Property and Equipment

12 Months Ended

May. 31, 2015

Property, Plant and Equipment [Abstract]

Property and Equipment

Note 3. PROPERTY AND EQUIPMENT

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

	2015			2014
Production machinery and equipment	$	13,120,285		$	12,826,529
Plant buildings and land		4,663,339			4,663,339
Leasehold improvements		198,568			203,034
Furniture and fixtures		90,280			210,196
		18,072,472			17,903,098
Less: Accumulated depreciation		(9,563,157	)		(9,126,961	)
Net Property and Equipment	$	8,509,315		$	8,776,137

Production machinery and equipment includes equipment in the amount of $157,396 that had not been placed into service as of May 31, 2015. The plant buildings and land are owned by GRE, a VIE, and have a net book value of $3,360,037 at May 31, 2015.

Depreciation expense for the years ended May 31, 2015 and 2014 is $1,398,269 and $1,274,453, respectively.