<SEC-DOCUMENT>0001157523-16-006530.txt : 20160815
<SEC-HEADER>0001157523-16-006530.hdr.sgml : 20160815
<ACCEPTANCE-DATETIME>20160815160700
ACCESSION NUMBER:		0001157523-16-006530
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20160815
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20160815
DATE AS OF CHANGE:		20160815

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:		161832659

	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>a51401855.htm
<DESCRIPTION>DGSE COMPANIES, INC. 8-K
<TEXT>
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    </p>
    <p style="text-align: center">
      <font style="font-size: 10pt"><b>UNITED STATES</b></font><font style="font-size: 10pt"><br style="font-size: 10pt"></font><font style="font-size: 10pt"><b>SECURITIES
      AND EXCHANGE COMMISSION</b></font><font style="font-size: 10pt"><br style="font-size: 10pt"></font><font style="font-size: 10pt"><b>Washington,
      D.C. 20549</b></font><br>________________________
    </p>
    <p style="text-align: center">
      <font style="font-size: 10pt"><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
      15, 2016</b></font> (<font style="font-size: 10pt; font-family: Times New Roman">August
      15, 2016</font>)<br><br>
    </p>
    <p style="text-align: center">
      <u><font style="font-size: 10pt"><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">
    <table cellspacing="0" style="margin-bottom: 10.0px; font-size: 10pt; width: 100%; font-family: Times New Roman">
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px; width: 33%">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u><b>Nevada</b></u>
          </p>
        </td>
        <td valign="top" style="padding-right: 0.0px; white-space: nowrap; text-align: center; padding-left: 0.0px; width: 34%">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u><b>1-11048</b></u>
          </p>
        </td>
        <td valign="top" style="padding-right: 0.0px; white-space: nowrap; text-align: center; padding-left: 0.0px; width: 33%">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u><b>88-0097334</b></u>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 33%">

        </td>
        <td style="width: 34%">

        </td>
        <td style="width: 33%">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px; width: 33%">
          (State or Other<br>Jurisdiction of<br>Incorporation)
        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px; width: 34%">
          (Commission<br>File Number)
        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px; width: 33%">
          (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>
<div style="text-align:left">
    <table cellspacing="0" style="margin-bottom: 10.0px; font-size: 10pt; width: 100%; font-family: Times New Roman">
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          <p style="margin-bottom: 0px; margin-top: 0px">
            <font style="font-size: 12pt; font-family: Arial Unicode MS">&#8414;</font>
          </p>
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 96%">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Written communications pursuant to Rule 425 under the Securities
            Act (17 CFR 230.425)
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 4%">

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

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 96%">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 4%">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <font style="font-size: 12pt; font-family: Arial Unicode MS">&#8414;</font>
          </p>
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 96%">
          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>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 96%">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 4%">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <font style="font-size: 12pt; font-family: Arial Unicode MS">&#8414;</font>
          </p>
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 96%">
          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; text-indent: 0pt; width: 100%">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
    <p style="text-align: justify">
      <b>Item 2.02 Results of Operations and Financial Condition</b>
    </p>
    <p style="text-align: justify">
      &#160;On August&#160;15, 2016, DGSE Companies, Inc. (the &#8220;<u>Registrant</u>&#8221;)
      issued a press release disclosing its financial results for the fiscal
      quarter ended June&#160;30, 2016 (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;15, 2016 at 3:30 p.m. Central Time (4:30 p.m. Eastern
      Time) to discuss the Registrant&#8217;s financial results for the quarter
      ended June&#160;30, 2016.&#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;22,
      2016.&#160;&#160;To access the replay, please dial +877-870-5176 (U.S. callers) or
      +858-384-5517 (international callers) and reference passcode
      13642867.&#160;&#160;The webcast and archived replay can also be accessed on the
      internet at http://public.viavid.com/index.php?id=120698.
    </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>
      &#160;(b) Not applicable<i>.</i>
    </p>
    <p>
      &#160;(c) Not applicable<i>.</i>
    </p>
    <p>
      <i>&#160;</i>(d) Exhibits<i>.</i>
    </p>
    <p>
      &#160;The following exhibit is furnished as part of this report:
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="margin-bottom: 10.0px; font-size: 10pt; width: 100%; font-family: Times New Roman">
      <tr>
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          &#160;
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 10%">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Exhibit</b>
          </p>
        </td>
        <td style="width: 5%">
          &#160;
        </td>
        <td style="width: 80%">

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

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 10%">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u><b>Number</b></u>
          </p>
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 5%">

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 80%">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u><b>Description of Exhibit</b></u>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 10%">

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

        </td>
        <td style="width: 80%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td valign="top" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px; width: 10%">
          99.1
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 5%">

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 80%">
          Press Release, dated August 15, 2016.
        </td>
      </tr>
    </table>
    </div>
    <p style="white-space: nowrap; text-indent: 60.0px">

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

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

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

        </div>
      </div>
      <div>
        <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>
<div style="text-align:left">
    <table cellspacing="0" style="margin-bottom: 10.0px; font-size: 10pt; width: 100%; font-family: Times New Roman">
      <tr>
        <td style="width: 50%">

        </td>
        <td valign="middle" style="text-align: left; padding-left: 0.0px" colspan="2">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u><b>DGSE COMPANIES, INC.</b></u>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            (Registrant)
          </p>
        </td>
        <td style="width: 20%">

        </td>
      </tr>
      <tr>
        <td style="width: 50%">

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

        </td>
        <td style="width: 20%">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px; width: 50%">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Date: August 15, 2016
          </p>
        </td>
        <td valign="top" style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px; width: 3%">
          By:
        </td>
        <td valign="middle" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: left; border-bottom-style: solid; padding-left: 0.0px; width: 27%">
          <p style="margin-bottom: 0px; margin-top: 0px">
            /s/ MATTHEW M. PEAKES
          </p>
        </td>
        <td style="width: 20%">

        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 0.0px; width: 50%">

        </td>
        <td valign="middle" style="text-align: left; padding-left: 0.0px; width: 3%">

        </td>
        <td valign="middle" style="text-align: left; padding-left: 0.0px; width: 27%">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Matthew M. Peakes
          </p>
        </td>
        <td style="width: 20%">

        </td>
      </tr>
      <tr>
        <td style="width: 50%">

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

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 27%">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Chief Executive Officer
          </p>
        </td>
        <td style="width: 20%">

        </td>
      </tr>
      <tr>
        <td style="width: 50%">

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

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 27%">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (Principal Executive Officer)
          </p>
        </td>
        <td style="width: 20%">

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

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

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

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

        </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 15, 2016.
    </p>
    <p>

    </p>
    <p>

    </p>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a51401855ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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  <head>
    <title></title>
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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 2016 Results</b></font>
    </p>
    <p>
      DALLAS--(BUSINESS WIRE)--August 15, 2016--DGSE Companies, Inc. (NYSE
      MKT: DGSE), a leading wholesaler and retailer of jewelry, diamonds, fine
      watches, and precious metal bullion and rare coin products, today
      announced its financial results for the three and six months ended June
      30, 2016.
    </p>
    <p>
      <b>Second Quarter 2016 Business and Financial Highlights</b>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Revenues for the quarter from continuing operations were $15.5 million
        compared to $14.9 million, a 3.7% increase compared to the same period
        in 2015.
      </li>
      <li style="margin-bottom: 10.0px">
        Gross profit from continuing operations decreased by $287,000, or
        11.2%, based on sales mix. Gross profit as a percent of revenue
        decreased to 14.7% of revenues in the current quarter, compared to
        17.2% in the same period last year.
      </li>
      <li style="margin-bottom: 10.0px">
        Selling, general and administrative (&#8220;SG&amp;A&#8221;) expenses for continuing
        operations increased slightly to $2.6&#160;million compared to $2.5 million
        in the same period last year.
      </li>
      <li style="margin-bottom: 10.0px">
        Loss from continuing operations, net of taxes, for the quarter was
        $537,000 compared to a loss from continuing operations of $132,000 in
        the second quarter of 2015.
      </li>
      <li style="margin-bottom: 10.0px">
        Net loss, inclusive of discontinued operations, was approximately
        $537,000 or $0.04 per share, compared to a net loss of approximately
        $90,000, or $0.01 per share, in the year-ago period.
      </li>
      <li style="margin-bottom: 10.0px">
        On June 20, 2016, DGSE entered into a stock purchase agreement with
        Elemetal, LLC and NTR Metals, LLC in which DGSE will issue common
        stock in exchange for the cancellation and forgiveness of
        approximately $5.9 million of debt and trade payable. The closing of
        this transaction is dependent upon various conditions, including
        obtaining the approval by stockholders.
      </li>
      <li style="margin-bottom: 10.0px">
        During the quarter, DGSE closed the only store in the Chicago market
        and incurred a write down in fixed assets.
      </li>
    </ul>
    <p>
      <b>Second Quarter 2016 Results</b>
    </p>
    <p>
      For the quarter ended June&#160;30, 2016, revenues from continuing operations
      were $15.5&#160;million, a 3.7% increase compared to $14.9&#160;million in the
      quarter ended June 30, 2015. Bullion sales were up compared to the prior
      year quarter. Jewelry and scrap sales were down approximately 29% and
      11%, respectively, compared to the prior year quarter.
    </p>
    <p>
      Gross profit from continuing operations for the second quarter of 2016
      decreased $287,000, or 11.2%, to $2.3&#160;million compared to $2.6&#160;million
      in the prior year quarter. Gross margin as a percentage of revenue
      decreased to 14.7% for the three months ended June 30, 2016, compared to
      17.2% for the same period in the prior year.
    </p>
    <p>
      SG&amp;A expenses increased by $60,000, or 2%, to $2.6 million, as compared
      to $2.5 million during the same period in 2015. The slight increase in
      SG&amp;A as compared to the prior year quarter is primarily due to cost
      associated with proposed transactions with Elemetal, LLC and NTR Metals,
      LLC.
    </p>
    <p>
      Depreciation and amortization increased by $28,000, or 34%, to $110,000
      compared to $82,000 for the same period in the prior year. This increase
      was due to one-time write off of assets formerly utilized in one store
      closed during second quarter of 2016.
    </p>
    <p>
      Loss from continuing operations for the second quarter of 2016, net of
      taxes, was $537,000 or $0.04 per share, compared to a loss from
      continuing operations of $132,000, or $0.01 per share, in the second
      quarter of 2015.
    </p>
    <p>
      Net loss, inclusive of discontinued operations, was approximately
      $537,000 or $0.04 per share, compared to a net loss of approximately
      $90,000, or $0.01 per share, in the year-ago period.
    </p>
    <div style="margin-right: 0pt; margin-bottom: 10pt; margin-left: 0pt; text-indent: 0pt; width: 100%">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
    <p>
      <b>Year-to-Date 2016 Results</b>
    </p>
    <p>
      For the six months ended June 30, 2016, revenues from continuing
      operations were $27.3 million, a 2.0% decrease compared to $27.8 million
      in the six months ended June 30, 2015, due primarily to continued
      weakness in the Company&#8217;s scrap business, which is consistent with
      industry-wide trends. Bullion sales were up 19% compared to prior year,
      while jewelry sales were down 2% for the same period in the prior year.
    </p>
    <p>
      Gross profit from continuing operations for the first six months of 2016
      decreased by $471,000, or 9.6%, to $4.4&#160;million compared to $4.9&#160;million
      during the first six months of 2015. Gross margin as a percentage of
      revenue decreased to 16.2% for the six months ended June 30, 2016,
      compared to 17.6% for the same period in the prior year.
    </p>
    <p>
      SG&amp;A expenses decreased by $0.2 million, or 3.7%, to $5.2 million, as
      compared to $5.4 million during the same period in 2015. The decrease in
      SG&amp;A is due to our continued efforts to reduce expenses at all levels,
      including store-level operating expenses, corporate overhead and
      advertising expense.
    </p>
    <p>
      Depreciation and amortization decreased by $13,000, or 5.8%, to $209,000
      compared to $222,000 for the same period in the prior year. This
      decrease was due to one-time write off of assets formerly utilized in
      four stores closed during Fiscal 2015.
    </p>
    <p>
      Loss from continuing operations for the second quarter of 2016, net of
      taxes, was $1.2 million, or $0.10 per share, compared to a loss from
      continuing operations of $0.9 million, or $0.07 per share, in the second
      quarter of 2015.
    </p>
    <p>
      Net loss, inclusive of discontinued operations, was approximately $1.2
      million, or $0.10 per share, compared to a net loss of approximately
      $0.9 million, or $0.07 per share, in the year-ago period.
    </p>
    <p>
      <b>Balance Sheet Summary</b>
    </p>
    <p>
      At June 30, 2016, we had cash and cash equivalents of $1.1 million
      compared to $1.8 million at December 31, 2015. Stockholders&#8217; equity
      decreased by $1.2 million, or 30.7%, to $2.7&#160;million at June&#160;30, 2016
      compared to $3.9&#160;million at December 31, 2015. As of June&#160;30, 2016 and
      December 31, 2015, the outstanding balance on the Company&#8217;s credit
      facility with NTR Metals, Inc. remained the same at $2.3 million.
    </p>
    <div style="margin-right: 0pt; margin-bottom: 10pt; margin-left: 0pt; text-indent: 0pt; width: 100%">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
    <p>
      <b>Conference Call</b>
    </p>
    <p>
      DGSE Companies management will conduct a live teleconference to discuss
      its financial results:
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="margin-bottom: 10.0px; font-size: 8pt; width: 100%; font-family: Times New Roman">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>

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

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

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

        </td>
        <td valign="middle" style="text-align: left; padding-left: 0.0px">
          August 15, 2016
        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 0.0px">
          <b>Time:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="middle" style="text-align: left; padding-left: 0.0px">
          A replay will be available until midnight on August 22, 2016, 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
          13642867 to access the replay.
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          <b>Webcast:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="middle" style="text-align: left; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            The call will be webcast and will be available by visiting <u>http://public.viavid.com/index.php?id=120698</u>.
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>
      <u><b>About DGSE Companies, Inc.</b></u>
    </p>
    <p>
      DGSE Companies, Inc. wholesales and retails jewelry, diamonds, fine
      watches, precious metal bullion and rare coin products through its
      Charleston Gold &amp; Diamond Exchange 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.cgdeinc.com</u> and <u>www.dgse.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 &#8220;DGSE.&#8221;
    </p>
    <p style="text-align: left">
      This press release includes statements which may constitute
      &quot;forward-looking&quot; statements, usually containing the words &#8220;believe,&#8221;
      &#8220;estimate,&#8221; &#8220;project,&#8221; &#8220;expect&#8221; 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; text-indent: 0pt; width: 100%">
      <div>
        <div style="text-align: left">

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

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

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

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

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

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="12">
          <b>DGSE COMPANIES, INC. AND SUBSIDIARIES</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="12">
          <b>CONSOLIDATED BALANCE SHEETS</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <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>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; text-align: center; border-bottom-style: solid; padding-left: 0.0px" colspan="3">
          <b>2016</b>
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px">
          Cash and cash equivalents
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          1,064,249
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          1,752,711
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px">
          Trade receivables, net of allowances
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          196,386
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          229,848
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px">
          Inventories
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          9,637,714
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          9,565,506
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-bottom: 2.0px; padding-left: 15.0px">
          Prepaid expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-left: 0.0px">
          157,212
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-left: 0.0px">
          106,547
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px">
          Total current assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          11,055,561
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          11,654,612
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          4,177,924
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          4,281,388
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          6,892
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          13,784
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          117,355
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          204,226
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid" colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-bottom: 4.0px; padding-left: 15.0px">
          Total assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-style: double; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-style: double; padding-left: 0.0px">
          15,357,732
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-style: double; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-style: double; padding-left: 0.0px">
          16,154,010
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px">
          Current maturities of long-term debt
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          1,520,664
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          1,589,522
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px">
          Current maturities of capital leases
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          12,326
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          12,069
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px">
          Accounts payable-trade
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          6,697,963
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          5,689,056
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px">
          Accrued expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          871,001
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          1,174,458
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px">
          Customer deposits and other liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          1,071,743
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          1,309,648
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-bottom: 2.0px; padding-left: 15.0px">
          Liabilities related to discontinued operations
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-left: 0.0px">
          190,810
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-left: 0.0px">
          190,810
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px">
          Total current liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          10,364,507
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          9,965,563
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-left: 0.0px">
          7,435
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-left: 0.0px">
          13,664
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          12,675,301
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          12,282,586
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </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>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

          <p style="margin-bottom: 0px; margin-top: 0px">
            12,359,466 and 12,296,446 shares issued and outstanding
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          123,594
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          34,305,269
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-left: 0.0px">
          (31,746,432
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; text-align: left; border-bottom-style: solid; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-left: 0.0px">
          (30,519,117
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; text-align: left; border-bottom-style: solid; padding-left: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px">
          Total stockholders' equity
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          2,682,431
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          3,871,424
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid" colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-bottom: 4.0px; padding-left: 15.0px">
          Total liabilities and stockholders' equity
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-style: double; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-style: double; padding-left: 0.0px">
          15,357,732
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-style: double; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-style: double; padding-left: 0.0px">
          16,154,010
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-right: 0pt; margin-bottom: 10pt; margin-left: 0pt; text-indent: 0pt; width: 100%">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="margin-bottom: 10.0px; font-size: 8pt; width: 100%; font-family: Times New Roman">
      <tr>
        <td colspan="23">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="23">
          <b>DGSE COMPANIES, INC. AND SUBSIDIARIES</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="23">
          <b>CONSOLIDATED STATEMENTS OF OPERATIONS</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="23">
          <b>(Unaudited)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </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>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>June 30,</b>
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: center; border-bottom-style: solid; padding-left: 0.0px" colspan="8">
          <b>For the Six Months Ended </b>

          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>June 30,</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; text-align: center; border-bottom-style: solid; padding-left: 0.0px" colspan="3">
          <b>2016</b>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; text-align: center; border-bottom-style: solid; padding-left: 0.0px" colspan="3">
          <b>2015</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; text-align: center; border-bottom-style: solid; padding-left: 0.0px" colspan="3">
          <b>2016</b>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; text-align: center; border-bottom-style: solid; padding-left: 0.0px" colspan="3">
          <b>2015</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Sales
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          15,498,406
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          27,272,922
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-bottom: 2.0px; padding-left: 15.0px">
          Cost of goods sold
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-left: 0.0px">
          13,216,550
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-left: 0.0px">
          22,842,023
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-left: 0.0px">
          22,915,427
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 40.0px">
          Gross margin
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          2,281,856
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          4,430,899
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px">
          Selling, general and administrative expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          2,593,159
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          5,217,515
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-bottom: 2.0px; padding-left: 15.0px">
          Depreciation and amortization
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-left: 0.0px">
          109,636
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-left: 0.0px">
          209,400
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-left: 0.0px">
          2,702,795
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-left: 0.0px">
          5,426,915
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-left: 0.0px">
          (420,939
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; text-align: left; border-bottom-style: solid; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-left: 0.0px">
          (996,016
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; text-align: left; border-bottom-style: solid; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px">
          Other expense (income), net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          353
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          (261
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          (3,703
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-bottom: 2.0px; padding-left: 15.0px">
          Interest expense
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-left: 0.0px">
          100,563
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-left: 0.0px">
          195,770
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-left: 0.0px">
          100,916
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-left: 0.0px">
          195,509
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          (521,855
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          (1,191,525
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-left: 0.0px">
          15,062
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-left: 0.0px">
          35,626
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          (536,917
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          (1,227,151
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-bottom: 2.0px; padding-left: 15.0px">
          (Loss) income from discontinued operations, net of taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-left: 0.0px">
          (67
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; text-align: left; border-bottom-style: solid; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-style: double; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-style: double; padding-left: 0.0px">
          (536,984
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; text-align: left; border-bottom-style: double; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-style: double; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-style: double; padding-left: 0.0px">
          (1,227,315
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; text-align: left; border-bottom-style: double; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px">
          Loss from continuing operations
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          (0.10
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          (0.07
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-bottom: 2.0px; padding-left: 15.0px">
          (Loss) income from discontinued operations
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-left: 0.0px">
          -
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-bottom: 4.0px; padding-left: 15.0px">
          Net loss per share
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-style: double; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-style: double; padding-left: 0.0px">
          (0.10
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; text-align: left; border-bottom-style: double; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px">
          Loss from continuing operations
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          (0.10
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          (0.07
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-bottom: 2.0px; padding-left: 15.0px">
          (Loss) income from discontinued operations
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-left: 0.0px">
          -
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-bottom: 4.0px; padding-left: 15.0px">
          Net loss per share
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-style: double; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-style: double; padding-left: 0.0px">
          (0.10
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-right: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; text-align: left; border-bottom-style: double; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px">
          Basic
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          12,328,956
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          12,313,228
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px">
          Diluted
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          12,328,956
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          12,313,228
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

    </p>
    <p>
      CONTACT:<br>DGSE Companies, Inc.<br>Matthew M. Peakes, CEO, 972-587-4021<br><u>investorrelations@dgse.com</u>
    </p>
    <p style="text-align: center">

    </p>
  </body>
</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
