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Note 8 - Deferred Revenue
9 Months Ended
Feb. 29, 2024
Notes to Financial Statements  
Deferred Revenue [Text Block]

Note 8.

Deferred Revenue

 

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