11.    Fixed Assets

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

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Depreciation expense was approximately $638,000 and $400,000 for the years ended June 30, 2024 and 2023, respectively.

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Fixed assets held for sale at June 30, 2024 and 2023 in the amount of $0 and $16,124,000, respectively, are included in assets held for sale.  No depreciation expense related to held-for-sale assets was recorded for the year ended June 30, 2024. The depreciation expense related to held-for-sale assets for the year ended June 30, 2023 is classified as part of loss from discontinued operations.

The Company re-evaluated its business strategy and reviewed its product portfolio during fiscal year 2023 which resulted in an impairment charge of approximately $17.9 million to the assets held for sale. An additional $3.1 million fixed asset impairment charge related to the assets held for sale was recorded in the second quarter of fiscal year 2024. See Note 5 – Financial Instruments and Fair Value Measurement for more information.