SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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SCHEDULE 13D
(Rule 13d-102)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
RULE 13d-2(a)
(Amendment No. 12)*
DGSE COMPANIES, INC.
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(Name of Issuer)
COMMON STOCK $.01 PAR VALUE
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(Title of Class of Securities)
23323G106
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(CUSIP Number)
Dr. L.S. SMITH
519 I 30 SUITE 243
ROCKWALL, TEXAS 75087
972-772-3091
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
JANUARY 25, 2007
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(Date of Event which Requires Filing of This Statement)
If the filing person has previously filed a statement on Schedule 13G to
report the acquisition that is the subject of this Schedule 13D, and is filing
this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the
following box [_].
Note: Schedules filed in paper format shall include a signed original and
five copies of the schedule, including all exhibits. See Rule 13d-7 for other
parties to whom copies are to be sent.
(Continued on following pages)
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* The information required on the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
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CUSIP No. 23323G106 13D Page 1 of 2 Pages
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1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Dr. L.S. Smith
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ] (b) [X]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS
N/A
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
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7 SOLE VOTING POWER
NUMBER OF
3,384,665 (including 845,634 shares underlying exercisable
options)
SHARES -----------------------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 0
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EACH 9 SOLE DISPOSITIVE POWER
REPORTING
2,671,383 (including 845,634 shares underlying exercisable
options)
PERSON -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH
0
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,384,665 (including 845,634 shares underlying exercisable options)
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
58.8%
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14 TYPE OF REPORTING PERSON
IN
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CUSIP No. 23323G106 13D Page 2 of 2 Pages
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Item 1. Security and Issuer.
DGSE Companies, Inc. - Common Stock par value $.01
2817 Forest Lane
Dallas, Texas 75234
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Item 2. Identity and Background.
(a) Dr. L.S. Smith
(b) 519 Interstate 30, # 243, Rockwall, Texas 75087
(c) Chairman of the board and chief executive officer, DGSE Companies,
Inc. 2817 Forest Lane, Dallas, Texas 75234
(d) No
(e) No
(f) United States of America
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Item 3. Source and Amount of Funds or Other Consideration.
N/A
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Item 4. Purpose of Transaction.
This transaction reflects the granting to the reporting person of voting
proxies on shares of Common Stock of the issuer owned by two individuals. These
shareholders have granted a voting proxy to the reporting person because this
will allow the issuer to be treated as a "Controlled Company" under Rule 4350(c)
of The NASDAQ Stock Market. While the proxy permits the reporting person the
right to vote on any corporate matter, there are no specific current plans
requiring the exercise of the granted proxies. Futhermore, there are no plans or
proposals relating to the granting of these proxies with regard to any events
specified in sub Items(a) through (j) of this Item 4.
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Item 5. Interest in Securities of the Issuer.
(a)-(b) The reporting person beneficially owns 3,384,665 shares of the
issuer's common stock, which, in the aggregate, represents 58.8% of the
outstanding shares of the issuer's common stock (for purposes of calculating the
percentage, the 845,634 shares subject to the reporting person's exercisable
option were assumed to be outstanding). The reporting person has sole voting and
dispositive power with respect to 2,671,383 shares of the issuer's common stock
(including 845,634 shares underlying exercisable options) and sole voting power
and no dispositive power with respect to 713,282 such shares. The reporting
person disclaims beneficial ownership of the 713,282 shares subject to proxies
granted to him.
(c) Two individuals granted the reporting person proxies to vote in the
aggregate 220,000 shares of common stock on January 25, 2007.
(d) The two persons granting the voting proxies continue to hold sole
dispositive power on their shares and retain the right to receive any dividends
paid by the issuer.
(e) N/A
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Item 6. Contracts, Arrangements, Understandings or Relationships with Respect
to Securities of the Issuer.
The two individual holders of Common Stock of the issuer have granted the
reporting person an irrevocable proxy relating to shares individually owned for
a period of one year. As such the reporting person has the right for the term of
these proxies to vote such shares on any matter that may legally come before any
meeting of shareholders or through any consent of the shareholders.
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Item 7. Material to be Filed as Exhibits.
(1) Voting Proxy from Stephen Saul Wien dated January 25, 2007
(2) Voting Proxy from Ronald Urvater dated January 25, 2007
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SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
January 25, 2007
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(Date)
/s/ Dr. L.S. Smith
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(Signature)
Dr. L.S. Smith, CEO and
Chairman
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(Name and Title)
Attention. Intentional misstatements or omissions of fact constitute federal
criminal violations (see 18 U.S.C. 1001).
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