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Software, Net | 12 Months Ended
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Dec. 31, 2022
Research and Development [Abstract] |
Software, Net | 9. Software, Net Software consisted of the following as of the periods indicated:
|  | As of December 31,
|  | 2022 |  |  | 2021 |
Robo-advisor |  | $ | 763,000 |  |  | $ | 763,000 |
Other software |  |  | 3,342,000 |  |  |  | 2,512,000 |
Total Software |  |  | 4,105,000 |  |  |  | 3,275,000 |
Less accumulated amortization – robo-advisor |  |  | (763,000 | ) |  |  | (763,000 | )
Less accumulated amortization – other software |  |  | (2,351,000 | ) |  |  | (1,760,000 | )
Total Software, net |  | $ | 991,000 |  |  | $ | 752,000 |
In the fourth quarter of 2022, the Company partnered with a technology partner to develop a new retail trading platform for the Company’s customers and integrate the trading platform into the Company’s operations. The total software development work related to this project was $241,000 for the year ended December 31, 2022. Amortization expense will commence when the retail trading platform is launched and placed into service, which is expected to occur in the second quarter of 2023. Total amortization of software was $590,000 and $925,000 for the years ended December 31, 2022 and 2021, respectively. As of December 31, 2022, the Company estimates future amortization of software assets of $429,000, $336,000, $197,000, and $29,000, in the years ended December 31, 2023, 2024, 2025, and 2026, respectively.

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- Definition The entire disclosure for research, development, and computer software activities, including contracts and arrangements to be performed for others and with federal government. Includes costs incurred (1) in a planned search or critical investigation aimed at discovery of new knowledge with the hope that such knowledge will be useful in developing a new product or service, a new process or technique, or in bringing about a significant improvement to an existing product or process; or (2) to translate research findings or other knowledge into a plan or design for a new product or process or for a significant improvement to an existing product or process whether intended for sale or the entity's use, during the reporting period charged to research and development projects, including the costs of developing computer software up to the point in time of achieving technological feasibility and in-process research and development acquired in a business combination consummated during the period. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 985 -SubTopic 730 -URI https://asc.fasb.org/subtopic&trid=2197926 + Details
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