0001144204-15-064829.txt : 20151112 0001144204-15-064829.hdr.sgml : 20151112 20151112170945 ACCESSION NUMBER: 0001144204-15-064829 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20150930 FILED AS OF DATE: 20151112 DATE AS OF CHANGE: 20151112 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: 151225817 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 v423929_10q.htm 10-Q

 

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

 

(Mark One)

 

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

For the quarterly period ended September 30, 2015

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 November 12, 2015:

 

Class   Outstanding
Common stock, $0.01 par value per share   12,296,446

 

 

 

 

TABLE OF CONTENTS

 

    Page No.
     
PART I. FINANCIAL INFORMATION  
     
Item 1. Financial Statements  
     
  Consolidated Balance Sheets as of September 30, 2015 (unaudited) and December 31, 2014 1
     
  Consolidated Statements of Operations for the three months and nine months ended September 30, 2015 and 2014 (unaudited) 2
     
  Consolidated Statements of Cash Flows for the nine months ended September 30, 2015 and 2014 (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 12
     
Item 4. Controls and Procedures 12
     
PART II. OTHER INFORMATION  
     
Item 1. Legal Proceedings 12
     
Item 1A. Risk Factors 12
     
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 14
     
SIGNATURES 16

 

 

 

 

PART I. FINANCIAL INFORMATION

 

Item 1. Financial Statements.

 

DGSE COMPANIES, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

 

   September 30,   December 31, 
   2015   2014 
   (Unaudited)     
ASSETS          
Current Assets:          
Cash and cash equivalents  $1,342,152   $2,184,435 
Trade receivables, net of allowances   167,074    904,076 
Inventories   10,678,270    11,144,157 
Prepaid expenses   171,730    104,513 
Assets related to discontinued operations   -    49,729 
           
Total current assets   12,359,226    14,386,910 
           
Property and equipment, net   4,308,762    4,365,767 
Intangible assets, net   17,230    27,568 
Other assets   125,646    128,356 
           
Total assets  $16,810,864   $18,908,601 
           
LIABILITIES          
Current Liabilities:          
Current maturities of long-term debt  $1,623,098   $131,003 
Current maturities of capital leases   11,942    11,529 
Accounts payable-trade   4,237,211    5,831,736 
Accrued expenses   1,196,205    1,541,552 
Customer deposits and other liabilities   2,443,596    1,082,778 
Liabilities related to discontinued operations   212,485    303,564 
           
Total current liabilities   9,724,537    8,902,162 
           
Line of credit, related party   2,303,359    2,303,359 
Long-term debt, less current maturities   16,729    1,616,237 
           
Total liabilities   12,044,625    12,821,758 
           
Commitments and contingencies          
           
STOCKHOLDERS' EQUITY          
Common stock, $0.01 par value; 30,000,000 shares authorized; 12,296,446 and 12,238,846 shares issued and outstanding   122,964    122,388 
Additional paid-in capital   34,267,577    34,231,271 
Accumulated deficit   (29,624,302)   (28,266,816)
Total stockholders' equity   4,766,239    6,086,843 
           
Total liabilities and stockholders' equity  $16,810,864   $18,908,601 

 

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

 

 1 

 

 

DGSE COMPANIES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

 

   For the Three Months Ended
September 30,		   For the Nine Months Ended
September 30,		 
   2015   2014   2015   2014 
                 
Revenue:                    
Sales  $16,523,826   $17,040,249   $44,341,612   $52,622,968 
Cost of goods sold   14,137,085    13,905,844    37,052,512    43,267,708 
Gross margin   2,386,741    3,134,405    7,289,100    9,355,260 
                     
Expenses:                    
Selling, general and administrative expenses   2,689,569    2,930,475    8,108,750    9,634,616 
Depreciation and amortization   80,499    105,971    302,831    287,786 
    2,770,068    3,036,446    8,411,581    9,922,402 
                     
Operating (loss) income   (383,327)   97,959    (1,122,481)   (567,142)
                     
Other expense (income):                    
Other (income) expense, net   (3,766)   12,982    (7,469)   (44,679)
Interest expense   84,826    89,240    257,487    258,383 
    81,060    102,222    250,018    213,704 
                     
Loss from continuing operations before income taxes   (464,387)   (4,263)   (1,372,499)   (780,846)
                     
Income tax expense (benefit)   18,159    (17,094)   43,082    29,976 
                     
(Loss) income from continuing operations   (482,546)   12,831    (1,415,581)   (810,822)
                     
Discontinued operations:                    
Income (loss) from discontinued operations, net of taxes   13,848    166,757    58,095    (3,984,808)
                     
Net (loss) income  $(468,698)  $179,588   $(1,357,486)  $(4,795,630)
                     
Basic net loss per common share:                    
(Loss) income from continuing operations  $(0.04)  $0.00   $(0.11)  $(0.06)
(Loss) income from discontinued operations   -    0.01    -    (0.33)
Net (loss) income per share  $(0.04)  $0.01   $(0.11)  $(0.39)
                     
Diluted net loss per common share:                    
(Loss) income from continuing operations  $(0.04)  $0.00   $(0.11)  $(0.06)
(Loss) income from discontinued operations   -    0.01    -    (0.33)
Net (loss) income per share  $(0.04)  $0.01   $(0.11)  $(0.39)
                     
Weighted-average number of common shares                    
Basic   12,296,446    12,223,584    12,268,475    12,209,416 
Diluted   12,296,446    12,271,362    12,268,475    12,209,416 

 

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

 

 2 

 

 

DGSE COMPANIES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

   For the Nine Months Ended
September 30,		 
   2015   2014 
         
Cash Flows From Operating Activities:          
Net loss  $(1,357,486)  $(4,795,630)
Income (loss) from discontinued operations, net of tax   58,095    (3,984,808)
Loss from continuing operations, net of tax   (1,415,581)   (810,822)
           
Adjustments to reconcile loss from continuing operations to net cash used in operating activities of continuing operations:          
Depreciation and amortization   302,831    287,786 
Stock based compensation to employees, officers and directors   36,882    39,358 
           
Changes in operating assets and liabilities:          
Trade receivables, net   737,002    (62,276)
Inventories   465,887    320,964 
Prepaid expenses   (67,217)   (68,380)
Other assets   2,710    60,511 
Accounts payable and accrued expenses   (1,939,872)   (738,614)
Customer deposits and other liabilities   1,360,818    (864,725)
           
Net cash used in operating activities of continuing operations   (516,540)   (1,836,198)
           
Cash Flows From Investing Activities:          
Purchases of property and equipment   (235,488)   (141,887)
           
Net cash used in investing activities of continuing operations   (235,488)   (141,887)
           
Cash Flows From Financing Activities:          
Repayment of debt   (97,427)   (91,131)
Payments on capital lease obligations   (9,573)   (8,274)
Repayment of line of credit with related party   -    (80,000)
           
Net cash used in financing activities of continuing operations   (107,000)   (179,405)
           
Cash Flows From Discontinued Operations:          
Net cash provided by operating activities of discontinued operations   16,745    1,470,618 
           
Net change in cash   (842,283)   (686,872)
Cash, beginning of period   2,184,435    2,637,726 
Cash, end of period  $1,342,152   $1,950,854 
           
Supplemental Disclosures:          
Cash paid during the period for:          
Interest  $149,884   $146,157 
Income taxes  $-   $- 
           
Noncash item:          
Transfer of inventory from discontinued operations  $-   $1,524,864 

 

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., a Nevada corporation, and its subsidiaries (the “Company” or “DGSE”), 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, 2014 (such fiscal year, “Fiscal 2014” and such Annual Report on Form 10-K, the “Fiscal 2014 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 buys and sells 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.

 

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

 

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.

 

Recent Accounting Pronouncement

In May 2014, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”), which supersedes nearly all existing revenue recognition guidance under U.S. GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP.  The standard is effective for annual periods beginning after December 15, 2016, and interim periods therein, using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients; or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). In July 2015, the FASB voted to approve a one-year deferral to the effective date of ASU 2014-09 to be adopted by all public companies for all annual periods and interim reporting periods beginning after December 15, 2017. The Company is currently evaluating the impact of our pending adoption of ASU 2014-09 on our consolidated financial statements and have not yet determined the method by which the Company will adopt the standard in 2018.

 

 4 

 

 

On July 22, 2015, the FASB issued Accounting Standards Update No. 2015-11, Simplifying the Measurement of Inventory (ASU 2015-11). ASU 2015-11 requires an entity to measure most inventory at the lower of cost and net realizable value, thereby simplifying the current guidance under which an entity must measure inventory at the lower of cost or market. ASU 2015-11 will not apply to inventories that are measured using either the last-in, first-out (LIFO) method or the retail inventory method. ASU 2015-11 is effective for public entities for financial statements issued for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years; early application is permitted. The Company is evaluating the financial statement implications of adopting ASU 2015-11.

 

(4)Inventories

 

A summary of inventories is as follows:

 

   September 30,   December 31, 
   2015   2014 
         
Jewelry  $9,166,112   $9,755,580 
Scrap gold   604,191    536,181 
Bullion   598,182    493,368 
Rare coins and Other   309,785    359,028 
   $10,678,270   $11,144,157 

 

(5)Basic and Diluted Average Shares

 

A reconciliation of basic and diluted weighted average common shares for the three months and nine months ended September 30, 2015 and 2014, is as follows:

 

  

For the Three Months Ended

September 30,

  

For the Nine Months Ended

September 30,

 
   2015   2014   2015   2014 
                 
Basic weighted average shares   12,296,446    12,223,584    12,268,475    12,209,416 
Effect of potential dilutive securities   -    47,778    -    - 
Diluted  weighted average shares   12,296,446    12,271,362    12,268,475    12,209,416 

 

For the three and nine months ended September 30, 2015 and 2014, options to purchase 5,030,000 and 5,327,500 shares of common stock, respectively, were not added to the diluted average shares because inclusion of such shares would be antidilutive. For the three and nine months ended September 30, 2015 and 2014, there were 17,500 and 42,145 unvested Restricted Stock Units (“RSUs”), respectively, not added to the diluted average shares because inclusion of such shares would be antidilutive.

 

(6)Long-Term Debt

 

   Outstanding Balance        
  

September 30,

2015

  

December 31,

2014

  

Current

Interest Rate

   Maturity
                
NTR line of credit (1)  $2,303,359   $2,303,359    2.0%  August 1, 2017
Mortgage payable (2)   1,623,098    1,720,525    6.7%  August 1, 2016
Capital leases (3)   28,671    38,244    4.2%  May 1, 2018
Sub-Total   3,955,128    4,062,128         
Less: Current maturities of capital leases   11,942    11,529         
Less: Current maturities of mortgage payable   1,623,098    131,003         
Long-term debt   2,320,088    3,919,596         
Less: Line of credit (1)   2,303,359    2,303,359         
Long term debt, less current maturities  $16,729   $1,616,237         

 

 5 

 

 

(1)On July 19, 2012, DGSE entered into a loan agreement with NTR Metals, LLC (“NTR”), an affiliate of DGSE’s largest 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 anticipated termination–at which point all amounts outstanding thereunder would 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 have been 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 were included in other assets in the accompanying consolidated balance sheet, were amortized to interest expense on a straight-line basis over two years, and were completely amortized as of July 2014. 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, and on February 4, 2015, we entered into an additional two-year extension, extending the termination date to August 1, 2017, unless earlier terminated as described above. No debt issuance costs were incurred in relation to these extensions. All other terms of the agreement remain the same. As of September 30, 2015 and December 31, 2014, the outstanding balance of the NTR loan was $2,303,359.
(2)On July 11, 2006, DGSE entered into a promissory note for $2,530,000 related to the mortgage on its largest retail location in Dallas, Texas with The Ohio National Life Insurance Company. The note bears an interest rate of six and seventy one-hundredths of one percent (6.70%) per annum, with a balloon payment of approximately $1.5 million on August 1, 2016 for the outstanding balance. Monthly principal payment payments of $20,192 plus accrued interest are required. The note is secured by the land and building. As of September 30, 2015 and December 31, 2014, the outstanding balance of the note was $1,623,098 and $1,720,525, respectively.
(3)On April 3, 2011, 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 2011. 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 2014, DGSE’s Board of Directors (the “Board”) granted 112,000 RSUs to its 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 Company 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. Pursuant to these grants, an additional 15,000 RSUs vested in January 2015, and the recipients were subsequently issued common stock. Of the RSUs granted in January 2014, only 17,500 remain unvested and outstanding as of September 30, 2015.

 

In September of 2014, the Board granted 14,200 RSUs to each of its three outside directors, for a total of 42,600 RSUs issued. Each RSU is convertible into one share of Common Stock without additional payment pursuant to the terms of the RSU Award Agreement, dated September 17, 2014, between the Company and each recipient. All of the RSUs were to vest and become exercisable on the earlier of: (i) the one year anniversary of the grant date, or (ii) the day prior to the next Annual Meeting of the Stockholders of DGSE Companies, Inc., subject to each recipient’s continued status as a Director through such dates and other terms and conditions of set forth in the RSU Award Agreement. Upon termination of service of the recipient to the Company, 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. All 42,600 of these RSUs vested as of June 9, 2015, the day prior to our 2015 Annual Meeting of Stockholders, which was held June 10, 2015, and subsequently 42,600 shares of common stock were issued pursuant to these RSUs, on June 11, 2015.

 

Stock-based compensation expense for the three months ended September 30, 2015 and 2014 was $687 and $5,760, respectively, and for the nine months ended September 30, 2015 and 2014 was $10,919 and $112,330, respectively relating to employee and director RSUs, and included in selling, general and administrative expenses in the accompanying consolidated statements of operations. Certain stock compensation expenses related to the discontinued Southern Bullion Coin & Jewelry (“Southern Bullion”) operations for the nine months ended September 30, 2014, have been reclassified to discontinued operations.

 

 6 

 

 

(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, DGSE’s Board considers the size and duration of the transaction, the nature and interest of the 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 DGSE’s stockholders to continue, modify, or terminate any of the Related Party transactions. DGSE’s Related Person Transaction Policy is available for review in its entirety under the “Investors” menu of the Company’s corporate relations website at www.DGSECompanies.com.

 

Elemetal is DGSE’s largest shareholder. Elemetal and its affiliates are also DGSE’s primary refiner and bullion trading partner. In the nine months ended September 30, 2015, 22% of sales and 28% of purchases were transactions with Elemetal, and in the same period of 2014, these transactions represented 24% of DGSE’s sales and 26% of DGSE’s purchases. As of September 30, 2015, the Company was obligated to pay $3,728,906 to Elemetal as a trade payable, and had a $90,009 receivable from Elemetal. As of December 31, 2014, the Company was obligated to pay $3,721,144 to Elemetal as a trade payable, and had a $34,343 receivable from Elemetal. In the nine months ended September 30, 2015 and 2014, the Company paid Elemetal $136,528 and $140,898, respectively, in interest on the Company’s outstanding payable.

 

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 anticipated termination–at which point all amounts outstanding thereunder would 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 additional proceeds are expected were used as working capital in the ordinary course of business. 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, and on February 4, 2015, we entered into an additional two-year extension, extending the termination date to August 1, 2017, unless earlier terminated as described above. All other terms of the agreement remain the same. As of September 30, 2015 and December 31, 2014, the outstanding balance of the NTR loan was $2,303,359. In the nine months ended September 30, 2015 and 2014, the Company paid NTR $34,293 and $34,502, respectively, in interest on the Company’s line of credit.

 

In April 2011, DGSE moved its principal corporate offices to office space at 15850 Dallas Parkway, Suite 140, Dallas, Texas. This property is owned by an affiliate of Elemetal and also serves as their headquarters. DGSE leases space in the building subject to a lease that will expire in December 2015. In the nine months ended September 30, 2015 and 2014, the Company recognized rent expense of $39,375 and $39,375, respectively, related to this lease.

 

In the fourth quarter of Fiscal 2011, the Company established a wholly owned subsidiary named Carbon Fund One, LLC to act as the general partner (the “General Partner”) for Carbon Fund One, LP (the “Fund”), which was established at the same time. The Fund was an investment fund specializing in the buying and selling of gemstones. The General Partner receives a one percent ownership interest of the Fund, and is paid 2% carried interest on assets under management by the Fund, and 20% of net earnings before distributions to the limited partners. The Fund was intended to provide an investment vehicle for individuals interested in investment opportunities in diamonds and gemstones, and provide incremental value to the Company’s shareholders by utilizing the Company’s expertise, infrastructure, and retail and wholesale customer base, to generate additional profit through earnings from its role as General Partner. Ultimately, DGSE’s management made the decision to end its involvement in the Fund, and the General Partner has wrapped up the Fund’s activities and liquidated all remaining inventory. The Fund transacted business with the Company from time to time, including buying gemstones from and selling gemstones to the Company. In the nine months ended September 30, 2015, the Company made no sales to the Fund, had purchases of $11,330 from the Fund, and owed the Fund nothing as of September 30, 2015 in trade payables. In the nine months ended September 30, 2014, the Company made sales of $37,148 to the Fund, had purchases of $97,515 from the Fund, and owed the Fund $119,999 as of September 30, 2014 in trade payables. Additionally, in the nine months ended September 30, 2015, the General Partner generated net loss of $1,334 from its role with the Fund, while in the same quarter of 2014, the General Partner generated net income of $35,907. The loss in the current year was driven by low activity within the Fund, combined with expenses related to the shutdown of the Fund.

 

 7 

 

 

(9)Legal Proceedings

 

There have been no material changes with respect to the legal proceedings disclosed in our Annual Report on Form 10-K for the year ended December 31, 2014.

 

(10)Discontinued Operations

 

During the first half of 2014, the Company elected to discontinue the operations of Southern Bullion, due to the lack of profitability and management's belief that it was unlikely that profitability would be reached in the foreseeable future. The significant change in the precious metals market in 2013, 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. As a result, during 2013, the Southern Bullion operations generated a net loss of approximately $1.9 million. The operating results for all Southern Bullion operations have been reclassified as discontinued operations in the consolidated statements of operations for the three and nine month periods ended September 30, 2015 and 2014.

 

  

For the Three Months Ended

September 30,

  

For the Nine Months Ended

September 30,

 
   2015   2014   2015   2014 
                 
Revenue:                    
Sales  $-   $59   $65   $5,367,867 
Cost of goods sold   -    (5,433)   -    3,642,244 
Gross margin   -    5,492    65    1,725,623 
                     
Expenses:                    
Selling, general and administrative expenses   (11,725)   (76,042)   (55,867)   2,479,085 
Depreciation and amortization   -    -    -    3,259,552 
Total expenses   (11,725)   (76,042)   (55,867)   5,738,637 
                     
Operating income (loss)   11,725    81,534    55,932    (4,013,014)
                     
Other expense (income):                    
Other income, net   -    (77)   -    (19,475)
Interest (income) expense   -    (920)   (40)   9,968 
    -    (997)   (40)   (9,507)
                     
Income (loss) from discontinued operations before income taxes   11,725    82,531    55,972    (4,003,507)
                     
Income tax benefit   2,123    84,226    2,123    18,699 
                     
Income (loss) from discontinued operations after income taxes  $13,848   $166,757   $58,095   $(3,984,808)

 

Discontinued operations for the three and nine months ended September 30, 2015, include adjustments of existing expense accruals related to winding down the operations of Southern Bullion. The three and nine months ended September 30, 2014, includes losses related to store operations, prior to all stores being closed, as well as expenses for key Southern Bullion personnel involved in winding down the business, and expenses related to cancellation of leases and other contracts. The Company believes it has now recognized all material expenses related to the closure of Southern Bullion operations.

 

 8 

 

 

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 September 30, 2015 (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; 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 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 Fiscal 2014 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

 

Many aspects of our business are impacted by changes in precious metals pricing, with the greatest impact relating to gold. Fiscal 2014 produced more stability in gold pricing, following a turbulent Fiscal 2013, albeit at significantly lower prices than were seen between 2010 and 2012. During the first three quarters of 2015, gold continues to see downward pricing pressure. While the price of gold saw a brief increase in January, by September 30, 2015, prices were well below where they began the year, with London PM Fix closing at $1,114.93 per ounce. As of September 30, 2015, the average quarterly price of gold, as measured by London PM Fix, has dropped for five quarters in a row.

 

The market for buying and selling pre-owned or “scrap” gold remains extremely negative. According to the World Gold Council, the supply of recycled gold was down an additional 11% in 2014, and is now at its lowest point in seven years. Scrap gold purchases have historically been a critical profit engine for all of our locations, and the downturn in this category has had significant impact on our revenue, profitability and long-term growth plans.

 

We continue to believe that the most successful locations will be those that can sustain our full retail “exchange” model: engaging in both buying and selling of precious metals and related merchandise, while maintaining a robust and diverse inventory across all jewelry categories and providing critical services such as watch and jewelry repair. Those locations that have historically been primarily scrap buying shops simply no longer make economic sense in the current environment. In recent years, DGSE has had many small locations spread across the DFW area in order to provide multiple scrap collection sites. We are now focusing on developing larger, full-service stores, with broad inventory offerings across all categories, while also providing value-added services that help drive retail traffic. During the quarter ended March 31, 2015, we closed our two most outlying stores in DFW, and signed a lease on a new larger location in the western part of the area. During the quarter ended June 30, 2015, we closed an additional DFW location, and during the most recent quarter ended September 30, 2015, we closed one of our locations in the Charleston market. We will continue to focus on evolving our business across all of our markets, in an effort to drive efficiency across our geographical footprint, and maximize profitability.

 

 9 

 

 

Three Months Ended September 30, 2015 compared to Three Months Ended September 30, 2014

 

Sales. Sales related to continuing operations decreased by $516,423, or 3%, during the three months ended September 30, 2015, to $16,523,826, as compared to $17,040,249 during the same period in 2014. Bullion sales were up compared to the three months ended September 30, 2014, while jewelry and scrap sales were down approximately 30% and 51%, respectively, compared with the prior year quarter.

 

Gross Profit. For the three months ended September 30, 2015, gross profit decreased by $747,664, or 24%, to $2,386,741, as compared to $3,134,405 during the same period in 2014. The decrease in gross profit dollars was due to decreased sales and lower gross margin as a percentage of revenue. Gross margin as a percentage of revenue was 14.4% compared to 18.4% in the prior year, due to growth in the low margin bullion segment during the quarter.

 

Selling, General and Administrative Expenses. For the three months ended September 30, 2015, Selling, General and Administrative (“SG&A”) expenses decreased by $240,906, or 8%, to $2,689,569, as compared to $2,930,475 during the same period in 2014. The overall decrease in SG&A was achieved primarily through continued efforts to reduce expenses at all levels, including store-level operating expenses, corporate overhead, and advertising expense. The decrease was partially offset by an accrual of $360,000 related to a potential Texas sales tax assessment based on a preliminary assessment by Management in connection with the audit of fiscal year 2010 through June 2013 of our Texas sales tax during the three months ended September 30, 2015.

 

Depreciation and Amortization. For the three months ended September 30, 2015, depreciation and amortization expense was $80,499 compared to $105,971 for the same period in 2014, a decrease of $25,472, or 24%. This decrease in depreciation is related to a reduction in the level of fixed assets deployed, as the store count has decreased in recent months.

 

Interest Expense. For the three months ended September 30, 2015, interest expense was $84,826, a decrease of $4,414, or 5%, compared to $89,240 during the same period in 2014. The decrease is primarily due to a lower balance in trade payables to Elemetal Capital, on which the Company pays interest.

 

Income (loss) from Discontinued Operations. The results for the three months ended September 30, 2015, were income of $13,848 related to the Southern Bullion locations closed in 2014, compared to income of $166,757 in the same quarter of 2014. The income in both quarters relates to adjustments in accrued expenses related to the wind down of all Southern Bullion operations.

 

Nine Months Ended September 30, 2015 compared to Nine Months Ended September 30, 2014

 

Sales. Sales related to continuing operations decreased by $8,281,356, or 16%, during the nine months ended September 30, 2015, to $44,341,612, as compared to $52,622,968 during the same period in 2014. Bullion sales have increased compared to the prior year period. Scrap sales continued to trend downward, consistent with the industry, and DGSE’s jewelry, watch and diamond lines saw slight decreases, as extreme weather had an especially negatively impact on the Company’s core market during the first half of the year.

 

Gross Profit. For the nine months ended September 30, 2015, gross profit decreased by $2,066,160, or 22%, to $7,289,100, as compared to $9,355,260 during the same period in 2014. Gross margin as a percentage of revenue decreased to 16.4% for the nine months ended September 30, 2015, compared to 17.8% for the same period in the prior year, as the lower margin bullion segment increased.

 

Selling, General and Administrative Expenses. For the nine months ended September 30, 2015, SG&A expenses decreased by $1,525,866, or 16%, to $8,108,750, as compared to $9,634,616 during the same period in 2014. The decrease was achieved despite recognizing non-recurring expenses related to the closure of three DFW area stores. These expenses were primarily comprised of accelerated lease expense and fees related to early lease termination. The overall decrease in SG&A was achieved primarily through continued efforts to reduce expenses at all levels, including store-level operating expenses, corporate overhead, and advertising expense. The decrease was partially offset by an accrual of $360,000 related to a potential Texas sales tax assessment based on a preliminary assessment by Management in connection with the audit of fiscal year 2010 through June 2013 of our Texas sales tax during the three months ended September 30, 2015.

 

Depreciation and Amortization. For the nine months ended September 30, 2015, depreciation and amortization expense was $302,831 compared to $287,786 for the same period in 2014, an increase of $15,045, or 5%. This increase was due to the one-time write off of assets formerly utilized in four stores closed during the period.

 

Interest Expense. For the nine months ended September 30, 2015, interest expense was $257,487, a decrease of $896, or 0.3%, compared to $258,383 during the same period in 2014. The decrease is primarily due to a slightly lower balance in trade payables to Elemetal Capital, on which the Company pays interest.

 

 10 

 

 

Income (loss) from Discontinued Operations. The results for the nine months ended September 30, 2015, were income of $58,095 related to the Southern Bullion locations closed in 2014, compared to a loss of $3,984,808 related to operating losses, closure expenses, and asset write-offs of these locations in the same period of 2014. The current period income relates to adjustments in accrued expenses related to the wind down of all Southern Bullion operations.

 

Liquidity and Capital Resources

 

During the nine months ended September 30, 2015 and 2014, cash flows used in continuing operating activities totaled $516,540 and $1,836,198, respectively. The use of cash in continuing operating activities for the nine months ended September 30, 2015, was a result of losses from continuing operations of $1,415,581, combined with a $1,939,872 decrease in accounts payable and accrued expenses, and offset by an increase in customer deposits and other liabilities of $1,360,818, a reduction in accounts receivable of $737,002, and a reduction in inventory of $465,887.

 

During the nine months ended September 30, 2015 and 2014, cash flows used in investing activities totaled $235,488 and $141,887, respectively. The use of cash in investing activities during both periods was the result of purchases of property and equipment. In the current year, property and equipment purchases primarily related to build out of the Company’s new store in Euless, Texas.

 

During the nine months ended September 30, 2015 and 2014, cash flows used in financing activities totaled $107,000 and $179,405, respectively. The use of cash in financing activities during both periods was primarily the result of repayment of debt, and payments on capital lease obligations.

 

During the nine months ended September 30, 2015 and 2014, cash flows provided by discontinued operations totaled $16,745 and $1,470,618, respectively. The cash flow provided by discontinued operations in the prior year period was primarily related to the liquidation of inventory from Southern Bullion.

 

We expect our capital expenditures to total approximately $500,000 during the current fiscal year, of which we spent $235,488 during the nine months ended September 30, 2015. These expenditures will be largely driven by the build out of the new Euless location, upgrades and repairs of existing facilities, and the re-launch of our website. As of September 30, 2015, 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 they will continue to do so in the future.

 

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. In August 2016, our mortgage payable on our largest retail location is due and has been classified as current on the consolidated balance sheet as of September 30, 2015. The balloon payment will be approximately $1.5 million. We believe will be able to refinance, extend or replace this mortgage payable prior to the termination date.

 

From time to time, we have adjusted our inventory levels to meet seasonal demand or in order to meet working capital requirements. Management believes 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, an affiliate of DGSE’s majority stockholder Elemetal, 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 anticipated termination–at which point all amounts outstanding thereunder would 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 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 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 DGSE and Texas Capital Bank, and additional proceeds have been used as working capital in the ordinary course of business. We 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 were amortized to interest expense on a straight-line basis over two years, and have been completely amortized. 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, and on February 4, 2015, we entered into an additional two-year extension, extending the termination date to August 1, 2017, unless earlier terminated as described above. No debt issuance costs were incurred in relation to these extensions. All other terms of the agreement remain the same. As of September 30, 2015 and December 31, 2014, we had outstanding balances of $2,303,359 and $2,303,359, respectively, drawn on the NTR credit facility. Any additional drawdown of funds on the Loan Agreement require the approval of NTR.

 

 11 

 

 

On July 15, 2014, we received final notice from the Texas Comptroller of its consent to a payment agreement to pay amounts due by us under the Texas Comptroller’s decision (the “Decision”) in connection with the 2010 Sales Tax Audit (the “Payment Agreement”). As more fully discussed in the Legal Proceeding section of the Fiscal 2014 10-K, pursuant to the terms of the Payment Agreement, we agreed to pay approximately $1.1 million in taxes, penalties and interest. Pursuant to the terms of the Payment Agreement, we will pay the agreed amount provided in the Decision over an 18-month period, which began with an initial payment of $325,000 in June 2014, followed by monthly payments of $47,000 until all agreed tax amounts, penalty and accrued interest are paid. This expense was fully accrued in Fiscal 2014, but based on the terms of the Payment Agreement, DGSE will make payments of $47,000 per month for the balance of 2015. As of September 30, 2015, the balance of payments to the Texas Comptroller, related to the Decision, was approximately $182,000.

 

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.

 

Disclosure Controls and Procedures

 

Based upon the evaluation required by Section 11a-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 September 30, 2015, were effective.

 

Changes in Internal Control over Financial Reporting

 

There have been no changes in our internal controls over financial reporting during the quarter ended September 30, 2015, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

 

PART II OTHER INFORMATION

 

Item 1. Legal Proceedings.

 

There have been no material changes with respect to the legal proceedings disclosed in our Annual Report on Form 10-K for the year ended December 31, 2014.

 

Item 1A. Risk Factors.

 

For a full 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 2014 10-K. Other than as listed below, there have been no material changes in our risk factors from those disclosed in our Fiscal 2014 10-K. The risk factors disclosed in our Fiscal 2014 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.

 

 12 

 

 

Our success depends on our ability to attract, retain and motivate qualified directors, management and other skilled employees. Recent changes in key personnel and directors could cause disruptions in our business.

 

Our future success and growth depend on the continued services of our directors, key management and employees. The loss of the services of any of these individuals or any other key employee or contractor could materially affect our business. The resignation of all three of our independent directors in August and September of 2015 caused us to be temporarily out of compliance with the continued listing requirements of the NYSE MKT, which require that 50% of the members of the Board are independent and that the audit committee of the Board be comprised of at least two members, all of whom are independent. We are also out of compliance with the governance reforms we agreed to make in connection with our Agreed Final Judgment with the SEC, which require us to have at least five Board members, at least three-fifths of whom are independent. The Board has since elected two new independent directors, and we are actively looking for a third independent director. On October 15, 2015, DGSE received a letter from the NYSE MKT confirming that, based on the addition of two new independent directors, DGSE has resolved the continued listing deficiencies described above and is now in compliance with the NYSE MKT’s continued listing standards. However, we cannot guarantee that we will be able to attract and retain an additional independent director in a reasonable amount of time. If we do not retain a third independent director in a timely manner to comply with the governance reforms set forth in our Agreed Final Judgment with the SEC, we may be the subject of additional enforcement actions and further lawsuits. Our future success also depends on our ability to identify, attract and retain additional qualified personnel. Competition for employees in our industry is intense and we may not be successful in attracting or retaining them. There are a limited number of people with knowledge of, and experience in, our industry. We do not have employment agreements with many of our key employees. We do not maintain life insurance policies on any of our employees. The loss of key personnel, especially without advance notice, or the inability to hire or retain qualified personnel, could have a material adverse effect on sales and operations. In recent months, our Chief Executive Officer and Chief Financial Officer have departed and we named a new Chief Executive Officer and new Chief Financial Officer. There can be no assurance that the recent changes in these two key positions, along with changes in the composition of our Board of Directors will not cause disruption to our operations. We cannot guarantee that we will continue to retain our key management and skilled personnel, or that we will be able to attract, assimilate and retain other highly qualified personnel in the future.

 

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.

 

 13 

 

 

Item 6. Exhibits.

 

Exhibit       Filed   Incorporated       Date Filed   Exhibit  
No.   Description   Herein   by Reference   Form   with SEC   No.  
                           
3.1   Articles of Incorporation dated September 17, 1965       X   8-A12G   June 23, 1999   3.1  
                           
3.2   Certificate of Amendment to Articles of Incorporation, dated October 14, 1981       X   8-A12G   June 23, 1999   3.2  
                           
3.3   Certificate of Resolution, dated October 14, 1981       X   8-A12G   June 23, 1999   3.3  
                           
3.4   Certificate of Amendment to Articles of Incorporation , dated July 15, 1986       X   8-A12G   June 23, 1999   3.4  
                           
3.5   Certificate of Amendment to Articles of Incorporation, dated August 23, 1998       X   8-A12G   June 23, 1999   3.5  
                           
3.6   Certificate of Amendment to Articles of Incorporation, dated June 26, 1992       X   8-A12G   June 23, 1999   3.6  
                           
3.7   Certificate of Amendment to Articles of Incorporation, dated June 26, 2001       X   8-K   July 3, 2001   1.0  
                           
3.8   Certificate of Amendment to Articles of Incorporation, dated May 22, 2007       X   8-K   May 31, 2007   3.1  
                           
3.9   By-laws, dated March 2, 1992       X   8-A12G   June 23, 1999   3.7  
                           
3.10   Amendment to By-laws, dated September 4, 2015       X   8-K   September 11, 2015   3.1  
                           
3.11   Amendment to By-laws, dated October 9, 2015       X   8-K   October 9, 2015   3.1  
                           
4.1   Specimen Common Stock Certificate       X   S-4   January 6, 2007   4.1  
                           
10.1   Offer Letter by and between DGSE and Matthew M. Peakes, dated September 4, 2015       X   8-K   September 11, 2015   10.1  
                           
10.2   Consulting, Separation and Release of Claims Agreement by and between DGSE and James D. Clem, dated September 4, 2015       X   8-K   September 11, 2015   10.2  
                               

 

 14 

 

 

10.3   Offer Letter by and between DGSE and Nabil J. Lopez, dated October 29, 2015       X   8-K   October 29, 2015   10.1  
                           
31.1   Certification pursuant to Rule 11a-14(a) of the Securities Exchange Act of 1934 implementing Section 302 of the Sarbanes-Oxley Act of 2002 by Matthew M. Peakes   X                  
                           
31.2   Certification pursuant to Rule 11a-14(a) of the Securities Exchange Act of 1934 implementing Section 302 of the Sarbanes-Oxley Act of 2002 by Nabil J. Lopez   X                  
                           
32.1   Certification pursuant to 18 U.S.C. Section 1150 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 by Matthew M. Peakes   X                  
                           
32.2   Certification pursuant to 18 U.S.C. Section 1150 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 by Nabil J. Lopez   X                  
                           
101.INS   XBRL Instance Document   X                  
                           
101.SCH   XBRL Taxonomy Extension Schema   X                  
                           
101.CAL   XBRL Taxonomy Extension Calculation Linkbase   X                  
                           
101.DEF   XBRL Taxonomy Extension Definition Linkbase   X                  
                           
101.LAB   XBRL Taxonomy Extension Label Linkbase   X                  
                           
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 15 

 

 

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: November 12, 2015    By:   /s/ MATTHEW M. PEAKES  
    Matthew M. Peakes   
   

Chief Executive Officer

(Principal Executive Officer) 

  
       
Date: November 12, 2015     /s/ NABIL J. LOPEZ  
    Nabil J. Lopez   
   

Chief Financial Officer

(Principal Financial Officer) 

  

 

 

 16 

 EX-31.1 2 v423929_ex31-1.htm EXHIBIT 31.1

 

EXHIBIT 31.1

 

CERTIFICATION

 

I, Matthew M. Peakes, 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 officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 11a-15(e) and 15d-15(e)), and internal control over financial reporting (as defined in Exchange Act Rules 11a–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 officer 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:  November 12, 2015 By: /s/ MATTHEW M. PEAKES
    Matthew M. Peakes
    Chief Executive Officer
    (Principal Executive Officer)

 

 

 EX-31.2 3 v423929_ex31-2.htm EXHIBIT 31.2

 

EXHIBIT 31.2

 

CERTIFICATION

 

 

I, Nabil J. Lopez, 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 officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 11a-15(e) and 15d-15(e)), and internal control over financial reporting (as defined in Exchange Act Rules 11a–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 officer 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:  November 12, 2015 By: /s/ NABIL J. LOPEZ
    Nabil J. Lopez
    Chief Financial Officer
    (Principal Financial Officer)

 

 

 EX-32.1 4 v423929_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. § 1150)

 

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 September 30, 2015, which accompanies this certification fully complies with the requirements of Section 11(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. § 1150) and shall not be relied upon for any other purpose.

 

Date:  November 12, 2015 By: /s/ MATTHEW M. PEAKES
    Matthew M. Peakes
    Chief Executive Officer
    (Principal Executive Officer)

 

 

 EX-32.2 5 v423929_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. § 1150)

 

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 September 30, 2015, which accompanies this certification fully complies with the requirements of Section 11(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. § 1150) and shall not be relied upon for any other purpose.

 

Date:  November 12, 2015 By: /s/ NABIL J. LOPEZ
    Nabil J. Lopez
    Chief Financial Officer
    (Principal Financial Officer)

 

 

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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.</p> </div> <div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify;"><b>Earnings Per Share</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0.25in;">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. 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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 have been used as working capital in the ordinary course of business. The Company incurred debt issuance costs associated with the Loan Agreement totaling $<font>56,150</font>. The debt issuance costs were included in other assets in the accompanying consolidated balance sheet, were amortized to interest expense on a straight-line basis over <font>two</font> years, and were completely amortized as of July 2014. On February 25, 2014, we entered into a one-year extension of the Loan Agreement with NTR, extending the termination date to <font>August 1, 2015</font>, and on February 4, 2015, we entered into an additional two-year extension, extending the termination date to <font>August 1, 2017</font>, unless earlier terminated as described above.&#160;No debt issuance costs were incurred in relation to these extensions. All other terms of the agreement remain the same. As of September 30, 2015 and December 31, 2014, the outstanding balance of the NTR loan was $<font>2,303,359</font>.</font></div> <font style="font-size: 10.0pt; font-family: 'Times New Roman',serif; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;"></font></td> </tr> </table> </div> <div class="CursorPointer"> <table cellpadding="0" cellspacing="0" style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; margin-top: 0px; margin-bottom: 0px; width: 100%;"> <tr style="vertical-align: top;"> <td style="width: 13.7pt;">&#160;</td> <td style="width: 18pt; font-family: 'times new roman';">(2)</td> <td style="font-family: 'Times New Roman';"><!-- [if gte mso 9]><xml> <o:OfficeDocumentSettings> <o:AllowPNG></o:AllowPNG> </o:OfficeDocumentSettings> </xml><![endif]--> <!-- [if gte mso 9]><xml> 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The Loan Agreement anticipated termination&#150;at which point all amounts outstanding thereunder would be due and payable (such amounts, the &#147;Obligations&#148;)&#150;upon the earlier of: (i)&#160;<font>August 1, 2014</font>; (ii) the date that is twelve&#160;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)&#160;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&#160;<font>(2</font>%) 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 have been used as working capital in the ordinary course of business. The Company incurred debt issuance costs associated with the Loan Agreement totaling $<font>56,150</font>. The debt issuance costs were included in other assets in the accompanying consolidated balance sheet, were amortized to interest expense on a straight-line basis over <font>two</font> years, and were completely amortized as of July 2014. On February 25, 2014, we entered into a one-year extension of the Loan Agreement with NTR, extending the termination date to <font>August 1, 2015</font>, and on February 4, 2015, we entered into an additional two-year extension, extending the termination date to <font>August 1, 2017</font>, unless earlier terminated as described above.&#160;No debt issuance costs were incurred in relation to these extensions. All other terms of the agreement remain the same. 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Locked="false" Priority="49" Name="List Table 4 Accent 6"></w:LsdException> <w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 6"></w:LsdException> <w:LsdException Locked="false" Priority="51" Name="List Table 6 Colorful Accent 6"></w:LsdException> <w:LsdException Locked="false" Priority="52" Name="List Table 7 Colorful Accent 6"></w:LsdException> </w:LatentStyles> </xml><![endif]--> <!-- [if gte mso 10]> <style> /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:"Times New Roman",serif;} </style> <![endif]--> <div>On July 11, 2006, DGSE entered into a promissory note for $<font>2,530,000</font> related to the mortgage on its largest retail location in Dallas, Texas with The Ohio National Life Insurance Company. 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The non-cancelable lease agreement required an advanced payment of $<font>2,304</font> and monthly payments of $<font>1,077</font> for <font>60</font> months at an interest rate of <font>4.2</font>% beginning in </font><font style="font-size: 10pt;">May 2011</font><font style="font-size: 10pt;">. 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The Loan Agreement anticipated termination–at which point all amounts outstanding thereunder would 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 have been 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 were included in other assets in the accompanying consolidated balance sheet, were amortized to interest expense on a straight-line basis over two years, and were completely amortized as of July 2014. 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, and on February 4, 2015, we entered into an additional two-year extension, extending the termination date to August 1, 2017, unless earlier terminated as described above. No debt issuance costs were incurred in relation to these extensions. All other terms of the agreement remain the same. As of September 30, 2015 and December 31, 2014, the outstanding balance of the NTR loan was $2,303,359. On July 11, 2006, DGSE entered into a promissory note for $2,530,000 related to the mortgage on its largest retail location in Dallas, Texas with The Ohio National Life Insurance Company. The note bears an interest rate of six and seventy one-hundredths of one percent (6.70%) per annum, with a balloon payment of approximately $1.5 million on August 1, 2016 for the outstanding balance. Monthly principal payment payments of $20,192 plus accrued interest are required. The note is secured by the land and building. As of September 30, 2015 and December 31, 2014, the outstanding balance of the note was $1,623,098 and $1,720,525, respectively. On April 3, 2011, 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 2011. At the end of the lease in May 2018, the equipment can be purchased for $1. 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[Table Text Block] Schedule of Reconciliation of Basic and Diluted Average Common Shares Schedule of Inventory, Current [Table Text Block] Schedule of Inventories Schedule of Long-term Debt Instruments [Table Text Block] Schedule of Long-Term Debt Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] Schedule of Discontinued Operations Schedule of Related Party Transactions, by Related Party [Table] Schedule of Share-based Compensation Arrangements by Share-based Payment Award [Table] Selling, General and Administrative Expense Selling, general and administrative expenses Selling, general and administrative expenses Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period Units granted Share-based Compensation Stock based compensation to employees, officers and directors Share-based Compensation Arrangement by Share-based Payment 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stockholders' equity Subsequent Event Type [Axis] Subsequent Event [Member] Subsequent event Subsequent Event Type [Domain] Supplemental Cash Flow Information [Abstract] Supplemental Disclosures: Supplier Concentration Risk [Member] Purchases [Member] Relationship to Entity [Domain] Title of Individual [Axis] Trade and Other Accounts Receivable, Policy [Policy Text Block] Accounts Receivable Trade Names [Member] Trade name [Member] Unrealized Gain on Securities Gain on marketable securities Use of Estimates, Policy [Policy Text Block] Use of Estimates Weighted Average Number of Shares Outstanding, Basic [Abstract] Weighted-average number of common shares Weighted Average Number of Shares Outstanding, Basic Basic Basic weighted average shares Weighted Average Number of Shares Outstanding, Diluted Diluted Diluted weighted average shares EX-101.PRE 11 dgse-20150930_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE EXCEL 12 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 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Long-Term Debt (Schedule of Debt) (Details) - USD ($)
 9 Months Ended
Sep. 30, 2015
Dec. 31, 2014
Debt Instrument [Line Items]    
Sub-Total $ 3,955,128 $ 4,062,128
Less: Current maturities of capital leases 11,942 11,529
Less: Current maturities of mortgage payable 1,623,098 131,003
Long-term debt 2,320,088 3,919,596
Less: Line of credit [1] 2,303,359 2,303,359
Long-term debt, less current maturities 16,729 1,616,237
NTR line of credit [Member]    
Debt Instrument [Line Items]    
Sub-Total [1] $ 2,303,359 2,303,359
Current Interest Rate [1] 2.00%  
Maturity [1] Aug. 01, 2017  
Mortgage payable [Member]    
Debt Instrument [Line Items]    
Sub-Total [2] $ 1,623,098 1,720,525
Current Interest Rate [2] 6.70%  
Maturity [2] Aug. 01, 2016  
Capital leases [Member]    
Debt Instrument [Line Items]    
Sub-Total [3] $ 28,671 $ 38,244
Current Interest Rate [3] 4.20%  
Maturity [3] May 01, 2018  
[1] On July 19, 2012, DGSE entered into a loan agreement with NTR Metals, LLC (“NTR”), an affiliate of DGSE's largest 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 anticipated termination–at which point all amounts outstanding thereunder would 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 have been 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 were included in other assets in the accompanying consolidated balance sheet, were amortized to interest expense on a straight-line basis over two years, and were completely amortized as of July 2014. 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, and on February 4, 2015, we entered into an additional two-year extension, extending the termination date to August 1, 2017, unless earlier terminated as described above. No debt issuance costs were incurred in relation to these extensions. All other terms of the agreement remain the same. As of September 30, 2015 and December 31, 2014, the outstanding balance of the NTR loan was $2,303,359.
[2] On July 11, 2006, DGSE entered into a promissory note for $2,530,000 related to the mortgage on its largest retail location in Dallas, Texas with The Ohio National Life Insurance Company. The note bears an interest rate of six and seventy one-hundredths of one percent (6.70%) per annum, with a balloon payment of approximately $1.5 million on August 1, 2016 for the outstanding balance. Monthly principal payment payments of $20,192 plus accrued interest are required. The note is secured by the land and building. As of September 30, 2015 and December 31, 2014, the outstanding balance of the note was $1,623,098 and $1,720,525, respectively.
[3] On April 3, 2011, 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 2011. At the end of the lease in May 2018, the equipment can be purchased for $1.
XML 15 R9.htm IDEA: XBRL DOCUMENT v3.3.0.814
Inventories
 9 Months Ended
Sep. 30, 2015
Inventories [Abstract]  
Inventories
(4) Inventories

 

A summary of inventories is as follows:

 

    September 30,
     December 31,
  
    2015      2014   
     
Jewelry $ 9,166,112     $ 9,755,580  
Scrap gold     604,191       536,181  
Bullion     598,182       493,368  
Rare coins and Other     309,785       359,028  
    $ 10,678,270     $ 11,144,157  
XML 16 R29.htm IDEA: XBRL DOCUMENT v3.3.0.814
Discontinued Operations (Narrative) (Details) - USD ($)
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Dec. 31, 2013
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]          
Net loss $ (468,698) $ 179,588 $ (1,357,486) $ (4,795,630)  
Southern Bullion [Member]          
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]          
Net loss         $ (1,900,000)
XML 17 R28.htm IDEA: XBRL DOCUMENT v3.3.0.814
Related Party Transactions (Details) - USD ($)
 1 Months Ended 3 Months Ended 9 Months Ended
Feb. 25, 2014
Jul. 19, 2012
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Dec. 31, 2014
Related Party Transaction [Line Items]              
Interest paid         $ 149,884 $ 146,157  
Accounts payable-trade     $ 4,237,211   4,237,211   $ 5,831,736
Net income     (468,698) $ 179,588 (1,357,486) (4,795,630)  
Elemetal [Member]              
Related Party Transaction [Line Items]              
Due to related party     3,728,906   3,728,906   3,721,144
Due from related party     $ 90,000   90,000   34,343
Interest paid         136,528 140,898  
Carbon Fund One [Member]              
Related Party Transaction [Line Items]              
Related party revenue           37,148  
Purchases from related party         $ 11,330 97,515  
Accounts payable-trade     $ 119,999 119,999  
Net income         $ (1,334) $ 35,907  
Sales [Member] | Elemetal [Member]              
Related Party Transaction [Line Items]              
Concentration risk, percentage         22.00% 24.00%  
Purchases [Member] | Elemetal [Member]              
Related Party Transaction [Line Items]              
Concentration risk, percentage         28.00% 26.00%  
NTR Loan Agreement [Member]              
Related Party Transaction [Line Items]              
Interest paid         $ 34,293 $ 34,502  
Issuance date         Jul. 19, 2012    
Credit facility amount, maximum     $ 7,500,000   $ 7,500,000    
Interest rate, credit     2.00%   2.00%    
Maturity Aug. 01, 2015 Aug. 01, 2014     Aug. 01, 2017    
Long-term Line of Credit     $ 2,303,359   $ 2,303,359   $ 2,303,359
Corporate Office [Member]              
Related Party Transaction [Line Items]              
Rent expenses         $ 39,375 $ 39,375  
XML 18 R30.htm IDEA: XBRL DOCUMENT v3.3.0.814
Discontinued Operations (Schedule of Discontinued Operations) (Details) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Selling, general and administrative expenses $ 2,689,569 $ 2,930,475 $ 8,108,750 $ 9,634,616
Other income, net (3,766) 12,982 (7,469) (44,679)
Other income, net 81,060 102,222 250,018 213,704
Income (loss) from discontinued operations after income taxes $ 13,848 166,757 58,095 (3,984,808)
Southern Bullion [Member]        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Sales 59 $ 65 5,367,867
Cost of goods sold (5,433) 3,642,244
Gross margin 5,492 $ 65 1,725,623
Selling, general and administrative expenses $ (11,725) $ (76,042) $ (55,867) 2,479,085
Depreciation and amortization 3,259,552
Total expenses $ (11,725) $ (76,042) $ (55,867) 5,738,637
Operating income (loss) $ 11,725 81,534 $ 55,932 (4,013,014)
Other income, net (77) (19,475)
Interest (income) expense (920) $ (40) 9,968
Other income, net (997) (40) (9,507)
Income (loss) from discontinued operations before income taxes $ 11,725 82,531 55,972 (4,003,507)
Income tax benefit 2,123 84,226 2,123 18,699
Income (loss) from discontinued operations after income taxes $ 13,848 $ 166,757 $ 58,095 $ (3,984,808)
XML 19 R8.htm IDEA: XBRL DOCUMENT v3.3.0.814
Critical Accounting Policies and Estimates
 9 Months Ended
Sep. 30, 2015
Critical Accounting Policies and Estimates [Abstract]  
Critical Accounting Policies and Estimates
(3) Critical Accounting Policies and Estimates

 

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.

 

Recent Accounting Pronouncement

In May 2014, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”), which supersedes nearly all existing revenue recognition guidance under U.S. GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP. The standard is effective for annual periods beginning after December 15, 2016, and interim periods therein, using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients; or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). In July 2015, the FASB voted to approve a one-year deferral to the effective date of ASU 2014-09 to be adopted by all public companies for all annual periods and interim reporting periods beginning after December 15, 2017. The Company is currently evaluating the impact of our pending adoption of ASU 2014-09 on our consolidated financial statements and have not yet determined the method by which the Company will adopt the standard in 2018.

 

On July 22, 2015, the FASB issued Accounting Standards Update No. 2015-11, Simplifying the Measurement of Inventory (ASU 2015-11). ASU 2015-11 requires an entity to measure most inventory at the lower of cost and net realizable value, thereby simplifying the current guidance under which an entity must measure inventory at the lower of cost or market. ASU 2015-11 will not apply to inventories that are measured using either the last-in, first-out (LIFO) method or the retail inventory method. ASU 2015-11 is effective for public entities for financial statements issued for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years; early application is permitted. The Company is evaluating the financial statement implications of adopting ASU 2015-11.
XML 20 R2.htm IDEA: XBRL DOCUMENT v3.3.0.814
CONSOLIDATED BALANCE SHEETS - USD ($)
Sep. 30, 2015
Dec. 31, 2014
Current Assets:    
Cash and cash equivalents $ 1,342,152 $ 2,184,435
Trade receivables, net of allowances 167,074 904,076
Inventories 10,678,270 11,144,157
Prepaid expenses $ 171,730 104,513
Assets related to discontinued operations 49,729
Total current assets $ 12,359,226 14,386,910
Property and equipment, net 4,308,762 4,365,767
Intangible assets, net 17,230 27,568
Other assets 125,646 128,356
Total assets 16,810,864 18,908,601
Current Liabilities:    
Current maturities of long-term debt 1,623,098 131,003
Current maturities of capital leases 11,942 11,529
Accounts payable-trade 4,237,211 5,831,736
Accrued expenses 1,196,205 1,541,552
Customer deposits and other liabilities 2,443,596 1,082,778
Liabilities related to discontinued operations 212,485 303,564
Total current liabilities 9,724,537 8,902,162
Line of credit, related party 2,303,359 2,303,359
Long-term debt, less current maturities 16,729 1,616,237
Total liabilities $ 12,044,625 $ 12,821,758
Commitments and contingencies
STOCKHOLDERS' EQUITY    
Common stock, $0.01 par value; 30,000,000 shares authorized; 12,296,446 and 12,238,846 shares issued and outstanding $ 122,964 $ 122,388
Additional paid-in capital 34,267,577 34,231,271
Accumulated deficit (29,624,302) (28,266,816)
Total stockholders' equity 4,766,239 6,086,843
Total liabilities and stockholders' equity $ 16,810,864 $ 18,908,601
XML 21 R6.htm IDEA: XBRL DOCUMENT v3.3.0.814
Basis of Presentation
 9 Months Ended
Sep. 30, 2015
Basis of Presentation [Abstract]  
Basis of Presentation
(1) Basis of Presentation

 

The consolidated interim financial statements of DGSE Companies, Inc., a Nevada corporation, and its subsidiaries (the “Company” or “DGSE”), 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, 2014 (such fiscal year, “Fiscal 2014” and such Annual Report on Form 10-K, the “Fiscal 2014 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 22 R22.htm IDEA: XBRL DOCUMENT v3.3.0.814
Inventories (Details) - USD ($)
Sep. 30, 2015
Dec. 31, 2014
Inventories [Abstract]    
Jewelry $ 9,166,112 $ 9,755,580
Scrap gold 604,191 536,181
Bullion 598,182 493,368
Rare coins and Other 309,785 359,028
Total $ 10,678,270 $ 11,144,157
XML 23 R24.htm IDEA: XBRL DOCUMENT v3.3.0.814
Basic and Diluted Average Shares (Reconciliation of Basic Earnings per Common Share and Diluted Earnings Per Common Share) (Details) - shares
 3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Basic and Diluted Average Shares [Abstract]        
Basic weighted average shares 12,296,446 12,223,584 12,268,475 12,209,416
Effect of potential dilutive securities 47,778
Diluted weighted average shares 12,296,446 12,271,362 12,268,475 12,209,416
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Principles of Consolidation and Nature of Operations
 9 Months Ended
Sep. 30, 2015
Principles of Consolidation and Nature of Operations [Abstract]  
Principles of Consolidation and Nature of Operations
(2) Principles of Consolidation and Nature of Operations

 

DGSE buys and sells 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.

 

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 26 R3.htm IDEA: XBRL DOCUMENT v3.3.0.814
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Sep. 30, 2015
Dec. 31, 2014
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 12,296,446 12,238,846
Common stock, shares outstanding 12,296,446 12,238,846
XML 27 R17.htm IDEA: XBRL DOCUMENT v3.3.0.814
Inventories (Tables)
 9 Months Ended
Sep. 30, 2015
Inventories [Abstract]  
Schedule of Inventories

 

    September 30,
     December 31,
  
    2015      2014   
     
Jewelry $ 9,166,112     $ 9,755,580  
Scrap gold     604,191       536,181  
Bullion     598,182       493,368  
Rare coins and Other     309,785       359,028  
    $ 10,678,270     $ 11,144,157  
XML 28 R1.htm IDEA: XBRL DOCUMENT v3.3.0.814
Document and Entity Information - shares
 9 Months Ended
Sep. 30, 2015
Nov. 12, 2015
Document and Entity Information [Abstract]    
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Sep. 30, 2015  
Entity Registrant Name DGSE COMPANIES INC  
Entity Central Index Key 0000701719  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2015  
Document Fiscal Period Focus Q3  
Entity Filer Category Smaller Reporting Company  
Entity Common Stock, Shares Outstanding   12,296,446
XML 29 R18.htm IDEA: XBRL DOCUMENT v3.3.0.814
Basic and Diluted Average Shares (Tables)
 9 Months Ended
Sep. 30, 2015
Basic and Diluted Average Shares [Abstract]  
Schedule of Reconciliation of Basic and Diluted Average Common Shares

 

 

For the Three Months Ended

September 30,

   For the Nine Months Ended
September 30,
  2015
     2014   2015   2014  
       
Basic weighted average shares 12,296,446 12,223,584 12,268,475       12,209,416  
Effect of potential dilutive securities - 47,778     -       -  
Diluted  weighted average shares 12,296,446 12,271,362     12,268,475       12,209,416  
XML 30 R4.htm IDEA: XBRL DOCUMENT v3.3.0.814
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Revenue:        
Sales $ 16,523,826 $ 17,040,249 $ 44,341,612 $ 52,622,968
Cost of goods sold 14,137,085 13,905,844 37,052,512 43,267,708
Gross margin 2,386,741 3,134,405 7,289,100 9,355,260
Expenses:        
Selling, general and administrative expenses 2,689,569 2,930,475 8,108,750 9,634,616
Depreciation and amortization 80,499 105,971 302,831 287,786
Total operating expenses 2,770,068 3,036,446 8,411,581 9,922,402
Operating (loss) income (383,327) 97,959 (1,122,481) (567,142)
Other expense (income):        
Other (income) expense, net (3,766) 12,982 (7,469) (44,679)
Interest expense 84,826 89,240 257,487 258,383
Other expense 81,060 102,222 250,018 213,704
Loss from continuing operations before income taxes (464,387) (4,263) (1,372,499) (780,846)
Income tax expense (benefit) 18,159 (17,094) 43,082 29,976
(Loss) income from continuing operations (482,546) 12,831 (1,415,581) (810,822)
Discontinued operations:        
Income (loss) from discontinued operations, net of taxes 13,848 166,757 58,095 (3,984,808)
Net (loss) income $ (468,698) $ 179,588 $ (1,357,486) $ (4,795,630)
Basic net loss per common share:        
(Loss) income from continuing operations $ (0.04) $ 0.00 $ (0.11) $ (0.06)
(Loss) income from discontinued operations 0.01 (0.33)
Net (loss) income per share $ (0.04) 0.01 $ (0.11) (0.39)
Diluted net loss per common share:        
(Loss) income from continuing operations $ (0.04) 0.00 $ (0.11) (0.06)
(Loss) income from discontinued operations 0.01 (0.33)
Net (loss) income per share $ (0.04) $ 0.01 $ (0.11) $ (0.39)
Weighted-average number of common shares        
Basic 12,296,446 12,223,584 12,268,475 12,209,416
Diluted 12,296,446 12,271,362 12,268,475 12,209,416
XML 31 R12.htm IDEA: XBRL DOCUMENT v3.3.0.814
Stock-Based Compensation
 9 Months Ended
Sep. 30, 2015
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 2014, DGSE's Board of Directors (the “Board”) granted 112,000 RSUs to its 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 Company 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. Pursuant to these grants, an additional 15,000 RSUs vested in January 2015, and the recipients were subsequently issued common stock. Of the RSUs granted in January 2014, only 17,500 remain unvested and outstanding as of September 30, 2015.

 

In September of 2014, the Board granted 14,200 RSUs to each of its three outside directors, for a total of 42,600 RSUs issued. Each RSU is convertible into one share of Common Stock without additional payment pursuant to the terms of the RSU Award Agreement, dated September 17, 2014, between the Company and each recipient. All of the RSUs were to vest and become exercisable on the earlier of: (i) the one year anniversary of the grant date, or (ii) the day prior to the next Annual Meeting of the Stockholders of DGSE Companies, Inc., subject to each recipient's continued status as a Director through such dates and other terms and conditions of set forth in the RSU Award Agreement. Upon termination of service of the recipient to the Company, 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. All 42,600 of these RSUs vested as of June 9, 2015, the day prior to our 2015 Annual Meeting of Stockholders, which was held June 10, 2015, and subsequently 42,600 shares of common stock were issued pursuant to these RSUs, on June 11, 2015.

 

Stock-based compensation expense for the three months ended September 30, 2015 and 2014 was $687 and $5,760, respectively, and for the nine months ended September 30, 2015 and 2014 was $10,919 and $112,330, respectively relating to employee and director RSUs, and included in selling, general and administrative expenses in the accompanying consolidated statements of operations. Certain stock compensation expenses related to the discontinued Southern Bullion Coin & Jewelry (“Southern Bullion”) operations for the nine months ended September 30, 2014, have been reclassified to discontinued operations.
XML 32 R11.htm IDEA: XBRL DOCUMENT v3.3.0.814
Long-Term Debt
 9 Months Ended
Sep. 30, 2015
Long-Term Debt [Abstract]  
Long-Term Debt
(6) Long-Term Debt

 


Outstanding Balance        

September 30,
2015

  December 31,
2014		     Current
Interest Rate		   Maturity
             
NTR line of credit (1) $ 2,303,359     $ 2,303,359     2.0 % August 1, 2017
Mortgage payable (2)     1,623,098       1,720,525     6.7 % August 1, 2016
Capital leases (3)     28,671       38,244     4.2 %  May 1, 2018
Sub-Total     3,955,128       4,062,128          
Less: Current maturities of capital leases     11,942       11,529          
Less: Current maturities of mortgage payable     1,623,098       131,003          
Long-term debt     2,320,088       3,919,596          
Less: Line of credit (1)     2,303,359       2,303,359          
Long term debt, less current maturities   $ 16,729     $ 1,616,237          


(1)
On July 19, 2012, DGSE entered into a loan agreement with NTR Metals, LLC (“NTR”), an affiliate of DGSE's largest 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 anticipated termination–at which point all amounts outstanding thereunder would 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 have been 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 were included in other assets in the accompanying consolidated balance sheet, were amortized to interest expense on a straight-line basis over two years, and were completely amortized as of July 2014. 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, and on February 4, 2015, we entered into an additional two-year extension, extending the termination date to August 1, 2017, unless earlier terminated as described above. No debt issuance costs were incurred in relation to these extensions. All other terms of the agreement remain the same. As of September 30, 2015 and December 31, 2014, the outstanding balance of the NTR loan was $2,303,359.
  (2)
On July 11, 2006, DGSE entered into a promissory note for $2,530,000 related to the mortgage on its largest retail location in Dallas, Texas with The Ohio National Life Insurance Company. The note bears an interest rate of six and seventy one-hundredths of one percent (6.70%) per annum, with a balloon payment of approximately $1.5 million on August 1, 2016 for the outstanding balance. Monthly principal payment payments of $20,192 plus accrued interest are required. The note is secured by the land and building. As of September 30, 2015 and December 31, 2014, the outstanding balance of the note was $1,623,098 and $1,720,525, respectively.
(3)
On April 3, 2011, 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 2011. At the end of the lease in May 2018, the equipment can be purchased for $1.
     
XML 33 R23.htm IDEA: XBRL DOCUMENT v3.3.0.814
Basic and Diluted Average Shares (Narrative) (Details) - shares
 3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
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 5,030,000 5,327,500 5,030,000 5,327,500
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 17,500 42,145 17,500 42,145
XML 34 R19.htm IDEA: XBRL DOCUMENT v3.3.0.814
Long-Term Debt (Tables)
 9 Months Ended
Sep. 30, 2015
Long-Term Debt [Abstract]  
Schedule of Long-Term Debt
Outstanding Balance        

September 30,
2015

  December 31,
2014		     Current
Interest Rate		   Maturity
             
NTR line of credit (1) $ 2,303,359     $ 2,303,359     2.0 % August 1, 2017
Mortgage payable (2)     1,623,098       1,720,525     6.7 % August 1, 2016
Capital leases (3)     28,671       38,244     4.2 %  May 1, 2018
Sub-Total     3,955,128       4,062,128          
Less: Current maturities of capital leases     11,942       11,529          
Less: Current maturities of mortgage payable     1,623,098       131,003          
Long-term debt     2,320,088       3,919,596          
Less: Line of credit (1)     2,303,359       2,303,359          
Long term debt, less current maturities   $ 16,729     $ 1,616,237          


(1)
On July 19, 2012, DGSE entered into a loan agreement with NTR Metals, LLC (“NTR”), an affiliate of DGSE's largest 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 anticipated termination–at which point all amounts outstanding thereunder would 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 have been 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 were included in other assets in the accompanying consolidated balance sheet, were amortized to interest expense on a straight-line basis over two years, and were completely amortized as of July 2014. 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, and on February 4, 2015, we entered into an additional two-year extension, extending the termination date to August 1, 2017, unless earlier terminated as described above. No debt issuance costs were incurred in relation to these extensions. All other terms of the agreement remain the same. As of September 30, 2015 and December 31, 2014, the outstanding balance of the NTR loan was $2,303,359.
  (2)
On July 11, 2006, DGSE entered into a promissory note for $2,530,000 related to the mortgage on its largest retail location in Dallas, Texas with The Ohio National Life Insurance Company. The note bears an interest rate of six and seventy one-hundredths of one percent (6.70%) per annum, with a balloon payment of approximately $1.5 million on August 1, 2016 for the outstanding balance. Monthly principal payment payments of $20,192 plus accrued interest are required. The note is secured by the land and building. As of September 30, 2015 and December 31, 2014, the outstanding balance of the note was $1,623,098 and $1,720,525, respectively.
(3)
On April 3, 2011, 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 2011. At the end of the lease in May 2018, the equipment can be purchased for $1.
     
XML 35 R15.htm IDEA: XBRL DOCUMENT v3.3.0.814
Discontinued Operations
 9 Months Ended
Sep. 30, 2015
Discontinued Operations [Abstract]  
Discontinued Operations

(10) Discontinued Operations


During the first half of 2014, the Company elected to discontinue the operations of Southern Bullion, due to the lack of profitability and management's belief that it was unlikely that profitability would be reached in the foreseeable future. The significant change in the precious metals market in 2013, 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. As a result, during 2013, the Southern Bullion operations generated a net loss of approximately $1.9 million. The operating results for all Southern Bullion operations have been reclassified as discontinued operations in the consolidated statements of operations for the three and nine month periods ended September 30, 2015 and 2014.

 

 

For the Three Months Ended

September 30,

   For the Nine Months Ended
September 30,
    2015 2014     2015 2014  
   
 
Revenue:            
Sales   $ -     $ 59     $ 65     $ 5,367,867  
Cost of goods sold     -       (5,433 )     -       3,642,244  
Gross margin     -       5,492     65       1,725,623  
                             
Expenses:                            
Selling, general and administrative expenses     (11,725 )     (76,042 )     (55,867 )     2,479,085  
Depreciation and amortization     -       -     -       3,259,552  
Total expenses     (11,725 )     (76,042 )     (55,867 )     5,738,637  
                               
Operating income (loss)     11,725       81,534     55,932       (4,013,014 )
                         
Other expense (income):                          
Other income, net     -       (77 )      -       (19,475 )
Interest (income) expense     -       (920 )     (40 )     9,968  
      -       (997 )     (40 )     (9,507 )
                               
Income (loss) from discontinued operations before income taxes     11,725       82,531
    55,972       (4,003,507 )
                                 
Income tax benefit     2,123       84,226
    2,123       18,699
                                 
Income (loss) from discontinued operations after income taxes   $ 13,848     $ 166,757     $ 58,095     $ (3,984,808 )

 

Discontinued operations for the three and nine months ended September 30, 2015, include adjustments of existing expense accruals related to winding down the operations of Southern Bullion. The three and nine months ended September 30, 2014, includes losses related to store operations, prior to all stores being closed, as well as expenses for key Southern Bullion personnel involved in winding down the business, and expenses related to cancellation of leases and other contracts. The Company believes it has now recognized all material expenses related to the closure of Southern Bullion operations.
XML 36 R13.htm IDEA: XBRL DOCUMENT v3.3.0.814
Related Party Transactions
 9 Months Ended
Sep. 30, 2015
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, DGSE's Board considers the size and duration of the transaction, the nature and interest of the 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 DGSE's stockholders to continue, modify, or terminate any of the Related Party transactions. DGSE's Related Person Transaction Policy is available for review in its entirety under the “Investors” menu of the Company's corporate relations website at www.DGSECompanies.com.

 

Elemetal is DGSE's largest shareholder. Elemetal and its affiliates are also DGSE's primary refiner and bullion trading partner. In the nine months ended September 30, 2015, 22% of sales and 28% of purchases were transactions with Elemetal, and in the same period of 2014, these transactions represented 24% of DGSE's sales and 26% of DGSE's purchases. As of September 30, 2015, the Company was obligated to pay $3,728,906 to Elemetal as a trade payable, and had a $90,000 receivable from Elemetal. As of December 31, 2014, the Company was obligated to pay $3,721,144 to Elemetal as a trade payable, and had a $34,343 receivable from Elemetal. In the nine months ended September 30, 2015 and 2014, the Company paid Elemetal $136,528 and $140,898, respectively, in interest on the Company's outstanding payable.

 

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 anticipated termination–at which point all amounts outstanding thereunder would 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 additional proceeds are expected were used as working capital in the ordinary course of business. 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, and on February 4, 2015, we entered into an additional two-year extension, extending the termination date to August 1, 2017, unless earlier terminated as described above. All other terms of the agreement remain the same. As of September 30, 2015 and December 31, 2014, the outstanding balance of the NTR loan was $2,303,359. In the nine months ended September 30, 2015 and 2014, the Company paid NTR $34,293 and $34,502, respectively, in interest on the Company's line of credit.

 

In April 2011, DGSE moved its principal corporate offices to office space at 15850 Dallas Parkway, Suite 140, Dallas, Texas. This property is owned by an affiliate of Elemetal and also serves as their headquarters. DGSE leases space in the building subject to a lease that will expire in December 2015. In the nine months ended September 30, 2015 and 2014, the Company recognized rent expense of $39,375 and $39,375, respectively, related to this lease.

 

In the fourth quarter of Fiscal 2011, the Company established a wholly owned subsidiary named Carbon Fund One, LLC to act as the general partner (the “General Partner”) for Carbon Fund One, LP (the “Fund”), which was established at the same time. The Fund was an investment fund specializing in the buying and selling of gemstones. The General Partner receives a one percent ownership interest of the Fund, and is paid 2% carried interest on assets under management by the Fund, and 20% of net earnings before distributions to the limited partners. The Fund was intended to provide an investment vehicle for individuals interested in investment opportunities in diamonds and gemstones, and provide incremental value to the Company's shareholders by utilizing the Company's expertise, infrastructure, and retail and wholesale customer base, to generate additional profit through earnings from its role as General Partner. Ultimately, DGSE's management made the decision to end its involvement in the Fund, and the General Partner has wrapped up the Fund's activities and liquidated all remaining inventory. The Fund transacted business with the Company from time to time, including buying gemstones from and selling gemstones to the Company. In the nine months ended September 30, 2015, the Company made no sales to the Fund, had purchases of $11,330 from the Fund, and owed the Fund nothing as of September 30, 2015 in trade payables. In the nine months ended September 30, 2014, the Company made sales of $37,148 to the Fund, had purchases of $97,515 from the Fund, and owed the Fund $119,999 as of September 30, 2014 in trade payables. Additionally, in the nine months ended September 30, 2015, the General Partner generated net loss of $1,334 from its role with the Fund, while in the same quarter of 2014, the General Partner generated net income of $35,907. The loss in the current year was driven by low activity within the Fund, combined with expenses related to the shutdown of the Fund.
XML 37 R14.htm IDEA: XBRL DOCUMENT v3.3.0.814
Legal Proceedings
 9 Months Ended
Sep. 30, 2015
Legal Proceedings [Abstract]  
Legal Proceedings
(9) Legal Proceedings

 

There have been no material changes with respect to the legal proceedings disclosed in our Annual Report on Form 10-K for the year ended December 31, 2014.
XML 38 R16.htm IDEA: XBRL DOCUMENT v3.3.0.814
Critical Accounting Policies and Estimates (Policy)
 9 Months Ended
Sep. 30, 2015
Critical Accounting Policies and Estimates [Abstract]  
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.
Recent Accounting Pronouncement

Recent Accounting Pronouncement

In May 2014, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”), which supersedes nearly all existing revenue recognition guidance under U.S. GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP. The standard is effective for annual periods beginning after December 15, 2016, and interim periods therein, using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients; or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). In July 2015, the FASB voted to approve a one-year deferral to the effective date of ASU 2014-09 to be adopted by all public companies for all annual periods and interim reporting periods beginning after December 15, 2017. The Company is currently evaluating the impact of our pending adoption of ASU 2014-09 on our consolidated financial statements and have not yet determined the method by which the Company will adopt the standard in 2018.

 

On July 22, 2015, the FASB issued Accounting Standards Update No. 2015-11, Simplifying the Measurement of Inventory (ASU 2015-11). ASU 2015-11 requires an entity to measure most inventory at the lower of cost and net realizable value, thereby simplifying the current guidance under which an entity must measure inventory at the lower of cost or market. ASU 2015-11 will not apply to inventories that are measured using either the last-in, first-out (LIFO) method or the retail inventory method. ASU 2015-11 is effective for public entities for financial statements issued for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years; early application is permitted. The Company is evaluating the financial statement implications of adopting ASU 2015-11.
XML 39 R21.htm IDEA: XBRL DOCUMENT v3.3.0.814
Critical Accounting Policies and Estimates (Details)
Sep. 30, 2015
Instruments
Critical Accounting Policies and Estimates [Abstract]  
Number of instruments held for trading purposes 0
XML 40 R26.htm IDEA: XBRL DOCUMENT v3.3.0.814
Long-Term Debt (Footnotes) (Details) - USD ($)
 1 Months Ended 9 Months Ended
Feb. 25, 2014
Jul. 19, 2012
Sep. 30, 2015
Dec. 31, 2014
Debt Instrument [Line Items]        
Long-term Debt     $ 2,320,088 $ 3,919,596
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, 2017  
Interest rate, credit     2.00%  
Debt issuance costs   $ 56,150    
Period in which debt issuance costs are to be amortized     2 years  
Outstanding balance of credit facility     $ 2,303,359 2,303,359
Graybar Financial Services lease [Member]        
Debt Instrument [Line Items]        
Issuance date     Apr. 03, 2011  
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  
Mortgages [Member]        
Debt Instrument [Line Items]        
Debt instrument, face amount     2,530,000  
Monthly payments     $ 20,192  
Maturity     Aug. 01, 2016  
Interest rate, debt     6.70%  
Balloon payment due     $ 1,500,000  
Long-term Debt     $ 1,623,098 $ 1,720,525
XML 41 R5.htm IDEA: XBRL DOCUMENT v3.3.0.814
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Cash Flows From Operating Activities:    
Net loss $ (1,357,486) $ (4,795,630)
Income (loss) from discontinued operations, net of tax 58,095 (3,984,808)
Loss from continuing operations, net of tax (1,415,581) (810,822)
Adjustments to reconcile loss from continuing operations to net cash used in operating activities of continuing operations:    
Depreciation and amortization 302,831 287,786
Stock based compensation to employees, officers and directors 36,882 39,358
Changes in operating assets and liabilities:    
Trade receivables, net 737,002 (62,276)
Inventories 465,887 320,964
Prepaid expenses (67,217) (68,380)
Other assets 2,710 60,511
Accounts payable and accrued expenses (1,939,872) (738,614)
Customer deposits and other liabilities 1,360,818 (864,725)
Net cash used in operating activities of continuing operations (516,540) (1,836,198)
Cash Flows From Investing Activities:    
Purchases of property and equipment (235,488) (141,887)
Net cash used in investing activities of continuing operations (235,488) (141,887)
Cash Flows From Financing Activities:    
Repayment of debt (97,427) (91,131)
Payments on capital lease obligations $ (9,573) (8,274)
Repayment of line of credit with related party (80,000)
Net cash used in financing activities of continuing operations $ (107,000) (179,405)
Cash Flows From Discontinued Operations:    
Net cash provided by operating activities of discontinued operations 16,745 1,470,618
Net change in cash (842,283) (686,872)
Cash, beginning of period 2,184,435 2,637,726
Cash, end of period 1,342,152 1,950,854
Supplemental Disclosures:    
Cash paid during the period for: Interest $ 149,884 $ 146,157
Cash paid during the period for: Income taxes
Noncash item:    
Transfer of inventory from discontinued operations $ 1,524,864
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Basic and Diluted Average Shares
 9 Months Ended
Sep. 30, 2015
Basic and Diluted Average Shares [Abstract]  
Basic and Diluted Average Shares
(5) Basic and Diluted Average Shares

 

A reconciliation of basic and diluted weighted average common shares for the three months and nine months ended September 30, 2015 and 2014, is as follows:

 

 

For the Three Months Ended

September 30,

   For the Nine Months Ended
September 30,
  2015
     2014   2015   2014  
       
Basic weighted average shares 12,296,446 12,223,584 12,268,475       12,209,416  
Effect of potential dilutive securities - 47,778     -       -  
Diluted  weighted average shares 12,296,446 12,271,362     12,268,475       12,209,416  

 

For the three and nine months ended September 30, 2015 and 2014, options to purchase 5,030,000 and 5,327,500 shares of common stock, respectively, were not added to the diluted average shares because inclusion of such shares would be antidilutive. For the three and nine months ended September 30, 2015 and 2014, there were 17,500 and 42,145 unvested Restricted Stock Units (“RSUs”), respectively, not added to the diluted average shares because inclusion of such shares would be antidilutive.

XML 44 R27.htm IDEA: XBRL DOCUMENT v3.3.0.814
Stock-Based Compensation (Details) - RSUs [Member] - USD ($)
 1 Months Ended 3 Months Ended 9 Months Ended
Jul. 11, 2015
Jul. 09, 2015
Jan. 31, 2015
Sep. 30, 2014
Jan. 31, 2014
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                  
Units granted       42,600 112,000        
Units vested   42,600 15,000   28,000        
Units exercised 42,600                
Units outstanding           17,500   17,500  
Stock-based compensation expense           $ 687 $ 5,760 $ 10,919 $ 112,330
Outside Director One [Member]                  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                  
Units granted       14,200          
Outside Director Two [Member]                  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                  
Units granted       14,200          
Outside Director Three [Member]                  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                  
Units granted       14,200          
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Discontinued Operations (Tables)
 9 Months Ended
Sep. 30, 2015
Discontinued Operations [Abstract]  
Schedule of Discontinued Operations
 

For the Three Months Ended

September 30,

   For the Nine Months Ended
September 30,
    2015 2014     2015 2014  
   
 
Revenue:            
Sales   $ -     $ 59     $ 65     $ 5,367,867  
Cost of goods sold     -       (5,433 )     -       3,642,244  
Gross margin     -       5,492     65       1,725,623  
                             
Expenses:                            
Selling, general and administrative expenses     (11,725 )     (76,042 )     (55,867 )     2,479,085  
Depreciation and amortization     -       -     -       3,259,552  
Total expenses     (11,725 )     (76,042 )     (55,867 )     5,738,637  
                               
Operating income (loss)     11,725       81,534     55,932       (4,013,014 )
                         
Other expense (income):                          
Other income, net     -       (77 )      -       (19,475 )
Interest (income) expense     -       (920 )     (40 )     9,968  
      -       (997 )     (40 )     (9,507 )
                               
Income (loss) from discontinued operations before income taxes     11,725       82,531
    55,972       (4,003,507 )
                                 
Income tax benefit     2,123       84,226
    2,123       18,699
                                 
Income (loss) from discontinued operations after income taxes   $ 13,848     $ 166,757     $ 58,095     $ (3,984,808 )