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Discontinued Operations
 6 Months Ended
Jun. 30, 2012
Discontinued Operations [Abstract]  
Discontinued Operations

(12) Discontinued Operations

 

In March 2012, the Company decided to discontinue the operations of its Superior Galleries subsidiary due to the lack of profitability and current management's belief that it was unlikely that profitability would be reached in the foreseeable future. The Company officially discontinued operations on June 8, 2012 but continued to incur losses in the first and second quarter of 2012 for the discontinued operations. The operating results of the for the three and six month periods ended June 30, 2012 and 2011 have been reclassified as discontinued operations in the consolidated statements of operations as detailed in the table below.

 

    Three Months Ended     Three Months Ended     Six Months Ended     Six Months Ended  
    June 30,     June 30,     June 30,     June 30,  
    2012     2011     2012     2011  
                         
Revenue:                                
Sales   $ 1,148,552     $ 2,644,072     $ 3,168,379     $ 4,431,853  
                                 
Costs and expenses:                                
Cost of sales     1,034,479       2,297,122       2,860,918       3,816,836  
S,G&A expenses     200,336       390,236       399,271       749,894  
Depreciation and amortization     11,866       34,040       244,111       67,382  
      1,246,681       2,721,398       3,504,300       4,634,112  
                                 
Operating loss     (98,129 )     (77,326 )     (335,921 )     (202,259 )
                                 
Other (expense)/income, net     (100,158 )     -       (321,123 )     -  
Interest expense     (2,367 )     -       (5,362 )     -  
      (102,525 )     -       (326,485 )     -  
                                 
Loss from discontinued operations before income taxes     (200,654 )     (77,326 )     (662,406 )     (202,259 )
                                 
Income tax expense     -       -       -       -  
                                 
Loss from discontinued operations after income taxes   $ (200,654 )   $ (77,326 )   $ (662,406 )   $ (202,259 )

 

For the period ended June 30, 2012 0ther (expense)/income, net consists of a $163,030 write off of the deferred rent liability net of rent expense for the six months ended June 30, 2012 and a $158,093 expense related to a settlement paid in October 2012, which was accrued in the three months ended March 31, 2012.