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.