0001558370-23-019258 | 10-Q | XBRL Viewer

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Equity Method Investment - IM Topco, LLC (Details) - USD ($)			3 Months Ended	9 Months Ended
	May 27, 2023	May 31, 2022	Sep. 30, 2023	Sep. 30, 2023	Sep. 30, 2022	May 27, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale of majority interest in Isaac Mizrahi brand					$ 20,608,000
Loss from equity method investment				$ (1,545,000)	(277,000)
IM Topco, LLC
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership interest		30.00%	30.00%	30.00%
Loss from equity method investment					280,000
IM Topco, LLC
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss from equity method investment			$ (520,000)	$ (1,550,000)
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
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]
Amount received in cash	$ 46,200,000
Transaction expenses	900,000
Legal and agent fees	$ 100,000
Shares issued to consultant in connection with Isaac Mizrahi sale transaction	65,275
Gain on sale of majority interest in Isaac Mizrahi brand					$ 20,600,000
IM Brand trademarks and other intellectual property rights \| Disposed of by Sale \| IM Topco, LLC
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership interest			70.00%	70.00%		70.00%

Accounts Receivable

9 Months Ended

Sep. 30, 2023

Accounts Receivable [Abstract]

Accounts Receivable

5. Accounts Receivable

Accounts receivable are presented on the Company’s condensed consolidated balance sheets net of allowances for credit losses. Such allowances were approximately $0.02 million and $0.00 as of September 30, 2023 and December 31, 2022, respectively.

A rollforward of the allowance for credit losses for the nine months ended September 30, 2023 is as follows:


($ in thousands)
Balance at December 31, 2022	$	—
Credit loss expense ⁽¹⁾		120
Write-offs		(100)
Recoveries		—
Balance at September 30, 2023	$	20

(1) Credit loss expense was $0.12 million for both the current quarter and current nine months, and is recorded within “other selling, general and administrative expenses” in the accompanying condensed consolidated statement of operations.

Credit loss expense recognized in the prior year quarter and prior year nine months was $0.08 million and $0.17 million, respectively.

The allowance for credit losses is determined based upon a variety of judgments and factors. Factors considered in determining the allowance include historical collection, write-off experience, and management's assessment of collectibility from customers, including current conditions, reasonable forecasts, and expectations of future collectibility and collection efforts. Management continuously assesses the collectibility of receivables and adjusts estimates based on actual experience and future expectations based on economic indicators. Management also monitors the aging analysis of receivables to determine if there are changes in the collections of accounts receivable. Receivable balances are written-off against the allowance for credit losses when such balances are deemed to be uncollectible.

Also, as of September 30, 2023 and December 31, 2022, approximately $0.33 million and $1.65 million, respectively, of the Company's outstanding receivables were assigned to a third-party agent pursuant to a services agreement entered into during the third quarter of 2022, 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 $0.02 million and $0.09 million in fees to the agent under the aforementioned services agreement; such agent fees were approximately $0.04 million in the prior year quarter and prior year nine months.

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2023	Nov. 14, 2023
Document And Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
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		19,800,053
Entity Central Index Key	0001083220
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false

Stockholders' Equity - Stock Options (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Other disclosures
Compensation expense			$ 170,000	$ 670,000
Employee
Other disclosures
Compensation expense			$ 20,000.00	410,000
Non Management Directors
Other disclosures
Compensation expense				260,000
Employee Stock Option [Member]
Number of Options
Outstanding, beginning balance (in shares)			5,614,310
Granted (in shares)			100,000
Exercised (in shares)			87,750
Expired/Forfeited (in shares)			(482,390)
Outstanding, ending balance (in shares)	5,144,170		5,144,170		5,614,310
Exercisable (in shares)	1,481,670		1,481,670
Weighted Average Exercise Price
Outstanding, beginning balance (in dollars per share)			$ 2.12
Granted (in dollars per share)			1.51
Exercised (in dollars per share)			0.80
Expired/Forfeited (in dollars per share)			3.17
Outstanding, ending balance (in dollars per share)	$ 2.04		2.04		$ 2.12
Exercisable (in dollars per share)	$ 2.83		$ 2.83
Other disclosures
Outstanding Weighted Average Remaining Contractual Life (in Years)			4 years 4 months 13 days		4 years 9 months 3 days
Exercisable Weighted Average Remaining Contractual Life (in Years)			1 year 11 months 1 day
Aggregate Intrinsic Value, Outstanding	$ 0		$ 0		$ 0
Aggregate Intrinsic Value, Exercisable	0		0
Compensation expense	20,000.00	$ 30,000.00	70,000.00	$ 430,000
Unrecognized compensation expense	$ 110,000		$ 110,000
Weighted average period of recognition			1 year 2 months 23 days
Employee Stock Option [Member] \| Non Management Directors
Number of Options
Granted (in shares)			100,000
Weighted Average Exercise Price
Granted (in dollars per share)			$ 1.51
Other disclosures
Vesting rights (percentage per year)			50.00%

Stockholders' Equity - Stock-based Compensation (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Stockholders' Equity
Compensation expense	$ 170	$ 670
Operating cost	184	568
Costs and Expenses
Stockholders' Equity
Compensation expense		570
Other income
Stockholders' Equity
Compensation expense		100
Non Management Directors
Stockholders' Equity
Compensation expense		260
Director and Consultants
Stockholders' Equity
Compensation expense	150
Employee
Stockholders' Equity
Compensation expense	$ 20	$ 410

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Debt

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Debt

7. Debt

The Company did not have any debt obligations as of September 30, 2023 or December 31, 2022. See Note 13 for information regarding new debt agreements entered into subsequent to September 30, 2023.

From December 30, 2021 through May 31, 2022, the Company had term loan debt outstanding pursuant to an agreement with First Eagle Alternative Credit Agent, LLC (“FEAC”); this debt was repaid in full and extinguished on May 31, 2022. As a result of this extinguishment, the Company recognized a loss on early extinguishment of debt of approximately $2.3 million during the prior year quarter and prior year 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.

For the 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 the effective interest rate related to term loan debt was approximately 9.8%.

Income Taxes

9 Months Ended

Sep. 30, 2023

Income Taxes

Income Taxes

10. Income Taxes

The estimated annual effective income tax rate for the current quarter and the prior year quarter was approximately 0% and 26%, respectively, resulting in an income tax (benefit) provision of $0 and $(1.54) million, respectively. The estimated annual effective income tax rate for the current nine months and the prior year nine months was approximately 0% and 62%, respectively, resulting in an income tax (benefit) provision of $0 and $1.64 million, respectively.

For the current quarter, the federal statutory rate differed from the effective tax rate due to the recording of a valuation allowance against the benefit that would have otherwise been recognized, as it was considered not more likely than not that the net operating losses generated during the period will be utilized in future periods. 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 5%.

For the current nine months, the federal statutory rate differed from the effective tax rate due to the recording of a valuation allowance against the benefit that would have otherwise been recognized, as it was considered not more likely than not that the net operating losses generated during the period will be utilized in future periods. For the prior year 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%.

- 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.

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+ Details

Significant Contracts

9 Months Ended

Sep. 30, 2023

Risks and Uncertainties [Abstract]

Significant Contracts and Concentrations

4. Significant Contracts and Concentrations

Halston Master License

On May 15, 2023, the Company, through its subsidiaries, H Halston, LLC and H Heritage Licensing, LLC (collectively, the “Licensor”), entered into a master license agreement relating to the Halston Brand (the “Halston Master License”) with an industry-leading wholesale apparel company, for men’s and women’s apparel, men’s and women’s fashion accessories, children’s apparel and accessories, home, airline amenity and amenity kits, and such other product categories as mutually agreed upon. The Halston Master License provides for an upfront cash payment and royalties payable to the Company, including certain guaranteed minimum royalties, includes significant annual minimum net sales requirements, and has a twenty-five-year term (consisting of an initial five-year period, followed by a twenty-year period), subject to the licensee’s right to terminate with at least 120 days’ notice prior to the end of each five-year period during the term. The licensee has an option to purchase the Halston Brand for $5.0 million at the end of the twenty-five-year term, which right may be accelerated under certain conditions associated with an uncured material breach of the Halston Master License in accordance with the terms of the Halston Master License. The Licensor granted to the licensee a security interest in the Halston trademarks to secure the Licensor’s obligations under the Halston Master License, including to honor the obligations under the purchase option.

As a result of the upfront cash payment and guaranteed minimum royalties discussed above, the Company has recognized $4.67 million of deferred revenue contract liabilities on its condensed consolidated balance sheet as of September 30, 2023 related to this contract, of which $0.89 million was classified as a current liability and $3.78 million was classified as a long-term liability. The balance of the deferred revenue contract liabilities will be recognized ratably as revenue over the next 5.25 years. Net licensing revenue recognized from the Halston Master License was $0.65 million and $0.98 million for the current quarter and current nine months, respectively representing approximately 25% and 6% of the Company’s total net revenue for the current quarter and current nine months, respectively.

Additionally, in connection with the Halston Master License, the Company issued to the licensee a ten-year warrant to purchase up to 1,000,000 shares of the Company’s common stock at an exercise price of $1.50 per share, which vests based upon certain annual royalty targets being satisfied under the license agreement. The fair value of this warrant will be recognized as a reduction of revenue over the term of the related license agreement, with an offsetting increase to stockholders’ equity as additional paid-in capital. The amount of contra-revenue recorded related to this warrant during the current quarter and current nine months was approximately $0.02 million. As of September 30, 2023, no portion of this warrant had vested.

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 certain specified branded merchandise. 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 $1.61 million and $1.40 million for the current quarter and prior year quarter, respectively, representing approximately 61% and 31% of the Company’s total net revenue for the current quarter and prior year quarter, respectively.

●

Net licensing revenue from the Qurate Agreements totaled $4.90 million and $10.47 million for the current nine months and prior year nine months, respectively, representing approximately 32% and 48% of the Company’s

total net revenue for the current nine months and prior year nine months, respectively. The prior year nine months included revenues from Qurate Agreement related to the Isaac Mizrahi Brand; such agreement was assigned to IM Topco on May 31, 2022.

●

As of September 30, 2023 and December 31, 2022, the Company had receivables from Qurate of $1.6 million and $0.9 million, respectively, representing approximately 34% and 17% of the Company’s total net accounts receivable, respectively.

Leases (Tables)

9 Months Ended

Sep. 30, 2023

Leases [Abstract]

Maturities of Lease Liabilities


	Amount
Year	(in thousands)
2023 (October 1 through December 31)	$	388
2024		1,552
2025		1,552
2026		1,552
2027		1,294
Total lease payments		6,338
Less: Discount		757
Present value of lease liabilities		5,581
Current portion of lease liabilities		1,219
Non-current portion of lease liabilities	$	4,362

Debt - Net Carrying Amount of Debt (Details) $ in Millions	Oct. 31, 2023 USD ($)
Debt Disclosure [Abstract]
Term loan debt	$ 5

Consolidated Statements of Stockholders' Equity - USD ($)	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, 2021					$ 20,000				$ 103,039,000	$ (28,779,000)	$ 662,000				$ 74,942,000
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									30,000						30,000
Net income (loss)										(3,487,000)	(252,000)				(3,739,000)
Balances at Mar. 31, 2022					$ 20,000				103,069,000	(32,266,000)	410,000				71,233,000
Balances (in shares) at Mar. 31, 2022					19,571,119
Balances at Dec. 31, 2021					$ 20,000				103,039,000	(28,779,000)	662,000				74,942,000
Balances (in shares) at Dec. 31, 2021					19,571,119
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)															1,020,000
Balances at Sep. 30, 2022					$ 20,000				103,541,000	(26,818,000)	(279,000)				76,464,000
Balances (in shares) at Sep. 30, 2022					19,624,860
Balances at Mar. 31, 2022					$ 20,000				103,069,000	(32,266,000)	410,000				71,233,000
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									402,000						402,000
Shares issued related to/in connection with stock grant						$ 50,000	$ 281,000					$ 50,000	$ 281,000
Shares issued related to/in connection with stock grant	33,557	178,727		50,000
Shares issued to consultant in connection with Isaac Mizrahi sale transaction								$ 33,000	97,000					$ 33,000	97,000
Shares issued to consultant in connection with Isaac Mizrahi sale transaction			20,064		65,275
Shares repurchased in exchange for withholding taxes						$ (357,000)	$ (85,000)					$ (357,000)	$ (85,000)
Shares repurchased in exchange for withholding taxes (in shares)	(240,000)	(53,882)
Net income (loss)										9,490,000	(301,000)				9,189,000
Balances at Jun. 30, 2022					$ 20,000				103,490,000	(22,776,000)	109,000				80,843,000
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									51,000						51,000
Net income (loss)										(4,042,000)	(388,000)				(4,430,000)
Balances at Sep. 30, 2022					$ 20,000				103,541,000	(26,818,000)	(279,000)				76,464,000
Balances (in shares) at Sep. 30, 2022					19,624,860
Balances at Dec. 31, 2022					$ 20,000				103,592,000	(32,797,000)	(676,000)				70,139,000
Balances (in shares) at Dec. 31, 2022					19,624,860
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Compensation expense related to stock options and restricted stock									51,000						51,000
Shares issued related to/in connection with stock grant								6,000						6,000
Shares issued related to/in connection with stock grant			8,334
Net income (loss)										(5,643,000)	(295,000)				(5,938,000)
Balances at Mar. 31, 2023					$ 20,000				103,649,000	(38,440,000)	(971,000)				64,258,000
Balances (in shares) at Mar. 31, 2023					19,633,194
Balances at Dec. 31, 2022					$ 20,000				103,592,000	(32,797,000)	(676,000)				70,139,000
Balances (in shares) at Dec. 31, 2022					19,624,860
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)															(15,042,000)
Balances at Sep. 30, 2023					$ 20,000				103,804,000	(47,052,000)	(1,463,000)				55,309,000
Balances (in shares) at Sep. 30, 2023					19,800,053
Balances at Mar. 31, 2023					$ 20,000				103,649,000	(38,440,000)	(971,000)				64,258,000
Balances (in shares) at Mar. 31, 2023					19,633,194
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Compensation expense related to stock options and restricted stock									27,000						27,000
Shares issued related to/in connection with stock grant								$ 39,000						$ 39,000
Shares issued related to/in connection with stock grant			58,334
Shares issued on exercise of stock options, net (in shares)					9,128
Net income (loss)										(3,468,000)	(233,000)				(3,701,000)
Balances at Jun. 30, 2023					$ 20,000				103,715,000	(41,908,000)	(1,204,000)				60,623,000
Balances (in shares) at Jun. 30, 2023					19,700,656
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Compensation expense related to stock options and restricted stock									36,000						36,000
Shares issued related to/in connection with stock grant						10,000						10,000
Shares issued in connection to restricted stock grants	$ 7,300
Shares issued in connection with restricted stock grants (in shares)				40,000
Shares issued on exercise of stock options, net									27,000						27,000
Shares issued on exercise of stock options, net (in shares)					52,097
Net income (loss)										(5,144,000)	(259,000)				(5,403,000)
Balances at Sep. 30, 2023					$ 20,000				$ 103,804,000	$ (47,052,000)	$ (1,463,000)				$ 55,309,000
Balances (in shares) at Sep. 30, 2023					19,800,053

Signifcant Contracts and Concentrations - Halson Master License (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		9 Months Ended
	May 15, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Subsequent Event [Line Items]
Purchaseable stock		19,800,053		19,800,053		19,624,860
Deferred revenue, current		$ 889		$ 889		$ 88
Deferred revenue, long-term liability		3,875		3,875
Licensing revenue		$ 2,637	$ 4,501	$ 15,468	$ 21,715
Sales [Member] \| Customer Concentration Risk [Member] \| Halston License
Subsequent Event [Line Items]
Concentration risk, percentage		25.00%		6.00%
Net licensing revenue
Subsequent Event [Line Items]
Licensing revenue		$ 2,381	$ 2,166	$ 7,031	$ 13,302
Halston License
Subsequent Event [Line Items]
Additional royalty payable term	20 years
Total purchase price	$ 5,000
Warrant term	10 years
Purchaseable stock		1,000,000		1,000,000
Deferred revenue		$ 4,670		$ 4,670
Deferred revenue, current		890		890
Deferred revenue, long-term liability		3,780		$ 3,780
Recognition period of deferred revenue				5 years 6 months
Contra-revenue related to warrants granted to licensee				$ 20
Halston License \| Minimum
Subsequent Event [Line Items]
Royalty payable term	5 years
Halston License \| Maximum
Subsequent Event [Line Items]
Royalty payable term	25 years
Halston License \| Warrants
Subsequent Event [Line Items]
Purchaseable stock	1,000,000
Warrants outstanding, exercise price (in dollars per share)	$ 1.50
Number of shares vested				0
Halston License \| Net licensing revenue
Subsequent Event [Line Items]
Licensing revenue		$ 650		$ 980

Stockholders' Equity - Equity Incentive Plans (Details)	Sep. 30, 2023 shares
Stockholders' Equity
Shares of common stock reserved for issuance (in shares)	8,430,426
2011 Equity Incentive Plan \| Unexercised Stock Options
Stockholders' Equity
Shares are granted available for issuance (in shares)	4,838,135
2021 Equity Incentive Plan
Stockholders' Equity
Number of common stock eligible for issuance	4,000,000
Shares are granted available for issuance (in shares)	3,170,191
Shares of common stock reserved for issuance (in shares)	3,170,191
2021 Equity Incentive Plan \| Employee Stock Option [Member]
Stockholders' Equity
Shares of common stock reserved for issuance (in shares)	422,100

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Earnings (Loss) Per Share - Anti-dilutive Securities Excluded (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive securities	6,260,235	5,877,955	6,260,235	5,629,140
Employee Stock Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive securities	5,144,170	5,761,890	5,144,170	5,514,140
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive securities	1,116,065	116,065	1,116,065	115,000

Equity Method Investment

9 Months Ended

Sep. 30, 2023

Equity Method Investment, Summarized Financial Information [Abstract]

Equity Method Investment

2. Equity Method Investment

IM Topco, LLC

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 consisted of $46.2 million in cash. 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 within “other operating costs and expense (income)” in the condensed consolidated statements of operations for the nine months ended September 30, 2022.

The Company accounts for its 30% interest in the ongoing operations of IM Topco as other expense (income) under the equity method of accounting. Pursuant to the business venture agreement between the Company and WHP governing the operation of IM Topco, 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 (subject to adjustment in certain circumstances as set forth in the agreement);

(ii)

second, 100% to Xcel, until Xcel has received an aggregate amount during such fiscal year equal to $1,316,200 (subject to adjustment in certain circumstances as set forth in the agreement); and

(iii)

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

Based on these distribution provisions, the Company recognized an equity method loss of $0.52 million and $1.55 million related to its investment for the three and nine months ended September 30, 2023, respectively. The Company recognized an equity method loss of $0.28 million related to its investment for both the three and nine months ended September 30, 2022. For cash flow earnings (i.e., net income before intangible asset amortization expense), management allocated the 2023 amounts based on the preferences outlined above. As such, Xcel recognized no cash-based earnings for all of the periods presented. For non-cash amortization expense, management allocated the amounts based on the relative ownership

of each member (i.e., 70% WHP and 30% Xcel). The equity method loss for each period presented is equal Xcel’s share of amortization expense.

Summarized financial information for IM Topco for the three and nine months ended September 30, 2023 and 2022 is as follows:


	For the three months ended				For the nine months ended
	September 30,				September 30,
($ in thousands)	2023		2022		2023		2022⁽¹⁾
Revenues	$	3,219	$	4,185	$	9,819	$	5,479
Gross profit		3,219		4,185		9,819		5,479
(Loss) income from continuing operations		(91)		928		(348)		1,118
Net (loss) income		(91)		928		(348)		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.

Refer to Note 11 for other information regarding the Company’s ongoing relationship with IM Topco.

Commitments and Contingencies

9 Months Ended

Sep. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

12. Commitments and Contingencies

Contingent Obligation – Lori Goldstein Earn-Out

In connection with the April 1, 2021 purchase of the Lori Goldstein trademarks, the Company agreed to pay the seller additional cash consideration (the “Lori Goldstein Earn-Out”) of up to $12.5 million, based on royalties earned during the six calendar year period commencing in 2021. The Lori Goldstein Earn-Out was initially recorded as a liability of $6.6 million, 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. Based on the performance of the Lori Goldstein brand through December 31, 2022, approximately $0.2 million of additional consideration has been earned by the seller to date, and this amount was paid to the seller during the current nine months. At December 31, 2022, $0.2 million of the balance was recorded as a current liability and $6.4 million was recorded as a long-term liability. At September 30, 2023, $0.8 million of the remaining balance was recorded as a current liability and approximately $5.6 million 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 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. Based on IM Topco’s earnings from May 31, 2022 through September 30, 2023 and the applicable distribution provisions, WHP earned $9.1 million in cash flow, which reduces the maximum potential purchase price adjustment to $6.9 million.

Although IM Topco’s aggregate royalties fell below the aforementioned threshold for the four consecutive quarter period ending September 30, 2023, WHP provided a waiver to Xcel relative to such requirement for the period. The waiver also includes the measurement period ending December 31, 2023. The next measurement period shall be the trailing four calendar quarters ending March 31, 2024. IM Topco’s aggregate royalties through September 30, 2023 were lower than expected as a result of soft sales in its interactive television business, primarily driven by talent scheduling conflicts as QVC transitions from remote shows to 100% in-studio shows. Management believes this softness in sales is temporary, and steps are underway to restore airtime back to levels that will result in meeting planned sales levels. Accordingly, no amount has been recorded in the accompanying condensed consolidated balance sheets related to this contingent obligation.

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.

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues
Net revenue	$ 2,637	$ 4,501	$ 15,468	$ 21,715
Cost of goods sold	225	1,465	6,718	5,715
Gross profit	2,412	3,036	8,750	16,000
Direct operating costs and expenses
Salaries, benefits and employment taxes	2,141	3,301	7,847	13,390
Other selling, general and administrative expenses	3,482	3,618	9,918	11,330
Total direct operating costs and expenses	5,623	6,919	17,765	24,720
Operating loss before other operating costs and expenses (income)	(3,211)	(3,883)	(9,015)	(8,720)
Other operating costs and expenses (income)
Depreciation and amortization expense	1,677	1,815	5,260	5,447
Gain on sale of majority interest in Isaac Mizrahi brand				(20,608)
Loss from equity method investment	515	277	1,545	277
Gain on sale of limited partner ownership interest			(351)
Gain on settlement of lease liability			(445)
Operating loss	(5,403)	(5,975)	(15,024)	6,164
Interest and finance (income) expense
Interest expense - term loan debt				1,187
Other interest and finance charges, net		(6)	18	(6)
Loss on early extinguishment of debt				2,324
Total interest and finance (income) expense		(6)	18	3,505
Loss before income taxes	(5,403)	(5,969)	(15,042)	2,659
Income tax (benefit) provision	0	(1,539)	0	1,639
Net (loss) income	(5,403)	(4,430)	(15,042)	1,020
Net loss attributable to noncontrolling interest	(259)	(388)	(787)	(941)
Net (loss) income attributable to Xcel Brands, Inc. stockholders	$ (5,144)	$ (4,042)	$ (14,255)	$ 1,961
(Loss) earnings per common share attributable to Xcel Brands, Inc. stockholders:
Basic net (loss) income per share	$ (0.26)	$ (0.21)	$ (0.72)	$ 0.10
Diluted net (loss) income per share	$ (0.26)	$ (0.21)	$ (0.72)	$ 0.10
Weighted average number of common shares outstanding:
Basic weighted average number of shares outstanding	19,749,317	19,624,860	19,683,525	19,624,604
Diluted weighted average common shares outstanding	19,749,317	19,624,860	19,683,525	19,752,339
Net licensing revenue
Revenues
Net revenue	$ 2,381	$ 2,166	$ 7,031	$ 13,302
Net sales
Revenues
Net revenue	$ 256	$ 2,335	$ 8,437	$ 8,413

Accounts Receivable (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Accounts Receivable (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Accounts Receivable [Abstract]
Allowance for doubtful accounts receivable	$ 20		$ 20		$ 0
Write offs			100
Credit loss expense		$ 80	120	$ 170
Accounts receivable, assigned to third party agent for collection	330		330		$ 1,650
Accounts receivable, collection agent fees	$ 20		$ 90	$ 40

Stockholders' Equity

9 Months Ended

Sep. 30, 2023

Stockholders' Equity Note [Abstract]

Stockholders' Equity

8. Stockholders’ Equity

Equity Incentive Plans

A total of 4,000,000 shares of common stock are eligible for issuance under the Company’s 2021 Equity Incentive Plan (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 (“ASC”) 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 for all forms of stock-based compensation was approximately $0.05 million for both the current quarter and prior year quarter. For both periods, the majority of the expense was related to directors and consultants, and was recorded as operating costs within “other selling, general and administrative expenses” in the accompanying condensed consolidated statements of operations.

Total expense recognized in the current nine months and prior year nine months for all forms of stock-based compensation was approximately $0.17 million and $0.67 million, respectively. Of the current nine months expense amount, approximately $0.15 million related to directors and consultants, and approximately $0.02 million related to employees; all such stock-based compensation expense was recorded within “other selling, general and administrative expenses” in

the accompanying condensed consolidated statements of operations. Of the prior year 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 prior year nine months expense was recorded as operating costs, and approximately $0.10 million was recorded as part of other operating costs and expenses (income).

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, 2023	5,614,310	$	2.12	4.76	$	—
Granted	100,000		1.51
Exercised	(87,750)		0.80
Expired/Forfeited	(482,390)		3.17
Outstanding at September 30, 2023, and expected to vest	5,144,170	$	2.04	4.37	$	—
Exercisable at September 30, 2023	1,481,670	$	2.83	1.92	$	—

On August 23, 2023 the Company granted options to purchase an aggregate of 100,000 shares of common stock to non-management directors. The exercise price of the options is $1.51 per share, and 50% of the options vest on each of April 1, 2024 and April 1, 2025.

Compensation expense related to stock options for the current quarter and the prior year quarter was approximately $0.02 million and $0.03 million, respectively. Compensation expense related to stock options for the current nine months and the prior year nine months was approximately $0.07 million and $0.43 million, respectively. Total unrecognized compensation expense related to unvested stock options at September 30, 2023 was approximately $0.11 million and is expected to be recognized over a weighted average period of approximately 1.23 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, 2023	3,697,500	$	0.05
Granted	100,000		0.86
Vested	(135,000)		0.68
Forfeited or Canceled	—		—
Balance at September 30, 2023	3,662,500	$	0.04

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, 2023	116,065	$	3.15	1.57	$	—
Granted	1,000,000		1.50
Exercised	—		—
Expired/Forfeited	—		—
Outstanding at September 30, 2023	1,116,065	$	1.67	8.71	$	—
Exercisable at September 30, 2023	116,065	$	3.15	0.82	$	—

See Note 4 for information regarding the warrant to purchase 1,000,000 shares of common stock granted during the current nine months in connection with the Halston Master License. Excluding the contra-revenue recognized with respect to the Halston Master License warrant, there was no compensation expense related to warrants 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, 2023	333,333	$	3.71
Granted	113,968		1.01
Vested	(103,968)		1.04
Expired/Forfeited	—		—
Outstanding at September 30, 2023	343,333	$	3.63

On January 1, 2023, the Company issued 8,334 shares of common stock to a consultant, which vested immediately.

On April 17, 2023, the Company issued 8,334 shares of common stock to a consultant, which vested immediately.

On May 15, 2023, the Company issued 50,000 shares of common stock to a consultant, which vested immediately.

On July 20, 2023, the Company issued 7,300 shares of common stock to an employee, which vested immediately.

On August 23, 2023, the Company issued an aggregate of 40,000 shares of common stock to non-management directors, of which 50% shall vest on April 1, 2024, and 50% shall vest on April 1, 2025.

Compensation expense related to stock awards was approximately $0.03 million for the current quarter and approximately $0.02 million for the prior year quarter. Compensation expense related to stock awards was approximately $0.10 million for the current nine months and approximately $0.24 million for the prior year nine months. Total unrecognized compensation expense related to unvested restricted stock grants at September 30, 2023 was approximately $0.08 million

and is expected to be recognized over a weighted average period of approximately 1.23 years.

Restricted Stock Units

There were no restricted stock units outstanding as of September 30, 2023 and December 31, 2022, and no restricted stock units have been issued since the inception of the 2021 Plan.

Shares Available Under the Company’s Equity Incentive Plans

As of September 30, 2023, there were 3,170,191 shares of common stock available for future award grants under the 2021 Plan.

Shares Reserved for Issuance

As of September 30, 2023, there were 8,430,426 shares of common stock reserved for issuance, including 4,838,135 shares reserved pursuant to unexercised warrants and stock options previously granted under the 2011 Plan, 422,100 shares reserved pursuant to unexercised stock options granted under the 2021 Plan, and 3,170,191 shares available for issuance under the 2021 Plan.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
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+ Details

Related Party Transactions

9 Months Ended

Sep. 30, 2023

Related Party Transactions

11. Related Party Transactions

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, 2023, the Company recognized service fee income related to this agreement of $0 and $150,000, respectively. See Note 13 for discussion related to a reduction of future service fees, effective as of July 1, 2023.

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 was set to end on

December 31, 2026, and provided guaranteed minimum royalties to IM Topco of $400,000 per year. Effective December 16, 2022, the license agreement between IM Topco and Xcel was terminated in favor of a new similar license agreement between IM Topco and an unrelated third party. However, as part of the termination of the May 31, 2022 license agreement, Xcel provided a guarantee to IM Topco for the payment of any difference between (i) the royalties received by IM Topco from the unrelated third party under the new agreement and (ii) the amount of guaranteed royalties that IM Topco would have received from Xcel under the May 31, 2022 agreement. For the three and nine months ended September 30, 2023, the estimated amount of such shortfall was approximately $105,000 and $225,000, respectively, which the Company recognized as royalty expense in the condensed consolidated statements of operations.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

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+ Details

Trademarks and Other Intangibles - Narrative (Details) - USD ($) $ in Thousands	15 Months Ended	21 Months Ended
	Sep. 30, 2023	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense for intangible assets	$ 1,530	$ 4,600

Earnings (Loss) Per Share (Tables)

9 Months Ended

Sep. 30, 2023

Earnings (Loss) Per Share [Abstract]

Schedule of the basic and diluted net loss per share


	Three Months Ended					Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
Numerator:
Net (loss) income attributable to Xcel Brands, Inc. stockholders (in thousands)	$	(5,144)	$	(4,042)	$	(14,255)	$	1,961

Denominator:
Basic weighted average number of shares outstanding		19,749,317		19,624,860		19,683,525		19,624,604
Add: Effect of warrants		—		—		—		620
Add: Effect of stock options		—		—		—		127,115
Diluted weighted average number of shares outstanding		19,749,317		19,624,860		19,683,525		19,752,339

Basic net (loss) income per share	$	(0.26)	$	(0.21)	$	(0.72)	$	0.10
Diluted net (loss) income per share	$	(0.26)	$	(0.21)	$	(0.72)	$	0.10

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


	Three Months Ended		Nine Months Ended
	September 30,		September 30,
	2023	2022	2023	2022
Stock options	5,144,170	5,761,890	5,144,170	5,514,140
Warrants	1,116,065	116,065	1,116,065	115,000
Total	6,260,235	5,877,955	6,260,235	5,629,140

Subsequent Events - Narrative (Details) - USD ($)				1 Months Ended	9 Months Ended
Subsequent Events - Narrative (Details) - USD ($)	Oct. 19, 2023	Oct. 17, 2023	May 15, 2023	Nov. 30, 2023	Sep. 30, 2023	Dec. 31, 2022	May 27, 2022
Subsequent Event [Line Items]
Purchaseable stock					19,800,053	19,624,860
IM Intellectual Property \| Disposed of by Sale \| IM Topco, LLC
Subsequent Event [Line Items]
Ownership interest					70.00%		70.00%
Halston License
Subsequent Event [Line Items]
Non-cash charge					$ 760,000
Additional royalty payable term			20 years
Total purchase price			$ 5,000,000.0
Warrant term			10 years
Purchaseable stock					1,000,000
Halston License \| Minimum
Subsequent Event [Line Items]
Royalty payable term			5 years
Halston License \| Maximum
Subsequent Event [Line Items]
Royalty payable term			25 years
Halston License \| Warrants
Subsequent Event [Line Items]
Purchaseable stock			1,000,000
Warrants outstanding, exercise price (in dollars per share)			$ 1.50
Subsequent Events
Subsequent Event [Line Items]
Face amount of term loan	$ 5,000,000.0
Fees, costs, and expenses for Loan Agreement	100,000
Commitment fee	50,000
Legal fees	82,000
Payable installments	$ 250,000
Reduction in service fees				$ 600,000
Subsequent Events \| Halston License
Subsequent Event [Line Items]
Non-cash charge		$ 760,000
Subsequent Events \| SOFR \| Halston License
Subsequent Event [Line Items]
Stated interest rate (as percentage)	4.25%
Subsequent Events \| SOFR \| IDB
Subsequent Event [Line Items]
Stated interest rate (as percentage)	9.46%

Stockholders' Equity - Non-Vested Options (Details)	9 Months Ended
Stockholders' Equity - Non-Vested Options (Details)	Sep. 30, 2023 $ / shares shares
Employee Stock Option [Member]
Number of Options
Beginning Balance (in shares)	3,697,500
Granted (in shares)	100,000
Vested (in shares)	(135,000)
Ending Balance (in shares)	3,662,500
Weighted Average Grant Date Fair Value
Beginning Balance (in dollars per share) \| $ / shares	$ 0.05
Granted (in dollars per share) \| $ / shares	0.86
Vested (in dollars per share) \| $ / shares	0.68
Ending Balance (in dollars per share) \| $ / shares	$ 0.04
Employee Stock Option [Member]
Number of Options
Granted (in shares)	100,000

Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Leases [Abstract]
2023 (April 1 through December 31)	$ 388
2024	1,552
2025	1,552
2026	1,552
2027	1,294
Total lease payments	6,338
Less: Discount	757
Present value of lease liabilities	5,581
Current portion of lease liabilities	1,219	$ 1,376
Non-current portion of lease liabilities	$ 4,362	$ 5,839

Commitments and Contingencies - Narrative (Details) $ in Thousands			3 Months Ended		9 Months Ended		12 Months Ended	16 Months Ended
	May 31, 2022 USD ($) item	Apr. 01, 2021 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)	Sep. 30, 2023 USD ($)
Commitments and Contingencies
Weighted average remaining lease term for operating leases			4 years 29 days		4 years 29 days			4 years 29 days
Weighted average discount rate			6.25%		6.25%			6.25%
Cash payments for operating lease expense			$ 400	$ 400	$ 1,200	$ 1,300
Contingent obligation			5,548		5,548		$ 6,396	$ 5,548
Earn-out balance before settlement			847		847		243	847
Additional consideration is payable to the seller							200
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
Isaac Mizrahi sale transaction with IM Topco \| Disposed of by Sale \| WHP
Commitments and Contingencies
WHP earned in cashflow								9,100
Adjustments to purchase price payable			6,900		6,900			6,900
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
Contingent obligation							6,400
Earn-out balance before settlement			$ 800		$ 800		200	$ 800
Royalties earned					6 years
Contingent obligation (Lori Goldstein Earn-Out)					$ 5,600		$ 6,600

Nature of Operations, Background, and Basis of Presentation (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Oct. 31, 2023	May 31, 2022
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Term loan debt		$ 5
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%		30.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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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, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Taxes
Effective income tax rate	0.00%	26.00%	0.00%	62.00%
Income tax (benefit) provision	$ 0	$ (1,539)	$ 0	$ 1,639
Effect of state taxes on effective tax rate		5.00%		41.00%

- Definition

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

+ References + Details

Equity Method Investment - Summarized financial information (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gross Profit	$ 2,412			$ 3,036			$ 8,750	$ 16,000
Net loss	(5,403)	$ (3,701)	$ (5,938)	(4,430)	$ 9,189	$ (3,739)	(15,042)	1,020
IM Topco, LLC
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues	3,219			4,185			9,819	5,479
Gross Profit	3,219			4,185			9,819	5,479
Income from continuing operations	(91)			928			(348)	1,118
Net loss	$ (91)			$ 928			$ (348)	$ 1,118

- Definition

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

+ References

+ Details

- Definition

Amount after tax of income (loss) from continuing operations including portion attributable to the noncontrolling interest.

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-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

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+ Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

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+ Details

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

+ Details

Significant Contracts and Concentrations - Qurate Agreements (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Product Information [Line Items]
Net revenue	$ 2,637	$ 4,501	$ 15,468	$ 21,715
Accounts receivable	4,749		4,749		$ 5,110
Net licensing revenue
Product Information [Line Items]
Net revenue	$ 2,381	$ 2,166	$ 7,031	$ 13,302
Sales [Member] \| Customer Concentration Risk [Member] \| Qurate
Product Information [Line Items]
Concentration Risk, Percentage	61.00%	31.00%	32.00%	48.00%
Sales [Member] \| Customer Concentration Risk [Member] \| Qurate \| Net licensing revenue
Product Information [Line Items]
Net revenue	$ 1,610	$ 1,400	$ 4,900	$ 10,470
Accounts Receivable [Member] \| Customer Concentration Risk [Member] \| Qurate
Product Information [Line Items]
Concentration Risk, Percentage			34.00%		17.00%
Accounts receivable	$ 1,600		$ 1,600		$ 900

- 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.

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-Section 50
-Paragraph 4
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Nature of Operations, Background, and Basis of Presentation - Liquidity (Details) - USD ($) $ in Thousands		3 Months Ended						9 Months Ended
	May 15, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net (loss) income		$ (5,144)			$ (4,042)			$ (14,255)	$ 1,961
Net loss		5,403	$ 3,701	$ 5,938	$ 4,430	$ (9,189)	$ 3,739	15,042	(1,020)
Accumulated deficit		(47,052)						(47,052)		$ (32,797)
Other Noncash Expense		2,300						7,100
Net cash used in operating activities								2,810	11,029
Working capital, Net		2,900						2,900
Cash and cash equivalents		$ 2,189						2,189
Reduction in payroll costs								6,000
Reduction in operating expenses								$ 7,000
Payment of long-term debt									$ 29,000
Halston License
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Additional royalty payable term	20 years
Halston License \| Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Royalty payable term	5 years
Halston License \| Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Royalty payable term	25 years

Accounts Receivables (Tables)

9 Months Ended

Sep. 30, 2023

Accounts Receivable [Abstract]

Rollforward of the allowance for doubtful accounts

A rollforward of the allowance for credit losses for the nine months ended September 30, 2023 is as follows:


($ in thousands)
Balance at December 31, 2022	$	—
Credit loss expense ⁽¹⁾		120
Write-offs		(100)
Recoveries		—
Balance at September 30, 2023	$	20

Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2023

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, 2023	5,614,310	$	2.12	4.76	$	—
Granted	100,000		1.51
Exercised	(87,750)		0.80
Expired/Forfeited	(482,390)		3.17
Outstanding at September 30, 2023, and expected to vest	5,144,170	$	2.04	4.37	$	—
Exercisable at September 30, 2023	1,481,670	$	2.83	1.92	$	—

Summary of Stock Option Activity for Non-Vested Options


		Weighted
		Average
	Number of	Grant Date
	Options	Fair Value
Balance at January 1, 2023	3,697,500	$	0.05
Granted	100,000		0.86
Vested	(135,000)		0.68
Forfeited or Canceled	—		—
Balance at September 30, 2023	3,662,500	$	0.04

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, 2023	116,065	$	3.15	1.57	$	—
Granted	1,000,000		1.50
Exercised	—		—
Expired/Forfeited	—		—
Outstanding at September 30, 2023	1,116,065	$	1.67	8.71	$	—
Exercisable at September 30, 2023	116,065	$	3.15	0.82	$	—

Summary of Restricted Stock Activity


		Weighted
	Number of	Average
	Restricted	Grant Date
	Shares	Fair Value
Outstanding at January 1, 2023	333,333	$	3.71
Granted	113,968		1.01
Vested	(103,968)		1.04
Expired/Forfeited	—		—
Outstanding at September 30, 2023	343,333	$	3.63

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities
Net income (loss)	$ (15,042)	$ 1,020
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense	5,260	5,447
Asset impairment charges	100
Amortization of deferred finance costs included in interest expense		156
Stock-based compensation	184	568
Provision for doubtful accounts	20	173
Restructuring of certain contractual arrangements	756
Undistributed proportional share of net loss of equity method investee	1,545	277
Loss on early extinguishment of debt		2,324
Deferred income tax (benefit) provision		363
Gain on sale of majority interest in Isaac Mizrahi brand		(20,608)
Gain on sale of limited partner ownership interest	(351)
Gain on settlement of lease liability	(445)
Changes in operating assets and liabilities:
Accounts receivable	(415)	747
Inventory	1,848	(509)
Prepaid expenses and other current and non-current assets	920	235
Deferred revenue	4,676	199
Accounts payable, accrued expenses, accrued payroll, accrued income taxes payable, and other current liabilities	(1,395)	(995)
Lease-related assets and liabilities	(471)	(202)
Other liabilities		(224)
Net cash used in operating activities	(2,810)	(11,029)
Cash flows from investing activities
Net proceeds from sale of majority interest in Isaac Mizrahi brand		45,408
Net proceeds from sale of assets	451
Purchase of property and equipment	(87)	(241)
Net cash provided by (used in) investing activities	364	45,167
Cash flows from financing activities
Proceeds from exercise of stock options	27
Shares repurchased including vested restricted stock in exchange for withholding taxes		(442)
Payment of long-term debt		(29,000)
Payment of prepayment, breakage and other fees associated with early extinguishment of long-term debt		(1,511)
Net cash (used in) provided by financing activities	27	(30,953)
Net (decrease) increase in cash and cash equivalents	(2,419)	3,185
Cash and cash equivalents at beginning of period	4,608	5,222
Cash and cash equivalents at end of period	2,189	8,407
Reconciliation to amounts on consolidated balance sheets:
Cash and cash equivalents	2,189
Total cash, cash equivalents, and restricted cash	2,189	8,407
Supplemental disclosure of non-cash activities:
Liability for equity-based bonuses and other equity-based payments		(283)
Supplemental disclosure of cash flow information:
Cash paid during the period for interest		$ 1,032
Cash paid during the period for income taxes	$ 16

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
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)	19,800,053	19,624,860
Common stock, shares outstanding (in shares)	19,800,053	19,624,860

Subsequent Events

9 Months Ended

Sep. 30, 2023

Subsequent Events.

Subsequent Events

13. Subsequent Events

Restructuring of Certain Contractual Arrangements

On October 17, 2023, the Company and one of the licensees managed under the Halston Master License entered into an amendment of their respective licensing agreement. Under this amendment, the payment terms of the $0.76 million outstanding balance due to the Company were changed such that the receivable (and collection thereof) became contractually contingent upon the licensee’s future performance. The licensee is also required to pay interest to the Company on a monthly basis until the outstanding balance is paid in full.

The Company recorded a non-cash charge of $0.76 million within other selling, general and administrative expenses in the current quarter and current nine months related to the restructuring of this licensing arrangement, in order to write-down the previously-recorded receivable to zero.

IDB Term Loan and Interest Rate Swap

On October 19, 2023, H Halston IP, LLC (the “Borrower”), a wholly owned indirect subsidiary of Xcel Brands, Inc., entered into a Term Loan Agreement (the “Loan Agreement”) with Israel Discount Bank of New York (“IDB”). Pursuant to the Loan Agreement, IDB made a term loan in the aggregate amount of $5.0 million (the “Term Loan”). The proceeds of the Term Loan were used to pay fees, costs, and expenses incurred in connection with entering into the Loan Agreement of approximately $0.1 million (including a commitment fee paid to IDB in the amount of $50,000 and legal fees paid to counsel of IDB in the amount of $82,000), and may be used for working capital purposes.

In connection with the Loan Agreement, the Borrower and H Licensing, LLC (“H Licensing”), a wholly owned subsidiary of Xcel, entered into a Security Agreement (the “Security Agreement”) in favor of IDB, and Xcel entered into a Membership Interest Pledge Agreement (the “Pledge Agreement”) in favor of IDB. Pursuant to the Security Agreement, the Borrower and H Licensing granted to IDB a security interest in substantially all of their respective assets, other than the trademarks owned by the Borrower and H Licensing, to secure the Borrower’s obligations under the Loan Agreement. Pursuant to the Pledge Agreement, Xcel granted to IDB a security interest in its membership interests in H Licensing to secure the Borrower’s obligations under the Loan Agreement.

The Term Loan matures on October 19, 2028. Principal on the Term Loan shall be payable in quarterly installments of $250,000 on each of January 2, April 1, July 1, and October 1of each year, commencing on April 1, 2024. The Borrower has the right to prepay all or any portion of the Term Loan at any time without penalty.

Interest on the Term Loan accrues at Term SOFR (as defined in the Loan Agreement as the forward-looking term rate based on secured overnight financing rate as administered by the Federal Reserve Bank of New York for an interest period equal to one month on the day that is two U.S. Government Securities Business Days prior to the first day of each calendar month) plus 4.25% per annum. Interest on the Term Loan is payable on the first day of each calendar month.

The Loan Agreement contains customary covenants, including reporting requirements, trademark preservation, and certain financial covenants including annual guaranteed minimum royalty ratio, annual fixed charge coverage ratio, and minimum cash balance levels, all as specified and defined in the Loan Agreement.

In addition, on October 19, 2023, the Borrower also entered into a swap agreement with IDB, pursuant to which IDB will pay the Borrower Term SOFR plus 4.25% per annum on the notional amount of the swap in exchange for the Borrower paying IDB 9.46% per annum on such notional amount. The term and declining notional amount of the swap agreement is aligned with the amortization of the Term Loan principal amount.

Longaberger Brand E-Commerce Agreement

On October 29, 2023, Longaberger Licensing, LLC (“LL”) entered into a master services agreement with a third party, under which LL granted to the counterparty a license to operate and manage the e-commerce operations of LL. This agreement has an initial term ending December 31, 2026, with an option for the counterparty to renew for an additional three years, provided that certain sales thresholds are met. In exchange, the counterparty agreed to pay LL a percentage royalty based on net sales, as well as a percentage share of the “modified contribution margin” (as defined in the agreement) of the e-commerce business operations.

Amendments Related to IM Topco

In November 2023, the Company, WHP, and IM Topco entered into amendments of the May 27, 2022 membership purchase agreement (see Note 2) and the May 31, 2022 services agreement (see Note 11). Under these amendments, the parties agreed to waive the purchase price adjustment provision until the measurement period ending March 31, 2024. In exchange, Xcel shall provide IM Topco with a $0.6 million reduction of future service fees over the next eighteen months, beginning on July 1, 2023.

Earnings (Loss) Per Share

9 Months Ended

Sep. 30, 2023

Earnings (Loss) 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, 2023 and 2022:


	Three Months Ended					Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
Numerator:
Net (loss) income attributable to Xcel Brands, Inc. stockholders (in thousands)	$	(5,144)	$	(4,042)	$	(14,255)	$	1,961

Denominator:
Basic weighted average number of shares outstanding		19,749,317		19,624,860		19,683,525		19,624,604
Add: Effect of warrants		—		—		—		620
Add: Effect of stock options		—		—		—		127,115
Diluted weighted average number of shares outstanding		19,749,317		19,624,860		19,683,525		19,752,339

Basic net (loss) income per share	$	(0.26)	$	(0.21)	$	(0.72)	$	0.10
Diluted net (loss) income per share	$	(0.26)	$	(0.21)	$	(0.72)	$	0.10

As a result of the net loss for the current quarter, prior quarter, and current 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 for such periods.

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,
	2023	2022	2023	2022
Stock options	5,144,170	5,761,890	5,144,170	5,514,140
Warrants	1,116,065	116,065	1,116,065	115,000
Total	6,260,235	5,877,955	6,260,235	5,629,140

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current Assets:
Cash and cash equivalents	$ 2,189	$ 4,608
Accounts receivable, net	4,749	5,110
Inventory	997	2,845
Prepaid expenses and other current assets	447	1,457
Total current assets	8,382	14,020
Non-current Assets:
Property and equipment, net	779	1,418
Operating lease right-of-use assets	4,702	5,420
Trademarks and other intangibles, net	43,055	47,665
Equity method investment	17,650	19,195
Deferred tax assets, net	1,107	1,107
Other assets	75	110
Total non-current assets	67,368	74,915
Total Assets	75,750	88,935
Current Liabilities:
Accounts payable, accrued expenses and other current liabilities	3,621	4,438
Deferred revenue	889	88
Accrued payroll	80	416
Current portion of operating lease obligations	1,219	1,376
Current portion of contingent obligations	847	243
Total current liabilities	6,656	6,561
Long-Term Liabilities:
Long-term portion of operating lease obligations	4,362	5,839
Deferred revenue	3,875
Long-term portion of contingent obligations	5,548	6,396
Total long-term liabilities	13,785	12,235
Total Liabilities	20,441	18,796
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 19,800,053 and 19,624,860 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively	20	20
Paid-in capital	103,804	103,592
Accumulated deficit	(47,052)	(32,797)
Total Xcel Brands, Inc. stockholders' equity	56,772	70,815
Noncontrolling interest	(1,463)	(676)
Total Stockholders' Equity	55,309	70,139
Total Liabilities and Stockholders' Equity	$ 75,750	$ 88,935

Related Party Transactions - Isaac Mizrahi (Details) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023	May 31, 2022
Restricted Stock
Asset Purchase Agreement
Number of shares vested		103,968
IM Topco [Member] \| License Agreement
Asset Purchase Agreement
Royalty guarantees	$ 400,000	$ 400,000
Recognized royalty expense	105,000	225,000
Related Party [Member] \| IM Topco [Member] \| Services Agreement
Asset Purchase Agreement
Due from related party			$ 300,000
Revenue from services provided	$ 0	$ 150,000

Stockholders' Equity - Restricted Stock (Details) - shares	Sep. 30, 2023	Dec. 31, 2022
Stockholders' Equity
Common stock, shares outstanding (in shares)	19,800,053	19,624,860
Common stock, shares issued (in shares)	19,800,053	19,624,860
Restricted Stock
Stockholders' Equity
Common stock, shares outstanding (in shares)	0
Common stock, shares issued (in shares)	0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Leases

9 Months Ended

Sep. 30, 2023

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. As of September 30, 2023, the Company’s real estate lease has a remaining lease term of approximately 4.08 years, and the lease liability is measured using a discount rate of 6.25%.

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, and approximately $1.2 million for both the current nine months and prior year nine months.

Cash paid for amounts included in the measurement of operating lease liabilities was approximately $0.4 million in both the current quarter and prior year quarter, approximately $1.2 million in the current nine months, and approximately $1.3 million in the prior year nine months.

The Company is currently in discussions with the lessor of the operating lease for the Company’s corporate offices and operations facility, regarding a potential amendment to restructure such lease. In addition, this could include a requirement for the Company to fund a security deposit to the lessor of up to $0.73 million.

Also, the Company was previously a party to an operating lease for its former retail store location, which was closed in 2022. During the nine months ended September 30, 2023, the Company successfully negotiated a settlement with the lessor resulting in the termination of this lease. Under the settlement agreement, the Company paid $0.18 million to the lessor during the nine months ended September 30, 2023. The Company has recognized a liability of $0.11 million for the remaining settlement payment (due to be paid to the lessor in the fourth quarter of 2023) as part of “accounts payable, accrued expenses and other current liabilities” on the condensed consolidated balance sheet as of September 30, 2023. The Company recognized a gain of $0.44 million from this settlement transaction, which is classified within “other operating costs and expenses (income)” in the condensed consolidated statements of operations for the nine months ended September 30, 2023.

As of September 30, 2023, the maturities of lease obligations were as follows:


	Amount
Year	(in thousands)
2023 (October 1 through December 31)	$	388
2024		1,552
2025		1,552
2026		1,552
2027		1,294
Total lease payments		6,338
Less: Discount		757
Present value of lease liabilities		5,581
Current portion of lease liabilities		1,219
Non-current portion of lease liabilities	$	4,362

Trademarks and Other Intangibles

9 Months Ended

Sep. 30, 2023

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, 2023
	Amortization	Gross Carrying		Accumulated		Net Carrying
($ in thousands)	Period	Amount		Amortization		Amount
Trademarks (finite-lived)	15 years		68,880		25,911		42,969
Copyrights and other intellectual property	8 years		429		343		86
Total		$	69,309	$	26,254	$	43,055


	Weighted
	Average	December 31, 2022
	Amortization	Gross Carrying		Accumulated		Net Carrying
($ in thousands)	Period	Amount		Amortization		Amount
Trademarks (finite-lived)	15 years		68,880		21,346		47,534
Copyrights and other intellectual property	8 years		429		298		131
Total		$	69,309	$	21,644	$	47,665

Amortization expense for intangible assets was approximately $1.53 million for both the three-month period ended September 30, 2023 (the "current quarter") and the three-month period ended September 30, 2022 (the "prior year quarter").

Amortization expense for intangible assets was approximately $4.60 million for both the nine-month period ended September 30, 2023 (the "current nine months") and the nine-month period ended September 30, 2022 (the "prior year nine months").

Trademarks and Other Intangibles (Tables)

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Trademarks and Other Intangibles


	Weighted
	Average	September 30, 2023
	Amortization	Gross Carrying		Accumulated		Net Carrying
($ in thousands)	Period	Amount		Amortization		Amount
Trademarks (finite-lived)	15 years		68,880		25,911		42,969
Copyrights and other intellectual property	8 years		429		343		86
Total		$	69,309	$	26,254	$	43,055


	Weighted
	Average	December 31, 2022
	Amortization	Gross Carrying		Accumulated		Net Carrying
($ in thousands)	Period	Amount		Amortization		Amount
Trademarks (finite-lived)	15 years		68,880		21,346		47,534
Copyrights and other intellectual property	8 years		429		298		131
Total		$	69,309	$	21,644	$	47,665

Stockholders' Equity - Warrants (Details) - USD ($)	9 Months Ended		12 Months Ended	21 Months Ended
Stockholders' Equity - Warrants (Details) - USD ($)	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Sep. 30, 2023	May 15, 2023
Other disclosures
Purchaseable stock	19,800,053		19,624,860	19,800,053
Compensation expense	$ 170,000	$ 670,000
Halston License
Other disclosures
Warrant term					10 years
Purchaseable stock	1,000,000			1,000,000
Warrants
Number of Other than Options
Outstanding and exercisable, beginning balance (in shares)	116,065
Granted (in shares)	1,000,000
Exercised (in shares)	0
Expired/Forfeited (in shares)	0
Outstanding, ending balance (in shares)	1,116,065		116,065	1,116,065
Exercisable (in shares)	116,065			116,065
Weighted Average Exercise Price
Outstanding and exercisable, beginning balance (in dollars per share)	$ 3.15
Granted (in dollars per share)	1.50
Exercised (in dollars per share)	0
Expired/Forfeited (in dollars per share)	0
Outstanding, ending balance (in dollars per share)	1.67		$ 3.15	$ 1.67
Exercisable, ending balance (in dollars per share)	$ 3.15			$ 3.15
Weighted Average Remaining Contractual Life (in Years), Outstanding	8 years 8 months 15 days		1 year 6 months 25 days
Weighted Average Contractual Life (in Years), Exercisable	9 months 25 days
Aggregate Intrinsic Value, Outstanding	$ 0		$ 0	$ 0
Aggregate Intrinsic Value, Exercisable	$ 0			0
Other disclosures
Compensation expense				$ 0

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, 2023	Mar. 31, 2023	Sep. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings (Loss) Per Share [Abstract]
Net (loss) income attributable to Xcel Brands, Inc. stockholders	$ (5,144)		$ (4,042)		$ (14,255)	$ 1,961
Basic weighted average number of shares outstanding	19,749,317		19,624,860		19,683,525	19,624,604
Add: Effect of warrants (in shares)						620
Add: Effect of stock options (in shares)						127,115
Diluted weighted average number of shares outstanding	19,749,317	19,633,194	19,624,860	19,571,119	19,683,525	19,752,339
Basic net (loss) income per share	$ (0.26)		$ (0.21)		$ (0.72)	$ 0.10
Diluted net (loss) income per share	$ (0.26)	$ (0.29)	$ (0.21)	$ (0.18)	$ (0.72)	$ 0.10

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482635/260-10-55-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
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-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
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-Paragraph 11
-Subparagraph (b)
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-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
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-URI https://asc.fasb.org//1943274/2147483443/250-10-50-7

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
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-URI https://asc.fasb.org//1943274/2147482689/260-10-45-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (d)
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-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
-Section 50
-Paragraph 4
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-URI https://asc.fasb.org//1943274/2147483443/250-10-50-4

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
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-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147482662/260-10-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
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-Section 45
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-URI https://asc.fasb.org//1943274/2147482689/260-10-45-10

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 2
-Subparagraph (SX 210.5-03(25))
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
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-Paragraph 1
-Subparagraph (SX 210.9-04(27))
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/exampleRef
-Topic 260
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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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+ Details

- 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

Nature of Operations, Background, and Basis of Presentation

9 Months Ended

Sep. 30, 2023

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, 2022 (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, 2022, as filed with the SEC on April 17, 2023.

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 contribute to the operations of the brand through a service agreement (see Note 11 for additional details). The Company accounts for its interest in IM Topco, LLC using the equity method of accounting.

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, 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 and Management’s Plans

The Company incurred a net loss attributable to Company stockholders of approximately $5.1 million and $14.3 million during the three and nine months ended September 30, 2023, respectively (which included net non-cash expenses of approximately $2.3 million and $7.1 million, respectively), and had an accumulated deficit of approximately $47.1 million as of September 30, 2023. Net cash used in operating activities was approximately $2.8 million for the nine months ended September 30, 2023. 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 $2.9 million as of September 30, 2023. The Company’s cash and cash equivalents were approximately $2.2 million as of September 30, 2023. The aforementioned factors raise uncertainties about the Company’s ability to continue as a going concern.

Management has implemented a plan to mitigate an expected shortfall of capital and to support future operations by shifting the business from a wholesale/licensing hybrid model into a “licensing-plus” business model. In the first quarter of 2023, the Company began to restructure its business operations by entering into new licensing agreements and joint venture arrangements with best-in-class business partners. The Company entered into a new interactive television licensing agreement with America’s Collectibles Network, Inc. d/b/a Jewelry Television (“JTV”) for the Ripka Brand, and a separate license with JTV for the Ripka Brand’s e-commerce business. For apparel, similar transactions have been executed. In conjunction with the launch of the C Wonder Brand on HSN, the Company licensed the wholesale operations related to the brand to One Jeanswear Group, LLC (“OJG”); this new license with OJG also includes certain other new celebrity brands that the Company plans to develop and launch in 2023 and beyond. In the second quarter of 2023, the Company entered into a new master license agreement for the Halston Brand, covering men’s, women’s, and children’s apparel, fashion accessories, and other product categories, with an industry-leading wholesale apparel company for distribution through department stores, e-commerce, and other retailers (see Note 4). This new master license for the Halston Brand provides for an upfront cash payment and royalties, including certain guaranteed minimum royalties to the Company, includes significant annual minimum net sales requirements, and has a twenty-five-year term (consisting of an initial five-year period, followed by a twenty-year period), subject to the licensee’s right to terminate with at least 120 days’ notice prior to the end of each five-year period during the term.

The transition of these operating businesses was substantially completed by the end of the second quarter of 2023.

Management believes that this evolution of the Company’s operating model will provide the Company with significant cost savings and allow the Company to reduce and better manage its exposure to operating risks. As of September 30, 2023, the Company has reduced its payroll costs by approximately $6 million and operating expenses by approximately $7 million, on an annualized basis when compared to the corresponding periods in the prior year.

While there is some level of potential risk with respect to the Company’s contingent obligation related to IM Topco, LLC, which could negatively impact the Company’s future cash flows and liquidity, management has taken steps to address such risk (see Note 12 and Note 13 for additional details).

Further, in October 2023, the Company entered into a new term loan agreement in the amount of $5 million, which provides the Company with approximately $5 million of additional liquidity (see Note 13 for additional details). Also in October 2023, Longaberger Licensing, LLC outsourced the operations and management of the Longaberger Brand’s e-commerce business to a third party (see Note 13 for additional details).

Based on these recent events and changes, management expects that existing cash and future operating cash flows will be adequate to meet the Company’s operating needs, term debt service obligations, and capital expenditure needs, for at least the twelve months subsequent to the filing date of this Quarterly Report on Form 10-Q; therefore, such conditions and uncertainties with respect to the Company’s ability to continue as a going concern as of September 30, 2023, have been alleviated.

Recently Adopted Accounting Pronouncements

The Company adopted the provisions of Accounting Standards Update (“ASU”) No. 2016-13, "Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments" (as amended by ASU No. 2018-19 in November 2018, ASU No. 2019-05 in May 2019, ASU No. 2019-10 and 2019-11 in November 2019, ASU No. 2020-02 in February 2020, and ASU No. 2022-02 in March 2022) effective January 1, 2023. This ASU requires entities to estimate lifetime expected credit losses for financial instruments, including trade and other receivables, which will result in earlier recognition of credit losses. The adoption of this new guidance did not have a significant impact on the Company’s results of operations, cash flows, or financial condition.

Trademarks and Other Intangibles - Schedule of Trademarks and Other Intangibles (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Trademarks and Other Intangibles
Gross Carrying Amount (definite-lived)	$ 69,309
Gross Carrying Amount, Total			$ 69,309
Accumulated Amortization	26,254		21,644
Net Carrying Amount	43,055
Net Carrying Amount, Total	43,055		$ 47,665
Trademarks (finite-lived)
Trademarks and Other Intangibles
Weighted Average Amortization Period		15 years	15 years
Gross Carrying Amount (definite-lived)	68,880		$ 68,880
Accumulated Amortization	25,911		21,346
Net Carrying Amount	42,969		$ 47,534
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	343		298
Net Carrying Amount	$ 86		$ 131

Equity Method Investment (Tables)

9 Months Ended

Sep. 30, 2023

Acquisitions, Divestitures and Variable Interest Entities[Abstract]

Summarized financial information for IM Topco

Summarized financial information for IM Topco for the three and nine months ended September 30, 2023 and 2022 is as follows:


	For the three months ended				For the nine months ended
	September 30,				September 30,
($ in thousands)	2023		2022		2023		2022⁽¹⁾
Revenues	$	3,219	$	4,185	$	9,819	$	5,479
Gross profit		3,219		4,185		9,819		5,479
(Loss) income from continuing operations		(91)		928		(348)		1,118
Net (loss) income		(91)		928		(348)		1,118

Debt - Narrative (Details) $ in Thousands	9 Months Ended
Debt - Narrative (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Debt Disclosure [Abstract]
Unamortized deferred finance costs	$ 800
Effective interest rate (as percentage)	9.80%
Repayment of principal	$ 29,000
Prepayment fee	1,400
Loss on early extinguishment of debt	2,324
Other costs	100
Interest expense - term loan debt	$ 1,187

Leases - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		21 Months Ended
Leases - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023
Lessee, Lease, Description [Line Items]
Security deposit	$ 730		$ 730		$ 730
Cash payments for operating lease expense	$ 400	$ 400	1,200	$ 1,300
Lease settlement expense			180
Gain on settlement of lease liability			$ 445
Weighted average discount rate	6.25%		6.25%		6.25%
Weighted average remaining lease term for operating leases	4 years 29 days		4 years 29 days		4 years 29 days
Selling, general and administrative expenses
Lessee, Lease, Description [Line Items]
Operating lease expense	$ 400	$ 400			$ 1,200
Other expense (income), including non-cash expenses
Lessee, Lease, Description [Line Items]
Gain on settlement of lease liability			$ 440
Accounts Payable and Accrued Liabilities
Lessee, Lease, Description [Line Items]
Lease settlement liability			$ 110

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (5,144)	$ (4,042)	$ (14,255)	$ 1,961

- Definition

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

+ References

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+ Details

Accounts Receivable - Rollforward of the allowance for doubtful accounts (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Accounts Receivable [Abstract]
Accounts receivable, allowance for credit loss, beginning balance		$ 0
Credit loss expense	$ 80	120	$ 170
Write-offs		(100)
Accounts receivable, allowance for credit loss, ending balance		$ 20

Stockholders' Equity - Stock Awards (Details) - USD ($) $ / shares in Units, $ in Thousands						3 Months Ended		9 Months Ended
	Aug. 23, 2023	Jul. 20, 2023	May 15, 2023	Apr. 17, 2023	Jan. 01, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Other disclosures
Compensation expense								$ 170	$ 670
Non Management Directors
Other disclosures
Compensation expense									260
Employee
Other disclosures
Compensation expense								$ 20	410
Restricted Stock
Number of Other than Options
Outstanding, beginning balance (in shares)					333,333			333,333
Granted (in shares)								113,968
Vested (in shares)								(103,968)
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)					$ 3.71			$ 3.71
Granted (in dollars per share)								1.01
Vested (in dollars per share)								1.04
Expired/Forfeited (in dollars per share)								0
Outstanding, ending balance (in dollars per share)						$ 3.63		$ 3.63
Other disclosures
Unrecognized compensation expense						$ 80		$ 80
Weighted average period of recognition								1 year 2 months 23 days
Common Stock
Other disclosures
Compensation expense						$ 30	$ 20	$ 100	$ 240
Common Stock \| Non Management Directors
Number of Other than Options
Granted (in shares)	40,000
Other disclosures
Vesting rights (percentage per year)	50.00%
Common Stock \| Consultant
Number of Other than Options
Granted (in shares)			50,000	8,334	8,334
Common Stock \| Employee
Number of Other than Options
Granted (in shares)		7,300