PROPERTY, PLANT AND EQUIPMENT

12 Months Ended

May 31, 2013

PROPERTY, PLANT AND EQUIPMENT [Abstract]

Note 3. PROPERTY, PLANT AND EQUIPMENT

A summary of the property, plant and equipment for Greystone is as follows, as of May 31:

	2013			2012
Production machinery and equipment	$	10,717,493		$	10,121,006
Building and land		4,663,339			4,663,339
Leasehold improvements		203,034			188,124
Furniture and fixtures		171,093			161,592
		15,754,959			15,134,061

Less: Accumulated depreciation		(8,710,820	)		(7,335,883	)

Net Property, Plant and Equipment	$	7,044,139		$	7,798,178

Production machinery and equipment includes equipment in the amount of $379,716 that had not been placed into service as of May 31, 2013. Building and land are owned by a variable interest entity for which the net book value is $3,591,781 at May 31, 2013.

Depreciation expense for the years ended May 31, 2013 and 2012 is $1,374,937 and $1,148,916, respectively.

- Definition

The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.

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