Unassociated Document
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
______________________________
WASHINGTON,
D.C. 20549
FORM
8-K
Current
Report
Pursuant
To Section 13 or 15 (d) of the
Securities Exchange Act of 1934
Date
of Report (date of earliest event reported):
SEPTEMBER
13, 2008
Greystone
Logistics, Inc.
(Exact
name of registrant as specified in its charter)
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Oklahoma
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000-26331
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75-2954680
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(State
or other jurisdiction
of
incorporation)
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(Commission
File Number)
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(I.R.S.
Employer Identification No.)
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1613
E. 15th,
Tulsa, Oklahoma
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74120
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(Address
of principal executive offices)
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(Zip
Code)
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(918)
583-7441
(Registrant's
telephone number, including area code)
Not
Applicable
(Former
name or former address, if changed since last report)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2. below):
o Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
o Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
o Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Section
4 - Matters Related to Accountants and Financial Statements
Item
4.02. Non-Reliance on Previously Issued Financial Statements or a
Related Audit Report or Completed Interim Review.
On September 13, 2008, the Board of
Directors of Greystone Logistics, Inc. (the "Company") concluded that its
previously issued financial statements for the fiscal year ended May 31, 2007
should not be relied upon because of errors in those financial statements and
that the Company would restate those financial statements to make the necessary
accounting adjustments. The Company's Board of Directors reached this
conclusion based upon the recommendation of the Company's management and with
the concurrence of the Company's independent auditors.
Effective May 31, 2008, the Company
restated the above mentioned financial statements to correct an error in the
application of accounting principles as a result of failing to consolidate
Greystone Properties, LLC, a variable interest entity. As a result of
the error, the Company's consolidated
financial statements as of and for the fiscal year ended May 31, 2007 included
in its Form 10-KSB for the same period did not include the assets, liabilities,
operations and cash flows of Greystone Properties, LLC. Similarly,
the Company's
financial statements included in each of its quarterly reports on Form 10-QSB
for fiscal years 2008 and 2007 did not include the accounts of Greystone
Properties, LLC. The Company's fiscal year 2007
financial statements included in its fiscal year 2008 Form 10-KSB were restated
to correct the error in application of accounting principles.
The Company's management has discussed
with Eide Bailly LLP (successor to Murrell, Hall, McIntosh & Co., PLLP), the
Company's predecessor independent registered public accounting firm, the matters
disclosed under Item 4.02 in this Current Report on Form
8-K. The Company's management has also discussed with
HoganTaylor LLP (formerly known as Tullius Taylor Sartain & Sartain LLP),
the Company's current independent registered public accounting firm, the matters
disclosed under Item 4.02 in this Current Report on Form 8-K.
SIGNATURES
Pursuant to the requirements of the
Securities Exchange Act of 1934, the registrant has duly caused this report to
be signed on its behalf by the undersigned hereunto duly
authorized.
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GREYSTONE
LOGISTICS, INC. |
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Date:
February 12, 2009
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By:
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/s/ Warren
F. Kruger |
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Warren
F. Kruger |
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President
and Chief Executive Officer |
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