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Property, Office Facilities, and Equipment, Net | 9 Months Ended
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Sep. 30, 2023
Property, Office Facilities, and Equipment, Net [Abstract] |
Property, Office Facilities, and Equipment, Net | 9. Property, Office Facilities, and Equipment, Net Property, office facilities, and equipment consisted of the following as of the periods indicated:
|  | As of September 30, 2023 |  |  | As of December 31, 2022 |
Property |  | $ | 6,815,000 |  |  | $ | 6,815,000 |
Office facilities |  |  | 3,806,000 |  |  |  | 2,616,000 |
Equipment |  |  | 864,000 |  |  |  | 674,000 |
Total Property, office facilities, and equipment |  |  | 11,485,000 |  |  |  | 10,105,000 |
Less accumulated depreciation |  |  | (2,180,000 | ) |  |  | (1,777,000 | )
Total Property, office facilities, and equipment, net |  | $ | 9,305,000 |  |  | $ | 8,328,000 |
Total depreciation expense for property, office facilities, and equipment was $168,000 and $102,000 for the three months ended September 30, 2023 and 2022, respectively. Total depreciation expense for property, office facilities, and equipment was $403,000 and $298,000 for the nine months ended September 30, 2023 and 2022, respectively. Miami Office Building On December 30, 2021, the Company purchased an 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 serves as the headquarters of the Company. Depreciation expense commenced in April 2023 when the Miami office building was completed and placed in service. The Company invested $299,000 and $296,000 in the three months ended September 30, 2023 and 2022, respectively, to build out the Miami office building. The Company invested $1,140,000 and $892,000 in the nine months ended September 30, 2023 and 2022 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://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//360/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 6 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480321/958-360-50-6 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480321/958-360-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 7 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480321/958-360-50-7 + Details
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