Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Nov. 14, 2016 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | DGSE COMPANIES INC | |
Entity Central Index Key | 701,719 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Trading Symbol | DGSE | |
Entity Common Stock, Shares Outstanding | 12,388,976 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Current Assets: | ||
Cash and cash equivalents | $ 1,141,818 | $ 1,752,711 |
Trade receivables, net of allowances | 225,726 | 229,848 |
Inventories | 9,148,168 | 9,565,506 |
Prepaid expenses | 95,303 | 106,547 |
Total current assets | 10,611,015 | 11,654,612 |
Property and equipment, net | 1,741,155 | 4,281,388 |
Intangible assets, net | 3,446 | 13,784 |
Other assets | 110,605 | 204,226 |
Total assets | 12,466,221 | 16,154,010 |
Current Liabilities: | ||
Line of credit, related party | 2,303,359 | 0 |
Current maturities of long-term debt | 0 | 1,589,522 |
Current maturities of capital leases | 12,457 | 12,069 |
Accounts payable-trade | 7,091,127 | 5,689,056 |
Accrued expenses | 814,659 | 1,174,458 |
Customer deposits and other liabilities | 851,204 | 1,309,648 |
Liabilities related to discontinued operations | 190,810 | 190,810 |
Total current liabilities | 11,263,616 | 9,965,563 |
Line of credit, related party | 0 | 2,303,359 |
Long-term debt, less current maturities | 4,271 | 13,664 |
Total liabilities | 11,267,887 | 12,282,586 |
Commitments and contingencies | ||
STOCKHOLDERS' EQUITY | ||
Common stock, $0.01 par value; 30,000,000 shares authorized; 12,389,976 and 12,296,446 shares issued and 12,388,976 and 12,295,446 shares outstanding | 123,899 | 122,964 |
Additional paid-in capital | 34,330,592 | 34,267,577 |
Accumulated deficit | (33,256,157) | (30,519,117) |
Total stockholders' equity | 1,198,334 | 3,871,424 |
Total liabilities and stockholders' equity | $ 12,466,221 | $ 16,154,010 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Sep. 30, 2016 | Dec. 31, 2015 |
Common stock, par value per share | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 30,000,000 | 30,000,000 |
Common stock, shares issued | 12,389,976 | 12,296,446 |
Common stock, shares outstanding | 12,388,976 | 12,295,446 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Revenue: | ||||
Sales | $ 10,572,071 | $ 16,523,826 | $ 37,844,993 | $ 44,341,612 |
Cost of goods sold | 8,704,491 | 14,137,085 | 31,546,514 | 37,052,512 |
Gross margin | 1,867,580 | 2,386,741 | 6,298,479 | 7,289,100 |
Expenses: | ||||
Selling, general and administrative expenses | 2,184,041 | 2,689,569 | 7,401,556 | 8,108,750 |
Loss on the sale of assets | 1,026,078 | 0 | 1,026,078 | 0 |
Depreciation and amortization | 77,878 | 80,499 | 287,278 | 302,831 |
Total operating expenses | 3,287,997 | 2,770,068 | 8,714,912 | 8,411,581 |
Operating loss | (1,420,417) | (383,327) | (2,416,433) | (1,122,481) |
Other expense (income): | ||||
Other income, net | (3,110) | (3,766) | (3,371) | (7,469) |
Interest expense | 88,909 | 84,826 | 284,679 | 257,487 |
Total other expense (income) | 85,799 | 81,060 | 281,308 | 250,018 |
Loss from continuing operations before income taxes | (1,506,216) | (464,387) | (2,697,741) | (1,372,499) |
Income tax expense | 4,334 | 18,159 | 39,960 | 43,082 |
Loss from continuing operations | (1,510,550) | (482,546) | (2,737,701) | (1,415,581) |
Discontinued operations: | ||||
Income from discontinued operations, net of taxes | 825 | 13,848 | 661 | 58,095 |
Net loss | $ (1,509,725) | $ (468,698) | $ (2,737,040) | $ (1,357,486) |
Basic net loss per common share: | ||||
Loss from continuing operations | $ (0.12) | $ (0.04) | $ (0.22) | $ (0.11) |
Income from discontinued operations | 0 | 0 | 0 | 0 |
Net loss per share | (0.12) | (0.04) | (0.22) | (0.11) |
Diluted net loss per common share: | ||||
Loss from continuing operations | (0.12) | (0.04) | (0.22) | (0.11) |
Income from discontinued operations | 0 | 0 | 0 | 0 |
Net loss income per share | $ (0.12) | $ (0.04) | $ (0.22) | $ (0.11) |
Weighted-average number of common shares | ||||
Basic | 12,358,466 | 12,295,446 | 12,327,753 | 12,267,475 |
Diluted | 12,358,466 | 12,295,446 | 12,327,753 | 12,267,475 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Cash Flows From Operating Activities: | ||
Net loss | $ (2,737,040) | $ (1,357,486) |
Income from discontinued operations, net of tax | 661 | 58,095 |
Loss from continuing operations, net of tax | (2,737,701) | (1,415,581) |
Adjustments to reconcile loss from continuing operations to net cash used in operating activities of continuing operations: | ||
Depreciation and amortization | 287,278 | 302,831 |
Loss on the sale of assets | 1,026,078 | 0 |
Stock based compensation to employees, officers and directors | 63,950 | 36,882 |
Changes in operating assets and liabilities: | ||
Trade receivables, net | 4,122 | 737,002 |
Inventories | 417,338 | 465,887 |
Prepaid expenses | 11,244 | (67,217) |
Other assets | 93,621 | 2,710 |
Accounts payable and accrued expenses | 1,042,271 | (1,939,872) |
Customer deposits and other liabilities | (458,444) | 1,360,818 |
Net cash used in operating activities of continuing operations | (250,243) | (516,540) |
Cash Flows From Investing Activities: | ||
Proceeds from sale of assets | 2,124,416 | 0 |
Purchases of property and equipment | (887,201) | (235,488) |
Net cash provided by (used in) investing activities of continuing operations | 1,237,215 | (235,488) |
Cash Flows From Financing Activities: | ||
Repayment of debt | (1,589,521) | (97,427) |
Payments on capital lease obligations | (9,005) | (9,573) |
Net cash used in financing activities of continuing operations | (1,598,526) | (107,000) |
Cash Flows From Discontinued Operations: | ||
Net cash provided by operating activities of discontinued operations | 661 | 16,745 |
Net change in cash and cash equivalents | (610,893) | (842,283) |
Cash and cash equivalents, beginning of period | 1,752,711 | 2,184,435 |
Cash and cash equivalents, end of period | 1,141,818 | 1,342,152 |
Supplemental Disclosures: | ||
Cash paid during the period for: Interest | 237,849 | 149,884 |
Cash paid during the period for: Income taxes | $ 0 | $ 0 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2016 | |
Basis of Presentation [Abstract] | |
Business Description and Basis of Presentation [Text Block] | Note 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, 2015, including Amendment No. 1 (such fiscal year, “Fiscal 2015” and such Annual Report on Form 10-K, including Amendment No. 1, the “Fiscal 2015 Annual Report”). 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. |
Principles of Consolidation and
Principles of Consolidation and Nature of Operations | 9 Months Ended |
Sep. 30, 2016 | |
Principles of Consolidation and Nature of Operations [Abstract] | |
Nature of Operations [Text Block] | Note 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 South Carolina and Texas. 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. |
Critical Accounting Policies an
Critical Accounting Policies and Estimates | 9 Months Ended |
Sep. 30, 2016 | |
Critical Accounting Policies and Estimates [Abstract] | |
Critical Accounting Policies and Estimates [Text Block] | Note 3 - Critical Accounting Policies and Estimates 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. 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. In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date On July 22, 2015, the FASB issued Accounting Standards Update No. 2015-11, Simplifying the Measurement of Inventory In November 2015, the FASB issued Accounting Standards Update No. 2015-17, Balance Sheet Classification of Deferred Taxes On February 25, 2016, the FASB issued its new lease accounting guidance in Accounting Standards Update No. 2016-02 (“ASU 2016-02”), Leases Revenue from Contracts with Customers. On March 30, 2016, the FASB issued Accounting Standards Update 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2016 | |
Inventory Disclosure [Abstract] | |
Inventory Disclosure [Text Block] | Note 4 - Inventories A summary of inventories is as follows: September 30, December 31, 2016 2015 Jewelry $ 7,863,571 $ 8,365,828 Scrap gold 714,238 506,560 Bullion 282,175 357,644 Rare coins and Other 288,184 335,474 $ 9,148,168 $ 9,565,506 |
Basic and Diluted Average Share
Basic and Diluted Average Shares | 9 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | Note 5 - Basic and Diluted Average Shares For the Three Months Ended For the Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Basic weighted average shares 12,358,466 12,295,446 12,327,753 12,267,475 Effect of potential dilutive securities - - - - Diluted weighted average shares 12,358,466 12,295,446 12,327,753 12,267,475 For the three and nine months ended September 30, 2016 and 2015, options to purchase 5,015,000 5,030,000 5,000,000 15 October 25, 2016 31,010 17,500 |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Sep. 30, 2016 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | Note 6 - Long-Term Debt Outstanding Balance September 30, December 31, Current 2016 2015 Interest Rate Maturity NTR line of credit (1) $ 2,303,359 $ 2,303,359 2.0 % August 1, 2017 Mortgage payable (2) - 1,589,522 6.7 % August 1, 2016 Capital leases (3) 16,728 25,733 4.2 % May 1, 2018 Sub-Total 2,320,087 3,918,614 Less: NTR line of credit (1) 2,303,359 - Less: Current maturities of capital leases 12,457 12,069 Less: Current maturities of mortgage payable - 1,589,522 Long-term debt 4,271 2,317,023 Less: Line of credit (1) - 2,303,359 Long term debt, less current maturities $ 4,271 $ 13,664 (1) On July 19, 2012, DGSE entered into a loan agreement with NTR Metals, LLC (“NTR”), an affiliate of DGSE’s largest stockholder Elemetal, pursuant to which NTR agreed to provide the Company a guidance line of revolving credit in an amount up to $ 7,500,000 2 56,150 2,303,359 Related Party Transactions (2) On July 11, 2006, DGSE entered into a promissory note for $ 2,530,000 6.70 1.5 20,192 1,509,027 0 1,589,522 (3) On April 3, 2011, DGSE entered into a capital lease for $ 58,563 2,304 1,077 4.2 1 In May 2016, the Company entered into a Sale Agreement for the property associated with our largest retail store located in Dallas, Texas with 1and2 Automotive, LLC and/or its assigns for $ 2,250,000 1,026,078 250,000 |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2016 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation [Text Block] | Note 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 28,000 2,000 500 In September of 2014, the Board granted 14,200 42,600 42,600 42,600 On March 24, 2016, the Board awarded the three independent directors a total of 122,040 30,510 30,510 0.01 30,510 On April 27, 2016, the Board awarded Matthew M. Peakes, the Chief Executive Officer of the Company, and Nabil J. Lopez, the Chief Financial Officer of the Company at such time, a total of 125,000 31,250 four 0.01 50,000 In addition to the RSU grant above for Mr. Peakes and Mr. Lopez, the Compensation Committee granted an additional 125,000 Stock-based compensation expense for the three months ended September 30, 2016 and 2015 was $ 25,628 687 63,950 36,882 |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | Note 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, 2016, 35 20 22 28 6,021,325 1,088 4,176,037 169,136 187,784 136,528 On July 19, 2012 7,500,000 August 1, 2014 2 August 1, 2017 2,303,359 34,421 34,293 In April 2013, 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 expired in December 2015. The Company continues to pay this lease on a month-to-month basis with no increase in the rent. In the nine months ended September 30, 2016 and 2015, the Company recognized rent expense of $ 67,500 39,375 In the fourth quarter of Fiscal 2013, 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 three and nine months ended September 30, 2016, the Company made no sales or purchases from the Fund, and owed the Fund nothing as of September 30, 2016 in trade payables. In the three months ended September 20, 2015, the Company made no sales or purchases from the Fund. 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. Additionally, in the three and nine months ended September 30, 2015, the General Partner generated net losses of $ 228 1,334 On June 20, 2016, the Company entered into a stock purchase agreement with Elemetal and NTR, pursuant to which (i) DGSE agreed to sell and issue to NTR shares of common stock at a stock price of $0.41 per share in exchange for the cancellation and forgiveness of all amounts outstanding under the Loan Agreement and an associated $ 7,500,000 8,536,585 1,000,000 0.65 3,500,000 |
Legal Proceedings
Legal Proceedings | 9 Months Ended |
Sep. 30, 2016 | |
Legal Proceedings [Abstract] | |
Legal Proceedings [Text Block] | Note 9 - Legal Proceedings There have been no material changes with respect to the legal proceedings disclosed in our Annual Report on Form 10-K, including Amendment No. 1, for the year ended December 31, 2015. |
Discontinued Operations
Discontinued Operations | 9 Months Ended |
Sep. 30, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | Note 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 For the Three Months Ended For the Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Revenue: Sales $ - $ - $ - $ 65 Cost of goods sold - - - - Gross margin - - - 65 Expenses: Selling, general and administrative expenses - (11,725) - (55,867) Depreciation and amortization - - - - Total expenses - (11,725) - (55,867) Operating income - 11,725 - 55,932 Other expense (income): Other income, net - - - - Interest (income) expense - - - (40) - - - (40) Income from discontinued operations before income taxes - 11,725 - 55,972 Income tax benefit 825 2,123 661 2,123 Income from discontinued operations after income taxes $ 825 $ 13,848 $ 661 $ 58,095 As of September 30, 2016, the Company believes it has now recognized all material expenses related to the closure of Southern Bullion operations. 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. |
Critical Accounting Policies 16
Critical Accounting Policies and Estimates (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
Critical Accounting Policies and Estimates [Abstract] | |
Fair Value of Financial Instruments, Policy [Policy Text Block] | 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, Policy [Policy Text Block] | 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. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncement In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date On July 22, 2015, the FASB issued Accounting Standards Update No. 2015-11, Simplifying the Measurement of Inventory In November 2015, the FASB issued Accounting Standards Update No. 2015-17, Balance Sheet Classification of Deferred Taxes On February 25, 2016, the FASB issued its new lease accounting guidance in Accounting Standards Update No. 2016-02 (“ASU 2016-02”), Leases Revenue from Contracts with Customers. On March 30, 2016, the FASB issued Accounting Standards Update 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | A summary of inventories is as follows: September 30, December 31, 2016 2015 Jewelry $ 7,863,571 $ 8,365,828 Scrap gold 714,238 506,560 Bullion 282,175 357,644 Rare coins and Other 288,184 335,474 $ 9,148,168 $ 9,565,506 |
Basic and Diluted Average Sha18
Basic and Diluted Average Shares (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | A reconciliation of basic and diluted weighted average common shares for the three and nine months ended September 30, 2016 and 2015 is as follows: For the Three Months Ended For the Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Basic weighted average shares 12,358,466 12,295,446 12,327,753 12,267,475 Effect of potential dilutive securities - - - - Diluted weighted average shares 12,358,466 12,295,446 12,327,753 12,267,475 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments [Table Text Block] | Outstanding Balance September 30, December 31, Current 2016 2015 Interest Rate Maturity NTR line of credit (1) $ 2,303,359 $ 2,303,359 2.0 % August 1, 2017 Mortgage payable (2) - 1,589,522 6.7 % August 1, 2016 Capital leases (3) 16,728 25,733 4.2 % May 1, 2018 Sub-Total 2,320,087 3,918,614 Less: NTR line of credit (1) 2,303,359 - Less: Current maturities of capital leases 12,457 12,069 Less: Current maturities of mortgage payable - 1,589,522 Long-term debt 4,271 2,317,023 Less: Line of credit (1) - 2,303,359 Long term debt, less current maturities $ 4,271 $ 13,664 (1) On July 19, 2012, DGSE entered into a loan agreement with NTR Metals, LLC (“NTR”), an affiliate of DGSE’s largest stockholder Elemetal, pursuant to which NTR agreed to provide the Company a guidance line of revolving credit in an amount up to $ 7,500,000 2 56,150 2,303,359 Related Party Transactions (2) On July 11, 2006, DGSE entered into a promissory note for $ 2,530,000 6.70 1.5 20,192 1,509,027 0 1,589,522 (3) On April 3, 2011, DGSE entered into a capital lease for $ 58,563 2,304 1,077 4.2 1 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | For the Three Months Ended For the Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Revenue: Sales $ - $ - $ - $ 65 Cost of goods sold - - - - Gross margin - - - 65 Expenses: Selling, general and administrative expenses - (11,725) - (55,867) Depreciation and amortization - - - - Total expenses - (11,725) - (55,867) Operating income - 11,725 - 55,932 Other expense (income): Other income, net - - - - Interest (income) expense - - - (40) - - - (40) Income from discontinued operations before income taxes - 11,725 - 55,972 Income tax benefit 825 2,123 661 2,123 Income from discontinued operations after income taxes $ 825 $ 13,848 $ 661 $ 58,095 |
Inventories (Details)
Inventories (Details) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Inventory [Line Items] | ||
Jewelry | $ 7,863,571 | $ 8,365,828 |
Scrap gold | 714,238 | 506,560 |
Bullion | 282,175 | 357,644 |
Rare coins and Other | 288,184 | 335,474 |
Total | $ 9,148,168 | $ 9,565,506 |
Basic and Diluted Average Sha22
Basic and Diluted Average Shares (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Basic And Diluted Average Shares [Line Items] | ||||
Basic weighted average shares | 12,358,466 | 12,295,446 | 12,327,753 | 12,267,475 |
Effect of potential dilutive securities | 0 | 0 | 0 | 0 |
Diluted weighted average shares | 12,358,466 | 12,295,446 | 12,327,753 | 12,267,475 |
Basic and Diluted Average Sha23
Basic and Diluted Average Shares (Details Textual) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 5,000,000 | 5,000,000 | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 15 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Date | Oct. 25, 2016 | |||
Stock Options [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 5,015,000 | 5,030,000 | 5,015,000 | 5,030,000 |
Unvested Restricted Stock Units ("RSUs") [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 31,010 | 17,500 | 31,010 | 17,500 |
Long-Term Debt (Details)
Long-Term Debt (Details) - USD ($) | 9 Months Ended | |||
Sep. 30, 2016 | Jul. 27, 2016 | Dec. 31, 2015 | ||
Debt Instrument [Line Items] | ||||
Sub-Total | $ 2,320,087 | $ 3,918,614 | ||
Less: NTR line of credit | [1] | 2,303,359 | 0 | |
Less: Current maturities of capital leases | 12,457 | 12,069 | ||
Less: Current maturities of mortgage payable | 0 | 1,589,522 | ||
Long-term debt | 4,271 | 2,317,023 | ||
Less: Line of credit | [1] | 0 | 2,303,359 | |
Long term debt, less current maturities | 4,271 | 13,664 | ||
Mortgages payable [Member] | ||||
Debt Instrument [Line Items] | ||||
Sub-Total | [2] | 0 | 1,589,522 | |
Long-term debt | $ 0 | $ 1,509,027 | 1,589,522 | |
Current Interest Rate | [2] | 6.70% | ||
Maturity | [2] | Aug. 1, 2016 | ||
Capital leases [Member] | ||||
Debt Instrument [Line Items] | ||||
Sub-Total | [3] | $ 16,728 | 25,733 | |
Current Interest Rate | [3] | 4.20% | ||
Maturity | [3] | May 1, 2018 | ||
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. 1, 2017 | ||
[1] | On July 19, 2012, DGSE entered into a loan agreement with NTR Metals, LLC (“NTR”), an affiliate of DGSE’s largest stockholder 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 terminationat 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 remained the same. As of September 30, 2016 and December 31, 2015, the outstanding balance of the NTR loan was $2,303,359, which as of September 30, 2016 was reclassified to Current Liabilities as its maturity date is less than twelve months. See Note 8, Related Party Transactions for discussion of a proposed transaction with NTR to cancel and forgive all amounts outstanding under the Loan Agreement, subject to certain closing conditions including but not limited to shareholder approval. | |||
[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 bore 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 due on August 1, 2016 for the outstanding balance. Monthly principal payment payments of $20,192 plus accrued interest were required. The note was secured by the land and building. On July 27, 2016 the Company closed on the sale of this location and used the proceeds to pay off its outstanding mortgage payable balance of $1,509,027. As of September 30, 2016 and December 31, 2015, the outstanding balance of the note was $0 and $1,589,522, 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 $1. |
Long-Term Debt (Details Textual
Long-Term Debt (Details Textual) | Jul. 11, 2006USD ($) | May 31, 2016USD ($) | Jul. 19, 2012USD ($) | Apr. 03, 2011USD ($) | Sep. 30, 2016USD ($) | Jul. 27, 2016USD ($) | Dec. 31, 2015USD ($) | |
Debt Instrument [Line Items] | ||||||||
Long-term Debt | $ 4,271 | $ 2,317,023 | ||||||
Long-term Line of Credit | [1] | 2,303,359 | 0 | |||||
Number of Stores | 3 | |||||||
Mortgage Loan Related to Property Sales | $ 2,250,000 | |||||||
Restructuring and Related Cost, Accelerated Depreciation | 250,000 | |||||||
Gain (Loss) on Sale of Properties | 1,026,078 | |||||||
NTR Loan Agreement [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Related Commitment Fees and Debt Issuance Costs | $ 56,150 | |||||||
Long-term Line of Credit | 2,303,359 | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 7,500,000 | |||||||
Line of Credit Facility, Interest Rate at Period End | 2.00% | |||||||
Graybar Financial Services lease [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Term | 60 months | |||||||
Bargain Purchase Option | $ 1 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.20% | |||||||
Advances Capital Leases | $ 2,304 | |||||||
Debt Instrument, Face Amount | 58,563 | |||||||
Monthly payments | $ 1,077 | |||||||
Mortgages [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Debt | $ 0 | $ 1,509,027 | $ 1,589,522 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 6.70% | |||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 1,500,000 | |||||||
Debt Instrument, Face Amount | 2,530,000 | |||||||
Monthly payments | $ 20,192 | |||||||
[1] | On July 19, 2012, DGSE entered into a loan agreement with NTR Metals, LLC (“NTR”), an affiliate of DGSE’s largest stockholder 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 terminationat 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 remained the same. As of September 30, 2016 and December 31, 2015, the outstanding balance of the NTR loan was $2,303,359, which as of September 30, 2016 was reclassified to Current Liabilities as its maturity date is less than twelve months. See Note 8, Related Party Transactions for discussion of a proposed transaction with NTR to cancel and forgive all amounts outstanding under the Loan Agreement, subject to certain closing conditions including but not limited to shareholder approval. |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details Textual) - USD ($) | Aug. 15, 2016 | Jun. 11, 2015 | Jun. 09, 2015 | Apr. 27, 2016 | Mar. 24, 2016 | Jan. 31, 2015 | Sep. 30, 2014 | Jan. 31, 2014 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Stock-based compensation expense | $ 25,628 | $ 687 | $ 63,950 | $ 36,882 | |||||||||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||||
RSUs [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Units granted | 42,600 | 112,000 | |||||||||||
Units vested | 30,510 | 2,000 | 28,000 | ||||||||||
Units outstanding | 30,510 | 500 | 500 | ||||||||||
Common Stock, Par or Stated Value Per Share | $ 0.01 | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 50,000 | ||||||||||||
RSUs [Member] | Issued On Or About December 31, 2016 [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 30,510 | ||||||||||||
RSUs [Member] | Three Independent Directors [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Units granted | 122,040 | ||||||||||||
RSUs [Member] | Outside Director One [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Units vested | 42,600 | ||||||||||||
Units exercised | 42,600 | ||||||||||||
RSUs [Member] | Outside Director Three [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Units granted | 14,200 | ||||||||||||
RSUs [Member] | Chief Executive Officer And Chief Financial Officer [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Units granted | 125,000 | ||||||||||||
Units vested | 31,250 | ||||||||||||
Common Stock, Par or Stated Value Per Share | $ 0.01 | ||||||||||||
Performance Based Restricted Stock Units RSU [Member] | Chief Executive Officer And Chief Financial Officer [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Units granted | 125,000 | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years |
Related Party Transactions (Det
Related Party Transactions (Details Textual) - USD ($) | Feb. 04, 2015 | Jul. 19, 2012 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Jun. 20, 2016 | Dec. 31, 2015 | |
Related Party Transaction [Line Items] | |||||||||
Long-term Line of Credit | [1] | $ 2,303,359 | $ 2,303,359 | $ 0 | |||||
Accounts Payable, Trade, Current | 7,091,127 | 7,091,127 | 5,689,056 | ||||||
Net Income (Loss) Attributable to Parent | $ (1,509,725) | $ (468,698) | (2,737,040) | $ (1,357,486) | |||||
Interest Paid | $ 237,849 | 149,884 | |||||||
Letter of intent with Elemetal [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Share Price | $ 0.41 | $ 0.41 | |||||||
Stock Issued During Period, Value, New Issues | $ 2,429,608 | ||||||||
Stock Issued During Period, Shares, New Issues | 8,536,585 | ||||||||
NTR Loan Agreement [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Debt Instrument, Issuance Date | Jul. 19, 2012 | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 7,500,000 | ||||||||
Line of Credit Facility, Interest Rate at Period End | 2.00% | ||||||||
Debt Instrument, Maturity Date | Aug. 1, 2017 | Aug. 1, 2014 | |||||||
Long-term Line of Credit | $ 2,303,359 | ||||||||
Interest Paid | $ 34,421 | 34,293 | |||||||
Corporate Office [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Operating Leases, Rent Expense | 67,500 | 39,375 | |||||||
Elemetal [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Due to Related Parties | $ 6,021,325 | 4,176,037 | 6,021,325 | 4,176,037 | |||||
Due from Related Parties | $ 1,088 | 169,136 | 1,088 | 169,136 | |||||
Accounts Payable, Trade, Current | $ 3,500,000 | ||||||||
Interest Paid | $ 187,784 | $ 136,528 | |||||||
Share Price | $ 0.41 | ||||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right | 1,000,000 | ||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.65 | ||||||||
Elemetal [Member] | Sales [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Concentration Risk, Percentage | 35.00% | 22.00% | |||||||
Elemetal [Member] | Purchases [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Concentration Risk, Percentage | 20.00% | 28.00% | |||||||
Carbon Fund One [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Related Party Transaction, Purchases from Related Party | $ 11,330 | ||||||||
Net Income (Loss) Attributable to Parent | $ (228) | $ (1,334) | |||||||
NTR Metals, LLC [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 7,500,000 | ||||||||
[1] | On July 19, 2012, DGSE entered into a loan agreement with NTR Metals, LLC (“NTR”), an affiliate of DGSE’s largest stockholder 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 terminationat 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 remained the same. As of September 30, 2016 and December 31, 2015, the outstanding balance of the NTR loan was $2,303,359, which as of September 30, 2016 was reclassified to Current Liabilities as its maturity date is less than twelve months. See Note 8, Related Party Transactions for discussion of a proposed transaction with NTR to cancel and forgive all amounts outstanding under the Loan Agreement, subject to certain closing conditions including but not limited to shareholder approval. |
Discontinued Operations (Detail
Discontinued Operations (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Expenses: | ||||
Selling, general and administrative expenses | $ (2,184,041) | $ (2,689,569) | $ (7,401,556) | $ (8,108,750) |
Other expense (income): | ||||
Total Other expense (income) | 85,799 | 81,060 | 281,308 | 250,018 |
Income from discontinued operations after income taxes | 825 | 13,848 | 661 | 58,095 |
Southern Bullion [Member] | ||||
Revenue: | ||||
Sales | 0 | 0 | 0 | 65 |
Cost of goods sold | 0 | 0 | 0 | 0 |
Gross margin | 0 | 0 | 0 | 65 |
Expenses: | ||||
Selling, general and administrative expenses | 0 | (11,725) | 0 | (55,867) |
Depreciation and amortization | 0 | 0 | 0 | 0 |
Total expenses | 0 | (11,725) | 0 | (55,867) |
Operating income | 0 | 11,725 | 0 | 55,932 |
Other expense (income): | ||||
Other income, net | 0 | 0 | 0 | 0 |
Interest (income) expense | 0 | 0 | 0 | (40) |
Total Other expense (income) | 0 | 0 | 0 | (40) |
Income from discontinued operations before income taxes | 0 | 11,725 | 0 | 55,972 |
Income tax benefit | 825 | 2,123 | 661 | 2,123 |
Income from discontinued operations after income taxes | $ 825 | $ 13,848 | $ 661 | $ 58,095 |
Discontinued Operations (Deta29
Discontinued Operations (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Net Income (Loss) Attributable to Parent | $ (1,509,725) | $ (468,698) | $ (2,737,040) | $ (1,357,486) |
Southern Bullion [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Net Income (Loss) Attributable to Parent | $ 1,900,000 |