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3. PROPERTY, PLANT AND EQUIPMENT

12 Months Ended

May 31, 2014

Property, Plant and Equipment [Abstract]

A summary of the property, plant and equipment for Greystone is as follows, as of May 31:

	2014			2013
Production machinery and equipment	$	12,826,529		$	10,717,493
Building and land		4,663,339			4,663,339
Leasehold improvements		203,034			203,034
Furniture and fixtures		210,196			171,093
		17,903,098			15,754,959

Less: Accumulated depreciation		(9,126,961	)		(8,710,820	)

Net Property, Plant and Equipment	$	8,776,137		$	7,044,139

Production machinery and equipment includes equipment in the amount of $235,074 that had not been placed into service as of May 31, 2014. Building and land are owned by a VIE for which the net book value is $3,475,906 at May 31, 2014.

Depreciation expense for the years ended May 31, 2014 and 2013 is $1,274,453 and $1,374,937, 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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