v3.26.3
Note 5 - Property, Plant and Equipment
 3 Months Ended
Aug. 31, 2026
Notes to Financial Statements  
Property, Plant, and Equipment [Text Block]

Note 5. PROPERTY, PLANT, AND EQUIPMENT

 

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

 

   

August 31,

    

May 31,

  
   

2026

    

2026

  

Production machinery and equipment

   $ 72,985,906     $ 72,855,503  

Plant buildings and land

     3,930,207       3,930,207  

Leasehold improvements

     2,447,630       2,447,630  

Furniture and fixtures

     542,057       542,057  

Construction in progress

     706,826       706,826  
      80,612,626       80,482,223  

Less: Accumulated depreciation and amortization

     (56,026,934

)

     (54,639,464

)

Net Property, Plant and Equipment

   $ 24,585,692     $ 25,842,759  

 

Property, plant and equipment includes production equipment with a carrying value of $71,155 as of August 31, 2026, which has not been placed into service. Construction in progress relates to a warehouse project that began in July 2025. The Company paused construction activities in October 2025 due to liquidity constraints and is evaluating the timing and scope of any potential resumption of construction. Based on current estimates, approximately $500,000 of additional costs would be required to complete the project. The timing of any resumption and completion of the project is uncertain and will depend, in part, on the Company’s ability to obtain sufficient liquidity. These estimates are subject to change based primarily on financing availability, changes in project scope, and the timing of the resumption of construction.

 

Depreciation expense, including amortization expense related to financing leases, for the three months ended August 31, 2026 and 2025 was $1,387,470 and $1,529,809, respectively.