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Property, Office Facilities, and Equipment, Net | 12 Months Ended
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Dec. 31, 2022
Property, Office Facilities, and Equipment, Net [Abstract] |
Property, Office Facilities, and Equipment, Net | 8. Property, Office Facilities, and Equipment, Net Property, office facilities, and equipment consisted of the following as of the periods indicated:
|  | As of December 31,
|  | 2022 |  |  | 2021 |
Property |  | $ | 6,815,000 |  |  | $ | 6,815,000 |
Office facilities |  |  | 2,616,000 |  |  |  | 1,608,000 |
Equipment |  |  | 674,000 |  |  |  | 413,000 |
Total Property, office facilities, and equipment |  |  | 10,105,000 |  |  |  | 8,836,000 |
Less accumulated depreciation |  |  | (1,777,000 | ) |  |  | (1,373,000 | )
Total Property, office facilities, and equipment, net |  | $ | 8,328,000 |  |  | $ | 7,463,000 |
Total depreciation expense for property, office facilities, and equipment was $404,000 and $410,000 for the years ended December 31, 2022 and 2021, respectively. Miami Office Building On December 30, 2021, the Company purchased the Miami office building located at 653 Collins Ave, Miami Beach, FL (“Miami office building”). The Miami office building contains approximately 12,000 square feet of office space and will serve as a primary operating center of the Company. For the year ended December 31, 2022, no depreciation expense was recorded for the Miami office building. Depreciation expense will commence when the build out of the Miami office building is completed and placed in service, which is expected to occur in the first quarter of 2023. The Company invested $985,000 and $0 in the years ended December 31, 2022 and 2021, respectively, to build out the Miami office building.

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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 https://asc.fasb.org/extlink&oid=126982197&loc=d3e99893-112916 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI https://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 https://asc.fasb.org/extlink&oid=126982197&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 https://asc.fasb.org/extlink&oid=126982197&loc=d3e99779-112916 + Details
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