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Discontinued Operations
 3 Months Ended
Mar. 31, 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-month periods ended March 31, 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  
    March 31,     March 31,  
    2012     2011  
             
Revenue:                
Sales   $ 2,019,827     $ 1,787,781  
                 
Costs and expenses:                
Cost of sales     1,826,439       1,519,714  
S,G&A expense     198,935       359,658  
Depreciation and amortization     232,245       33,342  
      2,257,619       1,912,714  
                 
Operating loss     (237,792 )     (124,933 )
                 
Other (expense)/income, net     (220,965 )     -  
Interest expense     (2,995 )     -  
      (223,960 )     -  
                 
Loss from discontinued operations before income taxes     (461,752 )     (124,933 )
                 
Income tax expense     -       -  
                 
Loss from discontinued operations after income taxes   $ (461,752 )   $ (124,933 )

For the period ended March 31, 2012, depreciation and amortization expense includes $201,091 related to the write off of Superior assets with no future value to the Company. Other (expense)/income, net for the period ended March 31, 2012, consists of a $62,872 write off of the deferred rent liability net of rent expense and a $158,093 expense related to a settlement paid in October 2012, which was accrued in the three months ended March 31, 2012.