0001144204-14-030561.txt : 20140514 0001144204-14-030561.hdr.sgml : 20140514 20140514172127 ACCESSION NUMBER: 0001144204-14-030561 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20140331 FILED AS OF DATE: 20140514 DATE AS OF CHANGE: 20140514 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DGSE COMPANIES INC CENTRAL INDEX KEY: 0000701719 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-JEWELRY STORES [5944] IRS NUMBER: 880097334 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-11048 FILM NUMBER: 14842610 BUSINESS ADDRESS: STREET 1: 15850 DALLAS PARKWAY STREET 2: SUITE 140 CITY: DALLAS STATE: TX ZIP: 75248 BUSINESS PHONE: 9725874049 MAIL ADDRESS: STREET 1: 15850 DALLAS PARKWAY STREET 2: SUITE 140 CITY: DALLAS STATE: TX ZIP: 75248 FORMER COMPANY: FORMER CONFORMED NAME: DALLAS GOLD & SILVER EXCHANGE INC /NV/ DATE OF NAME CHANGE: 19930114 FORMER COMPANY: FORMER CONFORMED NAME: AMERICAN PACIFIC MINT INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: CANYON STATE CORP DATE OF NAME CHANGE: 19860819 10-Q 1 v377470_10q.htm 10-Q

 

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 10-Q

 

(Mark One)

 

þQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2014

or

 

¨TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ___ to ___

 

Commission File Number 1-11048

 

DGSE Companies, Inc.

(Exact name of registrant as specified in its charter)

 

Nevada   88-0097334
(State or other jurisdiction of   (I.R.S. Employer
incorporation or organization)   Identification No.)

 

15850 Dallas Parkway, Suite 140

Dallas, Texas 75248

(972) 587-4049

(Address, including zip code, and telephone

number, including area code, of registrant’s

principal executive offices)

 

N/A

(Former name, former address and former fiscal year, if changed since last report)

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes x No ¨

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). 

Yes x No ¨

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one)

 

Large accelerated filer ¨ Accelerated filer ¨
Non-accelerated filer ¨ Smaller reporting company x

(Do not check if a smaller reporting company)

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ¨ No x

 

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of May 13, 2014:

 

Class  Outstanding
Common stock, $0.01 par value per share  12,203,584

 

 
 

 

TABLE OF CONTENTS

 

        Page No.
         
PART I.   FINANCIAL INFORMATION    
         
Item 1.   Financial Statements    
         
    Consolidated Balance Sheets as of March 31, 2014 (unaudited) and December 31, 2013   1
         
    Consolidated Statements of Operations for the three months ended March 31, 2014 and 2013 (unaudited)   2
         
    Consolidated Statements of Cash Flows for the three months ended March 31, 2014 and 2013 (unaudited)   3
         
    Notes to Consolidated Financial Statements (unaudited)   4
         
Item 2.   Management’s Discussion and Analysis of Financial Condition and Results of Operations   9
         
Item 3.   Quantitative and Qualitative Disclosures About Market Risk   11
         
Item 4.   Controls and Procedures   11
         
PART II.   OTHER INFORMATION    
         
Item 1.   Legal Proceedings   12
         
Item 1A.   Risk Factors   13
         
Item 2.   Unregistered Sales of Equity Securities and Use of Proceeds   13
         
Item 3.   Defaults Upon Senior Securities   13
         
Item 4.   Mine Safety Disclosures   13
         
Item 5.   Other Information   13
         
Item 6.   Exhibits   13
         
SIGNATURES    

 

 
 

 

PART I. FINANCIAL INFORMATION

 

Item 1. Financial Statements.

 

DGSE COMPANIES, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

 

   March 31,   December 31, 
   2014   2013 
   (Unaudited)     
ASSETS          
Current Assets:          
Cash and cash equivalents  $2,784,944   $3,214,770 
Trade receivables, net of allowances   285,137    269,616 
Inventories   12,222,439    12,921,857 
Prepaid expenses   279,884    236,649 
           
Total current assets   15,572,404    16,642,892 
           
Property and equipment, net   5,051,582    5,074,860 
Intangible assets, net   2,881,986    2,942,314 
Other assets   183,071    244,065 
           
Total assets  $23,689,043   $24,904,131 
           
LIABILITIES          
Current Liabilities:          
Accounts payable-trade  $5,933,462   $5,666,059 
Accrued expenses   1,696,873    2,137,361 
Customer deposits and other liabilities   1,934,949    2,401,574 
Current maturities of long-term debt   124,600    122,536 
Current maturities of capital leases   11,209    11,091 
           
Total current liabilities   9,701,093    10,338,621 
           
Line of credit, related party   2,303,359    2,383,359 
Long-term debt, less current maturities   1,723,045    1,757,827 
Total liabilities   13,727,497    14,479,807 
           
Commitments and contingencies          
           
STOCKHOLDERS' EQUITY          
Common stock, $0.01 par value; 30,000,000 shares authorized; 12,203,584 and 12,175,584 shares issued and outstanding   122,035    121,755 
Additional paid-in capital   34,105,574    34,045,654 
Accumulated deficit   (24,266,063)   (23,743,085)
Total stockholders' equity   9,961,546    10,424,324 
           
Total liabilities and stockholders' equity  $23,689,043   $24,904,131 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

1
 

 

DGSE COMPANIES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

 

   Three Months Ended
March 31,
 
   2014   2013 
         
Revenue:          
Sales  $19,896,146   $29,249,573 
Cost of goods sold   15,462,402    23,946,749 
Gross margin   4,433,744    5,302,824 
           
Expenses:          
Selling, general and administrative expenses   4,657,542    4,675,006 
Depreciation and amortization   190,923    192,884 
    4,848,465    4,867,890 
           
Operating (loss) income   (414,721)   434,934 
           
Other expense (income):          
Other income, net   (31,261)   (12,147)
Interest expense   84,562    51,704 
    53,301    39,557 
           
(Loss) income from continuing operations before income taxes   (468,022)   395,377 
           
Income tax expense   17,316    57,600 
           
(Loss) income from continuing operations   (485,338)   337,777 
           
Discontinued operations:          
Loss from discontinued operations, net of taxes of $0   (37,640)   (37,365)
           
Net (loss) income  $(522,978)  $300,412 
           
Basic net (loss) income per common share:          
(Loss) income from continuing operations  $(0.04)  $0.02 
Loss from discontinued operations   (0.00)   (0.00)
Net (loss) income per share  $(0.04)  $0.02 
           
Diluted net (loss) income per common share:          
(Loss) income from continuing operations  $(0.04)  $0.02 
Loss from discontinued operations   (0.00)   (0.00)
Net (loss) income per share  $(0.04)  $0.02 
           
Weighted-average number of common shares          
Basic   12,193,940    12,175,584 
Diluted   12,193,940    12,313,048 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

2
 

 

DGSE COMPANIES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

   Three Months Ended
March 31,
 
   2014   2013 
         
Cash Flows From Operating Activities:          
Net (loss) income  $(522,978)  $300,412 
Loss from discontinued operations   37,640    37,365 
(Loss) income from continuing operations   (485,338)   337,777 
           
Adjustments to reconcile (loss) income from continuing operations to net cash used in operating activities of continuing operations:          
Depreciation and amortization   190,923    192,884 
Stock based compensation   60,200    - 
           
Changes in operating assets and liabilities:          
Trade receivables, net   (15,521)   (37,797)
Inventories   699,418    (1,333,907)
Prepaid expenses   (43,235)   20,734 
Other assets   53,975    (19,755)
Accounts payable and accrued expenses   (173,085)   (4,670)
Customer deposits and other liabilities   (466,625)   (227,728)
           
Net cash used in operating activities of continuing operations   (179,288)   (1,072,462)
           
Cash Flows From Investing Activities:          
Purchases of property and equipment   (100,298)   (177,069)
           
Net cash used in investing activities of continuing operations   (100,298)   (177,069)
           
Cash Flows From Financing Activities:          
Repayment of debt   (29,871)   (54,069)
Payments on capital lease obligations   (2,729)   (6,622)
Repayment of line of credit with related party   (80,000)   - 
           
Net cash used in financing activities of continuing operations   (112,600)   (60,691)
           
Cash Flows From Discontinued Operations:          
Net cash used in operating activities of discontinued operations   (37,640)   (37,365)
           
Net change in cash   (429,826)   (1,347,587)
Cash, beginning of period   3,214,770    4,911,087 
Cash, end of period  $2,784,944   $3,563,500 
           
Supplemental Disclosures:          
Cash paid during the period for:          
Interest  $69,344   $40,390 
Income taxes   -    - 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

3
 

 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

(1) Basis of Presentation

 

The consolidated interim financial statements of DGSE Companies, Inc. included herein have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been condensed or omitted pursuant to the Commission’s rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading. The Company suggests that these financial statements be read in conjunction with the financial statements and notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2013 (such fiscal year, “Fiscal 2013” and such annual Report on Form 10-K, the “Fiscal 2013 10-K”). In the opinion of the management of the Company, the accompanying unaudited interim financial statements contain all adjustments, consisting only of those of a normal recurring nature, necessary to present fairly its results of operations and cash flows for the periods presented. The results of operations for the periods presented are not necessarily indicative of the results to be expected for the full year. Certain reclassifications were made to the prior year's consolidated financial statements to conform to the current year presentation.

 

(2) Principles of Consolidation and Nature of Operations

 

DGSE Companies, Inc., a Nevada corporation, and its subsidiaries (the “Company” or “DGSE”), buy and sell jewelry and bullion products to both retail and wholesale customers throughout the United States through its facilities in Illinois, South Carolina, and Texas, and through its various internet sites. Until recently, the Company also operated retail locations in Alabama, Florida, Georgia, and Tennessee.

 

The interim consolidated financial statements have been prepared in accordance with U.S. GAAP and include the accounts of the Company and its subsidiaries.  All material intercompany transactions and balances have been eliminated.

 

(3) Critical Accounting Policies and Estimates

 

Income Taxes 

The Company accounts for its position in tax uncertainties in accordance with Accounting Standards Codification (“ASC”) 740, Income Taxes. The guidance establishes standards for accounting for uncertainty in income taxes. The guidance provides several clarifications related to uncertain tax positions. Most notably, a “more likely-than-not” standard for initial recognition of tax positions, a presumption of audit detection and a measurement of recognized tax benefits based on the largest amount that has a greater than 50 percent likelihood of realization. The guidance applies a two-step process to determine the amount of tax benefit to be recognized in the financial statements. First, the Company must determine whether any amount of the tax benefit may be recognized. Second, the Company determines how much of the tax benefit should be recognized (this would only apply to tax positions that qualify for recognition). The Company has not taken a tax position that, if challenged, would have a material effect on the financial statements or the effective tax rate during the periods ended March 31, 2014 and 2013, respectively.

 

Financial Instruments

The carrying amounts reported in the consolidated balance sheets for cash equivalents, accounts receivable, accounts payable and accrued expenses approximate fair value because of the immediate or short-term maturity of these financial instruments.  The line of credit, related party does not bear a market rate of interest. Management believes that, based on the Company’s situation at the time the line was negotiated, it could not have obtained comparable financing, and as such cannot estimate the fair value of the line of credit, related party. The carrying amounts reported for the Company’s long-term debt, and capital leases approximate fair value because substantially all of the underlying instruments have variable interest rates, which adjust frequently, or the interest rates approximate current market rates. None of these instruments are held for trading purposes.

 

Earnings Per Share

Basic earnings per common share is computed by dividing net earnings available to holders of the Company’s common stock by the weighted average number of common shares outstanding for the reporting period. Diluted earnings per share reflect the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. For the calculation of diluted earnings per share, the basic weighted average number of shares is increased by the dilutive effect of stock options outstanding determined using the treasury stock method.

 

4
 

 

(4) Inventories

 

A summary of inventories is as follows:

 

   March 31,   December 31, 
   2014   2013 
         
Jewelry  $9,419,397   $9,448,793 
Scrap gold   929,537    1,190,490 
Bullion   1,032,793    1,199,373 
Rare coins and Other   840,712    1,083,201 
   $12,222,439   $12,921,857 

 

(5) Basic and Diluted Average Shares

 

A reconciliation of basic and diluted average common shares for the three months ended March 31, 2014 and 2013 is as follows:

 

   For the Three Months Ended
March 31,
 
   2014   2013 
         
Basic weighted average shares   12,193,940    12,175,584 
Effect of potential dilutive securities:           
Stock options   -    137,464 
Diluted  weighted average shares   12,193,940    12,313,048 

 

For the three months ended March 31, 2014 and 2013, options to purchase 5,347,500 and 5,030,000 shares of common stock, respectively, and 84,000 and 0 unvested Restricted Stock Units (“RSUs”), respectively, were not added to the diluted average shares because inclusion of such shares would be antidilutive.

 

(6) Long-Term Debt

 

   Outstanding Balance        
   March 31,
2014
   December
31, 2013
   Current
Interest Rate
   Maturity
                
NTR line of credit (1)  $2,303,359   $2,383,359    2.0%  August 1, 2015
Mortgage payable   1,813,190    1,843,061    6.7%  August 1, 2016
Capital leases (2)   45,664    48,393    Various   Various
                   
Sub-Total   4,162,213    4,274,813         
Less: Capital leases   11,209    11,091         
Less: Current maturities   124,600    122,536         
Long-term debt   4,026,404    4,141,186         
Less: Line of credit (1)   2,303,359    2,383,359         
Long term debt, less current maturities  $1,723,045   $1,757,827         

 

(1)On July 19, 2012, DGSE entered into a loan agreement with NTR Metals, LLC (“NTR”), an affiliate of DGSE’s majority stockholder Elemetal, LLC (“Elemetal”), pursuant to which NTR, agreed to provide the Company a guidance line of revolving credit in an amount up to $7,500,000 (the “Loan Agreement”). The Loan Agreement will terminate–and all amounts outstanding thereunder will be due and payable (such amounts, the “Obligations”)–upon the earlier of: (i) August 1, 2014; (ii) the date that is twelve months after the Company receives notice from NTR demanding the repayment of the Obligations; (iii) the date the Obligations are accelerated in accordance with the terms of the Loan Agreement; or (iv) the date on which the commitment terminates under the Loan Agreement. In connection with the Loan Agreement, the Company granted a security interest in the respective personal property of each of its subsidiaries. The loan carries an interest rate of two percent (2%) per annum for all funds borrowed pursuant to the Loan Agreement. Proceeds received by the Company pursuant to the terms of the Loan Agreement were used for repayment of all outstanding financial obligations incurred in connection with that certain Loan Agreement, dated as of December 22, 2005, between the Company and Texas Capital Bank, and additional proceeds are expected to be used as working capital in the ordinary course of business. The Company incurred debt issuance costs associated with the Loan Agreement totaling $56,150. The debt issuance costs are included in other assets in the accompanying consolidated balance sheet and are being amortized to interest expense on a straight-line basis over two years. As of March 31, 2014 and December 31, 2013, we had outstanding balances of $2,303,359 and $2,383,359, respectively, drawn on the NTR credit facility. On February 25, 2014, the Company and NTR entered into a one-year extension of the Loan Agreement, extending the termination date to August 1, 2015. All other terms of the agreement remain the same.

 

5
 

 

(2)On November 23, 2010, DGSE entered into a capital lease for $78,450 with Direct Capital Corporation for a radio-frequency identification (“RFID”) inventory management solution. The non-cancelable lease agreement required an advanced payment of $5,169 and monthly payments of $2,584 for 36 months at an interest rate of 11.5% beginning in January 2011. At the end of the lease in December 2013, the equipment was purchased for $1. On April 3, 2013, DGSE entered into a capital lease for $58,563 with Graybar Financial Services for phones at the new corporate headquarters.  The non-cancelable lease agreement required an advanced payment of $2,304 and monthly payments of $1,077 for 60 months at an interest rate of 4.2% beginning in May 2013.  At the end of the lease in May 2018, the equipment can be purchased for $1.

 

(7) Stock-Based Compensation.

 

The Company accounts for share-based compensation by measuring the cost of the employee services received in exchange for an award of equity instruments, including grants of stock options, based on the fair value of the award at the date of grant. In addition, to the extent that the Company receives an excess tax benefit upon exercise of an award, such benefit is reflected as cash flow from financing activities in the consolidated statement of cash flows.

 

In January of 2014, DGSE’s Board of Directors (the “Board”) granted 112,000 RSUs to our officers and certain key employees. Each RSU is convertible into one share of Common Stock without additional payment pursuant to the terms of the Restricted Stock Unit Award Agreement, dated January 23, 2014, between the Issuer and each recipient (the "RSU Award Agreement"). One-fourth (or 28,000) of the RSUs vested and were exercisable as of the date of the grant, and an additional one-fourth of the RSUs (calculated using the total number of RSUs at the time of grant) vest and will be exercisable on each subsequent anniversary of the date of grant until 100 percent of the RSUs have vested, subject to the recipient’s continued status as an employee on each such date and other terms and conditions of set forth in the RSU Award Agreement. Upon termination of service of the recipient to us, other than by reason of death or disability, any RSUs that have not vested will be forfeited and the award of such units shall terminate.

 

Stock-based compensation expense for the three months ended March 31, 2014 and 2013 was $60,200 and $0, respectively, relating to employee and director stock options and RSUs, and included in selling, general and administrative expenses in the accompanying consolidated statements of operations.

 

(8) Related Party Transactions.

 

DGSE has a corporate policy governing the identification, review, consideration and approval or ratification of transactions with related persons, as that term is defined in the Instructions to Item 404(a) of Regulation S-K, promulgated under the Securities Act (“Related Party”). Under this policy, all Related Party transactions are identified and approved prior to consummation of the transaction to ensure they are consistent with DGSE’s best interests and the best interests of its stockholders. Among other factors, the Board considers the size and duration of the transaction, the nature and interest of the Related Party in the transaction, whether the transaction may involve a conflict of interest and if the transaction is on terms that are at least as favorable to DGSE as would be available in a comparable transaction with an unaffiliated third party. DGSE’s Board reviews all Related Party transactions at least annually to determine if it is in DGSE’s best interests and the best interests of our stockholders to continue, modify, or terminate the Related Party transactions. DGSE’s Related Party Transaction Policy is available for review in its entirety under the “Investor Relations” menu of our corporate website at www.DGSECompanies.com.

 

Elemetal is DGSE’s largest stockholder. Elemetal, through its affiliates NTR and Elemetal Capital, is also DGSE’s primary refiner and bullion trading partner. For the three months ended March 31, 2014, 28% of sales and 30% of purchases were transactions with Elemetal, and in the same period in 2013 these transactions represented 32% of DGSE’s sales and 39% of our purchases. As of March 31, 2014 and December 31, 2013, we were obligated to pay $3,727,916 and $3,332,858, respectively, to Elemetal as a trade payable. DGSE also paid Elemetal and its affiliates $54,813 in interest for the three months ended March 31, 2014, including interest on DGSE’s trade payable with Elemetal. In the same period in 2013 DGSE recognized $17,671 in interest related to Elemetal and its affiliates.

 

6
 

 

On July 19, 2012, the Company entered into the Loan Agreement with NTR, pursuant to which NTR agreed to provide the Company with a guidance line of revolving credit in an amount up to $7,500,000. The Loan Agreement provides that the Loan Agreement will terminate—and DGSE’s Obligations will be due and payable– upon the earlier of (i) August 1, 2014, (ii) the date that is twelve months after DGSE receives notice from NTR demanding the repayment of the Obligations, (iii) the date the Obligations are accelerated in accordance with the terms of the Loan Agreement or (iv) the date on which the commitment terminates under the Loan Agreement. In connection with the Loan Agreement, DGSE granted a security interest in the respective personal property of each of its subsidiaries. The loan carries an interest rate of two percent (2%) per annum for all funds borrowed pursuant to the Loan Agreement. Proceeds received by DGSE pursuant to the terms of the Loan Agreement were used for repayment of all outstanding financial obligations incurred in connection with that certain Loan Agreement, dated as of December 22, 2005, between DGSE and Texas Capital Bank, N.A., and any additional proceeds are expected to be used as working capital in the ordinary course of business. As of March 31, 2014 and December 31, 2013, we had outstanding balances of $2,303,359 and $2,383,359, respectively, drawn on the NTR credit facility. On February 25, 2014, the Company and NTR entered into a one-year extension of the Loan Agreement, extending the termination date to August 1, 2015. All other terms of the agreement remain the same.

 

Estate Gold and Silver, LLC, a Texas limited liability company (“Estate Gold”) was 25% owned by an entity owned by James Vierling, DGSE’s former Chief Executive Officer and Chairman, and operated five stores in Oklahoma, primarily focused on buying gold, but also engaging in retail sales of jewelry and bullion. In July of 2013, Estate Gold ceased all operations. The Company previously had an agreement with Estate Gold to provide operations management services, consisting of: (i) the receipt, inventorying, and re-sale of Estate Gold purchases; (ii) the management of Estate Gold’s payroll, insurance, accounts payable and receivable; (iii) the maintenance of and updates to Estate Gold’s business software; maintenance of the Estate Gold website; and (iv) financial reporting of Estate Gold to its owners. The Company also periodically engaged in the purchase or sale of jewelry, bullion and diamonds to Estate Gold, from time to time in the normal course of business. DGSE had no transactions with Estate Gold in the three months ended March 31, 2014. During the three months ended March 31, 2013, the Company received $16,641 in fees for services, sold $8,214 in products, and purchased $23,342 in products, in transactions with Estate Gold.

 

(9) Legal Proceedings.

 

On April 16, 2012, the Company filed a Current Report on Form 8-K disclosing that DGSE’s Board had determined the existence of the certain accounting irregularities beginning approximately during the second calendar quarter of 2007 and continuing in periods subsequent thereto (the “Accounting Irregularities”), which could affect financial information reported since that time. On April 16, 2012, the Company also announced that it had engaged forensic accountants to analyze the Accounting Irregularities, and that financial statements and information reported since the inception of the Accounting Irregularities, believed to begin in the second calendar quarter of 2007, should not be relied upon. The Company brought the Accounting Irregularities to the attention of the SEC in a letter dated April 16, 2012. On June 18, 2012, the Company received written notice that the SEC had initiated a private investigation into the Accounting Irregularities, to determine whether any persons or entities had engaged in any possible violations of the federal securities laws. The Company has cooperated fully, and continues to cooperate fully, with the SEC staff in the investigation. This investigation is still pending as of the date of the filing of this Form 10-Q, and there can be no certainty as to the outcome of this investigation, or to the findings of the SEC.

 

In connection with the Accounting Irregularities, and the subsequent halt in trading of DGSE’s Common Stock on the Exchange, the Company settled two lawsuits in Fiscal 2013. The first, Civil Action No. 3:12-cv-3664, was filed in the United States District Court for the Northern District of Texas, on September 7, 2012, entitled Grant Barfuss, on behalf of himself and all others similarly situated vs. DGSE Companies, Inc.; L.S. Smith, John Benson and William Oyster. This complaint alleged violations of the securities laws and sought unspecified damages. Plaintiffs alleged that certain public filings in 2010 and 2011 were false and misleading. The second suit, Case No. 3:12-cv-03850 in the United States District Court for the Northern District of Texas, was filed on September 21, 2012, by Jason Farmer and entitled Jason Farmer, Derivatively on Behalf of Nominal Defendant DGSE Companies, Inc., Plaintiff, v. William H. Oyster, James D. Clem, William Cordeiro, Craig Alan-Lee, David Rector, L.S. Smith, and John Benson, Defendants, and DGSE Companies, Inc., Nominal Defendant. This suit was filed against DGSE, as a nominal defendant, and against certain and former officers and directors. The plaintiff asserted that certain statements made in DGSE’s proxy materials were false and misleading, that the defendants breached fiduciary duties owed to DGSE, for abuse of control, and sought unspecified compensatory and exemplary damages, along with certain corporate governance changes, for the benefit of DGSE.

 

The approved settlement resolved all issues which were pending before the United States District Court for the Northern District of Texas in both cases. The defendants agreed to pay $2 million to resolve all claims in both suits (including obligations to pay plaintiffs’ attorneys’ fees). The Company also incurred its own attorneys’ fees and expenses associated with finalizing the settlement. While the majority of the total settlement amount and related expenses were paid from insurance proceeds, the Company incurred approximately $314,000 in Fiscal 2013 in relation to these suits.

 

In the quarter ended March 31, 2014, the Company settled a civil suit filed in the County Court for Dallas County, Texas, Cause No. CC-13-02999-C entitled Joseph C. Osterman, T.G. Herron, and, Jean K. Herron, Plaintiffs, vs. DGSE Companies, Inc. d/b/a Dallas Gold & Silver Exchange, Defendants. The complaint alleged amounts owed and due to the plaintiffs by the defendant in relation to a variety of promissory notes allegedly issued between 2001 and 2006 by the defendant. Pursuant to the confidential settlement agreement, which admits no liability on the part of the defendant, the Company has resolved all claims with plaintiff Osterman to the parties’ mutual satisfaction. Discussions with plaintiffs Heron are ongoing, and the final outcome of these discussions is uncertain, although any conclusion to this suit is not expected to be material to the Company’s results in the year ended December 31, 2014 (“Fiscal 2014”).

 

7
 

 

The Texas Comptroller conducted a sales and use tax audit of our operations in Texas with respect to the period March 1, 2006 through November 30, 2009 and subsequently sent a Notification of Audit Results, by letter dated December 17, 2010, asserting that DGSE owes an amount of tax due, plus penalties and interest. The Company submitted a request for redetermination to the Texas Comptroller by letter dated January 13, 2011. By letter dated August 25, 2011, the Texas Comptroller stated that DGSE’s request for a redetermination hearing has been granted. No hearing has taken place, but the Company has been actively engaged in discussions with the Texas Comptroller's office. The Company has reached an informal agreement on certain issues with the attorney representing the Texas Comptroller in the administrative hearing with respect to this liability, while other issues remain under discussion. Although no final determination has been reached, based on the most recent communication from the Texas Comptroller in February of 2014, DGSE believes that it is likely that the Company owes additional taxes, interest and penalty to the State of Texas, and accordingly reserved an additional $775,000 in Fiscal 2013 towards the payment of these amounts. The total reserve in this matter now is approximately $1.1 million, and is based on the Company’s current best estimate, which may vary materially from any final assessment.

 

(10) Discontinued Operations

 

In January of 2014, the Company elected to discontinue the operations of six of its Southern Bullion Coin and Jewelry (“Southern Bullion”) locations due to the lack of profitability and management's belief that it was unlikely that profitability would be reached in the foreseeable future. The Company officially discontinued these operations on February 3, 2014, and the operating results for these six locations for the three months ended March 31, 2014 and 2013 have been reclassified as discontinued operations in the consolidated statements of operations as detailed in the table below.

 

   Three Months Ended March 31, 
   2014   2013 
         
Revenue:          
Sales  $914,497   $1,291,573 
Cost of sales   819,731    980,445 
Gross margin   94,766    311,128 
           
Expenses:          
S,G&A expense   132,406    348,493 
Depreciation and amortization   -    - 
Total Expenses   132,406    348,493 
           
Operating loss   (37,640)   (37,365)
           
Other expense (income):          
Other (expense)/income, net   -    - 
Interest expense   -    - 
    -    - 
           
Loss from discontinued operations before income taxes   (37,640)   (37,365)
           
Income tax expense   -    - 
           
Loss from discontinued operations after income taxes  $(37,640)  $(37,365)

 

Subsequent to the end of the first fiscal quarter of 2014, in April of 2014 the Company elected to discontinue the operations of all 17 remaining Southern Bullion locations. During 2013, the Southern Bullion operations generated a net loss of approximately $1.9 million. These operations represented approximately 20% the Company’s revenue, and approximately 70% of the Company’s operating loss in Fiscal 2013. The significant change in the precious metal markets, including a 30% decline in the spot price of gold since the acquisition of Southern Bullion in 2011, had a disproportionately negative impact on the customer traffic, transactional volume and profitability of the Southern Bullion operations. The Company officially discontinued these operations on or about April 19, 2014. The operating results for all Southern Bullion locations are expected to be reclassified as discontinued operations in the consolidated statements of operations beginning with the quarter ending June 30, 2014.

 

8
 

 

The Company expects to report approximately $3.7 million in 2014 in non-recurring charges related to these closures. This includes approximately $2.9 million in expected write-offs related to the Southern Bullion trade name, approximately $400,000 in expected fixed asset write-downs, and approximately $500,000 in expected lease termination expenses, severance payments and other related costs.

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

 

Unless the context indicates otherwise, references to “we,” “us,” “our,” “the Company” and “DGSE” refer to the consolidated business operations of DGSE Companies, Inc., the parent, and all of its direct and indirect subsidiaries.

 

Forward-Looking Statements

 

This Quarterly Report on Form 10-Q for the quarter ended March 31, 2014 (this “Form 10-Q”), including but not limited to: (i) the section of this Form 10-Q entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” (ii) information concerning our business prospects or future financial performance, anticipated revenues, expenses, profitability or other financial items, including the outcome of the SEC investigation described elsewhere in this Form 10-Q or pending litigation, and (iii) our strategies, plans and objectives, together with other statements that are not historical facts, includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements generally can be identified by the use of forward-looking terminology, such as “may,” “will,” “would,” “expect,” “intend,” “could,” “estimate,” “should,” “anticipate” or “believe.” We intend that all forward-looking statements be subject to the safe harbors created by these laws. All statements other than statements of historical information provided herein are forward-looking statements are based on current expectations regarding important risk factors. Many of these risks and uncertainties are beyond our ability to control, and, in many cases, we cannot predict all of the risks and uncertainties that could cause our actual results to differ materially from those expressed in the forward-looking statements. Actual results could differ materially from those expressed in the forward-looking statements, and readers should not regard those statements as a representation by us or any other person that the results expressed in the statements will be achieved. Important risk factors that could cause results or events to differ from current expectations are described under the section of this Form 10-Q entitled “Risk Factors” and elsewhere in this Form 10-Q as well as under the section entitled “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2013 (the “Fiscal 2013 10-K”). These factors are not intended to be an all-encompassing list of risks and uncertainties that may affect the operations, performance, development and results of our business. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. We undertake no obligation to-release publicly the results of any revisions to these forward-looking statements, which may be made to reflect events or circumstances after the date thereon, including without limitation, changes in our business strategy or planned capital expenditures, store growth plans, or to reflect the occurrence of unanticipated events.

 

Results of Operations

 

General

 

Given our business model, global precious metal and diamond prices affect almost every aspect of our business. While these prices are inherently out of our control, we generally view that our wide variety of products and activities provide a strong degree of diversification for our investors. Given the current global economic uncertainty, precious metal and diamond prices have been unusually volatile and gold prices in particular have seen an unprecedented decline over the past year. The average price of one ounce of gold as represented by London PM Fix during the three months ended March 31, 2014 was 11% lower than the same quarter a year earlier, and the closing price on March 31, 2014 was 20% lower than on the same day in 2013.

 

While gold and other precious metal prices affect the cost and pricing of our products, we believe the single biggest impact from the recent drop in the price of gold is that fewer customers are interested in selling their unused or unwanted gold, and this has had a significant impact on our high-margin scrap buying business. As noted in Footnote 10 “Discontinued Operations” in the section of this Form 10-Q entitled “Notes to Consolidated Financial Statements”, the overall reduction in the scrap buying business has had a disproportionate impact on our Southern Bullion operations, ultimately leading to the closure of these locations. However, while we can anecdotally see the impact of lower gold prices in our operations and the financial results, there is no reliable way to directly calculate the impact of gold, or other commodity, prices on our business.

 

9
 

 

Three Months Ended March 31, 2014 compared to Three Months Ended March 31, 2013

 

Sales. Sales decreased by $9,353,427, or 32%, during the three months ended March 31, 2014 to $19,896,146, as compared to $29,249,573 during the same period in 2013. Significant decreases in both bullion and scrap sales were the primary cause of the decrease, resulting from the drop in gold prices discussed above. This decrease was partially offset by a healthy increase in jewelry sales, which was up more than 15% for the current quarter.

 

Gross Margin. For the three months ended March 31, 2014, gross margins decreased by $869,080, or 16% to $4,433,744, as compared to $5,302,824 during the same period in 2013, resulting from lower sales, as detailed above. Gross margin as a percentage of revenue increased to 22.3% for the three months ended March 31, 2014, compared to 18.1% for the same period in the prior year. The increase in gross margin as a percentage of sales was the result of the increase in high-margin jewelry sales, as well as higher margin percentages achieved on bullion and scrap sales, despite their decrease in sales.

 

Selling, General and Administrative Expenses. For the three months ended March 31, 2014, Selling, General and Administrative (“SG&A”) expenses decreased by $17,464, or 0.4% to $4,657,542, as compared to $4,675,006 during the same period in 2013. During the three months ended March 31, 2014 and 2013, the Company incurred $74,901 and $101,694, respectively, in professional fees and costs associated with the 2012 restatement of our financial statements, the 2010 State of Texas sales tax audit, and related legal matters.

 

Depreciation and Amortization. For the three months ended March 31, 2014, depreciation and amortization expense was $190,923 compared to $192,884 for the same period in 2013, a decrease of $1,961, or 1%.

 

Interest Expense. For the three months ended March 31, 2014, interest expense was $84,562, an increase of $32,858 or 64% compared to $51,704 during the same period in 2013. The increase is primarily due to interest the Company began accruing on its trade payable to Elemetal Capital, beginning in the fourth quarter of Fiscal 2013.

 

Loss from Discontinued Operations. The results for the three months ended March 31, 2014 were a net loss of $37,640 related to operations of the six Southern Bullion locations closed down in February of 2014, compared to a net loss of $37,365 for these locations in the same quarter of 2013. Discontinued Operations does not include any results for the remaining 17 Southern Bullion locations that were closed down subsequent to March 31, 2014.

 

Liquidity and Capital Resources

 

During the three months ended March 31, 2014 and 2013, cash flows used in continuing operating activities totaled $179,288 and $1,072,462, respectively, representing a decrease of $893,174. The use of cash in continuing operating activities for the three months ended March 31, 2014 was primarily a result of losses from continuing operations of $485,338, as well as a $466,625 decrease in customer deposits and other liabilities, and a $173,085 decrease in accounts payable and accrued expenses. These amounts were partially offset by a decrease of $699,418 in inventories.

 

During the three months ended March 31, 2014 and 2013, cash flows used in investing activities totaled $100,298 and $177,069, respectively, representing a decrease of $76,771. The use of cash in investing activities during both periods was primarily the result of purchases of property and equipment.

 

During the three months ended March 31, 2014 and 2013, cash flows used in financing activities totaled $112,600 and $60,691, respectively. The use of cash in financing activities during both periods was primarily the result of repayment of notes payable, and payments on capital lease obligations. The increase in cash flows used in financing activities in the current period was primarily due to an $80,000 repayment of the Company’s line of credit with NTR.

 

During the three months ended March 31, 2014 and 2013, cash flows used by discontinued operations totaled $37,640 and $37,365, respectively.

 

We expect our capital expenditures to total approximately $300,000 during Fiscal 2014. These expenditures are expected to be related to upgrades and repairs of existing facilities, and the re-launch of our website. As of March 31, 2014, there were no commitments outstanding for capital expenditures.

 

In the event of significant growth in retail and or wholesale jewelry sales, our demand for additional working capital will increase due to a related need to stock additional jewelry inventory and increases in wholesale accounts receivable. Historically, vendors have offered us extended payment terms to finance the need for jewelry inventory growth and our management believes that we will continue to do so in the future.

 

10
 

 

Our ability to finance our operations and working capital needs are dependent upon management’s ability to negotiate extended terms or refinance its debt. We have historically renewed, extended or replaced short-term debt as it matures and management believes that we will be able to continue to do so in the near future.

 

From time to time, we have adjusted our inventory levels to meet seasonal demand or in order to meet working capital requirements. We are of the opinion that if additional working capital is required, additional loans can be obtained from individuals or from commercial banks. If necessary, inventory levels may be adjusted in order to meet unforeseen working capital requirements.

 

On July 19, 2012, we entered into the Loan Agreement with NTR, pursuant to which NTR agreed to provide us with a guidance line of revolving credit in an amount up to $7,500,000. The Loan Agreement provides that the Loan Agreement will terminate—and all amounts outstanding thereunder will be due and payable (such amounts, the “Obligations”)—upon the earlier of (i) August 1, 2014, (ii) the date that is twelve months after we receive notice from NTR demanding the repayment of the Obligations, (iii) the date the Obligations are accelerated in accordance with the terms of the Loan Agreement or (iv) the date on which the commitment terminates under the Loan Agreement. In connection with the Loan Agreement, we granted a security interest in the respective personal property of each of our subsidiaries. The loan carries an interest rate of two percent (2%) per annum for all funds borrowed pursuant to the Loan Agreement. Proceeds received by us pursuant to the terms of the Loan Agreement were used for repayment of all outstanding financial obligations incurred in connection with that certain Loan Agreement, dated as of December 22, 2005, between us and Texas Capital Bank. As March 31, 2014, the outstanding balance of the loan was $2,303,359.

 

On February 25, 2014, we entered into a one-year extension of the Loan Agreement with NTR, extending the termination date to August 1, 2015. All other terms of the agreement remain the same.

 

We also expect to reach a financial settlement in our outstanding 2010 sales tax audit with the State of Texas in Fiscal 2014. Management expects that we will owe in excess of $1 million to the State of Texas; while this estimate has been accrued, we expect to need to make a cash payment in Fiscal 2014. It is anticipated that these expenditures will be funded from working capital or by drawing down on our existing line of credit with NTR.

 

Off-Balance Sheet Arrangements.

 

We have no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to stockholders.

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

 

Because we are a “smaller reporting company,” we are not required to disclose the information required by this item.

 

Item 4. Controls and Procedures.

 

Based upon the evaluation required by Section 13a-15(b) of the Securities Exchange Act of 1934, as amended, our management, with the participation of our Chief Executive Officer and Chief Financial Officer, has concluded that our disclosure controls and procedures, as of March 31, 2014, were effective.

 

Our management is responsible for establishing and maintaining adequate internal controls over financial reporting. Management assessed the effectiveness of our internal controls over financial reporting as of December 31, 2013 using the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control—Integrated Framework (1992). Based on its assessments, management believes that, as of December 31, 2013, our internal control over financial reporting is effective.

 

During the fiscal year ended December 31, 2013, changes occurred that our management believes have materially improved, our internal control over financial reporting. Specifically, the changes, which our management believes to represent significant improvements to our internal controls over financial reporting, include stronger controls around the review and input of journal entries into the accounting system, more robust reconciliation processes, improvements in periodic closing processes and management reporting, additional detailed cash management reporting, improved review and reconciliation of periodic physical inventory counts, improvements in tracking for bulk inventory items, and improvements in the information technology control environment. There were no material changes to our internal controls over financial reporting in the quarter ended March 31, 2014.

 

11
 

 

PART II- OTHER INFORMATION

 

Item 1. Legal Proceedings

 

On April 16, 2012, we filed a Current Report on Form 8-K disclosing that our Board had determined the existence of the Accounting Irregularities beginning approximately during the second calendar quarter of 2007 and continuing in periods subsequent thereto, which could affect financial information reported since that time. On April 16, 2012, we also announced that we had engaged forensic accountants to analyze the Accounting Irregularities, and that financial statements and information reported since the inception of the Accounting Irregularities, believed to begin in the second calendar quarter of 2007, should not be relied upon. We brought the Accounting Irregularities to the attention of the SEC in a letter dated April 16, 2012. On June 18, 2012, we received written notice that the SEC had initiated a private investigation into the Accounting Irregularities, to determine whether any persons or entities had engaged in any possible violations of the federal securities laws. We have cooperated fully, and continue to cooperate fully, with the SEC staff in the investigation. This investigation is still pending as of the date of the filing of this Form 10-Q, and there can be no certainty as to the outcome of this investigation, or to the findings of the SEC.

 

We settled two lawsuits in Fiscal 2013 that were filed in connection with the Accounting Irregularities and the subsequent halt in trading of our Common Stock on the Exchange,. The first, Civil Action No. 3:12-cv-3664, was filed in the United States District Court for the Northern District of Texas, on September 7, 2012, entitled Grant Barfuss, on behalf of himself and all others similarly situated vs. DGSE Companies, Inc.; L.S. Smith, John Benson and William Oyster (the “November 2012 Case”). This complaint alleged violations of the securities laws and sought unspecified damages. Plaintiffs alleged that certain public filings in 2010 and 2011 were false and misleading. The second suit, Case No. 3:12-cv-03850 in the United States District Court for the Northern District of Texas, was filed on September 21, 2012, by Jason Farmer and entitled Jason Farmer, Derivatively on Behalf of Nominal Defendant DGSE Companies, Inc., Plaintiff, v. William H. Oyster, James D. Clem, William Cordeiro, Craig Alan-Lee, David Rector, L.S. Smith, and John Benson, Defendants, and DGSE Companies, Inc., Nominal Defendant (the “September 2012 Case”). This suit was filed against DGSE, as a nominal defendant, and against certain current and former officers and directors. The plaintiff asserted that certain statements made in our proxy materials were false and misleading, that the defendants breached fiduciary duties owed to DGSE, that defendants engaged in abuse of control, and sought unspecified compensatory and exemplary damages, along with certain corporate governance changes, for the benefit of DGSE.

 

An approved settlement resolved all issues that were pending before the United States District Court for the Northern District of Texas in each of the September 2012 Case and the November 2012 Case. The defendants agreed to pay $2 million to resolve all claims in both suits (including obligations to pay plaintiffs’ attorneys’ fees). We also incurred our own attorneys’ fees and expenses associated with finalizing the settlement. While the majority of the total settlement amount and related expenses were paid from insurance proceeds, we incurred approximately $314,000 in Fiscal 2013 in relation to these suits.

 

In the quarter ended March 31, 2014, we settled a civil suit filed in the County Court for Dallas County, Texas, Cause No. CC-13-02999-C entitled Joseph C. Osterman, T.G. Herron, and, Jean K. Herron, Plaintiffs, vs. DGSE Companies, Inc. d/b/a Dallas Gold & Silver Exchange, Defendants. The complaint alleged amounts owed and due to the plaintiffs by the defendant in relation to a number of promissory notes allegedly issued between 2001 and 2006 by the defendant, and plaintiffs sought compensatory damages. Pursuant to the confidential settlement agreement, which admits no liability on the part of the defendant, we have resolved all claims with plaintiff Osterman to the parties’ mutual satisfaction. Discussions with plaintiffs Heron are ongoing, and the final outcome of these discussions is uncertain, although any conclusion to this suit is not expected to be material to the our results in Fiscal 2014.

 

The Texas Comptroller of Public Accounts (the “Texas Comptroller”) conducted a sales and use tax audit of our operations in Texas with respect to the period March 1, 2006 through November 30, 2009 and subsequently sent a Notification of Audit Results, by letter dated December 17, 2010, asserting that we owe an amount of tax due, plus penalties and interest. We submitted a request for redetermination to the Texas Comptroller by letter dated January 13, 2011. By letter dated August 25, 2011, the Texas Comptroller stated that our request for a redetermination hearing has been granted. No hearing has taken place, but we have been actively engaged in discussions with the Texas Comptroller's office. We have reached an informal agreement on certain issues with the attorney representing the Texas Comptroller in the administrative hearing with respect to this liability, while other issues remain under discussion. Although no final determination has been reached, based on the most recent communication from the Texas Comptroller in February of 2014, we believe that it is likely that we owe additional taxes, interest and penalty to the State of Texas, and accordingly reserved an additional $775,000 in Fiscal 2013 towards the payment of these amounts. The total reserve in this matter is approximately $1.1 million, and is based on our current best estimate, which may vary materially from any final assessment.

 

We are currently discussing, both internally among the members of our Board and with our outside counsel, whether it is in our best interest of and that of our shareholders to pursue legal action against those officers and providers of professional services who were involved in the Accounting Irregularities. We have not made any determinations on this matter as of the date of this Form 10-Q.

 

12
 

 

Item 1A. Risk Factors

For a discussion of the risk factors applicable to our business, financial condition or results of operations, please see the section entitled “Risk Factors” in our Fiscal 2013 10-K. There have been no material changes in our risk factors from those disclosed in our Fiscal 2013 10-K. The risk factors disclosed in our Fiscal 2013 10-K, in addition to the other information set forth in this report, could materially affect our business, financial condition or results. Additional risks and uncertainties not currently known to us or that we currently deem immaterial also may materially adversely affect our business, financial condition or results.

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

 

None.

 

Item 3. Defaults Upon Senior Securities

 

None.

 

Item 4. Mine Safety Disclosures

 

None.

 

Item 5. Other Information

 

None.

 

Item 6. Exhibits

 

Exhibit       Filed   Incorporated       Date Filed   Exhibit  
No.   Description   Herein   by Reference   Form   with SEC   No.  
31.1   Certification pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934 implementing Section 302 of the Sarbanes-Oxley Act of 2002 by James D. Clem   ×                  
                           
31.2   Certification pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934 implementing Section 302 of the Sarbanes-Oxley Act of 2002 by C. Brett Burford   ×                  
                           
32.1   Certification pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 by James D. Clem   ×                  
                           
32.2   Certification pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 by C. Brett Burford   ×                  

 

13
 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

  DGSE Companies, Inc.  
  (Registrant)  
     
Date: May 14, 2014 By: /s/ JAMES D. CLEM  
    James D. Clem  
    Chief Executive Officer  
    (Principal Executive Officer)  
     
Date: May 14, 2014   /s/ C. BRETT BURFORD  
    C. Brett Burford  
    Chief Financial Officer  
    (Principal Financial Officer)  

 

14

EX-31.1 2 v377470_ex31-1.htm EXHIBIT 31.1

 

EXHIBIT 31.1

 

CERTIFICATION

 

I, James D. Clem, certify that:

 

1.I have reviewed this Quarterly Report on Form 10-Q of DGSE Companies, Inc.;

 

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4.The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)), and internal control over financial reporting (as defined in Exchange Act Rules 13a–15(f) and 15d–15(f)) for the registrant and have:

 

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

5.The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors:

 

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date:  May 14, 2014 By: /s/ JAMES D. CLEM
    James D. Clem
    Chief Executive Officer
    (Principal Executive Officer)

 

 

EX-31.2 3 v377470_ex31-2.htm EXHIBIT 31.2

 

EXHIBIT 31.2

 

CERTIFICATION

 

I, C. Brett Burford, certify that:

 

1.I have reviewed this Quarterly Report on Form 10-Q of DGSE Companies, Inc.;

 

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4.The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)), and internal control over financial reporting (as defined in Exchange Act Rules 13a–15(f) and 15d–15(f)) for the registrant and have:

 

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

5.The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors:

 

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date:  May 14, 2014 By: /s/ C. BRETT BURFORD
    C. Brett Burford
    Chief Financial Officer
    (Principal Financial Officer)

 

 

EX-32.1 4 v377470_ex32-1.htm EXHIBIT 32.1

 

EXHIBIT 32.1

 

Certification Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. § 1350)

 

The undersigned, as the Chief Executive Officer of DGSE Companies, Inc., certifies, to the best of his knowledge, that the Quarterly Report on Form 10-Q for the quarter ended March 31, 2014, which accompanies this certification fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934 and the information contained in the periodic report fairly presents, in all material respects, the financial condition and results of operations of DGSE Companies, Inc. at the dates and for the periods indicated. The foregoing certification is made pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. § 1350) and shall not be relied upon for any other purpose.

 

Date:  May 14, 2014 By: /s/ JAMES D. CLEM
    James D. Clem
    Chief Executive Officer
    (Principal Executive Officer)

 

 

EX-32.2 5 v377470_ex32-2.htm EXHIBIT 32.2

 

EXHIBIT 32.2

 

Certification Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. § 1350)

 

The undersigned, as the Chief Financial Officer of DGSE Companies, Inc., certifies, to the best of his knowledge, that the Quarterly Report on Form 10-Q for the quarter ended March 31, 2014, which accompanies this certification fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934 and the information contained in the periodic report fairly presents, in all material respects, the financial condition and results of operations of DGSE Companies, Inc. at the dates and for the periods indicated. The foregoing certification is made pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. § 1350) and shall not be relied upon for any other purpose.

 

Date:  May 14, 2014 By: /s/ C. BRETT BURFORD
    C. Brett Burford
    Chief Financial Officer
    (Principal Financial Officer)

 

 

 

EX-101.INS 6 dgse-20140331.xml XBRL INSTANCE DOCUMENT false --12-31 Q1 2014 2014-03-31 10-Q 0000701719 12203584 Smaller Reporting Company DGSE COMPANIES INC 5169 2304 1 1 1032793 1199373 775000 9419397 9448793 840712 1083201 5933462 5666059 285137 269616 1696873 2137361 34105574 34045654 0 60200 5030000 5347500 0 84000 23689043 24904131 15572404 16642892 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="MARGIN-BOTTOM: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0px" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify"> <td style="WIDTH: 0in">&nbsp;</td> <td style="WIDTH: 0.25in; TEXT-ALIGN: left"> <strong>(1)</strong></td> <td style="TEXT-ALIGN: justify"><strong>Basis of Presentation</strong></td> </tr> </table> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 0.25in"> The consolidated interim financial statements of DGSE Companies, Inc. included herein have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC"). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") have been condensed or omitted pursuant to the Commission&#39;s rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading. The Company suggests that these financial statements be read in conjunction with the financial statements and notes included in the Company&#39;s Annual Report on Form 10-K for the fiscal year ended December 31, 2013 (such fiscal year, "Fiscal 2013" and such annual Report on Form 10-K, the "Fiscal 2013 10-K"). In the opinion of the management of the Company, the accompanying unaudited interim financial statements contain all adjustments, consisting only of those of a normal recurring nature, necessary to present fairly its results of operations and cash flows for the periods presented. The results of operations for the periods presented are not necessarily indicative of the results to be expected for the full year. Certain reclassifications were made to the prior year&#39;s consolidated financial statements to conform to the current year presentation.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <!--EndFragment--></div> </div> 11209 11091 2784944 3214770 3563500 4911087 -1347587 -429826 -37365 -37640 0.01 0.01 30000000 30000000 12203584 12175584 12203584 12175584 122035 121755 0.32 0.28 0.39 0.3 23946749 15462402 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong>(6) Long-Term Debt</strong></p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <table style="WIDTH: 90%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0.45in" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td nowrap="nowrap">&nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="6" nowrap="nowrap">Outstanding Balance</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap">&nbsp;</td> <td style="TEXT-ALIGN: center" colspan="2" nowrap="nowrap"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap">&nbsp;</td> <td style="TEXT-ALIGN: center" nowrap="nowrap">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td nowrap="nowrap">&nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">March 31,<br /> 2014</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">December<br /> 31, 2013</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Current<br /> Interest Rate</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" nowrap="nowrap">Maturity</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td nowrap="nowrap">&nbsp;</td> <td nowrap="nowrap">&nbsp;</td> <td style="TEXT-ALIGN: center" colspan="2" nowrap="nowrap"> &nbsp;</td> <td nowrap="nowrap">&nbsp;</td> <td nowrap="nowrap">&nbsp;</td> <td style="TEXT-ALIGN: center" colspan="2" nowrap="nowrap"> &nbsp;</td> <td nowrap="nowrap">&nbsp;</td> <td nowrap="nowrap">&nbsp;</td> <td style="TEXT-ALIGN: center" colspan="2" nowrap="nowrap"> &nbsp;</td> <td nowrap="nowrap">&nbsp;</td> <td nowrap="nowrap">&nbsp;</td> <td style="TEXT-ALIGN: center" nowrap="nowrap">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 48%; TEXT-ALIGN: left">NTR line of credit (1)</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="WIDTH: 1%; TEXT-ALIGN: left" nowrap="nowrap">$</td> <td style="WIDTH: 10%; TEXT-ALIGN: right" nowrap="nowrap"> 2,303,359</td> <td style="WIDTH: 1%; TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="WIDTH: 1%" nowrap="nowrap">&nbsp;</td> <td style="WIDTH: 1%; TEXT-ALIGN: left" nowrap="nowrap">$</td> <td style="WIDTH: 10%; TEXT-ALIGN: right" nowrap="nowrap"> 2,383,359</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">&nbsp;</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="WIDTH: 1%; TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="WIDTH: 10%; TEXT-ALIGN: right" nowrap="nowrap">2.0</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">%</td> <td style="WIDTH: 1%" nowrap="nowrap">&nbsp;</td> <td style="WIDTH: 12%; TEXT-ALIGN: center" nowrap="nowrap">August 1, 2015</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Mortgage payable</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="TEXT-ALIGN: right" nowrap="nowrap">1,813,190</td> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td nowrap="nowrap">&nbsp;</td> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="TEXT-ALIGN: right" nowrap="nowrap">1,843,061</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="TEXT-ALIGN: right" nowrap="nowrap">6.7</td> <td style="TEXT-ALIGN: left">%</td> <td nowrap="nowrap">&nbsp;</td> <td style="TEXT-ALIGN: center" nowrap="nowrap">August 1, 2016</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Capital leases (2)</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right" nowrap="nowrap">45,664</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left" nowrap="nowrap"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right" nowrap="nowrap">48,393</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left" nowrap="nowrap"> &nbsp;</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: center" nowrap="nowrap">Various</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: center" nowrap="nowrap">Various</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td>&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="TEXT-ALIGN: right" nowrap="nowrap">&nbsp;</td> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td nowrap="nowrap">&nbsp;</td> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="TEXT-ALIGN: right" nowrap="nowrap">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="TEXT-ALIGN: right" nowrap="nowrap">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td nowrap="nowrap">&nbsp;</td> <td style="TEXT-ALIGN: center" nowrap="nowrap">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td>Sub-Total</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="TEXT-ALIGN: right" nowrap="nowrap">4,162,213</td> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td nowrap="nowrap">&nbsp;</td> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="TEXT-ALIGN: right" nowrap="nowrap">4,274,813</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="TEXT-ALIGN: right" nowrap="nowrap">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td nowrap="nowrap">&nbsp;</td> <td style="TEXT-ALIGN: center" nowrap="nowrap">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Less: Capital leases</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="TEXT-ALIGN: right" nowrap="nowrap">11,209</td> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td nowrap="nowrap">&nbsp;</td> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="TEXT-ALIGN: right" nowrap="nowrap">11,091</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="TEXT-ALIGN: right" nowrap="nowrap">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td nowrap="nowrap">&nbsp;</td> <td style="TEXT-ALIGN: center" nowrap="nowrap">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Less: Current maturities</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right" nowrap="nowrap">124,600</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left" nowrap="nowrap"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right" nowrap="nowrap">122,536</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left" nowrap="nowrap"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: right" nowrap="nowrap"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: center" nowrap="nowrap">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td>Long-term debt</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="TEXT-ALIGN: right" nowrap="nowrap">4,026,404</td> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td nowrap="nowrap">&nbsp;</td> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="TEXT-ALIGN: right" nowrap="nowrap">4,141,186</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="TEXT-ALIGN: right" nowrap="nowrap">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td nowrap="nowrap">&nbsp;</td> <td style="TEXT-ALIGN: center" nowrap="nowrap">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Less: Line of credit (1)</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right" nowrap="nowrap">2,303,359</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left" nowrap="nowrap"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right" nowrap="nowrap">2,383,359</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left" nowrap="nowrap"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: right" nowrap="nowrap"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: center" nowrap="nowrap">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">Long term debt, less current maturities</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left" nowrap="nowrap">$</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right" nowrap="nowrap">1,723,045</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left" nowrap="nowrap">$</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right" nowrap="nowrap">1,757,827</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: right" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: center" nowrap="nowrap">&nbsp;</td> </tr> </table> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong>&nbsp;</strong></p> <table style="MARGIN-BOTTOM: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 13.7pt">&nbsp;</td> <td style="WIDTH: 18pt">(1)</td> <td>On July 19, 2012, DGSE entered into a loan agreement with NTR Metals, LLC ("NTR"), an affiliate of DGSE&#39;s majority stockholder Elemetal, LLC ("Elemetal"), pursuant to which NTR, agreed to provide the Company a guidance line of revolving credit in an amount up to $7,500,000 (the "Loan Agreement"). The Loan Agreement will terminate-and all amounts outstanding thereunder will be due and payable (such amounts, the "Obligations")-upon the earlier of: (i)&nbsp;August&nbsp;1, 2014; (ii)&nbsp;the date that is twelve months after the Company receives notice from NTR demanding the repayment of the Obligations; (iii) the date the Obligations are accelerated in accordance with the terms of the Loan Agreement; or (iv) the date on which the commitment terminates under the Loan Agreement. In connection with the Loan Agreement, the Company granted a security interest in the respective personal property of each of its subsidiaries. The loan carries an interest rate of two percent (2%) per annum for all funds borrowed pursuant to the Loan Agreement. Proceeds received by the Company pursuant to the terms of the Loan Agreement were used for repayment of all outstanding financial obligations incurred in connection with that certain Loan Agreement, dated as of December&nbsp;22, 2005, between the Company and Texas Capital Bank, and additional proceeds are expected to be used as working capital in the ordinary course of business. The Company incurred debt issuance costs associated with the Loan Agreement totaling $56,150. The debt issuance costs are included in other assets in the accompanying consolidated balance sheet and are being amortized to interest expense on a straight-line basis over two years. As of March 31, 2014 and December 31, 2013, we had outstanding balances of $2,303,359 and $2,383,359, respectively, drawn on the NTR credit facility. On February 25, 2014, the Company and NTR entered into a one-year extension of the Loan Agreement, extending the termination date to August 1, 2015. All other terms of the agreement remain the same.</td> </tr> </table> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 31.7pt; TEXT-INDENT: -0.25in"> &nbsp;</p> <table style="MARGIN-BOTTOM: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 13.7pt">&nbsp;</td> <td style="WIDTH: 18pt">(2)</td> <td style="TEXT-ALIGN: justify">On November 23, 2010, DGSE entered into a capital lease for $78,450 with Direct Capital Corporation for a radio-frequency identification ("RFID") inventory management solution. The non-cancelable lease agreement required an advanced payment of $5,169 and monthly payments of $2,584 for 36 months at an interest rate of 11.5% beginning in January 2011. At the end of the lease in December 2013, the equipment was purchased for $1. On April 3, 2013, DGSE entered into a capital lease for $58,563 with Graybar Financial Services for phones at the new corporate headquarters.&nbsp; The non-cancelable lease agreement required an advanced payment of $2,304 and monthly payments of $1,077 for 60 months at an interest rate of 4.2% beginning in May 2013.&nbsp; At the end of the lease in May 2018, the equipment can be purchased for $1.</td> </tr> </table> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <!--EndFragment--></div> </div> 78450 58563 0.02 0.067 0.115 0.042 2012-07-19 2010-11-23 2013-04-03 2015-08-01 2016-08-01 2015-08-01 2014-08-01 2015-08-01 2584 1077 P36M P60M 56150 2303359 2383359 1813190 1843061 45664 48393 4162213 4274813 192884 190923 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong>(7) Stock-Based Compensation.</strong></p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong>&nbsp;</strong></p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 0.25in"> The Company accounts for share-based compensation by measuring the cost of the employee services received in exchange for an award of equity instruments, including grants of stock options, based on the fair value of the award at the date of grant. In addition, to the extent that the Company receives an excess tax benefit upon exercise of an award, such benefit is reflected as cash flow from financing activities in the consolidated statement of cash flows.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 0.25in"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 0.25in"> In January of 2014, DGSE&#39;s Board of Directors (the "Board") granted 112,000 RSUs to our officers and certain key employees. Each RSU is convertible into one share of Common Stock without additional payment pursuant to the terms of the Restricted Stock Unit Award Agreement, dated January 23, 2014, between the Issuer and each recipient (the "RSU Award Agreement"). One-fourth (or 28,000) of the RSUs vested and were exercisable as of the date of the grant, and an additional one-fourth of the RSUs (calculated using the total number of RSUs at the time of grant) vest and will be exercisable on each subsequent anniversary of the date of grant until 100 percent of the RSUs have vested, subject to the recipient&#39;s continued status as an employee on each such date and other terms and conditions of set forth in the RSU Award Agreement. Upon termination of service of the recipient to us, other than by reason of death or disability, any RSUs that have not vested will be forfeited and the award of such units shall terminate.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 0.25in"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 0.25in"> Stock-based compensation expense for the three months ended March 31, 2014 and 2013 was $60,200 and $0, respectively, relating to employee and director stock options and RSUs, and included in selling, general and administrative expenses in the accompanying consolidated statements of operations.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 0.25in"> &nbsp;</p> <!--EndFragment--></div> </div> -37365 -37640 0 0 980445 819731 311128 94766 348493 132406 -37365 -37640 1291573 914497 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0pt"> <strong>(10) Discontinued Operations</strong></p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; BACKGROUND-COLOR: white"> <strong>&nbsp;</strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 0.25in"> In January of 2014, the Company elected to discontinue the operations of six of its Southern Bullion Coin and Jewelry ("Southern Bullion") locations due to the lack of profitability and management&#39;s belief that it was unlikely that profitability would be reached in the foreseeable future. The Company officially discontinued these operations on February 3, 2014, and the operating results for these six locations for the three months ended March 31, 2014 and 2013 have been reclassified as discontinued operations in the consolidated statements of operations as detailed in the table below.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; BACKGROUND-COLOR: white"> <strong>&nbsp;</strong></p> <table style="WIDTH: 88%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0.7in" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td>&nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="6" nowrap="nowrap">Three Months Ended March 31,</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td>&nbsp;</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2">2014</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2">2013</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td>&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: center" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: center" colspan="2">&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td>Revenue:</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="WIDTH: 74%; PADDING-LEFT: 9pt">Sales</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="WIDTH: 10%; TEXT-ALIGN: right">914,497</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">&nbsp;</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="WIDTH: 10%; TEXT-ALIGN: right">1,291,573</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 1pt; PADDING-LEFT: 9pt">Cost of sales</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 819,731</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 980,445</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 0.25in">Gross margin</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">94,766</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">311,128</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td>&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td>Expenses:</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-LEFT: 9pt">S,G&amp;A expense</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">132,406</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">348,493</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left; PADDING-LEFT: 9pt"> Depreciation and amortization</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 0.25in">Total Expenses</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">132,406</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">348,493</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td>&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Operating loss</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">(37,640</td> <td style="TEXT-ALIGN: left">)</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">(37,365</td> <td style="TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td>&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Other expense (income):</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 0.25in">Other (expense)/income, net</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left; PADDING-LEFT: 0.25in"> Interest expense</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td>&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 0.25in">Loss from discontinued operations before income taxes</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">(37,640</td> <td style="TEXT-ALIGN: left">)</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">(37,365</td> <td style="TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td>&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Income tax expense</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left; PADDING-LEFT: 0.125in"> Loss from discontinued operations after income taxes</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> (37,640</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> (37,365</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">)</td> </tr> </table> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; BACKGROUND-COLOR: white"> <strong>&nbsp;</strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 0.25in"> Subsequent to the end of the first fiscal quarter of 2014, in April of 2014 the Company elected to discontinue the operations of all 17 remaining Southern Bullion locations. During 2013, the Southern Bullion operations generated a net loss of approximately $1.9 million. These operations represented approximately 20% the Company&#39;s revenue, and approximately 70% of the Company&#39;s operating loss in Fiscal 2013. The significant change in the precious metal markets, including a 30% decline in the spot price of gold since the acquisition of Southern Bullion in 2011, had a disproportionately negative impact on the customer traffic, transactional volume and profitability of the Southern Bullion operations. The Company officially discontinued these operations on or about April 19, 2014. The operating results for all Southern Bullion locations are expected to be reclassified as discontinued operations in the consolidated statements of operations beginning with the quarter ending June 30, 2014.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 0.25in"> &nbsp;</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 13.5pt; TEXT-INDENT: 22.5pt"> The Company expects to report approximately $3.7 million in 2014 in non-recurring charges related to these closures. This includes approximately $2.9 million in expected write-offs related to the Southern Bullion trade name, approximately $400,000 in expected fixed asset write-downs, and approximately $500,000 in expected lease termination expenses, severance payments and other related costs.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; BACKGROUND-COLOR: white"> <strong>&nbsp;</strong></p> <!--EndFragment--></div> </div> 3727916 3332858 2303359 2383359 0.02 -0.04 0.02 -0.04 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in"> <strong>Earnings Per Share</strong></p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 0.25in"> Basic earnings per common share is computed by dividing net earnings available to holders of the Company&#39;s common stock by the weighted average number of common shares outstanding for the reporting period. Diluted earnings per share reflect the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. For the calculation of diluted earnings per share, the basic weighted average number of shares is increased by the dilutive effect of stock options outstanding determined using the treasury stock method.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 29.7pt"> &nbsp;</p> <!--EndFragment--></div> </div> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong>(5) Basic and Diluted Average Shares</strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong>&nbsp;</strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 0.25in"> A reconciliation of basic and diluted average common shares for the three months ended March 31, 2014 and 2013 is as follows:</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in"> &nbsp;</p> <table style="WIDTH: 70%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0" align="center"> <tr style="VERTICAL-ALIGN: bottom"> <td nowrap="nowrap">&nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="6" nowrap="nowrap">For the Three Months Ended<br /> March 31,</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td>&nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2014</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2013</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td>&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: center" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: center" colspan="2">&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 74%">Basic weighted average shares</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">&nbsp;</td> <td style="WIDTH: 10%; TEXT-ALIGN: right">12,193,940</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">&nbsp;</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">&nbsp;</td> <td style="WIDTH: 10%; TEXT-ALIGN: right">12,175,584</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td>Effect of potential dilutive securities:</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left; PADDING-LEFT: 0.25in; TEXT-INDENT: -0.1in"> Stock options</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 137,464</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 2.5pt">Diluted&nbsp;&nbsp;weighted average shares</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 12,193,940</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 12,313,048</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">&nbsp;</td> </tr> </table> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in"> &nbsp;</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 0.25in"> For the three months ended March 31, 2014 and 2013, options to purchase 5,347,500 and 5,030,000 shares of common stock, respectively, and 84,000 and 0 unvested Restricted Stock Units ("RSUs"), respectively, were not added to the diluted average shares because inclusion of such shares would be antidilutive.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <!--EndFragment--></div> </div> 0.25 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.25in"> <strong>Financial Instruments</strong></p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 0.25in"> The carrying amounts reported in the consolidated balance sheets for cash equivalents, accounts receivable, accounts payable and accrued expenses approximate fair value because of the immediate or short-term maturity of these financial instruments.&nbsp;&nbsp;The line of credit, related party does not bear a market rate of interest. Management believes that, based on the Company&#39;s situation at the time the line was negotiated, it could not have obtained comparable financing, and as such cannot estimate the fair value of the line of credit, related party. The carrying amounts reported for the Company&#39;s long-term debt, and capital leases approximate fair value because substantially all of the underlying instruments have variable interest rates, which adjust frequently, or the interest rates approximate current market rates. None of these instruments are held for trading purposes.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in"> &nbsp;</p> <!--EndFragment--></div> </div> 5302824 4433744 337777 -485338 395377 -468022 0.02 -0.04 0.02 -0.04 -37365 -37640 -37365 -37640 0.00 0.00 0.00 0.00 57600 17316 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in"> <strong>Income Taxes</strong></p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 0.25in"> The Company accounts for its position in tax uncertainties in accordance with Accounting Standards Codification ("ASC") 740, <em>Income Taxes</em>. The guidance establishes standards for accounting for uncertainty in income taxes. The guidance provides several clarifications related to uncertain tax positions. Most notably, a "more likely-than-not" standard for initial recognition of tax positions, a presumption of audit detection and a measurement of recognized tax benefits based on the largest amount that has a greater than 50 percent likelihood of realization. The guidance applies a two-step process to determine the amount of tax benefit to be recognized in the financial statements. First, the Company must determine whether any amount of the tax benefit may be recognized. Second, the Company determines how much of the tax benefit should be recognized (this would only apply to tax positions that qualify for recognition). The Company has not taken a tax position that, if challenged, would have a material effect on the financial statements or the effective tax rate during the periods ended March 31, 2014 and 2013, respectively.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in"> &nbsp;</p> <!--EndFragment--></div> </div> -4670 -173085 37797 15521 -227728 -466625 1333907 -699418 19755 -53975 -20734 43235 137464 2881986 2942314 51704 84562 17671 40390 69344 54813 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="MARGIN-BOTTOM: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0px" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify"> <td style="WIDTH: 0in">&nbsp;</td> <td style="WIDTH: 0.25in; TEXT-ALIGN: left"> <strong>(4)</strong></td> <td style="TEXT-ALIGN: justify"><strong>Inventories</strong></td> </tr> </table> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> &nbsp;</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in"> A summary of inventories is as follows:</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong>&nbsp;</strong></p> <table style="WIDTH: 60%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0" align="center"> <tr style="VERTICAL-ALIGN: bottom"> <td nowrap="nowrap">&nbsp;</td> <td style="FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">March 31,</td> <td style="FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">December 31,</td> <td style="FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td>&nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2014</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2013</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td>&nbsp;</td> <td>&nbsp;</td> <td colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td colspan="2">&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 64%">Jewelry</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="WIDTH: 15%; TEXT-ALIGN: right">9,419,397</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">&nbsp;</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="WIDTH: 15%; TEXT-ALIGN: right">9,448,793</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Scrap gold</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">929,537</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">1,190,490</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td>Bullion</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">1,032,793</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">1,199,373</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Rare coins and Other</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 840,712</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 1,083,201</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 12,222,439</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 12,921,857</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">&nbsp;</td> </tr> </table> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <!--EndFragment--></div> </div> 12222439 12921857 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; BACKGROUND-COLOR: white"> <strong>(9) Legal Proceedings.</strong></p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; BACKGROUND-COLOR: white"> <strong>&nbsp;</strong></p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 22.5pt"> On April 16, 2012, the Company filed a Current Report on Form 8-K disclosing that DGSE&#39;s Board had determined the existence of the certain accounting irregularities beginning approximately during the second calendar quarter of 2007 and continuing in periods subsequent thereto (the "Accounting Irregularities"), which could affect financial information reported since that time. On April 16, 2012, the Company also announced that it had engaged forensic accountants to analyze the Accounting Irregularities, and that financial statements and information reported since the inception of the Accounting Irregularities, believed to begin in the second calendar quarter of 2007, should not be relied upon. The Company brought the Accounting Irregularities to the attention of the SEC in a letter dated April 16, 2012. On June 18, 2012, the Company received written notice that the SEC had initiated a private investigation into the Accounting Irregularities, to determine whether any persons or entities had engaged in any possible violations of the federal securities laws. The Company has cooperated fully, and continues to cooperate fully, with the SEC staff in the investigation. This investigation is still pending as of the date of the filing of this Form 10-Q, and there can be no certainty as to the outcome of this investigation, or to the findings of the SEC.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 22.5pt"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 22.5pt"> In connection with the Accounting Irregularities, and the subsequent halt in trading of DGSE&#39;s Common Stock on the Exchange, the Company settled two lawsuits in Fiscal 2013. The first, Civil Action No. 3:12-cv-3664, was filed in the United States District Court for the Northern District of Texas, on September 7, 2012, entitled Grant Barfuss, on behalf of himself and all others similarly situated vs. DGSE Companies, Inc.; L.S. Smith, John Benson and William Oyster. This complaint alleged violations of the securities laws and sought unspecified damages. Plaintiffs alleged that certain public filings in 2010 and 2011 were false and misleading. The second suit, Case No. 3:12-cv-03850 in the United States District Court for the Northern District of Texas, was filed on September 21, 2012, by Jason Farmer and entitled Jason Farmer, Derivatively on Behalf of Nominal Defendant DGSE Companies, Inc., Plaintiff, v. William H. Oyster, James D. Clem, William Cordeiro, Craig Alan-Lee, David Rector, L.S. Smith, and John Benson, Defendants, and DGSE Companies, Inc., Nominal Defendant. This suit was filed against DGSE, as a nominal defendant, and against certain and former officers and directors. The plaintiff asserted that certain statements made in DGSE&#39;s proxy materials were false and misleading, that the defendants breached fiduciary duties owed to DGSE, for abuse of control, and sought unspecified compensatory and exemplary damages, along with certain corporate governance changes, for the benefit of DGSE.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 22.5pt"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 22.5pt"> The approved settlement resolved all issues which were pending before the United States District Court for the Northern District of Texas in both cases. The defendants agreed to pay $2 million to resolve all claims in both suits (including obligations to pay plaintiffs&#39; attorneys&#39; fees). The Company also incurred its own attorneys&#39; fees and expenses associated with finalizing the settlement. While the majority of the total settlement amount and related expenses were paid from insurance proceeds, the Company incurred approximately $314,000 in Fiscal 2013 in relation to these suits.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 22.5pt"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 22.5pt"> In the quarter ended March 31, 2014, the Company settled a civil suit filed in the County Court for Dallas County, Texas, Cause No. CC-13-02999-C entitled Joseph C. Osterman, T.G. Herron, and, Jean K. Herron, Plaintiffs, vs. DGSE Companies, Inc. d/b/a Dallas Gold &amp; Silver Exchange, Defendants. The complaint alleged amounts owed and due to the plaintiffs by the defendant in relation to a variety of promissory notes allegedly issued between 2001 and 2006 by the defendant. Pursuant to the confidential settlement agreement, which admits no liability on the part of the defendant, the Company has resolved all claims with plaintiff Osterman to the parties&#39; mutual satisfaction. Discussions with plaintiffs Heron are ongoing, and the final outcome of these discussions is uncertain, although any conclusion to this suit is not expected to be material to the Company&#39;s results in the year ended December 31, 2014 ("Fiscal 2014").</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 22.5pt"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 22.5pt"> The Texas Comptroller conducted a sales and use tax audit of our operations in Texas with respect to the period March 1, 2006 through November 30, 2009 and subsequently sent a Notification of Audit Results, by letter dated December 17, 2010, asserting that DGSE owes an amount of tax due, plus penalties and interest. The Company submitted a request for redetermination to the Texas Comptroller by letter dated January 13, 2011. By letter dated August 25, 2011, the Texas Comptroller stated that DGSE&#39;s request for a redetermination hearing has been granted. No hearing has taken place, but the Company has been actively engaged in discussions with the Texas Comptroller&#39;s office. The Company has reached an informal agreement on certain issues with the attorney representing the Texas Comptroller in the administrative hearing with respect to this liability, while other issues remain under discussion. Although no final determination has been reached, based on the most recent communication from the Texas Comptroller in February of 2014, DGSE believes that it is likely that the Company owes additional taxes, interest and penalty to the State of Texas, and accordingly reserved an additional $775,000 in Fiscal 2013 towards the payment of these amounts. The total reserve in this matter now is approximately $1.1 million, and is based on the Company&#39;s current best estimate, which may vary materially from any final assessment.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 22.5pt"> &nbsp;</p> <!--EndFragment--></div> </div> 13727497 14479807 23689043 24904131 9701093 10338621 2303359 2383359 0.02 7500000 124600 122536 1100000 2000000 314000 4026404 4141186 124600 122536 1723045 1757827 2303359 2383359 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="MARGIN-BOTTOM: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0px" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify"> <td style="WIDTH: 0.25in; TEXT-ALIGN: left"> <strong>(2)</strong></td> <td style="TEXT-ALIGN: justify"><strong>Principles of Consolidation and Nature of Operations</strong></td> </tr> </table> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: -0.25in"> &nbsp;</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 0.25in"> DGSE Companies, Inc., a Nevada corporation, and its subsidiaries (the "Company" or "DGSE"), buy and sell jewelry and bullion products to both retail and wholesale customers throughout the United States through its facilities in Illinois, South Carolina, and Texas, and through its various internet sites. Until recently, the Company also operated retail locations in Alabama, Florida, Georgia, and Tennessee.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: -0.25in"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 0.25in"> The interim consolidated financial statements have been prepared in accordance with U.S. GAAP and include the accounts of the Company and its subsidiaries.&nbsp;&nbsp;All material intercompany transactions and balances have been eliminated.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 0.25in"> &nbsp;</p> <!--EndFragment--></div> </div> -60691 -112600 -177069 -100298 -1072462 -179288 300412 -522978 -1900000 -39557 -53301 4867890 4848465 434934 -414721 183071 244065 929537 1190490 1934949 2401574 12147 31261 177069 100298 279884 236649 5051582 5074860 16641 23342 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong>(8) Related Party Transactions.</strong></p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong>&nbsp;</strong></p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 0.25in"> DGSE has a corporate policy governing the identification, review, consideration and approval or ratification of transactions with related persons, as that term is defined in the Instructions to Item 404(a) of Regulation S-K, promulgated under the Securities Act ("Related Party"). Under this policy, all Related Party transactions are identified and approved prior to consummation of the transaction to ensure they are consistent with DGSE&#39;s best interests and the best interests of its stockholders. Among other factors, the Board considers the size and duration of the transaction, the nature and interest of the Related Party in the transaction, whether the transaction may involve a conflict of interest and if the transaction is on terms that are at least as favorable to DGSE as would be available in a comparable transaction with an unaffiliated third party. DGSE&#39;s Board reviews all Related Party transactions at least annually to determine if it is in DGSE&#39;s best interests and the best interests of our stockholders to continue, modify, or terminate the Related Party transactions. DGSE&#39;s Related Party Transaction Policy is available for review in its entirety under the "Investor Relations" menu of our corporate website at www.DGSECompanies.com.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 0.25in"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 0.25in"> Elemetal is DGSE&#39;s largest stockholder. Elemetal, through its affiliates NTR and Elemetal Capital, is also DGSE&#39;s primary refiner and bullion trading partner. For the three months ended March 31, 2014, 28% of sales and 30% of purchases were transactions with Elemetal, and in the same period in 2013 these transactions represented 32% of DGSE&#39;s sales and 39% of our purchases. As of March 31, 2014 and December 31, 2013, we were obligated to pay $3,727,916 and $3,332,858, respectively, to Elemetal as a trade payable. DGSE also paid Elemetal and its affiliates $54,813 in interest for the three months ended March 31, 2014, including interest on DGSE&#39;s trade payable with Elemetal. In the same period in 2013 DGSE recognized $17,671 in interest related to Elemetal and its affiliates.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 0.25in"> On July 19, 2012, the Company entered into the Loan Agreement with NTR, pursuant to which NTR agreed to provide the Company with a guidance line of revolving credit in an amount up to $7,500,000. The Loan Agreement provides that the Loan Agreement will terminate-and DGSE&#39;s Obligations will be due and payable- upon the earlier of (i) August 1, 2014, (ii) the date that is twelve months after DGSE receives notice from NTR demanding the repayment of the Obligations, (iii) the date the Obligations are accelerated in accordance with the terms of the Loan Agreement or (iv) the date on which the commitment terminates under the Loan Agreement. In connection with the Loan Agreement, DGSE granted a security interest in the respective personal property of each of its subsidiaries. The loan carries an interest rate of two percent (2%) per annum for all funds borrowed pursuant to the Loan Agreement. Proceeds received by DGSE pursuant to the terms of the Loan Agreement were used for repayment of all outstanding financial obligations incurred in connection with that certain Loan Agreement, dated as of December 22, 2005, between DGSE and Texas Capital Bank, N.A., and any additional proceeds are expected to be used as working capital in the ordinary course of business. As of March 31, 2014 and December 31, 2013, we had outstanding balances of $2,303,359 and $2,383,359, respectively, drawn on the NTR credit facility. On February 25, 2014, the Company and NTR entered into a one-year extension of the Loan Agreement, extending the termination date to August 1, 2015. All other terms of the agreement remain the same.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 0.25in"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 0.25in"> Estate Gold and Silver, LLC, a Texas limited liability company ("Estate Gold") was 25% owned by an entity owned by James Vierling, DGSE&#39;s former Chief Executive Officer and Chairman, and operated five stores in Oklahoma, primarily focused on buying gold, but also engaging in retail sales of jewelry and bullion. In July of 2013, Estate Gold ceased all operations. The Company previously had an agreement with Estate Gold to provide operations management services, consisting of: (i) the receipt, inventorying, and re-sale of Estate Gold purchases; (ii) the management of Estate Gold&#39;s payroll, insurance, accounts payable and receivable; (iii) the maintenance of and updates to Estate Gold&#39;s business software; maintenance of the Estate Gold website; and (iv) financial reporting of Estate Gold to its owners. The Company also periodically engaged in the purchase or sale of jewelry, bullion and diamonds to Estate Gold, from time to time in the normal course of business. DGSE had no transactions with Estate Gold in the three months ended March 31, 2014. During the three months ended March 31, 2013, the Company received $16,641 in fees for services, sold $8,214 in products, and purchased $23,342 in products, in transactions with Estate Gold.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; BACKGROUND-COLOR: white"> &nbsp;</p> <!--EndFragment--></div> </div> 54069 29871 6622 2729 80000 2900000 400000 500000 3700000 -24266063 -23743085 8214 29249573 19896146 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="WIDTH: 90%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0.45in" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td nowrap="nowrap">&nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="6" nowrap="nowrap">Outstanding Balance</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap">&nbsp;</td> <td style="TEXT-ALIGN: center" colspan="2" nowrap="nowrap"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap">&nbsp;</td> <td style="TEXT-ALIGN: center" nowrap="nowrap">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td nowrap="nowrap">&nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">March 31,<br /> 2014</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">December<br /> 31, 2013</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Current<br /> Interest Rate</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" nowrap="nowrap">Maturity</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td nowrap="nowrap">&nbsp;</td> <td nowrap="nowrap">&nbsp;</td> <td style="TEXT-ALIGN: center" colspan="2" nowrap="nowrap"> &nbsp;</td> <td nowrap="nowrap">&nbsp;</td> <td nowrap="nowrap">&nbsp;</td> <td style="TEXT-ALIGN: center" colspan="2" nowrap="nowrap"> &nbsp;</td> <td nowrap="nowrap">&nbsp;</td> <td nowrap="nowrap">&nbsp;</td> <td style="TEXT-ALIGN: center" colspan="2" nowrap="nowrap"> &nbsp;</td> <td nowrap="nowrap">&nbsp;</td> <td nowrap="nowrap">&nbsp;</td> <td style="TEXT-ALIGN: center" nowrap="nowrap">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 48%; TEXT-ALIGN: left">NTR line of credit (1)</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="WIDTH: 1%; TEXT-ALIGN: left" nowrap="nowrap">$</td> <td style="WIDTH: 10%; TEXT-ALIGN: right" nowrap="nowrap"> 2,303,359</td> <td style="WIDTH: 1%; TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="WIDTH: 1%" nowrap="nowrap">&nbsp;</td> <td style="WIDTH: 1%; TEXT-ALIGN: left" nowrap="nowrap">$</td> <td style="WIDTH: 10%; TEXT-ALIGN: right" nowrap="nowrap"> 2,383,359</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">&nbsp;</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="WIDTH: 1%; TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="WIDTH: 10%; TEXT-ALIGN: right" nowrap="nowrap">2.0</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">%</td> <td style="WIDTH: 1%" nowrap="nowrap">&nbsp;</td> <td style="WIDTH: 12%; TEXT-ALIGN: center" nowrap="nowrap">August 1, 2015</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Mortgage payable</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="TEXT-ALIGN: right" nowrap="nowrap">1,813,190</td> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td nowrap="nowrap">&nbsp;</td> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="TEXT-ALIGN: right" nowrap="nowrap">1,843,061</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="TEXT-ALIGN: right" nowrap="nowrap">6.7</td> <td style="TEXT-ALIGN: left">%</td> <td nowrap="nowrap">&nbsp;</td> <td style="TEXT-ALIGN: center" nowrap="nowrap">August 1, 2016</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Capital leases (2)</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right" nowrap="nowrap">45,664</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left" nowrap="nowrap"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right" nowrap="nowrap">48,393</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left" nowrap="nowrap"> &nbsp;</td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: center" nowrap="nowrap">Various</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: center" nowrap="nowrap">Various</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td>&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="TEXT-ALIGN: right" nowrap="nowrap">&nbsp;</td> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td nowrap="nowrap">&nbsp;</td> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="TEXT-ALIGN: right" nowrap="nowrap">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="TEXT-ALIGN: right" nowrap="nowrap">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td nowrap="nowrap">&nbsp;</td> <td style="TEXT-ALIGN: center" nowrap="nowrap">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td>Sub-Total</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="TEXT-ALIGN: right" nowrap="nowrap">4,162,213</td> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td nowrap="nowrap">&nbsp;</td> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="TEXT-ALIGN: right" nowrap="nowrap">4,274,813</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="TEXT-ALIGN: right" nowrap="nowrap">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td nowrap="nowrap">&nbsp;</td> <td style="TEXT-ALIGN: center" nowrap="nowrap">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Less: Capital leases</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="TEXT-ALIGN: right" nowrap="nowrap">11,209</td> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td nowrap="nowrap">&nbsp;</td> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="TEXT-ALIGN: right" nowrap="nowrap">11,091</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="TEXT-ALIGN: right" nowrap="nowrap">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td nowrap="nowrap">&nbsp;</td> <td style="TEXT-ALIGN: center" nowrap="nowrap">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Less: Current maturities</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right" nowrap="nowrap">124,600</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left" nowrap="nowrap"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right" nowrap="nowrap">122,536</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left" nowrap="nowrap"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: right" nowrap="nowrap"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: center" nowrap="nowrap">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td>Long-term debt</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="TEXT-ALIGN: right" nowrap="nowrap">4,026,404</td> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td nowrap="nowrap">&nbsp;</td> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="TEXT-ALIGN: right" nowrap="nowrap">4,141,186</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="TEXT-ALIGN: right" nowrap="nowrap">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td nowrap="nowrap">&nbsp;</td> <td style="TEXT-ALIGN: center" nowrap="nowrap">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Less: Line of credit (1)</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right" nowrap="nowrap">2,303,359</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left" nowrap="nowrap"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right" nowrap="nowrap">2,383,359</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left" nowrap="nowrap"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: right" nowrap="nowrap"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: center" nowrap="nowrap">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">Long term debt, less current maturities</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left" nowrap="nowrap">$</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right" nowrap="nowrap">1,723,045</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left" nowrap="nowrap">$</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right" nowrap="nowrap">1,757,827</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: right" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: center" nowrap="nowrap">&nbsp;</td> </tr> </table> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong>&nbsp;</strong></p> <table style="MARGIN-BOTTOM: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 13.7pt">&nbsp;</td> <td style="WIDTH: 18pt">(1)</td> <td>On July 19, 2012, DGSE entered into a loan agreement with NTR Metals, LLC ("NTR"), an affiliate of DGSE&#39;s majority stockholder Elemetal, LLC ("Elemetal"), pursuant to which NTR, agreed to provide the Company a guidance line of revolving credit in an amount up to $7,500,000 (the "Loan Agreement"). The Loan Agreement will terminate-and all amounts outstanding thereunder will be due and payable (such amounts, the "Obligations")-upon the earlier of: (i)&nbsp;August&nbsp;1, 2014; (ii)&nbsp;the date that is twelve months after the Company receives notice from NTR demanding the repayment of the Obligations; (iii) the date the Obligations are accelerated in accordance with the terms of the Loan Agreement; or (iv) the date on which the commitment terminates under the Loan Agreement. In connection with the Loan Agreement, the Company granted a security interest in the respective personal property of each of its subsidiaries. The loan carries an interest rate of two percent (2%) per annum for all funds borrowed pursuant to the Loan Agreement. Proceeds received by the Company pursuant to the terms of the Loan Agreement were used for repayment of all outstanding financial obligations incurred in connection with that certain Loan Agreement, dated as of December&nbsp;22, 2005, between the Company and Texas Capital Bank, and additional proceeds are expected to be used as working capital in the ordinary course of business. The Company incurred debt issuance costs associated with the Loan Agreement totaling $56,150. The debt issuance costs are included in other assets in the accompanying consolidated balance sheet and are being amortized to interest expense on a straight-line basis over two years. As of March 31, 2014 and December 31, 2013, we had outstanding balances of $2,303,359 and $2,383,359, respectively, drawn on the NTR credit facility. On February 25, 2014, the Company and NTR entered into a one-year extension of the Loan Agreement, extending the termination date to August 1, 2015. All other terms of the agreement remain the same.</td> </tr> </table> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 31.7pt; TEXT-INDENT: -0.25in"> &nbsp;</p> <table style="MARGIN-BOTTOM: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 13.7pt">&nbsp;</td> <td style="WIDTH: 18pt">(2)</td> <td style="TEXT-ALIGN: justify">On November 23, 2010, DGSE entered into a capital lease for $78,450 with Direct Capital Corporation for a radio-frequency identification ("RFID") inventory management solution. The non-cancelable lease agreement required an advanced payment of $5,169 and monthly payments of $2,584 for 36 months at an interest rate of 11.5% beginning in January 2011. At the end of the lease in December 2013, the equipment was purchased for $1. On April 3, 2013, DGSE entered into a capital lease for $58,563 with Graybar Financial Services for phones at the new corporate headquarters.&nbsp; The non-cancelable lease agreement required an advanced payment of $2,304 and monthly payments of $1,077 for 60 months at an interest rate of 4.2% beginning in May 2013.&nbsp; At the end of the lease in May 2018, the equipment can be purchased for $1.</td> </tr> </table> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <!--EndFragment--></div> </div> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 0.25in"> The Company officially discontinued these operations on February 3, 2014, and the operating results for these six locations for the three months ended March 31, 2014 and 2013 have been reclassified as discontinued operations in the consolidated statements of operations as detailed in the table below.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; BACKGROUND-COLOR: white"> <strong>&nbsp;</strong></p> <table style="WIDTH: 88%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0.7in" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td>&nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="6" nowrap="nowrap">Three Months Ended March 31,</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td>&nbsp;</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2">2014</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2">2013</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td>&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: center" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: center" colspan="2">&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td>Revenue:</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="WIDTH: 74%; PADDING-LEFT: 9pt">Sales</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="WIDTH: 10%; TEXT-ALIGN: right">914,497</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">&nbsp;</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="WIDTH: 10%; TEXT-ALIGN: right">1,291,573</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 1pt; PADDING-LEFT: 9pt">Cost of sales</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 819,731</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 980,445</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 0.25in">Gross margin</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">94,766</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">311,128</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td>&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td>Expenses:</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-LEFT: 9pt">S,G&amp;A expense</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">132,406</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">348,493</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left; PADDING-LEFT: 9pt"> Depreciation and amortization</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 0.25in">Total Expenses</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">132,406</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">348,493</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td>&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Operating loss</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">(37,640</td> <td style="TEXT-ALIGN: left">)</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">(37,365</td> <td style="TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td>&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Other expense (income):</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 0.25in">Other (expense)/income, net</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left; PADDING-LEFT: 0.25in"> Interest expense</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td>&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 0.25in">Loss from discontinued operations before income taxes</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">(37,640</td> <td style="TEXT-ALIGN: left">)</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">(37,365</td> <td style="TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td>&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Income tax expense</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left; PADDING-LEFT: 0.125in"> Loss from discontinued operations after income taxes</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> (37,640</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> (37,365</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">)</td> </tr> </table> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; BACKGROUND-COLOR: white"> <strong>&nbsp;</strong></p> <!--EndFragment--></div> </div> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 0.25in"> A reconciliation of basic and diluted average common shares for the three months ended March 31, 2014 and 2013 is as follows:</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in"> &nbsp;</p> <table style="WIDTH: 70%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0" align="center"> <tr style="VERTICAL-ALIGN: bottom"> <td>&nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="6" nowrap="nowrap">For the Three Months Ended<br /> March 31,</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td>&nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2014</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2013</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td>&nbsp;</td> <td>&nbsp;</td> <td colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td colspan="2">&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 70%">Basic weighted average shares</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">&nbsp;</td> <td style="WIDTH: 12%; TEXT-ALIGN: right">12,193,940</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">&nbsp;</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">&nbsp;</td> <td style="WIDTH: 12%; TEXT-ALIGN: right">12,175,584</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Effect of potential dilutive securities:</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left; PADDING-LEFT: 9pt"> Stock options</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 137,464</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 2.5pt">Diluted&nbsp;&nbsp;weighted average shares</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 12,193,940</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 12,313,048</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">&nbsp;</td> </tr> </table> <p style="TEXT-ALIGN: center; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in"> &nbsp;</p> <!--EndFragment--></div> </div> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in"> A summary of inventories is as follows:</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong>&nbsp;</strong></p> <table style="WIDTH: 60%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0" align="center"> <tr style="VERTICAL-ALIGN: bottom"> <td nowrap="nowrap">&nbsp;</td> <td style="FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">March 31,</td> <td style="FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">December 31,</td> <td style="FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td>&nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2014</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2013</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td>&nbsp;</td> <td>&nbsp;</td> <td colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td colspan="2">&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 64%">Jewelry</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="WIDTH: 15%; TEXT-ALIGN: right">9,419,397</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">&nbsp;</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="WIDTH: 15%; TEXT-ALIGN: right">9,448,793</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Scrap gold</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">929,537</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">1,190,490</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td>Bullion</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">1,032,793</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">1,199,373</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Rare coins and Other</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 840,712</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 1,083,201</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 12,222,439</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 12,921,857</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">&nbsp;</td> </tr> </table> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <!--EndFragment--></div> </div> 4675006 4657542 348493 132406 60200 112000 28000 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong>(3) Critical Accounting Policies and Estimates</strong></p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in"> <strong>Income Taxes&nbsp;</strong></p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 0.25in"> The Company accounts for its position in tax uncertainties in accordance with Accounting Standards Codification ("ASC") 740, <em>Income Taxes</em>. The guidance establishes standards for accounting for uncertainty in income taxes. The guidance provides several clarifications related to uncertain tax positions. Most notably, a "more likely-than-not" standard for initial recognition of tax positions, a presumption of audit detection and a measurement of recognized tax benefits based on the largest amount that has a greater than 50 percent likelihood of realization. The guidance applies a two-step process to determine the amount of tax benefit to be recognized in the financial statements. First, the Company must determine whether any amount of the tax benefit may be recognized. Second, the Company determines how much of the tax benefit should be recognized (this would only apply to tax positions that qualify for recognition). The Company has not taken a tax position that, if challenged, would have a material effect on the financial statements or the effective tax rate during the periods ended March 31, 2014 and 2013, respectively.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in"> <strong>&nbsp;</strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.25in"> <strong>Financial Instruments</strong></p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 0.25in"> The carrying amounts reported in the consolidated balance sheets for cash equivalents, accounts receivable, accounts payable and accrued expenses approximate fair value because of the immediate or short-term maturity of these financial instruments.&nbsp;&nbsp;The line of credit, related party does not bear a market rate of interest. Management believes that, based on the Company&#39;s situation at the time the line was negotiated, it could not have obtained comparable financing, and as such cannot estimate the fair value of the line of credit, related party. The carrying amounts reported for the Company&#39;s long-term debt, and capital leases approximate fair value because substantially all of the underlying instruments have variable interest rates, which adjust frequently, or the interest rates approximate current market rates. None of these instruments are held for trading purposes.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in"> &nbsp;</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in"> <strong>Earnings Per Share</strong></p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 0.25in"> Basic earnings per common share is computed by dividing net earnings available to holders of the Company&#39;s common stock by the weighted average number of common shares outstanding for the reporting period. Diluted earnings per share reflect the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. For the calculation of diluted earnings per share, the basic weighted average number of shares is increased by the dilutive effect of stock options outstanding determined using the treasury stock method.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 29.7pt"> &nbsp;</p> <!-- Field: Page; Sequence: 6; Value: 1 --><!--EndFragment--></div> </div> 9961546 10424324 12313048 12193940 12175584 12193940 xbrli:shares iso4217:USD iso4217:USD xbrli:shares xbrli:pure 0000701719 us-gaap:TradeNamesMember dgse:SouthernBullionMember 2014-04-01 2014-04-30 0000701719 dgse:SouthernBullionMember us-gaap:OtherExpenseMember 2014-04-01 2014-04-30 0000701719 dgse:SouthernBullionMember 2014-04-01 2014-04-30 0000701719 us-gaap:PropertyPlantAndEquipmentMember dgse:SouthernBullionMember 2014-04-01 2014-04-30 0000701719 us-gaap:LoansPayableMember 2014-02-01 2014-02-25 0000701719 us-gaap:SupplierConcentrationRiskMember dgse:ElementalMember 2014-01-01 2014-03-31 0000701719 us-gaap:StockOptionMember 2014-01-01 2014-03-31 0000701719 dgse:ElementalMember 2014-01-01 2014-03-31 0000701719 dgse:GraybarFinancialServicesCapitalLeaseMember 2014-01-01 2014-03-31 0000701719 dgse:SouthernBullionMember 2014-01-01 2014-03-31 0000701719 us-gaap:SalesRevenueNetMember dgse:ElementalMember 2014-01-01 2014-03-31 0000701719 us-gaap:RestrictedStockUnitsRSUMember 2014-01-01 2014-03-31 0000701719 us-gaap:MortgagesMember 2014-01-01 2014-03-31 0000701719 us-gaap:LoansPayableMember 2014-01-01 2014-03-31 0000701719 us-gaap:LineOfCreditMember 2014-01-01 2014-03-31 0000701719 dgse:EstateGoldMember 2014-01-01 2014-03-31 0000701719 dgse:DirectCapitalCorporationLeaseMember 2014-01-01 2014-03-31 0000701719 2014-01-01 2014-03-31 0000701719 us-gaap:RestrictedStockUnitsRSUMember 2014-01-01 2014-01-31 0000701719 dgse:SouthernBullionMember 2013-01-01 2013-12-31 0000701719 2013-01-01 2013-12-31 0000701719 us-gaap:SupplierConcentrationRiskMember dgse:ElementalMember 2013-01-01 2013-03-31 0000701719 us-gaap:StockOptionMember 2013-01-01 2013-03-31 0000701719 dgse:SouthernBullionMember 2013-01-01 2013-03-31 0000701719 us-gaap:SalesRevenueNetMember dgse:ElementalMember 2013-01-01 2013-03-31 0000701719 us-gaap:RestrictedStockUnitsRSUMember 2013-01-01 2013-03-31 0000701719 2013-01-01 2013-03-31 0000701719 us-gaap:LoansPayableMember 2012-07-01 2012-07-19 0000701719 2014-05-13 0000701719 us-gaap:CapitalLeaseObligationsMember 2014-03-31 0000701719 dgse:ElementalMember 2014-03-31 0000701719 dgse:GraybarFinancialServicesCapitalLeaseMember 2014-03-31 0000701719 us-gaap:MortgagesMember 2014-03-31 0000701719 us-gaap:LoansPayableMember 2014-03-31 0000701719 us-gaap:LineOfCreditMember 2014-03-31 0000701719 dgse:EstateGoldMember 2014-03-31 0000701719 dgse:DirectCapitalCorporationLeaseMember 2014-03-31 0000701719 2014-03-31 0000701719 us-gaap:CapitalLeaseObligationsMember 2013-12-31 0000701719 dgse:ElementalMember 2013-12-31 0000701719 us-gaap:MortgagesMember 2013-12-31 0000701719 us-gaap:LoansPayableMember 2013-12-31 0000701719 us-gaap:LineOfCreditMember 2013-12-31 0000701719 2013-12-31 0000701719 2013-03-31 0000701719 2012-12-31 On July 19, 2012, DGSE entered into a loan agreement with NTR Metals, LLC ("NTR"), an affiliate of DGSE's majority stockholder Elemetal, LLC ("Elemetal"), pursuant to which NTR, agreed to provide the Company a guidance line of revolving credit in an amount up to $7,500,000 (the "Loan Agreement"). The Loan Agreement will terminate-and all amounts outstanding thereunder will be due and payable (such amounts, the "Obligations")-upon the earlier of: (i) August 1, 2014; (ii) the date that is twelve months after the Company receives notice from NTR demanding the repayment of the Obligations; (iii) the date the Obligations are accelerated in accordance with the terms of the Loan Agreement; or (iv) the date on which the commitment terminates under the Loan Agreement. In connection with the Loan Agreement, the Company granted a security interest in the respective personal property of each of its subsidiaries. The loan carries an interest rate of two percent (2%) per annum for all funds borrowed pursuant to the Loan Agreement. Proceeds received by the Company pursuant to the terms of the Loan Agreement were used for repayment of all outstanding financial obligations incurred in connection with that certain Loan Agreement, dated as of December 22, 2005, between the Company and Texas Capital Bank, and additional proceeds are expected to be used as working capital in the ordinary course of business. The Company incurred debt issuance costs associated with the Loan Agreement totaling $56,150. The debt issuance costs are included in other assets in the accompanying consolidated balance sheet and are being amortized to interest expense on a straight-line basis over two years. As of March 31, 2014 and December 31, 2013, we had outstanding balances of $2,303,359 and $2,383,359, respectively, drawn on the NTR credit facility. On February 25, 2014, the Company and NTR entered into a one-year extension of the Loan Agreement, extending the termination date to August 1, 2015. All other terms of the agreement remain the same. On November 23, 2010, DGSE entered into a capital lease for $78,450 with Direct Capital Corporation for a radio-frequency identification ("RFID") inventory management solution. The non-cancelable lease agreement required an advanced payment of $5,169 and monthly payments of $2,584 for 36 months at an interest rate of 11.5% beginning in January 2011. At the end of the lease in December 2013, the equipment was purchased for $1. On April 3, 2013, DGSE entered into a capital lease for $58,563 with Graybar Financial Services for phones at the new corporate headquarters. The non-cancelable lease agreement required an advanced payment of $2,304 and monthly payments of $1,077 for 60 months at an interest rate of 4.2% beginning in May 2013. At the end of the lease in May 2018, the equipment can be purchased for $1. 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Long-Term Debt (Schedule of Debt) (Details) (USD $)
3 Months Ended
Mar. 31, 2014
Dec. 31, 2013
Debt Instrument [Line Items]    
Sub-Total $ 4,162,213 $ 4,274,813
Less: Capital leases 11,209 11,091
Less: Current maturities 124,600 122,536
Long-term debt 4,026,404 4,141,186
Less: Line of credit 2,303,359 [1] 2,383,359 [1]
Long-term debt, less current maturities 1,723,045 1,757,827
NTR line of credit [Member]
   
Debt Instrument [Line Items]    
Sub-Total 2,303,359 [1] 2,383,359 [1]
Current Interest Rate 2.00%  
Maturity Aug. 01, 2015  
Mortgage payable [Member]
   
Debt Instrument [Line Items]    
Sub-Total 1,813,190 1,843,061
Current Interest Rate 6.70%  
Maturity Aug. 01, 2016  
Capital leases [Member]
   
Debt Instrument [Line Items]    
Sub-Total $ 45,664 [2] $ 48,393 [2]
[1] On July 19, 2012, DGSE entered into a loan agreement with NTR Metals, LLC ("NTR"), an affiliate of DGSE's majority stockholder Elemetal, LLC ("Elemetal"), pursuant to which NTR, agreed to provide the Company a guidance line of revolving credit in an amount up to $7,500,000 (the "Loan Agreement"). The Loan Agreement will terminate-and all amounts outstanding thereunder will be due and payable (such amounts, the "Obligations")-upon the earlier of: (i) August 1, 2014; (ii) the date that is twelve months after the Company receives notice from NTR demanding the repayment of the Obligations; (iii) the date the Obligations are accelerated in accordance with the terms of the Loan Agreement; or (iv) the date on which the commitment terminates under the Loan Agreement. In connection with the Loan Agreement, the Company granted a security interest in the respective personal property of each of its subsidiaries. The loan carries an interest rate of two percent (2%) per annum for all funds borrowed pursuant to the Loan Agreement. Proceeds received by the Company pursuant to the terms of the Loan Agreement were used for repayment of all outstanding financial obligations incurred in connection with that certain Loan Agreement, dated as of December 22, 2005, between the Company and Texas Capital Bank, and additional proceeds are expected to be used as working capital in the ordinary course of business. The Company incurred debt issuance costs associated with the Loan Agreement totaling $56,150. The debt issuance costs are included in other assets in the accompanying consolidated balance sheet and are being amortized to interest expense on a straight-line basis over two years. As of March 31, 2014 and December 31, 2013, we had outstanding balances of $2,303,359 and $2,383,359, respectively, drawn on the NTR credit facility. On February 25, 2014, the Company and NTR entered into a one-year extension of the Loan Agreement, extending the termination date to August 1, 2015. All other terms of the agreement remain the same.
[2] On November 23, 2010, DGSE entered into a capital lease for $78,450 with Direct Capital Corporation for a radio-frequency identification ("RFID") inventory management solution. The non-cancelable lease agreement required an advanced payment of $5,169 and monthly payments of $2,584 for 36 months at an interest rate of 11.5% beginning in January 2011. At the end of the lease in December 2013, the equipment was purchased for $1. On April 3, 2013, DGSE entered into a capital lease for $58,563 with Graybar Financial Services for phones at the new corporate headquarters. The non-cancelable lease agreement required an advanced payment of $2,304 and monthly payments of $1,077 for 60 months at an interest rate of 4.2% beginning in May 2013. At the end of the lease in May 2018, the equipment can be purchased for $1.
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Critical Accounting Policies and Estimates
3 Months Ended
Mar. 31, 2014
Critical Accounting Policies and Estimates [Abstract]  
Critical Accounting Policies and Estimates

(3) Critical Accounting Policies and Estimates

 

Income Taxes 

The Company accounts for its position in tax uncertainties in accordance with Accounting Standards Codification ("ASC") 740, Income Taxes. The guidance establishes standards for accounting for uncertainty in income taxes. The guidance provides several clarifications related to uncertain tax positions. Most notably, a "more likely-than-not" standard for initial recognition of tax positions, a presumption of audit detection and a measurement of recognized tax benefits based on the largest amount that has a greater than 50 percent likelihood of realization. The guidance applies a two-step process to determine the amount of tax benefit to be recognized in the financial statements. First, the Company must determine whether any amount of the tax benefit may be recognized. Second, the Company determines how much of the tax benefit should be recognized (this would only apply to tax positions that qualify for recognition). The Company has not taken a tax position that, if challenged, would have a material effect on the financial statements or the effective tax rate during the periods ended March 31, 2014 and 2013, respectively.

 

Financial Instruments

The carrying amounts reported in the consolidated balance sheets for cash equivalents, accounts receivable, accounts payable and accrued expenses approximate fair value because of the immediate or short-term maturity of these financial instruments.  The line of credit, related party does not bear a market rate of interest. Management believes that, based on the Company's situation at the time the line was negotiated, it could not have obtained comparable financing, and as such cannot estimate the fair value of the line of credit, related party. The carrying amounts reported for the Company's long-term debt, and capital leases approximate fair value because substantially all of the underlying instruments have variable interest rates, which adjust frequently, or the interest rates approximate current market rates. None of these instruments are held for trading purposes.

 

Earnings Per Share

Basic earnings per common share is computed by dividing net earnings available to holders of the Company's common stock by the weighted average number of common shares outstanding for the reporting period. Diluted earnings per share reflect the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. For the calculation of diluted earnings per share, the basic weighted average number of shares is increased by the dilutive effect of stock options outstanding determined using the treasury stock method.

 

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Legal Proceedings (Details) (USD $)
3 Months Ended 12 Months Ended
Mar. 31, 2014
Dec. 31, 2013
Legal Proceedings [Abstract]    
Litigation settlement amount $ 2,000,000  
Litigation expenses   314,000
Amount reserved for litigation during period   775,000
Accrued litigation settlement $ 1,100,000  
XML 18 R28.htm IDEA: XBRL DOCUMENT v2.4.0.8
Related Party Transactions (Details) (USD $)
3 Months Ended 1 Months Ended 3 Months Ended 3 Months Ended 3 Months Ended
Mar. 31, 2014
Mar. 31, 2013
Feb. 25, 2014
NTR Loan Agreement [Member]
Jul. 19, 2012
NTR Loan Agreement [Member]
Mar. 31, 2014
NTR Loan Agreement [Member]
Dec. 31, 2013
NTR Loan Agreement [Member]
Mar. 31, 2014
Elemental [Member]
Dec. 31, 2013
Elemental [Member]
Mar. 31, 2014
Elemental [Member]
Sales [Member]
Mar. 31, 2013
Elemental [Member]
Sales [Member]
Mar. 31, 2014
Elemental [Member]
Purchases [Member]
Mar. 31, 2013
Elemental [Member]
Purchases [Member]
Mar. 31, 2014
Estate Gold [Member]
Related Party Transaction [Line Items]                          
Concentration risk, percentage                 28.00% 32.00% 30.00% 39.00%  
Due to related party             $ 3,727,916 $ 3,332,858          
Interest paid 69,344 40,390         54,813            
Interest recognized             17,671            
Issuance date         Jul. 19, 2012                
Credit facility amount, maximum         7,500,000                
Interest rate, credit         2.00%                
Maturity     Aug. 01, 2015 Aug. 01, 2014 Aug. 01, 2015                
Outstanding balance of credit facility         2,303,359 2,383,359              
Percentage of ownership                         25.00%
Proceeds from fees and services from related party                         16,641
Related party revenue                         8,214
Purchases from related party                         $ 23,342
XML 19 R30.htm IDEA: XBRL DOCUMENT v2.4.0.8
Discontinued Operations (Narrative) (Details) (USD $)
3 Months Ended 1 Months Ended 12 Months Ended 1 Months Ended
Mar. 31, 2014
Mar. 31, 2013
Apr. 30, 2014
Southern Bullion [Member]
Dec. 31, 2013
Southern Bullion [Member]
Apr. 30, 2014
Southern Bullion [Member]
Trade name [Member]
Apr. 30, 2014
Southern Bullion [Member]
Fixed-assets [Member]
Apr. 30, 2014
Southern Bullion [Member]
Lease termination expenses, severance payments and other related costs [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]              
Net loss $ (522,978) $ 300,412   $ (1,900,000)      
Expected non-recurring charges related to closures     $ 3,700,000   $ 2,900,000 $ 400,000 $ 500,000
XML 20 R31.htm IDEA: XBRL DOCUMENT v2.4.0.8
Discontinued Operations (Schedule of Discontinued Operations) (Details) (USD $)
3 Months Ended
Mar. 31, 2014
Mar. 31, 2013
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
S,G&A expense $ 4,657,542 $ 4,675,006
Other (expense)/income, net 31,261 12,147
Total other expense (income) (53,301) (39,557)
Loss from discontinued operations after income taxes (37,640) (37,365)
Southern Bullion [Member]
   
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Sales 914,497 1,291,573
Cost of sales 819,731 980,445
Gross margin 94,766 311,128
S,G&A expense 132,406 348,493
Depreciation and amortization      
Total expenses 132,406 348,493
Operating loss (37,640) (37,365)
Other (expense)/income, net      
Interest expense      
Total other expense (income)      
Loss from discontinued operations before income taxes (37,640) (37,365)
Income tax expense      
Loss from discontinued operations after income taxes $ (37,640) $ (37,365)
XML 21 R8.htm IDEA: XBRL DOCUMENT v2.4.0.8
Principles of Consolidation and Nature of Operations
3 Months Ended
Mar. 31, 2014
Principles of Consolidation and Nature of Operations [Abstract]  
Principles of Consolidation and Nature of Operations
(2) Principles of Consolidation and Nature of Operations

 

DGSE Companies, Inc., a Nevada corporation, and its subsidiaries (the "Company" or "DGSE"), buy and sell jewelry and bullion products to both retail and wholesale customers throughout the United States through its facilities in Illinois, South Carolina, and Texas, and through its various internet sites. Until recently, the Company also operated retail locations in Alabama, Florida, Georgia, and Tennessee.

 

The interim consolidated financial statements have been prepared in accordance with U.S. GAAP and include the accounts of the Company and its subsidiaries.  All material intercompany transactions and balances have been eliminated.

 

XML 22 R2.htm IDEA: XBRL DOCUMENT v2.4.0.8
CONSOLIDATED BALANCE SHEETS (USD $)
Mar. 31, 2014
Dec. 31, 2013
Current Assets:    
Cash and cash equivalents $ 2,784,944 $ 3,214,770
Trade receivables, net of allowances 285,137 269,616
Inventories 12,222,439 12,921,857
Prepaid expenses 279,884 236,649
Total current assets 15,572,404 16,642,892
Property and equipment, net 5,051,582 5,074,860
Intangible assets, net 2,881,986 2,942,314
Other assets 183,071 244,065
Total assets 23,689,043 24,904,131
Current Liabilities:    
Current maturities of long-term debt 124,600 122,536
Current maturities of capital leases 11,209 11,091
Accounts payable-trade 5,933,462 5,666,059
Accrued expenses 1,696,873 2,137,361
Customer deposits and other liabilities 1,934,949 2,401,574
Total current liabilities 9,701,093 10,338,621
Line of credit, related party 2,303,359 2,383,359
Long-term debt, less current maturities 1,723,045 1,757,827
Total liabilities 13,727,497 14,479,807
Commitments and contingencies      
STOCKHOLDERS' EQUITY    
Common stock, $0.01 par value; 30,000,000 shares authorized; 12,203,584 and 12,175,584 shares issued and outstanding 122,035 121,755
Additional paid-in capital 34,105,574 34,045,654
Accumulated deficit (24,266,063) (23,743,085)
Total stockholders' equity 9,961,546 10,424,324
Total liabilities and stockholders' equity $ 23,689,043 $ 24,904,131
XML 23 R6.htm IDEA: XBRL DOCUMENT v2.4.0.8
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
3 Months Ended
Mar. 31, 2014
Mar. 31, 2013
Cash Flows From Operating Activities:    
Net (loss) income $ (522,978) $ 300,412
Loss from discontinued operations 37,640 37,365
(Loss) income from continuing operations (485,338) 337,777
Adjustments to reconcile (loss) income from continuing operations to net cash used in operating activities of continuing operations:    
Depreciation and amortization 190,923 192,884
Stock based compensation 60,200   
Changes in operating assets and liabilities:    
Trade receivables, net (15,521) (37,797)
Inventories 699,418 (1,333,907)
Prepaid expenses (43,235) 20,734
Other assets 53,975 (19,755)
Accounts payable and accrued expenses (173,085) (4,670)
Customer deposits and other liabilities (466,625) (227,728)
Net cash used in operating activities of continuing operations (179,288) (1,072,462)
Cash Flows From Investing Activities:    
Payments for property and equipment (100,298) (177,069)
Net cash used in investing activities of continuing operations (100,298) (177,069)
Cash Flows From Financing Activities:    
Repayment of debt (29,871) (54,069)
Payments on capital lease obligations (2,729) (6,622)
Repayment of line of credit with related party (80,000)   
Net cash used in financing activities of continuing operations (112,600) (60,691)
Cash Flows From Discontinued Operations:    
Net cash provided by operating activities of discontinued operations (37,640) (37,365)
Net change in cash (429,826) (1,347,587)
Cash, beginning of period 3,214,770 4,911,087
Cash, end of period 2,784,944 3,563,500
Supplemental Disclosures:    
Cash paid during the period for: Interest 69,344 40,390
Cash paid during the period for: Income taxes      
XML 24 R22.htm IDEA: XBRL DOCUMENT v2.4.0.8
Inventories (Details) (USD $)
Mar. 31, 2014
Dec. 31, 2013
Inventories [Abstract]    
Jewelry $ 9,419,397 $ 9,448,793
Scrap gold 929,537 1,190,490
Bullion 1,032,793 1,199,373
Rare coins 840,712 1,083,201
Total $ 12,222,439 $ 12,921,857
XML 25 R24.htm IDEA: XBRL DOCUMENT v2.4.0.8
Basic and Diluted Average Shares (Reconciliation of Basic Earnings per Common Share and Diluted Earnings Per Common Share) (Details)
3 Months Ended
Mar. 31, 2014
Mar. 31, 2013
Basic and Diluted Average Shares [Abstract]    
Basic weighted average shares 12,193,940 12,175,584
Effect of potential dilutive securities: Stock options    137,464
Diluted weighted average shares 12,193,940 12,313,048
XML 26 Show.js IDEA: XBRL DOCUMENT /** * Rivet Software Inc. * * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved. * Version 2.4.0.3 * */ var Show = {}; Show.LastAR = null, Show.hideAR = function(){ Show.LastAR.style.display = 'none'; }; Show.showAR = function ( link, id, win ){ if( Show.LastAR ){ Show.hideAR(); } var ref = link; do { ref = ref.nextSibling; } while (ref && ref.nodeName != 'TABLE'); if (!ref || ref.nodeName != 'TABLE') { var tmp = win ? win.document.getElementById(id) : document.getElementById(id); if( tmp ){ ref = tmp.cloneNode(true); ref.id = ''; link.parentNode.appendChild(ref); } } if( ref ){ ref.style.display = 'block'; Show.LastAR = ref; } }; Show.toggleNext = function( link ){ var ref = link; do{ ref = ref.nextSibling; }while( ref.nodeName != 'DIV' ); if( ref.style && ref.style.display && ref.style.display == 'none' ){ ref.style.display = 'block'; if( link.textContent ){ link.textContent = link.textContent.replace( '+', '-' ); }else{ link.innerText = link.innerText.replace( '+', '-' ); } }else{ ref.style.display = 'none'; if( link.textContent ){ link.textContent = link.textContent.replace( '-', '+' ); }else{ link.innerText = link.innerText.replace( '-', '+' ); } } }; XML 27 R7.htm IDEA: XBRL DOCUMENT v2.4.0.8
Basis of Presentation
3 Months Ended
Mar. 31, 2014
Basis of Presentation [Abstract]  
Basis of Presentation
  (1) Basis of Presentation

 

The consolidated interim financial statements of DGSE Companies, Inc. included herein have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC"). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") have been condensed or omitted pursuant to the Commission's rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading. The Company suggests that these financial statements be read in conjunction with the financial statements and notes included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2013 (such fiscal year, "Fiscal 2013" and such annual Report on Form 10-K, the "Fiscal 2013 10-K"). In the opinion of the management of the Company, the accompanying unaudited interim financial statements contain all adjustments, consisting only of those of a normal recurring nature, necessary to present fairly its results of operations and cash flows for the periods presented. The results of operations for the periods presented are not necessarily indicative of the results to be expected for the full year. Certain reclassifications were made to the prior year's consolidated financial statements to conform to the current year presentation.

 

XML 28 R3.htm IDEA: XBRL DOCUMENT v2.4.0.8
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)
Mar. 31, 2014
Dec. 31, 2013
CONSOLIDATED BALANCE SHEETS [Abstract]    
Common stock, par value per share $ 0.01 $ 0.01
Common stock, shares authorized 30,000,000 30,000,000
Common stock, shares issued 12,203,584 12,175,584
Common stock, shares outstanding 12,203,584 12,175,584
XML 29 R17.htm IDEA: XBRL DOCUMENT v2.4.0.8
Critical Accounting Policies and Estimates (Policy)
3 Months Ended
Mar. 31, 2014
Critical Accounting Policies and Estimates [Abstract]  
Income Taxes

Income Taxes

The Company accounts for its position in tax uncertainties in accordance with Accounting Standards Codification ("ASC") 740, Income Taxes. The guidance establishes standards for accounting for uncertainty in income taxes. The guidance provides several clarifications related to uncertain tax positions. Most notably, a "more likely-than-not" standard for initial recognition of tax positions, a presumption of audit detection and a measurement of recognized tax benefits based on the largest amount that has a greater than 50 percent likelihood of realization. The guidance applies a two-step process to determine the amount of tax benefit to be recognized in the financial statements. First, the Company must determine whether any amount of the tax benefit may be recognized. Second, the Company determines how much of the tax benefit should be recognized (this would only apply to tax positions that qualify for recognition). The Company has not taken a tax position that, if challenged, would have a material effect on the financial statements or the effective tax rate during the periods ended March 31, 2014 and 2013, respectively.

 

Financial Instruments

Financial Instruments

The carrying amounts reported in the consolidated balance sheets for cash equivalents, accounts receivable, accounts payable and accrued expenses approximate fair value because of the immediate or short-term maturity of these financial instruments.  The line of credit, related party does not bear a market rate of interest. Management believes that, based on the Company's situation at the time the line was negotiated, it could not have obtained comparable financing, and as such cannot estimate the fair value of the line of credit, related party. The carrying amounts reported for the Company's long-term debt, and capital leases approximate fair value because substantially all of the underlying instruments have variable interest rates, which adjust frequently, or the interest rates approximate current market rates. None of these instruments are held for trading purposes.

 

Earnings Per Share

Earnings Per Share

Basic earnings per common share is computed by dividing net earnings available to holders of the Company's common stock by the weighted average number of common shares outstanding for the reporting period. Diluted earnings per share reflect the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. For the calculation of diluted earnings per share, the basic weighted average number of shares is increased by the dilutive effect of stock options outstanding determined using the treasury stock method.

 

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Document and Entity Information
3 Months Ended
Mar. 31, 2014
May 13, 2014
Document and Entity Information [Abstract]    
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Mar. 31, 2014  
Entity Registrant Name DGSE COMPANIES INC  
Entity Central Index Key 0000701719  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2014  
Document Fiscal Period Focus Q1  
Entity Filer Category Smaller Reporting Company  
Entity Common Stock, Shares Outstanding   12,203,584

XML 32 R18.htm IDEA: XBRL DOCUMENT v2.4.0.8
Inventories (Tables)
3 Months Ended
Mar. 31, 2014
Inventories [Abstract]  
Schedule of Inventories

A summary of inventories is as follows:

 

    March 31,     December 31,  
    2014     2013  
             
Jewelry   $ 9,419,397     $ 9,448,793  
Scrap gold     929,537       1,190,490  
Bullion     1,032,793       1,199,373  
Rare coins and Other     840,712       1,083,201  
    $ 12,222,439     $ 12,921,857  

 

XML 33 R4.htm IDEA: XBRL DOCUMENT v2.4.0.8
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)
3 Months Ended
Mar. 31, 2014
Mar. 31, 2013
Revenue:    
Sales $ 19,896,146 $ 29,249,573
Cost of goods sold 15,462,402 23,946,749
Gross margin 4,433,744 5,302,824
Expenses:    
Selling, general and administrative expenses 4,657,542 4,675,006
Depreciation and amortization 190,923 192,884
Total operating expenses 4,848,465 4,867,890
Operating (loss) income (414,721) 434,934
Other expense (income):    
Other income, net (31,261) (12,147)
Interest expense 84,562 51,704
Other expense (income) 53,301 39,557
(Loss) income from continuing operations before income taxes (468,022) 395,377
Income tax expense 17,316 57,600
(Loss) income from continuing operations (485,338) 337,777
Discontinued operations:    
Loss from discontinued operations, net of taxes of $0 (37,640) (37,365)
Net (loss) income $ (522,978) $ 300,412
Basic net (loss) income per common share:    
(Loss) income from continuing operations $ (0.04) $ 0.02
Loss from discontinued operations $ 0.00 $ 0.00
Net (loss) income per share $ (0.04) $ 0.02
Diluted net (loss) income per common share:    
(Loss) income from continuing operations $ (0.04) $ 0.02
Loss from discontinued operations $ 0.00 $ 0.00
Net (loss) income per share $ (0.04) $ 0.02
Weighted-average number of common shares    
Basic 12,193,940 12,175,584
Diluted 12,193,940 12,313,048
XML 34 R12.htm IDEA: XBRL DOCUMENT v2.4.0.8
Long-Term Debt
3 Months Ended
Mar. 31, 2014
Long-Term Debt [Abstract]  
Long-Term Debt

(6) Long-Term Debt

 

    Outstanding Balance            
    March 31,
2014
    December
31, 2013
    Current
Interest Rate
    Maturity
                       
NTR line of credit (1)   $ 2,303,359     $ 2,383,359       2.0 %   August 1, 2015
Mortgage payable     1,813,190       1,843,061       6.7 %   August 1, 2016
Capital leases (2)     45,664       48,393       Various     Various
                             
Sub-Total     4,162,213       4,274,813              
Less: Capital leases     11,209       11,091              
Less: Current maturities     124,600       122,536              
Long-term debt     4,026,404       4,141,186              
Less: Line of credit (1)     2,303,359       2,383,359              
Long term debt, less current maturities   $ 1,723,045     $ 1,757,827              

 

  (1) On July 19, 2012, DGSE entered into a loan agreement with NTR Metals, LLC ("NTR"), an affiliate of DGSE's majority stockholder Elemetal, LLC ("Elemetal"), pursuant to which NTR, agreed to provide the Company a guidance line of revolving credit in an amount up to $7,500,000 (the "Loan Agreement"). The Loan Agreement will terminate-and all amounts outstanding thereunder will be due and payable (such amounts, the "Obligations")-upon the earlier of: (i) August 1, 2014; (ii) the date that is twelve months after the Company receives notice from NTR demanding the repayment of the Obligations; (iii) the date the Obligations are accelerated in accordance with the terms of the Loan Agreement; or (iv) the date on which the commitment terminates under the Loan Agreement. In connection with the Loan Agreement, the Company granted a security interest in the respective personal property of each of its subsidiaries. The loan carries an interest rate of two percent (2%) per annum for all funds borrowed pursuant to the Loan Agreement. Proceeds received by the Company pursuant to the terms of the Loan Agreement were used for repayment of all outstanding financial obligations incurred in connection with that certain Loan Agreement, dated as of December 22, 2005, between the Company and Texas Capital Bank, and additional proceeds are expected to be used as working capital in the ordinary course of business. The Company incurred debt issuance costs associated with the Loan Agreement totaling $56,150. The debt issuance costs are included in other assets in the accompanying consolidated balance sheet and are being amortized to interest expense on a straight-line basis over two years. As of March 31, 2014 and December 31, 2013, we had outstanding balances of $2,303,359 and $2,383,359, respectively, drawn on the NTR credit facility. On February 25, 2014, the Company and NTR entered into a one-year extension of the Loan Agreement, extending the termination date to August 1, 2015. All other terms of the agreement remain the same.

 

  (2) On November 23, 2010, DGSE entered into a capital lease for $78,450 with Direct Capital Corporation for a radio-frequency identification ("RFID") inventory management solution. The non-cancelable lease agreement required an advanced payment of $5,169 and monthly payments of $2,584 for 36 months at an interest rate of 11.5% beginning in January 2011. At the end of the lease in December 2013, the equipment was purchased for $1. On April 3, 2013, DGSE entered into a capital lease for $58,563 with Graybar Financial Services for phones at the new corporate headquarters.  The non-cancelable lease agreement required an advanced payment of $2,304 and monthly payments of $1,077 for 60 months at an interest rate of 4.2% beginning in May 2013.  At the end of the lease in May 2018, the equipment can be purchased for $1.

 

XML 35 R11.htm IDEA: XBRL DOCUMENT v2.4.0.8
Basic and Diluted Average Shares
3 Months Ended
Mar. 31, 2014
Basic and Diluted Average Shares [Abstract]  
Basic and Diluted Average Shares

(5) Basic and Diluted Average Shares

 

A reconciliation of basic and diluted average common shares for the three months ended March 31, 2014 and 2013 is as follows:

 

    For the Three Months Ended
March 31,
 
    2014     2013  
             
Basic weighted average shares     12,193,940       12,175,584  
Effect of potential dilutive securities:                
Stock options     -       137,464  
Diluted  weighted average shares     12,193,940       12,313,048  

 

For the three months ended March 31, 2014 and 2013, options to purchase 5,347,500 and 5,030,000 shares of common stock, respectively, and 84,000 and 0 unvested Restricted Stock Units ("RSUs"), respectively, were not added to the diluted average shares because inclusion of such shares would be antidilutive.

 

XML 36 R23.htm IDEA: XBRL DOCUMENT v2.4.0.8
Basic and Diluted Average Shares (Narrative) (Details)
3 Months Ended
Mar. 31, 2014
Mar. 31, 2013
Stock Options [Member]
   
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Anti-dilutive securities excluded from the denominator in the computation of earnings per share 5,347,500 5,030,000
Unvested Restricted Stock Units ("RSUs") [Member]
   
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Anti-dilutive securities excluded from the denominator in the computation of earnings per share 84,000 0
XML 37 R19.htm IDEA: XBRL DOCUMENT v2.4.0.8
Basic and Diluted Average Shares (Tables)
3 Months Ended
Mar. 31, 2014
Basic and Diluted Average Shares [Abstract]  
Schedule of Reconciliation of Basic and Diluted Average Common Shares

A reconciliation of basic and diluted average common shares for the three months ended March 31, 2014 and 2013 is as follows:

 

    For the Three Months Ended
March 31,
 
    2014     2013  
             
Basic weighted average shares     12,193,940       12,175,584  
Effect of potential dilutive securities:                
Stock options     -       137,464  
Diluted  weighted average shares     12,193,940       12,313,048  

 

XML 38 R15.htm IDEA: XBRL DOCUMENT v2.4.0.8
Legal Proceedings
3 Months Ended
Mar. 31, 2014
Legal Proceedings [Abstract]  
Legal Proceedings

(9) Legal Proceedings.

 

On April 16, 2012, the Company filed a Current Report on Form 8-K disclosing that DGSE's Board had determined the existence of the certain accounting irregularities beginning approximately during the second calendar quarter of 2007 and continuing in periods subsequent thereto (the "Accounting Irregularities"), which could affect financial information reported since that time. On April 16, 2012, the Company also announced that it had engaged forensic accountants to analyze the Accounting Irregularities, and that financial statements and information reported since the inception of the Accounting Irregularities, believed to begin in the second calendar quarter of 2007, should not be relied upon. The Company brought the Accounting Irregularities to the attention of the SEC in a letter dated April 16, 2012. On June 18, 2012, the Company received written notice that the SEC had initiated a private investigation into the Accounting Irregularities, to determine whether any persons or entities had engaged in any possible violations of the federal securities laws. The Company has cooperated fully, and continues to cooperate fully, with the SEC staff in the investigation. This investigation is still pending as of the date of the filing of this Form 10-Q, and there can be no certainty as to the outcome of this investigation, or to the findings of the SEC.

 

In connection with the Accounting Irregularities, and the subsequent halt in trading of DGSE's Common Stock on the Exchange, the Company settled two lawsuits in Fiscal 2013. The first, Civil Action No. 3:12-cv-3664, was filed in the United States District Court for the Northern District of Texas, on September 7, 2012, entitled Grant Barfuss, on behalf of himself and all others similarly situated vs. DGSE Companies, Inc.; L.S. Smith, John Benson and William Oyster. This complaint alleged violations of the securities laws and sought unspecified damages. Plaintiffs alleged that certain public filings in 2010 and 2011 were false and misleading. The second suit, Case No. 3:12-cv-03850 in the United States District Court for the Northern District of Texas, was filed on September 21, 2012, by Jason Farmer and entitled Jason Farmer, Derivatively on Behalf of Nominal Defendant DGSE Companies, Inc., Plaintiff, v. William H. Oyster, James D. Clem, William Cordeiro, Craig Alan-Lee, David Rector, L.S. Smith, and John Benson, Defendants, and DGSE Companies, Inc., Nominal Defendant. This suit was filed against DGSE, as a nominal defendant, and against certain and former officers and directors. The plaintiff asserted that certain statements made in DGSE's proxy materials were false and misleading, that the defendants breached fiduciary duties owed to DGSE, for abuse of control, and sought unspecified compensatory and exemplary damages, along with certain corporate governance changes, for the benefit of DGSE.

 

The approved settlement resolved all issues which were pending before the United States District Court for the Northern District of Texas in both cases. The defendants agreed to pay $2 million to resolve all claims in both suits (including obligations to pay plaintiffs' attorneys' fees). The Company also incurred its own attorneys' fees and expenses associated with finalizing the settlement. While the majority of the total settlement amount and related expenses were paid from insurance proceeds, the Company incurred approximately $314,000 in Fiscal 2013 in relation to these suits.

 

In the quarter ended March 31, 2014, the Company settled a civil suit filed in the County Court for Dallas County, Texas, Cause No. CC-13-02999-C entitled Joseph C. Osterman, T.G. Herron, and, Jean K. Herron, Plaintiffs, vs. DGSE Companies, Inc. d/b/a Dallas Gold & Silver Exchange, Defendants. The complaint alleged amounts owed and due to the plaintiffs by the defendant in relation to a variety of promissory notes allegedly issued between 2001 and 2006 by the defendant. Pursuant to the confidential settlement agreement, which admits no liability on the part of the defendant, the Company has resolved all claims with plaintiff Osterman to the parties' mutual satisfaction. Discussions with plaintiffs Heron are ongoing, and the final outcome of these discussions is uncertain, although any conclusion to this suit is not expected to be material to the Company's results in the year ended December 31, 2014 ("Fiscal 2014").

 

The Texas Comptroller conducted a sales and use tax audit of our operations in Texas with respect to the period March 1, 2006 through November 30, 2009 and subsequently sent a Notification of Audit Results, by letter dated December 17, 2010, asserting that DGSE owes an amount of tax due, plus penalties and interest. The Company submitted a request for redetermination to the Texas Comptroller by letter dated January 13, 2011. By letter dated August 25, 2011, the Texas Comptroller stated that DGSE's request for a redetermination hearing has been granted. No hearing has taken place, but the Company has been actively engaged in discussions with the Texas Comptroller's office. The Company has reached an informal agreement on certain issues with the attorney representing the Texas Comptroller in the administrative hearing with respect to this liability, while other issues remain under discussion. Although no final determination has been reached, based on the most recent communication from the Texas Comptroller in February of 2014, DGSE believes that it is likely that the Company owes additional taxes, interest and penalty to the State of Texas, and accordingly reserved an additional $775,000 in Fiscal 2013 towards the payment of these amounts. The total reserve in this matter now is approximately $1.1 million, and is based on the Company's current best estimate, which may vary materially from any final assessment.

 

XML 39 R13.htm IDEA: XBRL DOCUMENT v2.4.0.8
Stock-Based Compensation
3 Months Ended
Mar. 31, 2014
Stock-Based Compensation [Abstract]  
Stock-Based Compensation

(7) Stock-Based Compensation.

 

The Company accounts for share-based compensation by measuring the cost of the employee services received in exchange for an award of equity instruments, including grants of stock options, based on the fair value of the award at the date of grant. In addition, to the extent that the Company receives an excess tax benefit upon exercise of an award, such benefit is reflected as cash flow from financing activities in the consolidated statement of cash flows.

 

In January of 2014, DGSE's Board of Directors (the "Board") granted 112,000 RSUs to our officers and certain key employees. Each RSU is convertible into one share of Common Stock without additional payment pursuant to the terms of the Restricted Stock Unit Award Agreement, dated January 23, 2014, between the Issuer and each recipient (the "RSU Award Agreement"). One-fourth (or 28,000) of the RSUs vested and were exercisable as of the date of the grant, and an additional one-fourth of the RSUs (calculated using the total number of RSUs at the time of grant) vest and will be exercisable on each subsequent anniversary of the date of grant until 100 percent of the RSUs have vested, subject to the recipient's continued status as an employee on each such date and other terms and conditions of set forth in the RSU Award Agreement. Upon termination of service of the recipient to us, other than by reason of death or disability, any RSUs that have not vested will be forfeited and the award of such units shall terminate.

 

Stock-based compensation expense for the three months ended March 31, 2014 and 2013 was $60,200 and $0, respectively, relating to employee and director stock options and RSUs, and included in selling, general and administrative expenses in the accompanying consolidated statements of operations.

 

XML 40 R14.htm IDEA: XBRL DOCUMENT v2.4.0.8
Related Party Transactions
3 Months Ended
Mar. 31, 2014
Related Party Transactions [Abstract]  
Related Party Transactions

(8) Related Party Transactions.

 

DGSE has a corporate policy governing the identification, review, consideration and approval or ratification of transactions with related persons, as that term is defined in the Instructions to Item 404(a) of Regulation S-K, promulgated under the Securities Act ("Related Party"). Under this policy, all Related Party transactions are identified and approved prior to consummation of the transaction to ensure they are consistent with DGSE's best interests and the best interests of its stockholders. Among other factors, the Board considers the size and duration of the transaction, the nature and interest of the Related Party in the transaction, whether the transaction may involve a conflict of interest and if the transaction is on terms that are at least as favorable to DGSE as would be available in a comparable transaction with an unaffiliated third party. DGSE's Board reviews all Related Party transactions at least annually to determine if it is in DGSE's best interests and the best interests of our stockholders to continue, modify, or terminate the Related Party transactions. DGSE's Related Party Transaction Policy is available for review in its entirety under the "Investor Relations" menu of our corporate website at www.DGSECompanies.com.

 

Elemetal is DGSE's largest stockholder. Elemetal, through its affiliates NTR and Elemetal Capital, is also DGSE's primary refiner and bullion trading partner. For the three months ended March 31, 2014, 28% of sales and 30% of purchases were transactions with Elemetal, and in the same period in 2013 these transactions represented 32% of DGSE's sales and 39% of our purchases. As of March 31, 2014 and December 31, 2013, we were obligated to pay $3,727,916 and $3,332,858, respectively, to Elemetal as a trade payable. DGSE also paid Elemetal and its affiliates $54,813 in interest for the three months ended March 31, 2014, including interest on DGSE's trade payable with Elemetal. In the same period in 2013 DGSE recognized $17,671 in interest related to Elemetal and its affiliates.

 

On July 19, 2012, the Company entered into the Loan Agreement with NTR, pursuant to which NTR agreed to provide the Company with a guidance line of revolving credit in an amount up to $7,500,000. The Loan Agreement provides that the Loan Agreement will terminate-and DGSE's Obligations will be due and payable- upon the earlier of (i) August 1, 2014, (ii) the date that is twelve months after DGSE receives notice from NTR demanding the repayment of the Obligations, (iii) the date the Obligations are accelerated in accordance with the terms of the Loan Agreement or (iv) the date on which the commitment terminates under the Loan Agreement. In connection with the Loan Agreement, DGSE granted a security interest in the respective personal property of each of its subsidiaries. The loan carries an interest rate of two percent (2%) per annum for all funds borrowed pursuant to the Loan Agreement. Proceeds received by DGSE pursuant to the terms of the Loan Agreement were used for repayment of all outstanding financial obligations incurred in connection with that certain Loan Agreement, dated as of December 22, 2005, between DGSE and Texas Capital Bank, N.A., and any additional proceeds are expected to be used as working capital in the ordinary course of business. As of March 31, 2014 and December 31, 2013, we had outstanding balances of $2,303,359 and $2,383,359, respectively, drawn on the NTR credit facility. On February 25, 2014, the Company and NTR entered into a one-year extension of the Loan Agreement, extending the termination date to August 1, 2015. All other terms of the agreement remain the same.

 

Estate Gold and Silver, LLC, a Texas limited liability company ("Estate Gold") was 25% owned by an entity owned by James Vierling, DGSE's former Chief Executive Officer and Chairman, and operated five stores in Oklahoma, primarily focused on buying gold, but also engaging in retail sales of jewelry and bullion. In July of 2013, Estate Gold ceased all operations. The Company previously had an agreement with Estate Gold to provide operations management services, consisting of: (i) the receipt, inventorying, and re-sale of Estate Gold purchases; (ii) the management of Estate Gold's payroll, insurance, accounts payable and receivable; (iii) the maintenance of and updates to Estate Gold's business software; maintenance of the Estate Gold website; and (iv) financial reporting of Estate Gold to its owners. The Company also periodically engaged in the purchase or sale of jewelry, bullion and diamonds to Estate Gold, from time to time in the normal course of business. DGSE had no transactions with Estate Gold in the three months ended March 31, 2014. During the three months ended March 31, 2013, the Company received $16,641 in fees for services, sold $8,214 in products, and purchased $23,342 in products, in transactions with Estate Gold.

 

XML 41 R16.htm IDEA: XBRL DOCUMENT v2.4.0.8
Discontinued Operations
3 Months Ended
Mar. 31, 2014
Discontinued Operations [Abstract]  
Discontinued Operations

(10) Discontinued Operations

 

In January of 2014, the Company elected to discontinue the operations of six of its Southern Bullion Coin and Jewelry ("Southern Bullion") locations due to the lack of profitability and management's belief that it was unlikely that profitability would be reached in the foreseeable future. The Company officially discontinued these operations on February 3, 2014, and the operating results for these six locations for the three months ended March 31, 2014 and 2013 have been reclassified as discontinued operations in the consolidated statements of operations as detailed in the table below.

 

    Three Months Ended March 31,  
    2014     2013  
             
Revenue:                
Sales   $ 914,497     $ 1,291,573  
Cost of sales     819,731       980,445  
Gross margin     94,766       311,128  
                 
Expenses:                
S,G&A expense     132,406       348,493  
Depreciation and amortization     -       -  
Total Expenses     132,406       348,493  
                 
Operating loss     (37,640 )     (37,365 )
                 
Other expense (income):                
Other (expense)/income, net     -       -  
Interest expense     -       -  
      -       -  
                 
Loss from discontinued operations before income taxes     (37,640 )     (37,365 )
                 
Income tax expense     -       -  
                 
Loss from discontinued operations after income taxes   $ (37,640 )   $ (37,365 )

 

Subsequent to the end of the first fiscal quarter of 2014, in April of 2014 the Company elected to discontinue the operations of all 17 remaining Southern Bullion locations. During 2013, the Southern Bullion operations generated a net loss of approximately $1.9 million. These operations represented approximately 20% the Company's revenue, and approximately 70% of the Company's operating loss in Fiscal 2013. The significant change in the precious metal markets, including a 30% decline in the spot price of gold since the acquisition of Southern Bullion in 2011, had a disproportionately negative impact on the customer traffic, transactional volume and profitability of the Southern Bullion operations. The Company officially discontinued these operations on or about April 19, 2014. The operating results for all Southern Bullion locations are expected to be reclassified as discontinued operations in the consolidated statements of operations beginning with the quarter ending June 30, 2014.

 

The Company expects to report approximately $3.7 million in 2014 in non-recurring charges related to these closures. This includes approximately $2.9 million in expected write-offs related to the Southern Bullion trade name, approximately $400,000 in expected fixed asset write-downs, and approximately $500,000 in expected lease termination expenses, severance payments and other related costs.

 

XML 42 R21.htm IDEA: XBRL DOCUMENT v2.4.0.8
Discontinued Operations (Tables)
3 Months Ended
Mar. 31, 2014
Discontinued Operations [Abstract]  
Schedule of Discontinued Operations

The Company officially discontinued these operations on February 3, 2014, and the operating results for these six locations for the three months ended March 31, 2014 and 2013 have been reclassified as discontinued operations in the consolidated statements of operations as detailed in the table below.

 

    Three Months Ended March 31,  
    2014     2013  
             
Revenue:                
Sales   $ 914,497     $ 1,291,573  
Cost of sales     819,731       980,445  
Gross margin     94,766       311,128  
                 
Expenses:                
S,G&A expense     132,406       348,493  
Depreciation and amortization     -       -  
Total Expenses     132,406       348,493  
                 
Operating loss     (37,640 )     (37,365 )
                 
Other expense (income):                
Other (expense)/income, net     -       -  
Interest expense     -       -  
      -       -  
                 
Loss from discontinued operations before income taxes     (37,640 )     (37,365 )
                 
Income tax expense     -       -  
                 
Loss from discontinued operations after income taxes   $ (37,640 )   $ (37,365 )

 

XML 43 R26.htm IDEA: XBRL DOCUMENT v2.4.0.8
Long-Term Debt (Footnotes) (Details) (USD $)
1 Months Ended 3 Months Ended
Feb. 25, 2014
Jul. 19, 2012
Mar. 31, 2014
Dec. 31, 2013
NTR Loan Agreement [Member]
       
Debt Instrument [Line Items]        
Issuance date     Jul. 19, 2012  
Credit facility amount, maximum     $ 7,500,000  
Maturity Aug. 01, 2015 Aug. 01, 2014 Aug. 01, 2015  
Interest rate, credit     2.00%  
Debt issuance costs   56,150    
Outstanding balance of credit facility     2,303,359 2,383,359
Direct Capital Corporation lease [Member]
       
Debt Instrument [Line Items]        
Issuance date     Nov. 23, 2010  
Debt instrument, face amount     78,450  
Advances on capital leases     5,169  
Monthly payments     2,584  
Term     36 months  
Interest rate, debt     11.50%  
Equipment purchase option, purchase price     1  
Graybar Financial Services lease [Member]
       
Debt Instrument [Line Items]        
Issuance date     Apr. 03, 2013  
Debt instrument, face amount     58,563  
Advances on capital leases     2,304  
Monthly payments     1,077  
Term     60 months  
Interest rate, debt     4.20%  
Equipment purchase option, purchase price     $ 1  
XML 44 R5.htm IDEA: XBRL DOCUMENT v2.4.0.8
CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) (USD $)
3 Months Ended
Mar. 31, 2014
Mar. 31, 2013
CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]    
Loss from discontinued operations, tax $ 0 $ 0
XML 45 R10.htm IDEA: XBRL DOCUMENT v2.4.0.8
Inventories
3 Months Ended
Mar. 31, 2014
Inventories [Abstract]  
Inventories
  (4) Inventories

 

A summary of inventories is as follows:

 

    March 31,     December 31,  
    2014     2013  
             
Jewelry   $ 9,419,397     $ 9,448,793  
Scrap gold     929,537       1,190,490  
Bullion     1,032,793       1,199,373  
Rare coins and Other     840,712       1,083,201  
    $ 12,222,439     $ 12,921,857  

 

XML 46 R27.htm IDEA: XBRL DOCUMENT v2.4.0.8
Stock-Based Compensation (Details) (USD $)
3 Months Ended 1 Months Ended
Mar. 31, 2014
Mar. 31, 2013
Jan. 31, 2014
RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Units granted     112,000
Units vested     28,000
Stock-based compensation expense $ 60,200 $ 0  
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Long-Term Debt (Tables)
3 Months Ended
Mar. 31, 2014
Long-Term Debt [Abstract]  
Schedule of Long-Term Debt
    Outstanding Balance            
    March 31,
2014
    December
31, 2013
    Current
Interest Rate
    Maturity
                       
NTR line of credit (1)   $ 2,303,359     $ 2,383,359       2.0 %   August 1, 2015
Mortgage payable     1,813,190       1,843,061       6.7 %   August 1, 2016
Capital leases (2)     45,664       48,393       Various     Various
                             
Sub-Total     4,162,213       4,274,813              
Less: Capital leases     11,209       11,091              
Less: Current maturities     124,600       122,536              
Long-term debt     4,026,404       4,141,186              
Less: Line of credit (1)     2,303,359       2,383,359              
Long term debt, less current maturities   $ 1,723,045     $ 1,757,827              

 

  (1) On July 19, 2012, DGSE entered into a loan agreement with NTR Metals, LLC ("NTR"), an affiliate of DGSE's majority stockholder Elemetal, LLC ("Elemetal"), pursuant to which NTR, agreed to provide the Company a guidance line of revolving credit in an amount up to $7,500,000 (the "Loan Agreement"). The Loan Agreement will terminate-and all amounts outstanding thereunder will be due and payable (such amounts, the "Obligations")-upon the earlier of: (i) August 1, 2014; (ii) the date that is twelve months after the Company receives notice from NTR demanding the repayment of the Obligations; (iii) the date the Obligations are accelerated in accordance with the terms of the Loan Agreement; or (iv) the date on which the commitment terminates under the Loan Agreement. In connection with the Loan Agreement, the Company granted a security interest in the respective personal property of each of its subsidiaries. The loan carries an interest rate of two percent (2%) per annum for all funds borrowed pursuant to the Loan Agreement. Proceeds received by the Company pursuant to the terms of the Loan Agreement were used for repayment of all outstanding financial obligations incurred in connection with that certain Loan Agreement, dated as of December 22, 2005, between the Company and Texas Capital Bank, and additional proceeds are expected to be used as working capital in the ordinary course of business. The Company incurred debt issuance costs associated with the Loan Agreement totaling $56,150. The debt issuance costs are included in other assets in the accompanying consolidated balance sheet and are being amortized to interest expense on a straight-line basis over two years. As of March 31, 2014 and December 31, 2013, we had outstanding balances of $2,303,359 and $2,383,359, respectively, drawn on the NTR credit facility. On February 25, 2014, the Company and NTR entered into a one-year extension of the Loan Agreement, extending the termination date to August 1, 2015. All other terms of the agreement remain the same.

 

  (2) On November 23, 2010, DGSE entered into a capital lease for $78,450 with Direct Capital Corporation for a radio-frequency identification ("RFID") inventory management solution. The non-cancelable lease agreement required an advanced payment of $5,169 and monthly payments of $2,584 for 36 months at an interest rate of 11.5% beginning in January 2011. At the end of the lease in December 2013, the equipment was purchased for $1. On April 3, 2013, DGSE entered into a capital lease for $58,563 with Graybar Financial Services for phones at the new corporate headquarters.  The non-cancelable lease agreement required an advanced payment of $2,304 and monthly payments of $1,077 for 60 months at an interest rate of 4.2% beginning in May 2013.  At the end of the lease in May 2018, the equipment can be purchased for $1.