Property, Office Facilities, and Equipment, Net

3 Months Ended

Mar. 31, 2022

Property, Plant and Equipment [Abstract]

Property, Office Facilities, and Equipment, Net

6. Property, Office Facilities, and Equipment, Net

Property, office facilities, and equipment consisted of the following as of the periods indicated:

	As of March 31, 2022			As of December 31, 2021
Property	$	6,815,000		$	6,815,000
Office facilities		1,884,000			1,608,000
Equipment		470,000			413,000
Total Property, office facilities, and equipment		9,169,000			8,836,000
Less accumulated depreciation		(1,469,000	)		(1,373,000	)
Total Property, office facilities, and equipment, net	$	7,700,000		$	7,463,000

Total depreciation expense for property, office facilities, and equipment was $97,000 and $117,000 for the three months ended March 31, 2022 and 2021, respectively.

Miami Office Building

On December 30, 2021, the Company acquired an office building located at 653 Collins Ave, Miami Beach, FL (“Miami office building”). The Miami office building contains approximately 12,000 square feet of office space, which will be used as one of the primary operating centers for the Company.

As of March 31, 2022, no depreciation expense has been recorded for the Miami office building. Depreciation expense will commence when the Miami office building is completed and placed in service, which is expected to occur in the third quarter of 2022. The Company invested $276,000 in the three months ended March 31, 2022 to build out the Miami office building.