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Discontinued Operations
 3 Months Ended
Mar. 31, 2013
Discontinued Operations [Abstract]  
Discontinued Operations

(10) Discontinued Operations

 

In March of 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 months ended March 31, 2013 and 2012 have been reclassified as discontinued operations in the consolidated statements of operations as detailed in the table below.

 

    Three Months Ended March 31,  
    2013     2012  
             
Revenue:                
Sales   $ -     $ 2,019,827  
                 
Costs and expenses:                
Cost of sales     -       1,826,439  
S,G&A expense     -       198,935  
Depreciation and amortization     -       232,245  
      -       2,257,619  
                 
Operating loss     -       (237,792 )
                 
Other (expense)/income, net     -       (159,381 )
Interest expense     -       (2,995 )
      -       (162,376 )
                 
Loss from discontinued operations before income taxes     -       (400,168 )
                 
Income tax expense     -       -  
                 
Loss from discontinued operations after income taxes   $ -     $ (400,168 )

 

For the period ended March 31, 2013 there was no activity in discontinued operations. 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.