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Property, Office Facilities, and Equipment, Net | 12 Months Ended
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Dec. 31, 2021
Property, Plant and Equipment [Abstract] |
Property, Office Facilities, and Equipment, Net | 7. Property, Office Facilities, and Equipment, Net Property, office facilities, and equipment consisted of the following as of the periods indicated:
|  | As of December 31,
|  | 2021 |  |  | 2020 |
Property |  | $ | 6,815,000 |  |  | $ | — |
Office facilities |  |  | 1,608,000 |  |  |  | 1,554,000 |
Equipment |  |  | 413,000 |  |  |  | 171,000 |
Total Property, office facilities, and equipment |  |  | 8,836,000 |  |  |  | 1,725,000 |
Less accumulated depreciation |  |  | (1,373,000 | ) |  |  | (963,000 | )
Total Property, office facilities, and equipment, net |  | $ | 7,463,000 |  |  | $ | 762,000 |
Total depreciation expense for property, office facilities, and equipment was 410,000 and $402,000 for the year ended December 31, 2021 and 2020, respectively. Purchase of Office Building On December 30, 2021, the Company acquired the Miami office building located at 653 Collins Ave, Miami Beach, FL. The Miami office building contains approximately 12,000 square feet of office space, which will be used as one of the primary operating centers for the Company. The seller of the property is City National Bank of Florida, a national banking association, as trustee under the provisions of a certain Trust Agreement, dated March 22, 1993 (the “Seller”). The Seller has no material relationship with the Company. The contract purchase price for the Miami office building was $6,750,000, exclusive of customary real estate transaction costs. The Company funded the purchase price via approximately $750,000 of the Company’s cash, a $2 million notes payable with Gloria E. Gebbia, and the remaining $4 million via the mortgage with East West Bank.

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- Definition The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=120429125&loc=d3e99893-112916 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=120429125&loc=SL120174063-112916 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 1 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120429125&loc=d3e99779-112916 + Details
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