Property, Plant and Equipment

12 Months Ended

May 31, 2020

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:

	2020			2019
Production machinery and equipment	$	51,637,883		$	45,645,910
Plant buildings and land		6,881,326			6,336,855
Leasehold improvements		1,323,535			979,890
Furniture and fixtures		601,586			563,074
Total property, plant and equipment		60,444,330			53,525,729
Less: Accumulated depreciation		(26,301,923	)		(21,026,051	)
Net Property, Plant and Equipment	$	34,142,407		$	32,499,678

Property, plant and equipment includes production equipment with a carrying value of $471,539 which had not been placed into service as of May 31, 2020.

Two plant buildings and land located in Bettendorf, Iowa are owned by GRE, a variable interest entity, and had a net book value of $2,780,677 at May 31, 2020.

Depreciation expense for the years ended May 31, 2020 and 2019, was $5,275,872 and $4,438,591, respectively.