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Software, Net | 12 Months Ended
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Dec. 31, 2023
Software, Net [Abstract] |
Software, Net | 10. Software, Net Software consisted of the following as of the periods indicated:
|  | As of December 31 |
|  | 2023 |  |  | 2022 |
Robo-advisor |  | $ | — |  |  | $ | 763,000 |
Other software |  |  | 1,716,000 |  |  |  | 3,342,000 |
Total Software |  |  | 1,716,000 |  |  |  | 4,105,000 |
Less accumulated amortization – robo-advisor |  |  | — |  |  |  | (763,000 | )
Less accumulated amortization – other software |  |  | (284,000 | ) |  |  | (2,351,000 | )
Total Software, net |  | $ | 1,432,000 |  |  | $ | 991,000 |
In the fourth quarter of 2022, the Company partnered with a technology vendor to develop a new Retail Platform. The total software development expense related to this project was $978,000 as of December 31, 2023, all of which was capitalized. During the year ended December 31, 2023, the Company decided to terminate the agreement with the technology vendor and reassess its technology needs. The Company decided to change the strategic direction of its technology development for its Retail Platform and determined that an other than temporary impairment of the Retail Platform existed. The Company recognized an impairment loss of $990,000 for the year ended December 31, 2023, which is included in “Depreciation and amortization” on the consolidated statements of operations. Total amortization of software was $442,000 and $590,000 for the years ended December 31, 2023 and 2022, respectively. As of December 31, 2023, the Company estimates future amortization of current software assets of $560,000, $492,000, $317,000, and $63,000, in the years ended December 31, 2024, 2025, 2026, and 2027, 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://www.xbrl.org/2003/role/disclosureRef -Topic 730 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483041/730-20-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 985 -SubTopic 730 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//985-730/tableOfContent + Details
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