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EXCEL - IDEA: XBRL DOCUMENT - GREYSTONE LOGISTICS, INC.Financial_Report.xls
10-Q - FORM 10-Q - GREYSTONE LOGISTICS, INC.form10q_17314.htm
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EX-31.2 - 302 CERTIFICATION OF THE C.F.O. - GREYSTONE LOGISTICS, INC.ex31-2_17314.htm
EX-32.2 - 906 CERTIFICATION OF THE C.F.O. - GREYSTONE LOGISTICS, INC.ex32-2_17314.htm
EX-31.1 - 302 CERTIFICATION OF THE PRESIDENT - GREYSTONE LOGISTICS, INC.ex31-1_17314.htm
EX-32.1 - 906 CERTIFICATION OF THE PRESIDENT - GREYSTONE LOGISTICS, INC.ex32-1_17314.htm
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v2.4.0.6
Notes Payable
9 Months Ended
Feb. 29, 2012
Notes Payable

Note 5.    Notes Payable

 

            Notes payable consisted of the following:

 

February 29,

May 31,

2012

2011

Greystone Debt:

(Unaudited)

Note payable to F&M Bank & Trust Company, prime rate of interest but not less than 4.5%, due March 13, 2014

$   5,444,443

 $  5,952,591

Mortgage payable to F&M Bank & Trust Company, prime rate of interest but not less than 4.74%, due February 13, 2016

     3,684,118

     3,866,827

Note payable to BancFirst, prime rate of interest plus 1%, due July 1, 2012

          52,214

        181,771

Notes payable to Robert Rosene, 7.5% interest, due January 15, 2014

     2,066,000

     2,066,000

Note payable to Warren Kruger, 7.5% interest, due January 15, 2014

        527,716

        527,716

Capitalized lease obligation, 5% interest, due August 15, 2016

        512,832

                   -

Other

        121,624

        153,919

Total

   12,408,947

   12,748,824

Less: Current portion

     1,329,410

     3,937,581

Long-term debt

 $11,079,537

 $  8,811,243

VIE Debt:

Note payable to F&M Bank & Trust Company, prime rate of interest but not less than 4.75%, due March 15, 2014

 $                -

 $  3,702,144

Less: Current portion

                   -

        135,173

Long-term debt

 $                -

 $  3,566,971

 

                       

 

 

 

 

 

 

 

 

 

 

            Greystone, GSM, GRE and GLOG are parties to a loan agreement dated as of March 4, 2005, as amended, with F&M Bank & Trust Company (“F&M”).  Effective August 31, 2011, GLOG distributed its assets, Greystone’s Series 2003 Convertible Preferred Stock, to its members, Warren F. Kruger, Greystone’s president and CEO, and Robert B. Rosene, Jr., a member of Greystone’s board of directors (collectively, the “Borrowers”).   Effective as of August 31, 2011, the loan agreement was amended to (a) cause all of GLOG’s rights and obligations under the loan agreement to be transferred to  Warren F. Kruger and Robert B. Rosene, Jr., (b) affirm the cross-collateralization and cross-default provisions of the loan agreement among property and debts of GSM, GLOG and Greystone Real Estate, L.L.C., an entity owned by Warren F. Kruger and Robert B. Rosene, Jr., (c) amend the cross-collateralization and cross-default provisions of the loan agreement to include Messrs. Kruger and Rosene and (d) amend certain financial covenants of the loan agreement. GLOG was dissolved effective September 20, 2011.

 

            GLOG was a party to the March 4, 2005 amended loan agreement with F&M which contained cross-collateralization and cross-default provisions among GLOG, GSM and GRE.  Effective with the August 31, 2011 loan amendment, GLOG was replaced by the Borrowers.  

 

            Effective January 15, 2012, Warren Kruger and Robert Rosene granted a two year extension on the maturity of the notes payable to them by Greystone.