Software, Net

12 Months Ended

Dec. 31, 2023

Software, Net [Abstract]

Software, Net

10. Software, Net

Software consisted of the following as of the periods indicated:

	As of December 31
	2023			2022
Robo-advisor	$	—		$	763,000
Other software		1,716,000			3,342,000
Total Software		1,716,000			4,105,000
Less accumulated amortization – robo-advisor		—			(763,000	)
Less accumulated amortization – other software		(284,000	)		(2,351,000	)
Total Software, net	$	1,432,000		$	991,000

In the fourth quarter of 2022, the Company partnered with a technology vendor to develop a new Retail Platform. The total software development expense related to this project was $978,000 as of December 31, 2023, all of which was capitalized.

During the year ended December 31, 2023, the Company decided to terminate the agreement with the technology vendor and reassess its technology needs. The Company decided to change the strategic direction of its technology development for its Retail Platform and determined that an other than temporary impairment of the Retail Platform existed. The Company recognized an impairment loss of $990,000 for the year ended December 31, 2023, which is included in “Depreciation and amortization” on the consolidated statements of operations.

Total amortization of software was $442,000 and $590,000 for the years ended December 31, 2023 and 2022, respectively. As of December 31, 2023, the Company estimates future amortization of current software assets of $560,000, $492,000, $317,000, and $63,000, in the years ended December 31, 2024, 2025, 2026, and 2027, respectively.