Property, Plant and Equipment

6 Months Ended

Nov. 30, 2017

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:

	November 30, 2017			May 31, 2017
Production machinery and equipment	$	30,314,497		$	27,493,614
Plant buildings and land		5,296,784			5,296,784
Leasehold improvements		337,339			263,710
Furniture and fixtures		392,370			392,371
		36,340,990			33,446,479
Less: Accumulated depreciation and amortization		(15,287,633	)		(13,739,697	)
Net Property, Plant and Equipment	$	21,053,357		$	19,706,782

Production machinery and equipment includes equipment capitalized pursuant to a capital lease in the amount of $5,323,864. The equipment is being amortized using the straight-line method over 10 years.

Production machinery includes deposits on equipment in the amount of $149,220 that had not been placed into service as of November 30, 2017. Two plant buildings and land are owned by GRE, a VIE, having a net book value of $3,070,357 at November 30, 2017.

Depreciation expense including amortization expense related to assets under capital lease for the six months ended November 30, 2017 and 2016 was approximately $1,547,936 and $1,187,544, respectively.