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Property and Equipment
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
Property and Equipment

Note 3 - Property and Equipment

 

The major categories of property and equipment are as follows as of December 31st:

 

   2024   2023 
(in thousands)          
Automobiles  $137   $137 
Furniture and office equipment   617    579 
Software and tools   1,348    1,466 
Website development and other enhancements   22    189 
Building and leasehold improvements   813    812 
Property and equipment, gross   2,937    3,183 
Less accumulated depreciation   2,200    2,339 
Property and equipment, net  $737   $844 

 

Management performs an annual review of the Company’s fixed assets to ensure fully depreciated assets, which are no longer in use, are removed from the Company’s records. For the years ended December 31, 2024 and 2023, the Company wrote off approximately $0.4 million and $0.6 million, respectively, in fully depreciated fixed assets. The write-off had no impact on the Company’s Consolidated Statements of Income.

 

Total depreciation expense for the years ended December 31, 2024 and 2023 was approximately $0.3 million. Depreciation expense for assets recorded under finance leases for the years ended December 31, 2024 and 2023 was approximately $15,000.