Property, Office Facilities, and Equipment, Net

6 Months Ended

Jun. 30, 2023

Property, Office Facilities, and Equipment, Net [Abstract]

Property, Office Facilities, and Equipment, Net

9. Property, Office Facilities, and Equipment, Net

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

	As of June 30, 2023			As of December 31, 2022
Property	$	6,815,000		$	6,815,000
Office facilities		3,456,000			2,616,000
Equipment		786,000			674,000
Total Property, office facilities, and equipment		11,057,000			10,105,000
Less accumulated depreciation		(2,013,000	)		(1,777,000	)
Total Property, office facilities, and equipment, net	$	9,044,000		$	8,328,000

Total depreciation expense for property, office facilities, and equipment was $156,000 and $99,000 for the three months ended June 30, 2023 and 2022, respectively. Total depreciation expense for property, office facilities, and equipment was $237,000 and $196,000 for the six months ended June 30, 2023 and 2022, 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 serves as a primary operating center of the Company.

Depreciation expense commenced in April 2023 when the Miami office building was completed and placed in service. Total depreciation expense for the Miami office building and the associated build out of the office space was $90,000 for both the three and six months ended June 30, 2023. The Company invested $275,000 and $320,000 in the three months ended June 30, 2023 and 2022, respectively, to build out the Miami office building. The Company invested $840,000 and $596,000 in the six months ended June 30, 2023 and 2022 respectively, to build out the Miami office building.