XML 35 R20.htm IDEA: XBRL DOCUMENT v3.10.0.1
Variable Interest Entities (VIE)
12 Months Ended
May 31, 2018
Variable Interest Entity, Measure of Activity [Abstract]  
Variable Interest Entities (VIE)

Note 14. 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 $3,012,421 and $3,128,293 at May 31, 2018 and 2017, respectively, serve as collateral for GRE’s debt. The debt had a carrying value of $2,652,428 and $2,841,285 at May 31, 2018 and 2017, respectively.