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Subsequent Event
6 Months Ended
Nov. 30, 2015
Subsequent Events [Abstract]  
Subsequent Event

Note 10. Subsequent Event

 

On January 7, 2016, Greystone and IBC entered into a First Amendment to the IBC Loan Agreement that, among other things, provided for additional financing of $2,530,072 principally to finance Greystone’s acquisition of equipment that was ordered in June 2015 and delivered at the end of December 2015. The First Amendment provides for two term loans – one for $3,000,000 with monthly payments of principal and interest of $88,805 and a second for $5,447,504 with monthly payments of principal and interest of $74,657. Both notes have interest rates of the greater of prime plus 0.5% or 4% and maturity dates of January 7, 2019. In addition, the First Amendment extended the maturity of the Revolver Loan from January 31, 2016 to January 31, 2018 and deferred the requirement of the Debt Service Coverage Ratio until May 31, 2016.