<SEC-DOCUMENT>0001157523-13-005503.txt : 20131113
<SEC-HEADER>0001157523-13-005503.hdr.sgml : 20131113
<ACCEPTANCE-DATETIME>20131113160226
ACCESSION NUMBER:		0001157523-13-005503
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20131113
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20131113
DATE AS OF CHANGE:		20131113

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DGSE COMPANIES INC
		CENTRAL INDEX KEY:			0000701719
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-JEWELRY STORES [5944]
		IRS NUMBER:				880097334
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-11048
		FILM NUMBER:		131214588

	BUSINESS ADDRESS:	
		STREET 1:		15850 DALLAS PARKWAY
		STREET 2:		SUITE 140
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75248
		BUSINESS PHONE:		9725874049

	MAIL ADDRESS:	
		STREET 1:		15850 DALLAS PARKWAY
		STREET 2:		SUITE 140
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75248

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DALLAS GOLD & SILVER EXCHANGE INC /NV/
		DATE OF NAME CHANGE:	19930114

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AMERICAN PACIFIC MINT INC
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CANYON STATE CORP
		DATE OF NAME CHANGE:	19860819
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a50749755.htm
<DESCRIPTION>DGSE COMPANIES, INC. 8-K
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2013 Business Wire, a Berkshire Hathaway company.-->
<!--All rights reserved www.businesswire.com-->
  </head>
  <body style="font-size: 10pt; font-family: Times New Roman">
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>UNITED
      STATES</b></font><b><font style="font-family: Times New Roman; font-size: 12pt"><br style="font-size: 12pt; font-family: Times New Roman"></font><font style="font-family: Times New Roman; font-size: 12pt">SECURITIES
      AND EXCHANGE COMMISSION</font></b><font style="font-size: 12pt"><br style="font-size: 12pt"></font><font style="font-family: Times New Roman; font-size: 12pt"><b>Washington,
      D.C. 20549</b></font><br>
    </p>
    <hr style="color: #000000; height: 1.0 pt; width: 20%; text-align: center">


    <p style="text-align: center">
      <br>
      <font style="font-family: Times New Roman; font-size: 12pt"><b>FORM 8-K</b></font><br><br><font style="font-family: Times New Roman; font-size: 12pt"><b>CURRENT
      REPORT</b></font><br><font style="font-family: Times New Roman; font-size: 12pt"><b>PURSUANT
      TO SECTION 13 OR 15(D) OF THE</b></font><br><font style="font-family: Times New Roman; font-size: 12pt"><b>SECURITIES
      EXCHANGE ACT OF 1934</b></font><br><br><font style="font-family: Times New Roman; font-size: 10pt"><b>Date
      of Report </b></font><font style="font-family: Times New Roman; font-size: 10pt">(Date
      of earliest event reported):</font><br><font style="font-family: Times New Roman; font-size: 10pt"><b>
      November 13, 2013 </b></font><font style="font-family: Times New Roman; font-size: 10pt">(November
      13, 2013)</font><font style="font-family: Times New Roman; font-size: 10pt"><br style="font-size: 10pt; font-family: Times New Roman"></font><br><u><font style="font-size: 14pt"><b>DGSE
      COMPANIES, INC.</b></font></u><br><font style="font-family: Times New Roman; font-size: 10pt">(Exact
      name of registrant as specified in its charter)</font><br><br>
    </p>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; font-family: Times New Roman; width: 100%; font-size: 10pt" cellspacing="0">
      <tr>
        <td style="text-align: center; padding-left: 0.0px; width: 34%" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u><b>Nevada</b></u>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="white-space: nowrap; text-align: center; padding-left: 0.0px; padding-right: 0.0px; width: 33%" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u><b>1-11048</b></u>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="white-space: nowrap; text-align: center; padding-left: 0.0px; padding-right: 0.0px; width: 33%" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u><b>88-0097334</b></u>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px; width: 34%" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (State or Other
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            Jurisdiction of
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            Incorporation)
          </p>
        </td>
        <td style="text-align: center; padding-left: 0.0px; width: 33%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (Commission
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            File Number)
          </p>
        </td>
        <td style="text-align: center; padding-left: 0.0px; width: 33%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (IRS Employer
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            Identification No.)
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">
      <br>
      <b>15850 Dallas Parkway, Suite 140<br>Dallas, Texas 75248<br></b>(Address
      of Principal Executive Offices) (Zip Code)<br><br><u><b>(972) 587-4049</b></u><br>(Registrant&#8217;s
      telephone number, including area code)<br><br><br>(Former Name or Former
      Address, if Changed Since Last Report)
    </p>
    <p style="text-align: center">
      <br>

    </p>
    <p>
      <font style="font-family: Times New Roman; font-size: 10pt">Check the
      appropriate box below if the Form 8-K filing is intended to
      simultaneously satisfy the filing obligation of the registrant under any
      of the following provisions </font>(<i>see </i>General Instruction A.2.
      below):<br>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))</font>
    </p>
    <div style="margin-right: 0pt; margin-left: 0pt; text-indent: 0pt; margin-bottom: 10pt; width: 100%">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <br>
      <b>Item 2.02 Results of Operations and Financial Condition</b>
    </p>
    <p style="text-align: justify">
      &#160;On November 13, 2013, DGSE Companies, Inc. (the &#8220;<u>Registrant</u>&#8221;)
      issued a press release disclosing their financial results for the fiscal
      quarter ended September 30, 2013 (the &#8220;<u>Press Release</u>&#8221;).&#160;&#160;The
      Press Release is attached hereto as Exhibit&#160;99.1.
    </p>
    <p style="text-align: justify">
      <b>Item 7.01 Regulation FD Disclosure</b>
    </p>
    <p style="text-align: justify">
      The Registrant will hold a telephone conference regarding the Press
      Release on November&#160;13, 2013 at 3:30 p.m. Central Daylight Time (4:30
      p.m. Eastern Daylight Time) to discuss the Registrant&#8217;s financial
      results for the fiscal quarter ended September&#160;30, 2013.&#160;&#160;To participate
      in the teleconference, please dial +877-941-8416 for U.S. callers and
      +480-629-9808 for international callers and reference the &#8220;DGSE
      conference call&#8221; when prompted.&#160;&#160;A replay will be available after
      completion of the call through November&#160;20, 2013.&#160;&#160;To access the replay,
      please dial +877-870-5176 (U.S. callers) or +858-384-5517 (international
      callers) and reference passcode 4647492.&#160;&#160;The webcast and archived
      replay can also be accessed on the Company&#8217;s website at www.dgse.com.<br><br><b>Item
      9.01 Financial Statements and Exhibits</b><br><br>(a) Not applicable<i>.</i><br><br>(b)
      Not applicable<i>.</i><br><br>(c) Not applicable<i>.</i><br><br>(d)
      Exhibits<i>.</i>
    </p>
    <p>
      &#160;The following exhibit is filed as part of this report:
    </p>
    <p>
      Exhibit<br><u>Number</u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Description
      of Exhibit</u>
    </p>
    <p style="white-space: nowrap">
      99.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Press Release, dated November 13, 2013.
    </p>
    <div style="margin-right: 0pt; margin-left: 0pt; text-indent: 0pt; margin-bottom: 10pt; width: 100%">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 10pt"><b>SIGNATURES</b></font>
    </p>
    <p>
      <font style="font-family: Times New Roman; font-size: 10pt">Pursuant to
      the requirements of the Securities Exchange Act of 1934, as amended, the
      Registrant has duly caused this report to be signed on its behalf by the
      undersigned hereunto duly authorized.</font>
    </p>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; font-family: Times New Roman; width: 100%; font-size: 10pt" cellspacing="0">
      <tr>
        <td style="text-align: left; padding-left: 0.0px; width: 5%" valign="top">

        </td>
        <td style="width: 45%">

        </td>
        <td colspan="2">

        </td>
        <td style="width: 16%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; width: 5%" valign="top">
          Date:
        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 45%" valign="top">
          November 13, 2013
        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 4%" valign="top">
          By:
        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 30%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u>/s/ James J. Vierling</u>
          </p>
        </td>
        <td style="width: 16%">

        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="width: 4%">

        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 30%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            James J. Vierling
          </p>
        </td>
        <td style="width: 16%">

        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="width: 4%">

        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 30%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Chief Executive Officer
          </p>
        </td>
        <td style="width: 16%">

        </td>
      </tr>
    </table>
    </div>
    <div style="margin-right: 0pt; margin-left: 0pt; text-indent: 0pt; margin-bottom: 10pt; width: 100%">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p style="text-align: center">
      <b>EXHIBIT INDEX</b>
    </p>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; font-family: Times New Roman; width: 100%; font-size: 10pt" cellspacing="0">
      <tr>
        <td style="text-align: left; padding-left: 0.0px; width: 15%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Exhibit
          </p>
        </td>
        <td style="width: 85%">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; width: 15%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u>Number</u>
          </p>
        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 85%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u>Description of Exhibit</u>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 15%">

        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 85%" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px; width: 15%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            99.1
          </p>
        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 85%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Press Release, dated November 13, 2013.
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: left">

    </p>
  </body>
</html>
<!--<!DOCTYPE html
     PUBLIC "-//W3C//DTD XHTML 1.0 Strict//EN"
     "http://www.w3.org/TR/xhtml1/DTD/xhtml1-strict.dtd">-->
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a50749755ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2013 Business Wire, a Berkshire Hathaway company.-->
<!--All rights reserved www.businesswire.com-->
  </head>
  <body style="font-size: 8pt; font-family: Times New Roman">
    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>DGSE
      Companies, Inc. Reports Third Quarter 2013 Results</b></font>
    </p>
    <p>
      DALLAS--(BUSINESS WIRE)--November 13, 2013--DGSE Companies, Inc. (NYSE
      MKT: DGSE), a leading wholesaler and retailer of jewelry, diamonds, fine
      watches, and precious metal bullion and rare coin products, today
      announced its financial results for the three and nine months ended
      September 30, 2013.
    </p>
    <p>
      <b>Third Quarter 2013 Summary</b>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Revenues were $23.8 million compared to $29.0 million in the year ago
        period. The continued volatile market for precious metals, including
        the unprecedented decline in gold prices year to date, drove lower
        sales volumes.
      </li>
      <li style="margin-bottom: 10.0px">
        Gross profit was $4.5 million, or 19.1% gross margin, compared to $6.2
        million, or 21.4% gross margin in the same period last year.
      </li>
      <li style="margin-bottom: 10.0px">
        The third quarter of 2013 included $95,000 in non-recurring expenses
        related to the previously-disclosed financial restatement and
        shareholder lawsuits. The third quarter of 2012 included $1.4 million
        in non-recurring expenses related to the restatement and shareholder
        lawsuits.
      </li>
      <li style="margin-bottom: 10.0px">
        SG&amp;A decreased to $5.5 million from $6.4 million in the prior-year
        third quarter. The third quarter of 2013 included incremental expenses
        from the opening of six additional retail locations totaling
        approximately $0.5 million. The Company also accrued a $0.7 million
        charge to earnings in the current quarter related to the expected
        resolution of a 2010 sales tax audit in the state of Texas.
      </li>
      <li style="margin-bottom: 10.0px">
        Total expenses, inclusive of the non-recurring expenses, sales tax
        accrual and incremental expenses from new stores, decreased 13.3% to
        $5.7 million from $6.6 million in the year-ago quarter as the
        Company's expense reduction efforts drove a more than 14% reduction in
        SG&amp;A expense and expenses related to prior restatements.
      </li>
      <li style="margin-bottom: 10.0px">
        Net loss, inclusive of the non-recurring expenses and sales tax
        accrual, was $1.4 million compared to $0.5 million in the year-ago
        period. Excluding the sales tax accrual, the Company reduced its net
        loss by 30% sequentially compared to the second quarter of 2013.
      </li>
    </ul>
    <p>
      James Vierling, Chief Executive Officer and Chairman of the Board,
      stated, &#8220;Our results for the third quarter continued to be affected by
      volatile macroeconomic conditions. The closing spot price of gold on
      September 30, 2013 was 25% lower than on the same day in 2012. Falling
      gold prices have created a disincentive for consumers to sell their
      unwanted scrap gold and silver, which caused a significantly lower
      volume of scrap buys in the third quarter. Therefore, we have continued
      to refocus our team on areas of our business that present the highest
      profit potential, including our high-end jewelry, diamond and watch
      segments. We have been able to add some excellent merchandise at
      favorable price points throughout the year, and we expect to see strong
      sell through of this inventory during the upcoming holiday season. Our
      customer financing initiative, which we tested in the second quarter,
      has now been rolled out to all of our stores and should make it easier
      for our customers to make purchases. These factors, coupled with
      improved volumes during September and the first part of October create
      increased optimism about the fourth quarter, which is traditionally our
      strongest quarter of the year.&#8221;
    </p>
    <p>
      Mr. Vierling continued, &#8220;As we navigate this challenging period and
      position DGSE for better days in the future, our efforts to reduce
      operating expenses continue to be successful. We decreased our SG&amp;A
      expenses by over $906,000, even while adding $468,000 in incremental
      retail location-level expenses related to the stores that have been open
      less than one year. Essentially, we have cut enough fixed costs to more
      than offset the costs of these new stores. The improved efficiency
      should benefit us as we enter the holiday season, and even more so as
      market conditions improve. Simultaneously, we are enhancing our
      wholesale and e-commerce capabilities which will enable us to reach
      customers outside the metro areas where we have retail stores.&#8221;
    </p>
    <p>
      <b>Third Quarter 2013 Results</b>
    </p>
    <p>
      In the quarter ended September 30, 2013, revenues were $23.8 million, an
      18% decrease compared to $29.0 million in the quarter ended September
      30, 2012 due primarily to a decrease in scrap sales, which declined
      approximately 50% from the year ago quarter, caused largely by the steep
      drop in gold prices. Bullion sales were consistent year over year, while
      jewelry sales saw a slight decrease during the off season.
    </p>
    <div style="margin-right: 0pt; text-indent: 0pt; margin-left: 0pt; margin-bottom: 10pt; width: 100%">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      Gross profit in the quarter was $4.5 million, or 19.1% of revenue,
      compared to $6.2 million or 21.4%, of revenue in the prior year quarter.
      The overall margin decrease was caused largely by lower scrap sales,
      which typically carry high margins.
    </p>
    <p>
      The third quarter of 2013 included $95,000 in non-recurring expenses
      related to the restatement of DGSE&#8217;s financial statements and related
      legal matters and an additional accrual of $650,000 related to the
      previously-noted 2010 sales tax audit. The third quarter of 2012
      included $1.4 million in non-recurring expenses related to the
      restatement and related legal matters. Selling, general and
      administrative expenses, inclusive of the non-recurring expenses and
      sales tax accrual, decreased $0.9 million or 14.1% in the quarter ended
      September 30, 2013, to $5.5 million compared to approximately $6.4
      million in the prior year quarter. Excluding the non-recurring items,
      SG&amp;A for the third quarter of 2013 would have been $4.8 million compared
      to $5.0 million in the year-ago period. This decrease was mainly the
      result of cost reduction efforts across all areas and partially offset
      by costs related to the opening of six new stores in the last half of
      2012 and first half of 2013, which added $0.5 million in the current
      quarter versus the same quarter last year. Depreciation and amortization
      increased by approximately $35,000 or 22.8% in the quarter, to $187,000
      compared to $152,000 in the prior year quarter. This increase was mainly
      the result of depreciation and amortization for assets related to new
      retail location openings as well as the move to the new corporate
      headquarters in April of 2013. The operating loss before taxes from
      continuing operations was $1.2 million in the quarter ended September
      30, 2013, compared to an operating loss before taxes from continuing
      operations of $0.4 million in the prior year quarter.
    </p>
    <p>
      Net loss in the quarter ended September 30, 2013 was $1.4 million,
      inclusive of the non-recurring expenses, and the $0.7 million sales tax
      accrual, compared to a net loss of $0.5 million in the year-ago quarter.
      The 2012 results included a $0.1 million loss from discontinued
      operations, net of taxes.
    </p>
    <p>
      <b>Year-to-Date 2013 Results</b>
    </p>
    <p>
      In the nine months ended September 30, 2013, revenues decreased to $83.8
      million, compared to $90.4 million in the same period last year. This
      decrease was primarily due to lower scrap sales, which declined
      approximately 35% compared to the same period last year, caused mostly
      by the steep drop in gold prices. In addition, revenue from discontinued
      operations for Superior Galleries, Inc. was excluded in the amount of $0
      and $3.2 million for the nine months ended September 30, 2013 and 2012,
      respectively.
    </p>
    <p>
      Gross profit was $14.3 million or 17.0% of revenue, compared to $16.9
      million or 18.7% of revenue in the prior year period. The decrease in
      gross profit as a percent of revenue was primarily due to an increase in
      the sales of bullion, which carries significantly lower margins, and
      lower scrap sales, which typically carry high margins.
    </p>
    <p>
      Selling, general and administrative expenses decreased approximately
      $2.3 million or 12.6%, to $15.7 million in the nine months ended
      September 30, 2013 compared to $17.9 million in the prior year. This
      decrease was largely the result of cost reduction efforts across all
      areas, and partially offset by the opening of additional retail
      locations as well as professional fees associated with the recent
      restatement and related legal matters. SG&amp;A from continuing operations,
      excluding the non-recurring charges related to the restatement and
      related legal matters and a non-cash charge related to the 2010 sales
      tax audit, was $14.6 million for the nine months ended September 30,
      2013, down approximately 5.2% compared to the $15.4 million for the same
      period last year. Depreciation and amortization increased by
      approximately $95,000 or 21.3%, to $0.5 million compared to $0.4 million
      in the prior year period. This increase was mainly the result of
      depreciation and amortization for assets related to new retail location
      openings and the move to the new headquarters. The operating loss before
      taxes from continuing operations was $2.1 million in the nine months
      ended September 30, 2013, compared to an operating loss before taxes
      from continuing operations of $1.6 million in the prior year period. Net
      loss in the nine month period was $2.3 million compared to a net loss of
      $2.4 million in same period last year. The nine months ended September
      30, 2012 results included a $0.7 million loss from discontinued
      operations, net of taxes.
    </p>
    <div style="margin-right: 0pt; margin-left: 0pt; text-indent: 0pt; margin-bottom: 10pt; width: 100%">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <b>Balance Sheet Summary</b>
    </p>
    <p>
      At September 30, 2013, DGSE Companies had cash and cash equivalents of
      $2.4 million compared to $4.9 million at December 31, 2012.
      Stockholders&#8217; equity decreased 17.2% to $10.8 million at September 30,
      2013 compared to $13.1 million at December 31, 2012. As of the current
      quarter, the outstanding balance on the Company&#8217;s credit facility with
      NTR Metals, Inc. (&#8220;NTR&#8221;) has been reclassified as a current liability,
      given its August 1, 2014 maturity date. The Company is discussing the
      extension of this credit facility with NTR, as well as various
      commercial lenders, and expects to extend or re-finance this balance in
      the first half of 2014. The Company&#8217;s current ratio was 1.3:1 at
      September 30, 2013 compared to 2.4:1 at December 31, 2012. Working
      capital was $4.2 million at September 30, 2013 compared to $10.3 million
      at December 31, 2012.
    </p>
    <p>
      <b>Outlook</b>
    </p>
    <p>
      Mr. Vierling commented, &#8220;While we are confident that our strategic
      initiatives position us well, the current volatile market has required
      us to be more selective with our retail location opening schedule going
      forward as the fluctuations in precious metal pricing plays a strong
      role in the pace of this expansion. We will review any future retail
      locations to capitalize on regions where we already have an existing
      presence to better leverage our advertising spend and drive incremental
      traffic in markets where we are well-established. In addition, we are
      analyzing the possibility of acquiring jewelry stores as robust retail
      sales are increasingly important to our future success. We believe it is
      much easier to add a scrap buying component to a jewelry store than to
      convert a gold buying operation into a full-line jewelry, coin and
      bullion retailer. We will also continue to leverage our strategic
      relationship with Elemetal and will utilize the deferred tax asset
      related to net operating losses, currently fully reserved on our balance
      sheet at $9.4 million.&#8221;
    </p>
    <p>
      <b>Conference Call</b>
    </p>
    <p>
      DGSE Companies management will conduct a live teleconference to discuss
      its financial results:
    </p>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; font-family: Times New Roman; width: 100%; font-size: 8pt" cellspacing="0">
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">
          <b>Date:</b>
        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">
          &#160;
        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">
          &#160;
        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">
          &#160;
        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">
          November 13, 2013
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">
          <b>Time:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">
          4:30 p.m. ET/3:30 p.m. CT
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">
          <b>Dial-in:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">
          1-877-941-8416 if calling from the United States, or 1-480-629-9808
          if dialing internationally.
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">
          <b>Replay:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">
          A replay will be available until November 20, 2013, which may be
          accessed by dialing 1-877-870-5176 within the United States and
          1-858-384-5517 if dialing internationally. Please use passcode
          4647492 to access the replay.
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">
          <b>Webcast:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="middle">
          <p style="margin-bottom: 0px; margin-top: 0px">
            The call will be webcast and will be available by visiting <u>http://public.viavid.com/index.php?id=106596</u>.
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>
      <u><b>About DGSE Companies</b></u>
    </p>
    <p>
      DGSE Companies, Inc. wholesales and retails jewelry, diamonds, fine
      watches, and precious metal bullion and rare coin products through its
      Bullion Express, Charleston Gold &amp; Diamond Exchange, Dallas Gold &amp;
      Silver Exchange, and Southern Bullion Coin &amp; Jewelry operations. DGSE
      also owns Fairchild International, Inc., one of the largest vintage
      watch wholesalers in the country. In addition to its retail facilities
      in Alabama, Florida, Georgia, Illinois, North Carolina, South Carolina,
      Tennessee and Texas, the Company operates internet websites which can be
      accessed at <u>www.bullionexpress.com</u>, <u>www.dgse.com</u>, <u>www.cgdeinc.com</u>,
      and <u>www.sbcoin.com</u>. Real-time price quotations and real-time
      order execution in precious metals are provided on another DGSE website
      at <u>www.USBullionExchange.com</u>. Wholesale customers can access the
      full vintage watch inventory through the restricted site at <u>www.FairchildWatches.com</u>.
      The Company is headquartered in Dallas, Texas and its common stock
      trades on the NYSE MKT exchange under the symbol &quot;DGSE.&quot;
    </p>
    <p>
      This press release includes statements which may constitute
      &quot;forward-looking&quot; statements, usually containing the words &quot;believe,&quot;
      &quot;estimate,&quot; &quot;project,&quot; &quot;expect&quot; or similar expressions. These statements
      are made pursuant to the safe harbor provisions of the Private
      Securities Litigation Reform Act of 1995. Forward-looking statements
      inherently involve risks and uncertainties that could cause actual
      results to differ materially from the forward-looking statements.
      Factors that would cause or contribute to such differences include, but
      are not limited to, continued acceptance of the Company's products and
      services in the marketplace, competitive factors, dependence upon
      third-party vendors, and other risks detailed in the Company's periodic
      report filings with the Securities and Exchange Commission. By making
      these forward-looking statements, the Company undertakes no obligation
      to update these statements for revisions or changes after the date of
      this release.
    </p>
    <div style="margin-right: 0pt; margin-left: 0pt; text-indent: 0pt; margin-bottom: 10pt; width: 100%">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; font-family: Times New Roman; width: 100%; font-size: 8pt" cellspacing="0">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="11">
          <b>DGSE COMPANIES, INC. AND SUBSIDIARIES</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="11">
          <b>CONSOLIDATED BALANCE SHEETS</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="3">
          <b>September 30,</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="3">
          <b>December 31,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; padding-right: 0.0px" valign="bottom" colspan="3">
          <b>2013</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; padding-right: 0.0px" valign="bottom" colspan="3">
          <b>2012</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="3">
          <b>(Unaudited)</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top">
          <b>ASSETS</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Current Assets:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="top">
          Cash and cash equivalents
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          2,438,266
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          4,911,087
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="top">
          Trade receivables, net of allowances
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          152,227
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          718,501
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="top">
          Inventories
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          13,525,730
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          11,932,729
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px; padding-bottom: 2.0px" valign="top">
          Prepaid expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          280,388
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          321,709
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="top">
          Total current assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          16,396,611
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          17,884,026
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Property and equipment, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          5,176,360
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          4,849,937
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Intangible assets, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          2,999,195
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          3,169,840
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Other assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          245,084
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          211,069
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px; padding-bottom: 4.0px" valign="top">
          Total assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          24,817,250
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          26,114,872
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top">
          <b>LIABILITIES</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Current Liabilities:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="top">
          Current maturities of line of credit, related party
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          3,583,358
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            $
          </p>
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            -
          </p>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="top">
          Current maturities of long-term debt
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          124,471
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            146,949
          </p>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="top">
          Current maturities of capital leases
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          18,611
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          28,285
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="top">
          Accounts payable-trade
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          4,809,213
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          3,561,794
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="top">
          Accrued expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,739,541
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,250,319
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px; padding-bottom: 2.0px" valign="top">
          Customer deposits and other liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,922,994
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          2,617,592
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="top">
          Total current liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          12,198,188
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          7,604,939
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Line of credit, related party
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          3,583,358
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; padding-bottom: 2.0px" valign="top">
          Long-term debt, less current maturities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,789,648
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,843,062
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Total liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          13,987,836
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          13,031,359
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Commitments and contingencies
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top">
          <b>STOCKHOLDERS' EQUITY</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Common stock, $0.01 par value; 30,000,000 shares authorized;
          12,175,584 shares issued and outstanding
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          121,755
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          121,755
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Additional paid-in capital
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          34,045,654
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          34,045,654
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; padding-bottom: 2.0px" valign="top">
          Accumulated deficit
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (23,337,995
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (21,083,896
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="top">
          Total stockholders' equity
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          10,829,414
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          13,083,513
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px; padding-bottom: 4.0px" valign="top">
          Total liabilities and stockholders' equity
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          24,817,250
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          26,114,872
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-right: 0pt; margin-left: 0pt; text-indent: 0pt; margin-bottom: 10pt; width: 100%">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; font-family: Times New Roman; width: 100%; font-size: 8pt" cellspacing="0">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="8">

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="8">

        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="22">
          <b>DGSE COMPANIES, INC. AND SUBSIDIARIES</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="22">
          <b>CONSOLIDATED STATEMENTS OF OPERATIONS</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="22">
          <b>(Unaudited)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="8">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="8">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" valign="top" colspan="8">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>For the Three Months Ended</b><br><b>September 30,</b>
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" valign="top" colspan="8">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>For the Nine Months Ended</b><br><b>September 30,</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; padding-right: 0.0px" valign="bottom" colspan="3">
          <b>2013</b>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; padding-right: 0.0px" valign="bottom" colspan="3">
          <b>2012</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; padding-right: 0.0px" valign="bottom" colspan="3">
          <b>2013</b>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; padding-right: 0.0px" valign="bottom" colspan="3">
          <b>2012</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Revenue:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="top">
          Sales
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          23,754,623
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          28,975,063
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          83,819,585
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          90,374,423
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px; padding-bottom: 2.0px" valign="top">
          Cost of goods sold
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          19,222,318
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          22,787,722
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          69,537,396
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          73,447,142
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 40.0px" valign="top">
          Gross margin
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          4,532,305
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          6,187,341
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          14,282,189
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          16,927,281
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Expenses:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="top">
          Selling, general and administrative expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          5,499,007
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          6,405,147
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          15,665,812
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          17,924,355
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px; padding-bottom: 2.0px" valign="top">
          Depreciation and amortization
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          187,079
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          152,337
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          543,735
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          448,260
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          5,686,086
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          6,557,484
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          16,209,547
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          18,372,615
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 40.0px; padding-bottom: 2.0px" valign="top">
          Operating loss
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (1,153,781
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (370,143
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (1,927,358
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (1,445,334
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Other expense (income) :
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="top">
          Other income, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (2,845
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (39,352
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (18,204
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (66,012
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px; padding-bottom: 2.0px" valign="top">
          Interest expense
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          66,604
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          72,677
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          170,566
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          253,796
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          63,759
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          33,325
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          152,362
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          187,784
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 40.0px" valign="top">
          Loss from continuing operations before income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (1,217,540
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (403,468
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (2,079,720
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (1,633,118
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; padding-bottom: 2.0px" valign="top">
          Income tax expense
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          214,414
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          26,603
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          174,379
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          106,413
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Loss from continuing operations
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (1,431,954
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (430,071
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (2,254,099
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (1,739,531
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Discontinued operations:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px; padding-bottom: 2.0px" valign="top">
          Loss from discontinued operations, net of taxes of $0
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (105,819
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (706,641
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 40.0px; padding-bottom: 4.0px" valign="top">
          Net loss
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (1,431,954
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (535,890
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (2,254,099
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (2,446,172
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Basic net loss per common share:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="top">
          Loss from continuing operations
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (0.12
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (0.03
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (0.19
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (0.14
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px; padding-bottom: 2.0px" valign="top">
          Loss from discontinued operations
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (0.01
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (0.06
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px; padding-bottom: 4.0px" valign="top">
          Net loss per share
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (0.12
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (0.04
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (0.19
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (0.20
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Diluted net loss per common share:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="top">
          Loss from continuing operations
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (0.12
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (0.03
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (0.19
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (0.14
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px; padding-bottom: 2.0px" valign="top">
          Loss from discontinued operations
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (0.01
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (0.06
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px; padding-bottom: 4.0px" valign="top">
          Net loss per share
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (0.12
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (0.04
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (0.19
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (0.20
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Weighted-average number of common shares
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="top">
          Basic
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          12,175,584
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          12,175,287
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          12,175,584
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          12,175,287
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="top">
          Diluted
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          12,175,584
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          12,175,287
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          12,175,584
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          12,175,287
        </td>
        <td>

        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <p>
      CONTACT:<br>DGSE Companies, Inc.<br>Jim Vierling, CEO, 972-587-4021<br><u>investorrelations@dgse.com</u><br>or<br>Hayden
      IR<br>Brett Maas, 646-536-7331<br>Managing Partner<br><u>brett@haydenir.com</u>
    </p>
  </body>
</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
