Property and Equipment

6 Months Ended

May 31, 2014

6. Property and Equipment

Property and equipment consist of:

	Estimated Useful Lives	May 31, 2014			November 30, 2013
Land		$	—		$	437
Land improvements	10 to 20 years	—			1,561
Buildings and improvements	10 to 40 years	—			1,865
Machinery and equipment	3 to 20 years	1,220			12,135
		1,220			15,998
Accumulated depreciation		(964		)	(14,048		)
		$	256		$	1,950

As a result of the Imperial Lease, certain assets of the Connecticut farm were reclassified from property and equipment to real estate assets on January 8, 2014. The net book value of the assets reclassified was $1,635, reflecting cost of $11,485 net of accumulated depreciation of $9,850.

Griffin incurred new capital lease obligations of $53 and $48 related to equipment acquisitions in the 2014 six month period and the 2013 six month period, respectively.

- Definition

The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.

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