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Acquisitions | 12 Months Ended
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Dec. 31, 2012
Acquisitions [Abstract] |
Acquisitions | Note 2 - Acquisitions On September 14, 2011, the Company completed the acquisition of 100% of SBT, in exchange for the issuance of 600,000 restricted shares of the Company's common stock. Acquisition-related costs associated with the transaction were $144,434 which were expensed as incurred. SBT is one of the largest precious-metals chains in the Southeast, with 23 locations at the time of acquisition in Alabama, Georgia, North Carolina, South Carolina and Tennessee, that buy and sell bullion, coins, paper money, pre-owned watches, diamonds and all forms of gold and silver. The total purchase price of $5,436,857, based on the stock price at the acquisition date, has been allocated to the fair value of assets acquired and liabilities assumed as follows:
Intangible Assets |  | $ | 3,412,896 |
Property and other assets |  |  | 902,807 |
Inventories |  |  | 3,429,711 |
Liabilities assumed |  |  | (2,308,557 | )
Total purchase price |  | $ | 5,436,857 |
After final adjustments, the excess of purchase price over tangible assets acquired was calculated at $3,412,896. Previously, we had classified this excess value as Goodwill. After review and analysis, our management believes this excess value should be treated as an intangible asset, with a 15-year life. Specifically, this intangible value is attributed to the "Southern Bullion Coin & Jewelry" trade name. This trade name has considerable equity in its markets, and was developed and expanded throughout the South over the past 4 years at significant expense and effort from SBT. Prior to acquisition, SBT had spent over $2,500,000 on advertising the business under this name, and had expanded its use to 23 locations, which generate millions of consumer impressions a year simply from signage at the physical locations. In recognition of this value, the Company has already begun the process of re-branding certain other locations as "Southern Bullion Coin & Jewelry", and plans to continue to expand the use of the name throughout the South. While the Company currently plans to continue and expand use of the trade name indefinitely, as a matter of conservatism, the Company believe that using a 15-year life is appropriate. Given this determination, this intangible asset valued at $3,412,896 is being amortized over its 15-year life, generating a non-cash amortization expense of $227,526 annually. In Fiscal 2012 and Fiscal 2011 the Company recognized $227,526 and $56,882, respectively, in amortization expense related to this intangible asset. SBT had no other amortization expense for Fiscal 2012 or Fiscal 2011. As of December 31, 2012 this intangible asset had a net book value of $3,128,487. The operating results of SBT have been included in the consolidated financial statements since the acquisition date of September 14, 2011. The amounts of SBT's revenue and earnings included in our consolidated statement of operations for the year ended December 31, 2011 are:
|  | Revenue |  |  | Earnings |
Actual from 9/14/2011 to 12/31/2011 |  | $ | 12,857,102 |  |  | $ | 1,378,655 |
The revenue and earnings of the combined entity had the acquisition date been January 1, 2011 are:
|  | Revenue |  |  | Earnings |
Fiscal 2011 combined entity proforma |  | $ | 175,953,033 |  |  | $ | 3,808,139 |

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- Definition The entire disclosure for business combinations, including leverage buyout transactions (as applicable), and divestitures. This may include a description of a business combination or divestiture (or series of individually immaterial business combinations or divestitures) completed during the period, including background, timing, and assets and liabilities recognized and reclassified or sold. This element does not include fixed asset sales and plant closings. + References No definition available. + Details
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