Operating Leases
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Dec. 31, 2014
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Operating Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Leases | Note 11 – Operating Leases
The Company leases certain of its facilities under operating leases. The minimum rental commitments under non-cancellable operating leases as of December 31, 2014 are as follows:
On January 21, 2013, the Company signed a lease with 15850 Holdings, LLC (an affiliate of Elemetal), for 4500 square feet of office space in North Dallas, to be used as the Company's new corporate headquarters. The Company received free rent from April through December of 2013, and will pay $7,500 from January of 2014, through the termination of the current lease in December of 2015.
In November 2013 the Company signed an agreement to lease a portion of DGSE's Reeder Road facility to a third party, beginning in January 2014. Under the terms of the five-year agreement DGSE will receive $5,000 per month in base rent initially, increasing to $7,500 per month after 24 months. The lessee will also be required to pay additional rent based on revenue it generates using the facility. Under certain conditions DGSE has the right to terminate the agreement after 24 months.
Rent expense for Fiscal 2014 and Fiscal 2013 was $638,320 and $658,599, respectively, excluding amounts related to discontinued operations.
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