Property, Plant and Equipment

12 Months Ended

May 31, 2018

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Note 3. PROPERTY, PLANT AND EQUIPMENT

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

	2018			2017
Production machinery and equipment	$	35,270,326		$	27,493,614
Plant buildings and land		5,739,491			5,296,784
Leasehold improvements		534,637			263,710
Furniture and fixtures		396,882			392,371
		41,941,336			33,446,479
Less: Accumulated depreciation		(16,587,460	)		(13,739,697	)
Net Property, Plant and Equipment	$	25,353,876		$	19,706,782

Property, plant and equipment includes items which had not been placed into service as of May 31, 2018, as follows:

Production machinery and equipment	$	1,014,955
Plant buildings	$	345,807
Leasehold improvements	$	119,427

Two plant buildings and land located in Bettendorf, Iowa are owned by GRE, a variable interest entity, and have a net book value of $3,012,421 at May 31, 2018.

Depreciation expense for the years ended May 31, 2018 and 2017 is $3,549,065 and $2,658,501, respectively.