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Property, Office Facilities, and Equipment, Net
 3 Months Ended
Mar. 31, 2024
Property, Office Facilities, and Equipment, Net [Abstract]  
Property, Office Facilities, and Equipment, Net

8. Property, Office Facilities, and Equipment, Net

 

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

 

  

As of
March 31,
2024

  

As of
December 31,
2023

 
Property  $6,815,000   $6,815,000 
Office facilities   3,296,000    2,475,000 
Equipment   753,000    726,000 
Total Property, office facilities, and equipment   10,864,000    10,016,000 
Less accumulated depreciation   (757,000)   (612,000)
Total Property, office facilities, and equipment, net  $10,107,000   $9,404,000 

 

Total depreciation expense for property, office facilities, and equipment was $146,000 and $80,000 for the three months ended March 31, 2024 and 2023, 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 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 $58,000 and $565,000 in the three months ended March 31, 2024 and 2023, respectively, to build out the Miami office building.