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

4. PROPERTY AND EQUIPMENT

 

Property and equipment consisted of the following:

  

    2023     2022  
    December 31,  
    2023     2022  
    ($ in thousands)
Computer equipment   $ 5,510     $ 5,831  
Office furniture and equipment     1,985       1,990  
Transportation equipment     1,129       1,099  
Leasehold improvements     5,350       3,460  
Assets not placed in service     -       72  
Total property and equipment     13,974       12,452  
Less accumulated depreciation     (8,657 )     (7,396 )
Property and equipment – net   $ 5,317     $ 5,056  

 

Depreciation expense was approximately $2.0 million for both the years ended December 31, 2023 and 2022.

 

As a result of a triggering event in December 2023, we also reviewed our property and equipment for impairment. We determined that the fair value of these assets exceeded their carrying value and that there was no impairment.