Concentrations, Risks and Uncertainties	6 Months Ended
Nov. 30, 2020
Risks and Uncertainties [Abstract]
Concentrations, Risks and Uncertainties	Note 11. Concentrations, Risks and Uncertainties Greystone derived approximately 86% and 88% of its total sales from four customers during the six months ended November 30, 2020 and 2019, respectively. The loss of a material amount of business from one or more of these customers could have a material adverse effect on Greystone. Greystone purchases damaged pallets from its customers at a price based on the value of the raw material content in the pallet. A majority of these purchases, totaling $524,321 and $1,019,279 in fiscal years 2021 and 2020, respectively, were from one of its major customers. Robert B. Rosene, Jr., a Greystone director, has provided financing and guarantees on Greystone’s bank debt. As of November 30, 2020, Greystone is indebted to Mr. Rosene in the amount of $3,649,878 for a note payable due January 15, 2022. There is no assurance that Mr. Rosene will renew the note as of the maturity date. COVID-19 Risks. The impact of COVID-19 has created much uncertainty in the marketplace. To date, the demand for Greystone’s products has not been affected as Greystone’s pallets are generally used logistically by essential entities. The major issue that Greystone has incurred is maintaining adequate work force to meet demand for pallets. The virus has impacted the overall workforce in our operating area as well as Greystone’s workforce due to employees electing to stay at home for protection from COVID-19 and reductions of recruitment of new employees. Management is unable to predict the stability of its workforce as the longer that the virus stays active, the greater the uncertainty. 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. Effective January 1, 2021, Greystone’s major customer in the beer industry notified Greystone that the customer will be diversifying its purchases of pallets for case goods with another vendor, but Greystone will continue to be the sole provider of the keg pallet to the customer. This change is expected to decrease Greystone’s annual revenues in the range of about 4% to 5%. Greystone will continue to purchase damaged pallets from the customer. Management has evaluated this impact in conjunction with other contractual adjustments that were made with the customer, and management does not expect that this impact will have a material adverse effect on Greystone’s consolidated financial statements.

Concentrations, Risks and Uncertainties

6 Months Ended

Nov. 30, 2020

Note 11. Concentrations, Risks and Uncertainties

Greystone derived approximately 86% and 88% of its total sales from four customers during the six months ended November 30, 2020 and 2019, respectively. The loss of a material amount of business from one or more of these customers could have a material adverse effect on Greystone.

Greystone purchases damaged pallets from its customers at a price based on the value of the raw material content in the pallet. A majority of these purchases, totaling $524,321 and $1,019,279 in fiscal years 2021 and 2020, respectively, were from one of its major customers.

Robert B. Rosene, Jr., a Greystone director, has provided financing and guarantees on Greystone’s bank debt. As of November 30, 2020, Greystone is indebted to Mr. Rosene in the amount of $3,649,878 for a note payable due January 15, 2022. There is no assurance that Mr. Rosene will renew the note as of the maturity date.

COVID-19 Risks. The impact of COVID-19 has created much uncertainty in the marketplace. To date, the demand for Greystone’s products has not been affected as Greystone’s pallets are generally used logistically by essential entities. The major issue that Greystone has incurred is maintaining adequate work force to meet demand for pallets. The virus has impacted the overall workforce in our operating area as well as Greystone’s workforce due to employees electing to stay at home for protection from COVID-19 and reductions of recruitment of new employees. Management is unable to predict the stability of its workforce as the longer that the virus stays active, the greater the uncertainty.

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.

Effective January 1, 2021, Greystone’s major customer in the beer industry notified Greystone that the customer will be diversifying its purchases of pallets for case goods with another vendor, but Greystone will continue to be the sole provider of the keg pallet to the customer. This change is expected to decrease Greystone’s annual revenues in the range of about 4% to 5%. Greystone will continue to purchase damaged pallets from the customer. Management has evaluated this impact in conjunction with other contractual adjustments that were made with the customer, and management does not expect that this impact will have a material adverse effect on Greystone’s consolidated financial statements.