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Subsequent Events | 12 Months Ended
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Dec. 31, 2019
Retirement Benefits [Abstract] |
Subsequent Events | NOTE 18 — SUBSEQUENT EVENTS ECHG, LLC, wholly owned by the Company, entered into an agreement with CExchange, LLC on February 15, 2020, to lend $1,500,000 at eight and one-half percent (8.5%) interest only payments due quarterly. The loan matures on February 20, 2023. The parties also agreed to warrant and call-option agreements to acquire all of CExchange’s equity interests. CExchange is the leader in retail trade-in services, providing in-store and online solutions for most of the major consumer electronics retailers in the United States. CExchange helps retailers provide in-store trade in programs designed to allow customers to turn their old technology into new money at their retail stores in just a couple of minutes. This fits into the core business of the Echo Entities to refurbish and reuse cell phones. There is no assurance that the Company will exercise its warrant or call option. The outbreak of COVID-19, coronavirus pandemic has already adversely affected global economic business conditions. Future sales on products like ours could decline due to increased commodities prices, particularly gold. Although we are continuing to monitor and assess the effects of the coronavirus pandemic, the ultimate impact is highly uncertain and subject to change. The duration of any such impact cannot be predicted. On February 18, 2020, the Company signed an agreement for the purchase of a retail building for its next Dallas Gold & Silver Exchange store, in Lewisville, Texas for $1.4 million. We expect to obtain a ten year, approximate three percent (3%) mortgage of eighty percent loan to value. There are provisional dates for inspections and there is no assurance that the Company will close the purchase of the building.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 + Details
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