Discontinued Operations

12 Months Ended

Dec. 31, 2015

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

Note 12 – Discontinued Operations

In February 2014, the Company elected to discontinue the operations of six Southern Bullion locations and in April 2014 elected to discontinue the operations of the 17 remaining Southern Bullion locations, due to the lack of profitability and management's belief that it was unlikely that profitability would be reached in the foreseeable future. The operating results for all Southern Bullion operations have been reclassified as discontinued operations in the consolidated statements of operations for Fiscal 2014 and Fiscal 2015.

Discontinued operations are as follows:

	Year Ended
	December 31,
	2015		2014
Revenue:
Sales	$	65	$	5,367,867
Cost of goods sold		-		3,643,142
Gross margin		65		1,724,725
Expenses:
Selling, general and administrative expenses		(77,439)		2,470,212
Depreciation and amortization		-		3,259,552
Total expenses		(77,439)		5,729,764
Operating income (loss)		77,504		(4,005,039)
Other expense (income):
Other income, net		-		(19,475)
Interest (income) expense		(40)		9,968
		(40)		(9,507)
Income (loss) from discontinued operations before income taxes		77,544		(3,995,532)
Income tax benefit		477		107,494
Income (loss) from discontinued operations after income taxes	$	78,021	$	(3,888,038)

Discontinued operations for the year ended December 31, 2014, include store operations through April 17, 2014, ongoing expenses for key Southern Bullion personnel involved in winding down the business, and expenses related to cancellation of leases and other contracts. For the year ended December 31, 2014, discontinued operations also includes the write-off of the $2.9 million intangible asset attributed to the “Southern Bullion Coin & Jewelry” trade name, and the write-off of approximately $296,000 related to the net book value of fixed assets previously utilized in Southern Bullion operations. The Company does not anticipate that it will utilize the trade name in the foreseeable future. For the year ended December 31, 2015, income from discontinued operations include adjustments of existing expense accruals related to the winding down the operations of Southern Bullion. The Company believes it has now recognized all material expenses related to the closure of Southern Bullion operations.