Property, Plant and Equipment

9 Months Ended

Feb. 28, 2022

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Note 4. Property, Plant and Equipment

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

	February 28, 2022			May 31, 2021
Production machinery and equipment	$	56,215,850		$	52,292,733
Plant buildings and land		7,020,542			6,970,949
Leasehold improvements		1,487,398			1,487,398
Furniture and fixtures		542,057			550,337
		65,265,847			61,301,417
Less: Accumulated depreciation and amortization		(33,166,171	)		(30,302,429	)
Net Property, Plant and Equipment	$	32,099,676		$	30,998,988

Production machinery includes deposits on equipment in the amount of $2,977,230 at February 28, 2022, which has not been placed into service. Plant buildings and land include two properties which are owned by GRE, a variable interest entity (“VIE”) and have an aggregate net book value of $2,577,901 as of February 28, 2022.

Depreciation expense, including amortization expense related to financing leases, for the nine months ended February 28, 2022 and 2021 was $4,011,025 and $4,397,890, respectively.