Annual report pursuant to Section 13 and 15(d)

PROPERTY AND EQUIPMENT

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PROPERTY AND EQUIPMENT
 12 Months Ended
Dec. 31, 2023
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT
7.
PROPERTY AND EQUIPMENT

Property and equipment consisted of the following:

 

 

 

December 31,
2023

 

 

December 31,
2022

 

Computer hardware and software

 

$

83,711

 

 

$

262,203

 

Office furniture and equipment

 

 

1,113,980

 

 

 

1,113,980

 

Leasehold improvements

 

 

3,330,855

 

 

 

3,330,855

 

Property and equipment, gross

 

 

4,528,546

 

 

 

4,707,038

 

Less: accumulated depreciation

 

 

(3,555,332

)

 

 

(3,093,223

)

Property and equipment, net

 

$

973,214

 

 

$

1,613,815

 

 

Depreciation expense was approximately $641,000 and $763,000 for the years ended December 31, 2023 and 2022, respectively.