Property and Equipment

12 Months Ended

Dec. 31, 2017

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment Disclosure [Text Block]

Note 5 – Property and Equipment

 

Property and equipment consists of the following:

	December 31,
	2017		2016
Building and improvements	$	1,676,942	$	1,580,584
Machinery and equipment		1,518,938		1,456,314
Furniture and fixtures		563,782		570,889
		3,759,662		3,607,787
Less: accumulated depreciation		(2,068,790)		(1,942,684)
Total property and equipment	$	1,690,872	$	1,665,103

We owned a 20,456 square foot facility at 11311 Reeder Road, Dallas, Texas, which housed our largest retail operation. The land and buildings were subject to a mortgage maturing in August 2016, with a principal balance outstanding of $1,587,106 as of July 26, 2016. We sold that facility on July 26, 2016 for $2,250,000 to 2 DAK Investments, LLC. The land was recorded on the books at $1,160,470 and accompanying buildings were recorded at $2,142,530. Both were retired along with the accumulated depreciation of $401,724 upon the sale of the assets. After all the fees were recorded, DGSE posted a loss of $1,156,135 upon the sale of the Reeder Road location.

 

Depreciation expense was $320,744 and $403,716 for Fiscal 2017 and Fiscal 2016, respectively.