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GLGI
GREYSTONE LOGISTICS, INC.
0.19
+0.03 +18.75%
USD · close Oct 30
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Work order
0
FLAG · shorts 0
Insiders, 90 days
0
no open-market filings in 90 days
Congress, 90 days
0 / 0
no disclosures naming it
Big money
0 / 15
none of the tracked funds disclose it
Calls on record
0
nobody we score has called it yet
MKT CAP $5.2MP/E —DIV YIELD —FCF YIELD -66.70%REV TTM $27.5M −52.4%NET INCOME −$8.2M −450.3%NET DEBT $11.1M52W 0.15 – 0.85SEC XBRL · TTM TO Invalid Date
How GLGI rewrote its risk factors
Text kept
69%
of sentences unchanged
Added
33
new sentences
Dropped
21
sentences removed
Length
+218
words, now 4,263
New in FY2026
- Historically, Greystone was dependent on a few large customers.
- Greystone previously derived over 50% of its revenue from two major customers.
- During fiscal year 2026, the Company lost one of the major customers.
- The termination of this relationship has negatively impacted the Company’s financial condition and operating results.
- The Company continues to assess its customer concentration risk and is implementing strategic initiatives to broaden its customer base.
- Greystone now derives a large portion of its revenue from a broad range of customers and expects that this trend will continue in the foreseeable future.
- No customer currently provides over 10% of the company’s revenue.
- Greystone relies upon a combination of patents and trade secrets to protect its proprietary technology, rights and knowledge.
- In addition, these policies must be renewed every year.
- While Greystone has been able to obtain product liability insurance in the past, there can be no assurance it will be able to obtain such insurance in the future on all its existing or future products.
- Kruger, Greystone’s President, Chief Executive Officer, Chief Financial Officer, and Chairman of the Board has played a significant role in the development, management and financing of Greystone.
- The loss or reduction of services of Warren F.
- Kruger or any other key employee could have a material adverse effect on Greystone.
- Greystone’s executive officers and directors control a large percentage of Greystone’s outstanding common stock which entitles them to certain voting rights, including the right to elect a majority of Greystone’s Board of Directors.
- Greystone’s executive officers and directors (and their affiliates), in the aggregate, own approximately 46.69% of Greystone’s outstanding common stock and have approximately 46.69% of the voting power.
- During fiscal year 2025, Greystone redeemed all $5,000,000 of its outstanding 2003 preferred stock, and no preferred stock remained outstanding as of the end of the fiscal year.
- Pursuant to the terms and conditions of certain loan documentation with International Bank of Commerce, Greystone is restricted in its ability to pay dividends to holders of its common stock.
- Greystone is authorized to issue, without shareholder approval, an additional 20,700,000 shares of preferred stock, $0.0001 par value per share, in one or more series, which may give other shareholders dividend, conversion, voting and liquidation rights, among other rights, which may be superior to the rights of holders of Greystone’s common stock.
- In addition, Greystone is authorized to issue, without shareholder approval, over 4.9 billion additional shares of its common stock and securities convertible into common stock.
- In the event that our Chief Executive Officer or Chief Financial Officer determines that our internal control over financial reporting is not effective as defined under Section 404, we cannot predict how regulators will react or how the market prices of our securities will be affected; however, we believe that there is a risk that investor confidence and the market value of our securities may be negatively affected.
- Of the approximately 27,000,000 shares of our common stock outstanding as of May 31, 2026, approximately 13,000,000 shares are tradable without restriction.
- We do not have any long-term contracts with our suppliers or with our customers, and we do not have many written contracts with our customers, and if we cannot maintain these relationships or if we or our suppliers experience manufacturing problems or delays, our financial results will be negatively affected.
- If we run out of capacity, we will not be able to store as many products and may not be able to maintain all products in an efficient manner.
- There is substantial doubt about our ability to continue as a going concern.
- If we do not continue as a going concern, investors will lose their entire investment.
- We have incurred net losses, experienced negative operating cash flows, accumulated a significant deficit, and had a working capital deficit as of May 31, 2026.
- We also lost a significant customer during fiscal 2026 and were in default under certain debt covenants and cross-default provisions, resulting in substantially all debt being classified as current.
- Our ability to continue operations depends on replacing lost revenues, generating positive cash flow, maintaining lender support, and obtaining additional financing.
- If we are unsuccessful in these efforts, our business, financial condition, results of operations, and common stock value could be materially adversely affected.
- We remain subject to risks associated with our indebtedness despite receiving lender accommodations.
- Although our lender waived prior events of default and amended our credit arrangements to provide temporary covenant relief and interest-only payment terms, our business remains subject to risks associated with indebtedness.
- Future operating results, cash flows, and market conditions may affect our ability to satisfy our debt obligations and comply with the terms of our lending arrangements after the temporary relief period expires.
- If we are unable to meet future requirements under our debt agreements, we may need to obtain additional financing, negotiate further modifications with our lender, or pursue other strategic alternatives, any of which may not be available on favorable terms.
Gone since FY2025
- We are dependent on a few large customers.
- Greystone derives a large portion of its revenue from a few large customers and expects that this trend will continue in the foreseeable future.
- Three customers currently account for approximately 76% of its total sales in fiscal year 2025 (81% in fiscal year 2024).
- The loss of a material amount of business from one of these customers would have a material adverse effect on Greystone.
- Greystone relies upon a combination of patents and trade secrets to protect its proprietary technology, rights and know-how.
- In addition, these policies generally must be renewed every year.
- While Greystone has been able to obtain product liability insurance in the past, there can be no assurance it will be able to obtain such insurance in the future on all of its existing or future products.
- In particular, Warren Kruger, Greystone's President and CEO, has played a significant role in the development, management and financing of Greystone.
- The loss or reduction of services of Warren Kruger or any other key employee could have a material adverse effect on Greystone.
- Greystone's executive officers and directors control a large percentage of Greystone's outstanding common stock and all of Greystone's 2003 preferred stock (as of May 31, 2025, all preferred stock has been retired) , which entitles them to certain voting rights, including the right to elect a majority of Greystone's Board of Directors.
- Greystone's executive officers and directors (and their affiliates), in the aggregate, own approximately 47.2% of Greystone's outstanding common stock and have approximately 47.2% of the voting power.
- In addition, two of Greystone's directors (including one who also serves as Greystone’s chief executive officer) own all of Greystone's outstanding 2003 preferred stock, with each owning 50%.
- The terms and conditions of Greystone's 2003 preferred stock provide that such holder has the right to elect a majority of Greystone's Board of Directors.
- Effective March 31, 2025, all preferred stock has been retired.
- Pursuant to the terms and conditions of certain loan documentation with International Bank of Commerce and the terms and conditions of Greystone's 2003 preferred stock, Greystone is restricted in its ability to pay dividends to holders of its common stock.
- Greystone is authorized to issue, without shareholder approval, an additional 20,750,000 shares of preferred stock, $0.0001 par value per share, in one or more series, which may give other shareholders dividend, conversion, voting and liquidation rights, among other rights, which may be superior to the rights of holders of Greystone's common stock.
- In addition, Greystone is authorized to issue, without shareholder approval, over 5 billion additional shares of its common stock and securities convertible into common stock.
- In the event that our Chief Executive Officer or Principal Financial Officer determines that our internal control over financial reporting is not effective as defined under Section 404, we cannot predict how regulators will react or how the market prices of our securities will be affected; however, we believe that there is a risk that investor confidence and the market value of our securities may be negatively affected.
- Of the approximately 27,000,000 shares of our common stock outstanding as of May 31, 2025, approximately 15,000,000 shares are tradable without restriction.
- We do not have any long-term contracts with our suppliers or with our customers, and we do not have many written contracts with our customers, and if we can ’ t maintain these relationships or if we or our suppliers experience manufacturing problems or delays, our financial results will be negatively affected.
- If we run out of capacity, we won’t be able to store as many products and may not be able to maintain all products in an efficient manner.
Sentence-level comparison of Item 1A in the two most recent 10-Ks (FY2025 ↗, FY2026 ↗). A reworded sentence counts as one dropped and one added, so heavy edits read as low “kept”. Headings and page furniture are stripped; nothing is summarised by a model.