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SEGMENT INFORMATION | 12 Months Ended
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Dec. 31, 2021
SEGMENT INFORMATION |
SEGMENT INFORMATION | NOTE 11 — SEGMENT INFORMATION We determine our business segments based upon an internal reporting structure. Our financial performance is based on the following segments: DGSE and ECHG. The DGSE segment includes Dallas Gold & Silver Exchange, which has six retail stores in the Dallas/Fort Worth Metroplex, and Charleston Gold & Diamond Exchange, which has one retail store in Charleston, South Carolina. The ECHG segment includes Echo, ITAD USA, CEX, Teladvance and Avail DE. These five companies were added during Fiscal 2019 and Fiscal 2021, and are involved in recycling and the reuse of electronic waste. We allocate our corporate costs and expenses, including rental income and expenses relating to our corporate headquarters, to our business segments. The corporate building’s income and expenses are included in selling, general and administrative expenses, depreciation and amortization, other income, interest expense and income tax expense. The Company’s management team evaluates the operating performance of each segment and makes decisions about the allocation of resources according to each segment profit. The allocations are generally amounts agreed upon by management, which may differ from an arms-length transaction. The following table segments the financial results of DGSE and ECHG for the years ended December 31, 2021 and 2020:
|  | For the Years Ended |
|  | December 31, 2021 |  |  | December 31, 2020 |
|  | DGSE |  |  | ECHG |  |  | Consolidated |  |  | DGSE |  |  | ECHG |  |  | Consolidated |
Revenue: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sales |  | $ | 96,719,259 |  |  | $ | 44,246,819 |  |  | $ | 140,966,078 |  |  | $ | 85,661,391 |  |  | $ | 28,260,624 |  |  | $ | 113,922,015 |
Cost of goods sold |  |  | 84,111,097 |  |  |  | 25,633,822 |  |  |  | 109,744,919 |  |  |  | 75,291,521 |  |  |  | 15,561,531 |  |  |  | 90,853,052 |
Gross profit |  |  | 12,608,162 |  |  |  | 18,612,997 |  |  |  | 31,221,159 |  |  |  | 10,369,870 |  |  |  | 12,699,093 |  |  |  | 23,068,963 |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Selling, general and administrative expenses |  |  | 7,628,377 |  |  |  | 13,169,718 |  |  |  | 20,798,095 |  |  |  | 6,933,259 |  |  |  | 8,620,015 |  |  |  | 15,553,274 |
Depreciation and amortization |  |  | 389,703 |  |  |  | 536,392 |  |  |  | 926,095 |  |  |  | 321,833 |  |  |  | 406,793 |  |  |  | 728,626 |
|  |  | 8,018,080 |  |  |  | 13,706,110 |  |  |  | 21,724,190 |  |  |  | 7,255,092 |  |  |  | 9,026,808 |  |  |  | 16,281,900 |
Operating income |  |  | 4,590,082 |  |  |  | 4,906,887 |  |  |  | 9,496,969 |  |  |  | 3,114,778 |  |  |  | 3,672,285 |  |  |  | 6,787,063 |
Other income : |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other income from loan forgiveness |  |  | 675,210 |  |  |  | 992,990 |  |  |  | 1,668,200 |  |  |  | - |  |  |  | - |  |  |  | - |
Other income (expense) |  |  | 238,585 |  |  |  | (538,020 | ) |  |  | (299,435 | ) |  |  | 113,974 |  |  |  | 193,023 |  |  |  | 306,997 |
Interest expense |  |  | 288,236 |  |  |  | 415,815 |  |  |  | 704,051 |  |  |  | 209,295 |  |  |  | 411,204 |  |  |  | 620,499 |
Income before income taxes |  |  | 5,215,641 |  |  |  | 4,946,042 |  |  |  | 10,161,683 |  |  |  | 3,019,457 |  |  |  | 3,454,104 |  |  |  | 6,473,561 |
Income tax expense |  |  | 45,124 |  |  |  | 67,684 |  |  |  | 112,808 |  |  |  | 40,283 |  |  |  | 49,335 |  |  |  | 89,618 |
Income from continuing operations |  | $ | 5,170,517 |  |  | $ | 4,878,358 |  |  | $ | 10,048,875 |  |  | $ | 2,979,174 |  |  | $ | 3,404,769 |  |  | $ | 6,383,943 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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