0001558370-22-017744 | 10-Q | XBRL Viewer

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Earnings (Loss) Per Share - Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Earnings Per Share [Abstract]
Net (loss) income attributable to Xcel Brands, Inc. stockholders	$ (4,042)	$ (1,136)	$ 1,961	$ (5,241)
Basic weighted average common shares outstanding	19,624,860	19,541,774	19,624,604	19,418,469
Add: Effect of warrants (in shares)			620
Add: Effect of stock options (in shares)			127,115
Diluted weighted average common shares outstanding	19,624,860	19,541,774	19,752,339	19,418,469
Basic net (loss) income per share	$ (0.21)	$ (0.06)	$ 0.10	$ (0.27)
Diluted net (loss) income per share	$ (0.21)	$ (0.06)	$ 0.10	$ (0.27)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Effective income tax rate	26.00%	28.00%	62.00%	26.00%
Income tax (benefit) provision	$ (1,539)	$ (535)	$ 1,639	$ (2,019)
Effect of state taxes on effective tax rate			41.00%	5.00%
Effect of permanent differences on effective tax rate	5.00%	7.00%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Stockholders' Equity - Stock Awards (Details) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended		9 Months Ended
	May 31, 2022	Apr. 20, 2022	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Other disclosures
Compensation expense			$ 50	$ 160	$ 670	$ 750
Non Management Directors
Other disclosures
Compensation expense				50	260	120
Employee
Other disclosures
Compensation expense				110	$ 410	630
Restricted Stock
Number of Other than Options
Outstanding, beginning balance (in shares)					815,833
Granted (in shares)					347,623
Canceled (in shares)					0
Vested (in shares)					(820,123)
Expired/Forfeited (in shares)					0
Outstanding, ending balance (in shares)			343,333		343,333
Weighted Average Exercise Price
Outstanding, beginning balance (in dollars per share)					$ 4.00
Granted (in dollars per share)					1.58
Canceled (in dollars per share)					0
Vested (in dollars per share)					3.12
Expired/Forfeited (in dollars per share)					0
Outstanding, ending balance (in dollars per share)			$ 3.66		$ 3.66
Other disclosures
Compensation expense			$ 20	$ 120	$ 240	$ 510
Unrecognized compensation expense			$ 90		$ 90
Weighted average period of recognition					1 year 3 months
Restricted Stock \| Non Management Directors
Number of Other than Options
Granted (in shares)		50,000
Other disclosures
Award vesting period (in years)		2 years
Restricted Stock \| Consultant
Number of Other than Options
Granted (in shares)	65,275	20,064
Restricted Stock \| Employee
Number of Other than Options
Granted (in shares)	33,557
Restricted Stock \| Senior Management
Number of Other than Options
Granted (in shares)		178,727
Other disclosures
Compensation expense		$ 280
Restricted Stock \| April 20, 2023 \| Non Management Directors
Other disclosures
Percentage of options vested per tranche		50.00%
Restricted Stock \| April 20, 2024 \| Non Management Directors
Other disclosures
Percentage of options vested per tranche		50.00%

Commitments and Contingencies (Details) $ in Thousands				9 Months Ended	12 Months Ended
Commitments and Contingencies (Details) $ in Thousands	May 31, 2022 USD ($) item	Apr. 01, 2021 USD ($)	Feb. 11, 2019 USD ($)	Sep. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Commitments and Contingencies
Current portion of contingent obligations				$ 2,478
Long-term portion of contingent obligations				5,061	$ 7,539
Isaac Mizrahi sale transaction with IM Topco \| Disposed of by Sale
Commitments and Contingencies
Number of consecutive quarters for royalty payable term \| item	4
Royalty payable term	3 years
Contingent obligation	$ 0
Isaac Mizrahi sale transaction with IM Topco \| Disposed of by Sale \| Maximum
Commitments and Contingencies
Royalty guarantees	13,300
Adjustments to purchase price payable	$ 16,000
Lori Goldstein Brand
Commitments and Contingencies
Contingent consideration		$ 12,500
Asset Acquisition, Contingent Obligation		6,600		$ 6,600	6,600
Asset Acquisition, Royalties Term				6 years
Current portion of contingent obligations				$ 1,600
Long-term portion of contingent obligations					5,000
Earn-out liability recorded				0
Lori Goldstein Brand \| Maximum
Commitments and Contingencies
Contingent consideration		$ 12,500
Halston Heritage Trademarks
Commitments and Contingencies
Contingent consideration			$ 6,000
Earn-out liability recorded				$ 900	$ 900

Acquisitions and Divestitures - Acquisition of LOGO by Lori Goldstein Brand (Details) - Lori Goldstein Brand - USD ($) $ in Millions		9 Months Ended	12 Months Ended	18 Months Ended
	Apr. 01, 2021	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2022
Schedule Of Asset Acquisition [Line Items]
Cash paid at closing	$ 1.6
Cash paid subsequent to closing	2.0
Contingent consideration	$ 12.5
Period for payment of additional consideration	45 days
Maximum period for payment of additional consideration	6 years
Percentage of additional consideration on royalty contribution	75.00%
Asset Acquisition, Contingent Obligation	$ 6.6	$ 6.6	$ 6.6
Purchase price	$ 10.3
Weighted average useful life of finite-lived intangible assets acquired	4 years
Earn out contingent consideration payable		$ 0.0		$ 0.0
Earn out consideration paid				$ 0.0
Maximum
Schedule Of Asset Acquisition [Line Items]
Contingent consideration	$ 12.5

Stockholders' Equity - Non-Vested Options (Details)	9 Months Ended
Stockholders' Equity - Non-Vested Options (Details)	Sep. 30, 2022 $ / shares shares
Employee Stock Option
Number of Options
Beginning Balance (in shares)	3,873,334
Granted (in shares)	605,850
Vested (in shares)	(755,850)
Forfeited or Canceled (in shares)	(10,000)
Ending Balance (in shares)	3,713,334
Weighted Average Grant Date Fair Value
Beginning Balance (in dollars per share) \| $ / shares	$ 0.07
Granted (in dollars per share) \| $ / shares	0.79
Vested (in dollars per share) \| $ / shares	0.73
Forfeited or Canceled (in dollars per share) \| $ / shares	1.09
Ending Balance (in dollars per share) \| $ / shares	$ 0.05
Employee Stock Option
Number of Options
Granted (in shares)	605,850

Unaudited Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Accounts receivable, net of allowances	$ 1,263	$ 1,090
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	1,000,000	1,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	50,000,000	50,000,000
Common stock, shares issued (in shares)	19,624,860	19,571,119
Common stock, shares outstanding (in shares)	19,624,860	19,571,119

Leases (Tables)

9 Months Ended

Sep. 30, 2022

Leases [Abstract]

Maturities of Lease Liabilities


($ in thousands)
2022 (October 1 through December 31)	$	547
2023		1,711
2024		1,711
2025		1,711
2026		1,710
Thereafter (through 2028)		1,610
Total lease payments		9,000
Less: Discount		1,512
Present value of lease liabilities		7,488
Current portion of lease liabilities		1,331
Non-current portion of lease liabilities	$	6,157

Stockholders' Equity - Stock-based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Stockholders' Equity
Compensation expense	$ 50	$ 160	$ 670	$ 750
Operating cost	$ 51	163	568	754
Reduction in other income			100
Costs and Expenses.
Stockholders' Equity
Operating cost			570
Non Management Directors
Stockholders' Equity
Compensation expense		50	260	120
Employee
Stockholders' Equity
Compensation expense		$ 110	$ 410	$ 630

Accounts Receivable (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Accounts Receivable (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Accounts Receivable [Abstract]
Allowance for doubtful accounts receivable	$ 1,260		$ 1,260		$ 1,090
Bad debt expense	80	$ 0	170	$ 130
Accounts receivable, assigned to third party agent for collection	1,620		1,620
Accounts receivable, collection agent fees	$ 40		$ 40

Income Taxes

9 Months Ended

Sep. 30, 2022

Income Tax Disclosure [Abstract]

Income Taxes

10. Income Taxes

The estimated annual effective income tax rate for the current quarter and the prior year quarter was approximately 26% and 28%, respectively, resulting in an income tax provision (benefit) of $(1.54) million and $(0.54) million, respectively.

The estimated annual effective income tax rate for the current nine months and the prior year nine months was approximately 62% and 26%, respectively, resulting in an income tax provision (benefit) of $1.64 million and $(2.02) million, respectively.

For the current quarter, the federal statutory rate differed from the effective tax rate primarily due to recurring permanent differences and state taxes, which increased the effective tax rate by approximately 5%.

For the prior year quarter, the federal statutory rate differed from the effective tax rate primarily due to recurring permanent differences and state taxes, which increased the effective tax rate by approximately 7%.

For the current nine months, the federal statutory rate differed from the effective tax rate primarily due to recurring permanent differences, state taxes, and the discrete treatment of stock compensation shortfall, which increased the effective tax rate by approximately 41%.

For the prior year nine months, the federal statutory rate differed from the effective tax rate primarily due to recurring permanent differences and state taxes, which increased the effective tax rate by approximately 5%.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI https://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Nature of Operations, Background, and Basis of Presentation

9 Months Ended

Sep. 30, 2022

Nature of Operations, Background, and Basis of Presentation [Abstract]

Nature of Operations, Background, and Basis of Presentation

1. Nature of Operations, Background, and Basis of Presentation

The accompanying condensed consolidated balance sheet as of December 31, 2021 (which has been derived from audited financial statements) and the unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and pursuant to the instructions to Form 10-Q and Article 8 of Regulation S-X promulgated by the United States Securities and Exchange Commission (“SEC”). Certain information or footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a comprehensive presentation of financial position, results of operations, or cash flows.

In the opinion of management, the accompanying unaudited condensed consolidated financial statements were prepared following the same policies and procedures used in the preparation of the audited consolidated financial statements and reflect all adjustments (consisting of normal recurring adjustments) necessary to present fairly the results of operations, financial position, and cash flows of Xcel Brands, Inc. and its subsidiaries (the “Company” or "Xcel"). The results of operations for the interim periods presented herein are not necessarily indicative of the results for the entire fiscal year or for any future interim periods. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, as filed with the SEC on April 15, 2022.

The Company is a media and consumer products company engaged in the design, production, marketing, live streaming, wholesale distribution, and direct-to-consumer sales of branded apparel, footwear, accessories, fine jewelry, home goods and other consumer products, and the acquisition of dynamic consumer lifestyle brands.

Currently, the Company’s brand portfolio consists of the LOGO by Lori Goldstein brand (the “Lori Goldstein Brand”), the Halston brands (the "Halston Brand"), the Judith Ripka brands (the "Ripka Brand"), the C Wonder brands (the "C Wonder Brand"), the Longaberger brand (the “Longaberger Brand”), the Isaac Mizrahi brands (the "Isaac Mizrahi Brand"), and other proprietary brands.

●

The Lori Goldstein Brand, Halston Brand, Ripka Brand, and C Wonder Brand are wholly owned by the Company.

●

The Company manages the Longaberger Brand through its 50% ownership interest in Longaberger Licensing, LLC; the Company consolidates Longaberger Licensing, LLC and recognizes noncontrolling interest for the remaining ownership interest held by a third party.

●

The Company wholly owned and managed the Isaac Mizrahi Brand through May 31, 2022. On May 31, 2022, the Company sold to a third party a majority interest in a newly-created subsidiary that was formed to hold the Isaac Mizrahi Brand trademarks, but retained a noncontrolling interest in the brand through a 30% ownership interest in IM Topco, LLC and continues to participate in the operations of the business; the Company accounts for its interest in IM Topco, LLC using the equity method of accounting. See Note 2 for additional details.

The Company designs, produces, markets, and distributes products, licenses its brands to third parties, and generates licensing revenues through contractual arrangements with manufacturers and retailers. The Company and its licensees distribute through an omni-channel retail sales strategy, which includes distribution through interactive television, digital live-stream shopping, brick-and-mortar retail, wholesale, and e-commerce channels to be everywhere its customers shop.

The Company’s wholesale and direct-to-consumer operations are presented as "Net sales" and "Cost of goods sold" in the Condensed Consolidated Statements of Operations, separately from the Company’s net licensing revenue.

Liquidity

The Company had a net (loss) income of approximately $(4.0) million and $1.9 million during the three and nine months ended September 30, 2022, respectively, and had an accumulated deficit of approximately $26.8 million as of September 30, 2022. The Company had working capital (current assets less current liabilities, excluding the current portion of lease obligations and any contingent obligations payable in common stock) of approximately $13.7 million as of September 30, 2022. The Company’s cash and cash equivalents were approximately $8.4 million as of September 30, 2022. In conjunction with the sale of the majority interest in the Isaac Mizrahi Brand (as described in Note 2) on May 31, 2022, the Company used a portion of the proceeds to extinguish all of its term loan debt, which had a balance of approximately $28.4 million. Management expects that existing cash and operating cash flows will be adequate to meet the Company’s operating and capital expenditure needs for at least the twelve months subsequent to the filing date of this Quarterly Report on Form 10-Q.

Earnings (Loss) Per Share

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Earnings (Loss) Per Share

9. Earnings (Loss) Per Share

Basic earnings (loss) per share (“EPS”) is computed by dividing net income (loss) available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted EPS gives effect to all potentially dilutive common shares outstanding during the period, including stock options and warrants, using the treasury stock method. Diluted EPS excludes all potentially dilutive shares of common stock if their effect is anti-dilutive. The following table is a reconciliation of the numerator and denominator of the basic and diluted net (loss) income per share computations for the three and nine months ended September 30, 2022 and 2021:


	Three Months Ended					Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
Numerator:
Net (loss) income attributable to Xcel Brands, Inc. stockholders (in thousands)	$	(4,042)	$	(1,136)	$	1,961	$	(5,241)

Denominator:
Basic weighted average number of shares outstanding		19,624,860		19,541,774		19,624,604		19,418,469
Add: Effect of warrants		—		—		620		—
Add: Effect of stock options		—		—		127,115		—
Diluted weighted average number of shares outstanding		19,624,860		19,541,774		19,752,339		19,418,469

Basic net (loss) income per share	$	(0.21)	$	(0.06)	$	0.10	$	(0.27)
Diluted net (loss) income per share	$	(0.21)	$	(0.06)	$	0.10	$	(0.27)

As a result of the net loss for the current quarter, prior year quarter, and prior year nine months, the Company calculated diluted EPS using basic weighted average shares outstanding for such periods, as utilizing diluted shares would be anti-dilutive to loss per share.

The computation of diluted EPS excludes the following potentially dilutive securities because their inclusion would be anti-dilutive:


	Three Months Ended		Nine Months Ended
	September 30,		September 30,
	2022	2021	2022	2021
Stock options	5,761,890	5,810,945	5,514,140	5,810,945
Warrants	116,065	116,065	115,000	116,065
Total	5,877,955	5,927,010	5,629,140	5,927,010

Acquisitions and Divestitures - Sale of Majority Interest in Isaac Mizrahi Brand (Details)			3 Months Ended	9 Months Ended
	May 31, 2022 USD ($) shares	May 27, 2022 USD ($) item	Sep. 30, 2022 USD ($)	Sep. 30, 2022 USD ($) shares
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Additional shares issued \| shares	65,275
Amount of de-recognized asset	$ 44,500,000
Fair value of retained interest	19,800,000
Expenses related to this transaction	900,000
Agent fees paid	100,000
Gain on sale of majority interest in Isaac Mizrahi brand				$ 20,608,000
Loss from equity method investment			$ (277,000)	(277,000)
Management
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash bonus	1,000,000.0
Robert D’Loren [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash bonus	770,000
Jim Haran
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash bonus	115,000
Seth Burroughs
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash bonus	$ 130,000
IM Topco, LLC
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership interest	70.00%
Loss from equity method investment			(280,000)	$ (280,000)
Restricted Stock
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of shares vested \| shares				820,123
Isaac Mizrahi
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Shares surrendered for cancellation \| shares	240,000
Additional shares issued \| shares	33,557
Value of shares issued	$ 50,000
Payments to related party	$ 100,000
Isaac Mizrahi \| Restricted Stock
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of shares vested \| shares	522,500
Business Venture Agreement
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net cash flow distributable to members (in percent)	100.00%
Net cash flow distributable to members	$ 1,316,200
Business Venture Agreement \| WHP
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net cash flow distributable to members (in percent)	100.00%
Net cash flow distributable to members	$ 8,852,000
Services Agreement \| IM Topco
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenue from services provided			101,000	$ 101,000
Due from related party	300,000
License Agreement \| IM Topco
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Royalty guarantees	$ 400,000		$ 400,000	$ 400,000
IM Brand trademarks and other intellectual property rights \| Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Percentage of membership interests sold		70.00%
Purchase price paid in cash		$ 46,200,000
Earn-out consideration		2,000,000.0
Amount of adjustments to retained interest		17,500,000
EBITDA		$ 11,800,000
Number of consecutive quarters for royalty payable term \| item		4
Royalty payable term		3 years
Adjustments to purchase price payable		$ 16,000,000
IM Brand trademarks and other intellectual property rights \| Disposed of by Sale \| Maximum
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Royalty guarantees		$ 13,347,000

Trademarks and Other Intangibles - Schedule of Trademarks and Other Intangibles (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Trademarks and Other Intangibles
Gross Carrying Amount (definite-lived)	$ 69,309
Gross Carrying Amount, Total		$ 114,371
Accumulated Amortization	20,109	16,067
Net Carrying Amount	49,200
Net Carrying Amount, Total	$ 49,200	$ 98,304
Trademarks
Trademarks and Other Intangibles
Weighted Average Amortization Period	15 years	15 years
Gross Carrying Amount (definite-lived)	$ 68,880	$ 68,880
Accumulated Amortization	19,827	15,268
Net Carrying Amount	$ 49,053	$ 53,612
Non-compete agreement
Trademarks and Other Intangibles
Weighted Average Amortization Period		7 years
Gross Carrying Amount (definite-lived)		$ 562
Accumulated Amortization		$ 562
Copyrights and other intellectual property
Trademarks and Other Intangibles
Weighted Average Amortization Period	8 years	8 years
Gross Carrying Amount (definite-lived)	$ 429	$ 429
Accumulated Amortization	282	237
Net Carrying Amount	$ 147	192
Trademarks
Trademarks and Other Intangibles
Gross Carrying Amount (indefinite-lived)		$ 44,500

Debt - Narrative (Details) - USD ($)			3 Months Ended	9 Months Ended
Debt - Narrative (Details) - USD ($)	May 31, 2022	Dec. 30, 2021	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Debt
Unamortized deferred finance costs				$ 800,000
Interest expense - term loan debt			$ 565,000	$ 1,187,000	$ 1,363,000
Effective interest rate (as percentage)			9.60%	9.80%	8.40%
Repayment of principal				$ 29,000,000	$ 18,000,000
Prepayment fee	$ 1,400,000
Interest and related expenses	300,000
Loss on early extinguishment of debt				(2,324,000)	$ (821,000)
Prepayment premium				1,400,000
Other costs				$ 100,000
IM Intellectual Property
Debt
Cash proceeds from sale	30,100,000
New Loan Agreement
Debt
Face amount of loan		$ 29,000,000.0
Percentage of closing fee		1.75%
Legal and other fees		$ 500,000
Deferred issuance cost		970,000
Quarterly installment payment		625,000
Final payment amount		$ 20,875,000
Notice period to terminate or prepay		30 days
Repayment of principal	$ 28,400,000
New Loan Agreement \| On Or Before First Anniversary
Debt
Maximum Prepayment Of Debt Amount		$ 1,400,000
Percentage of prepayment premium		5.00%

Earnings (Loss) Per Share - Anti-dilutive Securities Excluded (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive securities	5,877,955	5,927,010	5,629,140	5,927,010
Employee Stock Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive securities	5,761,890	5,810,945	5,514,140	5,810,945
Warrant
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive securities	116,065	116,065	115,000	116,065

Stockholders' Equity - Warrants (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
Stockholders' Equity - Warrants (Details) - USD ($)	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Other disclosures
Compensation expense	$ 50,000.00	$ 160,000	$ 670,000	$ 750,000
Warrant
Number of Other than Options
Outstanding and exercisable, beginning balance (in shares)			116,065
Granted (in shares)			0
Canceled (in shares)			0
Exercised (in shares)			0
Expired/Forfeited (in shares)			0
Outstanding and exercisable, ending balance (in shares)	116,065		116,065		116,065
Weighted Average Exercise Price
Outstanding and exercisable, beginning balance (in dollars per share)			$ 3.15
Granted (in dollars per share)			0
Canceled (in dollars per share)			0
Exercised (in dollars per share)			0
Expired/Forfeited (in dollars per share)			0
Outstanding and exercisable, ending balance (in dollars per share)	$ 3.15		$ 3.15		$ 3.15
Weighted Average Remaining Contractual Life (in Years), Outstanding and exercisable			1 year 9 months 25 days		2 years 6 months 25 days
Aggregate Intrinsic Value, Outstanding and exercisable	$ 0		$ 0		$ 0
Other disclosures
Compensation expense	$ 0	$ 0	$ 0	$ 0

Nature of Operations, Background, and Basis of Presentation (Details)	9 Months Ended
	Sep. 30, 2022	May 31, 2022
Longaberger Licensing, LLC \| Variable Interest Entity, Primary Beneficiary
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage	50.00%
IM Topco, LLC
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Ownership interest		30.00%

Trademarks and Other Intangibles - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Goodwill and Intangible Assets [Line Items]
Amortization expense for intangible assets	$ 1,530	$ 1,560	$ 4,600	$ 4,020
Trademarks
Goodwill and Intangible Assets [Line Items]
Proceeds from sale of assets			$ 44,500

Trademarks and Other Intangibles (Tables)

9 Months Ended

Sep. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Trademarks and Other Intangibles


	Weighted
	Average	September 30, 2022
	Amortization	Gross Carrying		Accumulated		Net Carrying
($ in thousands)	Period	Amount		Amortization		Amount
Trademarks (finite-lived)	15 years		68,880		19,827		49,053
Copyrights and other intellectual property	8 years		429		282		147
Total		$	69,309	$	20,109	$	49,200


	Weighted
	Average	December 31, 2021
	Amortization	Gross Carrying		Accumulated		Net Carrying
($ in thousands)	Period	Amount		Amortization		Amount
Trademarks (indefinite-lived)	n/a	$	44,500	$	—	$	44,500
Trademarks (finite-lived)	15 years		68,880		15,268		53,612
Non-compete agreement	7 years		562		562		—
Copyrights and other intellectual property	8 years		429		237		192
Total		$	114,371	$	16,067	$	98,304

Leases

9 Months Ended

Sep. 30, 2022

Leases [Abstract]

Leases

6. Leases

The Company has an operating lease for its corporate offices and operations facility, as well as certain equipment with a term of 12 months or less.

The Company also has an operating lease for its former retail store location, which was closed in the first quarter of 2022; the Company is currently in the process of negotiating the termination of this lease.

The Company previously had an operating lease for its former office location, which it subleased to a third-party subtenant through February 27, 2022, and the Company’s lease of this office space expired by its terms on February 28, 2022.

As of September 30, 2022, the Company’s real estate leases have remaining lease terms of 5 – 6 years, with a weighted average remaining lease term of approximately 5.2 years and a weighted average discount rate of 6.25%.

The Company generally recognizes a right-of-use (“ROU”) asset, representing its right to use the underlying leased asset for the lease term, and a liability for its obligation to make future lease payments (the lease liability) at commencement date (the date on which the lessor makes the underlying asset available for use) based on the present value of lease payments over the lease term. The Company does not recognize ROU assets and lease liabilities for lease terms of 12 months or less, but recognizes such lease payments in operations on a straight-line basis over the lease terms.

Lease expense for operating lease payments is generally recognized on a straight-line basis over the lease term. The Company recognizes income from subleases (in which the Company is the sublessor) on a straight-line basis over the term

of the sublease, as a reduction to lease expense. Lease expense included in selling, general and administrative expenses on the Company’s unaudited condensed consolidated statements of operations was approximately $0.4 million for both the current quarter and prior year quarter, approximately $1.2 million for the prior year nine months, and approximately $1.0 million for the current nine months.

Cash paid for amounts included in the measurement of operating lease liabilities was $0.4 million in the current quarter and prior year quarter, $1.3 million in the current nine months, and $1.7 million in the prior year nine months.

As of September 30, 2022, the maturities of lease obligations were as follows:


($ in thousands)
2022 (October 1 through December 31)	$	547
2023		1,711
2024		1,711
2025		1,711
2026		1,710
Thereafter (through 2028)		1,610
Total lease payments		9,000
Less: Discount		1,512
Present value of lease liabilities		7,488
Current portion of lease liabilities		1,331
Non-current portion of lease liabilities	$	6,157

Leases - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Leases - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Lessee, Lease, Description [Line Items]
Weighted average remaining lease term for operating leases	5 years 2 months 12 days		5 years 2 months 12 days
Weighted average discount rate	6.25%		6.25%
Cash payments for operating lease expense	$ 0.4	$ 0.4	$ 1.3	$ 1.7
Selling, general and administrative expenses
Lessee, Lease, Description [Line Items]
Operating lease expense	$ 0.4	$ 0.4	$ 1.0	$ 1.2
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease term	5 years		5 years
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease term	6 years		6 years

Earnings (Loss) Per Share (Tables)

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Computation of Basic and Diluted Earnings (Loss) Per Share


	Three Months Ended					Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
Numerator:
Net (loss) income attributable to Xcel Brands, Inc. stockholders (in thousands)	$	(4,042)	$	(1,136)	$	1,961	$	(5,241)

Denominator:
Basic weighted average number of shares outstanding		19,624,860		19,541,774		19,624,604		19,418,469
Add: Effect of warrants		—		—		620		—
Add: Effect of stock options		—		—		127,115		—
Diluted weighted average number of shares outstanding		19,624,860		19,541,774		19,752,339		19,418,469

Basic net (loss) income per share	$	(0.21)	$	(0.06)	$	0.10	$	(0.27)
Diluted net (loss) income per share	$	(0.21)	$	(0.06)	$	0.10	$	(0.27)

Anti-dilutive Securities Excluded from Computation of Earnings (Loss) Per Share


	Three Months Ended		Nine Months Ended
	September 30,		September 30,
	2022	2021	2022	2021
Stock options	5,761,890	5,810,945	5,514,140	5,810,945
Warrants	116,065	116,065	115,000	116,065
Total	5,877,955	5,927,010	5,629,140	5,927,010

Nature of Operations, Background, and Basis of Presentation - Liquidity (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	May 31, 2022	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net (loss) income		$ (4,042)	$ (1,136)	$ 1,961	$ (5,241)
Accumulated deficit		(26,818)		(26,818)		$ (28,779)
Working capital, Net		13,700		13,700
Cash and cash equivalents		$ 8,407	$ 3,981	8,407	3,981
Payment of long-term debt				29,000	$ 18,000
Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net (loss) income				$ 1,900
New Loan Agreement
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Payment of long-term debt	$ 28,400

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2022

Stockholders' Equity Note [Abstract]

Summary of Stock Option Activity


				Weighted
				Average
		Weighted		Remaining
		Average		Contractual	Aggregate
	Number of	Exercise		Life	Intrinsic
	Options	Price		(in Years)	Value
Outstanding at January 1, 2022	5,630,970	$	2.25	5.46	$	—
Granted	605,850		1.61
Canceled	—		—
Exercised	—		—
Expired/Forfeited	(474,930)		3.18
Outstanding at September 30, 2022, and expected to vest	5,761,890	$	2.11	4.94	$	—
Exercisable at September 30, 2022	2,048,556	$	2.81	2.01	$	—

Summary of Stock Option Activity for Non-Vested Options


		Weighted
		Average
	Number of	Grant Date
	Options	Fair Value
Balance at January 1, 2022	3,873,334	$	0.07
Granted	605,850		0.79
Vested	(755,850)		0.73
Forfeited or Canceled	(10,000)		1.09
Balance at September 30, 2022	3,713,334	$	0.05

Summary of Warrant Activity


				Weighted
				Average
		Weighted		Remaining
		Average		Contractual	Aggregate
	Number of	Exercise		Life	Intrinsic
	Warrants	Price		(in Years)	Value
Outstanding and exercisable at January 1, 2022	116,065	$	3.15	2.57	$	—
Granted	—		—
Canceled	—		—
Exercised	—		—
Expired/Forfeited	—		—
Outstanding and exercisable at September 30, 2022	116,065	$	3.15	1.82	$	—

Summary of Restricted Stock Activity


		Weighted
	Number of	Average
	Restricted	Grant Date
	Shares	Fair Value
Outstanding at January 1, 2022	815,833	$	4.00
Granted	347,623		1.58
Canceled	—		—
Vested	(820,123)		3.12
Expired/Forfeited	—		—
Outstanding at September 30, 2022	343,333	$	3.66

Acquisitions and Divestitures (Tables)

9 Months Ended

Sep. 30, 2022

Acquisitions and Divestitures [Abstract]

Summarized financial information for IM Topco


	For the three		For the nine
	months ended		months ended
	September 30,		September 30,
($ in thousands)	2022			2022 ⁽¹⁾
Revenues	$	4,185	$	5,479
Gross profit		4,185		5,479
Income from continuing operations		928		1,118
Net income		928		1,118

Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Current Assets:
Cash and cash equivalents	$ 8,407	$ 4,483
Accounts receivable, net of allowances of $1,263 and $1,090, respectively	6,720	7,640
Inventory	3,884	3,375
Prepaid expenses and other current assets	1,752	1,681
Total current assets	20,763	17,179
Non-current Assets:
Property and equipment, net	1,948	2,549
Operating lease right-of-use assets	5,650	6,314
Trademarks and other intangibles, net	49,200	98,304
Equity method investment	19,520
Restricted cash		739
Deferred tax assets, net		141
Other assets	146	555
Total non-current assets	76,464	108,602
Total Assets	97,227	125,781
Current Liabilities:
Accounts payable, accrued expenses and other current liabilities	3,959	6,169
Accrued income taxes payable	1,326	64
Accrued payroll	228	577
Current portion of operating lease obligations	1,331	1,207
Current portion of long-term debt		2,500
Current portion of contingent obligations	2,478
Total current liabilities	9,322	10,517
Long-Term Liabilities:
Long-term portion of operating lease obligations	6,157	7,252
Long-term debt, net, less current portion		25,531
Long-term portion of contingent obligations	5,061	7,539
Deferred tax liabilities, net	223
Total long-term liabilities	11,441	40,322
Total Liabilities	20,763	50,839
Commitments and Contingencies
Stockholders' Equity:
Preferred stock, $.001 par value, 1,000,000 shares authorized, none issued and outstanding
Common stock, $.001 par value, 50,000,000 shares authorized, and 19,624,860 and 19,571,119 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively	20	20
Paid-in capital	103,541	103,039
Accumulated deficit	(26,818)	(28,779)
Total Xcel Brands, Inc. stockholders' equity	76,743	74,280
Noncontrolling interest	(279)	662
Total Stockholders' Equity	76,464	74,942
Total Liabilities and Stockholders' Equity	$ 97,227	$ 125,781

Stockholders' Equity

9 Months Ended

Sep. 30, 2022

Stockholders' Equity Note [Abstract]

Stockholders' Equity

8. Stockholders’ Equity

Equity Incentive Plans

The Company’s 2021 Equity Incentive Plan (the “2021 Plan”) is designed and utilized to enable the Company to provide its employees, officers, directors, consultants, and others whose past, present, and/or potential contributions to the Company have been, are, or will be important to the success of the Company, an opportunity to acquire a proprietary interest in the Company. A total of 4,000,000 shares of common stock are eligible for issuance under the 2021 Plan. The 2021 Plan provides for the grant of any or all of the following types of awards: stock options (incentive or non-qualified), restricted stock, restricted stock units, performance awards, or cash awards. The 2021 Plan is administered by the Company’s Board of Directors, or, at the Board’s discretion, a committee of the Board.

In addition, stock-based awards (including options, warrants, and restricted stock) previously granted under the Company’s 2011 Equity Incentive Plan (the “2011 Plan”) remain outstanding and shares of common stock may be issued to satisfy options or warrants previously granted under the 2011 Plan, although no new awards may be granted under the 2011 Plan.

Stock-based Compensation

The Company accounts for stock-based compensation in accordance with Accounting Standards Codification Topic 718, “Compensation - Stock Compensation,” by recognizing the fair value of stock-based compensation as an operating expense over the service period of the award or term of the corresponding contract, as applicable. Forfeitures are accounted for as a reduction of compensation cost in the period when such forfeitures occur. For stock option awards for which vesting is contingent upon the achievement of certain performance targets, the timing and amount of compensation expense recognized is based upon the Company’s projections and estimates of the relevant performance metric(s) until the time the performance obligation is satisfied. Expense for such awards is recognized only to the extent that the achievement of the specified performance target(s) has been met or is considered probable.

Total expense recognized in the current quarter and prior year quarter for all forms of stock-based compensation was approximately $0.05 million and $0.16 million, respectively. Of the current quarter expense amount, substantially all of the expense related to directors and consultants, and all of the current quarter expense was recorded as operating costs in the accompanying condensed consolidated statements of operations. Of the prior year quarter expense amount, all of which was recorded as operating costs in the accompanying condensed consolidated statements of operations, approximately $0.11 million related to employees and approximately $0.05 million related to directors and consultants.

Total expense recognized in the current nine months and prior year nine months for all forms of stock-based compensation was approximately $0.67 million and $0.75 million, respectively. Of the current nine months expense amount, approximately $0.41 million related to employees and approximately $0.26 million related to directors and consultants. Approximately $0.57 million of the current nine months expense was recorded as operating costs, and approximately $0.10 million was recorded as a reduction to other income. Of the prior year nine months expense amount, all of which was recorded as operating costs, approximately $0.63 million related to employees and approximately $0.12 million related to directors and consultants.

Stock Options

A summary of the Company’s stock options activity for the current nine months is as follows:


				Weighted
				Average
		Weighted		Remaining
		Average		Contractual	Aggregate
	Number of	Exercise		Life	Intrinsic
	Options	Price		(in Years)	Value
Outstanding at January 1, 2022	5,630,970	$	2.25	5.46	$	—
Granted	605,850		1.61
Canceled	—		—
Exercised	—		—
Expired/Forfeited	(474,930)		3.18
Outstanding at September 30, 2022, and expected to vest	5,761,890	$	2.11	4.94	$	—
Exercisable at September 30, 2022	2,048,556	$	2.81	2.01	$	—

On April 20, 2022, the Company granted options to purchase an aggregate of 380,850 shares of common stock to various employees. The exercise price of the options is $1.62 per share, and all options vested immediately on the date of grant.

On April 20, 2022 the Company granted options to purchase an aggregate of 125,000 shares of common stock to non-management directors. The exercise price of the options is $1.62 per share, and 50% of the options vest on each of April 20, 2023 and April 20, 2024.

On April 26, 2022, the Company granted options to purchase an aggregate of 100,000 shares of common stock to a consultant. The exercise price of the options is $1.58 per share, and all options vested immediately on the date of grant.

Compensation expense related to stock options for the current quarter and the prior year quarter was approximately $0.03 million and $0.05 million, respectively. Compensation expense related to stock options for the current nine months and the prior year nine months was approximately $0.43 million and $0.25 million, respectively. Total unrecognized compensation expense related to unvested stock options at September 30, 2022 was approximately $0.12 million and is expected to be recognized over a weighted average period of approximately 1.29 years.

A summary of the Company’s non-vested stock options activity for the current nine months is as follows:


		Weighted
		Average
	Number of	Grant Date
	Options	Fair Value
Balance at January 1, 2022	3,873,334	$	0.07
Granted	605,850		0.79
Vested	(755,850)		0.73
Forfeited or Canceled	(10,000)		1.09
Balance at September 30, 2022	3,713,334	$	0.05

Warrants

A summary of the Company’s warrants activity for the current nine months is as follows:


				Weighted
				Average
		Weighted		Remaining
		Average		Contractual	Aggregate
	Number of	Exercise		Life	Intrinsic
	Warrants	Price		(in Years)	Value
Outstanding and exercisable at January 1, 2022	116,065	$	3.15	2.57	$	—
Granted	—		—
Canceled	—		—
Exercised	—		—
Expired/Forfeited	—		—
Outstanding and exercisable at September 30, 2022	116,065	$	3.15	1.82	$	—

No compensation expense related to warrants was recognized in the current quarter, prior year quarter, current nine months, or prior year nine months.

Stock Awards

A summary of the Company’s restricted stock activity for the current nine months is as follows:


		Weighted
	Number of	Average
	Restricted	Grant Date
	Shares	Fair Value
Outstanding at January 1, 2022	815,833	$	4.00
Granted	347,623		1.58
Canceled	—		—
Vested	(820,123)		3.12
Expired/Forfeited	—		—
Outstanding at September 30, 2022	343,333	$	3.66

On April 20, 2022, the Company issued an aggregate of 50,000 shares of common stock to non-management directors, which vest evenly over two years, of which 50% shall vest on April 20, 2023, and 50% shall vest on April 20, 2024.

On April 20, 2022, the Company issued 20,064 shares of common stock to a consultant, which vested immediately.

On May 31, 2022, the Company issued 65,275 shares of common stock to a consultant in connection with the transaction related to the Isaac Mizrahi Brand (see Note 2); these shares vested immediately.

On May 31, 2022, the Company issued 33,557 shares of common stock to a key employee, which vested immediately.

Additionally, on April 20, 2022, the Company issued 178,727 shares of common stock to a member of senior management as payment for a performance bonus earned in 2021. These shares vested immediately. The Company had previously recognized compensation expense of approximately $0.28 million in 2021 to accrue for this performance bonus.

Compensation expense related to stock awards was approximately $0.02 million for the current quarter and approximately $0.12 million for the prior year quarter. Compensation expense related to stock awards was approximately $0.24 million for the current nine months and approximately $0.51 million for the prior year nine months. Total unrecognized compensation expense related to unvested restricted stock grants at September 30, 2022 was approximately $0.09 million and is expected to be recognized over a weighted average period of approximately 1.25 years.

Shares Available Under the Company’s Equity Incentive Plans

As of September 30, 2022, there were 3,160,909 shares of common stock available for award grants under the 2021 Plan.

Shares Reserved for Issuance

As of September 30, 2022, there were 9,038,864 shares of common stock reserved for issuance, including 5,877,955 shares reserved for issuance pursuant to unexercised warrants and stock options, and 3,160,909 shares available for award grants under the 2021 Plan.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

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+ Details

Debt (Tables)

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Net Carrying Amount of Debt


	September 30,		December 31,
($ in thousands)	2022		2021
Term loan debt	$	—	$	29,000
Unamortized deferred finance costs related to term loan debt		—		(969)
Total		—		28,031
Current portion of debt		—		2,500
Long-term debt	$	—	$	25,531

Acquisitions and Divestitures - Summarized financial information (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gross Profit	$ 3,036			$ 8,396			$ 16,000	$ 22,071
Net income (loss)	(4,430)	$ 9,189	$ (3,739)	$ (1,359)	$ (1,814)	$ (2,628)	1,020	$ (5,801)
IM Topco, LLC
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues	4,185						5,479
Gross Profit	4,185						5,479
Income from continuing operations	928						1,118
Net income (loss)	$ 928						$ 1,118

- Definition

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

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+ Details

Debt - Net Carrying Amount of Debt (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Debt Disclosure [Abstract]
Term loan debt	$ 29,000
Unamortized deferred finance costs related to term loan debt	(969)
Total	28,031
Current portion of debt	2,500
Long-term debt	$ 25,531

- Definition

Amount, excluding unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2022	Nov. 08, 2022
Document And Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-37527
Entity Registrant Name	XCEL BRANDS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	76-0307819
Entity Address, Address Line One	1333 Broadway, 10th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10018
City Area Code	347
Local Phone Number	727-2474
Title of 12(b) Security	Common Stock, $0.001 par value per share
Trading Symbol	XELB
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		19,624,860
Entity Central Index Key	0001083220
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Amendment Flag	false

Unaudited Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenues
Net revenue	$ 4,501	$ 11,261	$ 21,715	$ 29,834
Cost of goods sold	1,465	2,865	5,715	7,763
Gross profit	3,036	8,396	16,000	22,071
Operating costs and expenses
Salaries, benefits and employment taxes	3,301	4,185	13,390	12,286
Other selling, general and administrative expenses	3,567	3,463	10,762	9,591
Stock-based compensation	51	163	568	754
Depreciation and amortization	1,815	1,891	5,447	4,949
Total operating costs and expenses	8,734	9,702	30,167	27,580
Other (expense) income
Gain on sale of majority interest in Isaac Mizrahi brand			20,608
Loss from equity method investment	(277)		(277)
Total other (expense) income	(277)		20,331
Operating (loss) income	(5,975)	(1,306)	6,164	(5,509)
Interest and finance (income) expense
Interest expense - term loan debt		565	1,187	1,363
Other interest and finance (income) charges, net	(6)	23	(6)	127
Loss on early extinguishment of debt			2,324	821
Total interest and finance (income) expense	(6)	588	3,505	2,311
(Loss) income before income taxes	(5,969)	(1,894)	2,659	(7,820)
Income tax (benefit) provision	(1,539)	(535)	1,639	(2,019)
Net (loss) income	(4,430)	(1,359)	1,020	(5,801)
Net loss attributable to noncontrolling interest	(388)	(223)	(941)	(560)
Net (loss) income attributable to Xcel Brands, Inc. stockholders	$ (4,042)	$ (1,136)	$ 1,961	$ (5,241)
(Loss) earnings per common share attributable to Xcel Brands, Inc. stockholders:
Basic net (loss) income per share	$ (0.21)	$ (0.06)	$ 0.10	$ (0.27)
Diluted net (loss) income per share	$ (0.21)	$ (0.06)	$ 0.10	$ (0.27)
Weighted average number of common shares outstanding:
Basic weighted average common shares outstanding	19,624,860	19,541,774	19,624,604	19,418,469
Diluted weighted average common shares outstanding	19,624,860	19,541,774	19,752,339	19,418,469
Net licensing revenue
Revenues
Net revenue	$ 2,166	$ 6,854	$ 13,302	$ 17,385
Net sales
Revenues
Net revenue	$ 2,335	$ 4,407	$ 8,413	$ 12,449

Stockholders' Equity - Equity Incentive Plans (Details)	Sep. 30, 2022 shares
Stockholders' Equity
Shares of common stock reserved for issuance (in shares)	9,038,864
2011 Equity Incentive Plan
Stockholders' Equity
Shares of common stock reserved for issuance (in shares)	5,877,955
2021 Equity Incentive Plan
Stockholders' Equity
Number of common stock eligible for issuance	4,000,000
Shares of common stock available for issuance (in shares)	3,160,909
Shares of common stock reserved for issuance (in shares)	3,160,909

Significant Contracts and Concentrations

9 Months Ended

Sep. 30, 2022

Risks and Uncertainties [Abstract]

Significant Contracts and Concentrations

4. Significant Contracts and Concentrations

Qurate Agreements

Under the Company’s agreements with Qurate Retail Group (“Qurate”), collectively referred to as the Qurate Agreements, Qurate is obligated to make payments to the Company on a quarterly basis, based primarily upon a percentage of net retail sales of Lori Goldstein, Judith Ripka, and Longaberger branded merchandise. The Company was also previously a party to a similar agreement with Qurate related to the Isaac Mizrahi Brand through May 31, 2022; see Note 2 for details. Net retail sales are defined as the aggregate amount of all revenue generated through the sale of the specified branded products by Qurate and its subsidiaries under the Qurate Agreements, net of customer returns, and excluding freight, shipping and handling charges, and sales, use, or other taxes. Net licensing revenue from the Qurate Agreements represents a significant portion of the Company’s total net revenue.

●

Net licensing revenue from the Qurate Agreements totaled $1.40 million and $6.05 million for the current quarter and prior year quarter, respectively, representing approximately 31% and 54% of the Company’s total net revenue for the current quarter and prior year quarter, respectively.

●

Net licensing revenue from the Qurate Agreements totaled $10.47 million and $15.24 million for the current nine months and prior year nine months, respectively, representing approximately 48% and 51% of the Company’s total net revenue for the current nine months and prior year nine months, respectively.

●

As of September 30, 2022 and December 31, 2021, the Company had receivables from Qurate of $1.45 million and $3.51 million, respectively, representing approximately 22% and 46% of the Company’s total net accounts receivable, respectively.

Trademarks and Other Intangibles

9 Months Ended

Sep. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Trademarks and Other Intangibles

3. Trademarks and Other Intangibles

Trademarks and other intangibles, net consist of the following:


	Weighted
	Average	September 30, 2022
	Amortization	Gross Carrying		Accumulated		Net Carrying
($ in thousands)	Period	Amount		Amortization		Amount
Trademarks (finite-lived)	15 years		68,880		19,827		49,053
Copyrights and other intellectual property	8 years		429		282		147
Total		$	69,309	$	20,109	$	49,200


	Weighted
	Average	December 31, 2021
	Amortization	Gross Carrying		Accumulated		Net Carrying
($ in thousands)	Period	Amount		Amortization		Amount
Trademarks (indefinite-lived)	n/a	$	44,500	$	—	$	44,500
Trademarks (finite-lived)	15 years		68,880		15,268		53,612
Non-compete agreement	7 years		562		562		—
Copyrights and other intellectual property	8 years		429		237		192
Total		$	114,371	$	16,067	$	98,304

Amortization expense for intangible assets was approximately $1.53 million for the three-month period ended September 30, 2022 (the "current quarter") and was approximately $1.56 million for the three-month period ended September 30, 2021 (the "prior year quarter").

Amortization expense for intangible assets was approximately $4.60 million for the nine-month period ended September 30, 2022 (the "current nine months") and was approximately $4.02 million for the nine-month period ended September 30, 2021 (the "prior year nine months").

During the current nine months, the Company sold its $44.5 million of indefinite-lived trademarks related to the Isaac Mizrahi Brand; see Note 2 for details. Also during the current nine months, the Company retired its intangible asset for a non-compete agreement related to the Halston Brand, as such intangible asset had reached the end of its estimated useful life and had become fully amortized.

Related Party Transactions - Isaac Mizrahi (Details) - USD ($)			3 Months Ended	9 Months Ended
	May 31, 2022	Feb. 24, 2020	Sep. 30, 2022	Sep. 30, 2022
Asset Purchase Agreement
Additional shares issued	65,275
Restricted Stock
Asset Purchase Agreement
Number of shares vested				820,123
Isaac Mizrahi
Asset Purchase Agreement
Shares surrendered for cancellation	240,000
Additional shares issued	33,557
Payments to related party	$ 100,000
Value of shares issued	$ 50,000
Isaac Mizrahi \| Restricted Stock
Asset Purchase Agreement
Number of shares vested	522,500
Isaac Mizrahi \| Laugh Club Annual Fee [Member]
Asset Purchase Agreement
Related Party Costs		$ 720,000
IM Topco [Member] \| Services Agreement
Asset Purchase Agreement
Due from related party	$ 300,000
Revenue from services provided			$ 101,000	$ 101,000
IM Topco [Member] \| License Agreement
Asset Purchase Agreement
Royalty guarantees	$ 400,000		400,000	400,000
Recognized royalty expense			$ 92,000	$ 123,000

Commitments and Contingencies

9 Months Ended

Sep. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

12. Commitments and Contingencies

Contingent Obligation – Halston Heritage Earn-Out

In connection with the February 11, 2019 purchase of the Halston Heritage trademarks from H Company IP, LLC (“HIP”), the Company agreed to pay HIP additional consideration (the “Halston Heritage Earn-Out”) of up to an aggregate of $6.0 million, based on royalties earned through December 31, 2022. The Halston Heritage Earn-Out of $0.9 million is recorded as a current liability at September 30, 2022 and as a long-term liability at December 31, 2021 in the accompanying condensed consolidated balance sheets, based on the difference between the fair value of the acquired assets of the Halston Heritage trademarks and the total consideration paid. Management estimates that it is highly unlikely the Company will owe any of this contingent obligation at December 31, 2022. In accordance with ASC Topic 480, “Distinguishing Liabilities from Equity,” the Halston Heritage Earn-Out obligation is treated as a liability in the accompanying condensed consolidated balance sheets because of the variable number of shares payable under the agreement.

Contingent Obligation – Lori Goldstein Earn-Out

In connection with the April 1, 2021 acquisition of the Lori Goldstein trademarks, the Company agreed to pay the seller additional cash consideration (the “Lori Goldstein Earn-Out”) of up to an aggregate of $12.5 million, based on royalties earned during the six calendar year period commencing in 2021. The Lori Goldstein Earn-Out of $6.6 million is recorded as a liability in the accompanying condensed consolidated balance sheets, based on the difference between the fair value of the acquired assets of the Lori Goldstein brand and the total consideration paid, in accordance with the guidance in ASC Subtopic 805-50. At September 30, 2022, $1.6 million of the balance is recorded as a current liability and $5.0 million is recorded as a long-term liability; at December 31, 2021, the entire balance was recorded as a long-term liability.

Contingent Obligation – Isaac Mizrahi Transaction

In connection with the May 31, 2022 transaction related to the sale of a majority interest in the Isaac Mizrahi Brand (see Note 2), the Company has agreed with WHP that, in the event that IM Topco receives less than $13.3 million in aggregate royalties for any four consecutive calendar quarters over a three-year period ending on May 31, 2025, WHP will be entitled to receive from the Company up to $16 million, less all amounts of net cash flow distributed to WHP on an accumulated basis, as an adjustment to the purchase price previously paid by WHP. Such amount would be payable by the Company in either cash or equity interests in IM Topco held by the Company. No amount has been recorded in the accompanying

condensed consolidated balance sheets related to this contingent obligation, and management believes the likelihood of any such payment is remote.

Legal Proceedings

From time to time, the Company becomes involved in legal claims and litigation in the ordinary course of business. In the opinion of management, based on consultations with legal counsel, the disposition of litigation currently pending against the Company is unlikely to have, individually or in the aggregate, a materially adverse effect on the Company’s business, financial position, results of operations, or cash flows. The Company routinely assesses all its litigation and threatened litigation as to the probability of ultimately incurring a liability, and records its best estimate of the ultimate loss in situations where it assesses the likelihood of loss as probable.

Coronavirus Pandemic

In March 2020, the World Health Organization declared the outbreak of a novel coronavirus disease (“COVID-19”) as a pandemic, which continues to circulate throughout the U.S. and the world. The COVID-19 pandemic (including actions taken by national, state, and local governments in response to COVID-19) has negatively impacted the U.S. and global economy, disrupted consumer spending and global supply chains, and created significant volatility and disruption of financial markets.

COVID-19 has had, and continues to have, a significant negative impact on the Company’s business. The initial onset of the pandemic in 2020 resulted in a sudden decrease in sales for many of the Company’s products, from which the Company has yet to fully recover. Additionally, COVID-19 has also impacted, and continues to impact, the Company’s supply chain partners, including third party manufacturers, logistics providers, and other vendors, as well as the supply chains of its licensees. These supply chains have experienced, and may continue to experience in the future, disruptions as a result of closed factories, factories operating with a reduced workforce, or other logistics constraints, including vessel, container and other transportation shortages, labor shortages, and port congestion.

Due to the ongoing COVID-19 pandemic, there is significant uncertainty surrounding the Company’s future results of operations and cash flows. Continued impacts of the pandemic could materially adversely affect the Company’s near-term and long-term revenues, earnings, liquidity, and cash flows.

Stockholders' Equity - Stock Options (Details) - USD ($)			3 Months Ended		9 Months Ended		12 Months Ended
	Apr. 26, 2022	Apr. 20, 2022	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Other disclosures
Compensation expense			$ 50,000.00	$ 160,000	$ 670,000	$ 750,000
Employee
Other disclosures
Compensation expense				110,000	410,000	630,000
Non Management Directors
Other disclosures
Compensation expense				50,000.00	$ 260,000	120,000
Employee Stock Option
Number of Options
Outstanding, beginning balance (in shares)					5,630,970
Granted (in shares)					605,850
Canceled (in shares)					0
Exercised (in shares)					0
Expired/Forfeited (in shares)					(474,930)
Outstanding, ending balance (in shares)			5,761,890		5,761,890		5,630,970
Exercisable (in shares)			2,048,556		2,048,556
Weighted Average Exercise Price
Outstanding, beginning balance (in dollars per share)					$ 2.25
Granted (in dollars per share)					1.61
Canceled (in dollars per share)					0
Exercised (in dollars per share)					0
Expired/Forfeited (in dollars per share)					3.18
Outstanding, ending balance (in dollars per share)			$ 2.11		2.11		$ 2.25
Exercisable (in dollars per share)			$ 2.81		$ 2.81
Other disclosures
Outstanding Weighted Average Remaining Contractual Life (in Years)					4 years 11 months 8 days		5 years 5 months 15 days
Exercisable Weighted Average Remaining Contractual Life (in Years)					2 years 3 days
Aggregate Intrinsic Value, Outstanding			$ 0		$ 0		$ 0
Aggregate Intrinsic Value, Exercisable			0		0
Compensation expense			30,000.00	$ 50,000.00	430,000	$ 250,000
Unrecognized compensation expense			$ 120,000		$ 120,000
Weighted average period of recognition					1 year 3 months 14 days
Employee Stock Option \| Employee
Number of Options
Granted (in shares)		380,850
Weighted Average Exercise Price
Granted (in dollars per share)		$ 1.62
Employee Stock Option \| Non Management Directors
Number of Options
Granted (in shares)		125,000
Weighted Average Exercise Price
Granted (in dollars per share)		$ 1.62
Other disclosures
Vesting percentage per year		50.00%
Employee Stock Option \| Consultant
Number of Options
Granted (in shares)	100,000
Weighted Average Exercise Price
Granted (in dollars per share)	$ 1.58

Debt

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Debt

7. Debt

The Company’s net carrying amount of debt was comprised of the following:


	September 30,		December 31,
($ in thousands)	2022		2021
Term loan debt	$	—	$	29,000
Unamortized deferred finance costs related to term loan debt		—		(969)
Total		—		28,031
Current portion of debt		—		2,500
Long-term debt	$	—	$	25,531

On May 31, 2022, the Company used $30.1 million of the proceeds received from the transaction related to the Isaac Mizrahi Brand (see Note 2) to repay all amounts outstanding under the December 30, 2021 term loan agreement with First Eagle Alternative Credit Agent, LLC (“FEAC”), consisting of $28.4 million in principal amount, a $1.4 million prepayment fee, and approximately $0.3 million in interest and related expenses. As a result, the Company recognized a loss on early extinguishment of debt of approximately $2.3 million during the current nine months, consisting of approximately $1.4 million of debt prepayment premium, the immediate write-off of approximately $0.8 million of unamortized deferred finance costs, and approximately $0.1 million of other costs.

Term Loan Debt (through May 31, 2022)

On December 30, 2021, Xcel, as Borrower, and its wholly-owned subsidiaries, IM Brands, LLC, JR Licensing, LLC, H Licensing, LLC, C Wonder Licensing, LLC, Xcel Design Group, LLC, Judith Ripka Fine Jewelry, LLC, H Heritage Licensing, LLC, Xcel-CT MFG, LLC and Gold Licensing, LLC, as Guarantors (each a “Guarantor” and collectively, the

“Guarantors”), entered into a Loan and Security Agreement (the “Loan Agreement”) with FEAC, as lead arranger and as administrative agent and collateral agent for the lenders party to the Loan Agreement, and the financial institutions party thereto as lenders (the “Lenders”). Pursuant to the Loan Agreement, the Lenders made a term loan in the aggregate amount of $29.0 million (the “Term Loan”). The proceeds of the Term Loan were used for the purpose of refinancing existing indebtedness (i.e., previous term loan debt), to pay fees, costs, and expenses incurred in connection with entering into the Loan Agreement, and for working capital purposes.

Upon entering into the Loan Agreement, Xcel paid a 1.75% closing fee to FEAC for the benefit of the Lenders; the Company also paid approximately $0.5 million of various legal and other fees in connection with the execution of the Loan Agreement. These fees and costs totaling approximately $0.97 million were deferred on the Company’s balance sheet as of December 31, 2021 as a reduction of the carrying value of the Term Loan, and commencing in 2022 were being amortized to interest expense over the term of the Term Loan using the effective interest method.

The New Term Loan was to mature on April 14, 2025. Principal on the New Term Loan was payable in quarterly installments of $625,000 on each of March 31, June 30, September 30 and December 31 of each year, commencing on March 31, 2022 and ending on March 31, 2025, with a final payment of $20,875,000 due on the maturity date of April 14, 2025.

Under the Loan Agreement, Xcel had the right upon thirty (30) days prior written notice to prepay all or any portion of the Term Loan and accrued and unpaid interest thereon. Based on the terms of the Loan Agreement, when the Term Loan was repaid in full on May 31, 2022, Xcel was required to pay a prepayment premium of five percent (5.00%), which amounted to approximately $1.4 million.

For the prior year quarter, the Company incurred interest expense (including both interest paid in cash and the amortization of deferred finance costs) related to term loan debt of approximately $0.57 million, and the effective interest rate related to term loan debt was approximately 9.6%.

For the current nine months and prior year nine months, the Company incurred interest expense (including both interest paid in cash and the amortization of deferred finance costs) related to term loan debt of approximately $1.19 million and $1.36 million, respectively. The effective interest rate related to term loan debt was approximately 9.8% and 8.4% for the current quarter and prior year quarter, respectively.

Acquisitions and Divestitures

9 Months Ended

Sep. 30, 2022

Acquisitions and Divestitures [Abstract]

Acquisitions and Divestitures

2. Acquisitions and Divestitures

Sale of Majority Interest in Isaac Mizrahi Brand

On May 27, 2022, Xcel (along with IM Topco, LLC (“IM Topco”) and IM Brands, LLC (“IMB”), both wholly owned subsidiaries of the Company) and IM WHP, LLC (“WHP”), a subsidiary of WHP Global, a private equity-backed brand management and licensing company, entered into a membership purchase agreement. Pursuant to this agreement, on May 31, 2022, (i) the Company contributed assets owned by IMB, including the Isaac Mizrahi Brand trademarks and other intellectual property rights relating thereto into IM Topco, and (ii) the Company sold 70% of the membership interests of IM Topco to WHP.

The purchase price paid by WHP to the Company at the closing of the transaction in exchange for the 70% membership interest in IM Topco consisted of $46.2 million in cash. Pursuant to the purchase agreement, the Company will also be entitled to receive an “earn-out” payment in the amount of $2.0 million if, during the period from January 1, 2023 through December 31, 2023, (i) IM Topco receives Net Royalty Revenue (as defined in the purchase agreement) in an amount equal to or greater than $17.5 million and (ii) IM Topco generates EBITDA (as defined in the purchase agreement) in an amount equal to or greater than $11.8 million. Additionally, in the event that IM Topco receives less than $13.347 million in aggregate royalties for any four consecutive calendar quarters over a three-year period ending on the third anniversary of the closing, WHP will be entitled to receive from the Company up to $16 million, less all amounts of net cash flow distributed to WHP for such period, as an adjustment to the purchase price, payable in either cash or equity interests in IM Topco held by the Company.

In connection with the aforementioned purchase agreement, on May 31, 2022, the Company and WHP entered into an Amended and Restated Limited Liability Company Agreement of IM Topco (the “Business Venture Agreement”) governing the operation of IM Topco as a partnership between the Company and WHP following the closing. Pursuant to the Business Venture Agreement, IM Topco is managed by a single Manager appointed by the vote of a majority-in-interest of IM Topco’s members, and WHP serves as the sole Manager of IM Topco. The Business Venture Agreement contains customary provisions for the governance of a partnership, including with respect to decision making, access to information, restrictions on transfer of interests, and covenants. Pursuant to the Business Venture Agreement, IM Topco’s Net Cash Flow (as defined in the agreement) shall be distributed to the members during each fiscal year no less than once per fiscal quarter, as follows:

(i)

first, 100% to WHP, until WHP has received an aggregate amount during such fiscal year equal to $8,852,000;

(ii)

second, 100% to Xcel, until Xcel has received an aggregate amount during such fiscal year equal to $1,316,200; and

(iii)

thereafter, in proportion to the members’ respective percentage interests.

The amounts described in (i) and (ii) above are subject to adjustment in certain circumstances as set forth in the Business Venture Agreement.

The Company also entered into a number of other related agreements on May 31, 2022 in connection with the transaction, as described below:

●

The Company entered into a services agreement with IM Topco, pursuant to which the Company will provide certain design and support services (including assistance with the operations of the interactive television business and related talent support) to IM Topco in exchange for payments of $0.3 million per fiscal year.

●

The Company entered into a license agreement with IM Topco, pursuant to which IM Topco granted the Company a license to use certain Isaac Mizrahi trademarks on and in connection with the design, manufacture, distribution, sale, and promotion of women’s sportswear products in the United States and Canada during the term of the agreement, in exchange for the payment of royalties in connection therewith. The initial term of this agreement ends December 31, 2026, and provides guaranteed royalties of $0.4 million per year to IM Topco.

●

The Company’s licensing agreement with Qurate Retail Group related to the Isaac Mizrahi Brand (see Note 4) was assigned to IM Topco as of May 31, 2022.

●

The Company’s employment agreement with Mr. Mizrahi and the Company’s services agreement with Laugh Club (see Note 10) were transferred to IM Topco. In addition, all 522,500 unvested shares of restricted stock of the Company held by Mr. Mizrahi (for which all stock-based compensation expense had been previously recognized in prior periods) were immediately vested, with 240,000 of such shares being surrendered for cancellation in satisfaction of withholding tax obligations. In addition, the Company issued 33,557 additional shares of common stock of the Company (valued at $50,000) to Mr. Mizrahi, which vested immediately, and made a $100,000 cash payment to Mr. Mizrahi.

Management assessed and evaluated the ownership structure and other terms of the May 27, 2022 membership purchase agreement and Business Venture Agreement, as well as considered the Company’s continuing involvement with the Isaac Mizrahi Brand through the aforementioned services agreement and licensing agreement, and concluded that (i) IM Topco is not a Variable Interest Entity under Accounting Standards Codification (“ASC”) Topic 810, and (ii) the Company has significant influence over, but does not control, IM Topco. As such, on May 31, 2022, the Company de-recognized the carrying amount of the Isaac Mizrahi Brand trademarks of $44.5 million and recognized the fair value of its retained interest in IM Topco of approximately $19.8 million as an equity method investment on the accompanying condensed consolidated balance sheet. The fair value of the Company’s retained interest was determined by applying the Company’s ownership percentage to the implied enterprise value of IM Topco, which was calculated based on the price paid by WHP for the 70% controlling interest, as the May 31, 2022 sale transaction was considered an arms-length transaction between knowledgeable market participants and the most relevant and reasonable indication of value to utilize. The inputs and assumptions for this nonrecurring fair value measurement are classified as Level 3 within the fair value hierarchy defined in ASC Topic 820.

The Company incurred approximately $0.9 million of expenses directly related to this transaction, including legal fees and agent fees, of which $0.1 million of the agent fees were paid through the issuance of 65,275 shares of the Company’s common stock, which were recognized as a reduction to the gain from the transaction. The Company recognized a net pre-

tax gain from the transaction of $20.6 million, which is classified as other income in the condensed consolidated statements of operations for the nine months ended September 30, 2022.

In addition to the amounts described above, the Company’s Board of Directors awarded cash bonuses totaling approximately $1.0 million to certain members of the Company’s senior management, consisting of bonuses of $770,000 to Robert D’Loren, $115,000 to Jim Haran, and $130,000 to Seth Burroughs. These bonuses are included in Salaries, benefits and employment taxes in the accompanying condensed consolidated statements of operations for the nine months ended September 30, 2022.

The Company accounts for its interest in the ongoing operations of IM Topco as other income under the equity method of accounting. The Company recognized an equity method loss of $0.28 million related to its investment for the three and nine months ended September 30, 2022, based on the aforementioned distribution provisions set forth in the Business Venture Agreement.

Summarized financial information for IM Topco is as follows:


	For the three		For the nine
	months ended		months ended
	September 30,		September 30,
($ in thousands)	2022			2022 ⁽¹⁾
Revenues	$	4,185	$	5,479
Gross profit		4,185		5,479
Income from continuing operations		928		1,118
Net income		928		1,118

(1) Represents financial information for the period commencing May 31, 2022 (the date of the sale of a majority interest in IM Topco) through September 30, 2022.

Acquisition of LOGO by Lori Goldstein Brand

On April 1, 2021, the Company acquired certain assets of Lori Goldstein, Ltd. (the "Seller"), including the “LOGO by Lori Goldstein” trademark and other intellectual property rights relating thereto. Pursuant to the asset purchase agreement related to this transaction, the Company delivered $1.6 million in cash consideration to the Seller at closing, and was obligated to subsequently deliver an additional $2.0 million in cash to the Seller, which was paid in July 2021.

In addition to the consideration described above, the Seller is eligible to earn additional consideration of up to $12.5 million (the “Lori Goldstein Earn-Out”), which would be payable, in cash, within 45 days after the end of each applicable calendar year during the six calendar year period commencing 2021 in an amount equal to 75% percent of the Royalty Contribution (as defined in the related asset purchase agreement) for such calendar year. The Company recorded a contingent obligation of $6.6 million related to the Lori Goldstein Earn-Out, based on the difference between the fair value of the acquired assets of the LOGO by Lori Goldstein brand and the total consideration paid, in accordance with the guidance in ASC Subtopic 805-50. To date, no consideration under the terms of the Lori Goldstein Earn-Out has been payable or paid to the Seller.

The LOGO by Lori Goldstein brand acquisition was accounted for as an asset purchase, and the aggregate purchase price of $10.3 million was allocated entirely to the trademarks of the brand. Such trademarks have been determined by management to have a finite useful life, and accordingly, amortization is recorded in the Company’s condensed consolidated statements of operations. The Lori Goldstein trademarks are being amortized on a straight-line basis over their expected useful life of four years.

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities
Net income (loss)	$ (4,430)	$ (1,359)	$ 1,020	$ (5,801)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization expense	1,815	1,891	5,447	4,949
Amortization of deferred finance costs included in interest expense			156	211
Stock-based compensation	51	163	568	754
Provision for doubtful accounts			173	132
Undistributed proportional share of net income of equity method investee	277		277
Loss on early extinguishment of debt			2,324	821
Deferred income tax provision (benefit)			363	(2,019)
Gain on sale of majority interest in Isaac Mizrahi brand			(20,608)
Changes in operating assets and liabilities:
Accounts receivable			747	(2,192)
Inventory			(509)	(2,214)
Prepaid expenses and other current and non-current assets			235	(620)
Accounts payable, accrued expenses, accrued payroll, accrued income taxes payable, and other current liabilities			(796)	572
Lease-related assets and liabilities			(202)	(122)
Other liabilities			(224)
Net cash used in operating activities			(11,029)	(5,529)
Cash flows from investing activities
Net proceeds from sale of majority interest in Isaac Mizrahi brand			45,408
Cash consideration for acquisition of Lori Goldstein assets				(3,661)
Purchase of other intangible assets				(39)
Purchase of property and equipment			(241)	(1,049)
Net cash provided by (used in) investing activities			45,167	(4,749)
Cash flows from financing activities
Proceeds from exercise of stock options				5
Shares repurchased including vested restricted stock in exchange for withholding taxes			(442)
Cash contribution from non-controlling interest				1,000
Proceeds from revolving loan debt				2,498
Proceeds from long-term debt				25,000
Payment of deferred finance costs				(1,204)
Payment of long-term debt			(29,000)	(18,000)
Payment of prepayment, breakage and other fees associated with early extinguishment of long-term debt			(1,511)	(367)
Net cash (used in) provided by financing activities			(30,953)	8,932
Net increase (decrease) in cash, cash equivalents, and restricted cash			3,185	(1,346)
Cash, cash equivalents, and restricted cash at beginning of period			5,222	6,066
Cash, cash equivalents, and restricted cash at end of period	8,407	4,720	8,407	4,720
Reconciliation to amounts on condensed consolidated balance sheets:
Cash and cash equivalents	8,407	3,981	8,407	3,981
Restricted cash		739		739
Total cash, cash equivalents, and restricted cash	$ 8,407	$ 4,720	8,407	4,720
Supplemental disclosure of non-cash activities:
Operating lease right-of-use assets				(722)
Operating lease obligations				(722)
Contingent obligation related to acquisition of Lori Goldstein assets at fair value				6,639
Liability for equity-based bonuses and other equity-based payments			(283)	140
Supplemental disclosure of cash flow information:
Cash paid during the period for interest			$ 1,032	1,346
Cash paid during the period for income taxes				$ 18

Accounts Receivable

9 Months Ended

Sep. 30, 2022

Accounts Receivable [Abstract]

Accounts Receivable

5. Accounts Receivable

Accounts receivable are presented on the Company’s condensed consolidated balance sheets net of allowances of $1.26 and $1.09 million as of September 30, 2022 and December 31, 2021, respectively. The Company recognized bad debt expense of $0.08 million in the current quarter, $0.17 million in the current nine months, and $0.13 million in the prior year nine months, but did not recognize any bad debt expense in the prior year quarter.

As of September 30, 2022, approximately $1.62 million of the Company's outstanding receivables were assigned to a third party agent pursuant to a services agreement entered into during the current quarter, under which the Company assigned, for purposes of collection only, the right to collect certain specified receivables on the Company's behalf and solely for the Company's benefit. Under such agreement, the Company retains ownership of such assigned receivables, and receives payment from the agent (less certain fees charged by the agent) upon the agent's collection of the receivables from customers. During the current quarter and current nine months, the Company paid approximately $0.04 million in fees to the agent under the aforementioned services agreement.

Related Party Transactions

9 Months Ended

Sep. 30, 2022

Related Party Transactions

11. Related Party Transactions

Isaac Mizrahi

On February 24, 2020, the Company entered into an employment agreement with Isaac Mizrahi, a principal stockholder of the Company, for Mr. Mizrahi to continue to serve as Chief Design Officer of the Isaac Mizrahi Brand. This employment agreement remained in effect through May 31, 2022. On May 31, 2022, this agreement was transferred to IM Topco as part of the transaction in which the Company sold a majority interest in the Isaac Mizrahi Brand trademarks to a third party (see Note 2 for details).

On February 24, 2020, the Company also entered into a services agreement with Laugh Club, an entity wholly-owned by Mr. Mizrahi, pursuant to which Laugh Club provided services to Mr. Mizrahi necessary for Mr. Mizrahi to perform his services pursuant to the employment agreement. The Company paid Laugh Club an annual fee of $0.72 million for such services. This services agreement remained in effect through May 31, 2022. On May 31, 2022, this agreement was transferred to IM Topco as part of the transaction in which the Company sold a majority interest in the Isaac Mizrahi Brand trademarks to a third party (see Note 2 for details).

In addition, on May 31, 2022, all 522,500 unvested shares of restricted stock of the Company held by Mr. Mizrahi (for which all stock-based compensation expense had been previously recognized in prior periods) were immediately vested, with 240,000 of such shares being surrendered for cancellation in satisfaction of withholding tax obligations. Also on May 31, 2022, the Company issued 33,557 additional shares of common stock of the Company (valued at $50,000) to Mr. Mizrahi, which vested immediately, and made a $100,000 cash payment to Mr. Mizrahi.

IM Topco, LLC

The Company holds a noncontrolling interest in IM Topco, which is accounted for under the equity method of accounting.

On May 31, 2022, the Company entered into a services agreement with IM Topco, pursuant to which the Company provides certain design and support services (including assistance with the operations of the interactive television business and related talent support) to IM Topco in exchange for payments of $300,000 per year. For the three and nine months ended September 30, 2022, the Company recognized service fee income related to this agreement of $101,000.

On May 31, 2022, the Company entered into a license agreement with IM Topco, pursuant to which IM Topco granted the Company a license to use certain Isaac Mizrahi trademarks on and in connection with the design, manufacture, distribution, sale, and promotion of women’s sportswear products in the United States and Canada during the term of the agreement, in exchange for the payment of royalties in connection therewith. The initial term of this agreement ends December 31, 2026, and provides guaranteed royalties to IM Topco of $400,000 per year. For the three and nine months ended September 30, 2022, the Company recognized royalty expense related to this agreement of $92,000 and $123,000, respectively.

Significant Contracts and Concentrations - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Product Information [Line Items]
Net revenue	$ 4,501	$ 11,261	$ 21,715	$ 29,834
Accounts receivable	6,720		6,720		$ 7,640
Net licensing revenue
Product Information [Line Items]
Net revenue	$ 2,166	$ 6,854	$ 13,302	$ 17,385
Sales [Member] \| Customer Concentration Risk [Member] \| Qurate
Product Information [Line Items]
Concentration Risk, Percentage	31.00%	54.00%	48.00%	51.00%
Sales [Member] \| Customer Concentration Risk [Member] \| Qurate \| Net licensing revenue
Product Information [Line Items]
Net revenue	$ 1,400	$ 6,050	$ 10,470	$ 15,240
Accounts Receivable [Member] \| Customer Concentration Risk [Member] \| Qurate
Product Information [Line Items]
Concentration Risk, Percentage			22.00%		46.00%
Accounts receivable	$ 1,450		$ 1,450		$ 3,510

- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130545-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130543-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI https://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Unaudited Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Common Stock Employees	Common Stock Executive Officer [Member]	Common Stock Consultants	Common Stock Director	Common Stock	Paid-In Capital [Member] Employees	Paid-In Capital [Member] Executive Officer [Member]	Paid-In Capital [Member] Consultants	Paid-In Capital [Member]	Retained Earnings (Accumulated Deficit) [Member]	Noncontrolling Interest [Member]	Employees	Executive Officer [Member]	Consultants	Total
Balances at Dec. 31, 2020					$ 19				$ 102,324	$ (16,595)	$ 507				$ 86,255
Balances (in shares) at Dec. 31, 2020					19,260,862
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Compensation expense related to stock options and restricted stock									169						169
Shares issued on exercise of stock options, net (in shares)					1,667
Net income (loss)										(2,547)	(81)				(2,628)
Balances at Mar. 31, 2021					$ 19				102,493	(19,142)	426				83,796
Balances (in shares) at Mar. 31, 2021					19,262,529
Balances at Dec. 31, 2020					$ 19				102,324	(16,595)	507				86,255
Balances (in shares) at Dec. 31, 2020					19,260,862
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)															(5,801)
Balances at Sep. 30, 2021					$ 20				102,936	(21,836)	947				82,067
Balances (in shares) at Sep. 30, 2021					19,541,921
Balances at Mar. 31, 2021					$ 19				102,493	(19,142)	426				83,796
Balances (in shares) at Mar. 31, 2021					19,262,529
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Compensation expense related to stock options and restricted stock									52						52
Shares issued to executive related to stock grants for bonus payments		$ 1					$ 282						$ 283
Shares issued to executive related to stock grants for bonus payments (in shares)		181,179
Shares issued to consultant in connection with stock grant								$ 25						$ 25
Shares issued to consultant in connection with stock grant (in shares)			14,045	50,000
Shares issued on exercise of stock options, net (in shares)					23,102
Net income (loss)										(1,558)	(256)				(1,814)
Balances at Jun. 30, 2021					$ 20				102,852	(20,700)	170				82,342
Balances (in shares) at Jun. 30, 2021					19,530,855
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Compensation expense related to stock options and restricted stock									59						59
Shares issued to consultant in connection with stock grant								25						25
Shares issued to consultant in connection with stock grant (in shares)			9,399
Shares issued on exercise of stock options, net (in shares)					1,667
Additional investment in Longaberger Licensing, LLC by non-controlling interest holder											1,000				1,000
Net income (loss)										(1,136)	(223)				(1,359)
Balances at Sep. 30, 2021					$ 20				102,936	(21,836)	947				82,067
Balances (in shares) at Sep. 30, 2021					19,541,921
Balances at Dec. 31, 2021					$ 20				103,039	(28,779)	662				74,942
Balances (in shares) at Dec. 31, 2021					19,571,119
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Compensation expense related to stock options and restricted stock									30						30
Net income (loss)										(3,487)	(252)				(3,739)
Balances at Mar. 31, 2022					$ 20				103,069	(32,266)	410				71,233
Balances (in shares) at Mar. 31, 2022					19,571,119
Balances at Dec. 31, 2021					$ 20				103,039	(28,779)	662				74,942
Balances (in shares) at Dec. 31, 2021					19,571,119
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)															1,020
Balances at Sep. 30, 2022					$ 20				103,541	(26,818)	(279)				76,464
Balances (in shares) at Sep. 30, 2022					19,624,860
Balances at Mar. 31, 2022					$ 20				103,069	(32,266)	410				71,233
Balances (in shares) at Mar. 31, 2022					19,571,119
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Compensation expense related to stock options and restricted stock									402						402
Shares issued to executive related to stock grants for bonus payments							281						281
Shares issued to executive related to stock grants for bonus payments (in shares)		178,727
Shares issued in connection with sale transaction (see Note 2 and Note 8)								97						97
Shares issued in connection with sale transaction (see Note 2 and Note 8) (in shares)			65,275
Shares issued to consultant in connection with stock grant						$ 50		$ 33				$ 50		$ 33
Shares issued to consultant in connection with stock grant (in shares)	33,557		20,064	50,000
Shares repurchased in exchange for withholding taxes						$ (357)	$ (85)					$ (357)	$ (85)
Shares repurchased in exchange for withholding taxes (in shares)	(240,000)	(53,882)
Net income (loss)										9,490	(301)				9,189
Balances at Jun. 30, 2022					$ 20				103,490	(22,776)	109				80,843
Balances (in shares) at Jun. 30, 2022					19,624,860
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Compensation expense related to stock options and restricted stock									51						51
Net income (loss)										(4,042)	(388)				(4,430)
Balances at Sep. 30, 2022					$ 20				$ 103,541	$ (26,818)	$ (279)				$ 76,464
Balances (in shares) at Sep. 30, 2022					19,624,860

Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Leases [Abstract]
2022 (October 1 through December 31)	$ 547
2023	1,711
2024	1,711
2025	1,711
2026	1,710
Thereafter (through 2028)	1,610
Total lease payments	9,000
Less: Discount	1,512
Present value of lease liabilities	7,488
Current portion of lease liabilities	1,331	$ 1,207
Non-current portion of lease liabilities	$ 6,157	$ 7,252