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Variable Interest Entities (VIE)
12 Months Ended
May 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Variable Interest Entities (VIE)

Note 13. VARIABLE INTEREST ENTITIES (VIE)

 

Greystone Real Estate, L.L.C.

 

GRE, is owned by Warren Kruger, President and CEO, and Robert Rosene, a member of the Board of Directors. GRE was created solely to own and lease buildings that GSM occupies in Bettendorf, Iowa.

 

The buildings, having a carrying value of $3,128,293 and $3,244,165 at May 31, 2017 and 2016, respectively, serve as collateral for GRE’s debt. The debt had a carrying value of $2,841,285 and $3,021,734 at May 31, 2017 and 2016, respectively.