<SEC-DOCUMENT>0001157523-15-002907.txt : 20150813
<SEC-HEADER>0001157523-15-002907.hdr.sgml : 20150813
<ACCEPTANCE-DATETIME>20150813164538
ACCESSION NUMBER:		0001157523-15-002907
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20150813
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20150813
DATE AS OF CHANGE:		20150813

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:		151051290

	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>a51162729.htm
<DESCRIPTION>DGSE COMPANIES, INC. 8-K
<TEXT>
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    <p style="text-align: center">
      <font style="font-size: 16pt"><b>UNITED STATES</b></font><font style="font-size: 16pt"><br style="font-size: 16pt"></font><font style="font-size: 16pt"><b>SECURITIES
      AND EXCHANGE COMMISSION</b></font><font style="font-size: 16pt"><br style="font-size: 16pt"></font><font style="font-size: 16pt"><b>Washington,
      D.C. 20549</b></font><br>________________________
    </p>
    <p style="text-align: center">
      <font style="font-size: 16pt"><b>FORM 8-K</b></font><br><br>
    </p>
    <p style="text-align: center">
      <b>CURRENT REPORT</b><br><b>PURSUANT TO SECTION 13 OR 15(D) OF THE<br>SECURITIES
      EXCHANGE ACT OF 1934&#160;</b><br>
    </p>
    <p style="text-align: center">
      <b>Date of Report</b> (Date of earliest event reported):<br><font style="font-size: 10pt; font-family: Times New Roman"><b>August
      13, 2015</b></font> (<font style="font-size: 10pt; font-family: Times New Roman">August
      13, 2015</font>)<br><br>
    </p>
    <p style="text-align: center">
      <u><font style="font-size: 16pt"><b>DGSE COMPANIES, INC.</b></font></u><br>(Exact
      name of registrant as specified in its charter)<br><br>
    </p>
<div style="text-align:left">
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          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>Nevada</b></u>
          </p>
        </td>
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          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>1-11048</b></u>
          </p>
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; white-space: nowrap; width: 33%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>88-0097334</b></u>
          </p>
        </td>
      </tr>
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        <td style="width: 33%">

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        <td style="width: 34%">

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          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center; width: 33%" valign="top">
          (State or Other<br>Jurisdiction of<br>Incorporation)
        </td>
        <td style="padding-left: 0.0px; text-align: center; width: 34%" valign="top">
          (Commission<br>File Number)
        </td>
        <td style="padding-left: 0.0px; text-align: center; width: 33%" valign="top">
          (IRS Employer<br>Identification No.)
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">

    </p>
    <p style="text-align: center">
      <b>15850 Dallas Parkway, Suite 140<br>Dallas, Texas 75248<br></b>(Address
      of Principal Executive Offices) (Zip Code)
    </p>
    <p style="text-align: center">
      <u><b>(972) 587-4049</b></u><br>(Registrant&#8217;s telephone number,
      including area code)
    </p>
    <p style="text-align: center">
      <br>
      (Former Name or Former Address, if Changed Since Last Report)
    </p>
    <p style="text-align: justify">
      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 (<i>see </i>General Instruction A.2. below):<br><br>
    </p>
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          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 12pt; font-family: Arial Unicode MS">&#8414;</font>
          </p>
        </td>
        <td style="padding-left: 0.0px; text-align: left; width: 96%" valign="bottom">
          Written communications pursuant to Rule 425 under the Securities Act
          (17 CFR 230.425)
        </td>
      </tr>
      <tr>
        <td style="width: 4%">

        </td>
        <td style="padding-left: 0.0px; text-align: left; width: 96%" valign="top">
          &#160;
        </td>
      </tr>
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          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 12pt; font-family: Arial Unicode MS">&#8414;</font>
          </p>
        </td>
        <td style="padding-left: 0.0px; text-align: left; width: 96%" valign="bottom">
          Soliciting material pursuant to Rule 14a-12 under the Exchange Act
          (17 CFR 240.14a-12)
        </td>
      </tr>
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        <td style="width: 4%">

        </td>
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          &#160;
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          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 12pt; font-family: Arial Unicode MS">&#8414;</font>
          </p>
        </td>
        <td style="padding-left: 0.0px; text-align: left; width: 96%" valign="bottom">
          Pre-commencement communications pursuant to Rule 14d-2(b) under the
          Exchange Act (17 CFR 240.14d-2(b))
        </td>
      </tr>
      <tr>
        <td style="width: 4%">

        </td>
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          &#160;
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          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 12pt; font-family: Arial Unicode MS">&#8414;</font>
          </p>
        </td>
        <td style="padding-left: 0.0px; text-align: left; width: 96%" valign="bottom">
          Pre-commencement communications pursuant to Rule 13e-4(c) under the
          Exchange Act (17 CFR 240.13e-4(c))
        </td>
      </tr>
    </table>
    </div>
    <p>

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

    </p>
    <p style="text-align: justify">
      <b>Item 2.02 Results of Operations and Financial Condition</b>
    </p>
    <p style="text-align: justify">
      On August&#160;13, 2015, DGSE Companies, Inc. (the &#8220;<u>Registrant</u>&#8221;)
      issued a press release disclosing their financial results for the fiscal
      quarter ended June 30, 2015 (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 August&#160;13, 2015 at 3:30 p.m. Central Time (4:30 p.m. Eastern
      Time) to discuss the Registrant&#8217;s financial results for the fiscal
      quarter ended June 30, 2015.&#160;&#160;To participate in the teleconference,
      please dial +877-407-9039 for U.S. callers and +201-689-8470 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 August&#160;20, 2015.&#160;&#160;To access the replay, please dial
      +877-870-5176 (U.S. callers) or +858-384-5517 (international callers)
      and reference passcode 13617039.&#160;&#160;The webcast and archived replay can
      also be accessed on the Company&#8217;s website at
      http://public.viavid.com/index.php?id=115881.
    </p>
    <p style="text-align: justify">
      <b>Item 9.01 Financial Statements and Exhibits</b>
    </p>
    <p style="text-align: justify">
      (a) Not applicable<i>.</i>
    </p>
    <p style="text-align: justify">
      (b) Not applicable<i>.</i>
    </p>
    <p style="text-align: justify">
      (c) Not applicable<i>.</i>
    </p>
    <p style="text-align: justify">
      (d) Exhibits<i>.</i>
    </p>
    <p style="text-align: justify">
      The following exhibit is filed as part of this report:
    </p>
    <p style="text-align: justify; margin-left: 60.0px">
      <b>Exhibit</b><br><u><b>Number</b></u><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Description
      of Exhibit</u></b>
    </p>
    <p style="text-align: justify; margin-left: 60.0px">
      99.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Press Release, dated August 13, 2015.
    </p>
    <p style="white-space: nowrap">

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

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

        </div>
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          <hr style="height: 1.5pt; color: black">

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

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

    </p>
    <p style="text-align: center">
      <b>SIGNATURES</b>
    </p>
    <p>
      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.
    </p>
    <p style="text-align: center">

    </p>
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        </td>
        <td style="padding-left: 0.0px; text-align: left" colspan="2" valign="middle">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>DGSE COMPANIES, INC.</b></u>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            (Registrant)
          </p>
        </td>
        <td style="width: 5%">

        </td>
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        <td style="width: 62%">

        </td>
        <td style="padding-left: 0.0px; text-align: left" colspan="2" valign="top">

        </td>
        <td style="width: 5%">
          &#160;
        </td>
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        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px; width: 62%" valign="middle">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Date: August 13, 2015
          </p>
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px; width: 3%" valign="top">
          By:
        </td>
        <td style="padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt; width: 30%" valign="middle">
          /s/ JAMES D. CLEM
        </td>
        <td style="width: 5%">

        </td>
      </tr>
      <tr>
        <td style="width: 62%">

        </td>
        <td style="width: 3%">

        </td>
        <td style="padding-left: 0.0px; text-align: left; width: 30%" valign="middle">
          James D. Clem
        </td>
        <td style="width: 5%">

        </td>
      </tr>
      <tr>
        <td style="width: 62%">

        </td>
        <td style="width: 3%">

        </td>
        <td style="padding-left: 0.0px; text-align: left; width: 30%" valign="middle">
          Chief Executive Officer

          <p style="margin-top: 0px; margin-bottom: 0px">
            (Principal Executive Officer)
          </p>
        </td>
        <td style="width: 5%">

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

    </p>
    <p>

    </p>
    <div style="margin-right: 0pt; margin-bottom: 10pt; margin-left: 0pt; width: 100%; text-indent: 0pt">
      <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>
    <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;&#160;Press Release, dated August 13, 2015
    </p>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a51162729ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>DGSE
      Companies, Inc. Reports Second Quarter 2015 Results</b></font>
    </p>
    <p>
      DALLAS--(BUSINESS WIRE)--August 13, 2015--DGSE Companies, Inc. (NYSE
      MKT: DGSE) (&#8220;DGSE&#8221; or the &#8220;Company&#8221;), 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
      six months ended June 30, 2015.
    </p>
    <p>
      <b>Second Quarter 2015 Business and Financial Highlights</b>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        DGSE reported a net loss of $90,000 for the quarter, which included a
        $42,000 gain from discontinued operations, and a loss of $132,000 from
        continuing operations.
      </li>
      <li style="margin-bottom: 10.0px">
        Revenues for the quarter from continuing operations were $14.9 million
        compared to $17.5 million, a 15% decline compared to the same period
        in 2014. DGSE continued to see declines in its bullion and scrap
        businesses, while its jewelry, watch and diamond business was flat to
        the prior year.
      </li>
      <li style="margin-bottom: 10.0px">
        Gross profit for the quarter from continuing operations decreased
        $441,000, or 15%, based on lower sales. Gross profit as a percent of
        revenue was consistent with the second quarter of 2014, at 17.2%.
      </li>
      <li style="margin-bottom: 10.0px">
        Selling, general and administrative expenses (&#8220;SG&amp;A&#8221;) from continuing
        operations were down $824,000 in the quarter, to $2.5 million compared
        to $3.4 million during the second quarter of 2014. This reduction was
        achieved primarily through continued efforts to reduce expenses at all
        levels, including store-level operating expenses, corporate overhead
        and advertising expense.
      </li>
      <li style="margin-bottom: 10.0px">
        Loss for the quarter from continuing operations, net of taxes, was
        approximately $132,000 or $0.01 per share, compared to loss from
        continuing operations, net of taxes, of approximately $539,000, or
        $0.04 per share, in the second quarter of 2014, an improvement of
        $407,000.
      </li>
      <li style="margin-bottom: 10.0px">
        Net loss, inclusive of discontinued operations, was approximately
        $90,000 or $0.01 per share, compared to a net loss, inclusive of
        discontinued operations, of approximately $4,452,000, or $0.36 per
        share, in the second quarter of 2014, an improvement of $4,362,000.
      </li>
      <li style="margin-bottom: 10.0px">
        During the quarter, DGSE closed one store in the DFW market, and
        incurred a minor write down in fixed assets. Subsequent to the end of
        the quarter, DGSE closed a store in the Charleston market, and will
        recognize certain costs related to this closure in the third quarter.
      </li>
      <li style="margin-bottom: 10.0px">
        On August 10, the Company announced that Dusty Clem had tendered his
        resignation from the positions of Chairman, Chief Executive Officer,
        and President of DGSE, effective September 15, 2015. A search is
        currently under way for Mr. Clem&#8217;s replacement.
      </li>
      <li style="margin-bottom: 10.0px">
        Two of the Company&#8217;s independent Directors also tendered their
        resignation, for personal reasons, unrelated to Mr. Clem&#8217;s
        resignation. Bruce A. Quinnell and Dennis A. McGill resigned effective
        August 4, 2015 and August 6, 2015 respectively.
      </li>
    </ul>
    <p>
      Dusty Clem, Chief Executive Officer of DGSE, stated, &#8220;The second quarter
      of 2015 represents a significant improvement over the same period last
      year, as well as the first quarter of 2015. While our bullion and scrap
      businesses continued to decline due to a difficult precious metals
      environment, our jewelry business was stable versus the prior year and
      up significantly from the first quarter, despite having fewer locations.
      In addition, through ongoing efforts to control costs and strategically
      exit underperforming stores, we have continued to lower our cost
      structure.&#8221; Mr. Clem continued, &#8220;DGSE will continue to focus on its
      strategy of growing our jewelry, watch and diamond businesses, while
      consolidating our store count where appropriate, with the goal of
      creating a smaller, but consistently profitable business for our
      shareholders.&#8221;
    </p>
    <p>
      <b>Second Quarter 2015 Results</b>
    </p>
    <p>
      For the quarter ended June 30, 2015, revenues from continuing operations
      were $14.9 million, a 15% decrease compared to $17.5 million in the
      quarter ended June 30, 2014. Bullion and scrap sales continued to trend
      downward, consistent with the industry, and DGSE&#8217;s jewelry, watch and
      diamond lines were consistent with the prior year quarter.
    </p>
    <div style="margin-right: 0pt; margin-bottom: 10pt; margin-left: 0pt; width: 100%; text-indent: 0pt">
      <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 from continuing operations in the quarter decreased by
      $441,000, or 15%, to $2.6 million as compared to $3.0 million during the
      second quarter of 2014. Gross margin as a percentage of revenue was
      17.2% for the three months ended June 30, 2015, which was consistent
      from the same period in the prior year.
    </p>
    <p>
      SG&amp;A expenses decreased by $824,000, or 25%, to $2.5 million, as
      compared to $3.4 million during the same period in 2014. The overall
      decrease in SG&amp;A was achieved primarily through continued efforts to
      reduce expenses at all levels, including store-level operating expenses,
      corporate overhead, and advertising expense.
    </p>
    <p>
      Loss from continuing operations for the second quarter, net of taxes,
      was $132,000 or $0.01 per share compared to a loss from continuing
      operations of $539,000, or $0.04 per share, in the second quarter of
      2014.
    </p>
    <p>
      Income from discontinued operations for the three months ended June 30,
      2015 was $42,000, related to the Southern Bullion Coin &amp; Jewelry
      (&#8220;Southern Bullion&#8221;) locations closed in 2014, compared to a net loss of
      $3,913,000 for these locations in the same quarter of 2014. The current
      quarter income relates to adjustments in accrued expenses related to the
      wind down of all Southern Bullion operations. The Company believes it
      has recognized all material expenses related to the closure of Southern
      Bullion operations.
    </p>
    <p>
      Net loss for the second quarter was $90,000 or $0.01 per share, compared
      to a net loss of $4,452,000, or $0.36 per share, in the second quarter
      of 2014.
    </p>
    <p>
      <b>Year-to-Date 2015 Results</b>
    </p>
    <p>
      For the six months ended June 30, 2015, revenues from continuing
      operations were $27.8 million, a 22% decrease compared to $35.6 million
      in the six months ended June 30, 2014. Bullion and scrap sales continued
      to trend downward, consistent with the industry, and DGSE&#8217;s jewelry,
      watch and diamond lines were down slightly compared to the same period
      in the prior year.
    </p>
    <p>
      Gross profit from continuing operations in the first six months of 2015
      decreased by $1.3 million, or 21%, to $4.9 million as compared to $6.2
      million during the first six months of 2014. Gross margin as a
      percentage of revenue was 17.6% for the six months ended June 30, 2015,
      which was up slightly from 17.5% in the same period in the prior year.
    </p>
    <p>
      SG&amp;A expenses decreased by $1.3 million, or 19%, to $5.4 million, as
      compared to $6.7 million during the same period in 2014. The decrease
      was achieved despite recognizing $143,000 in expenses related to the
      closure of three DFW area stores. These expenses were primarily
      comprised of accelerated lease expense and fees related to early lease
      terminations. The overall decrease in SG&amp;A was achieved primarily
      through continued efforts to reduce expenses at all levels, including
      store-level operating expenses, corporate overhead, and advertising
      expense.
    </p>
    <p>
      Loss from continuing operations for the first six months of 2015, net of
      taxes, was $933,000 or $0.07 per share compared to a loss from
      continuing operations of $824,000, or $0.07 per share, in the first six
      months of 2014.
    </p>
    <p>
      Income from discontinued operations for the six months ended June 30,
      2015 was $44,000, related to the Southern Bullion locations closed in
      2014, compared to a net loss of $4,152,000 for these locations in the
      same six months of 2014. The current period income relates to
      adjustments in accrued expenses related to the wind down of all Southern
      Bullion operations. The Company believes it has recognized all material
      expenses related to the closure of Southern Bullion operations.
    </p>
    <p>
      Net loss for the first six months of 2015 was $889,000 or $0.07 per
      share, compared to a net loss of $4,975,000, or $0.41 per share, in the
      first six months of 2014.
    </p>
    <div style="margin-right: 0pt; margin-bottom: 10pt; margin-left: 0pt; width: 100%; text-indent: 0pt">
      <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>
      As of June 30, 2015, DGSE had cash and cash equivalents of $1.4 million
      compared to $2.2 million at December 31, 2014. Stockholders&#8217; equity
      decreased 14% to $5.2 million at June 30, 2015 compared to $6.1 million
      at December 31, 2014. As of June 30, 2015, the outstanding balance on
      the Company&#8217;s credit facility with NTR Metals, LLC was $2.3 million
      compared to $2.3 million at December 31, 2014.
    </p>
    <p>
      &#8220;As we announced earlier this week, Dusty Clem will be leaving DGSE in
      the coming weeks. On behalf of DGSE, I would like to thank Dusty for his
      many contributions to the Company, and wish him the best in his future
      endeavors,&#8221; stated C. Brett Burford, Chief Financial Officer of DGSE.
      &#8220;We have begun the search for a new leader that will continue DGSE&#8217;s
      efforts to create profitable, long-term growth for our shareholders.
      During this transition, we expect no impact on our ability to service
      our customers at the store level and create a positive jewelry, bullion
      and numismatic buying, and selling, experience.&#8221;
    </p>
    <p>
      <b>Conference Call</b>
    </p>
    <p>
      DGSE&#8217;s management will conduct a live teleconference to discuss its
      financial results:
    </p>
<div style="text-align:left">
    <table style="font-family: Times New Roman; margin-bottom: 10.0px; font-size: 8pt; width: 100%" cellspacing="0">
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          <b>Date:</b>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          August 13, 2015
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          <b>Time:</b>
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          <b>Dial-in:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          1-877-407-9039 if calling from the United States, or 1-201-689-8470
          if dialing internationally.
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          <b>Replay:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          A replay will be available until midnight on August 20, 2015, 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
          13617039 to access the replay.
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          <b>Webcast:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            The call will be webcast and will be available by visiting <u>http://public.viavid.com/index.php?id=115881</u>.
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </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
      Charleston Gold &amp; Diamond Exchange, Chicago Gold &amp; Diamond Exchange
      (formerly Bullion Express), and Dallas Gold &amp; Silver Exchange
      operations. DGSE also owns Fairchild International, Inc., one of the
      largest vintage watch wholesalers in the country. In addition to its
      retail facilities in Illinois, South Carolina, and Texas, the Company
      operates websites which can be accessed at <u>www.dgse.com</u>, and <u>www.cgdeinc.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>
    <div style="margin-right: 0pt; margin-bottom: 10pt; margin-left: 0pt; width: 100%; text-indent: 0pt">
      <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>
      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-bottom: 10pt; margin-left: 0pt; width: 100%; text-indent: 0pt">
      <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="font-family: Times New Roman; margin-bottom: 10.0px; font-size: 8pt; width: 100%" 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="padding-left: 0.0px; text-align: center" colspan="11" valign="top">
          <b>DGSE COMPANIES, INC. AND SUBSIDIARIES</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="11" valign="top">
          <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="padding-left: 0.0px; text-align: center; padding-right: 0.0px; white-space: nowrap" colspan="3" valign="top">
          <b>June 30,</b>
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" colspan="3" valign="bottom">
          <b>2015</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" colspan="3" valign="bottom">
          <b>2014</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" 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="padding-left: 0.0px; text-align: left" 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="padding-left: 20.0px; text-align: left" valign="top">
          Cash and cash equivalents
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          1,444,800
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          2,184,435
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          171,479
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          904,076
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          10,259,796
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          11,144,157
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          188,172
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          104,513
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left; padding-bottom: 2.0px" valign="top">
          Assets related to discontinued operations
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" 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="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          49,729
        </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">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="top">
          Total current assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          12,064,247
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          14,386,910
        </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="padding-left: 0.0px; text-align: left" valign="top">
          Property and equipment, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          4,227,158
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          4,365,767
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          20,676
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          27,568
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          127,321
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          128,356
        </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="padding-left: 20.0px; text-align: left; padding-bottom: 4.0px" valign="top">
          Total assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt" valign="bottom">
          16,439,402
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt" valign="bottom">
          18,908,601
        </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="padding-left: 0.0px; text-align: center" 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="padding-left: 0.0px; text-align: left" 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="padding-left: 20.0px; text-align: left" valign="top">
          Current maturities of long-term debt
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          135,454
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          131,003
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          11,817
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          11,529
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          4,569,895
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          5,831,736
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          775,180
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          1,541,552
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          1,655,850
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          1,082,778
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left; padding-bottom: 2.0px" valign="top">
          Liabilities related to discontinued operations
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          212,485
        </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="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          303,564
        </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">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="top">
          Total current liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          7,360,681
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          8,902,162
        </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="padding-left: 0.0px; text-align: left" valign="top">
          Line of credit, related party
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          2,303,359
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          2,303,359
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; 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="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          1,540,425
        </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="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          1,616,237
        </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">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Total liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          11,204,465
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          12,821,758
        </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="padding-left: 0.0px; text-align: left" 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="padding-left: 0.0px; text-align: center" 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="padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Common stock, $0.01 par value; 30,000,000 shares authorized;
            12,296,446 and 12,238,846 shares issued and outstanding
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          122,964
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          122,388
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          34,267,577
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          34,231,271
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; 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="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          (29,155,604
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          (28,266,816
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="top">
          Total stockholders' equity
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          5,234,937
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          6,086,843
        </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="padding-left: 20.0px; text-align: left; padding-bottom: 4.0px" valign="top">
          Total liabilities and stockholders' equity
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt" valign="bottom">
          16,439,402
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt" valign="bottom">
          18,908,601
        </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-bottom: 10pt; margin-left: 0pt; width: 100%; text-indent: 0pt">
      <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="font-family: Times New Roman; margin-bottom: 10.0px; font-size: 8pt; width: 100%" 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="padding-left: 0.0px; text-align: center" colspan="22" valign="top">
          <b>DGSE COMPANIES, INC. AND SUBSIDIARIES</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="22" valign="top">
          <b>CONSOLIDATED STATEMENTS OF OPERATIONS</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="22" valign="top">
          <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 style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">

        </td>
        <td>

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-bottom: 2.0px" valign="bottom">

        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-bottom: 2.0px" valign="bottom">

        </td>
        <td style="padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt" colspan="8" valign="bottom">
          <b>For the Six Months Ended </b><br><b>June 30,</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">

        </td>
        <td>

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

        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" colspan="3" valign="bottom">
          <b>2015</b>
        </td>
        <td>
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-bottom: 2.0px" valign="bottom">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" colspan="3" valign="bottom">
          <b>2014</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-bottom: 2.0px" valign="bottom">

        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-bottom: 2.0px" valign="bottom">

        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" colspan="3" valign="bottom">
          <b>2015</b>
        </td>
        <td>
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-bottom: 2.0px" valign="bottom">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" colspan="3" valign="bottom">
          <b>2014</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="bottom">

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="bottom">

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="bottom">

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="bottom">

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

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

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

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

        </td>
        <td>

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

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

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          14,942,637
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          17,518,412
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          27,817,786
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          35,582,719
        </td>
        <td>

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

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

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          12,373,461
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

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

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          14,508,228
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

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

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

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          22,915,427
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

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

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          29,361,864
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 40.0px; text-align: left" valign="bottom">
          Gross margin
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          2,569,176
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          3,010,184
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          4,902,359
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          6,220,855
        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

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

        </td>
        <td>

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

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

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

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

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

        </td>
        <td>

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

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

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

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          2,533,139
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          3,357,366
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          5,419,181
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          6,704,140
        </td>
        <td>

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

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

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          81,708
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

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

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          91,230
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

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

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

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          222,332
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

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

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          181,815
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">

        </td>
        <td>

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

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          2,614,847
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

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

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          3,448,596
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

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

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

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          5,641,513
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

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

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          6,885,955
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

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

        </td>
        <td>

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

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

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

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          (45,671
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          )
        </td>
        <td>

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

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          (438,412
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          )
        </td>
        <td>

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

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

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          (739,154
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          )
        </td>
        <td>

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

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          (665,100
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

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

        </td>
        <td>

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

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

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

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

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

        </td>
        <td>

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

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

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

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (670
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (31,166
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (3,703
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (57,661
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">
          Interest expense
        </td>
        <td>

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

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          88,893
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

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

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          88,330
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

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

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

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          172,661
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

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

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          169,143
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">

        </td>
        <td>

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

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          88,223
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

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

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          57,164
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

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

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

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          168,958
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

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

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          111,482
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

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

        </td>
        <td>

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

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 40.0px; text-align: left" valign="bottom">
          Loss from continuing operations before income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (133,894
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (495,576
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (908,112
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (776,582
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

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

        </td>
        <td>

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

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

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

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          (1,921
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          )
        </td>
        <td>

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

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          43,491
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

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

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

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          24,923
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

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

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          47,070
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

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

        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (131,973
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (539,067
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (933,035
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (823,652
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

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

        </td>
        <td>

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

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

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

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

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

        </td>
        <td>

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

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">
          Income (loss) from discontinued operations, net of taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          41,683
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

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

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          (3,913,172
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          )
        </td>
        <td>

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

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

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          44,247
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

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

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          (4,151,565
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

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

        </td>
        <td>

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

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 40.0px; text-align: left; padding-bottom: 4.0px" valign="bottom">
          Net loss
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px" valign="bottom">

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt" valign="bottom">
          (90,290
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px" valign="bottom">

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt" valign="bottom">
          (4,452,239
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px" valign="bottom">

        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px" valign="bottom">

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt" valign="bottom">
          (888,788
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px" valign="bottom">

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt" valign="bottom">
          (4,975,217
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

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

        </td>
        <td>

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

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

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

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

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

        </td>
        <td>

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

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

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (0.01
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

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

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

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (0.07
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (0.07
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">
          Loss from discontinued operations
        </td>
        <td>

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

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          0.00
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

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

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          (0.32
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          )
        </td>
        <td>

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

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

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          0.00
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

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

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          (0.34
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left; padding-bottom: 4.0px" valign="bottom">
          Net loss per share
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px" valign="bottom">

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt" valign="bottom">
          (0.01
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px" valign="bottom">

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt" valign="bottom">
          (0.36
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px" valign="bottom">

        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px" valign="bottom">

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt" valign="bottom">
          (0.07
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px" valign="bottom">

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt" valign="bottom">
          (0.41
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

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

        </td>
        <td>

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

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

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

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

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

        </td>
        <td>

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

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

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (0.01
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

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

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

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (0.07
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (0.07
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">
          Loss from discontinued operations
        </td>
        <td>

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

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          0.00
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

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

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          (0.32
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          )
        </td>
        <td>

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

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

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          0.00
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

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

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          (0.34
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left; padding-bottom: 4.0px" valign="bottom">
          Net loss per share
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px" valign="bottom">

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt" valign="bottom">
          (0.01
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px" valign="bottom">

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt" valign="bottom">
          (0.36
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px" valign="bottom">

        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px" valign="bottom">

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt" valign="bottom">
          (0.07
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px" valign="bottom">

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt" valign="bottom">
          (0.41
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

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

        </td>
        <td>

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

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

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

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

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

        </td>
        <td>

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

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

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

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          12,262,741
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          12,210,397
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          12,254,257
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          12,202,214
        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          12,262,741
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          12,210,397
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          12,254,257
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          12,202,214
        </td>
        <td>

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

    </p>
    <p>
      CONTACT:<br>DGSE Companies, Inc.<br>C. Brett Burford, 972-587-4021<br>Chief
      Financial Officer<br><u>investorrelations@dgse.com</u>
    </p>
  </body>
</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
