Property, Plant and Equipment

12 Months Ended

May 31, 2019

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:

	2019			2018
Production machinery and equipment	$	45,645,910		$	35,270,326
Plant buildings and land		6,336,855			5,739,491
Leasehold improvements		979,890			534,637
Furniture and fixtures		563,074			396,882
		53,525,729			41,941,336
Less: Accumulated depreciation		(21,026,051	)		(16,587,460	)
Net Property, Plant and Equipment	$	32,499,678		$	25,353,876

Property, plant and equipment includes items which had not been placed into service as of May 31, 2019, as follows:

Production machinery and equipment	$	3,635,683
Plant buildings	$	597,364
Leasehold improvements	$	121,544

Two plant buildings and land located in Bettendorf, Iowa are owned by GRE, a variable interest entity, and had a net book value of $2,896,549 at May 31, 2019.

Depreciation expense for the years ended May 31, 2019 and 2018, was $4,438,591 and $3,549,065, respectively.