Property, Plant and Equipment

12 Months Ended

May 31, 2016

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:

	2016			2015
Production machinery and equipment	$	18,616,603		$	13,120,285
Plant buildings and land		4,663,339			4,663,339
Leasehold improvements		198,568			198,568
Furniture and fixtures		168 005			90,280
		23,646,515			18,072,472
Less: Accumulated depreciation		(11,081,196	)		(9,563,157	)
Net Property, Plant and Equipment	$	12,565,319		$	8,509,315

Production machinery and equipment includes equipment in the amount of $510,827 that had not been placed into service as of May 31, 2016. The plant buildings and land are owned by GRE, a VIE, and have a net book value of $3,244,165 at May 31, 2016.

Depreciation expense for the years ended May 31, 2016 and 2015 is $1,518,039 and $1,398,269, respectively.