Property, Plant and Equipment

6 Months Ended

Nov. 30, 2022

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Note 4. Property, Plant and Equipment

A summary of property, plant and equipment is as follows:

	November 30, 2022			May 31, 2022
Production machinery and equipment	$	58,957,411		$	57,341,906
Plant buildings and land		2,364,089			7,020,543
Leasehold improvements		1,553,138			1,487,398
Furniture and fixtures		542,057			542,057
		63,416,695			66,391,904
Less: Accumulated depreciation and amortization		(35,100,733	)		(34,515,139	)
Net Property, Plant and Equipment	$	28,315,962		$	31,876,765

Production machinery includes deposits on equipment in the amount of $2,374,216 as of November 30, 2022, which has not been placed into service. As of May 31, 2022, plant buildings and land included two properties which are owned by GRE, a variable interest entity (“VIE”), and had an aggregate net book value of $2,548,933. As discussed in Note 1, GRE was deconsolidated effective July 29, 2022.

Depreciation expense, including amortization expense related to financing leases, for the six months ended November 30, 2022 and 2021 was $2,719,312 and $2,782,057, respectively.