Quarterly report pursuant to Section 13 or 15(d)

Fixed Assets

v3.23.3
Fixed Assets
3 Months Ended
Sep. 30, 2023
Fixed Assets [Abstract]  
Fixed Assets

11.   Fixed Assets

The following table summarizes by category the gross carrying value and accumulated depreciation of fixed assets (in thousands):

    

September 30, 

    

June 30, 

2023

2023

Building and improvements

$

695

$

695

Machinery and equipment

 

3,521

 

3,521

Office equipment and software

403

403

4,619

4,619

Accumulated depreciation

(565)

(400)

Net fixed assets

$

4,054

$

4,219

Depreciation expense reported in continuing operations was approximately $165,000 and $0 for the three months ended September 30, 2023 and 2022.

At September 30, 2023 and June 30, 2023 fixed assets held for sale in the amount of $16,124,000 are included in assets held for sale.  The depreciation expense for the three months ended September 30, 2023 and 2022 was $0 and $271,000, respectively, and is reported as part of loss from discontinued operations.

The Company re-evaluated its business strategy and reviewed its product portfolio during Fiscal 2023 which resulted in an impairment charge of approximately $17.9 million to the assets held for sale. See Note 5 - Financial Instruments and Fair Value Measurement for more information.