GREYSTONE LOGISTICS INC
For the period ended May 31, 2024. Filed Sep 13, 2024.
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FY2024 · Filed Sep 13, 2024
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Property, Plant, & Equipment
Note 4.** PROPERTY, PLANT AND EQUIPMENT
A summary of the property, plant and equipment for Greystone is as follows, as of May 31:
| 2024 | 2023 | |
|---|---|---|
| Production machinery and equipment | $68,532,989 | $66,068,625 |
| Plant buildings and land | 2,289,233 | 2,364,089 |
| Leasehold improvements | 1,658,751 | 1,553,138 |
| Furniture and fixtures | 542,057 | 542,057 |
| Total property, plant and equipment | 73,023,032 | 70,527,909 |
| Less: Accumulated depreciation | (42,956,911) | (37,343,203) |
| Property, Plant and Equipment, net | $30,066,119 | $33,184,706 |
Property, plant and equipment includes production equipment with a carrying value of $812,532 which had not been placed into service as of May 31, 2024.
Depreciation expense for the fiscal years ended May 31, 2024 and 2023, was $5,730,731 and $5,195,994, respectively.
In February 2024, one of the Company’s storage warehouses caught fire with damage to finished goods inventory valued at $1,326,752 and the building with a net book value of $161,850. The Company recorded an insurance receivable of $2,058,602 as an estimate for damage to the inventory and building, which resulted in a gain from the involuntary conversion of $593,647. The insurer and Company are currently reviewing and finalizing the claim value for the inventory. The Company will record any additional consideration once a settlement has been reached, which may increase the gain recorded in future periods.
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