Long-Term Debt (Tables)

12 Months Ended

May 31, 2019

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

Long-term debt consists of the following as of May 31:

	2019			2018
Term loan A payable to International Bank of Commerce, prime rate of interest plus 0.5% but not less than 4.0%, maturing April 30, 2023	$	3,234,947		$	3,945,443
Term loan C payable to International Bank of Commerce, prime rate of interest plus 0.5% but not less than 4.0%, maturing August 4, 2020		1,399,490			1,613,445
Term loan D payable to International Bank of Commerce, prime rate of interest plus 0.5% but not less than 4.75%, maturing January 10, 2022		1,744,235			2,314,935
Term loan E payable to International Bank of Commerce, prime rate of interest plus 0.5% but not less than 4.75%, maturing January 10, 2022		927,199			843,200
Term loan F payable to International Bank of Commerce, prime rate of interest plus 0.5% but not less than 5.25%, maturing February 8, 2021		3,398,247			-
Term loan G payable to International Bank of Commerce, prime rate of interest plus 0.5% but not less than 5.25%, maturing April 30, 2024		876,934			-
Revolving loan payable to International Bank of Commerce, prime rate of interest plus 0.5% but not less than 5.50%, due January 31, 2021		3,205,000			1,879,000
Term loan payable by GRE to International Bank of Commerce, interest rate of 5.5%, monthly principal and interest payments of $27,688, due April 30, 2023		2,461,116			2,652,428
Note payable to Robert Rosene, 7.5% interest, due January 15, 2021		4,426,631			4,469,355
Note payable to First Bank, prime rate of interest plus 1.45% but not less than 4.95%, monthly principal and interest payment of $30,628, due August 21, 2021		800,488			1,099,447
Note payable to Yorktown Management & Financial Services, LLC, 5.0% interest, due February 28, 2019, monthly principal and interest payments of $20,629		-			181,850
Other		223,177			252,493
Face value of long-term debt		22,697,464			19,251,596
Less: Debt issuance costs, net of amortization		(37,686	)		(91,370	)
		22,659,778			19,160,226
Less: Current portion of long-term debt		(3,030,630	)		(2,324,046	)
Long-term debt	$	19,629,148		$	16,836,180

Schedule of Loan Agreement

During the years ended May 31, 2019 and 2018, Greystone and IBC entered into certain amendments to the IBC Loan Agreement providing for the following new loans:

Date	Term Loan	Amount		Maturity	Purpose
August 4, 2017	C	$	1,795,000	August 4, 2020	Acquisition of Equipment
January 10, 2018	D	$	2,500,000	January 10, 2022	Convert Revolver to Term
January 10, 2018	E	$	1,000,000	January 10, 2022	Acquisition of Equipment
August 8, 2018	F	$	3,600,000	February 8, 2021	Acquisition of Equipment
April 30, 2019	G	$	880,000	April 30, 2024	Acquisition of Real Estate