Property, Plants and Equipment

12 Months Ended

May 31, 2017

Property, Plant and Equipment [Abstract]

Property, Plants 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:

	2017			2016
Production machinery and equipment	$	27,493,614		$	18,616,603
Plant buildings and land		5,296,784			4,663,339
Leasehold improvements		263,710			198,568
Furniture and fixtures		392,371			168,005
		33,446,479			23,646,515
Less: Accumulated depreciation		(13,739,697	)		(11,081,196	)
Net Property, Plant and Equipment	$	19,706,782		$	12,565,319

Production machinery and equipment includes equipment in the amount of $132,600 that had not been placed into service as of May 31, 2017. Leasehold improvements include $65,142 that had not been placed in service as of May 31, 2017.

Two plant buildings and land located in Bettendorf, Iowa are owned by GRE, a variable interest entity, and have a net book value of $3,128,293 at May 31, 2017.

Depreciation expense for the years ended May 31, 2017 and 2016 is $2,658,501 and $1,518,039, respectively.