Property, Office Facilities, and Equipment, Net

6 Months Ended

Jun. 30, 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 June 30, 2022			As of December 31, 2021
Property	$	6,815,000		$	6,815,000
Office facilities		2,204,000			1,608,000
Equipment		508,000			413,000
Total Property, office facilities, and equipment		9,527,000			8,836,000
Less accumulated depreciation		(1,570,000	)		(1,373,000	)
Total Property, office facilities, and equipment, net	$	7,957,000		$	7,463,000

Total depreciation expense for property, office facilities, and equipment was $99,000 and $98,000 for the three months ended June 30, 2022 and 2021, respectively. Total depreciation expense for property, office facilities, and equipment was $196,000 and $214,000 for the six months ended June 30, 2022 and 2021, respectively.

Miami Office Building

On December 30, 2021, the Company purchased 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 and will be used as one of the primary operating centers for the Company.

As of June 30, 2022, no depreciation expense has been recorded for the Miami office building. Depreciation expense will commence when the build out of the Miami office building is completed and placed in service, which is expected to occur in the third quarter of 2022. The Company invested $320,000 and $596,000 in the three and six months ended June 30, 2022, respectively, to build out the Miami office building.