REVENUE

12 Months Ended

May 31, 2022

Revenue from Contract with Customer [Abstract]

REVENUE

Note 6. REVENUE

Greystone’s principal product is plastic pallets produced from recycled plastic resin. Sales are primarily to customers in the continental United States of America. International sales are made to customers in Canada. Mexico and other Central America countries which totaled 1.45% and 0.92% of total sales in fiscal years 2022 and 2021, respectively.

Greystone’s customers include stocking and non-stocking distributors and direct sales to end-user customers. Sales to the following categories of customers for the fiscal years 2022 and 2021, respectively, were as follows:

Category	2022			2021
End user customers		76	%		83	%
Distributors		24	%		17	%

Advances from a customer pursuant to a contract for the sale of plastics pallets is recognized as deferred revenue. Revenue related to these advances is recognized by Greystone as pallets are shipped to customers. Customer advances received totaled $13,560,500 and $8,334,755 in fiscal years 2022 and 2021, respectively. The unrecognized balance of deferred revenue as of May 31, 2022 and 2021, was $5,329,047 and $6,430,607, respectively. The Company recognized $14,662,060 and $5,697,315 into revenue during the years ended May 31, 2022 and 2021, respectively.