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Income Taxes | 12 Months Ended
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Dec. 31, 2011
Income Taxes [Abstract] |
Income Taxes | Note 13 - Income Taxes The income tax provision reconciled to the tax computed at the statutory Federal rate follows:
|  | 2011 |  |  | 2010 |
Tax Expense at Statutory Rate |  | $ | 343,610 |  |  | $ | 3,654,578 |
Valuation Allowance |  |  | (354,684 | ) |  |  | (3,633,679 | )
Non-Deductible Expenses and Other |  |  | 11,074 |  |  |  | 3,776 |
Income tax expense |  | $ | - |  |  | $ | 24,675 |
Current |  | $ | - |  |  | $ | 24,675 |
Deferred |  |  | - |  |  |  | - |
Total |  | $ | - |  |  | $ | 24,675 |
Deferred income taxes are comprised of the following at December 31, 2011 and 2010:
|  | 2011 |  |  | 2010 |
Deferred tax assets (liabilities): |  |  |  |  |  |  |  |
Inventories |  | $ | 94,640 |  |  | $ | 94,640 |
Stock options and other |  |  | 44,195 |  |  |  | 44,196 |
Alternative Minimum Tax credit carryforward |  |  | 24,675 |  |  |  | 24,675 |
Contingencies and accruals |  |  | 622,085 |  |  |  | 870,642 |
Property and equipment |  |  | (372,276 | ) |  |  | (124,366 | )
Capital loss carryover |  |  | 25,420 |  |  |  | 25,420 |
Net operating loss carryforward |  |  | 7,536,703 |  |  |  | 7,374,643 |
Goodwill and intangibles |  |  | (21,214 | ) |  |  | (937 | )
Total deferred tax assets, net |  |  | 7,954,228 |  |  |  | 8,308,913 |
Valuation allowance |  | $ | (7,954,228 | ) |  | $ | (8,308,913 | )
As of December 31, 2011, the Company had approximately $848,019 of net operating loss carry-forwards, related to the Superior Galleries acquisition which may be available to reduce taxable income in future years, subject to the applicable Internal Revenue Code Section 382 limitations. As of December 31, 2011, the Company had approximately $26,170,038 of net operating loss carry-forwards related to Superior Galleries' post acquisition operating losses and other operating losses incurred by the Company's other operations. These carry-forwards will expire, starting in 2024 if not utilized. As of December 31, 2011 and 2010, the Company determined based on consideration of all available evidence, including but not limited to historical, current and future anticipated financial results as well as applicable IRS limitation and expiration dates related to the Company's net operating losses a full valuation allowance should be recorded for its net deferred tax assets.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 136, 172 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 43, 44, 45, 46, 47, 48, 49 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319 + Details
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