GLGI:MachineryAndEquipmentNet contextRef="AsOf2022-05-31_us-gaap_ServiceMember" decimals="0" unitRef="USD"> 3175990 </GLGI:MachineryAndEquipmentNet>

<us-gaap:PropertyPlantAndEquipmentGross contextRef="AsOf2022-05-31_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember" decimals="0" unitRef="USD"> 2548933 </us-gaap:PropertyPlantAndEquipmentGross>

<us-gaap:DepreciationDepletionAndAmortization contextRef="From2021-06-01to2022-05-31" decimals="0" unitRef="USD"> 5359993 </us-gaap:DepreciationDepletionAndAmortization>

<us-gaap:DepreciationDepletionAndAmortization contextRef="From2020-06-012021-05-31" decimals="0" unitRef="USD"> 5796357 </us-gaap:DepreciationDepletionAndAmortization>

<us-gaap:LongTermDebtTextBlock contextRef="From2021-06-01to2022-05-31">

Note 4. LONG-TERM DEBT Long-term debt consists of the following as of May 31, 2022 and 2021: SCHEDULE OF LONG-TERM DEBT <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 92%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 66%; text-align: left">Term loan A payable to International Bank of Commerce, prime rate of interest plus <span id="xdx_908_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_uPure_c20220531__us-gaap--DebtInstrumentAxis__custom--NotesPayableOneMember_zgnqzsizseb6" title="Debt instrument interest rate"><span id="xdx_90C_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_uPure_c20210531__us-gaap--DebtInstrumentAxis__custom--NotesPayableOneMember_zFLIFAvpqpW1" title="Debt instrument interest rate">0.5% but not less than <span id="xdx_904_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_uPure_c20220531__srt--RangeAxis__srt--MaximumMember__us-gaap--DebtInstrumentAxis__custom--NotesPayableOneMember_z4CtTpYioZMj" title="Debt instrument interest rate"><span id="xdx_905_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_uPure_c20210531__srt--RangeAxis__srt--MaximumMember__us-gaap--DebtInstrumentAxis__custom--NotesPayableOneMember_zKPFsNWSp88k" title="Debt instrument interest rate">4.0%, maturing April 30, 2023</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_980_eus-gaap--DebtInstrumentCarryingAmount_iI_c20220531__us-gaap--DebtInstrumentAxis__custom--NotesPayableOneMember_z2AWSJz9Z2ia" style="width: 13%; text-align: right" title="Total long-term debt">753,144</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98D_eus-gaap--DebtInstrumentCarryingAmount_iI_c20210531__us-gaap--DebtInstrumentAxis__custom--NotesPayableOneMember_zqHu128gSVAc" style="width: 13%; text-align: right" title="Total long-term debt">1,623,572</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Term loan C payable to International Bank of Commerce, prime rate of interest plus <span id="xdx_900_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_uPure_c20220531__us-gaap--DebtInstrumentAxis__custom--NotesPayableTwoMember_zPD3AKt98hi1" title="Debt instrument interest rate"><span id="xdx_90C_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_uPure_c20210531__us-gaap--DebtInstrumentAxis__custom--NotesPayableTwoMember_zK2T8XAPkDpj" title="Debt instrument interest rate">0.5% but not less than <span id="xdx_909_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_uPure_c20220531__srt--RangeAxis__srt--MaximumMember__us-gaap--DebtInstrumentAxis__custom--NotesPayableTwoMember_zIWdIYg6VOma" title="Debt instrument interest rate"><span id="xdx_908_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_uPure_c20210531__srt--RangeAxis__srt--MaximumMember__us-gaap--DebtInstrumentAxis__custom--NotesPayableTwoMember_zLULTMeSaMvk" title="Debt instrument interest rate">4.0%, maturing August 4, 2024</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--DebtInstrumentCarryingAmount_iI_c20220531__us-gaap--DebtInstrumentAxis__custom--NotesPayableTwoMember_z6h6BlzHdyhl" style="text-align: right" title="Total long-term debt">635,364</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--DebtInstrumentCarryingAmount_iI_c20210531__us-gaap--DebtInstrumentAxis__custom--NotesPayableTwoMember_zVKd6As9HqH7" style="text-align: right" title="Total long-term debt">905,822</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Term loan D payable to International Bank of Commerce, prime rate of interest plus <span id="xdx_90F_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_uPure_c20220531__us-gaap--DebtInstrumentAxis__custom--NotesPayableTwoMember_zJcAK94TReOh" title="Debt instrument interest rate"><span id="xdx_90B_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_uPure_c20210531__us-gaap--DebtInstrumentAxis__custom--NotesPayableTwoMember_zRfIhdJqwC8l" title="Debt instrument interest rate">0.5% but not less than <span id="xdx_906_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_uPure_c20220531__srt--RangeAxis__srt--MaximumMember__us-gaap--DebtInstrumentAxis__custom--NotesPayableThreeMember_z6GffVMtHPsj" title="Debt instrument interest rate"><span id="xdx_900_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_uPure_c20210531__srt--RangeAxis__srt--MaximumMember__us-gaap--DebtInstrumentAxis__custom--NotesPayableThreeMember_zei8ciJ8krI" title="Debt instrument interest rate">4.75%, matured January 10, 2022</td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--DebtInstrumentCarryingAmount_iI_c20220531__us-gaap--DebtInstrumentAxis__custom--NotesPayableThreeMember_zoOl9pUZ0Jkc" style="text-align: right" title="Total long-term debt">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--DebtInstrumentCarryingAmount_iI_c20210531__us-gaap--DebtInstrumentAxis__custom--NotesPayableThreeMember_zHOW9bepAR57" style="text-align: right" title="Total long-term debt">487,390</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Term loan E payable to International Bank of Commerce, prime rate of interest plus <span id="xdx_90C_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_uPure_c20220531__us-gaap--DebtInstrumentAxis__custom--NotesPayableFourMember_zsyXRnz7g66k" title="Debt instrument interest rate"><span id="xdx_90D_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_uPure_c20210531__us-gaap--DebtInstrumentAxis__custom--NotesPayableFourMember_zravYF5rkHm5" title="Debt instrument interest rate">0.5% but not less than <span id="xdx_909_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_uPure_c20220531__srt--RangeAxis__srt--MaximumMember__us-gaap--DebtInstrumentAxis__custom--NotesPayableFourMember_zLfApJzK20I7" title="Debt instrument interest rate"><span id="xdx_90B_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_uPure_c20210531__srt--RangeAxis__srt--MaximumMember__us-gaap--DebtInstrumentAxis__custom--NotesPayableFourMember_z3UznmsXUkq2" title="Debt instrument interest rate">4.75%, maturing February 28, 2023</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--DebtInstrumentCarryingAmount_iI_c20220531__us-gaap--DebtInstrumentAxis__custom--NotesPayableFourMember_z9C10X2YvG81" style="text-align: right" title="Total long-term debt">186,710</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--DebtInstrumentCarryingAmount_iI_c20210531__us-gaap--DebtInstrumentAxis__custom--NotesPayableFourMember_zn9Lo60090V4" style="text-align: right" title="Total long-term debt">447,551</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Term loan F payable to International Bank of Commerce, prime rate of interest plus <span id="xdx_903_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_uPure_c20220531__us-gaap--DebtInstrumentAxis__custom--NotesPayableFiveMember_zPF0JgTZoYSl" title="Debt instrument interest rate"><span id="xdx_903_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_uPure_c20210531__us-gaap--DebtInstrumentAxis__custom--NotesPayableFiveMember_zT6fEnzoJJX5" title="Debt instrument interest rate">0.5% but not less than <span id="xdx_90F_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_uPure_c20220531__us-gaap--DebtInstrumentAxis__custom--NotesPayableFiveMember__srt--RangeAxis__srt--MaximumMember_z1Vvne8SjBi1" title="Debt instrument interest rate"><span id="xdx_900_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_uPure_c20210531__us-gaap--DebtInstrumentAxis__custom--NotesPayableFiveMember__srt--RangeAxis__srt--MaximumMember_zZz2MALe77fd" title="Debt instrument interest rate">5.25%, maturing February 29, 2024</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--DebtInstrumentCarryingAmount_iI_c20220531__us-gaap--DebtInstrumentAxis__custom--NotesPayableFiveMember_zIWaCTTDNQLg" style="text-align: right" title="Total long-term debt">1,294,951</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--DebtInstrumentCarryingAmount_iI_c20210531__us-gaap--DebtInstrumentAxis__custom--NotesPayableFiveMember_zpnN0UwCgC96" style="text-align: right" title="Total long-term debt">2,035,670</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Term loan G payable to International Bank of Commerce, prime rate of interest plus <span id="xdx_909_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_uPure_c20220531__us-gaap--DebtInstrumentAxis__custom--NotesPayableSixMember_z5EHk5z0I3Xf" title="Debt instrument interest rate"><span id="xdx_906_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_uPure_c20210531__us-gaap--DebtInstrumentAxis__custom--NotesPayableSixMember_zJhREo2lIa1h" title="Debt instrument interest rate">0.5% but not less than <span id="xdx_90B_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_uPure_c20210531__srt--RangeAxis__srt--MaximumMember__us-gaap--DebtInstrumentAxis__custom--NotesPayableSixMember_zcJSnhWAWAQ7" title="Debt instrument interest rate"><span id="xdx_90C_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_uPure_c20220531__srt--RangeAxis__srt--MaximumMember__us-gaap--DebtInstrumentAxis__custom--NotesPayableSixMember_zNTJunV5fA6l" title="Debt instrument interest rate">5.25%, maturing April 30, 2024</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--DebtInstrumentCarryingAmount_iI_c20220531__us-gaap--DebtInstrumentAxis__custom--NotesPayableSixMember_zrJiAnakXweb" style="text-align: right" title="Total long-term debt">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--DebtInstrumentCarryingAmount_iI_c20210531__us-gaap--DebtInstrumentAxis__custom--NotesPayableSixMember_zi2XpNPY3odg" style="text-align: right" title="Total long-term debt">789,926</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Revolving loan payable to International Bank of Commerce, prime rate of interest plus 0.5% but not less than <span id="xdx_90D_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_uPure_c20220531__srt--RangeAxis__srt--MaximumMember__us-gaap--DebtInstrumentAxis__custom--NotesPayableSevenMember_zn5gV2mSuAWf"><span id="xdx_903_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_uPure_c20210531__srt--RangeAxis__srt--MaximumMember__us-gaap--DebtInstrumentAxis__custom--NotesPayableSevenMember_zY1npKQHtZM6">4.50%, due July 29, 2024</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--DebtInstrumentCarryingAmount_iI_c20220531__us-gaap--DebtInstrumentAxis__custom--NotesPayableSevenMember_zwN8AMYE9Zm8" style="text-align: right" title="Total long-term debt">3,700,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--DebtInstrumentCarryingAmount_iI_c20210531__us-gaap--DebtInstrumentAxis__custom--NotesPayableSevenMember_z4PjFwxxwpP9" style="text-align: right" title="Total long-term debt">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Term loan payable by GRE to International Bank of Commerce, interest rate of <span id="xdx_900_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_uPure_c20220531__us-gaap--DebtInstrumentAxis__custom--NotesPayableEightMember_zKugt9RNj7F6" title="Debt instrument interest rate"><span id="xdx_901_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_uPure_c20210531__us-gaap--DebtInstrumentAxis__custom--NotesPayableEightMember_zDWObxWtlctd" title="Debt instrument interest rate">5.5%, monthly principal and interest payments of $<span id="xdx_909_eus-gaap--DebtInstrumentPeriodicPayment_c20210601__20220531__us-gaap--DebtInstrumentAxis__custom--NotesPayableEightMember_zisbcb0ac2j2" title="Debt instrument principal and interest amount"><span id="xdx_902_eus-gaap--DebtInstrumentPeriodicPayment_c20200601__20210531__us-gaap--DebtInstrumentAxis__custom--NotesPayableEightMember_zTUVzsJFDpQc" title="Debt instrument principal and interest amount">27,688, due April 30, 2023</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--DebtInstrumentCarryingAmount_iI_c20220531__us-gaap--DebtInstrumentAxis__custom--NotesPayableEightMember_zu768jWeIreg" style="text-align: right" title="Total long-term debt">1,826,361</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--DebtInstrumentCarryingAmount_iI_c20210531__us-gaap--DebtInstrumentAxis__custom--NotesPayableEightMember_zglKSYcpRHwc" style="text-align: right" title="Total long-term debt">2,049,941</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Term loan payable to First Interstate Bank (formerly Great Western Bank), interest rate of <span id="xdx_900_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_uPure_c20220531__us-gaap--DebtInstrumentAxis__custom--NotesPayableNineMember_zRuZPKgSaCrl" title="Debt instrument interest rate"><span id="xdx_905_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_uPure_c20220531__us-gaap--DebtInstrumentAxis__custom--NotesPayableNineMember_zp8pGHUWKqEe" title="Debt instrument interest rate">3.7%, monthly principal and interest payments of $27,593, due March 19, 2025, secured by certain equipment</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--DebtInstrumentCarryingAmount_iI_c20220531__us-gaap--DebtInstrumentAxis__custom--NotesPayableNineMember_zdWFpuCbt4n8" style="text-align: right" title="Total long-term debt">888,642</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--DebtInstrumentCarryingAmount_iI_c20210531__us-gaap--DebtInstrumentAxis__custom--NotesPayableNineMember_z98bhYjosch6" style="text-align: right" title="Total long-term debt">1,180,470</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Term note payable to First Interstate Bank (formerly Great Western Bank), interest rate of <span id="xdx_904_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_uPure_c20220531__us-gaap--DebtInstrumentAxis__custom--NotesPayableTenMember_zjjiZhs1NCm7" title="Debt instrument interest rate"><span id="xdx_90E_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_uPure_c20210531__us-gaap--DebtInstrumentAxis__custom--NotesPayableTenMember_zcx0xmKbSE5f" title="Debt instrument interest rate">3.5%, monthly principal and interest payments of $5,997, due August 10, 2028, secured by land and buildings</td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--DebtInstrumentCarryingAmount_iI_c20220531__us-gaap--DebtInstrumentAxis__custom--NotesPayableTenMember_zkJcmiT5qTQ" style="text-align: right" title="Total long-term debt">803,941</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--DebtInstrumentCarryingAmount_iI_c20210531__us-gaap--DebtInstrumentAxis__custom--NotesPayableTenMember_zEjuXkJBPxog" style="text-align: right" title="Total long-term debt">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Paycheck Protection Program note, principal and interest forgiven as of June 11, 2021</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--DebtInstrumentCarryingAmount_iI_c20220531__us-gaap--DebtInstrumentAxis__custom--NotesPayableElevenMember_z1Isziwd1sak" style="text-align: right" title="Total long-term debt">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--DebtInstrumentCarryingAmount_iI_c20210531__us-gaap--DebtInstrumentAxis__custom--NotesPayableElevenMember_z5eHbhhaxl59" style="text-align: right" title="Total long-term debt">3,034,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Note payable to Robert Rosene, <span id="xdx_90E_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_uPure_c20220531__us-gaap--DebtInstrumentAxis__custom--NotesPayableTwelveMember_zvJT6Mz6Ylaf" title="Debt instrument interest rate"><span id="xdx_90B_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_uPure_c20210531__us-gaap--DebtInstrumentAxis__custom--NotesPayableTwelveMember_ziZMv2hJOcj5" title="Debt instrument interest rate">7.5% interest, due January 15, 2024</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--DebtInstrumentCarryingAmount_iI_c20220531__us-gaap--DebtInstrumentAxis__custom--NotesPayableTwelveMember_ztODbyKhs79i" style="text-align: right">3,295,704</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--DebtInstrumentCarryingAmount_iI_c20210531__us-gaap--DebtInstrumentAxis__custom--NotesPayableTwelveMember_z8gCTMXQKcm" style="text-align: right">3,536,112</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Other</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_984_eus-gaap--DebtInstrumentCarryingAmount_iI_c20220531__us-gaap--DebtInstrumentAxis__custom--OtherNotePayableMember_zIPKUESSZvpg" style="border-bottom: Black 1pt solid; text-align: right" title="Total long-term debt">111,374</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_980_eus-gaap--DebtInstrumentCarryingAmount_iI_c20210531__us-gaap--DebtInstrumentAxis__custom--OtherNotePayableMember_zyGTjWJGG28d" style="border-bottom: Black 1pt solid; text-align: right" title="Total long-term debt">147,914</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Face value of long-term debt</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--DebtInstrumentCarryingAmount_iI_c20220531__us-gaap--DebtInstrumentAxis__custom--FaceValueOfLongtermDebtMember_zxyHF6AgVn61" style="text-align: right" title="Face value of long-term debt">13,496,191</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--DebtInstrumentCarryingAmount_iI_c20210531__us-gaap--DebtInstrumentAxis__custom--FaceValueOfLongtermDebtMember_zmIPFs93Rjge" style="text-align: right" title="Face value of long-term debt">16,238,368</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Less: Debt issuance costs, net of amortization</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_984_eus-gaap--DeferredFinanceCostsNet_iNI_di_c20220531_zu9imjBQAhe8" style="border-bottom: Black 1pt solid; text-align: right" title="Debt issuance costs, net of amortization">(29,751</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_988_eus-gaap--DeferredFinanceCostsNet_iNI_di_c20210531_zKQoNKP0I9yb" style="border-bottom: Black 1pt solid; text-align: right" title="Debt issuance costs, net of amortization">(30,726</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_ecustom--TotalDebtIssuanceCostsNetOfAmortization_iI_c20220531_zt7VIHOmWZSd" style="text-align: right" title="Total Debt, net of Debt issuance costs, net of amortization">13,466,440</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_ecustom--TotalDebtIssuanceCostsNetOfAmortization_iI_c20210531_zml3eAZhveRl" style="text-align: right" title="Total Debt, net of Debt issuance costs, net of amortization">16,207,642</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Less: Current portion of long-term debt</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_981_eus-gaap--LongTermDebtCurrent_iNI_di_c20220531_zTImTjk1zaLf" style="border-bottom: Black 1pt solid; text-align: right" title="Less: Current portion of long-term debt">(4,160,403</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98C_eus-gaap--LongTermDebtCurrent_iNI_di_c20210531_zeoBJwugxkj8" style="border-bottom: Black 1pt solid; text-align: right" title="Less: Current portion of long-term debt">(3,236,113</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Long-term debt</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_986_eus-gaap--LongTermDebtNoncurrent_iI_c20220531_z2OqbywIPfa3" style="border-bottom: Black 2.5pt double; text-align: right" title="Long-term debt, net of current portion and debt issue costs">9,306,037</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98C_eus-gaap--LongTermDebtNoncurrent_iI_c20210531_zhDnEBWoH0Lb" style="border-bottom: Black 2.5pt double; text-align: right" title="Long-term debt, net of current portion and debt issue costs">12,971,529</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> As of May 31, 2022, the prime rate of interest was 4.00%. Effective July 28, 2022, the prime rate of interest increased to <span id="xdx_905_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_uPure_c20220728__us-gaap--VariableRateAxis__us-gaap--PrimeRateMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zciPPQXEib69">5.50%. Debt Issuance Costs 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 $5,727 and $5,160 for the years ended May 31, 2022 and 2021, respectively. Loan Agreement between Greystone and International Bank of Commerce (“IBC”) On January 31, 2014, Greystone and GSM (the “Borrowers”) and International Bank of Commerce (“IBC”) entered into a Loan Agreement (the “IBC Loan Agreement”). The IBC Loan Agreement, as amended, provides for certain term loans and a revolver loan. The IBC term loans make 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 vary as a result of changes in the prime rate of interest. Currently, the aggregate payments for the IBC term loans is approximately $190,000 per month. The IBC Loan Agreement, as amended, provides a revolving loan in an aggregate principal amount of up to $4,000,000 (the “Revolving Loan”). The exact amount which can be borrowed under the Revolving Loan from time to time is dependent upon the amount of the borrowing base but in no event can exceed $<span id="xdx_90A_eus-gaap--LineOfCreditFacilityMaximumBorrowingCapacity_iI_c20220531__srt--CounterpartyNameAxis__custom--IBCLoanAgreementMember__us-gaap--DebtInstrumentAxis__custom--RevolvingLoanMember_zoFglcekBzRd">4,000,000. The Revolving Loan bears interest at greater of the prime rate of interest plus <span id="xdx_90E_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_uPure_c20220531__us-gaap--DebtInstrumentAxis__custom--RevolvingLoanMember__us-gaap--VariableRateAxis__us-gaap--PrimeRateMember_zLbEfqWqA4w2">0.5%, or 4.5% and matures July 29, 2024. The Borrowers are required to pay all interest accrued on the outstanding principal balance of the Revolving Loan on a monthly basis. Any principal on the Revolving Loan that is repaid by the Borrowers does not reduce the original amount available to the Borrowers. Under these limitations, Greystone’s available revolving loan borrowing capacity was $300,000 at May 31, 2022. The IBC 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 and a funded debt to EBIDA ratio not exceeding 3:00 to 1:00, (ii) subject to certain exceptions, limiting the Borrowers’ combined capital expenditures on fixed assets to $1,500,000 per year, (iii) prohibiting Greystone, without IBC’s prior written consent, from declaring or paying any dividends, redemptions of stock or membership interests, distributions and withdrawals (as applicable) in respect of its capital stock or any other equity interest, other than additional payments to holders of its preferred stock in an amount not to exceed $500,000 in any fiscal year, (iv) subject to certain exceptions, prohibiting the incurrence of additional indebtedness by the Borrowers, and (v) requiring the Borrowers to prevent (A) any change in capital ownership such that there is a material change in the direct or indirect ownership of (1) Greystone’s outstanding preferred stock, and (2) any equity interest in GSM, or (B) Warren Kruger from ceasing to be actively involved in the management of Greystone as President and/or Chief Executive Officer. The foregoing list of covenants is not exhaustive and there are several other covenants contained in the IBC Loan Agreement. The IBC Loan Agreement includes customary events of default, including events of default relating to non-payment of principal and other amounts owing under the IBC 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 Loan Agreement or the related loan documents. Among other things, a default under the IBC Loan Agreement would permit IBC to cease lending funds under the IBC Loan Agreement and require immediate repayment of any outstanding loans with interest and any unpaid accrued fees. The IBC Loan Agreement is secured by a lien on substantially all of the assets of the Borrowers. In addition, the IBC Loan Agreement is secured by a mortgage granted by GRE on the real property owned by GRE in Bettendorf, Iowa (the “Mortgage”). GRE is owned by Robert B. Rosene, Jr., a director of Greystone. Messrs. Warren F. Kruger, President and CEO and Rosene provided a combined limited guaranty as of January 31, 2014, of the Borrowers’ obligations under the IBC Loan Agreement, with such guaranty being limited to a combined amount of $<span id="xdx_902_ecustom--GuaranteesCombinedAmount_iI_pp0p0_c20140131__srt--CounterpartyNameAxis__custom--IBCLoanAgreementMember__us-gaap--DebtInstrumentAxis__custom--GuarantyMember_zjKfJCgVp5V5" title="Guarantees combined amount">6,500,000 (the “Guaranty”). The Guaranty was amended and restated as of January 7, 2016, to provide that the maximum aggregate guaranty will be limited to $<span id="xdx_905_ecustom--GuaranteesCombinedAmount_iI_pp0p0_c20160107__srt--CounterpartyNameAxis__custom--IBCLoanAgreementMember__us-gaap--DebtInstrumentAxis__custom--GuarantyMember_zIpmeBOvzY01" title="Guarantees combined amount">3,500,000 if Greystone maintains a Debt Coverage Ratio of at least 1.35:1.00 for a period of six consecutive quarters. Greystone notified IBC that the conditions of the amended and restated Debt Service Coverage Ratio were maintained for the four consecutive quarters ending May 31, 2022. The Mortgage and the Guaranty also secure or guaranty, as applicable, the obligations of GRE under the Loan Agreement between GRE and IBC dated January 31, 2014 as discussed in the following paragraph. Amended and Restated Loan Agreement between Greystone and IBC On July 29, 2022, Greystone and GSM (collectively “Greystone”) and IBC entered into an Amended and Restated Loan Agreement (the “Restated IBC Loan Agreement”) as further described in a Form 8-K filed with the Securities and Exchange Commission on August 4, 2022. The Restated IBC Loan Agreement provides for IBC to make to Greystone (i) a term loan in the amount of $7,854,707.54 to consolidate all existing term loans in the aggregate amount of $2,669,891.67 with Lender, extend credit in the amount of $3,271,86.98 to pay off a note payable to Robert B. Rosene, Jr. and extend additional credit to fund the purchase in the amount of $1,912,828.89 of the equipment subject to the iGPS Logistics, LLC, leases and (ii) an advancing term loan facility whereby Greystone may obtain advances up to the aggregate amount of $7,000,000 (items i and ii referred to as “Term Loans”) (iii) a renewal of the revolving loan with an increase of $2,000,000 (the “Revolving Loan”). The exact amount which can be borrowed under the Revolving Loan from time to time is dependent upon the amount of the borrowing base but can in no event exceed $6,000,000. The Restated IBC Loan Agreement is secured by substantially all of the assets of Greystone but eliminates the collateralization of the real estate owned by GRE. The Restated Loan Agreement requires limited guarantees from Warren F. Kruger, President and CEO, and Robert B. Rosene, Jr., a director of Greystone. Loan Agreement with First Interstate Bank (formerly Great Western Bank) On August 23, 2021, Greystone and First Interstate Bank (formerly Great Western Bank) entered into a loan agreement (the “FIB Loan Agreement”) in connection with certain prior loans and a mortgage loan to refinance certain land and buildings located in Bettendorf, IA. 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. Loan Agreement between GRE and IBC On January 31, 2014, GRE and IBC entered into a Loan Agreement, as amended, providing for a mortgage loan to GRE of $<span id="xdx_907_eus-gaap--MortgageLoansOnRealEstateWritedownOrReserveAmount1_iI_c20140131__srt--CounterpartyNameAxis__custom--LoanAgreementBetweenGREAndIBCMember__us-gaap--DebtInstrumentAxis__custom--MortgageLoanMember_zb55RpcsOSm9" title="Mortgage loan">3,412,500. The loan provides for a <span id="xdx_904_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_uPure_c20140131__srt--CounterpartyNameAxis__custom--LoanAgreementBetweenGREAndIBCMember__us-gaap--DebtInstrumentAxis__custom--MortgageLoanMember_zVkN9q035Jnl" title="Debt instrument interest rate">5.5% interest rate and a maturity of <span id="xdx_90C_ecustom--ExtendedMaturityDate_c20140130__20140131__srt--CounterpartyNameAxis__custom--LoanAgreementBetweenGREAndIBCMember__us-gaap--DebtInstrumentAxis__custom--MortgageLoanMember_zChF8a8qJx0g" title="Extended maturity date">April 30, 2023, secured by a mortgage on the two buildings in Bettendorf, Iowa which are leased to Greystone. Note Payable between Greystone and Robert B. Rosene, Jr. Effective December 15, 2005, Greystone entered into an agreement with Robert B. Rosene, Jr., a member of Greystone’s Board of Directors, to convert $2,066,000 of advances into a note payable at <span id="xdx_90F_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_uPure_c20051215__us-gaap--RelatedPartyTransactionAxis__custom--RobertBRoseneJrMember__srt--TitleOfIndividualAxis__srt--DirectorMember_zMizfVGQqK0h" title="Debt instrument interest rate">7.5% interest. Effective June 1, 2016, the note payable with Mr. Rosene was restated (the “Restated Note”) to aggregate the accrued interest with the outstanding principal resulting in a combined note payable in the principal amount of $<span id="xdx_906_eus-gaap--DebtInstrumentFaceAmount_iI_c20160601__us-gaap--RelatedPartyTransactionAxis__custom--RobertBRoseneJrMember__us-gaap--DebtInstrumentAxis__custom--RestatedNoteMember_zx2CNzC5GyNb" title="Debt instrument principal amount">4,541,690 with an interest rate of <span id="xdx_903_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_c20160601__us-gaap--RelatedPartyTransactionAxis__custom--RobertBRoseneJrMember__us-gaap--DebtInstrumentAxis__custom--RestatedNoteMember_zLfpNlXCjSu4" title="Debt instrument interest rate">7.5% and a maturity of January 15, 2019, subsequently amended to January 15, 2024. The Restated Note requires the payment of accrued interest to Mr. Rosene. In addition, the Restated Note allows Greystone to make additional payments, at Greystone’s discretion, up to an amount allowed by the IBC Loan Agreement. Maturities Maturities of Greystone’s long-term debt for the five years subsequent to May 31, 2022, are $4,160,403, $8,256,351, $412,684, $49,091 and $50,861 with $566,801 due thereafter.

</us-gaap:LongTermDebtTextBlock>

<us-gaap:ScheduleOfDebtInstrumentsTextBlock contextRef="From2021-06-01to2022-05-31">

Long-term debt consists of the following as of May 31, 2022 and 2021: SCHEDULE OF LONG-TERM DEBT <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 92%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 66%; text-align: left">Term loan A payable to International Bank of Commerce, prime rate of interest plus <span id="xdx_908_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_uPure_c20220531__us-gaap--DebtInstrumentAxis__custom--NotesPayableOneMember_zgnqzsizseb6" title="Debt instrument interest rate"><span id="xdx_90C_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_uPure_c20210531__us-gaap--DebtInstrumentAxis__custom--NotesPayableOneMember_zFLIFAvpqpW1" title="Debt instrument interest rate">0.5% but not less than <span id="xdx_904_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_uPure_c20220531__srt--RangeAxis__srt--MaximumMember__us-gaap--DebtInstrumentAxis__custom--NotesPayableOneMember_z4CtTpYioZMj" title="Debt instrument interest rate"><span id="xdx_905_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_uPure_c20210531__srt--RangeAxis__srt--MaximumMember__us-gaap--DebtInstrumentAxis__custom--NotesPayableOneMember_zKPFsNWSp88k" title="Debt instrument interest rate">4.0%, maturing April 30, 2023</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_980_eus-gaap--DebtInstrumentCarryingAmount_iI_c20220531__us-gaap--DebtInstrumentAxis__custom--NotesPayableOneMember_z2AWSJz9Z2ia" style="width: 13%; text-align: right" title="Total long-term debt">753,144</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98D_eus-gaap--DebtInstrumentCarryingAmount_iI_c20210531__us-gaap--DebtInstrumentAxis__custom--NotesPayableOneMember_zqHu128gSVAc" style="width: 13%; text-align: right" title="Total long-term debt">1,623,572</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Term loan C payable to International Bank of Commerce, prime rate of interest plus <span id="xdx_900_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_uPure_c20220531__us-gaap--DebtInstrumentAxis__custom--NotesPayableTwoMember_zPD3AKt98hi1" title="Debt instrument interest rate"><span id="xdx_90C_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_uPure_c20210531__us-gaap--DebtInstrumentAxis__custom--NotesPayableTwoMember_zK2T8XAPkDpj" title="Debt instrument interest rate">0.5% but not less than <span id="xdx_909_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_uPure_c20220531__srt--RangeAxis__srt--MaximumMember__us-gaap--DebtInstrumentAxis__custom--NotesPayableTwoMember_zIWdIYg6VOma" title="Debt instrument interest rate"><span id="xdx_908_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_uPure_c20210531__srt--RangeAxis__srt--MaximumMember__us-gaap--DebtInstrumentAxis__custom--NotesPayableTwoMember_zLULTMeSaMvk" title="Debt instrument interest rate">4.0%, maturing August 4, 2024</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--DebtInstrumentCarryingAmount_iI_c20220531__us-gaap--DebtInstrumentAxis__custom--NotesPayableTwoMember_z6h6BlzHdyhl" style="text-align: right" title="Total long-term debt">635,364</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--DebtInstrumentCarryingAmount_iI_c20210531__us-gaap--DebtInstrumentAxis__custom--NotesPayableTwoMember_zVKd6As9HqH7" style="text-align: right" title="Total long-term debt">905,822</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Term loan D payable to International Bank of Commerce, prime rate of interest plus <span id="xdx_90F_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_uPure_c20220531__us-gaap--DebtInstrumentAxis__custom--NotesPayableTwoMember_zJcAK94TReOh" title="Debt instrument interest rate"><span id="xdx_90B_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_uPure_c20210531__us-gaap--DebtInstrumentAxis__custom--NotesPayableTwoMember_zRfIhdJqwC8l" title="Debt instrument interest rate">0.5% but not less than <span id="xdx_906_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_uPure_c20220531__srt--RangeAxis__srt--MaximumMember__us-gaap--DebtInstrumentAxis__custom--NotesPayableThreeMember_z6GffVMtHPsj" title="Debt instrument interest rate"><span id="xdx_900_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_uPure_c20210531__srt--RangeAxis__srt--MaximumMember__us-gaap--DebtInstrumentAxis__custom--NotesPayableThreeMember_zei8ciJ8krI" title="Debt instrument interest rate">4.75%, matured January 10, 2022</td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--DebtInstrumentCarryingAmount_iI_c20220531__us-gaap--DebtInstrumentAxis__custom--NotesPayableThreeMember_zoOl9pUZ0Jkc" style="text-align: right" title="Total long-term debt">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--DebtInstrumentCarryingAmount_iI_c20210531__us-gaap--DebtInstrumentAxis__custom--NotesPayableThreeMember_zHOW9bepAR57" style="text-align: right" title="Total long-term debt">487,390</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Term loan E payable to International Bank of Commerce, prime rate of interest plus <span id="xdx_90C_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_uPure_c20220531__us-gaap--DebtInstrumentAxis__custom--NotesPayableFourMember_zsyXRnz7g66k" title="Debt instrument interest rate"><span id="xdx_90D_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_uPure_c20210531__us-gaap--DebtInstrumentAxis__custom--NotesPayableFourMember_zravYF5rkHm5" title="Debt instrument interest rate">0.5% but not less than <span id="xdx_909_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_uPure_c20220531__srt--RangeAxis__srt--MaximumMember__us-gaap--DebtInstrumentAxis__custom--NotesPayableFourMember_zLfApJzK20I7" title="Debt instrument interest rate"><span id="xdx_90B_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_uPure_c20210531__srt--RangeAxis__srt--MaximumMember__us-gaap--DebtInstrumentAxis__custom--NotesPayableFourMember_z3UznmsXUkq2" title="Debt instrument interest rate">4.75%, maturing February 28, 2023</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--DebtInstrumentCarryingAmount_iI_c20220531__us-gaap--DebtInstrumentAxis__custom--NotesPayableFourMember_z9C10X2YvG81" style="text-align: right" title="Total long-term debt">186,710</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--DebtInstrumentCarryingAmount_iI_c20210531__us-gaap--DebtInstrumentAxis__custom--NotesPayableFourMember_zn9Lo60090V4" style="text-align: right" title="Total long-term debt">447,551</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Term loan F payable to International Bank of Commerce, prime rate of interest plus <span id="xdx_903_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_uPure_c20220531__us-gaap--DebtInstrumentAxis__custom--NotesPayableFiveMember_zPF0JgTZoYSl" title="Debt instrument interest rate"><span id="xdx_903_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_uPure_c20210531__us-gaap--DebtInstrumentAxis__custom--NotesPayableFiveMember_zT6fEnzoJJX5" title="Debt instrument interest rate">0.5% but not less than <span id="xdx_90F_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_uPure_c20220531__us-gaap--DebtInstrumentAxis__custom--NotesPayableFiveMember__srt--RangeAxis__srt--MaximumMember_z1Vvne8SjBi1" title="Debt instrument interest rate"><span id="xdx_900_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_uPure_c20210531__us-gaap--DebtInstrumentAxis__custom--NotesPayableFiveMember__srt--RangeAxis__srt--MaximumMember_zZz2MALe77fd" title="Debt instrument interest rate">5.25%, maturing February 29, 2024</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--DebtInstrumentCarryingAmount_iI_c20220531__us-gaap--DebtInstrumentAxis__custom--NotesPayableFiveMember_zIWaCTTDNQLg" style="text-align: right" title="Total long-term debt">1,294,951</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--DebtInstrumentCarryingAmount_iI_c20210531__us-gaap--DebtInstrumentAxis__custom--NotesPayableFiveMember_zpnN0UwCgC96" style="text-align: right" title="Total long-term debt">2,035,670</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Term loan G payable to International Bank of Commerce, prime rate of interest plus <span id="xdx_909_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_uPure_c20220531__us-gaap--DebtInstrumentAxis__custom--NotesPayableSixMember_z5EHk5z0I3Xf" title="Debt instrument interest rate"><span id="xdx_906_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_uPure_c20210531__us-gaap--DebtInstrumentAxis__custom--NotesPayableSixMember_zJhREo2lIa1h" title="Debt instrument interest rate">0.5% but not less than <span id="xdx_90B_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_uPure_c20210531__srt--RangeAxis__srt--MaximumMember__us-gaap--DebtInstrumentAxis__custom--NotesPayableSixMember_zcJSnhWAWAQ7" title="Debt instrument interest rate"><span id="xdx_90C_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_uPure_c20220531__srt--RangeAxis__srt--MaximumMember__us-gaap--DebtInstrumentAxis__custom--NotesPayableSixMember_zNTJunV5fA6l" title="Debt instrument interest rate">5.25%, maturing April 30, 2024</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--DebtInstrumentCarryingAmount_iI_c20220531__us-gaap--DebtInstrumentAxis__custom--NotesPayableSixMember_zrJiAnakXweb" style="text-align: right" title="Total long-term debt">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--DebtInstrumentCarryingAmount_iI_c20210531__us-gaap--DebtInstrumentAxis__custom--NotesPayableSixMember_zi2XpNPY3odg" style="text-align: right" title="Total long-term debt">789,926</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Revolving loan payable to International Bank of Commerce, prime rate of interest plus 0.5% but not less than <span id="xdx_90D_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_uPure_c20220531__srt--RangeAxis__srt--MaximumMember__us-gaap--DebtInstrumentAxis__custom--NotesPayableSevenMember_zn5gV2mSuAWf"><span id="xdx_903_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_uPure_c20210531__srt--RangeAxis__srt--MaximumMember__us-gaap--DebtInstrumentAxis__custom--NotesPayableSevenMember_zY1npKQHtZM6">4.50%, due July 29, 2024</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--DebtInstrumentCarryingAmount_iI_c20220531__us-gaap--DebtInstrumentAxis__custom--NotesPayableSevenMember_zwN8AMYE9Zm8" style="text-align: right" title="Total long-term debt">3,700,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--DebtInstrumentCarryingAmount_iI_c20210531__us-gaap--DebtInstrumentAxis__custom--NotesPayableSevenMember_z4PjFwxxwpP9" style="text-align: right" title="Total long-term debt">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Term loan payable by GRE to International Bank of Commerce, interest rate of <span id="xdx_900_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_uPure_c20220531__us-gaap--DebtInstrumentAxis__custom--NotesPayableEightMember_zKugt9RNj7F6" title="Debt instrument interest rate"><span id="xdx_901_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_uPure_c20210531__us-gaap--DebtInstrumentAxis__custom--NotesPayableEightMember_zDWObxWtlctd" title="Debt instrument interest rate">5.5%, monthly principal and interest payments of $<span id="xdx_909_eus-gaap--DebtInstrumentPeriodicPayment_c20210601__20220531__us-gaap--DebtInstrumentAxis__custom--NotesPayableEightMember_zisbcb0ac2j2" title="Debt instrument principal and interest amount"><span id="xdx_902_eus-gaap--DebtInstrumentPeriodicPayment_c20200601__20210531__us-gaap--DebtInstrumentAxis__custom--NotesPayableEightMember_zTUVzsJFDpQc" title="Debt instrument principal and interest amount">27,688, due April 30, 2023</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--DebtInstrumentCarryingAmount_iI_c20220531__us-gaap--DebtInstrumentAxis__custom--NotesPayableEightMember_zu768jWeIreg" style="text-align: right" title="Total long-term debt">1,826,361</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--DebtInstrumentCarryingAmount_iI_c20210531__us-gaap--DebtInstrumentAxis__custom--NotesPayableEightMember_zglKSYcpRHwc" style="text-align: right" title="Total long-term debt">2,049,941</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Term loan payable to First Interstate Bank (formerly Great Western Bank), interest rate of <span id="xdx_900_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_uPure_c20220531__us-gaap--DebtInstrumentAxis__custom--NotesPayableNineMember_zRuZPKgSaCrl" title="Debt instrument interest rate"><span id="xdx_905_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_uPure_c20220531__us-gaap--DebtInstrumentAxis__custom--NotesPayableNineMember_zp8pGHUWKqEe" title="Debt instrument interest rate">3.7%, monthly principal and interest payments of $27,593, due March 19, 2025, secured by certain equipment</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--DebtInstrumentCarryingAmount_iI_c20220531__us-gaap--DebtInstrumentAxis__custom--NotesPayableNineMember_zdWFpuCbt4n8" style="text-align: right" title="Total long-term debt">888,642</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--DebtInstrumentCarryingAmount_iI_c20210531__us-gaap--DebtInstrumentAxis__custom--NotesPayableNineMember_z98bhYjosch6" style="text-align: right" title="Total long-term debt">1,180,470</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Term note payable to First Interstate Bank (formerly Great Western Bank), interest rate of <span id="xdx_904_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_uPure_c20220531__us-gaap--DebtInstrumentAxis__custom--NotesPayableTenMember_zjjiZhs1NCm7" title="Debt instrument interest rate"><span id="xdx_90E_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_uPure_c20210531__us-gaap--DebtInstrumentAxis__custom--NotesPayableTenMember_zcx0xmKbSE5f" title="Debt instrument interest rate">3.5%, monthly principal and interest payments of $5,997, due August 10, 2028, secured by land and buildings</td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--DebtInstrumentCarryingAmount_iI_c20220531__us-gaap--DebtInstrumentAxis__custom--NotesPayableTenMember_zkJcmiT5qTQ" style="text-align: right" title="Total long-term debt">803,941</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--DebtInstrumentCarryingAmount_iI_c20210531__us-gaap--DebtInstrumentAxis__custom--NotesPayableTenMember_zEjuXkJBPxog" style="text-align: right" title="Total long-term debt">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Paycheck Protection Program note, principal and interest forgiven as of June 11, 2021</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--DebtInstrumentCarryingAmount_iI_c20220531__us-gaap--DebtInstrumentAxis__custom--NotesPayableElevenMember_z1Isziwd1sak" style="text-align: right" title="Total long-term debt">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--DebtInstrumentCarryingAmount_iI_c20210531__us-gaap--DebtInstrumentAxis__custom--NotesPayableElevenMember_z5eHbhhaxl59" style="text-align: right" title="Total long-term debt">3,034,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Note payable to Robert Rosene, <span id="xdx_90E_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_uPure_c20220531__us-gaap--DebtInstrumentAxis__custom--NotesPayableTwelveMember_zvJT6Mz6Ylaf" title="Debt instrument interest rate"><span id="xdx_90B_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_uPure_c20210531__us-gaap--DebtInstrumentAxis__custom--NotesPayableTwelveMember_ziZMv2hJOcj5" title="Debt instrument interest rate">7.5% interest, due January 15, 2024</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--DebtInstrumentCarryingAmount_iI_c20220531__us-gaap--DebtInstrumentAxis__custom--NotesPayableTwelveMember_ztODbyKhs79i" style="text-align: right">3,295,704</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--DebtInstrumentCarryingAmount_iI_c20210531__us-gaap--DebtInstrumentAxis__custom--NotesPayableTwelveMember_z8gCTMXQKcm" style="text-align: right">3,536,112</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Other</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_984_eus-gaap--DebtInstrumentCarryingAmount_iI_c20220531__us-gaap--DebtInstrumentAxis__custom--OtherNotePayableMember_zIPKUESSZvpg" style="border-bottom: Black 1pt solid; text-align: right" title="Total long-term debt">111,374</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_980_eus-gaap--DebtInstrumentCarryingAmount_iI_c20210531__us-gaap--DebtInstrumentAxis__custom--OtherNotePayableMember_zyGTjWJGG28d" style="border-bottom: Black 1pt solid; text-align: right" title="Total long-term debt">147,914</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Face value of long-term debt</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--DebtInstrumentCarryingAmount_iI_c20220531__us-gaap--DebtInstrumentAxis__custom--FaceValueOfLongtermDebtMember_zxyHF6AgVn61" style="text-align: right" title="Face value of long-term debt">13,496,191</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--DebtInstrumentCarryingAmount_iI_c20210531__us-gaap--DebtInstrumentAxis__custom--FaceValueOfLongtermDebtMember_zmIPFs93Rjge" style="text-align: right" title="Face value of long-term debt">16,238,368</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Less: Debt issuance costs, net of amortization</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_984_eus-gaap--DeferredFinanceCostsNet_iNI_di_c20220531_zu9imjBQAhe8" style="border-bottom: Black 1pt solid; text-align: right" title="Debt issuance costs, net of amortization">(29,751</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_988_eus-gaap--DeferredFinanceCostsNet_iNI_di_c20210531_zKQoNKP0I9yb" style="border-bottom: Black 1pt solid; text-align: right" title="Debt issuance costs, net of amortization">(30,726</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_ecustom--TotalDebtIssuanceCostsNetOfAmortization_iI_c20220531_zt7VIHOmWZSd" style="text-align: right" title="Total Debt, net of Debt issuance costs, net of amortization">13,466,440</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_ecustom--TotalDebtIssuanceCostsNetOfAmortization_iI_c20210531_zml3eAZhveRl" style="text-align: right" title="Total Debt, net of Debt issuance costs, net of amortization">16,207,642</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Less: Current portion of long-term debt</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_981_eus-gaap--LongTermDebtCurrent_iNI_di_c20220531_zTImTjk1zaLf" style="border-bottom: Black 1pt solid; text-align: right" title="Less: Current portion of long-term debt">(4,160,403</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98C_eus-gaap--LongTermDebtCurrent_iNI_di_c20210531_zeoBJwugxkj8" style="border-bottom: Black 1pt solid; text-align: right" title="Less: Current portion of long-term debt">(3,236,113</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Long-term debt</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_986_eus-gaap--LongTermDebtNoncurrent_iI_c20220531_z2OqbywIPfa3" style="border-bottom: Black 2.5pt double; text-align: right" title="Long-term debt, net of current portion and debt issue costs">9,306,037</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98C_eus-gaap--LongTermDebtNoncurrent_iI_c20210531_zhDnEBWoH0Lb" style="border-bottom: Black 2.5pt double; text-align: right" title="Long-term debt, net of current portion and debt issue costs">12,971,529</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

</us-gaap:ScheduleOfDebtInstrumentsTextBlock>

<us-gaap:DebtInstrumentInterestRateEffectivePercentage contextRef="AsOf2022-05-31_custom_NotesPayableOneMember" decimals="INF" unitRef="Pure"> 0.005 </us-gaap:DebtInstrumentInterestRateEffectivePercentage>

<us-gaap:DebtInstrumentInterestRateEffectivePercentage contextRef="AsOf2021-05-31_custom_NotesPayableOneMember" decimals="INF" unitRef="Pure"> 0.005 </us-gaap:DebtInstrumentInterestRateEffectivePercentage>

<us-gaap:DebtInstrumentInterestRateEffectivePercentage contextRef="AsOf2022-05-31_srt_MaximumMember_custom_NotesPayableOneMember" decimals="INF" unitRef="Pure"> 0.040 </us-gaap:DebtInstrumentInterestRateEffectivePercentage>

<us-gaap:DebtInstrumentInterestRateEffectivePercentage contextRef="AsOf2021-05-31_srt_MaximumMember_custom_NotesPayableOneMember" decimals="INF" unitRef="Pure"> 0.040 </us-gaap:DebtInstrumentInterestRateEffectivePercentage>

<us-gaap:DebtInstrumentMaturityDate contextRef="From2021-06-012022-05-31_custom_NotesPayableOneMember"> 2023-04-30 </us-gaap:DebtInstrumentMaturityDate>

<us-gaap:DebtInstrumentMaturityDate contextRef="From2020-06-012021-05-31_custom_NotesPayableOneMember"> 2023-04-30 </us-gaap:DebtInstrumentMaturityDate>

<us-gaap:DebtInstrumentCarryingAmount contextRef="AsOf2022-05-31_custom_NotesPayableOneMember" decimals="0" unitRef="USD"> 753144 </us-gaap:DebtInstrumentCarryingAmount>

<us-gaap:DebtInstrumentCarryingAmount contextRef="AsOf2021-05-31_custom_NotesPayableOneMember" decimals="0" unitRef="USD"> 1623572 </us-gaap:DebtInstrumentCarryingAmount>

<us-gaap:DebtInstrumentInterestRateEffectivePercentage contextRef="AsOf2022-05-31_custom_NotesPayableTwoMember" decimals="INF" unitRef="Pure"> 0.005 </us-gaap:DebtInstrumentInterestRateEffectivePercentage>

<us-gaap:DebtInstrumentInterestRateEffectivePercentage contextRef="AsOf2021-05-31_custom_NotesPayableTwoMember" decimals="INF" unitRef="Pure"> 0.005 </us-gaap:DebtInstrumentInterestRateEffectivePercentage>

<us-gaap:DebtInstrumentInterestRateEffectivePercentage contextRef="AsOf2022-05-31_srt_MaximumMember_custom_NotesPayableTwoMember" decimals="INF" unitRef="Pure"> 0.040 </us-gaap:DebtInstrumentInterestRateEffectivePercentage>

<us-gaap:DebtInstrumentInterestRateEffectivePercentage contextRef="AsOf2021-05-31_srt_MaximumMember_custom_NotesPayableTwoMember" decimals="INF" unitRef="Pure"> 0.040 </us-gaap:DebtInstrumentInterestRateEffectivePercentage>

<us-gaap:DebtInstrumentMaturityDate contextRef="From2021-06-012022-05-31_custom_NotesPayableTwoMember"> 2024-08-04 </us-gaap:DebtInstrumentMaturityDate>

<us-gaap:DebtInstrumentMaturityDate contextRef="From2020-06-012021-05-31_custom_NotesPayableTwoMember"> 2024-08-04 </us-gaap:DebtInstrumentMaturityDate>

<us-gaap:DebtInstrumentCarryingAmount contextRef="AsOf2022-05-31_custom_NotesPayableTwoMember" decimals="0" unitRef="USD"> 635364 </us-gaap:DebtInstrumentCarryingAmount>

<us-gaap:DebtInstrumentCarryingAmount contextRef="AsOf2021-05-31_custom_NotesPayableTwoMember" decimals="0" unitRef="USD"> 905822 </us-gaap:DebtInstrumentCarryingAmount>

<us-gaap:DebtInstrumentInterestRateEffectivePercentage contextRef="AsOf2022-05-31_srt_MaximumMember_custom_NotesPayableThreeMember" decimals="INF" unitRef="Pure"> 0.0475 </us-gaap:DebtInstrumentInterestRateEffectivePercentage>

<us-gaap:DebtInstrumentInterestRateEffectivePercentage contextRef="AsOf2021-05-31_srt_MaximumMember_custom_NotesPayableThreeMember" decimals="INF" unitRef="Pure"> 0.0475 </us-gaap:DebtInstrumentInterestRateEffectivePercentage>

<us-gaap:DebtInstrumentMaturityDate contextRef="From2021-06-012022-05-31_custom_NotesPayableThreeMember"> 2022-01-10 </us-gaap:DebtInstrumentMaturityDate>

<us-gaap:DebtInstrumentMaturityDate contextRef="From2020-06-012021-05-31_custom_NotesPayableThreeMember"> 2022-01-10 </us-gaap:DebtInstrumentMaturityDate>

<us-gaap:DebtInstrumentCarryingAmount contextRef="AsOf2021-05-31_custom_NotesPayableThreeMember" decimals="0" unitRef="USD"> 487390 </us-gaap:DebtInstrumentCarryingAmount>

<us-gaap:DebtInstrumentInterestRateEffectivePercentage contextRef="AsOf2022-05-31_custom_NotesPayableFourMember" decimals="INF" unitRef="Pure"> 0.005 </us-gaap:DebtInstrumentInterestRateEffectivePercentage>

<us-gaap:DebtInstrumentInterestRateEffectivePercentage contextRef="AsOf2021-05-31_custom_NotesPayableFourMember" decimals="INF" unitRef="Pure"> 0.005 </us-gaap:DebtInstrumentInterestRateEffectivePercentage>

<us-gaap:DebtInstrumentInterestRateEffectivePercentage contextRef="AsOf2022-05-31_srt_MaximumMember_custom_NotesPayableFourMember" decimals="INF" unitRef="Pure"> 0.0475 </us-gaap:DebtInstrumentInterestRateEffectivePercentage>

<us-gaap:DebtInstrumentInterestRateEffectivePercentage contextRef="AsOf2021-05-31_srt_MaximumMember_custom_NotesPayableFourMember" decimals="INF" unitRef="Pure"> 0.0475 </us-gaap:DebtInstrumentInterestRateEffectivePercentage>

<us-gaap:DebtInstrumentMaturityDate contextRef="From2021-06-012022-05-31_custom_NotesPayableFourMember"> 2023-02-28 </us-gaap:DebtInstrumentMaturityDate>

<us-gaap:DebtInstrumentMaturityDate contextRef="From2020-06-012021-05-31_custom_NotesPayableFourMember"> 2023-02-28 </us-gaap:DebtInstrumentMaturityDate>

<us-gaap:DebtInstrumentCarryingAmount contextRef="AsOf2022-05-31_custom_NotesPayableFourMember" decimals="0" unitRef="USD"> 186710 </us-gaap:DebtInstrumentCarryingAmount>

<us-gaap:DebtInstrumentCarryingAmount contextRef="AsOf2021-05-31_custom_NotesPayableFourMember" decimals="0" unitRef="USD"> 447551 </us-gaap:DebtInstrumentCarryingAmount>

<us-gaap:DebtInstrumentInterestRateEffectivePercentage contextRef="AsOf2022-05-31_custom_NotesPayableFiveMember" decimals="INF" unitRef="Pure"> 0.005 </us-gaap:DebtInstrumentInterestRateEffectivePercentage>

<us-gaap:DebtInstrumentInterestRateEffectivePercentage contextRef="AsOf2021-05-31_custom_NotesPayableFiveMember" decimals="INF" unitRef="Pure"> 0.005 </us-gaap:DebtInstrumentInterestRateEffectivePercentage>

<us-gaap:DebtInstrumentInterestRateEffectivePercentage contextRef="AsOf2022-05-31_custom_NotesPayableFiveMember_srt_MaximumMember" decimals="INF" unitRef="Pure"> 0.0525 </us-gaap:DebtInstrumentInterestRateEffectivePercentage>

<us-gaap:DebtInstrumentInterestRateEffectivePercentage contextRef="AsOf2021-05-31_custom_NotesPayableFiveMember_srt_MaximumMember" decimals="INF" unitRef="Pure"> 0.0525 </us-gaap:DebtInstrumentInterestRateEffectivePercentage>

<us-gaap:DebtInstrumentMaturityDate contextRef="From2021-06-012022-05-31_custom_NotesPayableFiveMember"> 2024-02-29 </us-gaap:DebtInstrumentMaturityDate>

<us-gaap:DebtInstrumentMaturityDate contextRef="From2020-06-012021-05-31_custom_NotesPayableFiveMember"> 2024-02-29 </us-gaap:DebtInstrumentMaturityDate>

<us-gaap:DebtInstrumentCarryingAmount contextRef="AsOf2022-05-31_custom_NotesPayableFiveMember" decimals="0" unitRef="USD"> 1294951 </us-gaap:DebtInstrumentCarryingAmount>

<us-gaap:DebtInstrumentCarryingAmount contextRef="AsOf2021-05-31_custom_NotesPayableFiveMember" decimals="0" unitRef="USD"> 2035670 </us-gaap:DebtInstrumentCarryingAmount>

<us-gaap:DebtInstrumentInterestRateEffectivePercentage contextRef="AsOf2022-05-31_custom_NotesPayableSixMember" decimals="INF" unitRef="Pure"> 0.005 </us-gaap:DebtInstrumentInterestRateEffectivePercentage>

<us-gaap:DebtInstrumentInterestRateEffectivePercentage contextRef="AsOf2021-05-31_custom_NotesPayableSixMember" decimals="INF" unitRef="Pure"> 0.005 </us-gaap:DebtInstrumentInterestRateEffectivePercentage>

<us-gaap:DebtInstrumentInterestRateEffectivePercentage contextRef="AsOf2021-05-31_srt_MaximumMember_custom_NotesPayableSixMember" decimals="INF" unitRef="Pure"> 0.0525 </us-gaap:DebtInstrumentInterestRateEffectivePercentage>

<us-gaap:DebtInstrumentInterestRateEffectivePercentage contextRef="AsOf2022-05-31_srt_MaximumMember_custom_NotesPayableSixMember" decimals="INF" unitRef="Pure"> 0.0525 </us-gaap:DebtInstrumentInterestRateEffectivePercentage>

<us-gaap:DebtInstrumentMaturityDate contextRef="From2021-06-012022-05-31_custom_NotesPayableSixMember"> 2024-04-30 </us-gaap:DebtInstrumentMaturityDate>

<us-gaap:DebtInstrumentMaturityDate contextRef="From2020-06-012021-05-31_custom_NotesPayableSixMember"> 2024-04-30 </us-gaap:DebtInstrumentMaturityDate>

<us-gaap:DebtInstrumentCarryingAmount contextRef="AsOf2021-05-31_custom_NotesPayableSixMember" decimals="0" unitRef="USD"> 789926 </us-gaap:DebtInstrumentCarryingAmount>

<us-gaap:DebtInstrumentInterestRateEffectivePercentage contextRef="AsOf2022-05-31_custom_NotesPayableSevenMember" decimals="INF" unitRef="Pure"> 0.005 </us-gaap:DebtInstrumentInterestRateEffectivePercentage>

<us-gaap:DebtInstrumentInterestRateEffectivePercentage contextRef="AsOf2021-05-31_custom_NotesPayableSevenMember" decimals="INF" unitRef="Pure"> 0.005 </us-gaap:DebtInstrumentInterestRateEffectivePercentage>

<us-gaap:DebtInstrumentInterestRateEffectivePercentage contextRef="AsOf2022-05-31_srt_MaximumMember_custom_NotesPayableSevenMember" decimals="INF" unitRef="Pure"> 0.0450 </us-gaap:DebtInstrumentInterestRateEffectivePercentage>

<us-gaap:DebtInstrumentInterestRateEffectivePercentage contextRef="AsOf2021-05-31_srt_MaximumMember_custom_NotesPayableSevenMember" decimals="INF" unitRef="Pure"> 0.0450 </us-gaap:DebtInstrumentInterestRateEffectivePercentage>

<us-gaap:DebtInstrumentMaturityDate contextRef="From2021-06-012022-05-31_custom_NotesPayableSevenMember"> 2024-07-29 </us-gaap:DebtInstrumentMaturityDate>

<us-gaap:DebtInstrumentMaturityDate contextRef="From2020-06-012021-05-31_custom_NotesPayableSevenMember"> 2024-07-29 </us-gaap:DebtInstrumentMaturityDate>

<us-gaap:DebtInstrumentCarryingAmount contextRef="AsOf2022-05-31_custom_NotesPayableSevenMember" decimals="0" unitRef="USD"> 3700000 </us-gaap:DebtInstrumentCarryingAmount>

<us-gaap:DebtInstrumentInterestRateEffectivePercentage contextRef="AsOf2022-05-31_custom_NotesPayableEightMember" decimals="INF" unitRef="Pure"> 0.055 </us-gaap:DebtInstrumentInterestRateEffectivePercentage>

<us-gaap:DebtInstrumentInterestRateEffectivePercentage contextRef="AsOf2021-05-31_custom_NotesPayableEightMember" decimals="INF" unitRef="Pure"> 0.055 </us-gaap:DebtInstrumentInterestRateEffectivePercentage>

<us-gaap:DebtInstrumentPeriodicPayment contextRef="From2021-06-012022-05-31_custom_NotesPayableEightMember" decimals="0" unitRef="USD"> 27688 </us-gaap:DebtInstrumentPeriodicPayment>

<us-gaap:DebtInstrumentPeriodicPayment contextRef="From2020-06-012021-05-31_custom_NotesPayableEightMember" decimals="0" unitRef="USD"> 27688 </us-gaap:DebtInstrumentPeriodicPayment>

<us-gaap:DebtInstrumentMaturityDate contextRef="From2021-06-012022-05-31_custom_NotesPayableEightMember"> 2023-04-30 </us-gaap:DebtInstrumentMaturityDate>

<us-gaap:DebtInstrumentMaturityDate contextRef="From2020-06-012021-05-31_custom_NotesPayableEightMember"> 2023-04-30 </us-gaap:DebtInstrumentMaturityDate>

<us-gaap:DebtInstrumentCarryingAmount contextRef="AsOf2022-05-31_custom_NotesPayableEightMember" decimals="0" unitRef="USD"> 1826361 </us-gaap:DebtInstrumentCarryingAmount>

<us-gaap:DebtInstrumentCarryingAmount contextRef="AsOf2021-05-31_custom_NotesPayableEightMember" decimals="0" unitRef="USD"> 2049941 </us-gaap:DebtInstrumentCarryingAmount>

<us-gaap:DebtInstrumentInterestRateEffectivePercentage contextRef="AsOf2022-05-31_custom_NotesPayableNineMember" decimals="INF" unitRef="Pure"> 0.037 </us-gaap:DebtInstrumentInterestRateEffectivePercentage>

<us-gaap:DebtInstrumentPeriodicPayment contextRef="From2021-06-012022-05-31_custom_NotesPayableNineMember" decimals="0" unitRef="USD"> 27593 </us-gaap:DebtInstrumentPeriodicPayment>

<us-gaap:DebtInstrumentPeriodicPayment contextRef="From2020-06-012021-05-31_custom_NotesPayableNineMember" decimals="0" unitRef="USD"> 27593 </us-gaap:DebtInstrumentPeriodicPayment>

<us-gaap:DebtInstrumentMaturityDate contextRef="From2020-06-012021-05-31_custom_NotesPayableNineMember"> 2025-03-19 </us-gaap:DebtInstrumentMaturityDate>

<us-gaap:DebtInstrumentCarryingAmount contextRef="AsOf2022-05-31_custom_NotesPayableNineMember" decimals="0" unitRef="USD"> 888642 </us-gaap:DebtInstrumentCarryingAmount>

<us-gaap:DebtInstrumentCarryingAmount contextRef="AsOf2021-05-31_custom_NotesPayableNineMember" decimals="0" unitRef="USD"> 1180470 </us-gaap:DebtInstrumentCarryingAmount>

<us-gaap:DebtInstrumentInterestRateEffectivePercentage contextRef="AsOf2022-05-31_custom_NotesPayableTenMember" decimals="INF" unitRef="Pure"> 0.035 </us-gaap:DebtInstrumentInterestRateEffectivePercentage>

<us-gaap:DebtInstrumentInterestRateEffectivePercentage contextRef="AsOf2021-05-31_custom_NotesPayableTenMember" decimals="INF" unitRef="Pure"> 0.035 </us-gaap:DebtInstrumentInterestRateEffectivePercentage>

<us-gaap:DebtInstrumentPeriodicPayment contextRef="From2021-06-012022-05-31_custom_NotesPayableTenMember" decimals="0" unitRef="USD"> 5997 </us-gaap:DebtInstrumentPeriodicPayment>

<us-gaap:DebtInstrumentPeriodicPayment contextRef="From2020-06-012021-05-31_custom_NotesPayableTenMember" decimals="0" unitRef="USD"> 5997 </us-gaap:DebtInstrumentPeriodicPayment>

<us-gaap:DebtInstrumentMaturityDate contextRef="From2021-06-012022-05-31_custom_NotesPayableTenMember"> 2028-08-10 </us-gaap:DebtInstrumentMaturityDate>

<us-gaap:DebtInstrumentMaturityDate contextRef="From2020-06-012021-05-31_custom_NotesPayableTenMember"> 2028-08-10 </us-gaap:DebtInstrumentMaturityDate>

<us-gaap:DebtInstrumentCarryingAmount contextRef="AsOf2022-05-31_custom_NotesPayableTenMember" decimals="0" unitRef="USD"> 803941 </us-gaap:DebtInstrumentCarryingAmount>

<us-gaap:DebtInstrumentMaturityDate contextRef="From2021-06-012022-05-31_custom_NotesPayableElevenMember"> 2021-06-11 </us-gaap:DebtInstrumentMaturityDate>

<us-gaap:DebtInstrumentMaturityDate contextRef="From2020-06-012021-05-31_custom_NotesPayableElevenMember"> 2021-06-11 </us-gaap:DebtInstrumentMaturityDate>

<us-gaap:DebtInstrumentCarryingAmount contextRef="AsOf2021-05-31_custom_NotesPayableElevenMember" decimals="0" unitRef="USD"> 3034000 </us-gaap:DebtInstrumentCarryingAmount>

<us-gaap:DebtInstrumentInterestRateEffectivePercentage contextRef="AsOf2022-05-31_custom_NotesPayableTwelveMember" decimals="INF" unitRef="Pure"> 0.075 </us-gaap:DebtInstrumentInterestRateEffectivePercentage>

<us-gaap:DebtInstrumentInterestRateEffectivePercentage contextRef="AsOf2021-05-31_custom_NotesPayableTwelveMember" decimals="INF" unitRef="Pure"> 0.075 </us-gaap:DebtInstrumentInterestRateEffectivePercentage>

<us-gaap:DebtInstrumentMaturityDate contextRef="From2021-06-012022-05-31_custom_NotesPayableTwelveMember"> 2024-01-15 </us-gaap:DebtInstrumentMaturityDate>

<us-gaap:DebtInstrumentMaturityDate contextRef="From2020-06-012021-05-31_custom_NotesPayableTwelveMember"> 2024-01-15 </us-gaap:DebtInstrumentMaturityDate>

<us-gaap:DebtInstrumentCarryingAmount contextRef="AsOf2022-05-31_custom_NotesPayableTwelveMember" decimals="0" unitRef="USD"> 3295704 </us-gaap:DebtInstrumentCarryingAmount>

<us-gaap:DebtInstrumentCarryingAmount contextRef="AsOf2021-05-31_custom_NotesPayableTwelveMember" decimals="0" unitRef="USD"> 3536112 </us-gaap:DebtInstrumentCarryingAmount>

<us-gaap:DebtInstrumentCarryingAmount contextRef="AsOf2022-05-31_custom_OtherNotePayableMember" decimals="0" unitRef="USD"> 111374 </us-gaap:DebtInstrumentCarryingAmount>

<us-gaap:DebtInstrumentCarryingAmount contextRef="AsOf2021-05-31_custom_OtherNotePayableMember" decimals="0" unitRef="USD"> 147914 </us-gaap:DebtInstrumentCarryingAmount>

<us-gaap:DebtInstrumentCarryingAmount contextRef="AsOf2022-05-31_custom_FaceValueOfLongtermDebtMember" decimals="0" unitRef="USD"> 13496191 </us-gaap:DebtInstrumentCarryingAmount>

<us-gaap:DebtInstrumentCarryingAmount contextRef="AsOf2021-05-31_custom_FaceValueOfLongtermDebtMember" decimals="0" unitRef="USD"> 16238368 </us-gaap:DebtInstrumentCarryingAmount>

<us-gaap:DeferredFinanceCostsNet contextRef="AsOf2022-05-31" decimals="0" unitRef="USD"> 29751 </us-gaap:DeferredFinanceCostsNet>

<us-gaap:DeferredFinanceCostsNet contextRef="AsOf2021-05-31" decimals="0" unitRef="USD"> 30726 </us-gaap:DeferredFinanceCostsNet>

<GLGI:TotalDebtIssuanceCostsNetOfAmortization contextRef="AsOf2022-05-31" decimals="0" unitRef="USD"> 13466440 </GLGI:TotalDebtIssuanceCostsNetOfAmortization>

<GLGI:TotalDebtIssuanceCostsNetOfAmortization contextRef="AsOf2021-05-31" decimals="0" unitRef="USD"> 16207642 </GLGI:TotalDebtIssuanceCostsNetOfAmortization>

<us-gaap:LongTermDebtCurrent contextRef="AsOf2022-05-31" decimals="0" unitRef="USD"> 4160403 </us-gaap:LongTermDebtCurrent>

<us-gaap:LongTermDebtCurrent contextRef="AsOf2021-05-31" decimals="0" unitRef="USD"> 3236113 </us-gaap:LongTermDebtCurrent>

<us-gaap:LongTermDebtNoncurrent contextRef="AsOf2022-05-31" decimals="0" unitRef="USD"> 9306037 </us-gaap:LongTermDebtNoncurrent>

<us-gaap:LongTermDebtNoncurrent contextRef="AsOf2021-05-31" decimals="0" unitRef="USD"> 12971529 </us-gaap:LongTermDebtNoncurrent>

<us-gaap:DebtInstrumentInterestRateEffectivePercentage contextRef="AsOf2022-05-31_us-gaap_PrimeRateMember" decimals="INF" unitRef="Pure"> 0.0400 </us-gaap:DebtInstrumentInterestRateEffectivePercentage>

<us-gaap:DebtInstrumentInterestRateEffectivePercentage contextRef="AsOf2022-07-28_us-gaap_PrimeRateMember_us-gaap_SubsequentEventMember" decimals="INF" unitRef="Pure"> 0.0550 </us-gaap:DebtInstrumentInterestRateEffectivePercentage>

<us-gaap:AmortizationOfFinancingCosts contextRef="From2021-06-01to2022-05-31" decimals="0" unitRef="USD"> 5727 </us-gaap:AmortizationOfFinancingCosts>

<us-gaap:AmortizationOfFinancingCosts contextRef="From2020-06-012021-05-31" decimals="0" unitRef="USD"> 5160 </us-gaap:AmortizationOfFinancingCosts>

<us-gaap:DebtInstrumentPeriodicPayment contextRef="From2021-06-012022-05-31_custom_IBCLoanAgreementMember" decimals="0" unitRef="USD"> 190000 </us-gaap:DebtInstrumentPeriodicPayment>

<us-gaap:DebtInstrumentFaceAmount contextRef="AsOf2022-05-31_custom_IBCLoanAgreementMember_custom_RevolvingLoanMember" decimals="0" unitRef="USD"> 4000000 </us-gaap:DebtInstrumentFaceAmount>

<us-gaap:LineOfCreditFacilityMaximumBorrowingCapacity contextRef="AsOf2022-05-31_custom_IBCLoanAgreementMember_custom_RevolvingLoanMember" decimals="0" unitRef="USD"> 4000000 </us-gaap:LineOfCreditFacilityMaximumBorrowingCapacity>

<us-gaap:DebtInstrumentInterestRateEffectivePercentage contextRef="AsOf2022-05-31_custom_RevolvingLoanMember_us-gaap_PrimeRateMember" decimals="INF" unitRef="Pure"> 0.005 </us-gaap:DebtInstrumentInterestRateEffectivePercentage>

<us-gaap:DebtInstrumentInterestRateEffectivePercentage contextRef="AsOf2022-05-31_custom_RevolvingLoanMember" decimals="INF" unitRef="Pure"> 0.045 </us-gaap:DebtInstrumentInterestRateEffectivePercentage>

<us-gaap:DebtInstrumentMaturityDate contextRef="From2021-06-012022-05-31_custom_RevolvingLoanMember"> 2024-07-29 </us-gaap:DebtInstrumentMaturityDate>

<us-gaap:LineOfCreditFacilityMaximumBorrowingCapacity contextRef="AsOf2022-05-31_custom_RevolvingLoanMember" decimals="0" unitRef="USD"> 300000 </us-gaap:LineOfCreditFacilityMaximumBorrowingCapacity>

<GLGI:CapitalLeasedAssetGross contextRef="AsOf2022-05-31_custom_IBCLoanAgreementMember" decimals="0" unitRef="USD"> 1500000 </GLGI:CapitalLeasedAssetGross>

<us-gaap:DividendsPreferredStock contextRef="From2021-06-012022-05-31_custom_IBCLoanAgreementMember" decimals="0" unitRef="USD"> 500000 </us-gaap:DividendsPreferredStock>

<GLGI:GuaranteesCombinedAmount contextRef="AsOf2014-01-31_custom_IBCLoanAgreementMember_custom_GuarantyMember" decimals="0" unitRef="USD"> 6500000 </GLGI:GuaranteesCombinedAmount>

<GLGI:GuaranteesCombinedAmount contextRef="AsOf2016-01-07_custom_IBCLoanAgreementMember_custom_GuarantyMember" decimals="0" unitRef="USD"> 3500000 </GLGI:GuaranteesCombinedAmount>

<us-gaap:OtherLongTermDebt contextRef="AsOf2022-07-29_custom_RestatedLoanAgreementMember" decimals="2" unitRef="USD"> 7854707.54 </us-gaap:OtherLongTermDebt>

<us-gaap:LongTermDebt contextRef="AsOf2022-07-29_custom_RestatedLoanAgreementMember" decimals="2" unitRef="USD"> 2669891.67 </us-gaap:LongTermDebt>

<us-gaap:ProceedsFromOtherDebt contextRef="From2022-07-282022-07-29_custom_RestatedLoanAgreementMember" decimals="2" unitRef="USD"> 1912828.89 </us-gaap:ProceedsFromOtherDebt>

<us-gaap:LoansPayableCurrent contextRef="AsOf2022-07-29_custom_RestatedLoanAgreementMember" decimals="0" unitRef="USD"> 7000000 </us-gaap:LoansPayableCurrent>

<us-gaap:NotesAndLoansPayableCurrent contextRef="AsOf2022-07-29_custom_RestatedLoanAgreementMember" decimals="0" unitRef="USD"> 2000000 </us-gaap:NotesAndLoansPayableCurrent>

<GLGI:RevolvingLoanBorrowed contextRef="AsOf2022-07-29_custom_RestatedLoanAgreementMember" decimals="0" unitRef="USD"> 6000000 </GLGI:RevolvingLoanBorrowed>

<us-gaap:MortgageLoansOnRealEstateWritedownOrReserveAmount1 contextRef="AsOf2014-01-31_custom_LoanAgreementBetweenGREAndIBCMember_custom_MortgageLoanMember" decimals="0" unitRef="USD"> 3412500 </us-gaap:MortgageLoansOnRealEstateWritedownOrReserveAmount1>

<us-gaap:DebtInstrumentInterestRateEffectivePercentage contextRef="AsOf2014-01-31_custom_LoanAgreementBetweenGREAndIBCMember_custom_MortgageLoanMember" decimals="INF" unitRef="Pure"> 0.055 </us-gaap:DebtInstrumentInterestRateEffectivePercentage>

<GLGI:ExtendedMaturityDate contextRef="From2014-01-302014-01-31_custom_LoanAgreementBetweenGREAndIBCMember_custom_MortgageLoanMember"> 2023-04-30 </GLGI:ExtendedMaturityDate>

<us-gaap:NotesPayable contextRef="AsOf2005-12-15_custom_RobertBRoseneJrMember_srt_DirectorMember" decimals="0" unitRef="USD"> 2066000 </us-gaap:NotesPayable>

<us-gaap:DebtInstrumentInterestRateEffectivePercentage contextRef="AsOf2005-12-15_custom_RobertBRoseneJrMember_srt_DirectorMember" decimals="INF" unitRef="Pure"> 0.075 </us-gaap:DebtInstrumentInterestRateEffectivePercentage>

<us-gaap:DebtInstrumentFaceAmount contextRef="AsOf2016-06-01_custom_RobertBRoseneJrMember_custom_RestatedNoteMember" decimals="0" unitRef="USD"> 4541690 </us-gaap:DebtInstrumentFaceAmount>

<us-gaap:DebtInstrumentInterestRateEffectivePercentage contextRef="AsOf2016-06-01_custom_RobertBRoseneJrMember_custom_RestatedNoteMember" decimals="INF" unitRef="Pure"> 7.5 </us-gaap:DebtInstrumentInterestRateEffectivePercentage>

<us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths contextRef="AsOf2022-05-31" decimals="0" unitRef="USD"> 4160403 </us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths>

<us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo contextRef="AsOf2022-05-31" decimals="0" unitRef="USD"> 8256351 </us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo>

<us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree contextRef="AsOf2022-05-31" decimals="0" unitRef="USD"> 412684 </us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree>

<us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour contextRef="AsOf2022-05-31" decimals="0" unitRef="USD"> 49091 </us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour>

<us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive contextRef="AsOf2022-05-31" decimals="0" unitRef="USD"> 50861 </us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive>

<us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive contextRef="AsOf2022-05-31" decimals="0" unitRef="USD"> 566801 </us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive>

<us-gaap:LesseeOperatingLeasesTextBlock contextRef="From2021-06-01to2022-05-31">

Note 5. LEASES Financing Leases Financing leases consist of the following as of May 31: SCHEDULE OF FINANCING LEASE <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%; margin-left: 0.75in"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20220531_zM5jrDukEbf9" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_491_20210531_zHykfykLkFI" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40F_eus-gaap--FinanceLeaseLiability_iI_zoUj5Y1pZHs2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 66%; text-align: left">Non-cancelable financing leases</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">2,163,043</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">3,594,007</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--FinanceLeaseLiabilityCurrent_iNI_di_zTLQTaZEKFO1" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Less: Current portion of financing leases</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,630,895</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,745,535</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_407_eus-gaap--FinanceLeaseLiabilityNoncurrent_iI_z8t7LMlyE6V1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Non-cancelable financing leases, net of current portion</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">532,148</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,848,472</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> Greystone and an unrelated private company entered into three separate lease agreements which have an effective interest rate of 7.4% and a term of five years. The leased equipment was placed into production during February 2018, August 2018 and December 2018, at a total cost of approximately $6.9 million. The lease agreements include bargain purchase options to acquire the production equipment at the end of the leases’ term. The leased equipment is used to manufacture pallets to sell to the private company. Rental payments are made as a credit on every sales invoice of pallets produced on the respective leased equipment at the rate of $<span id="xdx_904_ecustom--LeasePaymentPerInvoiceRate_iI_c20220531__us-gaap--LeaseContractualTermAxis__custom--ThreeLeaseAgreementsWithFiveYearTermsMember_zZO8iu0DqKs6" title="Lease payment per invoice rate">3.32 per pallet. The aggregate monthly rental is estimated to be approximately $<span id="xdx_90E_eus-gaap--PaymentsForRent_c20210601__20220531__us-gaap--LeaseContractualTermAxis__custom--ThreeLeaseAgreementsWithFiveYearTermsMember_zWllj7jxfKYi" title="Payments of monthly rental amount">142,000. The agreements provide for minimum monthly lease rental payments based upon the total pallets sold in excess of a specified amount not to exceed the monthly productive capacity of the leased machines. Yorktown and Greystone entered into a sale and leaseback agreement effective December 28, 2018, whereby Yorktown purchased certain production equipment from Greystone at its net book value of $<span id="xdx_905_eus-gaap--PaymentsToAcquireProductiveAssets_pp0p0_c20210601__20220531__us-gaap--TypeOfArrangementAxis__custom--SaleAndLeasebackAgreementMember__us-gaap--CollateralAxis__custom--YorktownProductionEquipmentMember_zXNXvYeowxhk" title="Value of production equipment purchased">968,168 and entered into a four-year lease agreement with Greystone at a monthly rent of $<span id="xdx_902_eus-gaap--PaymentsForRent_pp0p0_c20210601__20220531__us-gaap--TypeOfArrangementAxis__custom--SaleAndLeasebackAgreementMember__us-gaap--CollateralAxis__custom--YorktownProductionEquipmentMember__srt--StatementScenarioAxis__custom--InitialThirtyNineMonthsMember_zewEF2B0o2cc" title="Payments of monthly rental amount">27,915 for the initial thirty-six months and $<span id="xdx_901_eus-gaap--PaymentsForRent_pp0p0_c20210601__20220531__us-gaap--TypeOfArrangementAxis__custom--SaleAndLeasebackAgreementMember__us-gaap--CollateralAxis__custom--YorktownProductionEquipmentMember__srt--StatementScenarioAxis__custom--RemainingTwelveMonthsMember_zmk798sNq9L1" title="Payments of monthly rental amount">7,695 for the remaining twelve months. The lease agreement provides for a purchase option of $<span id="xdx_90A_eus-gaap--LandUnderPurchaseOptionsRecorded_iI_pp0p0_c20221231__us-gaap--TypeOfArrangementAxis__custom--SaleAndLeasebackAgreementMember__us-gaap--CollateralAxis__custom--YorktownProductionEquipmentMember_zqamzHSM485j" title="Bargain purchase option amount">10,000 at the end of the lease on December 31, 2022. Effective July 29, 2022, GRE will no longer be a variable interest entity (“VIE”) as a result certain events discussed in Note 4, Long Term Debt. Currently, the rent expense that Greystone paid to GRE, as a VIE, has beeen eliminated in the consolidated financial statements of Greystone. Upon the termination of GRE as a VIE, the lease agreement between Greystone and GRE will become a right-of-use financing lease asset and the related rent expense will be recognized in the consolidated financial statements. The production equipment under the non-cancelable financing leases as of May 31, 2022 and 2021 was as follows: SCHEDULE OF NON-CANCELABLE FINANCING LEASES <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 89%; margin-left: 0.75in"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20220531_zeABLYNn9tY6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20210531_ziIc4DNaS2m4" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40A_eus-gaap--PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization_iI_pp0p0" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 66%; text-align: justify">Production equipment under financing leases</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">8,497,798</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">8,473,357</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAccumulatedDepreciationAndAmortization_iNI_pp0p0_di_zsSyQu5tmDN7" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Less: Accumulated amortization</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(3,481,223</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(2,534,688</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_404_eus-gaap--PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization_iI_zxEb5q0bZ6e" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt">Production equipment under financing leases, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">5,016,575</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">5,938,669</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> Amortization of the carrying amount of the assets was $946,535 and $1,012,870 for the years ended May 31, 2022 and 2021, respectively. The amortization was included in depreciation expense. Operating Leases Greystone recognizes 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 statement of income. Variable and short-term rental payments are recognized as costs and expenses as they are incurred. Greystone has two non-cancellable operating leases for equipment with terms of 4.5 and 5.0 years and a discount rate of <span id="xdx_902_eus-gaap--LesseeOperatingLeaseDiscountRate_iI_pid_dp_uPure_c20220531__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--EquipmentOneMember_zXLJXTdeoRKd" title="Operating lease discount rate"><span id="xdx_90F_eus-gaap--LesseeOperatingLeaseDiscountRate_iI_pid_dp_uPure_c20220531__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--EquipmentTwoMember_zgVEuXpT8wYa" title="Operating lease discount rate">5.40%. The leases are single term with constant monthly rental rates. The outstanding liability for right to use assets under operating leases as of May 31, 2022 and 2021 is as follows: SCHEDULE OF OPERATING LEASES <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 89%; margin-left: 0.75in"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20220531_zBfaw80Lqllj" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20210531_zk0FZHHHmnl1" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40F_eus-gaap--OperatingLeaseLiability_iI_pp0p0" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 66%; text-align: left">Liability under operating leases</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">55,535</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">109,013</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--OperatingLeaseLiabilityCurrent_iNI_pp0p0_di_ziCu1Sp56Tnf" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Less: Current portion</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(33,881</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(56,443</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_401_eus-gaap--OperatingLeaseLiabilityNoncurrent_iI_pp0p0_zJsFSxsHFoR5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Long-term portion of liability under operating leases</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">21,654</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">52,570</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> Lease Summary Information For the years ended May 31, 2022 and 2021, a summary of lease activity follows: SUMMARY OF LEASE ACTIVITY <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 91%; margin-left: 0.5in"> <tr style="display: none; vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_494_20210601__20220531_zo026e9PcGl7" style="text-align: right">1</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_496_20200601__20210531_zpehvdTIZYej" style="text-align: right">2</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Lease Expense</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Financing lease expense -</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--FinanceLeaseRightOfUseAssetAmortization_zNdW0B0ravbc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; width: 66%; text-align: left">Amortization of right-of-use assets</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">946,535</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">1,012,870</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--FinanceLeaseInterestExpense_i_pp0p0" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Interest on lease liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">127,898</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">267,729</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--OperatingLeaseExpense_ziSumRV0nRml" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Operating lease expense</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">61,881</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">77,284</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--ShortTermLeaseCost_i_pp0p0" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Short-term lease expense</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,493,169</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,481,270</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--LeaseCost_iTC_pp0p0" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,629,483</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,839,153</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Other Information</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Cash paid for amounts included in the measurement of lease liabilities for finance leases -</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--FinanceLeaseInterestPaymentOnLiability_i_pp0p0" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Operating cash flows</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">127,898</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">267,729</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--FinanceLeasePrincipalPayments_i_pp0p0" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Financing cash flows</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,455,404</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,861,650</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Cash paid for amounts included in the measurement of lease liabilities for operating leases -</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--OperatingLeasePayments_i_pp0p0" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Operating cash flows</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">61,881</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">77,284</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_ecustom--FinanceLeaseLiabilitiesRightOfUseAsset_zZfRWqi4yYob" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Right-of-use assets obtained in exchange for lease liabilities – financing lease</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">24,441</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Weighted-average remaining lease term (in years) -</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Financing leases</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.3</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2.0</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Operating leases</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.6</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2.1</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Weighted-average discount rate -</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Financing leases</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7.3</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7.4</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Operating leases</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.4</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.3</td><td style="text-align: left">%</td></tr> </table> Future minimum lease payments under non-cancelable operating and financing leases as of May 31, 2022, are approximately: SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 75%; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Operating Leases</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Financing Leases</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 63%">Year ended May 31, 2023</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_988_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_iI_maFLP_c20220531_zlKabVXrLqi" style="width: 14%; text-align: right" title="Operating Leases Year ended May 31, 2023">33,881</td><td style="width: 2%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_989_eus-gaap--FinanceLeaseLiabilityPaymentsDueNextTwelveMonths_iI_maTLP_c20220531_zzhuBAcPK5h9" style="width: 14%; text-align: right" title="Financing Leases Year ended May 31, 2023">1,730,278</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Year ended May 31, 2024</td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearTwo_iI_maFLP_c20220531_z4QoPelJxW93" style="text-align: right" title="Operating Leases Year ended May 31, 2024">20,535</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--FinanceLeaseLiabilityPaymentsDueYearTwo_iI_maTLP_c20220531_zEWd3z6zkJM8" style="text-align: right" title="Financing Leases Year ended May 31, 2024">522,249</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Year ended May 31, 2025</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearThree_iI_maFLP_c20220531_z4GpveHUwlI3" style="text-align: right" title="Operating Leases Year ended May 31, 2025">4,082</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--FinanceLeaseLiabilityPaymentsDueYearThree_iI_maTLP_c20220531_z4lFSBJdp8Fd" style="text-align: right" title="Financing Leases Year ended May 31, 2025">17,708</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Year ended May 31, 2026</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_983_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearFour_iI_maFLP_c20220531_zaPMSEvZ92A4" style="border-bottom: Black 1pt solid; text-align: right" title="Operating Leases Year ended May 31, 2026">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_984_eus-gaap--FinanceLeaseLiabilityPaymentsDueYearFour_iI_maTLP_c20220531_zmtQYBI6wrE6" style="border-bottom: Black 1pt solid; text-align: right" title="Financing Leases Year ended May 31, 2026">4,511</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Total lease payments</td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDue_iTI_pp0p0_mtFLP_c20220531_zpdWDwELGjha" style="text-align: right" title="Operating lease total lease payments">58,498</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--FinanceLeaseLiabilityPaymentsDue_iI_mtTLP_c20220531_zKbZ5Dub42b1" style="text-align: right" title="Financing lease total lease payments">2,274,746</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Less: Imputed interest</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98C_ecustom--LesseeOperatingLeaseLiabilityImputedInterest_iNI_pp0p0_di_c20220531_zDkwWToKyMa3" style="border-bottom: Black 1pt solid; text-align: right" title="Operating lease imputed interest">(2,963</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_986_ecustom--FinanceLeaseLiabilityImputedInterest_iNI_di_c20220531_zTqRqw7eI4tl" style="border-bottom: Black 1pt solid; text-align: right" title="Financing lease Imputed interest">(111,702</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Present value of minimum lease payments</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98C_eus-gaap--OperatingLeaseLiability_iI_pp0p0_c20220531_zbCHOZ6xgcak" style="border-bottom: Black 2.5pt double; text-align: right" title="Operating Leases Present value of minimum lease payments">55,535</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_982_ecustom--OperatingLeaseLiabilityNet_iI_pp0p0_c20220531_zvAvw1yptkk1" style="border-bottom: Black 2.5pt double; text-align: right" title="FinancingLeases Present value of minimum lease payments">2,163,044</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

</us-gaap:LesseeOperatingLeasesTextBlock>

<GLGI:ScheduleOfFinancingLeaseTableTextblock contextRef="From2021-06-01to2022-05-31">

Financing leases consist of the following as of May 31: SCHEDULE OF FINANCING LEASE <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%; margin-left: 0.75in"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20220531_zM5jrDukEbf9" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_491_20210531_zHykfykLkFI" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40F_eus-gaap--FinanceLeaseLiability_iI_zoUj5Y1pZHs2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 66%; text-align: left">Non-cancelable financing leases</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">2,163,043</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">3,594,007</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--FinanceLeaseLiabilityCurrent_iNI_di_zTLQTaZEKFO1" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Less: Current portion of financing leases</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,630,895</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,745,535</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_407_eus-gaap--FinanceLeaseLiabilityNoncurrent_iI_z8t7LMlyE6V1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Non-cancelable financing leases, net of current portion</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">532,148</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,848,472</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

</GLGI:ScheduleOfFinancingLeaseTableTextblock>

<us-gaap:FinanceLeaseLiability contextRef="AsOf2022-05-31" decimals="0" unitRef="USD"> 2163043 </us-gaap:FinanceLeaseLiability>

<us-gaap:FinanceLeaseLiability contextRef="AsOf2021-05-31" decimals="0" unitRef="USD"> 3594007 </us-gaap:FinanceLeaseLiability>

<us-gaap:FinanceLeaseLiabilityCurrent contextRef="AsOf2022-05-31" decimals="0" unitRef="USD"> 1630895 </us-gaap:FinanceLeaseLiabilityCurrent>

<us-gaap:FinanceLeaseLiabilityCurrent contextRef="AsOf2021-05-31" decimals="0" unitRef="USD"> 1745535 </us-gaap:FinanceLeaseLiabilityCurrent>

<us-gaap:FinanceLeaseLiabilityNoncurrent contextRef="AsOf2022-05-31" decimals="0" unitRef="USD"> 532148 </us-gaap:FinanceLeaseLiabilityNoncurrent>

<us-gaap:FinanceLeaseLiabilityNoncurrent contextRef="AsOf2021-05-31" decimals="0" unitRef="USD"> 1848472 </us-gaap:FinanceLeaseLiabilityNoncurrent>

<GLGI:LeaseInterestRate contextRef="AsOf2022-05-31_custom_ThreeLeaseAgreementsWithFiveYearTermsMember" decimals="INF" unitRef="Pure"> 0.074 </GLGI:LeaseInterestRate>

<us-gaap:LeaseCost contextRef="From2021-06-012022-05-31_custom_ThreeLeaseAgreementsWithFiveYearTermsMember" decimals="-5" unitRef="USD"> 6900000 </us-gaap:LeaseCost>

<GLGI:LeasePaymentPerInvoiceRate contextRef="AsOf2022-05-31_custom_ThreeLeaseAgreementsWithFiveYearTermsMember" decimals="INF" unitRef="USDPShares"> 3.32 </GLGI:LeasePaymentPerInvoiceRate>

<us-gaap:PaymentsForRent contextRef="From2021-06-012022-05-31_custom_ThreeLeaseAgreementsWithFiveYearTermsMember" decimals="0" unitRef="USD"> 142000 </us-gaap:PaymentsForRent>

<us-gaap:PaymentsToAcquireProductiveAssets contextRef="From2021-06-012022-05-31_custom_SaleAndLeasebackAgreementMember_custom_YorktownProductionEquipmentMember" decimals="0" unitRef="USD"> 968168 </us-gaap:PaymentsToAcquireProductiveAssets>

<us-gaap:PaymentsForRent contextRef="From2021-06-012022-05-31_custom_SaleAndLeasebackAgreementMember_custom_YorktownProductionEquipmentMember_custom_InitialThirtyNineMonthsMember" decimals="0" unitRef="USD"> 27915 </us-gaap:PaymentsForRent>

<us-gaap:PaymentsForRent contextRef="From2021-06-012022-05-31_custom_SaleAndLeasebackAgreementMember_custom_YorktownProductionEquipmentMember_custom_RemainingTwelveMonthsMember" decimals="0" unitRef="USD"> 7695 </us-gaap:PaymentsForRent>

<us-gaap:LandUnderPurchaseOptionsRecorded contextRef="AsOf2022-12-31_custom_SaleAndLeasebackAgreementMember_custom_YorktownProductionEquipmentMember" decimals="0" unitRef="USD"> 10000 </us-gaap:LandUnderPurchaseOptionsRecorded>

<GLGI:ScheduleOfNoncancelableFinancingLeasesTableTextBlock contextRef="From2021-06-01to2022-05-31">

The production equipment under the non-cancelable financing leases as of May 31, 2022 and 2021 was as follows: SCHEDULE OF NON-CANCELABLE FINANCING LEASES <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 89%; margin-left: 0.75in"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20220531_zeABLYNn9tY6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20210531_ziIc4DNaS2m4" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40A_eus-gaap--PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization_iI_pp0p0" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 66%; text-align: justify">Production equipment under financing leases</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">8,497,798</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">8,473,357</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAccumulatedDepreciationAndAmortization_iNI_pp0p0_di_zsSyQu5tmDN7" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Less: Accumulated amortization</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(3,481,223</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(2,534,688</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_404_eus-gaap--PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization_iI_zxEb5q0bZ6e" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt">Production equipment under financing leases, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">5,016,575</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">5,938,669</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

</GLGI:ScheduleOfNoncancelableFinancingLeasesTableTextBlock>

<us-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization contextRef="AsOf2022-05-31" decimals="0" unitRef="USD"> 8497798 </us-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization>

<us-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization contextRef="AsOf2021-05-31" decimals="0" unitRef="USD"> 8473357 </us-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization>

<us-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAccumulatedDepreciationAndAmortization contextRef="AsOf2022-05-31" decimals="0" unitRef="USD"> 3481223 </us-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAccumulatedDepreciationAndAmortization>

<us-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAccumulatedDepreciationAndAmortization contextRef="AsOf2021-05-31" decimals="0" unitRef="USD"> 2534688 </us-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAccumulatedDepreciationAndAmortization>

<us-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization contextRef="AsOf2022-05-31" decimals="0" unitRef="USD"> 5016575 </us-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization>

<us-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization contextRef="AsOf2021-05-31" decimals="0" unitRef="USD"> 5938669 </us-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization>

<us-gaap:FinanceLeaseRightOfUseAssetAmortization contextRef="From2021-06-01to2022-05-31" decimals="0" unitRef="USD"> 946535 </us-gaap:FinanceLeaseRightOfUseAssetAmortization>

<us-gaap:FinanceLeaseRightOfUseAssetAmortization contextRef="From2020-06-012021-05-31" decimals="0" unitRef="USD"> 1012870 </us-gaap:FinanceLeaseRightOfUseAssetAmortization>

<us-gaap:LessorOperatingLeaseTermOfContract contextRef="AsOf2022-05-31_custom_EquipmentOneMember"> P4Y6M </us-gaap:LessorOperatingLeaseTermOfContract>

<us-gaap:LessorOperatingLeaseTermOfContract contextRef="AsOf2022-05-31_custom_EquipmentTwoMember"> P5Y </us-gaap:LessorOperatingLeaseTermOfContract>

<us-gaap:LesseeOperatingLeaseDiscountRate contextRef="AsOf2022-05-31_custom_EquipmentOneMember" decimals="INF" unitRef="Pure"> 0.0540 </us-gaap:LesseeOperatingLeaseDiscountRate>

<us-gaap:LesseeOperatingLeaseDiscountRate contextRef="AsOf2022-05-31_custom_EquipmentTwoMember" decimals="INF" unitRef="Pure"> 0.0540 </us-gaap:LesseeOperatingLeaseDiscountRate>

<GLGI:ScheduleOfOperatingLeasesTableTextBlock contextRef="From2021-06-01to2022-05-31">

The outstanding liability for right to use assets under operating leases as of May 31, 2022 and 2021 is as follows: SCHEDULE OF OPERATING LEASES <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 89%; margin-left: 0.75in"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20220531_zBfaw80Lqllj" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20210531_zk0FZHHHmnl1" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40F_eus-gaap--OperatingLeaseLiability_iI_pp0p0" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 66%; text-align: left">Liability under operating leases</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">55,535</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">109,013</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--OperatingLeaseLiabilityCurrent_iNI_pp0p0_di_ziCu1Sp56Tnf" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Less: Current portion</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(33,881</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(56,443</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_401_eus-gaap--OperatingLeaseLiabilityNoncurrent_iI_pp0p0_zJsFSxsHFoR5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Long-term portion of liability under operating leases</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">21,654</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">52,570</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

</GLGI:ScheduleOfOperatingLeasesTableTextBlock>

<us-gaap:OperatingLeaseLiability contextRef="AsOf2022-05-31" decimals="0" unitRef="USD"> 55535 </us-gaap:OperatingLeaseLiability>

<us-gaap:OperatingLeaseLiability contextRef="AsOf2021-05-31" decimals="0" unitRef="USD"> 109013 </us-gaap:OperatingLeaseLiability>

<us-gaap:OperatingLeaseLiabilityCurrent contextRef="AsOf2022-05-31" decimals="0" unitRef="USD"> 33881 </us-gaap:OperatingLeaseLiabilityCurrent>

<us-gaap:OperatingLeaseLiabilityCurrent contextRef="AsOf2021-05-31" decimals="0" unitRef="USD"> 56443 </us-gaap:OperatingLeaseLiabilityCurrent>

<us-gaap:OperatingLeaseLiabilityNoncurrent contextRef="AsOf2022-05-31" decimals="0" unitRef="USD"> 21654 </us-gaap:OperatingLeaseLiabilityNoncurrent>

<us-gaap:OperatingLeaseLiabilityNoncurrent contextRef="AsOf2021-05-31" decimals="0" unitRef="USD"> 52570 </us-gaap:OperatingLeaseLiabilityNoncurrent>

<us-gaap:LeaseCostTableTextBlock contextRef="From2021-06-01to2022-05-31">

For the years ended May 31, 2022 and 2021, a summary of lease activity follows: SUMMARY OF LEASE ACTIVITY <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 91%; margin-left: 0.5in"> <tr style="display: none; vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_494_20210601__20220531_zo026e9PcGl7" style="text-align: right">1</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_496_20200601__20210531_zpehvdTIZYej" style="text-align: right">2</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Lease Expense</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Financing lease expense -</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--FinanceLeaseRightOfUseAssetAmortization_zNdW0B0ravbc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; width: 66%; text-align: left">Amortization of right-of-use assets</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">946,535</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">1,012,870</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--FinanceLeaseInterestExpense_i_pp0p0" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Interest on lease liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">127,898</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">267,729</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--OperatingLeaseExpense_ziSumRV0nRml" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Operating lease expense</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">61,881</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">77,284</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--ShortTermLeaseCost_i_pp0p0" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Short-term lease expense</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,493,169</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,481,270</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--LeaseCost_iTC_pp0p0" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,629,483</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,839,153</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Other Information</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Cash paid for amounts included in the measurement of lease liabilities for finance leases -</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--FinanceLeaseInterestPaymentOnLiability_i_pp0p0" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Operating cash flows</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">127,898</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">267,729</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--FinanceLeasePrincipalPayments_i_pp0p0" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Financing cash flows</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,455,404</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,861,650</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Cash paid for amounts included in the measurement of lease liabilities for operating leases -</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--OperatingLeasePayments_i_pp0p0" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Operating cash flows</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">61,881</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">77,284</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_ecustom--FinanceLeaseLiabilitiesRightOfUseAsset_zZfRWqi4yYob" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Right-of-use assets obtained in exchange for lease liabilities – financing lease</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">24,441</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Weighted-average remaining lease term (in years) -</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Financing leases</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.3</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2.0</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Operating leases</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.6</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2.1</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Weighted-average discount rate -</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Financing leases</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7.3</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7.4</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Operating leases</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.4</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.3</td><td style="text-align: left">%</td></tr> </table>

</us-gaap:LeaseCostTableTextBlock>

<us-gaap:FinanceLeaseRightOfUseAssetAmortization contextRef="From2021-06-01to2022-05-31" decimals="0" unitRef="USD"> 946535 </us-gaap:FinanceLeaseRightOfUseAssetAmortization>

<us-gaap:FinanceLeaseRightOfUseAssetAmortization contextRef="From2020-06-012021-05-31" decimals="0" unitRef="USD"> 1012870 </us-gaap:FinanceLeaseRightOfUseAssetAmortization>

<us-gaap:FinanceLeaseInterestExpense contextRef="From2021-06-01to2022-05-31" decimals="0" unitRef="USD"> 127898 </us-gaap:FinanceLeaseInterestExpense>

<us-gaap:FinanceLeaseInterestExpense contextRef="From2020-06-012021-05-31" decimals="0" unitRef="USD"> 267729 </us-gaap:FinanceLeaseInterestExpense>

<us-gaap:OperatingLeaseExpense contextRef="From2021-06-01to2022-05-31" decimals="0" unitRef="USD"> 61881 </us-gaap:OperatingLeaseExpense>

<us-gaap:OperatingLeaseExpense contextRef="From2020-06-012021-05-31" decimals="0" unitRef="USD"> 77284 </us-gaap:OperatingLeaseExpense>

<us-gaap:ShortTermLeaseCost contextRef="From2021-06-01to2022-05-31" decimals="0" unitRef="USD"> 1493169 </us-gaap:ShortTermLeaseCost>

<us-gaap:ShortTermLeaseCost contextRef="From2020-06-012021-05-31" decimals="0" unitRef="USD"> 1481270 </us-gaap:ShortTermLeaseCost>

<us-gaap:LeaseCost contextRef="From2021-06-01to2022-05-31" decimals="0" unitRef="USD"> 2629483 </us-gaap:LeaseCost>

<us-gaap:LeaseCost contextRef="From2020-06-012021-05-31" decimals="0" unitRef="USD"> 2839153 </us-gaap:LeaseCost>

<us-gaap:FinanceLeaseInterestPaymentOnLiability contextRef="From2021-06-01to2022-05-31" decimals="0" unitRef="USD"> 127898 </us-gaap:FinanceLeaseInterestPaymentOnLiability>

<us-gaap:FinanceLeaseInterestPaymentOnLiability contextRef="From2020-06-012021-05-31" decimals="0" unitRef="USD"> 267729 </us-gaap:FinanceLeaseInterestPaymentOnLiability>

<us-gaap:FinanceLeasePrincipalPayments contextRef="From2021-06-01to2022-05-31" decimals="0" unitRef="USD"> 1455404 </us-gaap:FinanceLeasePrincipalPayments>

<us-gaap:FinanceLeasePrincipalPayments contextRef="From2020-06-012021-05-31" decimals="0" unitRef="USD"> 1861650 </us-gaap:FinanceLeasePrincipalPayments>

<us-gaap:OperatingLeasePayments contextRef="From2021-06-01to2022-05-31" decimals="0" unitRef="USD"> 61881 </us-gaap:OperatingLeasePayments>

<us-gaap:OperatingLeasePayments contextRef="From2020-06-012021-05-31" decimals="0" unitRef="USD"> 77284 </us-gaap:OperatingLeasePayments>

<GLGI:FinanceLeaseLiabilitiesRightOfUseAsset contextRef="From2021-06-01to2022-05-31" decimals="0" unitRef="USD"> 24441 </GLGI:FinanceLeaseLiabilitiesRightOfUseAsset>

<us-gaap:FinanceLeaseWeightedAverageRemainingLeaseTerm1 contextRef="AsOf2022-05-31"> P1Y3M18D </us-gaap:FinanceLeaseWeightedAverageRemainingLeaseTerm1>

<us-gaap:FinanceLeaseWeightedAverageRemainingLeaseTerm1 contextRef="AsOf2021-05-31"> P2Y </us-gaap:FinanceLeaseWeightedAverageRemainingLeaseTerm1>

<us-gaap:OperatingLeaseWeightedAverageRemainingLeaseTerm1 contextRef="AsOf2022-05-31"> P1Y7M6D </us-gaap:OperatingLeaseWeightedAverageRemainingLeaseTerm1>

<us-gaap:OperatingLeaseWeightedAverageRemainingLeaseTerm1 contextRef="AsOf2021-05-31"> P2Y1M6D </us-gaap:OperatingLeaseWeightedAverageRemainingLeaseTerm1>

<us-gaap:FinanceLeaseWeightedAverageDiscountRatePercent contextRef="AsOf2022-05-31" decimals="INF" unitRef="Pure"> 0.073 </us-gaap:FinanceLeaseWeightedAverageDiscountRatePercent>

<us-gaap:FinanceLeaseWeightedAverageDiscountRatePercent contextRef="AsOf2021-05-31" decimals="INF" unitRef="Pure"> 0.074 </us-gaap:FinanceLeaseWeightedAverageDiscountRatePercent>

<us-gaap:OperatingLeaseWeightedAverageDiscountRatePercent contextRef="AsOf2022-05-31" decimals="INF" unitRef="Pure"> 0.054 </us-gaap:OperatingLeaseWeightedAverageDiscountRatePercent>

<us-gaap:OperatingLeaseWeightedAverageDiscountRatePercent contextRef="AsOf2021-05-31" decimals="INF" unitRef="Pure"> 0.053 </us-gaap:OperatingLeaseWeightedAverageDiscountRatePercent>

<us-gaap:FinanceLeaseLiabilityMaturityTableTextBlock contextRef="From2021-06-01to2022-05-31">

Future minimum lease payments under non-cancelable operating and financing leases as of May 31, 2022, are approximately: SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 75%; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Operating Leases</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Financing Leases</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 63%">Year ended May 31, 2023</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_988_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_iI_maFLP_c20220531_zlKabVXrLqi" style="width: 14%; text-align: right" title="Operating Leases Year ended May 31, 2023">33,881</td><td style="width: 2%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_989_eus-gaap--FinanceLeaseLiabilityPaymentsDueNextTwelveMonths_iI_maTLP_c20220531_zzhuBAcPK5h9" style="width: 14%; text-align: right" title="Financing Leases Year ended May 31, 2023">1,730,278</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Year ended May 31, 2024</td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearTwo_iI_maFLP_c20220531_z4QoPelJxW93" style="text-align: right" title="Operating Leases Year ended May 31, 2024">20,535</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--FinanceLeaseLiabilityPaymentsDueYearTwo_iI_maTLP_c20220531_zEWd3z6zkJM8" style="text-align: right" title="Financing Leases Year ended May 31, 2024">522,249</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Year ended May 31, 2025</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearThree_iI_maFLP_c20220531_z4GpveHUwlI3" style="text-align: right" title="Operating Leases Year ended May 31, 2025">4,082</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--FinanceLeaseLiabilityPaymentsDueYearThree_iI_maTLP_c20220531_z4lFSBJdp8Fd" style="text-align: right" title="Financing Leases Year ended May 31, 2025">17,708</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Year ended May 31, 2026</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_983_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearFour_iI_maFLP_c20220531_zaPMSEvZ92A4" style="border-bottom: Black 1pt solid; text-align: right" title="Operating Leases Year ended May 31, 2026">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_984_eus-gaap--FinanceLeaseLiabilityPaymentsDueYearFour_iI_maTLP_c20220531_zmtQYBI6wrE6" style="border-bottom: Black 1pt solid; text-align: right" title="Financing Leases Year ended May 31, 2026">4,511</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Total lease payments</td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDue_iTI_pp0p0_mtFLP_c20220531_zpdWDwELGjha" style="text-align: right" title="Operating lease total lease payments">58,498</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--FinanceLeaseLiabilityPaymentsDue_iI_mtTLP_c20220531_zKbZ5Dub42b1" style="text-align: right" title="Financing lease total lease payments">2,274,746</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Less: Imputed interest</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98C_ecustom--LesseeOperatingLeaseLiabilityImputedInterest_iNI_pp0p0_di_c20220531_zDkwWToKyMa3" style="border-bottom: Black 1pt solid; text-align: right" title="Operating lease imputed interest">(2,963</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_986_ecustom--FinanceLeaseLiabilityImputedInterest_iNI_di_c20220531_zTqRqw7eI4tl" style="border-bottom: Black 1pt solid; text-align: right" title="Financing lease Imputed interest">(111,702</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Present value of minimum lease payments</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98C_eus-gaap--OperatingLeaseLiability_iI_pp0p0_c20220531_zbCHOZ6xgcak" style="border-bottom: Black 2.5pt double; text-align: right" title="Operating Leases Present value of minimum lease payments">55,535</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_982_ecustom--OperatingLeaseLiabilityNet_iI_pp0p0_c20220531_zvAvw1yptkk1" style="border-bottom: Black 2.5pt double; text-align: right" title="FinancingLeases Present value of minimum lease payments">2,163,044</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

</us-gaap:FinanceLeaseLiabilityMaturityTableTextBlock>

<us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths contextRef="AsOf2022-05-31" decimals="0" unitRef="USD"> 33881 </us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths>

<us-gaap:FinanceLeaseLiabilityPaymentsDueNextTwelveMonths contextRef="AsOf2022-05-31" decimals="0" unitRef="USD"> 1730278 </us-gaap:FinanceLeaseLiabilityPaymentsDueNextTwelveMonths>

<us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearTwo contextRef="AsOf2022-05-31" decimals="0" unitRef="USD"> 20535 </us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearTwo>

<us-gaap:FinanceLeaseLiabilityPaymentsDueYearTwo contextRef="AsOf2022-05-31" decimals="0" unitRef="USD"> 522249 </us-gaap:FinanceLeaseLiabilityPaymentsDueYearTwo>

<us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearThree contextRef="AsOf2022-05-31" decimals="0" unitRef="USD"> 4082 </us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearThree>

<us-gaap:FinanceLeaseLiabilityPaymentsDueYearThree contextRef="AsOf2022-05-31" decimals="0" unitRef="USD"> 17708 </us-gaap:FinanceLeaseLiabilityPaymentsDueYearThree>

<us-gaap:FinanceLeaseLiabilityPaymentsDueYearFour contextRef="AsOf2022-05-31" decimals="0" unitRef="USD"> 4511 </us-gaap:FinanceLeaseLiabilityPaymentsDueYearFour>

<us-gaap:LesseeOperatingLeaseLiabilityPaymentsDue contextRef="AsOf2022-05-31" decimals="0" unitRef="USD"> 58498 </us-gaap:LesseeOperatingLeaseLiabilityPaymentsDue>

<us-gaap:FinanceLeaseLiabilityPaymentsDue contextRef="AsOf2022-05-31" decimals="0" unitRef="USD"> 2274746 </us-gaap:FinanceLeaseLiabilityPaymentsDue>

<GLGI:LesseeOperatingLeaseLiabilityImputedInterest contextRef="AsOf2022-05-31" decimals="0" unitRef="USD"> 2963 </GLGI:LesseeOperatingLeaseLiabilityImputedInterest>

<GLGI:FinanceLeaseLiabilityImputedInterest contextRef="AsOf2022-05-31" decimals="0" unitRef="USD"> 111702 </GLGI:FinanceLeaseLiabilityImputedInterest>

<us-gaap:OperatingLeaseLiability contextRef="AsOf2022-05-31" decimals="0" unitRef="USD"> 55535 </us-gaap:OperatingLeaseLiability>

<GLGI:OperatingLeaseLiabilityNet contextRef="AsOf2022-05-31" decimals="0" unitRef="USD"> 2163044 </GLGI:OperatingLeaseLiabilityNet>

<us-gaap:RevenueFromContractWithCustomerTextBlock contextRef="From2021-06-01to2022-05-31">

Note 6. REVENUE 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. Mexico and other Central America countries which totaled <span id="xdx_904_ecustom--RevenueFromContractWithCustomerSalesRevenuePercentage_pid_dp_uPure_c20210601__20220531__srt--StatementGeographicalAxis__custom--CanadaandMexicoMember_zJz4tPtPB9ki" title="Sales revenue percent">1.45% and <span id="xdx_90A_ecustom--RevenueFromContractWithCustomerSalesRevenuePercentage_pid_dp_uPure_c20200601__20210531__srt--StatementGeographicalAxis__custom--CanadaandMexicoMember_zQM9sE2MKAF7" title="Sales revenue percent">0.92% of total sales in fiscal years 2022 and 2021, 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 fiscal years 2022 and 2021, respectively, were as follows: SCHEDULE OF SALE OF REVENUES FOR CUSTOMER CATEGORIES <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 75%; margin-left: 1in"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: center">Category</td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">2022</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">2021</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 68%; text-align: left">End user customers</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right"><span id="xdx_909_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20210601__20220531__srt--MajorCustomersAxis__custom--EndUserCustomersMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--RevenueFromContractWithCustomerMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zGTL6krfqXck" title="Total">76</td><td style="width: 1%; text-align: left">%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right"><span id="xdx_908_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20200601__20210531__srt--MajorCustomersAxis__custom--EndUserCustomersMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--RevenueFromContractWithCustomerMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zfuoXB89YZ5b" title="Total">83</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Distributors</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90A_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20210601__20220531__srt--MajorCustomersAxis__custom--DistributorsMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--RevenueFromContractWithCustomerMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zh0JGXGvGbdj" title="Total">24</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90C_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20200601__20210531__srt--MajorCustomersAxis__custom--DistributorsMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--RevenueFromContractWithCustomerMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zXupPigFVBk5" title="Total">17</td><td style="text-align: left">%</td></tr> </table> Advances from a customer pursuant to a contract for the sale of plastics pallets is recognized as deferred revenue. Revenue related to these advances is recognized by Greystone as pallets are shipped to customers. Customer advances received totaled $13,560,500 and $8,334,755 in fiscal years 2022 and 2021, respectively. The unrecognized balance of deferred revenue as of May 31, 2022 and 2021, was $5,329,047 and $6,430,607, respectively. The Company recognized $14,662,060 and $5,697,315 into revenue during the years ended May 31, 2022 and 2021, respectively.

</us-gaap:RevenueFromContractWithCustomerTextBlock>

<GLGI:RevenueFromContractWithCustomerSalesRevenuePercentage contextRef="From2021-06-012022-05-31_custom_CanadaandMexicoMember" decimals="INF" unitRef="Pure"> 0.0145 </GLGI:RevenueFromContractWithCustomerSalesRevenuePercentage>

<GLGI:RevenueFromContractWithCustomerSalesRevenuePercentage contextRef="From2020-06-012021-05-31_custom_CanadaandMexicoMember" decimals="INF" unitRef="Pure"> 0.0092 </GLGI:RevenueFromContractWithCustomerSalesRevenuePercentage>

<us-gaap:RevenueFromExternalCustomersByGeographicAreasTableTextBlock contextRef="From2021-06-01to2022-05-31">

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 fiscal years 2022 and 2021, respectively, were as follows: SCHEDULE OF SALE OF REVENUES FOR CUSTOMER CATEGORIES <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 75%; margin-left: 1in"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: center">Category</td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">2022</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">2021</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 68%; text-align: left">End user customers</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right"><span id="xdx_909_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20210601__20220531__srt--MajorCustomersAxis__custom--EndUserCustomersMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--RevenueFromContractWithCustomerMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zGTL6krfqXck" title="Total">76</td><td style="width: 1%; text-align: left">%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right"><span id="xdx_908_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20200601__20210531__srt--MajorCustomersAxis__custom--EndUserCustomersMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--RevenueFromContractWithCustomerMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zfuoXB89YZ5b" title="Total">83</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Distributors</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90A_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20210601__20220531__srt--MajorCustomersAxis__custom--DistributorsMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--RevenueFromContractWithCustomerMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zh0JGXGvGbdj" title="Total">24</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90C_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20200601__20210531__srt--MajorCustomersAxis__custom--DistributorsMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--RevenueFromContractWithCustomerMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zXupPigFVBk5" title="Total">17</td><td style="text-align: left">%</td></tr> </table>

</us-gaap:RevenueFromExternalCustomersByGeographicAreasTableTextBlock>

<us-gaap:ConcentrationRiskPercentage1 contextRef="From2021-06-012022-05-31_custom_EndUserCustomersMember_us-gaap_RevenueFromContractWithCustomerMember_us-gaap_CustomerConcentrationRiskMember" decimals="INF" unitRef="Pure"> 0.76 </us-gaap:ConcentrationRiskPercentage1>

<us-gaap:ConcentrationRiskPercentage1 contextRef="From2020-06-012021-05-31_custom_EndUserCustomersMember_us-gaap_RevenueFromContractWithCustomerMember_us-gaap_CustomerConcentrationRiskMember" decimals="INF" unitRef="Pure"> 0.83 </us-gaap:ConcentrationRiskPercentage1>

<us-gaap:ConcentrationRiskPercentage1 contextRef="From2021-06-012022-05-31_custom_DistributorsMember_us-gaap_RevenueFromContractWithCustomerMember_us-gaap_CustomerConcentrationRiskMember" decimals="INF" unitRef="Pure"> 0.24 </us-gaap:ConcentrationRiskPercentage1>

<us-gaap:ConcentrationRiskPercentage1 contextRef="From2020-06-012021-05-31_custom_DistributorsMember_us-gaap_RevenueFromContractWithCustomerMember_us-gaap_CustomerConcentrationRiskMember" decimals="INF" unitRef="Pure"> 0.17 </us-gaap:ConcentrationRiskPercentage1>

<us-gaap:ContractWithCustomerLiabilityRevenueRecognized contextRef="From2021-06-012022-05-31_custom_PalletsMember" decimals="0" unitRef="USD"> 13560500 </us-gaap:ContractWithCustomerLiabilityRevenueRecognized>

<us-gaap:ContractWithCustomerLiabilityRevenueRecognized contextRef="From2020-06-012021-05-31_custom_PalletsMember" decimals="0" unitRef="USD"> 8334755 </us-gaap:ContractWithCustomerLiabilityRevenueRecognized>

<GLGI:UnrecognizedDeferredRevenue contextRef="AsOf2022-05-31" decimals="0" unitRef="USD"> 5329047 </GLGI:UnrecognizedDeferredRevenue>

<GLGI:UnrecognizedDeferredRevenue contextRef="AsOf2021-05-31" decimals="0" unitRef="USD"> 6430607 </GLGI:UnrecognizedDeferredRevenue>

<us-gaap:DeferredRevenueRevenueRecognized1 contextRef="From2021-06-01to2022-05-31" decimals="0" unitRef="USD"> 14662060 </us-gaap:DeferredRevenueRevenueRecognized1>

<us-gaap:DeferredRevenueRevenueRecognized1 contextRef="From2020-06-012021-05-31" decimals="0" unitRef="USD"> 5697315 </us-gaap:DeferredRevenueRevenueRecognized1>

<us-gaap:RelatedPartyTransactionsDisclosureTextBlock contextRef="From2021-06-01to2022-05-31">

Note 7. RELATED PARTY TRANSACTIONS Transactions with Warren F. Kruger, Chairman Yorktown Management & Financial Services, LLC (“Yorktown”), an entity wholly owned by Greystone’s CEO and President, 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 for manufacturing pallets. Greystone compensates Yorktown for the use of equipment as discussed below. Rental fees. GSM pays weekly rental fees of $<span id="xdx_90D_eus-gaap--PaymentsForRent_c20210601__20220531__us-gaap--RelatedPartyTransactionAxis__custom--YorktownsGrindingAndPelletizingEquipmentMember__srt--StatementScenarioAxis__custom--WeeklyMember_zUc1rUEmfrl5" title="Payments of rental fees">27,500 to Yorktown for grinding equipment and pelletizing equipment. Total rental fees of $1,430,000 were paid in both fiscal years 2022 and 2021. Yorktown provides administrative office space for Greystone in Tulsa, Oklahoma under a one-year lease at a rental rate of $5,200 per month. Total rent expense was $54,000 and $48,000 for fiscal years 2022 and 2021, respectively. Transactions with TriEnda Holdings, L.L.C. TriEnda Holdings, L.L.C. (“TriEnda”) is a manufacturer of plastic pallets, protective packaging and dunnage utilizing thermoform processing of which Warren F. Kruger, Greystone’s President and CEO, is the non-executive chairman of the board of directors of Kruger Family Holdings, LLC (“KFH”), which owns a majority interest in TriEnda. Greystone may purchase pallets from TriEnda for resale or sell Greystone pallets to TriEnda. During fiscal year 2022 and 2021, Greystone purchases from TriEnda totaled $<span id="xdx_90E_eus-gaap--RelatedPartyTransactionPurchasesFromRelatedParty_c20210601__20220531__us-gaap--RelatedPartyTransactionAxis__custom--TriendaHoldingsLlcMember_z033kkznLzd6" title="Related party transaction purchases">4,222 and $<span id="xdx_904_eus-gaap--RelatedPartyTransactionPurchasesFromRelatedParty_c20200601__20210531__us-gaap--RelatedPartyTransactionAxis__custom--TriendaHoldingsLlcMember_zKKav3SLlSDj" title="Related party transaction purchases">143,589, respectively and sales to TriEnda totaled $<span id="xdx_905_eus-gaap--RevenueFromContractWithCustomerIncludingAssessedTax_c20210601__20220531__us-gaap--RelatedPartyTransactionAxis__custom--TriendaHoldingsLlcMember_zXo9DbbsWxPj" title="Revenue from goods">126,037 and $123,166, respectively. As of May 31, 2022, TriEnda owed $152,152 to Greystone. Transactions with Green Plastic Pallets Green Plastic Pallets (“Green”) is an entity owned by James Kruger, a brother to Warren Kruger, Greystone’s President and CEO. Green purchased pallets from Greystone totaling $<span id="xdx_90D_eus-gaap--RevenueFromContractWithCustomerIncludingAssessedTax_c20210601__20220531__us-gaap--RelatedPartyTransactionAxis__custom--GreenPlasticPalletsMember_zA6HpTTFoW63" title="Revenue from goods">617,100 and $<span id="xdx_900_eus-gaap--RevenueFromContractWithCustomerIncludingAssessedTax_c20200601__20210531__us-gaap--RelatedPartyTransactionAxis__custom--GreenPlasticPalletsMember_z4iFSMIHnEs3" title="Revenue from goods">544,636 in fiscal years 2022 and 2021, respectively. As of May 31, 2022, Green owed $99,960 to Greystone.

</us-gaap:RelatedPartyTransactionsDisclosureTextBlock>

<us-gaap:PaymentsForRent contextRef="From2021-06-012022-05-31_custom_YorktownsGrindingAndPelletizingEquipmentMember_custom_WeeklyMember" decimals="0" unitRef="USD"> 27500 </us-gaap:PaymentsForRent>

<us-gaap:PaymentsForRent contextRef="From2021-06-012022-05-31_custom_YorktownsGrindingAndPelletizingEquipmentMember" decimals="0" unitRef="USD"> 1430000 </us-gaap:PaymentsForRent>

<us-gaap:PaymentsForRent contextRef="From2020-06-012021-05-31_custom_YorktownsGrindingAndPelletizingEquipmentMember" decimals="0" unitRef="USD"> 1430000 </us-gaap:PaymentsForRent>

<GLGI:RentalRate contextRef="From2021-06-01to2022-05-31" decimals="0" unitRef="USD"> 5200 </GLGI:RentalRate>

<GLGI:RentExpenses contextRef="From2021-06-01to2022-05-31" decimals="0" unitRef="USD"> 54000 </GLGI:RentExpenses>

<GLGI:RentExpenses contextRef="From2020-06-012021-05-31" decimals="0" unitRef="USD"> 48000 </GLGI:RentExpenses>

<us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty contextRef="From2021-06-012022-05-31_custom_TriendaHoldingsLlcMember" decimals="0" unitRef="USD"> 4222 </us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty>

<us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty contextRef="From2020-06-012021-05-31_custom_TriendaHoldingsLlcMember" decimals="0" unitRef="USD"> 143589 </us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty>

<us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax contextRef="From2021-06-012022-05-31_custom_TriendaHoldingsLlcMember" decimals="0" unitRef="USD"> 126037 </us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax>

<us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax contextRef="From2020-06-012021-05-31_custom_TriendaHoldingsLlcMember" decimals="0" unitRef="USD"> 123166 </us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax>

<us-gaap:DueFromRelatedParties contextRef="AsOf2022-05-31_custom_TriendaHoldingsLlcMember" decimals="0" unitRef="USD"> 152152 </us-gaap:DueFromRelatedParties>

<us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax contextRef="From2021-06-012022-05-31_custom_GreenPlasticPalletsMember" decimals="0" unitRef="USD"> 617100 </us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax>

<us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax contextRef="From2020-06-012021-05-31_custom_GreenPlasticPalletsMember" decimals="0" unitRef="USD"> 544636 </us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax>

<us-gaap:AccountsReceivableRelatedParties contextRef="AsOf2022-05-31_custom_GreenPlasticPalletsMember" decimals="0" unitRef="USD"> 99960 </us-gaap:AccountsReceivableRelatedParties>

<us-gaap:IncomeTaxDisclosureTextBlock contextRef="From2021-06-01to2022-05-31">

Note 8. INCOME TAXES Deferred taxes as of May 31, 2022 and 2021 are as follows: SUMMARY OF DEFERRED TAXES <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 88%; margin-left: 0.75in"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20220531_zyWxFlAaBWP8" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20210531_zPotmyWJi7X1" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Deferred tax asset:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwards_iI_pp0p0_zkeJ5BdLTCe6" style="vertical-align: bottom; background-color: White"> <td style="width: 68%; text-align: left; padding-left: 10pt">Net operating loss carryforward</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">1,876,710</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">2,487,650</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_409_ecustom--IncomeTaxReportingInExcessOfFinancial_iI_pp0p0_z2fcLTPRmHlk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Income, tax reporting in excess of financial</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,497,136</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--DeferredTaxAssetsInventory_iI_pp0p0" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; padding-left: 10pt">Inventory</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">30,480</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">7,620</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--DeferredTaxAssetsGross_iTIC_pp0p0" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 20pt">Total deferred tax asset</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,404,326</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,495,270</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Deferred tax liability:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_ecustom--DeferredTaxAssetDepreciationAndAmortizationTaxReportingInExcessOfFinancial_iNI_pp0p0" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Depreciation and amortization, tax reporting in excess of financial</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,546,886</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,274,778</td><td style="text-align: left">)</td></tr> <tr id="xdx_405_eus-gaap--DeferredTaxAssetsValuationAllowance_iNI_pp0p0_di_zT40xn3NO4f2" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Valuation allowance</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,601,134</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,601,134</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_404_eus-gaap--DeferredTaxLiabilities_iNTI_pp0p0_di_zrczcOHehxek" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Net deferred tax liability</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(1,743,694</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(2,380,642</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table> 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. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which net operating losses and the reversal of timing differences may offset taxable income. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. Future realization of deferred tax assets ultimately depends on the existence of sufficient taxable income of the appropriate character in carryforward periods under the tax law. Based on this evaluation, management has determined that Greystone will not be able to realize the full effect of the deferred tax assets and a valuation allowance of $1,601,134 has been recorded as of May 31, 2022 and 2021. The NOLs that are anticipated to be utilized during the available years total $1,312,266. The net change in deferred taxes for the year ended May 31, 2022 and 2021, is as follows: SUMMARY OF NET CHANGE IN DEFERRED TAXES <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 85%; margin-left: 1in"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20210601__20220531_zV9ADu6IBGVc" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20200601__20210531_zRgLeSnHGzVe" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 66%; text-align: left">Income, tax reporting in excess of financial</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98D_ecustom--IncomeTaxReportingInExcessOfFinancial_iI_c20220531_zDLk6wudeFfl" style="width: 13%; text-align: right" title="Income, tax reporting in excess of financial">1,497,136</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_981_ecustom--IncomeTaxReportingInExcessOfFinancial_iI_c20210531_zcRfQCa3Pyuh" style="width: 13%; text-align: right" title="Income, tax reporting in excess of financial">-</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40B_ecustom--IncreaseDecreaseInNetOperatingLossCarryforward_zCv05f1uCfEd" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Net operating loss carryforward</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(610,940</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(868,195</td><td style="text-align: left">)</td></tr> <tr id="xdx_408_ecustom--IncreaseDecreaseInDepreciationAndAmortizationFinancialReportingInExcessOfTax_zCQxzBQUO6Tj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Depreciation and amortization, tax reporting in excess of financial</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(272,108</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(284,131</td><td style="text-align: left">)</td></tr> <tr id="xdx_407_ecustom--IncreaseDecreaseInDeferredTaxAssetAccruedExpenses_zcToX3NT4aC7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Accrued expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(35,445</td><td style="text-align: left">)</td></tr> <tr id="xdx_409_ecustom--IncreaseDecreaseInInventory_pp0p0_zCOLeIHCtPw4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Inventory</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">22,860</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(83,820</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40A_ecustom--IncreaseDecreaseInDeferredTaxLiabilities_iT_pp0p0_zfqSSkNNQBVf" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Net change</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">636,948</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(1,271,590</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table> The provision for income taxes as of May 31, 2022 and 2021 consists of the following: SUMMARY OF PROVISION FOR INCOME TAXES <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 85%; margin-left: 1in"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20210601__20220531_zvW1E6V7CPn6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20200601__20210531_z9DdYloIg3x5" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Current income tax -</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--CurrentFederalTaxExpenseBenefit_zhHX4bNRlPi3" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; width: 66%">Federal</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">503,612</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">-</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--CurrentStateAndLocalTaxExpenseBenefit_zvZgECEOfjdg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt">State</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">668,753</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">208,999</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--DeferredFederalIncomeTaxExpenseBenefit_z2s10Mso2BW4" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Deferred income tax</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(636,948</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,271,591</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--IncomeTaxExpenseBenefit_z8SgvPkYW6B3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Provision for income taxes</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">535,417</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,480,590</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> Greystone’s provision for income taxes for the years ended May 31, 2022 and 2021 differs from the federal statutory rate as follows: SUMMARY OF PROVISION FOR INCOME TAXES FOR FEDERAL STATUTORY RATE <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 85%; margin-left: 1in"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" id="xdx_49A_20210601__20220531_zIVM0LhOObN4" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">2022</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" id="xdx_491_20200601__20210531_zbctSQ186vgf" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">2021</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_408_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_uPure_z0S9oR1bSoUh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 66%; text-align: left">Tax provision using statutory rates</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 13%; text-align: right">21</td><td style="width: 1%; text-align: left">%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 13%; text-align: right">21</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_40D_eus-gaap--EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes_pid_dp_uPure_zbZMJ3d4f3t6" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">State income taxes</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_ecustom--EffectiveIncomeTaxRateReconciliationPermanentDifferences_pid_dp_uPure_zezuhhAenfOe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Permanent differences</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(17</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent_pid_dp_uPure_zP7UFwRFRjGh" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: left">VIE income passed to members</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(2</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40E_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_pid_dp_uPure_zAEhkXnA5YK8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; text-align: left">Tax provision per financial statements</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">11</td><td style="padding-bottom: 2.5pt; text-align: left">%</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">29</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> As of May 31, 2022, Greystone had net operating losses (NOLs) for Federal income tax purposes totaling $8,936,713, as follows: SUMMARY OF NET OPERATING LOSS FOR FEDERAL INCOME TAX <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 87%; margin-left: 0.85in"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; font-size: 11pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">NOL Carryforward</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Year Expiring</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 68%">Year ended May 31, 2003</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_986_eus-gaap--OperatingLossCarryforwards_iI_c20220531__us-gaap--TaxPeriodAxis__custom--TaxYear2003Member_zJzmcBO8nPQ7" style="width: 12%; text-align: right" title="NOL Carryforward">3,088,722</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 14%; text-align: right">2023</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Year ended May 31, 2004</td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--OperatingLossCarryforwards_iI_c20220531__us-gaap--TaxPeriodAxis__custom--TaxYear2004Member_z5elzEH94KP1" style="text-align: right" title="NOL Carryforward">1,632,774</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right">2024</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Year ended May 31, 2005</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--OperatingLossCarryforwards_iI_c20220531__us-gaap--TaxPeriodAxis__custom--TaxYear2005Member_z0ZOdgyYzmVa" style="text-align: right" title="NOL Carryforward">4,215,217</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right">2025</td></tr> </table>

</us-gaap:IncomeTaxDisclosureTextBlock>

<us-gaap:ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock contextRef="From2021-06-01to2022-05-31">

Deferred taxes as of May 31, 2022 and 2021 are as follows: SUMMARY OF DEFERRED TAXES <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 88%; margin-left: 0.75in"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20220531_zyWxFlAaBWP8" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20210531_zPotmyWJi7X1" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Deferred tax asset:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwards_iI_pp0p0_zkeJ5BdLTCe6" style="vertical-align: bottom; background-color: White"> <td style="width: 68%; text-align: left; padding-left: 10pt">Net operating loss carryforward</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">1,876,710</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">2,487,650</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_409_ecustom--IncomeTaxReportingInExcessOfFinancial_iI_pp0p0_z2fcLTPRmHlk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Income, tax reporting in excess of financial</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,497,136</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--DeferredTaxAssetsInventory_iI_pp0p0" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; padding-left: 10pt">Inventory</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">30,480</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">7,620</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--DeferredTaxAssetsGross_iTIC_pp0p0" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 20pt">Total deferred tax asset</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,404,326</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,495,270</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Deferred tax liability:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_ecustom--DeferredTaxAssetDepreciationAndAmortizationTaxReportingInExcessOfFinancial_iNI_pp0p0" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Depreciation and amortization, tax reporting in excess of financial</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,546,886</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,274,778</td><td style="text-align: left">)</td></tr> <tr id="xdx_405_eus-gaap--DeferredTaxAssetsValuationAllowance_iNI_pp0p0_di_zT40xn3NO4f2" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Valuation allowance</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,601,134</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,601,134</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_404_eus-gaap--DeferredTaxLiabilities_iNTI_pp0p0_di_zrczcOHehxek" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Net deferred tax liability</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(1,743,694</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(2,380,642</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table>

</us-gaap:ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock>

<us-gaap:DeferredTaxAssetsOperatingLossCarryforwards contextRef="AsOf2022-05-31" decimals="0" unitRef="USD"> 1876710 </us-gaap:DeferredTaxAssetsOperatingLossCarryforwards>

<us-gaap:DeferredTaxAssetsOperatingLossCarryforwards contextRef="AsOf2021-05-31" decimals="0" unitRef="USD"> 2487650 </us-gaap:DeferredTaxAssetsOperatingLossCarryforwards>

<GLGI:IncomeTaxReportingInExcessOfFinancial contextRef="AsOf2022-05-31" decimals="0" unitRef="USD"> 1497136 </GLGI:IncomeTaxReportingInExcessOfFinancial>

<us-gaap:DeferredTaxAssetsInventory contextRef="AsOf2022-05-31" decimals="0" unitRef="USD"> 30480 </us-gaap:DeferredTaxAssetsInventory>

<us-gaap:DeferredTaxAssetsInventory contextRef="AsOf2021-05-31" decimals="0" unitRef="USD"> 7620 </us-gaap:DeferredTaxAssetsInventory>

<us-gaap:DeferredTaxAssetsGross contextRef="AsOf2022-05-31" decimals="0" unitRef="USD"> 3404326 </us-gaap:DeferredTaxAssetsGross>

<us-gaap:DeferredTaxAssetsGross contextRef="AsOf2021-05-31" decimals="0" unitRef="USD"> 2495270 </us-gaap:DeferredTaxAssetsGross>

<GLGI:DeferredTaxAssetDepreciationAndAmortizationTaxReportingInExcessOfFinancial contextRef="AsOf2022-05-31" decimals="0" unitRef="USD"> -3546886 </GLGI:DeferredTaxAssetDepreciationAndAmortizationTaxReportingInExcessOfFinancial>

<GLGI:DeferredTaxAssetDepreciationAndAmortizationTaxReportingInExcessOfFinancial contextRef="AsOf2021-05-31" decimals="0" unitRef="USD"> -3274778 </GLGI:DeferredTaxAssetDepreciationAndAmortizationTaxReportingInExcessOfFinancial>

<us-gaap:DeferredTaxAssetsValuationAllowance contextRef="AsOf2022-05-31" decimals="0" unitRef="USD"> 1601134 </us-gaap:DeferredTaxAssetsValuationAllowance>

<us-gaap:DeferredTaxAssetsValuationAllowance contextRef="AsOf2021-05-31" decimals="0" unitRef="USD"> 1601134 </us-gaap:DeferredTaxAssetsValuationAllowance>

<us-gaap:DeferredTaxLiabilities contextRef="AsOf2022-05-31" decimals="0" unitRef="USD"> 1743694 </us-gaap:DeferredTaxLiabilities>

<us-gaap:DeferredTaxLiabilities contextRef="AsOf2021-05-31" decimals="0" unitRef="USD"> 2380642 </us-gaap:DeferredTaxLiabilities>

<us-gaap:DeferredTaxAssetsValuationAllowance contextRef="AsOf2022-05-31" decimals="0" unitRef="USD"> 1601134 </us-gaap:DeferredTaxAssetsValuationAllowance>

<us-gaap:DeferredTaxAssetsValuationAllowance contextRef="AsOf2021-05-31" decimals="0" unitRef="USD"> 1601134 </us-gaap:DeferredTaxAssetsValuationAllowance>

<GLGI:UtilizationOfNetOperatingLossAccumulated contextRef="AsOf2022-05-31" decimals="0" unitRef="USD"> 1312266 </GLGI:UtilizationOfNetOperatingLossAccumulated>

<GLGI:SummaryOfNetChangeInDeferredTaxesTableTextBlock contextRef="From2021-06-01to2022-05-31">

The net change in deferred taxes for the year ended May 31, 2022 and 2021, is as follows: SUMMARY OF NET CHANGE IN DEFERRED TAXES <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 85%; margin-left: 1in"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20210601__20220531_zV9ADu6IBGVc" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20200601__20210531_zRgLeSnHGzVe" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 66%; text-align: left">Income, tax reporting in excess of financial</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98D_ecustom--IncomeTaxReportingInExcessOfFinancial_iI_c20220531_zDLk6wudeFfl" style="width: 13%; text-align: right" title="Income, tax reporting in excess of financial">1,497,136</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_981_ecustom--IncomeTaxReportingInExcessOfFinancial_iI_c20210531_zcRfQCa3Pyuh" style="width: 13%; text-align: right" title="Income, tax reporting in excess of financial">-</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40B_ecustom--IncreaseDecreaseInNetOperatingLossCarryforward_zCv05f1uCfEd" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Net operating loss carryforward</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(610,940</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(868,195</td><td style="text-align: left">)</td></tr> <tr id="xdx_408_ecustom--IncreaseDecreaseInDepreciationAndAmortizationFinancialReportingInExcessOfTax_zCQxzBQUO6Tj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Depreciation and amortization, tax reporting in excess of financial</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(272,108</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(284,131</td><td style="text-align: left">)</td></tr> <tr id="xdx_407_ecustom--IncreaseDecreaseInDeferredTaxAssetAccruedExpenses_zcToX3NT4aC7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Accrued expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(35,445</td><td style="text-align: left">)</td></tr> <tr id="xdx_409_ecustom--IncreaseDecreaseInInventory_pp0p0_zCOLeIHCtPw4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Inventory</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">22,860</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(83,820</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40A_ecustom--IncreaseDecreaseInDeferredTaxLiabilities_iT_pp0p0_zfqSSkNNQBVf" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Net change</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">636,948</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(1,271,590</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table>

</GLGI:SummaryOfNetChangeInDeferredTaxesTableTextBlock>

<GLGI:IncomeTaxReportingInExcessOfFinancial contextRef="AsOf2022-05-31" decimals="0" unitRef="USD"> 1497136 </GLGI:IncomeTaxReportingInExcessOfFinancial>

<GLGI:IncreaseDecreaseInNetOperatingLossCarryforward contextRef="From2021-06-01to2022-05-31" decimals="0" unitRef="USD"> -610940 </GLGI:IncreaseDecreaseInNetOperatingLossCarryforward>

<GLGI:IncreaseDecreaseInNetOperatingLossCarryforward contextRef="From2020-06-012021-05-31" decimals="0" unitRef="USD"> -868195 </GLGI:IncreaseDecreaseInNetOperatingLossCarryforward>

<GLGI:IncreaseDecreaseInDepreciationAndAmortizationFinancialReportingInExcessOfTax contextRef="From2021-06-01to2022-05-31" decimals="0" unitRef="USD"> -272108 </GLGI:IncreaseDecreaseInDepreciationAndAmortizationFinancialReportingInExcessOfTax>

<GLGI:IncreaseDecreaseInDepreciationAndAmortizationFinancialReportingInExcessOfTax contextRef="From2020-06-012021-05-31" decimals="0" unitRef="USD"> -284131 </GLGI:IncreaseDecreaseInDepreciationAndAmortizationFinancialReportingInExcessOfTax>

<GLGI:IncreaseDecreaseInDeferredTaxAssetAccruedExpenses contextRef="From2020-06-012021-05-31" decimals="0" unitRef="USD"> -35445 </GLGI:IncreaseDecreaseInDeferredTaxAssetAccruedExpenses>

<GLGI:IncreaseDecreaseInInventory contextRef="From2021-06-01to2022-05-31" decimals="0" unitRef="USD"> 22860 </GLGI:IncreaseDecreaseInInventory>

<GLGI:IncreaseDecreaseInInventory contextRef="From2020-06-012021-05-31" decimals="0" unitRef="USD"> -83820 </GLGI:IncreaseDecreaseInInventory>

<GLGI:IncreaseDecreaseInDeferredTaxLiabilities contextRef="From2021-06-01to2022-05-31" decimals="0" unitRef="USD"> 636948 </GLGI:IncreaseDecreaseInDeferredTaxLiabilities>

<GLGI:IncreaseDecreaseInDeferredTaxLiabilities contextRef="From2020-06-012021-05-31" decimals="0" unitRef="USD"> -1271590 </GLGI:IncreaseDecreaseInDeferredTaxLiabilities>

<us-gaap:ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock contextRef="From2021-06-01to2022-05-31">

The provision for income taxes as of May 31, 2022 and 2021 consists of the following: SUMMARY OF PROVISION FOR INCOME TAXES <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 85%; margin-left: 1in"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20210601__20220531_zvW1E6V7CPn6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20200601__20210531_z9DdYloIg3x5" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Current income tax -</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--CurrentFederalTaxExpenseBenefit_zhHX4bNRlPi3" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; width: 66%">Federal</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">503,612</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">-</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--CurrentStateAndLocalTaxExpenseBenefit_zvZgECEOfjdg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt">State</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">668,753</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">208,999</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--DeferredFederalIncomeTaxExpenseBenefit_z2s10Mso2BW4" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Deferred income tax</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(636,948</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,271,591</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--IncomeTaxExpenseBenefit_z8SgvPkYW6B3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Provision for income taxes</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">535,417</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,480,590</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

</us-gaap:ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock>

<us-gaap:CurrentFederalTaxExpenseBenefit contextRef="From2021-06-01to2022-05-31" decimals="0" unitRef="USD"> 503612 </us-gaap:CurrentFederalTaxExpenseBenefit>

<us-gaap:CurrentStateAndLocalTaxExpenseBenefit contextRef="From2021-06-01to2022-05-31" decimals="0" unitRef="USD"> 668753 </us-gaap:CurrentStateAndLocalTaxExpenseBenefit>

<us-gaap:CurrentStateAndLocalTaxExpenseBenefit contextRef="From2020-06-012021-05-31" decimals="0" unitRef="USD"> 208999 </us-gaap:CurrentStateAndLocalTaxExpenseBenefit>

<us-gaap:DeferredFederalIncomeTaxExpenseBenefit contextRef="From2021-06-01to2022-05-31" decimals="0" unitRef="USD"> -636948 </us-gaap:DeferredFederalIncomeTaxExpenseBenefit>

<us-gaap:DeferredFederalIncomeTaxExpenseBenefit contextRef="From2020-06-012021-05-31" decimals="0" unitRef="USD"> 1271591 </us-gaap:DeferredFederalIncomeTaxExpenseBenefit>

<us-gaap:IncomeTaxExpenseBenefit contextRef="From2021-06-01to2022-05-31" decimals="0" unitRef="USD"> 535417 </us-gaap:IncomeTaxExpenseBenefit>

<us-gaap:IncomeTaxExpenseBenefit contextRef="From2020-06-012021-05-31" decimals="0" unitRef="USD"> 1480590 </us-gaap:IncomeTaxExpenseBenefit>

<us-gaap:ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock contextRef="From2021-06-01to2022-05-31">

Greystone’s provision for income taxes for the years ended May 31, 2022 and 2021 differs from the federal statutory rate as follows: SUMMARY OF PROVISION FOR INCOME TAXES FOR FEDERAL STATUTORY RATE <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 85%; margin-left: 1in"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" id="xdx_49A_20210601__20220531_zIVM0LhOObN4" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">2022</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" id="xdx_491_20200601__20210531_zbctSQ186vgf" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">2021</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_408_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_uPure_z0S9oR1bSoUh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 66%; text-align: left">Tax provision using statutory rates</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 13%; text-align: right">21</td><td style="width: 1%; text-align: left">%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 13%; text-align: right">21</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_40D_eus-gaap--EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes_pid_dp_uPure_zbZMJ3d4f3t6" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">State income taxes</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_ecustom--EffectiveIncomeTaxRateReconciliationPermanentDifferences_pid_dp_uPure_zezuhhAenfOe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Permanent differences</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(17</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent_pid_dp_uPure_zP7UFwRFRjGh" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: left">VIE income passed to members</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(2</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40E_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_pid_dp_uPure_zAEhkXnA5YK8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; text-align: left">Tax provision per financial statements</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">11</td><td style="padding-bottom: 2.5pt; text-align: left">%</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">29</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table>

</us-gaap:ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock>

<us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate contextRef="From2021-06-01to2022-05-31" decimals="INF" unitRef="Pure"> 0.21 </us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate>

<us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate contextRef="From2020-06-012021-05-31" decimals="INF" unitRef="Pure"> 0.21 </us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate>

<us-gaap:EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes contextRef="From2021-06-01to2022-05-31" decimals="INF" unitRef="Pure"> 0.09 </us-gaap:EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes>

<us-gaap:EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes contextRef="From2020-06-012021-05-31" decimals="INF" unitRef="Pure"> 0.09 </us-gaap:EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes>

<GLGI:EffectiveIncomeTaxRateReconciliationPermanentDifferences contextRef="From2021-06-01to2022-05-31" decimals="INF" unitRef="Pure"> -0.17 </GLGI:EffectiveIncomeTaxRateReconciliationPermanentDifferences>

<us-gaap:EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent contextRef="From2021-06-01to2022-05-31" decimals="INF" unitRef="Pure"> -0.02 </us-gaap:EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent>

<us-gaap:EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent contextRef="From2020-06-012021-05-31" decimals="INF" unitRef="Pure"> -0.01 </us-gaap:EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent>

<us-gaap:EffectiveIncomeTaxRateContinuingOperations contextRef="From2021-06-01to2022-05-31" decimals="INF" unitRef="Pure"> 0.11 </us-gaap:EffectiveIncomeTaxRateContinuingOperations>

<us-gaap:EffectiveIncomeTaxRateContinuingOperations contextRef="From2020-06-012021-05-31" decimals="INF" unitRef="Pure"> 0.29 </us-gaap:EffectiveIncomeTaxRateContinuingOperations>

<us-gaap:SummaryOfOperatingLossCarryforwardsTextBlock contextRef="From2021-06-01to2022-05-31">

As of May 31, 2022, Greystone had net operating losses (NOLs) for Federal income tax purposes totaling $8,936,713, as follows: SUMMARY OF NET OPERATING LOSS FOR FEDERAL INCOME TAX <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 87%; margin-left: 0.85in"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; font-size: 11pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">NOL Carryforward</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Year Expiring</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 68%">Year ended May 31, 2003</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_986_eus-gaap--OperatingLossCarryforwards_iI_c20220531__us-gaap--TaxPeriodAxis__custom--TaxYear2003Member_zJzmcBO8nPQ7" style="width: 12%; text-align: right" title="NOL Carryforward">3,088,722</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 14%; text-align: right">2023</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Year ended May 31, 2004</td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--OperatingLossCarryforwards_iI_c20220531__us-gaap--TaxPeriodAxis__custom--TaxYear2004Member_z5elzEH94KP1" style="text-align: right" title="NOL Carryforward">1,632,774</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right">2024</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Year ended May 31, 2005</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--OperatingLossCarryforwards_iI_c20220531__us-gaap--TaxPeriodAxis__custom--TaxYear2005Member_z0ZOdgyYzmVa" style="text-align: right" title="NOL Carryforward">4,215,217</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right">2025</td></tr> </table>

</us-gaap:SummaryOfOperatingLossCarryforwardsTextBlock>

<us-gaap:OperatingLossCarryforwards contextRef="AsOf2022-05-31_custom_TaxYear2003Member" decimals="0" unitRef="USD"> 3088722 </us-gaap:OperatingLossCarryforwards>

<GLGI:OperatingLossCarryforwardsExpirationYear contextRef="From2021-06-012022-05-31_custom_TaxYear2003Member"> 2023 </GLGI:OperatingLossCarryforwardsExpirationYear>

<us-gaap:OperatingLossCarryforwards contextRef="AsOf2022-05-31_custom_TaxYear2004Member" decimals="0" unitRef="USD"> 1632774 </us-gaap:OperatingLossCarryforwards>

<GLGI:OperatingLossCarryforwardsExpirationYear contextRef="From2021-06-012022-05-31_custom_TaxYear2004Member"> 2024 </GLGI:OperatingLossCarryforwardsExpirationYear>

<us-gaap:OperatingLossCarryforwards contextRef="AsOf2022-05-31_custom_TaxYear2005Member" decimals="0" unitRef="USD"> 4215217 </us-gaap:OperatingLossCarryforwards>

<GLGI:OperatingLossCarryforwardsExpirationYear contextRef="From2021-06-012022-05-31_custom_TaxYear2005Member"> 2025 </GLGI:OperatingLossCarryforwardsExpirationYear>

<us-gaap:StockholdersEquityNoteDisclosureTextBlock contextRef="From2021-06-01to2022-05-31">

Note 9. STOCKHOLDERS’ EQUITY Convertible Preferred Stock In September 2003, Greystone issued 50,000 shares of Series 2003, cumulative, convertible preferred stock, par value $0.0001, for a total purchase price of $<span id="xdx_907_eus-gaap--StockIssuedDuringPeriodValueNewIssues_c20030901__20030930__us-gaap--StatementClassOfStockAxis__us-gaap--ConvertiblePreferredStockMember_pp0p0" title="Number of shares issued, value">5,000,000. Each share of the preferred stock has a stated value of $100 and a dividend rate equal to the prime rate of interest plus <span id="xdx_907_eus-gaap--PreferredStockDividendRatePercentage_pid_dp_uPure_c20030901__20030930__us-gaap--StatementClassOfStockAxis__us-gaap--ConvertiblePreferredStockMember_zVWYkEoLpsph" style="font: 10pt Times New Roman, Times, Serif" title="Preferred stock dividend rate">3.25% (<span id="xdx_90F_eus-gaap--PreferredStockDividendRatePercentage_pid_dp_uPure_c20210601__20220531__us-gaap--StatementClassOfStockAxis__us-gaap--ConvertiblePreferredStockMember_zshi8qAUzsPi" title="Preferred stock dividend rate">7.25% at May 31, 2022) and may be converted into common stock at the conversion rate of $1.50 per share or an aggregate of <span id="xdx_906_eus-gaap--ConvertiblePreferredStockSharesIssuedUponConversion_c20030930__us-gaap--StatementClassOfStockAxis__us-gaap--ConvertiblePreferredStockMember_pdd" title="Number of common stock issued upon conversion">3,333,333 shares of common stock. The holder of the preferred stock has been granted certain voting rights so that such holder has the right to elect a majority of the Board of Directors of Greystone. Preferred stock dividends must be fully paid before a dividend on the common stock may be paid. Warrants to Purchase Common Stock Effective September 1, 2016, Greystone’s Board of Directors authorized the issuance of warrants to purchase <span id="xdx_90C_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_c20160901__srt--TitleOfIndividualAxis__custom--WarrenFKrugerMember_pdd" title="Issuance of warrants to purchase shares of common stock"><span id="xdx_90F_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_c20160901__srt--TitleOfIndividualAxis__custom--RobertBRoseneJrMember_pdd" title="Issuance of warrants to purchase shares of common stock">250,000 shares of Greystone’s common stock for $0.01 per share to each of Warren F. Kruger, President and CEO, and Robert B. Rosene, Jr., a member of Greystone’s Board of Directors, as compensation for providing guarantees on Greystone’s debt with IBC. The warrants are vested and expire January 10, 2027.

</us-gaap:StockholdersEquityNoteDisclosureTextBlock>

<us-gaap:StockIssuedDuringPeriodSharesNewIssues contextRef="From2003-09-012003-09-30_us-gaap_ConvertiblePreferredStockMember" decimals="INF" unitRef="Shares"> 50000 </us-gaap:StockIssuedDuringPeriodSharesNewIssues>

<us-gaap:PreferredStockParOrStatedValuePerShare contextRef="AsOf2003-09-30_us-gaap_ConvertiblePreferredStockMember" decimals="INF" unitRef="USDPShares"> 0.0001 </us-gaap:PreferredStockParOrStatedValuePerShare>

<us-gaap:StockIssuedDuringPeriodValueNewIssues contextRef="From2003-09-012003-09-30_us-gaap_ConvertiblePreferredStockMember" decimals="0" unitRef="USD"> 5000000 </us-gaap:StockIssuedDuringPeriodValueNewIssues>

<GLGI:PreferredStockStatedValue contextRef="AsOf2003-09-30_us-gaap_ConvertiblePreferredStockMember" decimals="0" unitRef="USD"> 100 </GLGI:PreferredStockStatedValue>

<us-gaap:PreferredStockDividendRatePercentage contextRef="From2003-09-012003-09-30_us-gaap_ConvertiblePreferredStockMember" decimals="INF" unitRef="Pure"> 0.0325 </us-gaap:PreferredStockDividendRatePercentage>

<us-gaap:PreferredStockDividendRatePercentage contextRef="From2021-06-012022-05-31_us-gaap_ConvertiblePreferredStockMember" decimals="INF" unitRef="Pure"> 0.0725 </us-gaap:PreferredStockDividendRatePercentage>

<us-gaap:DebtInstrumentConvertibleConversionPrice1 contextRef="AsOf2003-09-30_us-gaap_ConvertiblePreferredStockMember" decimals="INF" unitRef="USDPShares"> 1.50 </us-gaap:DebtInstrumentConvertibleConversionPrice1>

<us-gaap:ConvertiblePreferredStockSharesIssuedUponConversion contextRef="AsOf2003-09-30_us-gaap_ConvertiblePreferredStockMember" decimals="INF" unitRef="Shares"> 3333333 </us-gaap:ConvertiblePreferredStockSharesIssuedUponConversion>

<us-gaap:ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights contextRef="AsOf2016-09-01_custom_WarrenFKrugerMember" decimals="INF" unitRef="Shares"> 250000 </us-gaap:ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights>

<us-gaap:ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights contextRef="AsOf2016-09-01_custom_RobertBRoseneJrMember" decimals="INF" unitRef="Shares"> 250000 </us-gaap:ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights>

<us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1 contextRef="AsOf2016-09-01_custom_WarrenFKrugerMember" decimals="INF" unitRef="USDPShares"> 0.01 </us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1>

<us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1 contextRef="AsOf2016-09-01_custom_RobertBRoseneJrMember" decimals="INF" unitRef="USDPShares"> 0.01 </us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1>

<us-gaap:WarrantsAndRightsOutstandingMaturityDate contextRef="AsOf2016-09-01_custom_WarrenFKrugerMember"> 2027-01-10 </us-gaap:WarrantsAndRightsOutstandingMaturityDate>

<us-gaap:WarrantsAndRightsOutstandingMaturityDate contextRef="AsOf2016-09-01_custom_RobertBRoseneJrMember"> 2027-01-10 </us-gaap:WarrantsAndRightsOutstandingMaturityDate>

<us-gaap:OptionIndexedToIssuersEquityDescriptionTextBlock contextRef="From2021-06-01to2022-05-31">

Note 10. STOCK OPTIONS Greystone has a stock option plan that provides for the granting of options to key employees and non-employee directors. The options are to purchase common stock at not less than fair market value at the date of the grant. Stock options generally expire in ten years from the date of grant or upon termination of employment and are generally exercisable one year from date of grant in cumulative annual installments of 25%. A summary of option activity during the two years ended May 31, 2022, is as follows: SCHEDULE OF OPTION ACTIVITY <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 60%; margin-right: auto"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Number</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Weighted Average Exercise Price</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 68%">Total outstanding May 31, 2020</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_c20200601__20210531_ze7yaQ7GeBKi" style="width: 12%; text-align: right" title="Number of options outstanding, beginning balance">200,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_pid_c20200601__20210531_zu1TyhOYdJf3" style="width: 12%; text-align: right" title="Weighted average exercise price outstanding, beginning balance">0.12</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_iN_di_c20200601__20210531_zjjJyirwTiwd" style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_pid_c20200601__20210531_zL4bOpgtGlua" style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Total outstanding May 31, 2021</td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_c20210601__20220531_zFvBRvrVX1Ql" style="text-align: right" title="Number of options outstanding, beginning balance">200,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_pid_c20210601__20220531_zLoIQSRRIR23" style="text-align: right" title="Weighted average exercise price outstanding, beginning balance">0.12</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Exercised</td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_iN_di_c20210601__20220531_zaFs8GkFSgje" style="text-align: right" title="Number of options outstanding, exercised">(200,000</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_c20210601__20220531_zq5Ivhnxfh3f" style="text-align: right" title="Weighted average exercise price outstanding, exercised">0.12</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Total outstanding May 31, 2022</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_c20210601__20220531_z6qpMDxSJJ12" style="text-align: right" title="Number of options outstanding, ending balance">-0-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_pid_c20210601__20220531_zhFw6HSDW7d2" style="text-align: right" title="Weighted average exercise price outstanding, ending balance">-</td><td style="text-align: left"> </td></tr> </table>

</us-gaap:OptionIndexedToIssuersEquityDescriptionTextBlock>

<us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod contextRef="From2021-06-01to2022-05-31"> P10Y </us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod>

<GLGI:StockOptionAnnualInstallmentPercentage contextRef="AsOf2022-05-31" decimals="INF" unitRef="Pure"> 0.25 </GLGI:StockOptionAnnualInstallmentPercentage>

<us-gaap:ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock contextRef="From2021-06-01to2022-05-31">

SCHEDULE OF OPTION ACTIVITY <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 60%; margin-right: auto"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Number</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Weighted Average Exercise Price</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 68%">Total outstanding May 31, 2020</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_c20200601__20210531_ze7yaQ7GeBKi" style="width: 12%; text-align: right" title="Number of options outstanding, beginning balance">200,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_pid_c20200601__20210531_zu1TyhOYdJf3" style="width: 12%; text-align: right" title="Weighted average exercise price outstanding, beginning balance">0.12</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_iN_di_c20200601__20210531_zjjJyirwTiwd" style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_pid_c20200601__20210531_zL4bOpgtGlua" style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Total outstanding May 31, 2021</td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_c20210601__20220531_zFvBRvrVX1Ql" style="text-align: right" title="Number of options outstanding, beginning balance">200,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_pid_c20210601__20220531_zLoIQSRRIR23" style="text-align: right" title="Weighted average exercise price outstanding, beginning balance">0.12</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Exercised</td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_iN_di_c20210601__20220531_zaFs8GkFSgje" style="text-align: right" title="Number of options outstanding, exercised">(200,000</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_c20210601__20220531_zq5Ivhnxfh3f" style="text-align: right" title="Weighted average exercise price outstanding, exercised">0.12</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Total outstanding May 31, 2022</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_c20210601__20220531_z6qpMDxSJJ12" style="text-align: right" title="Number of options outstanding, ending balance">-0-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_pid_c20210601__20220531_zhFw6HSDW7d2" style="text-align: right" title="Weighted average exercise price outstanding, ending balance">-</td><td style="text-align: left"> </td></tr> </table>

</us-gaap:ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock>

<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber contextRef="AsOf2020-05-31" decimals="INF" unitRef="Shares"> 200000 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber>

<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice contextRef="AsOf2020-05-31" decimals="INF" unitRef="USDPShares"> 0.12 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice>

<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber contextRef="AsOf2021-05-31" decimals="INF" unitRef="Shares"> 200000 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber>

<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice contextRef="AsOf2021-05-31" decimals="INF" unitRef="USDPShares"> 0.12 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice>

<us-gaap:StockIssuedDuringPeriodSharesStockOptionsExercised contextRef="From2021-06-01to2022-05-31" decimals="INF" unitRef="Shares"> 200000 </us-gaap:StockIssuedDuringPeriodSharesStockOptionsExercised>

<us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice contextRef="From2021-06-01to2022-05-31" decimals="INF" unitRef="USDPShares"> 0.12 </us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice>

<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber contextRef="AsOf2022-05-31" decimals="INF" unitRef="Shares"> -0 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber>

<us-gaap:PensionAndOtherPostretirementBenefitsDisclosureTextBlock contextRef="From2021-06-01to2022-05-31">

Note 11. RETIREMENT PLAN Greystone implemented a defined contribution and profit-sharing plan effective January 1, 2019. The defined contribution plan is a IRC Section 401(K) plan. Greystone matches employee contributions up to 6% of employee contributions with a maximum employer contribution of 4% based on 100% of the first 3% and 50% of the next 2%. The employee is 100% vested for employer contributions to the 401(K) plan. Greystone’s contributions to the 401(K) plan totaled $322,983 and $330,682 in the fiscal years ended May 31, 2022 and 2021, respectively. The profit-sharing plan is an employer nonelective plan. Greystone’s contributions are discretionary. Vesting is earned ratably over a five-year period. Greystone has not authorized or made any discretionary contributions since inception.

</us-gaap:PensionAndOtherPostretirementBenefitsDisclosureTextBlock>

<GLGI:EmployersContributionPercentageDescription contextRef="From2021-06-01to2022-05-31"> The defined contribution plan is a IRC Section 401(K) plan. Greystone matches employee contributions up to 6% of employee contributions with a maximum employer contribution of 4% based on 100% of the first 3% and 50% of the next 2%. The employee is 100% vested for employer contributions to the 401(K) plan. </GLGI:EmployersContributionPercentageDescription>

<us-gaap:DefinedContributionPlanMaximumAnnualContributionsPerEmployeePercent contextRef="From2020-06-012021-05-31" decimals="INF" unitRef="Pure"> 0.06 </us-gaap:DefinedContributionPlanMaximumAnnualContributionsPerEmployeePercent>

<us-gaap:DefinedContributionPlanEmployerDiscretionaryContributionAmount contextRef="From2021-06-01to2022-05-31" decimals="0" unitRef="USD"> 322983 </us-gaap:DefinedContributionPlanEmployerDiscretionaryContributionAmount>

<us-gaap:DefinedContributionPlanEmployerDiscretionaryContributionAmount contextRef="From2020-06-012021-05-31" decimals="0" unitRef="USD"> 330682 </us-gaap:DefinedContributionPlanEmployerDiscretionaryContributionAmount>

<us-gaap:FinancialInstrumentsDisclosureTextBlock contextRef="From2021-06-01to2022-05-31">

Note 12. FINANCIAL INSTRUMENTS The following methods and assumptions are used in estimating the fair-value disclosures for financial instruments: Cash, Accounts Receivable and Accounts Payable: The carrying amounts reported in the balance sheet for cash, accounts receivable and accounts payable approximate fair value due to the short-term maturity of these instruments. Long-Term Debt: The carrying amount of loans with floating rates of interest approximate fair value. Fixed rate loans are valued based on cash flows using estimated rates for comparable loans. As of May 31, 2022 and 2021, the carrying amounts reported in the consolidated balance sheet approximate fair value for the variable and fixed rate loans.

</us-gaap:FinancialInstrumentsDisclosureTextBlock>

<us-gaap:CashFlowSupplementalDisclosuresTextBlock contextRef="From2021-06-01to2022-05-31">

Note 13. SUPPLEMENTAL INFORMATION OF CASH FLOWS Supplemental information of cash flows for the years ended May 31, 2022 and 2021: SCHEDULE OF SUPPLEMENTAL INFORMATION OF CASH FLOWS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 85%; margin-left: 1in"> <tr style="display: none; vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_498_20210601__20220531_zDqphn3ei921" style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_495_20200601__20210531_zmQx25Bh4c9h" style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Non-cash investing and financing activities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1_i_pp0p0" style="vertical-align: bottom; background-color: White"> <td style="width: 68%; text-align: left; padding-left: 10pt">Acquisition of equipment through financing leases</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">24,441</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">-</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_404_ecustom--AcquisitionOfEquipmentInAccountsPayable_i_pp0p0" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Acquisition of equipment in accounts payable</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">126,128</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">15,656</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_ecustom--EquipmentReclassifiedFromInventory_i_pp0p0" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Equipment reclassified from inventory</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">26,750</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--PreferredDividendAccrual_i_pp0p0" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Preferred dividend accrual</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">85,377</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Supplemental information:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--InterestPaidNet_i_pp0p0" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Interest paid</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">836,683</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,176,412</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--IncomeTaxesPaid_i_pp0p0" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Income taxes paid</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,427,354</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">178,280</td><td style="text-align: left"> </td></tr> </table>

</us-gaap:CashFlowSupplementalDisclosuresTextBlock>

<us-gaap:ScheduleOfCashFlowSupplementalDisclosuresTableTextBlock contextRef="From2021-06-01to2022-05-31">

Supplemental information of cash flows for the years ended May 31, 2022 and 2021: SCHEDULE OF SUPPLEMENTAL INFORMATION OF CASH FLOWS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 85%; margin-left: 1in"> <tr style="display: none; vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_498_20210601__20220531_zDqphn3ei921" style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_495_20200601__20210531_zmQx25Bh4c9h" style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Non-cash investing and financing activities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1_i_pp0p0" style="vertical-align: bottom; background-color: White"> <td style="width: 68%; text-align: left; padding-left: 10pt">Acquisition of equipment through financing leases</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">24,441</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">-</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_404_ecustom--AcquisitionOfEquipmentInAccountsPayable_i_pp0p0" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Acquisition of equipment in accounts payable</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">126,128</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">15,656</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_ecustom--EquipmentReclassifiedFromInventory_i_pp0p0" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Equipment reclassified from inventory</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">26,750</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--PreferredDividendAccrual_i_pp0p0" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Preferred dividend accrual</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">85,377</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Supplemental information:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--InterestPaidNet_i_pp0p0" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Interest paid</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">836,683</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,176,412</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--IncomeTaxesPaid_i_pp0p0" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Income taxes paid</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,427,354</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">178,280</td><td style="text-align: left"> </td></tr> </table>

</us-gaap:ScheduleOfCashFlowSupplementalDisclosuresTableTextBlock>

<us-gaap:NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1 contextRef="From2021-06-01to2022-05-31" decimals="0" unitRef="USD"> 24441 </us-gaap:NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1>

<GLGI:AcquisitionOfEquipmentInAccountsPayable contextRef="From2021-06-01to2022-05-31" decimals="0" unitRef="USD"> 126128 </GLGI:AcquisitionOfEquipmentInAccountsPayable>

<GLGI:AcquisitionOfEquipmentInAccountsPayable contextRef="From2020-06-012021-05-31" decimals="0" unitRef="USD"> 15656 </GLGI:AcquisitionOfEquipmentInAccountsPayable>

<GLGI:EquipmentReclassifiedFromInventory contextRef="From2020-06-012021-05-31" decimals="0" unitRef="USD"> 26750 </GLGI:EquipmentReclassifiedFromInventory>

<GLGI:PreferredDividendAccrual contextRef="From2021-06-01to2022-05-31" decimals="0" unitRef="USD"> 85377 </GLGI:PreferredDividendAccrual>

<us-gaap:InterestPaidNet contextRef="From2021-06-01to2022-05-31" decimals="0" unitRef="USD"> 836683 </us-gaap:InterestPaidNet>

<us-gaap:InterestPaidNet contextRef="From2020-06-012021-05-31" decimals="0" unitRef="USD"> 1176412 </us-gaap:InterestPaidNet>

<us-gaap:IncomeTaxesPaid contextRef="From2021-06-01to2022-05-31" decimals="0" unitRef="USD"> 1427354 </us-gaap:IncomeTaxesPaid>

<us-gaap:IncomeTaxesPaid contextRef="From2020-06-012021-05-31" decimals="0" unitRef="USD"> 178280 </us-gaap:IncomeTaxesPaid>

<us-gaap:ConcentrationRiskDisclosureTextBlock contextRef="From2021-06-01to2022-05-31">

Note 14. CONCENTRATIONS, RISKS AND UNCERTAINTIES For the fiscal years 2022 and 2021, Greystone had three customers (four customers in fiscal year 2021) that accounted for approximately <span id="xdx_901_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20210601__20220531__srt--MajorCustomersAxis__custom--ThreeCustomerMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zTJkf25cpwL2" title="Concentration risk percentage">76% and <span id="xdx_90C_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20200601__20210531__srt--MajorCustomersAxis__custom--FourCustomerMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zsHqtsvuwBtk">83% of total sales, respectively. Greystone purchases damaged pallets from its customers at a price based on the value of the raw material content of the pallet. A majority of these purchases is from one of Greystone’s major customers which totaled approximately $603,000 and $753,000 in fiscal years 2022 and 2021, respectively. Greystone is subject to litigation, claims and other commitments and contingencies arising in the ordinary course of business. 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.

</us-gaap:ConcentrationRiskDisclosureTextBlock>

<us-gaap:ConcentrationRiskPercentage1 contextRef="From2021-06-012022-05-31_custom_ThreeCustomerMember_us-gaap_SalesRevenueNetMember_us-gaap_CustomerConcentrationRiskMember" decimals="INF" unitRef="Pure"> 0.76 </us-gaap:ConcentrationRiskPercentage1>

<us-gaap:ConcentrationRiskPercentage1 contextRef="From2020-06-012021-05-31_custom_FourCustomerMember_us-gaap_SalesRevenueNetMember_us-gaap_CustomerConcentrationRiskMember" decimals="INF" unitRef="Pure"> 0.83 </us-gaap:ConcentrationRiskPercentage1>

<GLGI:PurchasesFromCustomers contextRef="From2021-06-01to2022-05-31" decimals="0" unitRef="USD"> 603000 </GLGI:PurchasesFromCustomers>

<GLGI:PurchasesFromCustomers contextRef="From2020-06-012021-05-31" decimals="0" unitRef="USD"> 753000 </GLGI:PurchasesFromCustomers>

<us-gaap:VariableInterestEntityDisclosureTextBlock contextRef="From2021-06-01to2022-05-31">

Note 15. VARIABLE INTEREST ENTITIES (VIE) Greystone Real Estate, L.L.C. GRE is owned by Robert B. Rosene, Jr., a member of the Board of Directors. GRE was created solely to own and lease two buildings that GSM occupies in Bettendorf, Iowa. The buildings, having a carrying value of $<span id="xdx_903_ecustom--VariableInterestEntitiesConsolidatedCarryingAmountAssets_iI_c20220531__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--BuildingMember_zkESZZoPg2z2" title="Carrying value of assets">2,548,933 and $<span id="xdx_906_ecustom--VariableInterestEntitiesConsolidatedCarryingAmountAssets_iI_c20210531__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--BuildingMember_z8xhkfjiKqzd" title="Carrying value of assets">2,664,805 as of May 31, 2022 and 2021, respectively, serve as collateral for GRE’s debt and Greystone’s debt under the Loan Agreement between Greystone and IBC. The debt had a carrying value of $<span id="xdx_905_ecustom--VariableInterestEntitiesConsolidatedCarryingAmountLiabilities_iI_pp0p0_c20220531__us-gaap--DebtInstrumentAxis__us-gaap--DebtMember_zojOVoE9Ud5k" title="Carrying value of liabilities">1,826,361 and $<span id="xdx_906_ecustom--VariableInterestEntitiesConsolidatedCarryingAmountLiabilities_iI_pp0p0_c20210531__us-gaap--DebtInstrumentAxis__us-gaap--DebtMember_z0c2EiVy6iv3" title="Carrying value of liabilities">2,049,941 as of May 31, 2022 and 2021, respectively. As further discussed in Note 4, Long-Term Debt, the real estate of GRE was cross collateralized with Greystone’s debt to IBC. Effective July 29, 2022, Greystone and IBC entered into an Amended and Restated Loan Agreement whereby the cross collateralized provision was terminated. In addition, the sole member of GRE made a capital contribution to GRE and the proceeds were used to retire the debt from GRE to IBC. Accordingly, the variable interest relationship between Greystone and GRE terminated effective July 29, 2022.

</us-gaap:VariableInterestEntityDisclosureTextBlock>

<GLGI:VariableInterestEntitiesConsolidatedCarryingAmountAssets contextRef="AsOf2022-05-31_us-gaap_BuildingMember" decimals="0" unitRef="USD"> 2548933 </GLGI:VariableInterestEntitiesConsolidatedCarryingAmountAssets>

<GLGI:VariableInterestEntitiesConsolidatedCarryingAmountAssets contextRef="AsOf2021-05-31_us-gaap_BuildingMember" decimals="0" unitRef="USD"> 2664805 </GLGI:VariableInterestEntitiesConsolidatedCarryingAmountAssets>

<GLGI:VariableInterestEntitiesConsolidatedCarryingAmountLiabilities contextRef="AsOf2022-05-31_us-gaap_DebtMember" decimals="0" unitRef="USD"> 1826361 </GLGI:VariableInterestEntitiesConsolidatedCarryingAmountLiabilities>

<GLGI:VariableInterestEntitiesConsolidatedCarryingAmountLiabilities contextRef="AsOf2021-05-31_us-gaap_DebtMember" decimals="0" unitRef="USD"> 2049941 </GLGI:VariableInterestEntitiesConsolidatedCarryingAmountLiabilities>

<us-gaap:CommitmentsDisclosureTextBlock contextRef="From2021-06-01to2022-05-31">

Note 16. COMMITMENTS As of May 31, 2022, Greystone had outstanding commitments totaling $4,754,382 for the acquisition of equipment.

</us-gaap:CommitmentsDisclosureTextBlock>

<us-gaap:PurchaseObligation contextRef="AsOf2022-05-31" decimals="0" unitRef="USD"> 4754382 </us-gaap:PurchaseObligation>

</xbrl>

10 Previous Filings that this Filing References

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 8/19/22  Greystone Logistics, Inc.         10-K        5/31/22   79:5.1M                                   M2 Compliance LLC/FA
 2/05/14  Greystone Logistics, Inc.         8-K:1,2,3,7 1/31/14    6:439K                                   Issuer Direct/FA
 9/14/12  Greystone Logistics, Inc.         10-K        5/31/12   38:2.5M                                   Go2 EDGAR SOLUTIONS… /FA
 1/17/06  Greystone Logistics, Inc.         10QSB      11/30/05    9:116K                                   Go2 EDGAR SOLUTIONS… /FA
 4/20/05  Greystone Logistics, Inc.         10QSB       2/28/05    8:125K                                   Go2 EDGAR SOLUTIONS… /FA
 3/24/05  Greystone Logistics, Inc.         8-K:5,9     3/18/05    2:8K                                     Go2 EDGAR SOLUTIONS… /FA
 9/23/03  Greystone Logistics, Inc.         8-K:7,9     9/08/03   17:274K                                   Go2 EDGAR SOLUTIONS… /FA
 9/13/02  Greystone Logistics, Inc.         10KSB       5/31/02   14:323K                                   Go2 EDGAR SOLUTIONS… /FA
 5/24/02  Greystone Logistics, Inc.         8-K12G3:7,8 5/02/02    5:122K                                   Go2 EDGAR SOLUTIONS… /FA
 9/13/01  Greystone Logistics, Inc.         10KSB40®    5/31/01   12:281K                                   Go2 EDGAR SOLUTIONS… /FA

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Filing Submission 0001493152-22-023867 – Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

Greystone Logistics, Inc. – ‘10-K/A’ for 5/31/22 – ‘XML’

On: Tuesday, 8/23/22, at 5:23pm ET · For: 5/31/22 · Accession #: 1493152-22-23867 · File #: 0-26331

Amendment to Annual Report — Form 10-KFiling Table of Contents

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10 Previous Filings that this Filing References

Amendment to Annual Report — Form 10-K

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