Property, Plant and Equipment

3 Months Ended

Aug. 31, 2016

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Note 4. Property, Plant and Equipment

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

	August 31, 2016			May 31, 2016
Production machinery and equipment	$	22,149,817		$	18,616,603
Plant buildings and land		4,663,339			4,663,339
Leasehold improvements		245,568			198,568
Furniture and fixtures		168 005			168,005
		27,226,729			23,646,515
Less: Accumulated depreciation		(11,599,772	)		(11,081,196	)
Net Property, Plant and Equipment	$	15,626,957		$	12,565,319

Production machinery and equipment includes equipment capitalized pursuant to a capital lease in the amount of $2,731,152. The equipment is being depreciated using the straight-line method of depreciation over 10 years.

Production machinery includes deposits on equipment in the amount of $159,698 that had not been placed into service as of August 31, 2016. The plant buildings and land are owned by GRE, a VIE, and have a net book value of $3,215,197 at August 31, 2016.

Depreciation expense for the three months ended August 31, 2016 and 2015 is $518,576 and $378,966, respectively.