v3.25.2
Property and Equipment, Net
 12 Months Ended
Dec. 31, 2024
Property and Equipment, Net [Abstract]  
PROPERTY AND EQUIPMENT, NET

NOTE 9 — PROPERTY AND EQUIPMENT, NET

 

Our property and equipment consisted of the following as of December 31, 2024 and 2023:

 

   2024   2023 
Property and equipment:        
Office buildings  $22,082,349   $21,679,642 
Land   5,000,000    5,000,000 
Building improvements   2,186,959    2,190,569 
Leasehold improvements   3,077,471    2,930,706 
Office equipment   2,287,029    2,229,709 
Electronic equipment   3,522,767    2,817,121 
Site improvements   1,265,886    1,114,362 
Construction in process   1,114,097    319,550 
Less: accumulated depreciation   (6,906,788)   (3,983,276)
Property and equipment, net  $33,629,770   $34,298,383 

 

In November 2022, we acquired a 5-story office building located in St. Petersburg, Florida to function as our corporate headquarters. The total cost of the office building was $29,502,000, including land, building improvements, and site improvements and was paid in cash. We lease a floor of the office building to a corporate tenant. See Note 13 — Leases for details of the lease agreement.

 

Depreciation expense was $3,010,300, $2,675,628 and $1,261,687 for the years ended December 31, 2024, 2023 and 2022 and is recorded in general and administrative expenses in our consolidated statements of operations and other comprehensive (loss) income.