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Property and Equipment, Net
 12 Months Ended
Dec. 31, 2025
Property and Equipment, Net [Abstract]  
PROPERTY AND EQUIPMENT, NET

NOTE 10 — PROPERTY AND EQUIPMENT, NET

 

Our property and equipment consisted of the following as of December 31, 2025 and 2024:

 

   2025   2024 
Property and equipment:        
Office buildings  $22,082,349   $22,082,349 
Land   5,000,000    5,000,000 
Building improvements   2,202,370    2,186,959 
Leasehold improvements   3,223,028    3,077,471 
Office equipment   2,467,229    2,287,029 
Electronic equipment   4,282,327    3,522,767 
Site improvements   1,286,355    1,265,886 
Construction in process   4,856,429    1,114,097 
Less: accumulated depreciation   (9,505,232)   (6,906,788)
Property and equipment, net  $35,894,855   $33,629,770 

 

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 14 — Leases for details of the lease agreement.

 

Depreciation expense was $2,572,449, $3,010,300 and $2,675,628 for the years ended December 31, 2025, 2024 and 2023 and is recorded in general and administrative expenses in our consolidated statements of operations and other comprehensive (loss) income.