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Deferred Revenue	9 Months Ended
Feb. 28, 2022
Deferred Revenue
Deferred Revenue	Note 8. Deferred Revenue Advances from a customer pursuant to a contract for the sale of plastic pallets is recognized as deferred revenue. Revenue related to these advances is recognized by Greystone as pallets are shipped to the customer which totaled $9,772,750 and $4,291,800 during the nine months ended February 28, 2022 and 2021, respectively. Customer advances received during the nine months ended February 28, 2022 and 2021 were $13,560,500 and $1,380,000, respectively. The unrecognized balance of deferred revenue as of February 28, 2022 and May 31, 2021, was $10,218,357 and $6,430,607, respectively.

Deferred Revenue

9 Months Ended

Feb. 28, 2022

Note 8. Deferred Revenue

Advances from a customer pursuant to a contract for the sale of plastic pallets is recognized as deferred revenue. Revenue related to these advances is recognized by Greystone as pallets are shipped to the customer which totaled $9,772,750 and $4,291,800 during the nine months ended February 28, 2022 and 2021, respectively. Customer advances received during the nine months ended February 28, 2022 and 2021 were $13,560,500 and $1,380,000, respectively. The unrecognized balance of deferred revenue as of February 28, 2022 and May 31, 2021, was $10,218,357 and $6,430,607, respectively.