0001558370-24-016432 | 10-Q | XBRL Viewer

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Related Party Transactions - Financing Transactions (Details) - USD ($) $ / shares in Units, $ in Millions	Mar. 14, 2024	Sep. 30, 2024	Mar. 19, 2024	Mar. 15, 2024	Dec. 31, 2023
Asset Purchase Agreement
Purchaseable stock		23,581,290			19,795,053
Common stock issued		23,581,290			19,795,053
Public Offering and Private Placement
Asset Purchase Agreement
Common stock issued				3,579,064
Public Offering
Asset Purchase Agreement
Purchaseable stock			3,284,422	3,284,422
Common stock price			$ 0.65	$ 0.65
Share price			$ 0.65
Public Offering \| Chief Executive Officer
Asset Purchase Agreement
Common stock issued			146,250
Public Offering \| Director
Asset Purchase Agreement
Common stock issued			146,250
Public Offering \| Executive Vice President [Member]
Asset Purchase Agreement
Common stock issued			32,500
Private Placement
Asset Purchase Agreement
Common stock price	$ 0.98
Net proceeds from the sale of private placement shares	$ 0.3
Private Placement \| Agreements [Member]
Asset Purchase Agreement
Common stock issued	294,642
Private Placement \| Chief Executive Officer
Asset Purchase Agreement
Common stock issued	132,589
Private Placement \| Director
Asset Purchase Agreement
Common stock issued	132,589
Private Placement \| Executive Vice President [Member]
Asset Purchase Agreement
Common stock issued	29,464

Investments in Unconsolidated Affiliates and Variable Interest Entities - Sale of Majority Interest in Isaac Mizrahi Brand, Investment in IM Topco, LLC (Details) - USD ($)			3 Months Ended		9 Months Ended
	Apr. 12, 2024	May 31, 2022	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on divestiture of Lori Goldstein brand					$ 3,801,000
Loss from equity method investment					(1,683,000)	$ (1,545,000)
Current portion of contingent obligation			$ 6,300,000		$ 6,300,000
If Royalties Receivable Less Than Specified Amount
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership equity transferable					12.50%
Royalty guarantees			$ 13,500,000		$ 13,500,000
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%
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)	$ (520,000)	$ 1,550,000	$ 1,550,000
WHP \| IM Topco, LLC
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net cash flow distributable to members (in percent)	50.00%
Net cash flow distributable to members	$ 1,000,000
Current portion of contingent obligation			$ 6,300,000		$ 6,300,000
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
Disposed of by Sale \| WHP \| 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%

Commitments and Contingencies - Narrative (Details) $ in Thousands				3 Months Ended	9 Months Ended	12 Months Ended
	Apr. 12, 2024 USD ($)	May 31, 2022 USD ($) item	Apr. 01, 2021 USD ($)	Mar. 31, 2024 USD ($)	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Commitments and Contingencies
Current portion of contingent obligation					$ 6,300
WHP \| IM Topco, LLC
Commitments and Contingencies
Current portion of contingent obligation					6,300
If Royalties Receivable Less Than Specified Amount
Commitments and Contingencies
Royalty guarantees					$ 13,500
Ownership equity transferable					12.50%
Amended Services Agreement \| Xcel Brands \| IM Topco, LLC
Commitments and Contingencies
Ownership interest	30.00%
Amended Services Agreement \| WHP \| IM Topco, LLC
Commitments and Contingencies
Ownership interest	70.00%
Amended Services Agreement \| If Royalties Receivable Less Than Specified Amount
Commitments and Contingencies
Ownership equity transferable	12.50%
Amended Services Agreement \| If Royalties Receivable Less Than Specified Amount \| Xcel Brands \| IM Topco, LLC
Commitments and Contingencies
Ownership interest	17.50%
Amended Services Agreement \| If Royalties Receivable Less Than Specified Amount \| WHP \| IM Topco, LLC
Commitments and Contingencies
Ownership interest	82.50%
Amended Services Agreement \| Twelve-month period ending March 31, 2025
Commitments and Contingencies
Royalty guarantees	$ 13,500
Amended Services Agreement \| Year ending December 31, 2025
Commitments and Contingencies
Royalty guarantees	$ 18,000
Disposed of by Sale \| WHP \| IM Topco, LLC
Commitments and Contingencies
Ownership interest		70.00%			70.00%
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 \| 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
Royalties earned					6 years
Contingent obligation (Lori Goldstein Earn-Out)			$ 6,600	$ 300		$ 200
Additional consideration is payable to the seller						$ 1,000	$ 200
Waiver of earn out payments					$ 1,030
Derecognition of contingent obligations					$ 5,050

Investments in Unconsolidated Affiliates and Variable Interest Entities - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gross Profit	$ 1,505			$ 2,412			$ 6,605	$ 8,750
Net loss	(9,220)	$ 161	$ (6,345)	(5,403)	$ (3,701)	$ (5,938)	(15,404)	(15,042)
IM Topco, LLC
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues	1,952			3,219			7,133	9,819
Gross Profit	1,952			3,219			7,133	9,819
(Loss) income from continuing operations	(1,139)			(91)			(2,212)	(348)
Net loss	$ (1,139)			$ (91)			$ (2,212)	$ (348)

- 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.

+ References

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-URI https://asc.fasb.org//1943274/2147481175/810-10-55-4K

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482740/230-10-45-2

Reference 38: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481203/810-10-50-1A

Reference 39: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481203/810-10-50-1A

+ 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

Stockholders' Equity - Non-Vested Options (Details) - Employee Stock Option Member	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Number of Options
Beginning Balance (in shares) \| shares	3,750,000
Granted (in shares) \| shares	100,000
Vested (in shares) \| shares	(100,000)
Ending Balance (in shares) \| shares	3,750,000
Weighted Average Grant Date Fair Value
Beginning Balance (in dollars per share) \| $ / shares	$ 0.04
Granted (in dollars per share) \| $ / shares	0.47
Vested (in dollars per share) \| $ / shares	0.90
Ending Balance (in dollars per share) \| $ / shares	$ 0.03

Trademarks and Other Intangibles - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Jun. 30, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Goodwill and Intangible Assets [Line Items]
Amortization expense for intangible assets		$ 890	$ 1,530	$ 3,950	$ 4,600
Unamortized net book value, intangible assets		59,009		59,009		$ 69,309
Accumulated amortization		$ 23,367		23,367		$ 27,789
Lori Goldstein Brand
Goodwill and Intangible Assets [Line Items]
Proceeds from sale of assets	$ 1,930			$ 1,930
Unamortized net book value, intangible assets	10,300
Accumulated amortization	$ 8,370

Investments in Unconsolidated Affiliates and Variable Interest Entities (Tables)

9 Months Ended

Sep. 30, 2024

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, 2024 and 2023 is as follows:


	For the three months ended				For the nine months ended
	September 30,				September 30,
($ in thousands)	2024		2023		2024		2023
Revenues	$	1,952	$	3,219	$	7,133	$	9,819
Gross profit		1,952		3,219		7,133		9,819
Loss from continuing operations		(1,139)		(91)		(2,212)		(348)
Net loss		(1,139)		(91)		(2,212)		(348)

Stockholders' Equity - Public Offering and Private Placement Transactions (Details) - USD ($) $ / shares in Units, $ in Thousands				3 Months Ended	9 Months Ended
	Mar. 19, 2024	Mar. 15, 2024	Mar. 14, 2024	Mar. 31, 2024	Sep. 30, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Purchaseable stock					23,581,290	19,795,053
Common stock issued					23,581,290	19,795,053
Net proceeds from the sale of shares					$ 2,000
Proceeds from public offering and private placement transactions, net of transaction costs				$ 1,902	$ 1,902
Warrants
Class of Stock [Line Items]
Purchaseable stock	182,952
Warrants outstanding, exercise price (in dollars per share)	$ 0.8125
Warrant term	4 years 6 months
Public Offering and Private Placement
Class of Stock [Line Items]
Common stock issued		3,579,064
Proceeds from public offering and private placement transactions, net of transaction costs		$ 1,900
Public Offering
Class of Stock [Line Items]
Purchaseable stock	3,284,422	3,284,422
Common stock price	$ 0.65	$ 0.65
Net proceeds from the sale of shares	$ 1,700
Public Offering \| Chief Executive Officer
Class of Stock [Line Items]
Common stock issued	146,250
Public Offering \| Director
Class of Stock [Line Items]
Common stock issued	146,250
Public Offering \| Executive Vice President
Class of Stock [Line Items]
Common stock issued	32,500
Private Placement
Class of Stock [Line Items]
Common stock price			$ 0.98
Net proceeds from the sale of private placement shares			$ 300
Private Placement \| Agreements
Class of Stock [Line Items]
Common stock issued			294,642
Private Placement \| Chief Executive Officer
Class of Stock [Line Items]
Common stock issued			132,589
Private Placement \| Director
Class of Stock [Line Items]
Common stock issued			132,589
Private Placement \| Executive Vice President
Class of Stock [Line Items]
Common stock issued			29,464

Leases - Narrative (Details) - USD ($) $ in Thousands			3 Months Ended		9 Months Ended
Leases - Narrative (Details) - USD ($) $ in Thousands	Feb. 29, 2024	Jan. 26, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Lessee, Lease, Description [Line Items]
Sublease income			$ 200		$ 500
Lease expiration date					Oct. 30, 2027
Cash payments for operating lease expense			$ 400	$ 400	$ 1,200	$ 1,200
Weighted average remaining lease term for operating leases			4 years 9 months 25 days		4 years 9 months 25 days
Weighted average discount rate			7.78%		7.78%
Operating lease right-of-use assets			$ 3,923		$ 3,923		$ 4,453
Operating lease liability			$ 7,066		$ 7,066
Discount rate, right-of-use asset and lease liability			9.60%		9.60%
Gain on settlement of lease liability						445
1333 Broadway Lease
Lessee, Lease, Description [Line Items]
Annual fixed rent amount					$ 1,300
Annual fixed sublease rent amount		$ 800
Weighted average remaining lease term for operating leases			3 years 29 days		3 years 29 days
1333 Broadway Lease \| Right-of-use assets
Lessee, Lease, Description [Line Items]
Impairment charges related to lease					$ 3,100
1333 Broadway Lease \| Leasehold improvements
Lessee, Lease, Description [Line Items]
Impairment charges related to lease					$ 400
550 Seventh Avenue Lease
Lessee, Lease, Description [Line Items]
Annual fixed rent amount	$ 500
Weighted average remaining lease term for operating leases			7 years 6 months 29 days		7 years 6 months 29 days
Operating lease right-of-use assets			$ 2,600		$ 2,600
Operating lease liability			2,600		2,600
Selling, general and administrative expenses
Lessee, Lease, Description [Line Items]
Operating lease expense			$ 300	$ 400	$ 700	$ 1,200

Trademarks and Other Intangibles

9 Months Ended

Sep. 30, 2024

Trademarks and Other Intangibles [Abstract]

Trademarks and Other Intangibles

4. Trademarks and Other Intangibles

Trademarks and other intangibles, net consist of the following:


	Weighted
	Average	September 30, 2024
	Amortization	Gross Carrying		Accumulated		Net Carrying
($ in thousands)	Period	Amount		Amortization		Amount
Trademarks (finite-lived)	15 years		58,580		22,976		35,604
Copyrights and other intellectual property	8 years		429		391		38
Total		$	59,009	$	23,367	$	35,642


	Weighted
	Average	December 31, 2023
	Amortization	Gross Carrying		Accumulated		Net Carrying
($ in thousands)	Period	Amount		Amortization		Amount
Trademarks (finite-lived)	15 years		68,880		27,431		41,449
Copyrights and other intellectual property	8 years		429		358		71
Total		$	69,309	$	27,789	$	41,520

Amortization expense for intangible assets was approximately $0.89 million for the three-month period ended September 30, 2024 (the "current quarter") and approximately $1.53 million for the three-month period ended September 30, 2023 (the "prior year quarter").

Amortization expense for intangible assets was approximately $3.95 million for the nine-month period ended September 30, 2024 (the "current nine months") and approximately $4.60 million for the nine-month period ended September 30, 2023 (the "prior year nine months").

On June 30, 2024, the Company sold certain trademarks with a net book value of approximately $1.93 million (gross carrying amount of $10.30 million and accumulated amortization of approximately $8.37 million) related to the Lori Goldstein Brand (see Note 3 for additional details).

Estimated future amortization expense related to finite-lived intangible assets over the remaining useful lives is as follows:


($ in thousands)	Amortization
Year Ending December 31,	Expense
2024 (October 1 through December 31)	$	884
2025		3,531
2026		3,506
2027		3,503
2028		3,503
Thereafter (through 2036)		20,715
Total	$	35,642

Trademarks and Other Intangibles - Schedule of Future Amortization Expense (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Finite Lived Intangible Assets Future Amortization Expense:
2024 (October 1 through December 31)	$ 884
2025	3,531
2026	3,506
2027	3,503
2028	3,503
Thereafter (through 2036)	20,715
Total	$ 35,642

Leases

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

Leases

6. Leases

The Company is party to operating leases for real estate, and for certain equipment with a term of 12 months or less. The Company is currently not a party to any finance leases.

Lease expense (net of sublease income of approximately $0.2 and $0.5 million for the current quarter and current nine months, respectively) included in selling, general and administrative expenses on the Company’s unaudited condensed consolidated statements of operations was approximately $0.3 million for the current quarter, approximately $0.4 million for the prior year quarter, approximately $0.7 million for the current nine months, and approximately $1.2 million for the 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, and approximately $1.2 million in both the current nine months and prior year nine months.

As of September 30, 2024, the Company’s real estate leases have a weighted-average remaining lease term of approximately 4.82 years, and the lease liabilities are measured using a weighted-average discount rate of 7.78%.

1333 Broadway Lease

The Company has an operating lease for offices located at 1333 Broadway, 10th floor, New York, New York, which commenced on March 1, 2016 and expires on October 30, 2027. The average annual fixed rent over the term of this lease is approximately $1.3 million per year, and the lease requires the Company to pay additional rents related to increases in certain taxes and other costs on the property.

On January 26, 2024, the Company (as sublessor) entered into an agreement for the sublease of the offices located at 1333 Broadway to a third-party subtenant through October 30, 2027. The average annual fixed rent over the term of the sublease is approximately $0.8 million per year. As a result of entering into the sublease, the Company recognized non-cash impairment charges of approximately $3.1 million during the current nine months related to the right-of-use asset. Also in connection with entering into the sublease, the Company recognized a non-cash impairment charge of approximately $0.4 million during the current nine months related to leasehold improvement assets at this location.

As of September 30, 2024, the Company’s lease of 1333 Broadway has a remaining lease term of approximately 3.08 years.

550 Seventh Avenue Lease

Effective February 29, 2024, the Company entered into an operating lease for new corporate offices located at 550 Seventh Avenue, 11th floor, New York, New York. This lease commenced in April 2024 and expires in April 2031. The average annual lease cost over the term of this lease is approximately $0.5 million per year.

Upon commencement of the lease during the current quarter, the Company recognized a right-of-use asset and corresponding lease liability related to this lease of approximately $2.6 million; the discount rate used for the measurement of this right-of-use asset and lease liability was based on the Company’s incremental borrowing rate of 9.60%.

As of September 30, 2024, the Company’s lease of 550 Seventh Avenue has a remaining minimum lease term of approximately 7.58 years.

Future Lease Obligations

As of September 30, 2024, the maturities of future lease obligations were as follows:


	Amount
Year	(in thousands)
2024 (October 1 through December 31)	$	388
2025		1,926
2026		2,060
2027		1,841
2028		570
Thereafter		2,005
Total lease payments		8,790
Less: Discount		1,724
Present value of lease liabilities		7,066
Current portion of lease liabilities		1,433
Non-current portion of lease liabilities	$	5,633

Significant Contracts and Concentrations - Qurate Agreements (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Product Information [Line Items]
Net revenue	$ 1,912	$ 2,637	$ 7,050	$ 15,468
Accounts receivable	2,908		2,908		$ 3,454
Net licensing revenue
Product Information [Line Items]
Net revenue	$ 1,505	$ 2,381	$ 6,515	$ 7,031
Sales [Member] \| Customer Concentration Risk [Member] \| Qurate
Product Information [Line Items]
Concentration risk, percentage	14.00%	57.00%	46.00%	31.00%
Sales [Member] \| Customer Concentration Risk [Member] \| Qurate \| Net licensing revenue
Product Information [Line Items]
Net revenue	$ 260	$ 1,510	$ 3,270	$ 4,800
Accounts Receivable [Member] \| Customer Concentration Risk [Member] \| Qurate
Product Information [Line Items]
Concentration risk, percentage			9.00%		37.00%
Accounts receivable	$ 270		$ 270		$ 1,300

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Related Party Transactions - IM Topco, LLC & License Agreement (Details) - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended
	Nov. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	May 31, 2022
Asset Purchase Agreement
Payments for royalties		$ 137,500		$ 237,500
Accrued royalties		137,500		137,500
IM Topco \| Services Agreement
Asset Purchase Agreement
Due from related party						$ 300,000
Revenue from services provided		$ 37,500	$ 0	112,500	$ 150,000
IM Topco \| Amended Services Agreement
Asset Purchase Agreement
Due from related party	$ 150,000
Reduction in service fees	600,000
Prepaid service fees				$ 62,500
IM Topco \| License Agreement
Asset Purchase Agreement
Royalty guarantees						$ 400,000
Royalty expense			$ 105,000		$ 225,000
Additional royalty payments	$ 450,000

Significant Contracts and Concentrations - JTV / America's Collectibles Network, Inc. (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Product Information [Line Items]
Accounts receivable	$ 2,908		$ 2,908		$ 3,454
Sales [Member] \| Customer Concentration Risk [Member] \| Qurate
Product Information [Line Items]
Concentration risk, percentage	14.00%	57.00%	46.00%	31.00%
Accounts Receivable [Member] \| Customer Concentration Risk [Member] \| Qurate
Product Information [Line Items]
Concentration risk, percentage			9.00%		37.00%
Accounts receivable	$ 270		$ 270		$ 1,300
Accounts Receivable [Member] \| Customer Concentration Risk [Member] \| JTV
Product Information [Line Items]
Concentration risk, percentage			45.00%		40.00%
Accounts receivable	$ 1,310		$ 1,310		$ 1,370

Income Taxes (Details) - USD ($)	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($)	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate	0.00%	0.00%	0.00%	0.00%
Income tax (benefit) provision	$ 0	$ 0	$ 0	$ 0

- Definition

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

+ References + Details

Significant Contracts and Concentrations

9 Months Ended

Sep. 30, 2024

Significant Contracts and Concentrations [Abstract]

Significant Contracts and Concentrations

5. Significant Contracts and Concentrations

Qurate Agreements

Under the Company’s agreements with Qurate Retail Group (“Qurate”), collectively referred to as the Qurate Agreements, Qurate is obligated to make payments to the Company on a quarterly basis, based primarily upon a percentage of net retail sales of 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 $0.26 million and $1.51 million for the current quarter and prior year quarter, respectively, representing approximately 14% and 57% of the Company’s total net revenue for the current quarter and prior year quarter, respectively.

Net licensing revenue from the Qurate Agreements totaled $3.27 million and $4.80 million for the current nine months and prior year nine months, respectively, representing approximately 46% and 31% of the Company’s total net revenue for the current nine months and prior year nine months, respectively.

As of September 30, 2024 and December 31, 2023, the Company had receivables from Qurate of $0.27 million and $1.3 million, respectively, representing approximately 9% and 37% of the Company’s total net accounts receivable, respectively.

Due to the divestiture of the Lori Goldstein Brand on June 30, 2024 (see Note 3 for details), the Company’s total net revenue and accounts receivable, as well as the relative proportional share of total net revenue and total accounts receivable attributable to the Qurate Agreements, have decreased; however, due to the Company’s other brands, management expects that Qurate will remain a significant licensee.

Halston Master License

On May 15, 2023, the Company, through its wholly owned 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 G-III Apparel Group (“G-III”), 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 provided for an upfront cash payment and royalties payable to the Company, including certain guaranteed minimum royalties, includes 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 G-III’s right to terminate with at least 120 days’ notice prior to the end of each five-year

period during the term. G-III 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 in accordance with the terms of the Halston Master License. The Licensor granted G-III 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 $3.8 million and $4.4 million of deferred revenue contract liabilities on its condensed consolidated balance sheets as of September 30, 2024 and December 31, 2023, respectively. As of December 31, 2023, approximately $0.9 million of the contract liability balance was classified as a current liability and approximately $3.5 million was classified as a long-term liability. As of September 30, 2024, approximately $0.9 million of the contract liability balance was classified as a current liability and approximately $2.9 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 4.25 years.

Net licensing revenue recognized from the Halston Master License was $0.64 million for both the current quarter and prior year quarter, representing approximately 33% and 25% of the Company’s total net revenue for the current quarter and prior year quarter, respectively.

Net licensing revenue recognized from the Halston Master License was $1.93 million and $0.98 million for the current nine months and prior year nine months, respectively, representing approximately 27% and 6% of the Company’s total net revenue for the current nine months and prior year nine months, respectively.

JTV / America’s Collectibles Network, Inc.

The Company has a license agreement with America’s Collectibles Network, Inc. (d/b/a JTV) (“JTV”) that obligates JTV to pay the Company royalties based on product sales of Judith Ripka Brand merchandise. In addition, the Company has outstanding receivables from prior product sales of fine jewelry made to JTV. As of September 30, 2024 and December 31, 2023, the Company had receivables from JTV of $1.31 million and $1.37 million, respectively, representing approximately 45% and 40% of the Company’s total net accounts receivable, respectively.

Debt (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Schedule of debt


	September 30,		December 31,
($ in thousands)	2024		2023
Term loan debt	$	4,500	$	5,000
Unamortized deferred finance costs related to term loan debt		(203)		(279)
Total		4,297		4,721
Current portion of debt		1,000		750
Long-term debt	$	3,297	$	3,971

Schedule of maturities of long-term debt


	Amount of
($ in thousands)	Principal
Year Ending December 31,	Payment
2024 (October 1 through December 31)	$	250
2025		1,000
2026		1,000
2027		1,000
2028		1,250
Total	$	4,500

Stockholders' Equity - Restricted Stock Units (Details) - shares	Sep. 30, 2024	Dec. 31, 2023
Stockholders' Equity
Common stock, shares outstanding (in shares)	23,581,290	19,795,053
Common stock, shares issued (in shares)	23,581,290	19,795,053
Restricted Stock
Stockholders' Equity
Common stock, shares outstanding (in shares)	0	0
Common stock, shares issued (in shares)	0	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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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+ Details

Unaudited Condensed Consolidated Statements of Operations - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues
Net revenue	$ 1,912,000	$ 2,637,000	$ 7,050,000	$ 15,468,000
Cost of goods sold	407,000	225,000	445,000	6,718,000
Gross profit	1,505,000	2,412,000	6,605,000	8,750,000
Direct operating costs and expenses
Salaries, benefits and employment taxes	1,208,000	2,141,000	4,771,000	7,847,000
Other selling, general and administrative expenses	1,618,000	3,482,000	5,137,000	9,918,000
Total direct operating costs and expenses	2,826,000	5,623,000	9,908,000	17,765,000
Operating loss before other operating costs and expenses (income)	(1,321,000)	(3,211,000)	(3,303,000)	(9,015,000)
Other operating costs and expenses (income)
Depreciation and amortization	910,000	1,677,000	4,044,000	5,260,000
Asset impairment charges			3,483,000	100,000
Loss from equity method investments	593,000	515,000	1,683,000	1,545,000
Reduction in equity ownership of IM TopCo, LLC	6,254,000		6,254,000
Gain on divestiture of Lori Goldstein Brand			(3,801,000)
Gain on sale of limited partner ownership interest				(351,000)
Gain on settlement of lease liability				(445,000)
Operating loss	(9,078,000)	(5,403,000)	(14,966,000)	(15,024,000)
Interest and finance expense (income), net
Interest and finance expense (income), net	142,000		438,000	18,000
Loss before income taxes	(9,220,000)	(5,403,000)	(15,404,000)	(15,042,000)
Income tax benefit	0	0	0	0
Net loss	(9,220,000)	(5,403,000)	(15,404,000)	(15,042,000)
Net loss attributable to noncontrolling interest	(7,000)	(259,000)	(92,000)	(787,000)
Net loss attributable to Xcel Brands, Inc. stockholders	$ (9,213,000)	$ (5,144,000)	$ (15,312,000)	$ (14,255,000)
Earnings (loss) per common share attributable to Xcel Brands, Inc. stockholders:
Basic earnings (loss) per share	$ (0.39)	$ (0.26)	$ (0.68)	$ (0.72)
Diluted earnings (loss) per share	$ (0.39)	$ (0.26)	$ (0.68)	$ (0.72)
Weighted average number of common shares outstanding:
Basic weighted average common shares outstanding	23,522,453	19,749,317	22,466,737	19,683,525
Diluted weighted average common shares outstanding	23,522,453	19,749,317	22,466,737	19,683,525
Net licensing revenue
Revenues
Net revenue	$ 1,505,000	$ 2,381,000	$ 6,515,000	$ 7,031,000
Net sales
Revenues
Net revenue	$ 407,000	$ 256,000	$ 535,000	$ 8,437,000

Divestiture Transaction

9 Months Ended

Sep. 30, 2024

Proceeds from Divestiture of Businesses and Interests in Affiliates [Abstract]

Divestiture Transaction

3. Divestiture Transaction

On June 21, 2024, the Company (through its wholly owned subsidiary, Gold Licensing, LLC) entered into an asset purchase agreement with Lori Goldstein and Lori Goldstein, Ltd (together the “LG Parties”), pursuant to which the Company agreed to sell, and the LG Parties agreed to purchase, substantially all of the assets of the Lori Goldstein Brand, including the “LOGO by Lori Goldstein” trademark and other intellectual property rights relating thereto. Also in conjunction with this transaction, key license agreements related to the Lori Goldstein Brand were assigned to and assumed by the LG Parties. This divestiture transaction closed on June 30, 2024.

As consideration for the sale of these assets, the parties agreed to the following:

●

The LG Parties waived their rights with respect to certain contingent consideration amounts that had been previously earned by the LG Parties (under the terms of the April 1, 2021 purchase of the assets by Xcel), and terminated their rights to any future earn-out payments.

●

The Company retained the right to all royalties and fee income for net sales from licensees related to the Lori Goldstein Brand through the closing date.

●

The Company’s May 2, 2024 termination of the employment agreement and consulting agreement with the LG Parties was withdrawn and stayed until the closing date. The Company paid Ms. Goldstein and Lori Goldstein, Ltd a combined total of $25,000 as compensation for services rendered under the employment agreement and consulting agreement through June 30, 2024, and also reimbursed Ms. Goldstein for expenses incurred in the course of fulfilling her duties under the employment agreement through June 30, 2024.

●

The Company and the LG Parties entered into a mutual general release and waiver of outstanding legal disputes.

Thus, the total consideration received by the Company for this divestiture transaction was approximately $6.08 million, comprised of (i) the waiver of approximately $1.03 million of accrued earn-out payments earned by the LG Parties through June 30, 2024, plus (ii) the release of the remaining balance of approximately $5.05 million of contingent obligations recorded on the Company’s balance sheet. The remaining unamortized net book value of the Lori Goldstein intangible assets immediately prior to the sale was approximately $1.93 million, and the Company also incurred approximately $0.35 million of legal fees in connection with this transaction. Accordingly, the Company recorded a net non-cash gain on the divestiture of the Lori Goldstein Brand of approximately $3.80 million for the nine months ended September 30, 2024.

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2024	Dec. 15, 2024
Document And Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
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	550 Seventh Avenue, 11th 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		23,639,973
Entity Central Index Key	0001083220
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false

Related Party Transactions

9 Months Ended

Sep. 30, 2024

Related Party Transactions

11. Related Party Transactions

IM Topco, LLC

As described in Note 2, the Company holds a noncontrolling interest in IM Topco, which is accounted for under the equity method of accounting.

Service Agreement

On May 31, 2022, the Company entered into a services agreement with IM Topco, pursuant to which the Company agreed to provide certain design and support services (including assistance with the operations of the interactive television business and related talent support) to IM Topco in exchange for payments of $300,000 per year. In November 2023, the services agreement was amended such that the Company agreed to provide IM Topco with a $600,000 reduction of future service fees over the next eighteen months, beginning on July 1, 2023. In April 2024, the services agreement was further amended to set the service fees at $150,000 per year beginning with the fiscal year ending December 31, 2024. In addition, under the April 2024 amendment, IM Topco is required to prepay the service fees for the year ending December 31, 2025; as of September 30, 2024, IM Topco has prepaid $62,500 of such service fees.

In accordance with the terms of this services agreement (as amended), the Company recognized service fee income of $0 and $150,000 for the three and nine months ended September 30, 2023, respectively, and service fee income of $37,500 and $112,500 for the three and nine months ended September 30, 2024, respectively. Such service fee income is reflected within net licensing revenue in the condensed consolidated statements of operations.

License Agreement

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. Royalties received by IM Topco from the third party agreement are expected to exceed the guaranteed royalties that IM Topco would have received under the Mary 31, 2022 agreement for the year ending December 31, 2024.

In November 2023, the Company, WHP, and IM Topco entered into an amendment of the May 2022 membership purchase agreement, under which Xcel agreed to make additional royalty payments to IM Topco totaling $450,000 over the following 11 months. As a result of this amendment, the Company recognized a $450,000 increase to the carrying value basis of its equity method investment in IM Topco and a corresponding increase in current liabilities. During the current quarter and current nine months, the Company paid $137,500 and $237,500 to IM Topco. As of September 30, 2024, the remaining payments due totaled $137,500, which will be paid during the three months ending December 31, 2024 and are

reflected within accounts payable, accrued expenses and other current liabilities in the condensed consolidated balance sheets.

Financing Transactions

Public Offering and Private Placement Transactions

In connection with the Offering of 3,284,422 shares of the Company’s common stock at a price to the public of $0.65 per share which was consummated on March 19, 2024 (see Note 8 for additional details), Robert W. D’Loren, Chairman and Chief Executive Officer of the Company; an affiliate of Mark DiSanto, a director of the Company; and Seth Burroughs, Executive Vice President of Business Development and Treasury of the Company, purchased 146,250, 146,250, and 32,500 shares, respectively, at $0.65 per share, the same price at which the shares were sold to other purchasers in the Offering.

In connection with the Offering, on March 14, 2024, the Company entered into subscription agreements with each of Mr. D’Loren, Mr. DiSanto, and Mr. Burroughs to purchase 132,589, 132,589, and 29,464 shares, respectively (collectively, the “Private Placement Shares”), at a price of $0.98 per Private Placement Share. The total number of Private Placement Shares purchased was 294,642. Net proceeds after payment of agent fees to the Representative were approximately $0.3 million. The purchase of the Private Placement Shares closed concurrently with the Offering.

Debt Refinancing

In connection with the December 2024 refinancing of the Company’s term loan debt, IPX Capital, LLC (“IPX”), a company controlled by Mr. D’Loren, made a $250,000 advance to one of the Company’s subsidiaries, of which $200,000 was repaid to IPX upon the closing of the debt refinancing transaction. Additionally, IPX purchased a 12.5% undivided, last-out, subordinated participation interest in a portion of the new term loan debt for a purchase price of $500,000, and received a pro rata share of warrants received by the Term B Lenders to purchase shares of the Company’s common stock. See Note 13 for additional details.

Guarantee

In October 2024, in connection with a required increase to a standby letter of credit associated with the Company’s real estate lease for offices located at 1333 Broadway, Mr. D’Loren provided a personal guarantee to the financial institution providing such letter of credit, in order to satisfy a portion of the associated collateral requirements for the letter of credit.

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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+ Details

Unaudited Condensed Consolidated Statements of Cash Flows $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)
Cash flows from operating activities
Net loss	$ (9,220)	$ (15,404)	$ (15,042)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense	910	4,044	5,260
Asset impairment charges		3,483	100
Amortization of deferred finance costs included in interest expense		76
Stock-based compensation and cost of licensee warrants		296	184
Provision for (recovery of) credit losses		(45)	20
Restructuring of certain contractual arrangements			756
Undistributed proportional share of net loss of equity method investees		1,683	1,545
Reduction in equity ownership of IM TopCo, LLC	6,254	6,254
Gain on divestiture of Lori Goldstein Brand		(3,801)
Gain on sale of limited partner ownership interest			(351)
Gain on settlement of lease liability			(445)
Changes in operating assets and liabilities:
Accounts receivable		591	(415)
Inventory		453	1,848
Prepaid expenses and other current and non-current assets		(134)	920
Deferred revenue		(180)	4,676
Accounts payable, accrued expenses, accrued income taxes payable, and other current liabilities		(304)	(1,395)
Lease-related assets and liabilities		(710)	(471)
Other long-term liabilities		391
Net cash used in operating activities		(3,307)	(2,810)
Cash flows from investing activities
Net proceeds from sale of assets			451
Purchase of property and equipment		(112)	(87)
Net cash (used in) provided by investing activities		(112)	364
Cash flows from financing activities
Proceeds from public offering and private placement transactions, net of transaction costs		1,902
Proceeds from exercise of stock options			27
Payment of long-term debt		(500)
Net cash provided by financing activities		1,402	27
Net decrease in cash, cash equivalents, and restricted cash		(2,017)	(2,419)
Cash, cash equivalents, and restricted cash at beginning of period		2,998	4,608
Cash, cash equivalents, and restricted cash at end of period	981	981	2,189
Reconciliation to amounts on consolidated balance sheets:
Cash and cash equivalents	242	242	2,189
Restricted cash (reported in other non-current assets)	739	739
Total cash, cash equivalents, and restricted cash	$ 981	981	2,189
Supplemental disclosure of non-cash activities:
Recognition of operating lease right-of-use asset		2,596
Recognition of operating lease obligation		2,596
Supplemental disclosure of cash flow information:
Cash paid during the period for interest		$ 344
Cash paid during the period for income taxes			$ 16

Leases (Tables)

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

Schedule of maturities of future lease obligations


	Amount
Year	(in thousands)
2024 (October 1 through December 31)	$	388
2025		1,926
2026		2,060
2027		1,841
2028		570
Thereafter		2,005
Total lease payments		8,790
Less: Discount		1,724
Present value of lease liabilities		7,066
Current portion of lease liabilities		1,433
Non-current portion of lease liabilities	$	5,633

Investments in Unconsolidated Affiliates and Variable Interest Entities - Investment in Orme Live, Inc. (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	9 Months Ended
	Dec. 31, 2023	Sep. 30, 2024	Sep. 30, 2024
Schedule Of Asset Acquisition [Line Items]
Equity method investments, net	$ 17,735	$ 9,796	$ 9,796
ORME
Schedule Of Asset Acquisition [Line Items]
Members contribution	$ 150
Ownership interest	30.00%	30.00%	30.00%
Proportional share of the operating results		$ 80	$ 140
ORME \| Other assets
Schedule Of Asset Acquisition [Line Items]
Equity method investments, net	$ 150	$ 10	$ 10

- Definition

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

+ References

+ Details

Nature of Operations, Background, and Basis of Presentation

9 Months Ended

Sep. 30, 2024

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, 2023 (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, 2023, as filed with the SEC on April 19, 2024.

The Company is a media and consumer products company engaged in the design, licensing, marketing, live streaming, and social commerce 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 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"), the TowerHill by Christie Brinkley brand (the “CB Brand”), and other proprietary brands.

●

The 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 holds a noncontrolling interest in the Isaac Mizrahi Brand through its 30% ownership interest in IM Topco, LLC; the Company accounts for its interest in IM Topco, LLC using the equity method of accounting.

●

The CB Brand is a new co-branded collaboration between Xcel and Christie Brinkley, announced in 2023 and launched in May 2024.

The Company’s brand portfolio also included the LOGO by Lori Goldstein brand (the “Lori Goldstein Brand”) as a wholly owned brand from April 1, 2021 through June 30, 2024; the Lori Goldstein Brand was divested on June 30, 2024 (see Note 3 for additional details).

The Company also owns a 30% interest in ORME Live, Inc. (“ORME”), a short-form video and social commerce marketplace that launched in April 2024.

The Company primarily generates revenue through the licensing of its brands through contractual arrangements with manufacturers and retailers. The Company, through its licensees, distributes through an omni-channel and social commerce sales strategy, which includes the promotion and sale of products under its brands through interactive television, digital live-stream shopping, social commerce, traditional brick-and-mortar retailers, and e-commerce channels, to be everywhere its customers shop.

Prior to and for a portion of 2023, the Company also engaged in wholesale and direct-to-consumer sales of products under its brands. The Company’s former wholesale and direct-to-consumer operations were presented as "Net sales" and "Cost of goods sold" in the condensed consolidated statements of operations, separately from the Company’s licensing revenues. The only net sales and cost of goods sold recognized for the nine months ended September 30, 2024 were (i) the final sale of certain residual jewelry inventories during the three months ended June 30, 2024 and (ii) the sale of all remaining inventory related to the Longaberger Brand during the three months ended September 30, 2024. As of September 30, 2024, the Company has no remaining inventory.

Liquidity and Management’s Plans

The Company incurred a net loss attributable to Company stockholders of approximately $15.3 million during the nine months ended September 30, 2024 (which included non-cash expenses of approximately $15.8 million and a $3.80 million non-cash gain on the divestiture of the Lori Goldstein Brand), and had an accumulated deficit of approximately $69.2 million as of September 30, 2024. Net cash used in operating activities was approximately $3.3 million for the nine months ended September 30, 2024, of which $2.6 million of the cash used in operating activities was attributable to the three months ended March 31, 2024. The Company had unrestricted cash and cash equivalents of approximately $0.2 million as of September 30, 2024, and a working capital deficit (current assets less current liabilities, excluding the current portions of lease obligations, deferred revenue, and any contingent obligations payable in shares) of approximately $(0.4) million as of September 30, 2024.

The aforementioned factors raise uncertainties about the Company’s ability to continue as a going concern. However, in December 2024, the Company entered into a new term loan agreement for an aggregate amount of $10 million, which provides the Company with approximately $3.5 million of additional liquidity after repayment of the previous term loan (see Note 13 for additional details). In connection with the new term loan debt, Company’s working capital increased by approximately $4.5 million subsequent to September 30, 2024.

During the year ended December 31, 2023, management implemented a plan to mitigate an expected shortfall of capital and to support future operations by shifting its business from a wholesale/licensing hybrid model into a “licensing plus” model. These restructuring initiatives included entering into various new licensing agreements and joint venture arrangements with best-in-class business partners, and reducing the Company’s payroll, overhead, and other operating costs by approximately $15 million on an annualized basis when compared to 2022.

During the first nine months of 2024, management took further actions to optimize its cost structure and manage its liquidity, including entering into a divestiture transaction (see Note 3 for details) which eliminated certain operating and compensation expenses, relieved the Company of its contractual obligations to make future cash payments of approximately $1 million, and relieved the Company of a potential future contingent obligation to make future cash payments of up to approximately $11 million. As of the third quarter of 2024, the Company has reduced its direct operating expenses to a current run rate of approximately $11 million per annum. Also during the first nine months of 2024, the Company issued new shares of common stock for net proceeds of approximately $2 million.

Based on the aforementioned 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, 2024 have been alleviated.

Trademarks and Other Intangibles (Tables)

9 Months Ended

Sep. 30, 2024

Trademarks and Other Intangibles [Abstract]

Schedule of trademarks and other intangibles


	Weighted
	Average	September 30, 2024
	Amortization	Gross Carrying		Accumulated		Net Carrying
($ in thousands)	Period	Amount		Amortization		Amount
Trademarks (finite-lived)	15 years		58,580		22,976		35,604
Copyrights and other intellectual property	8 years		429		391		38
Total		$	59,009	$	23,367	$	35,642


	Weighted
	Average	December 31, 2023
	Amortization	Gross Carrying		Accumulated		Net Carrying
($ in thousands)	Period	Amount		Amortization		Amount
Trademarks (finite-lived)	15 years		68,880		27,431		41,449
Copyrights and other intellectual property	8 years		429		358		71
Total		$	69,309	$	27,789	$	41,520

Earnings (Loss) Per Share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Earnings (Loss) Per Share

9. Earnings (Loss) Per Share

Basic earnings (loss) per share (“EPS”) is computed by dividing net income (loss) available to common stockholders by the weighted average number of common shares outstanding during the period, excluding the effects of any potentially dilutive securities. Diluted EPS reflects, in periods in which they have a dilutive effect, the effect of common shares issuable upon the exercise of 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 earnings (loss) per share computations for the three and nine months ended September 30, 2024 and 2023:


	Three Months Ended					Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
Numerator:
Net loss attributable to Xcel Brands, Inc. stockholders (in thousands)	$	(9,213)	$	(5,144)	$	(15,312)	$	(14,255)

Denominator:
Basic weighted average number of shares outstanding		23,522,453		19,749,317		22,466,737		19,683,525
Add: Effect of warrants		—		—		—		—
Add: Effect of stock options		—		—		—		—
Diluted weighted average number of shares outstanding		23,522,453		19,749,317		22,466,737		19,683,525

Basic net income (loss) per share	$	(0.39)	$	(0.26)	$	(0.68)	$	(0.72)
Diluted net income (loss) per share	$	(0.39)	$	(0.26)	$	(0.68)	$	(0.72)

As a result of the net loss for all periods presented, the Company calculated diluted EPS using basic weighted average shares outstanding for all such periods, as utilizing diluted shares would be anti-dilutive to loss per share.

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


	Three Months Ended		Nine Months Ended
	September 30,		September 30,
	2024	2023	2024	2023
Stock options	4,723,920	5,144,170	4,723,920	5,144,170
Warrants	1,184,017	1,116,065	1,184,017	1,116,065
Total	5,907,937	6,260,235	5,907,937	6,260,235

Investments in Unconsolidated Affiliates and Variable Interest Entities - Longaberger Licensing, LLC VIE (Details) - Longaberger Licensing, LLC - Variable Interest Entity, Primary Beneficiary	9 Months Ended
	Sep. 30, 2024
Schedule Of Asset Acquisition [Line Items]
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage	50.00%
Hilco Global
Schedule Of Asset Acquisition [Line Items]
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage	50.00%

Stockholders' Equity - Stock Awards (Details) - USD ($) $ / shares in Units, $ in Thousands				3 Months Ended		9 Months Ended
	Aug. 02, 2024	Apr. 03, 2024	Jan. 12, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Other disclosures
Compensation expense				$ 150		$ 320	$ 170
Consultant
Number of Other than Options
Granted (in shares)			78,000
Employee
Other disclosures
Compensation expense				$ 110		$ 110	20
Restricted Stock
Number of Other than Options
Outstanding, beginning balance (in shares)						333,333
Granted (in shares)						207,173
Vested (in shares)						(167,173)
Expired/Forfeited (in shares)						0
Outstanding, ending balance (in shares)				373,333		373,333
Weighted Average Exercise Price
Outstanding, beginning balance (in dollars per share)						$ 3.69
Granted (in dollars per share)						0.94
Vested (in dollars per share)						0.97
Expired/Forfeited (in dollars per share)						0
Outstanding, ending balance (in dollars per share)				$ 3.39		$ 3.39
Other disclosures
Unrecognized compensation expense				$ 40		$ 40
Weighted average period of recognition						1 year 29 days
Common Stock
Other disclosures
Compensation expense				$ 130	$ 30	$ 260	$ 100
Common Stock \| Non Management Directors
Number of Other than Options
Granted (in shares)		40,000
Common Stock \| Senior Management
Number of Other than Options
Granted (in shares)	14,685
Common Stock \| Executive Officer
Number of Other than Options
Granted (in shares)						74,488
Common Stock \| April 2025 \| Non Management Directors
Other disclosures
Vesting rights (percentage per year)		50.00%
Common Stock \| April 2026 \| Non Management Directors
Other disclosures
Vesting rights (percentage per year)		50.00%

Unaudited Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Accounts receivable, net of allowances	$ 30	$ 75
Preferred stock, par value (in dollars per share)	$ 0.001
Preferred stock, shares authorized (in shares)	1,000,000
Preferred stock, shares issued (in shares)	0
Preferred stock, shares outstanding (in shares)	0
Common stock, par value (in dollars per share)	$ 0.001
Common stock, shares authorized (in shares)	50,000,000
Common stock, shares issued (in shares)	23,581,290	19,795,053
Common stock, shares outstanding (in shares)	23,581,290	19,795,053

Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current Assets:
Cash and cash equivalents	$ 242	$ 2,998
Accounts receivable, net of allowances for credit losses of $30 and $75 at September 30, 2024 and December 31, 2023, respectively	2,908	3,454
Inventory		453
Prepaid expenses and other current assets	375	398
Total current assets	3,525	7,303
Non-current Assets:
Property and equipment, net	202	634
Operating lease right-of-use assets	3,923	4,453
Trademarks and other intangibles, net	35,642	41,520
Equity method investments, net	9,796	17,735
Other assets	911	15
Total non-current assets	50,474	64,357
Total Assets	53,999	71,660
Current Liabilities:
Accounts payable, accrued expenses and other current liabilities	2,602	2,236
Deferred revenue	1,376	889
Accrued income taxes payable	372	372
Current portion of operating lease obligations	1,433	1,258
Current portion of long-term debt	1,000	750
Current portion of contingent obligations		964
Total current liabilities	6,783	6,469
Long-Term Liabilities:
Deferred revenue	2,889	3,556
Long-term portion of operating lease obligations	5,633	4,021
Long-term debt, net, less current portion	3,297	3,971
Long-term portion of contingent obligation		5,432
Other long-term liabilities	431	40
Total long-term liabilities	12,250	17,020
Total Liabilities	19,033	23,489
Stockholders' Equity:
Common stock, $.001 par value, 50,000,000 shares authorized, and 23,581,290 and 19,795,053 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively	24	20
Paid-in capital	106,056	103,861
Accumulated deficit	(69,161)	(53,849)
Total Xcel Brands, Inc. stockholders' equity	36,919	50,032
Noncontrolling interest	(1,953)	(1,861)
Total Stockholders' Equity	34,966	48,171
Total Liabilities and Stockholders' Equity	$ 53,999	$ 71,660

Commitments and Contingencies

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

12. Commitments and Contingencies

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, 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 would be entitled to receive from Xcel 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.

In November 2023, this agreement was initially amended such that the purchase price adjustment provision was waived until the measurement period ending March 31, 2024.

On April 12, 2024, this agreement was further amended such that the purchase price adjustment provision within the membership purchase agreement was waived until the measurement period ending September 30, 2025. This amendment also provided that if IM Topco royalties are less than $13.5 million for the twelve-month period ending March 31, 2025 or less than $18.0 million for the year ending December 31, 2025, Xcel shall transfer equity interests in IM Topco to WHP equal to 12.5% of the total outstanding equity interests of IM Topco, such that Xcel’s ownership interest in IM Topco would decrease from 30% to 17.5%, and WHP’s ownership interest in IM Topco would increase from 70% to 82.5%.

Prior to the current quarter, no amount was recorded on the Company’s consolidated balance sheets related to this contingent obligation.

During the current quarter, management concluded that, based on current trends in and projections of IM Topco’s royalty revenues, the Company would likely be required to make such transfer of equity interests to WHP after March 31, 2025. As such, the Company estimated and recorded a contingent obligation of $6.3 million as a reduction to the carrying value of the equity method investment in the accompanying condensed consolidated balance sheet as of September 30, 2024, and recognized a corresponding non-cash charge in the condensed consolidated statements of operations for the current quarter and current nine months (see Note 2 for additional details).

Contingent Obligation – Lori Goldstein Earn-Out

In connection with the April 1, 2021 purchase of the Lori Goldstein trademarks, the Company had 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.

As of December 31, 2022, based on the performance of the Lori Goldstein Brand to date, approximately $0.2 million of additional consideration was earned by the seller, and this $0.2 million of additional consideration was paid to the seller during 2023. Based on the performance of the Lori Goldstein Brand through December 31, 2023, approximately $1.0 million of incremental additional consideration was earned by the seller, which would have been paid out in 2024. During the first quarter of 2024, the Company paid approximately $0.3 million of the $1.0 million earned.

During the current nine months, as a result of the divestiture of the Lori Goldstein Brand (as described in Note 3), the seller waived their rights with respect to the Lori Goldstein Earn-Out amounts that had been previously earned and had not yet been paid, and terminated their rights to any future payments under the Lori Goldstein Earn-Out. As a result, the Company de-recognized approximately $1.03 million of accrued Lori Goldstein Earn-Out payments and the remaining

balance of approximately $5.05 million of contingent obligations recorded on the Company’s balance sheet. As of September 30, 2024, there are no liability amounts remaining on the Company’s balance sheet related to the Lori Goldstein Earn-Out.

Legal Matters

From time to time, the Company becomes involved in legal claims and litigation in the ordinary course of business. 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.

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.

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, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Net income (loss) attributable to Xcel Brands, Inc. stockholders	$ (9,213)	$ (5,144)	$ (15,312)	$ (14,255)
Basic weighted average common shares outstanding	23,522,453	19,749,317	22,466,737	19,683,525
Diluted weighted average number of shares outstanding	23,522,453	19,749,317	22,466,737	19,683,525
Basic net income (loss) per share	$ (0.39)	$ (0.26)	$ (0.68)	$ (0.72)
Diluted net income (loss) per share	$ (0.39)	$ (0.26)	$ (0.68)	$ (0.72)

- Definition

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

+ References

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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
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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.

+ References

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+ Details

Nature of Operations, Background, and Basis of Presentation - Liquidity and Management's Plans (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended		12 Months Ended
	Sep. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2024	Nov. 30, 2024	Dec. 31, 2022
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net income	$ (9,213)		$ (5,144)	$ (15,312)	$ (14,255)
Non-cash expenses				15,800
Gain on divestiture of Lori Goldstein brand				3,801
Accumulated deficit	(69,161)			(69,161)		$ (53,849)
Net cash used in operating activities		$ 2,600		(3,307)	(2,810)
Working capital, Net	(400)			(400)
Cash and cash equivalents	981		$ 2,189	981	$ 2,189	2,998			$ 4,608
Reduction in operating expenses						15,000
Operating expense run rate				11,000
Term loan debt	4,500			4,500		$ 5,000
Increase in working capital								$ 4,500
Proceeds from public offering and private placement transactions, net of transaction costs		$ 1,902		1,902
Amount of contractual obligations relieved due to divestiture transaction	1,000			1,000
Amount of potential future contingent obligations relieved due to divestiture transaction	$ 11,000			11,000
Net proceeds from the sale of shares				2,000
First Eagle Alternative Credit, LLC [Member] \| Subsequent Event
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Face amount of term loan							$ 10,000
Additional liquidity							$ 3,500
Lori Goldstein Brand
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Gain on divestiture of Lori Goldstein brand				$ 3,800

Debt - Narrative (Details) - USD ($)		3 Months Ended	9 Months Ended
Debt - Narrative (Details) - USD ($)	Oct. 19, 2023	Sep. 30, 2024	Sep. 30, 2024	Dec. 31, 2023
Debt
Term loan debt		$ 4,500,000	$ 4,500,000	$ 5,000,000
Unamortized deferred finance costs related to term loan debt		203,000	203,000	$ 279,000
Interest expense		$ 130,000	$ 420,000
Effective interest rate (as percentage)		11.60%	11.60%
Swap contract with IDB
Debt
Derivative, fixed interest rate	9.46%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Swap contract with IDB \| IDB
Debt
Derivative, basis spread on variable rate	4.25%
New Loan Agreement
Debt
Term loan debt	$ 5,000,000.0	$ 4,500,000	$ 4,500,000
Unamortized deferred finance costs related to term loan debt	300,000
Quarterly installment amount	$ 250,000
New Loan Agreement \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt
Stated interest rate (as percentage)	4.25%

Earnings (Loss) Per Share (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Schedule of the basic and diluted net loss per share


	Three Months Ended					Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
Numerator:
Net loss attributable to Xcel Brands, Inc. stockholders (in thousands)	$	(9,213)	$	(5,144)	$	(15,312)	$	(14,255)

Denominator:
Basic weighted average number of shares outstanding		23,522,453		19,749,317		22,466,737		19,683,525
Add: Effect of warrants		—		—		—		—
Add: Effect of stock options		—		—		—		—
Diluted weighted average number of shares outstanding		23,522,453		19,749,317		22,466,737		19,683,525

Basic net income (loss) per share	$	(0.39)	$	(0.26)	$	(0.68)	$	(0.72)
Diluted net income (loss) per share	$	(0.39)	$	(0.26)	$	(0.68)	$	(0.72)

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

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


	Three Months Ended		Nine Months Ended
	September 30,		September 30,
	2024	2023	2024	2023
Stock options	4,723,920	5,144,170	4,723,920	5,144,170
Warrants	1,184,017	1,116,065	1,184,017	1,116,065
Total	5,907,937	6,260,235	5,907,937	6,260,235

Earnings (Loss) Per Share - Anti-dilutive Securities Excluded (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive securities	5,907,937	6,260,235	5,907,937	6,260,235
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive securities	4,723,920	5,144,170	4,723,920	5,144,170
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive securities	1,184,017	1,116,065	1,184,017	1,116,065

Related Party Transactions - Debt Refinancing (Details) - IPX - USD ($)		1 Months Ended
	Dec. 12, 2024	Dec. 31, 2024	Oct. 31, 2024
Asset Purchase Agreement
Advance received		$ 250,000	$ 250,000
Advances repaid	$ 200,000	$ 200,000
Participation interest		12.50%
Face amount of term loan		$ 500,000

Subsequent Events

9 Months Ended

Sep. 30, 2024

Subsequent Event

Subsequent Events

13. Subsequent Events

Debt Refinancing

On December 12, 2024, the Company and certain of its subsidiaries entered into a new loan and security agreement with FEAC Agent, LLC, as administrative agent and collateral agent, FEF Distributors, LLC, as lead arranger, and Restore Capital, LLC, as agent for certain lenders, pursuant to which the lenders made term loans to the Company and agreed to make additional term loans to the Company upon the satisfaction of a condition precedent described in the loan agreement. The term loans under the loan agreement are as follows: (1) a term loan in the amount of $3.95 million (“Term Loan A”) was made on the closing date, (2) a term loan in the amount of $4.0 million (“Term Loan B”) was made on the closing date, and (3) a term loan in the amount of $2.05 million (“Delayed Draw Term Loan”; Term Loan A, Term Loan B and Delayed Draw Term Loan are referred to as “Term Loans”) which will be made upon the satisfaction of a condition precedent described in the loan agreement. The proceeds from Term Loan A and Term Loan B were used to repay the remaining balance of the Company’s October 2023 term loan with IDB, as well as to pay fees, costs, and expenses incurred in connection with entering into the new loan agreement, and the balance may be used for working capital purposes. The proceeds from the Delayed Draw Term Loan will be deposited in a bank account to satisfy a liquidity covenant in the loan agreement.

Principal amounts on Term Loans are payable on a pro rata basis in quarterly installments of $250,000 on each of March 31, June 30, September 30, and December 31 of each year, commencing on March 31, 2026, with the unpaid balance due at the maturity date of December 12, 2028.

Interest on Term Loans accrues at an annual rate equal to the secured overnight financing rate as administered by the Federal Reserve Bank of New York for an interest period equal to three months, subject to a 2.0% floor, plus (i) 8.5% for Term Loan A and Delayed Draw Term Loan and (ii) 13.5% for Term Loan B. Interest on amounts outstanding under the Term Loans accrues daily and is payable at the end of each calendar month.

The Term Loans are guaranteed by certain direct and indirect subsidiaries of the Company, and are secured by all of the asset of the Company and such subsidiaries. The loan agreement contains various customary financial covenants and reporting requirements, as specified and defined in the loan agreement.

In connection with the loan agreement, the Company issued warrants to purchase an aggregate of 1,456,667 shares of the Company’s common stock. These warrants have an exercise price of $0.6315 per share, are immediately exercisable, and expire on December 12, 2034.

Further, IPX Capital, LLC, a company controlled by Mr. D’Loren, purchased a 12.5% undivided, last-out, subordinated participation interest in Term Loan B for a purchase price of $500,000; IPX also received 153,333 of the aforementioned warrants, which is the pro rata share of the Term B Lenders’ warrants that were issued by the Company. Also, in October 2024, IPX made a $250,000 non-interest-bearing advance to one of the Company’s subsidiaries, of which $200,000 was repaid to IPX upon the closing of the December 12, 2024 debt refinancing transaction.

Shares Issued to Executives

On October 31, 2024, the Company issued an aggregate of 27,311 shares of common stock to executives, in accordance with the terms of the amended employment agreements with Mr. D’Loren and Mr. Burroughs (see Note 8 for details).

On November 30, 2024, the Company issued an aggregate of 31,372 shares of common stock to executives, in accordance with the terms of the amended employment agreements with Mr. D’Loren and Mr. Burroughs (see Note 8 for details).

Guarantee

Stockholders' Equity - Stock-based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Stockholders' Equity
Compensation expense	$ 150		$ 320	$ 170
Director and Consultants
Stockholders' Equity
Compensation expense	40	$ 50	210	150
Employee
Stockholders' Equity
Compensation expense	$ 110		$ 110	$ 20

- 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

Subsequent Events - Narrative (Details) - USD ($)						1 Months Ended		3 Months Ended		9 Months Ended
Subsequent Events - Narrative (Details) - USD ($)	Dec. 12, 2024	Jul. 31, 2024	Mar. 19, 2024	Mar. 15, 2024	Mar. 14, 2024	Dec. 31, 2024	Oct. 31, 2024	Sep. 30, 2024	Mar. 31, 2024	Sep. 30, 2024	Dec. 03, 2024	Nov. 30, 2024	Dec. 31, 2023
Subsequent Event [Line Items]
Term loan debt								$ 4,500,000		$ 4,500,000			$ 5,000,000
Sublease income								$ 200,000		$ 500,000
Purchaseable stock								23,581,290		23,581,290			19,795,053
Common stock issued								23,581,290		23,581,290			19,795,053
Net proceeds from the sale of shares										$ 2,000,000
Proceeds from public offering and private placement transactions, net of transaction costs									$ 1,902,000	$ 1,902,000
Percentage of salary paid in stock		40.00%
Percentage of salary divided by share price		40.00%
If Royalties Receivable Less Than Specified Amount
Subsequent Event [Line Items]
Ownership equity transferable										12.50%
Threshold royalties below which the equity interest would be transferable								$ 13,500,000		$ 13,500,000
Public Offering and Private Placement
Subsequent Event [Line Items]
Common stock issued				3,579,064
Proceeds from public offering and private placement transactions, net of transaction costs				$ 1,900,000
Public Offering [Member]
Subsequent Event [Line Items]
Purchaseable stock			3,284,422	3,284,422
Common stock price			$ 0.65	$ 0.65
Net proceeds from the sale of shares			$ 1,700,000
Private Placement [Member]
Subsequent Event [Line Items]
Common stock price					$ 0.98
Net proceeds from the sale of private placement shares					$ 300,000
Agreements [Member] \| Private Placement [Member]
Subsequent Event [Line Items]
Common stock issued					294,642
Chief Executive Officer \| Public Offering [Member]
Subsequent Event [Line Items]
Common stock issued			146,250
Chief Executive Officer \| Private Placement [Member]
Subsequent Event [Line Items]
Common stock issued					132,589
Director \| Public Offering [Member]
Subsequent Event [Line Items]
Common stock issued			146,250
Director \| Private Placement [Member]
Subsequent Event [Line Items]
Common stock issued					132,589
Executive Vice President [Member] \| Public Offering [Member]
Subsequent Event [Line Items]
Common stock issued			32,500
Executive Vice President [Member] \| Private Placement [Member]
Subsequent Event [Line Items]
Common stock issued					29,464
IPX
Subsequent Event [Line Items]
Face amount of term loan						$ 500,000
Participation interest						12.50%
Advance received						$ 250,000	$ 250,000
Advances repaid	$ 200,000					$ 200,000
Subsequent Events \| Chief Executive Officer
Subsequent Event [Line Items]
Common stock issued							27,311					31,372
Subsequent Events \| FEAC
Subsequent Event [Line Items]
Quarterly installment amount	$ 250,000
Stated interest rate (as percentage)	2.00%
Warrants outstanding, exercise price (in dollars per share)	$ 0.6315
Shares issuable under warrants (in shares)	1,456,667
Subsequent Events \| FEAC \| Term Loan A
Subsequent Event [Line Items]
Term loan debt	$ 3,950,000
Basis spread on variable rate	8.50%
Subsequent Events \| FEAC \| Term Loan B
Subsequent Event [Line Items]
Term loan debt	$ 4,000,000.0
Basis spread on variable rate	13.50%
Subsequent Events \| FEAC \| Delayed Draw Term Loan
Subsequent Event [Line Items]
Term loan debt	$ 2,050,000.00
Subsequent Events \| IPX
Subsequent Event [Line Items]
Shares issuable under warrants (in shares)											153,333
Subsequent Events \| IPX \| Term Loan B
Subsequent Event [Line Items]
Term loan debt	$ 500,000
Participation interest	12.50%

Nature of Operations, Background, and Basis of Presentation (Details)	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023	May 31, 2022
Longaberger Licensing, LLC \| Variable Interest Entity, Primary Beneficiary
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage	50.00%
IM Topco, LLC
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Ownership interest	30.00%		30.00%
ORME
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

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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483194/926-20-65-2

Reference 66: http://www.xbrl.org/2003/role/disclosureRef
-Topic 926
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483194/926-20-65-2

Reference 67: http://www.xbrl.org/2003/role/disclosureRef
-Topic 926
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483194/926-20-65-2

Reference 68: 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 69: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 70: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 71: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(4)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 72: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 73: 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 74: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483421/250-10-45-6

Reference 75: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482833/825-10-65-6

Reference 76: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482833/825-10-65-6

Reference 77: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482833/825-10-65-6

Reference 78: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482833/825-10-65-6

Reference 79: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 80: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 81: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 82: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 83: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 84: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 85: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 86: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 87: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 88: 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 89: 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 90: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481925/310-20-65-2

Reference 91: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481925/310-20-65-2

Reference 92: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480424/946-10-50-3

+ Details

Stockholders' Equity - Stock Options (Details) - USD ($)		3 Months Ended		9 Months Ended		12 Months Ended
	Apr. 03, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Other disclosures
Compensation expense		$ 150,000		$ 320,000	$ 170,000
Employee
Other disclosures
Compensation expense		$ 110,000		$ 110,000	20,000.00
Employee Stock Option Member
Number of Options
Outstanding, beginning balance (in shares)				5,148,540
Granted (in shares)				100,000
Exercised (in shares)				0
Expired/Forfeited (in shares)				(524,620)
Outstanding, ending balance (in shares)		4,723,920		4,723,920		5,148,540
Exercisable (in shares)		973,920		973,920
Weighted Average Exercise Price
Outstanding, beginning balance (in dollars per share)				$ 2.03
Granted (in dollars per share)				0.85
Exercised (in dollars per share)				0
Expired/Forfeited (in dollars per share)				2.93
Outstanding, ending balance (in dollars per share)		$ 1.90		1.90		$ 2.03
Exercisable (in dollars per share)		$ 2.72		$ 2.72
Other disclosures
Outstanding Weighted Average Remaining Contractual Life (in Years)				3 years 10 months 24 days		4 years 3 months 3 days
Exercisable Weighted Average Remaining Contractual Life (in Years)				1 year 6 months 3 days
Aggregate Intrinsic Value, Outstanding		$ 0		$ 0		$ 0
Aggregate Intrinsic Value, Exercisable		0		0
Compensation expense		20,000.00	$ 20,000.00	60,000.00	$ 70,000.00
Unrecognized compensation expense		$ 60,000.00		$ 60,000.00
Weighted average period of recognition				1 year 25 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)	$ 0.85
Other disclosures
Vesting rights (percentage per year)	50.00%

Divestiture Transaction - Narrative (Details) - USD ($)		9 Months Ended
Divestiture Transaction - Narrative (Details) - USD ($)	Jun. 30, 2024	Sep. 30, 2024
Gain on divestiture of Lori Goldstein brand		$ 3,801,000
Lori Goldstein Brand
Compensation for services rendered		25,000
Total consideration		6,080,000.00
Waiver of earn out payments		1,030,000.00
Release of contingent obligations		5,050,000.00
Proceeds from sale of assets	$ 1,930,000	1,930,000
Legal fees		350,000
Gain on divestiture of Lori Goldstein brand		$ 3,800,000

Unaudited Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Public Offering and Private Placement	Common Stock Employees	Common Stock Consultants	Common Stock Director	Common Stock	Paid-in Capital Employees	Paid-in Capital Consultants	Paid-in Capital	Accumulated Deficit	Noncontrolling Interest	Employees	Consultants	Total
Balances at Dec. 31, 2022					$ 20			$ 103,592	$ (32,797)	$ (676)			$ 70,139
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					51
Shares issued to consultant in connection with stock grant							$ 6					$ 6
Shares issued to consultant in connection with stock grant (in shares)			8,334
Net income (loss)									(5,643)	(295)			(5,938)
Balances at Mar. 31, 2023					$ 20			103,649	(38,440)	(971)			64,258
Balances (in shares) at Mar. 31, 2023					19,633,194
Balances at Dec. 31, 2022					$ 20			103,592	(32,797)	(676)			70,139
Balances (in shares) at Dec. 31, 2022					19,624,860
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)													(15,042)
Balances at Sep. 30, 2023					$ 20			103,804	(47,052)	(1,463)			55,309
Balances (in shares) at Sep. 30, 2023					19,800,053
Balances at Mar. 31, 2023					$ 20			103,649	(38,440)	(971)			64,258
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					27
Shares issued to consultant in connection with stock grant							39					39
Shares issued to consultant in connection with stock grant (in shares)			58,334
Shares issued on exercises of stock options, net of shares surrendered for cashless exercises (in shares)					9,128
Net income (loss)									(3,468)	(233)			(3,701)
Balances at Jun. 30, 2023					$ 20			103,715	(41,908)	(1,204)			60,623
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					36
Contra-revenue related to warrants held by licensee								16					16
Shares issued in connection with stock grant						$ 10					$ 10
Shares issued in connection with stock grant (in shares)		7,300
Shares issued in connection with restricted stock grants (in shares)				40,000
Shares issued on exercises of stock options, net of shares surrendered for cashless exercises								27					27
Shares issued on exercises of stock options, net of shares surrendered for cashless exercises (in shares)					52,097
Net income (loss)									(5,144)	(259)			(5,403)
Balances at Sep. 30, 2023					$ 20			103,804	(47,052)	(1,463)			55,309
Balances (in shares) at Sep. 30, 2023					19,800,053
Balances at Jun. 30, 2023					$ 20			103,715	(41,908)	(1,204)			60,623
Balances (in shares) at Jun. 30, 2023					19,700,656
Balances at Sep. 30, 2024					$ 24			106,056	(69,161)	(1,953)			$ 34,966
Balances (in shares) at Sep. 30, 2024					23,581,290
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock, shares issued (in shares)													19,795,053
Balances at Dec. 31, 2023					$ 20			103,861	(53,849)	(1,861)			$ 48,171
Balances (in shares) at Dec. 31, 2023					19,795,053
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Compensation expense related to stock options and restricted stock								36					36
Contra-revenue related to warrants held by licensee								10					10
Shares issued in connection with stock grant							$ 98					$ 98
Shares issued in connection with stock grant (in shares)			78,000
Shares issued in connection with public offering and private placement transactions, net of transaction costs					$ 3			1,899					1,902
Net income (loss)									(6,294)	(51)			(6,345)
Balances at Mar. 31, 2024					$ 23			105,904	(60,143)	(1,912)			43,872
Balances (in shares) at Mar. 31, 2024					23,452,117
Balances at Dec. 31, 2023					$ 20			103,861	(53,849)	(1,861)			48,171
Balances (in shares) at Dec. 31, 2023					19,795,053
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued in connection with public offering and private placement transactions, net of transaction costs													1,902
Net income (loss)													(15,404)
Balances at Sep. 30, 2024					$ 24			106,056	(69,161)	(1,953)			34,966
Balances (in shares) at Sep. 30, 2024					23,581,290
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued in connection with public offering and private placement transactions, net of transaction costs	$ 1,900
Common stock, shares issued (in shares)	3,579,064
Common stock, shares issued (in shares)					3,579,064
Balances at Mar. 31, 2024					$ 23			105,904	(60,143)	(1,912)			43,872
Balances (in shares) at Mar. 31, 2024					23,452,117
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Compensation expense related to stock options and restricted stock								32					32
Contra-revenue related to warrants held by licensee								10					10
Shares issued in connection with stock grant (in shares)				40,000
Net income (loss)									195	(34)			161
Balances at Jun. 30, 2024					$ 23			105,946	(59,948)	(1,946)			44,075
Balances (in shares) at Jun. 30, 2024					23,492,117
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Compensation expense related to stock options and restricted stock								37					37
Contra-revenue related to warrants held by licensee								9					9
Shares issued in connection with stock grant						$ 10					$ 10
Shares issued in connection with stock grant (in shares)		14,685
Share issued to executives for pro rata portion of base salaries, net of withholding taxes					$ 1			54					55
Shares issued to executives for pro rata portion of base salaries, net of withholding taxes (in shares)					74,488
Net income (loss)									(9,213)	(7)			(9,220)
Balances at Sep. 30, 2024					$ 24			$ 106,056	$ (69,161)	$ (1,953)			$ 34,966
Balances (in shares) at Sep. 30, 2024					23,581,290
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock, shares issued (in shares)													23,581,290

Debt - Net Carrying Amount of Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
Term loan debt	$ 4,500	$ 5,000
Unamortized deferred finance costs related to term loan debt	(203)	(279)
Total	4,297	4,721
Current portion of debt	1,000	750
Long-term debt	$ 3,297	$ 3,971

- Definition

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

+ References + Details

Leases - Maturities of Future Lease Obligations (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Leases [Abstract]
2024 (July 1 through December 31)	$ 388
2025	1,926
2026	2,060
2027	1,841
2028	570
Thereafter	2,005
Total lease payments	8,790
Less: Discount	1,724
Present value of lease liabilities	7,066
Current portion of lease liabilities	1,433	$ 1,258
Non-current portion of lease liabilities	$ 5,633	$ 4,021

Trademarks and Other Intangibles - Schedule of Trademarks and Other Intangibles (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Trademarks and Other Intangibles
Gross Carrying Amount	$ 59,009	$ 69,309
Accumulated Amortization	23,367	$ 27,789
Total	$ 35,642
Trademarks (finite-lived)
Trademarks and Other Intangibles
Weighted Average Amortization Period	15 years	15 years
Gross Carrying Amount	$ 58,580	$ 68,880
Accumulated Amortization	22,976	27,431
Total	$ 35,604	$ 41,449
Copyrights and other intellectual property
Trademarks and Other Intangibles
Weighted Average Amortization Period	8 years	8 years
Gross Carrying Amount	$ 429	$ 429
Accumulated Amortization	391	358
Total	$ 38	$ 71

Stockholders' Equity - Equity Incentive Plans (Details)	Sep. 30, 2024 shares
Stockholders' Equity
Shares are granted available for issuance (in shares)	2,900,118
Equity Incentive Plans [Member]
Stockholders' Equity
Shares of common stock reserved for issuance (in shares)	7,625,103
2011 Equity Incentive Plan \| Unexercised Stock Options
Stockholders' Equity
Shares of common stock reserved for issuance (in shares)	4,234,985
2021 Equity Incentive Plan
Stockholders' Equity
Number of common stock eligible for issuance	4,000,000
2021 Equity Incentive Plan \| Unexercised Stock Options
Stockholders' Equity
Shares of common stock reserved for issuance (in shares)	490,000
Not related to plan
Stockholders' Equity
Shares of common stock reserved for issuance (in shares)	1,182,952
Not related to plan \| Warrants
Stockholders' Equity
Shares of common stock reserved for issuance (in shares)	182,952
Not related to plan \| Halston License
Stockholders' Equity
Shares of common stock reserved for issuance (in shares)	1,000,000

Stockholders' Equity - Warrants (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended	15 Months Ended
Stockholders' Equity - Warrants (Details) - USD ($)	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Sep. 30, 2024	May 15, 2023
Other disclosures
Compensation expense	$ 150,000		$ 320,000	$ 170,000
Purchaseable stock	23,581,290		23,581,290		19,795,053	23,581,290
Warrants
Number of Other than Options
Outstanding and exercisable, beginning balance (in shares)			1,116,065
Issued (in shares)			182,952
Exercised (in shares)			0
Expired/Forfeited (in shares)			(115,000)
Outstanding, ending balance (in shares)	1,184,017		1,184,017		1,116,065	1,184,017
Exercisable (in shares)	184,017		184,017			184,017
Weighted Average Exercise Price
Outstanding and exercisable, beginning balance (in dollars per share)			$ 1.67
Issued (in dollars per share)			0.81
Exercised (in dollars per share)			0
Expired/Forfeited (in dollars per share)			3.17
Outstanding, ending balance (in dollars per share)	$ 1.39		1.39		$ 1.67	$ 1.39
Exercisable, ending balance (in dollars per share)	$ 0.81		$ 0.81			$ 0.81
Weighted Average Remaining Contractual Life (in Years), Outstanding			7 years 11 months 23 days		8 years 5 months 15 days
Weighted Average Contractual Life (in Years), Exercisable			4 years 5 months 8 days
Aggregate Intrinsic Value, Outstanding	$ 0		$ 0		$ 0	$ 0
Aggregate Intrinsic Value, Exercisable	0		0			0
Other disclosures
Compensation expense	$ 0	$ 0	0	0
Warrants \| Halston License
Other disclosures
Warrant term							10 years
Purchaseable stock							1,000,000
Warrants outstanding, exercise price (in dollars per share)							$ 1.50
Contra-revenue related to warrants held by licensee			$ 30,000.00	$ 20,000.00		$ 10,000.00
Number of shares vested			0

Debt

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Debt

7. Debt

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


	September 30,		December 31,
($ in thousands)	2024		2023
Term loan debt	$	4,500	$	5,000
Unamortized deferred finance costs related to term loan debt		(203)		(279)
Total		4,297		4,721
Current portion of debt		1,000		750
Long-term debt	$	3,297	$	3,971

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 with Israel Discount Bank of New York (“IDB”). Pursuant to this loan agreement, IDB made a term loan to the Company in the aggregate amount of $5.0 million. The proceeds of this term loan were used to pay fees, costs, and expenses incurred in connection with entering into the loan agreement, and may be used for working capital purposes. Such costs incurred in connection with the borrowing included a commitment fee paid to IDB, plus various legal and other fees. These fees and costs totaling $0.3 million have been deferred on the Company’s balance sheet as a reduction of the carrying value of the term loan debt, and are being amortized to interest expense over the term of the debt using the effective interest method.

In connection with this term 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 October 2023 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 October 2023 loan agreement.

The term loan matures on October 19, 2028. Principal on the term loan is payable in quarterly installments of $250,000 on each of January 2, April 1, July 1, and October 1 of 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.

As of September 30, 2024, the aggregate remaining principal payments under the term loan were as follows:


	Amount of
($ in thousands)	Principal
Year Ending December 31,	Payment
2024 (October 1 through December 31)	$	250
2025		1,000
2026		1,000
2027		1,000
2028		1,250
Total	$	4,500

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. 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 October 2023 term loan principal amount. The fair value of this swap agreement was immaterial as of September 30, 2024 and December 31, 2023.

For the current quarter and current 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 $0.13 million and $0.42 million, respectively, reflecting an effective interest rate of approximately 11.6%.

The term loan agreement also 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. The Company was in compliance with all applicable covenants under the loan agreement as of and for all periods presented in the financial statements.

Income Taxes

9 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Abstract]

Income Taxes

10. Income Taxes

The estimated annual effective income tax rate for the current quarter and the prior year quarter was approximately 0% for both periods, resulting in an income tax provision (benefit) of $0 for both periods. The effective tax rate differed from the federal statutory rate due to the recording of a valuation allowance against the provision (benefit) and any deferred tax assets or liabilities that would have otherwise been recognized, as it was considered not more likely than not that any net operating losses generated during each period will be utilized in future periods.

The estimated annual effective income tax rate for the current nine months and the prior year nine months was approximately 0% for both periods, resulting in an income tax provision (benefit) of $0 for both periods. The effective tax rate differed from the federal statutory rate due to the recording of a valuation allowance against the provision (benefit) that would have otherwise been recognized, as it was considered not more likely than not that the net operating losses generated during each period will be utilized in future periods.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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+ Details

Stockholders' Equity

9 Months Ended

Sep. 30, 2024

Stockholders' Equity Note [Abstract]

Stockholders' Equity

8. Stockholders’ Equity

Public Offering and Private Placement Transactions

On March 15, 2024, the Company entered into an underwriting agreement with Craig-Hallum Capital Group LLC (the “Representative”), as the representative of the underwriters, relating to a firm commitment underwritten public offering (the “Offering”) of 3,284,422 shares of the Company’s common stock at a price to the public of $0.65 per share.

The closing of the Offering occurred on March 19, 2024. The net proceeds to the Company from the sale of the shares, after deducting the underwriting discounts and commissions and other estimated offering expenses payable by the Company, were approximately $1.7 million.

Upon closing of the Offering, the Company issued the Representative certain warrants to purchase up to 182,952 shares of common stock (the “Representative’s Warrants”) as compensation, which amount was offset against the proceeds received. The Representative’s Warrants will be exercisable at a per share exercise price of $0.8125. The Representative’s Warrants are exercisable, in whole or in part, during the four and one-half-year period commencing 180 days from the commencement of sales of the shares of common stock in the Offering.

In connection with the Offering, on March 14, 2024, the Company entered into subscription agreements with each of Robert W. D’Loren, Chairman and Chief Executive Officer of the Company; an affiliate of Mark DiSanto, a director of the Company; and Seth Burroughs, Executive Vice President of Business Development and Treasury of the Company to purchase 132,589, 132,589, and 29,464 shares, respectively (collectively, the “Private Placement Shares”), at a price of $0.98 per Private Placement Share. The total number of Private Placement Shares purchased was 294,642. Net proceeds after payment of agent fees to the Representative were approximately $0.3 million. The purchase of the Private Placement Shares closed concurrently with the Offering.

The aggregate number of shares of common stock issued from the Offering and the Private Placement was 3,579,064 shares and the total net proceeds received was approximately $1.9 million.

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 by recognizing the fair value of such 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 $0.15 million and $0.05 million for the current quarter and prior year quarter, respectively. Of the current quarter expense amount, approximately $0.11 million related to employees and approximately $0.04 million related to directors and consultants. Of the prior year quarter expense amount, the majority of the expense was related to directors and consultants.

Total expense recognized for all forms of stock-based compensation in the current nine months and prior year nine months was approximately $0.32 million and $0.17 million, respectively. Of the current nine months expense amount, approximately $0.11 million related to employees and approximately $0.21 million related to directors and consultants. Of the prior year nine months expense amount, approximately $0.02 million related to employees and approximately $0.15 million related to directors and consultants.

Stock Options

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


				Weighted
				Average
		Weighted		Remaining
		Average		Contractual	Aggregate
	Number of	Exercise		Life	Intrinsic
	Options	Price		(in Years)	Value
Outstanding at January 1, 2024	5,148,540	$	2.03	4.26	$	—
Granted	100,000		0.85
Exercised	—		—
Expired/Forfeited	(524,620)		2.93
Outstanding at September 30, 2024, and expected to vest	4,723,920	$	1.90	3.90	$	—
Exercisable at September 30, 2024	973,920	$	2.72	1.51	$	—

On April 3, 2024, 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 $0.85 per share, and 50% of the options vest on each of April 3, 2025 and April 3, 2026.

Compensation expense related to stock options for the current quarter and the prior year quarter was approximately $0.02 million and $0.02 million, respectively. Compensation expense related to stock options for the current nine months and the prior year nine months was approximately $0.06 million and $0.07 million, respectively. Total unrecognized compensation expense related to unvested stock options at September 30, 2024 was approximately $0.06 million and is expected to be recognized over a weighted average period of approximately 1.07 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, 2024	3,750,000	$	0.04
Granted	100,000		0.47
Vested	(100,000)		0.90
Forfeited or Canceled	—		—
Balance at September 30, 2024	3,750,000	$	0.03

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, 2024	333,333	$	3.69
Granted	207,173		0.94
Vested	(167,173)		0.97
Expired/Forfeited	—		—
Outstanding at September 30, 2024	373,333	$	3.39

On January 12, 2024, the Company issued 78,000 shares of common stock to a consultant, which vested immediately.

On April 3, 2024, the Company issued an aggregate of 40,000 shares of common stock to non-management directors, of which 50% shall vest on April 3, 2025, and 50% shall vest on April 3, 2026.

On July 30, 2024, the Company entered into amendments to the employment agreements dated February 27, 2019 with each of Robert W. D’Loren, its Chairman of the Board, Chief Executive Officer and President, and Seth Burroughs, its Executive Vice President of Business Development. Pursuant to each amendment, the Company agreed with the respective executive officer that commencing July 16, 2024 and ending December 31, 2025, the executive officer shall accept and the Company shall pay for each month 40% of such executive officer’s pro rata portion of Base Salary (as defined in the respective employment agreement) for each such month through the issuance of shares of the Company’s common stock. The shares of common stock will be issued on the last day of each month, and the number of shares issuable for a month to Mr. D’Loren and Mr. Burroughs shall be determined by dividing 40% of executive officer’s pro-rated Base Salary for such month by the closing sale price of the Company’s common stock on the last trading day of such month. Each of Mr.

D’Loren and Mr. Burroughs are permitted to pay the withholding tax through the exchange of a portion of the shares. As a result of these amendments, the Company issued an aggregate of 74,488 shares of common stock (which vested immediately) to executives for the current quarter and current nine months.

Also, on August 2, 2024, the Company issued 14,685 shares of common stock to a member of management, which vested immediately.

Compensation expense related to stock awards was approximately $0.13 million for the current quarter and approximately $0.03 million for the prior year quarter. Compensation expense related to stock awards was approximately $0.26 million for the current nine months and approximately $0.10 million for the prior year nine months. Total unrecognized compensation expense related to unvested restricted stock grants at September 30, 2024 was approximately $0.04 million and is expected to be recognized over a weighted average period of approximately 1.08 years.

Restricted Stock Units

There were no restricted stock units outstanding as of September 30, 2024 and December 31, 2023, and no restricted stock units have been issued since the inception of the 2021 Plan.

Shares Available Under the Company’s Equity Incentive Plans

At September 30, 2024, there were 2,900,118 shares of common stock available for future award grants under the 2021 Plan.

Shares Reserved for Issuance

As of September 30, 2024, there were 7,625,103 shares of common stock reserved for issuance under the Company’s Equity Incentive Plans, including 4,234,985 shares reserved pursuant to unexercised warrants and stock options previously granted under the 2011 Plan, 490,000 shares reserved pursuant to unexercised stock options granted under the 2021 Plan, and 2,900,118 shares available for issuance under the 2021 Plan.

As of September 30, 2024, there were also 1,182,952 shares of common stock reserved for issuance that were unrelated to the Company’s Equity Incentive Plans, including 1,000,000 shares reserved pursuant to unexercised warrants related to the Halston Master License (as described below) and 182,952 shares reserved pursuant to unexercised Representative’s Warrants related to the March 19, 2024 Offering (as described above).

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, 2024	1,116,065	$	1.67	8.46	$	—
Issued	182,952		0.81
Exercised	—		—
Expired/Forfeited	(115,000)		3.17
Outstanding at September 30, 2024	1,184,017	$	1.39	7.98	$	—
Exercisable at September 30, 2024	184,017	$	0.81	4.44	$	—

Warrants issued during the current nine months were related to the March 19, 2024 Offering (see “Public Offering and Private Placement Transactions” above for details). There was no compensation expense recognized during the current nine months related to these warrants.

In connection with the entrance into the Halston Master License (see Note 5), the Company issued to G-III 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 is being 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 recognized related to this warrant during the current quarter and prior year quarter was approximately $0.01 million in each period. The amount of contra-revenue recognized related to this warrant during the current nine months and prior year nine months was approximately $0.03 million and $0.02 million, respectively. As of September 30, 2024, no portion of this warrant had vested.

Excluding the contra-revenue recognized with respect to the Halston Master License warrant, there was no compensation expense related to warrants recognized in any of the periods presented.

- 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)
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+ Details

Significant Contracts and Concentrations - Halston Master License (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended		15 Months Ended
	May 15, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Dec. 31, 2023
Subsequent Event [Line Items]
Deferred revenue, current		$ 1,376		$ 1,376		$ 1,376	$ 889
Deferred revenue, long-term liability		2,889		2,889		2,889	3,556
Licensing revenue		1,912	$ 2,637	7,050	$ 15,468
Net licensing revenue
Subsequent Event [Line Items]
Licensing revenue		1,505	$ 2,381	6,515	7,031
Halston License
Subsequent Event [Line Items]
Additional royalty payable term	20 years
Total purchase price	$ 5,000
Deferred revenue		3,800		3,800		3,800	4,400
Deferred revenue, current		900		900		900	900
Deferred revenue, long-term liability		$ 2,900		$ 2,900		2,900	$ 3,500
Recognition period of deferred revenue				4 years 3 months
Licensing revenue				$ 1,930	$ 980	$ 640
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 \| Net licensing revenue \| Sales [Member] \| Customer Concentration Risk [Member]
Subsequent Event [Line Items]
Concentration risk, percentage		33.00%	25.00%	27.00%	6.00%

Debt - Xcel Term Loan Remaining Principal Payments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Oct. 19, 2023
Debt
Total	$ 4,500	$ 5,000
New Loan Agreement
Debt
2024 (July 1 through December 31)	250
2025	1,000
2026	1,000
2027	1,000
2028	1,250
Total	$ 4,500		$ 5,000

- 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

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+ Details

Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2024

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, 2024	5,148,540	$	2.03	4.26	$	—
Granted	100,000		0.85
Exercised	—		—
Expired/Forfeited	(524,620)		2.93
Outstanding at September 30, 2024, and expected to vest	4,723,920	$	1.90	3.90	$	—
Exercisable at September 30, 2024	973,920	$	2.72	1.51	$	—

Summary of Stock Option Activity for Non-Vested Options


		Weighted
		Average
	Number of	Grant Date
	Options	Fair Value
Balance at January 1, 2024	3,750,000	$	0.04
Granted	100,000		0.47
Vested	(100,000)		0.90
Forfeited or Canceled	—		—
Balance at September 30, 2024	3,750,000	$	0.03

Summary of Restricted Stock Activity


		Weighted
	Number of	Average
	Restricted	Grant Date
	Shares	Fair Value
Outstanding at January 1, 2024	333,333	$	3.69
Granted	207,173		0.94
Vested	(167,173)		0.97
Expired/Forfeited	—		—
Outstanding at September 30, 2024	373,333	$	3.39

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, 2024	1,116,065	$	1.67	8.46	$	—
Issued	182,952		0.81
Exercised	—		—
Expired/Forfeited	(115,000)		3.17
Outstanding at September 30, 2024	1,184,017	$	1.39	7.98	$	—
Exercisable at September 30, 2024	184,017	$	0.81	4.44	$	—

Investments in Unconsolidated Affiliates and Variable Interest Entities

9 Months Ended

Sep. 30, 2024

Investments in Unconsolidated Affiliates and Variable Interest Entities [Abstract]

Investments in Unconsolidated Affiliates and Variable Interest Entities

2. Investments in Unconsolidated Affiliates and Variable Interest Entities

Investment in IM Topco, LLC

On May 31, 2022, Xcel sold 70% of the membership interests of IM Topco, LLC (“IM Topco”), a former subsidiary which holds the trademarks and other intellectual property rights relating to the Isaac Mizrahi Brand, to a subsidiary of WHP Global (“WHP”), a private equity-backed brand management and licensing company.

The Company accounts for its 30% retained interest in the ongoing operations of IM Topco as a component of other operating costs and expenses 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.

Further, on April 12, 2024, the Company, WHP, and IM Topco entered into an amendment of the business venture agreement, such that on and after January 1, 2026, WHP shall receive 50% of the net cash flow which would otherwise be payable to Xcel, until WHP has received an aggregate amount of additional net cash flow equal to $1,000,000.

Based on these distribution provisions, the Company recognized an equity method loss related to its investment in IM Topco of $0.52 million for each of the three-month periods ended September 30, 2024 and 2023, and $1.55 million for each of the nine-month periods ended September 30, 2024 and 2023. For cash flow earnings (i.e., net income before intangible asset amortization expense), management allocated the 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 to Xcel’s share of amortization expense.

Summarized financial information for IM Topco for the three and nine months ended September 30, 2024 and 2023 is as follows:


	For the three months ended				For the nine months ended
	September 30,				September 30,
($ in thousands)	2024		2023		2024		2023
Revenues	$	1,952	$	3,219	$	7,133	$	9,819
Gross profit		1,952		3,219		7,133		9,819
Loss from continuing operations		(1,139)		(91)		(2,212)		(348)
Net loss		(1,139)		(91)		(2,212)		(348)

Purchase Price Adjustment: In accordance with the May 31, 2022 membership interest purchase agreement, as amended, WHP (as buyer) may be entitled to receive from Xcel 12.5% of the total outstanding equity interests of IM Topco if, during

the twelve-month period ending March 31, 2025, IM Topco receives less than $13.5 million in aggregate royalties (the “Purchase Price Adjustment”). Based on current trends and projections of IM Topco’s revenues, the Company estimates that there is high likelihood that IM Topco’s revenues will be less than the required minimum and the Company will be obligated to transfer the required membership interests to WHP in accordance with the Purchase Price Adjustment. The Company has recorded a contingent obligation of approximately $6.3 million as a reduction to the carrying value of the equity method investment as of September 30, 2024, based on the expected March 31, 2025 value of the potential transferred membership interest.

Refer to Note 11 and Note 12 for additional information regarding the Company’s ongoing relationship with IM Topco.

Investment in Orme Live, Inc.

In December 2023, the Company contributed $0.15 million of cash to ORME in exchange for a 30% equity ownership interest in ORME. The carrying value of this investment was $0.01 million and $0.15 million as of September 30, 2024 and December 31, 2023, respectively.

The Company accounts for its 30% interest in the operations of ORME as a component of other operating costs and expenses under the equity method of accounting. The Company’s proportional share of the operating results of ORME for the three and nine months ended September 30, 2024 was a loss of approximately $0.08 million and $0.14 million, respectively.

Longaberger Licensing, LLC Variable Interest Entity

Since 2019, Xcel has been party to a limited liability company agreement with a subsidiary of Hilco Global related to Longaberger Licensing, LLC (“LL”). Hilco Global is the sole Class A Member of LL, and Xcel is the sole Class B Member of LL (each individually a “Member”). Each Member holds a 50% equity ownership interest in LL; however, based on an analysis of the contractual terms and rights contained in the LLC agreement and related agreements, the Company has previously determined that under the applicable accounting standards, LL is a variable interest entity and the Company has effective control over LL. Therefore, as the primary beneficiary, the Company has consolidated LL since 2019, and has recognized the assets, liabilities, revenues, and expenses of LL as part of its consolidated financial statements, along with a noncontrolling interest which represents Hilco Global’s 50% ownership share in LL.