Property, Plant and Equipment

12 Months Ended

May 31, 2021

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:

	2021			2020
Production machinery and equipment	$	52,292,733		$	51,637,883
Plant buildings and land		6,970,949			6,881,326
Leasehold improvements		1,487,398			1,323,535
Furniture and fixtures		550,337			601,586
Total property, plant and equipment		61,301,417			60,444,330
Less: Accumulated depreciation		(30,302,429	)		(26,301,923	)
Net Property, Plant and Equipment	$	30,998,988		$	34,142,407

Property, plant and equipment includes production equipment with a carrying value of $426,343 which had not been placed into service as of May 31, 2021.

Two plant buildings and land located in Bettendorf, Iowa are owned by GRE, a variable interest entity, and had a net book value of $2,664,805 at May 31, 2021.

Depreciation expense for the years ended May 31, 2021 and 2020, was $5,796,357 and $5,275,872, respectively.