<SEC-DOCUMENT>0001144204-15-058912.txt : 20151009
<SEC-HEADER>0001144204-15-058912.hdr.sgml : 20151009
<ACCEPTANCE-DATETIME>20151009160650
ACCESSION NUMBER:		0001144204-15-058912
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20151009
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20151009
DATE AS OF CHANGE:		20151009

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:		151153228

	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>v421959_8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
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<P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: bold 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt"><B>UNITED STATES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>SECURITIES
AND EXCHANGE COMMISSION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Washington, D.C. 20549</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>CURRENT
REPORT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Date of Report</B> (Date of earliest
event reported):<B> October 9, 2015 </B>(October 9, 2015)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>DGSE COMPANIES, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of Registrant as specified in
its charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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    <td style="width: 34%; font-size: 10pt; text-align: center"><font style="font-size: 10pt"><b>Nevada</b></font></td>
    <TD STYLE="width: 33%; font-size: 10pt; text-align: center"><font style="font-size: 10pt"><b>1-11048</b></font></td>
    <TD STYLE="width: 33%; font-size: 10pt; text-align: center"><font style="font-size: 10pt"><b>88-0097334</b></font></td></tr>
<tr style="vertical-align: top">
    <td style="font-size: 10pt; text-align: center"><font style="font-size: 10pt">(State or other jurisdiction of</font></td>
    <TD STYLE="font-size: 10pt; text-align: center"><font style="font-size: 10pt">(Commission</font></td>
    <td style="font-size: 10pt; text-align: center"><font style="font-size: 10pt">(I.R.S. Employer</font></td></tr>
<tr style="vertical-align: top">
    <td style="font-size: 10pt; text-align: center"><font style="font-size: 10pt">incorporation or organization)</font></td>
    <TD STYLE="font-size: 10pt; text-align: center"><font style="font-size: 10pt">File Number)</font></td>
    <td style="font-size: 10pt; text-align: center"><font style="font-size: 10pt">Identification No.)</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>15850 Dallas Parkway, Suite 140</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Dallas, Texas 75248</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of principal executive offices)
(Zip Code)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Registrant&rsquo;s Telephone Number, including
area code: <B>(972) 587-4049</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Not Applicable</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Former name or former address, if changed
since last report)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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
(see General Instruction A.2.):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Wingdings">&uml;</FONT>
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Wingdings">&uml;</FONT>
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Wingdings">&uml;</FONT>
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Wingdings">&uml;</FONT>
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 11%; font-size: 10pt; text-align: justify"><b>Item 5.02.</b></td>
    <td style="width: 89%; font-size: 10pt; text-align: justify"><b>Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</b></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On October 9, 2015,
the Board of Directors (the &ldquo;Board&rdquo;) of DGSE Companies, Inc. (&ldquo;DGSE&rdquo;) elected J. Marcus Scrudder as a member
of the Board effective immediately. Mr. Scrudder was appointed by the Board to serve on the Compliance, Governance and Nominating
Committee, the Compensation Committee and the Audit Committee. The Board also determined that Mr. Scrudder is an &ldquo;independent
director&rdquo; for purposes of NYSE MKT and Securities and Exchange Commission (&ldquo;SEC&rdquo;) rules and meets the other
requirements of the NYSE MKT and the SEC for purposes of serving on the Compliance, Governance and Nominating Committee, the Compensation
Committee and the Audit Committee. Further, Mr. Scrudder qualifies as an &ldquo;audit committee financial expert.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Mr. Scrudder is currently
the President/Owner of Heartland Cabinetry and Furniture, Inc., a leading manufacturer of custom residential and commercial cabinetry
in North Texas. Prior to the acquisition of Heartland Cabinetry and Furniture, Inc., Mr. Scrudder was Chief Financial Officer,
and subsequently Chief Executive Officer, of Craftmade International, Inc. (NASDAQ: CRFT), a national manufacturer and supplier
of ceiling fans, decorative lighting and luxury outdoor furniture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There is no arrangement
or understanding pursuant to which Mr. Scrudder was selected as a director of DGSE and there are no family relationships between Mr. Scrudder and the other directors or executive officers of the Company. Since the beginning of DGSE&rsquo;s
last fiscal year, Mr. Scrudder has not had any transactions or currently proposed transactions in which Mr. Scrudder was or is
to be a participant in amounts greater than $120,000 and in which any related person had or will have a direct or indirect material
interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 11%; font-size: 10pt; text-align: justify"><b>Item 5.03.</b></td>
    <td style="width: 89%; font-size: 10pt; text-align: justify"><b>Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.</b></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As discussed in the
Current Report on Form 8-K filed by DGSE on September 11, 2015, in connection with the resignations of James D. Clem and David
S. Rector and in order to permit the Board to continue to act in an orderly fashion until additional directors were added to fill
vacancies on the Board, the Board previously temporarily decreased the quorum requirement for the Board to transact business to
50% of the authorized directors. On October 9, 2015, in connection with the election of Mr. Scrudder, as described in Item 5.02
above, the Board approved and adopted an amendment to the bylaws reinstating the prior quorum provision, which provides that a
majority of the authorized number of directors shall constitute a quorum of the Board for the transaction of business (the &ldquo;Amendment&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The above description
of the Amendment is a summary and is qualified in its entirety by the Amendment itself, which is filed as Exhibit 3.1 to this Current
Report on Form 8-K and is incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<tr style="vertical-align: top">
    <td style="width: 11%; font-size: 10pt; text-align: justify"><b>Item 9.01.</b></td>
    <td style="width: 89%; font-size: 10pt; text-align: justify"><b>Financial Statements and Exhibits.</b></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 6%; font-size: 10pt; text-align: justify">&nbsp;</td>
    <td style="width: 5%; font-size: 10pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">d.</font></td>
    <td style="width: 89%; font-size: 10pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Exhibits</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<tr style="vertical-align: top">
    <td style="width: 11%; font-size: 10pt; text-align: justify">&nbsp;</td>
    <td style="width: 5%; font-size: 10pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">3.1</font></td>
    <td style="width: 84%; font-size: 10pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Amendment to Bylaws dated October 9, 2015</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<tr style="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</td>
    <TD STYLE="width: 5%">By:</td>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid">/s/ MATTHEW M. PEAKES</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</td>
    <TD STYLE="font-weight: bold">&nbsp;</td>
    <TD STYLE="font-weight: bold"><font style="font-size: 10pt">Matthew M. Peakes</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Chief Executive Officer</I></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></td></tr>
</table>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">Date:</TD><TD STYLE="text-align: justify">October 9, 2015</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">EXHIBIT INDEX</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 10%; text-align: justify">Exhibit</td>
    <TD STYLE="width: 2%; text-align: justify">&nbsp;</td>
    <TD STYLE="width: 88%; text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-decoration: underline; text-align: justify; border-bottom: Black 1pt solid"><U STYLE="text-decoration: none">Number</u></td>
    <TD STYLE="text-align: justify; padding-bottom: 1pt">&nbsp;</td>
    <TD STYLE="text-decoration: underline; text-align: center; border-bottom: Black 1pt solid"><U STYLE="text-decoration: none">Description</u></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">3.1</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Amendment to Bylaws dated October 9, 2015</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



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<DOCUMENT>
<TYPE>EX-3.1
<SEQUENCE>2
<FILENAME>v421959_ex3-1.htm
<DESCRIPTION>EXHIBIT 3.1
<TEXT>
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<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 3.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>AMENDMENT TO BYLAWS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>OF</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>DGSE COMPANIES, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>(f/k/a/ CANYON STATE CORPORATION)</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Effective as of the
date set forth below, the Bylaws of DGSE Companies, Inc., a Nevada corporation formerly known as Canyon State Corporation (the
&ldquo;Corporation&rdquo;), are amended in the following respect:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
9 of Article III of the Corporation&rsquo;s Bylaws is hereby amended and restated to read in its entirety as follows:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">&ldquo;Section 9. Quorum.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">A majority of the authorized number of directors shall
constitute a quorum of the board for the transaction of business. Every act or decision done or made by a majority of the directors
present at a meeting duly held at which a quorum is present is the act of the board of directors, subject to the provisions of
the General Corporation Law. A meeting at which a quorum is initially present may continue to transact business notwithstanding
the withdrawal of directors, provided that any action taken is approved by at least a majority of the required quorum for such
meeting.&rdquo;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[<I>Signature Page Follows</I>]</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The undersigned Secretary
of the Corporation hereby certifies that the foregoing amendment to the Corporation&rsquo;s Bylaws were duly adopted by the Board
of Directors of the Corporation on October 9, 2015, effective as of such date.</P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>DGSE COMPANIES, INC.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/ C. BRETT BURFORD</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">C. Brett Burford, Secretary</FONT></TD></TR>
</TABLE>
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