Note 1 - Basis of Financial Statements

9 Months Ended

Feb. 28, 2026

Notes to Financial Statements

Basis of Accounting [Text Block]

Note 1. Basis of Financial Statements

In the opinion of Greystone Logistics, Inc. (“Greystone” or the “Company”), the accompanying unaudited consolidated financial statements contain all adjustments and reclassifications, which are of a normal recurring nature, necessary to present fairly its financial position as of February 28, 2026, and the results of its operations and cash flows for the nine months and three months ended February 28, 2026 and 2025. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements as of and for the fiscal year ended May 31, 2025, and the notes thereto included in Greystone’s Annual Report on Form 10-K for such period, as filed with the Securities and Exchange Commission. The results of operations for the nine and three months ended February 28, 2026 and 2025 are not necessarily indicative of the results to be expected for the full fiscal year.

The unaudited consolidated financial statements of Greystone include its wholly owned subsidiaries, Greystone Manufacturing, L.L.C. (“GSM”) and Plastic Pallet Production, Inc. (“PPP”). All material intercompany accounts and transactions have been eliminated in the unaudited consolidated financial statements.

Certain reclassifications have been made to the May 31, 2025 consolidated financial statements to conform to the February 28, 2026 consolidated financial statements. These reclassifications had no effect on net earnings.