Property and Equipment, net

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment, net

Note 9 – Property and Equipment, net

Property and equipment are recorded at historical cost. Depreciation is provided for in amounts sufficient to relate the cost of depreciable assets to operations over their estimated service lives on a straight-line basis. The life of the building acquired in connection of the ALT purchase transaction was determined to be 25 years. Leasehold improvements are amortized over the useful life of the asset or the lease term, whichever is shorter. Estimated service lives are five years for furniture, fixtures and office equipment and three years for software and technology assets. Expenditures for repairs and maintenance not considered to substantially lengthen the life of the asset or increase capacity or efficiency are charged to expense as incurred.

The following summarizes the components of the Company’s property and equipment (in thousands):

	December 31, 2022			December 31, 2021
Building	$	985		$	985
Land		397			397
Furniture, fixtures and office equipment		223			97
Software and technology assets		173			84
Vehicles		11			11
		1,789			1,574
Accumulated depreciation		(218	)		(103	)
Property and equipment, net	$	1,571		$	1,471

Depreciation expense related to property and equipment was $0.1 million for both the years ended December 31, 2022 and 2021.