On December 3, 2019, we entered into an Asset Purchase Agreement with Colorado Quality Products LLC (“Elevation”) pursuant to which Elevation will (i) acquire certain of our assets, which include all fixed assets utilized in the manufacturing and warehouse operations of the Company, (ii) assume all of the Company’s obligations under its existing real property leases, (iii) manufacture certain products of the Company at a competitive fixed rate, and (iv) pay cash consideration of $500 (collectively, the “Elevation Transaction”). The Elevation Transaction closed on March 10, 2020.

We concluded that the property and equipment we will conveyed as part of the Elevation Transaction met held for sale classification and treatment as of the effective Purchase Agreement date. These long-lived assets did not qualify as a discontinued operation.

As a result of held for sale classification for certain of our property and equipment under the Elevation Transaction, we compared the carrying value of the assets to the fair value of the assets less cost to sell, resulting in an impairment to our property and equipment of approximately $342 for the year ended December 31, 2019. Given that much of our property and equipment is specific to our own products and intended use, and therefore unrealistic to actively market, we concluded that the most appropriate representation of the assets’ fair value was the unsolicited offer presented by Elevation. For the year ended December 31, 2019, our household products and personal care products segments included impairment of $188 and $154, respectively.

As of December 31, 2019, the net book value of our held for sale fixed assets, before our impairment charge, was $842, comprised of gross property and equipment of $4,222 and accumulated depreciation of $3,380.

	2019			2018
Production equipment	$	129		$	5,600
Office furniture and equipment		134			724
Other		34			218
		297			6,542
Less accumulated depreciation		(173	)		(5,571	)
	$	124		$	971

Depreciation expense for the years ended December 31, 2019 and 2018 was $105 and $160, respectively.