Property, Office Facilities, and Equipment, Net

12 Months Ended

Dec. 31, 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 December 31
	2023			2022
Property	$	6,815,000		$	6,815,000
Office facilities		2,475,000			2,616,000
Equipment		726,000			674,000
Total Property, office facilities, and equipment		10,016,000			10,105,000
Less accumulated depreciation		(612,000	)		(1,777,000	)
Total Property, office facilities, and equipment, net	$	9,404,000		$	8,328,000

Total depreciation expense for property, office facilities, and equipment was $589,000 and $404,000 for the years ended December 31, 2023 and 2022, respectively.

Miami Office Building

On December 30, 2021, the Company purchased the Miami 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 the headquarters of the Company.

Depreciation expense commenced in April 2023 when the Miami office building was completed and placed in service. The Company invested $1,313,000 and $985,000 in the years ended December 31, 2023 and 2022, respectively, to build out the Miami office building.