Federal Income Taxes (Tables)

12 Months Ended

May 31, 2016

Income Tax Disclosure [Abstract]

Summary of Deferred Taxes

Deferred taxes as of May 31 are as follows:

	2016			2015
Deferred tax asset:
Net operating loss carryforward	$	2,288,919		$	1,892,673
Stock compensation costs		25,346			21,632
Allowance for doubtful accounts		4,508			4,508
Other		24,001			13,429
Total deferred tax asset		2,342,774			1,932,242
Deferred tax liability:
Depreciation and amortization, tax reporting in excess of financial		(1,059,092	)		(153,005	)
Net deferred tax asset	$	1,283,682		$	1,779,237

Summary of Net Change in Deferred Taxes

The net change in deferred taxes for the year ended May 31, 2016 and 2015 is as follows:

	2016			2015
Net operating loss carryforward	$	396,246		$	(44,121	)
Depreciation and amortization, tax reporting in excess of financial		(906,087	)		(372,843	)
Stock compensation costs		3,714			(14,696	)
Allowance for doubtful accounts		-			(12,532	)
Other		10,572			13,429
Total	$	(495,555	)	$	(430,763	)

Summary of Provision for Income Taxes

The provision for income taxes at May 31 consists of the following:

	2016		2015
Current income tax – Federal and State	$	-	$	-
Deferred income tax provision		495,555		430,763
Provision for income taxes	$	495,555	$	430,763

Summary of Provision for Income Taxes for Federal Statutory Rate

Greystone’s provision for income taxes for the years ended May 31, 2016 and 2015 differs from the federal statutory rate as follows:

	2016			2015
Tax provision using statutory rates		34	%		34	%
Net operating loss expiration		6			7
Other		(3	)		1
Tax provision per financial statements		37	%		42	%

Summary of Net Operating Loss for Federal Income Tax

	NOL Carryforward		Year Expiring
Cumulative through May 31, 2005	$	2,025,000	2016 - 2025
Year ended May 31, 2006		237,364	2026
Year ended May 31, 2007		2,151,837	2027
Year ended May 31, 2011		746,484	2031
Year ended May 31, 2015		352,719	2035
Year Ended May 31, 2016		1,346,555	2036