Software, Net |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Software, Net [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Software, Net | 7. Software, Net
Software consisted of the following as of the periods indicated:
The Company contracted with a technology vendor in the fourth quarter of 2023 to support the development of an online platform for the Company’s retail customer base and corporate services clients, a mobile retail trading application, as well as upgrades to the Company’s technological and operational infrastructure to support these platforms and future growth (“Retail Platform”). The total software development cost related to the Retail Platform was $5,450,000 as of June 30, 2025, all of which was capitalized.
Software development totaling $3,872,000 of the Retail Platform were placed into service in the six months ended June 30, 2025, and the amortization associated with these projects was $205,000 for both the three months and six months ended June 30, 2025.
Total amortization of software was $333,000 and $123,000 for the three months ended June 30, 2025 and 2024, respectively. Total amortization of software was $458,000 and $232,000 for the six months ended June 30, 2025 and 2024, respectively.
As of June 30, 2025, the Company estimates the following future amortization of software assets:
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