XML 29 R16.htm IDEA: XBRL DOCUMENT
v3.7.0.1

Income Taxes | 12 Months Ended
--- | ---
Dec. 31, 2016
Income Tax Disclosure [Abstract] |
Income Tax Disclosure [Text Block] | Note 10 – Income Taxes The income tax provision for continuing operations reconciled to the tax computed at the statutory Federal rate follows:
|  | 2016 |  | 2015 |
Tax Benefit at Statutory Rate |  | $ | (1,345,685) |  | $ | (781,497) |
Valuation Allowance |  |  | 1,344,094 |  |  | 779,308 |
Non-Deductible Expenses and Other |  |  | 1,591 |  |  | 2,189 |
State Taxes, Net of Federal Benefit |  |  | 47,916 |  |  | 31,802 |
Income tax expense |  | $ | 47,916 |  | $ | 31,802 |
Current |  | $ | 47,916 |  | $ | 31,802 |
Deferred |  |  | - |  |  | - |
Total |  | $ | 47,916 |  | $ | 31,802 |
Deferred income taxes are comprised of the following:
|  | 2016 |  | 2015 |
Deferred tax assets (liabilities): |  |  |  |  |  |  |
Inventories |  | $ | 104,190 |  | $ | 103,909 |
Stock options and other |  |  | 93,985 |  |  | 88,303 |
Alternative Minimum Tax credit carryforward |  |  | 24,674 |  |  | 24,674 |
Contingencies and accruals |  |  | 152,846 |  |  | 157,936 |
Property and equipment |  |  | (214,383) |  |  | (454,788) |
Net operating loss carryforward |  |  | 12,174,859 |  |  | 11,136,538 |
Goodwill and intangibles |  |  | - |  |  | (4,687) |
Total deferred tax assets, net |  | $ | 12,336,171 |  | $ | 11,051,886 |
Valuation allowance |  | $ | (12,336,171) |  | $ | (11,051,886) |
As of December 31, 2016, the Company had $2,729,636 of net operating loss carry-forwards, related to the Superior Galleries acquisition which may be available to reduce taxable income in future years, subject to the applicable Internal Revenue Code Section 382 limitations. As of December 31, 2016, the Company had $38,055,994 of net operating loss carry-forwards related to Superior Galleries’ post acquisition operating losses and other operating losses incurred by the Company’s other operations. These carry-forwards will expire, starting in 2026 if not utilized. As of December 31, 2016 and 2015, the Company determined based on consideration of all available evidence, including but not limited to historical, current and future anticipated financial results as well as applicable IRS limitation and expiration dates related to the Company’s net operating losses a full valuation allowance should be recorded for its net deferred tax assets.

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32559-109319 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32718-109319 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32639-109319 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32537-109319 + Details
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration