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SEGMENT INFORMATION | 6 Months Ended
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Jun. 30, 2022
SEGMENT INFORMATION |
NOTE 10 - SEGMENT INFORMATION | NOTE 10 — SEGMENT INFORMATION We determine our business segments based upon an internal reporting structure. Our financial performance is based on the following two 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 Mt. Pleasant, South Carolina. The ECHG segment includes Echo, ITAD USA, Teladvance, CEX and Avail. These five companies are involved in recycling and the reuse of electronic components. We allocate a portion of certain corporate costs and expenses, including information technology as well as rental income and expenses relating to our corporate headquarters, to our business segments. These income and expenses are included in selling, general and administrative (“SG&A”) expenses, depreciation and amortization, other income, interest expense and income tax expense. Our management team evaluates each segment and makes decisions about the allocation of resources according to each segment’s profit. Allocation amounts are generally agreed upon by management and may differ from arms-length allocations. The following separates DGSE’s and ECHG’s financial results of operations for the three months ended June 30, 2022 and 2021:
|  | For The Three Months Ended June 30, |
|  | 2022 |  |  | 2021 |
|  | DGSE |  |  | ECHG |  |  | Consolidated |  |  | DGSE |  |  | ECHG |  |  | Consolidated |
Revenue: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sales |  | $ | 30,339,127 |  |  | $ | 12,300,591 |  |  | $ | 42,639,718 |  |  | $ | 23,012,324 |  |  | $ | 10,711,682 |  |  | $ | 33,724,006 |
Cost of goods sold |  |  | 26,150,543 |  |  |  | 5,011,175 |  |  |  | 31,161,718 |  |  |  | 19,915,328 |  |  |  | 6,680,788 |  |  |  | 26,596,116 |
Gross profit |  |  | 4,188,584 |  |  |  | 7,289,416 |  |  |  | 11,478,000 |  |  |  | 3,096,996 |  |  |  | 4,030,894 |  |  |  | 7,127,890 |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Selling, general and administrative expenses |  |  | 2,194,494 |  |  |  | 4,889,409 |  |  |  | 7,083,903 |  |  |  | 1,889,895 |  |  |  | 2,941,330 |  |  |  | 4,831,225 |
Depreciation and amortization |  |  | 101,434 |  |  |  | 178,082 |  |  |  | 279,516 |  |  |  | 97,435 |  |  |  | 118,784 |  |  |  | 216,219 |
|  |  | 2,295,928 |  |  |  | 5,067,491 |  |  |  | 7,363,419 |  |  |  | 1,987,330 |  |  |  | 3,060,114 |  |  |  | 5,047,444 |
Operating income |  |  | 1,892,656 |  |  |  | 2,221,925 |  |  |  | 4,114,581 |  |  |  | 1,109,666 |  |  |  | 970,780 |  |  |  | 2,080,446 |
Other income/expense: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other income (expense), net |  |  | (49,018 | ) |  |  | (46,411 | ) |  |  | (95,429 | ) |  |  | 119,460 |  |  |  | 163,595 |  |  |  | 283,055 |
Interest expense |  |  | 61,663 |  |  |  | 59,379 |  |  |  | 121,042 |  |  |  | 68,692 |  |  |  | 109,012 |  |  |  | 177,704 |
Income before income taxes |  |  | 1,781,975 |  |  |  | 2,116,135 |  |  |  | 3,898,110 |  |  |  | 1,160,434 |  |  |  | 1,025,363 |  |  |  | 2,185,797 |
Income tax expense |  |  | 15,391 |  |  |  | 34,861 |  |  |  | 50,252 |  |  |  | 14,185 |  |  |  | 18,500 |  |  |  | 32,685 |
Net income |  | $ | 1,766,584 |  |  | $ | 2,081,274 |  |  | $ | 3,847,858 |  |  | $ | 1,146,249 |  |  | $ | 1,006,863 |  |  | $ | 2,153,112 |
The following separates DGSE’s and ECHG’s financial results of operations for the six months ended June 30, 2022 and 2021:
|  | For The Six Months Ended June 30, |
|  | 2022 |  |  | 2021 |
|  | DGSE |  |  | ECHG |  |  | Consolidated |  |  | DGSE |  |  | ECHG |  |  | Consolidated |
Revenue: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sales |  | $ | 66,121,999 |  |  | $ | 23,932,817 |  |  | $ | 90,054,816 |  |  | $ | 41,926,825 |  |  | $ | 17,287,622 |  |  | $ | 59,214,447 |
Cost of goods sold |  |  | 57,709,953 |  |  |  | 11,155,829 |  |  |  | 68,865,782 |  |  |  | 36,022,194 |  |  |  | 9,760,099 |  |  |  | 45,782,293 |
Gross profit |  |  | 8,412,046 |  |  |  | 12,776,988 |  |  |  | 21,189,034 |  |  |  | 5,904,631 |  |  |  | 7,527,523 |  |  |  | 13,432,154 |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Selling, general and administrative expenses |  |  | 4,332,443 |  |  |  | 9,311,215 |  |  |  | 13,643,658 |  |  |  | 3,672,332 |  |  |  | 5,312,122 |  |  |  | 8,984,454 |
Depreciation and amortization |  |  | 208,397 |  |  |  | 363,066 |  |  |  | 571,463 |  |  |  | 194,257 |  |  |  | 226,874 |  |  |  | 421,131 |
|  |  | 4,540,840 |  |  |  | 9,674,281 |  |  |  | 14,215,121 |  |  |  | 3,866,589 |  |  |  | 5,538,996 |  |  |  | 9,405,585 |
Operating income |  |  | 3,871,206 |  |  |  | 3,102,707 |  |  |  | 6,973,913 |  |  |  | 2,038,042 |  |  |  | 1,988,527 |  |  |  | 4,026,569 |
Other income/expense: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other income (expense), net |  |  | (77,009 | ) |  |  | (76,996 | ) |  |  | (154,005 | ) |  |  | 231,191 |  |  |  | 323,805 |  |  |  | 554,996 |
Interest expense |  |  | 122,904 |  |  |  | 121,377 |  |  |  | 244,281 |  |  |  | 137,177 |  |  |  | 219,549 |  |  |  | 356,726 |
Income before income taxes |  |  | 3,671,293 |  |  |  | 2,904,334 |  |  |  | 6,575,627 |  |  |  | 2,132,056 |  |  |  | 2,092,783 |  |  |  | 4,224,839 |
Income tax expense |  |  | 28,568 |  |  |  | 51,976 |  |  |  | 80,544 |  |  |  | 27,890 |  |  |  | 35,565 |  |  |  | 63,455 |
Net income |  | $ | 3,642,725 |  |  | $ | 2,852,358 |  |  | $ | 6,495,083 |  |  | $ | 2,104,166 |  |  | $ | 2,057,218 |  |  | $ | 4,161,384 |

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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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI https://asc.fasb.org/topic&trid=2134510 + Details
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