Software, Net

3 Months Ended

Mar. 31, 2023

Software, Net [Abstract]

Software, Net

9. Software, Net

Software consisted of the following as of the periods indicated:

	As of March 31, 2023			As of December 31, 2022
Robo-advisor	$	763,000		$	763,000
Other software		3,719,000			3,342,000
Total Software		4,482,000			4,105,000
Less accumulated amortization – robo-advisor		(763,000	)		(763,000	)
Less accumulated amortization – other software		(2,460,000	)		(2,351,000	)
Total Software, net	$	1,259,000		$	991,000

In the fourth quarter of 2022, the Company partnered with a technology partner to develop a new retail trading platform for the Company’s customers and integrate the trading platform into the Company’s operations. The total capitalized software development work related to this project was $629,000 as of March 31, 2023, of which $272,000 was capitalized during the three months ended March 31, 2023.

Amortization expense will commence when the retail trading platform is launched and placed into service, which is expected to occur in the second quarter of 2023.

Total amortization of software was $110,000 and $162,000 for the three months ended March 31, 2023 and 2022, respectively. As of March 31, 2023, the Company estimates future amortization of software assets of $411,000, $471,000, $322,000, and $55,000 in the years ended December 31, 2023, 2024, 2025, and 2026 respectively.