Property, Plant and Equipment

9 Months Ended

Feb. 28, 2018

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Note 4. Property, Plant and Equipment

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

	February 28, 2018			May 31, 2017
Production machinery and equipment	$	33,026,562		$	27,493,614
Plant buildings and land		5,306,784			5,296,784
Leasehold improvements		349,246			263,710
Furniture and fixtures		402,870			392,371
		39,085,462			33,446,479
Less: Accumulated depreciation and amortization		(16,200,844	)		(13,739,697	)
Net Property, Plant and Equipment	$	22,884,618		$	19,706,782

Production machinery and equipment includes equipment capitalized pursuant to a capital lease in the amount of $7,322,364. The equipment is being amortized using the straight-line method over 12 years.

Production machinery includes deposits on equipment in the amount of $366,503 that had not been placed into service as of February 28, 2018. Two plant buildings and land are owned by GRE, a VIE, having a net book value of $3,041,389 at February 28, 2018.

Depreciation expense, including amortization expense related to assets under capital leases, for the nine months ended February 28, 2018 and 2017 was $2,476,050 and $1,936,512, respectively.