XCel Brands Q3 2024: Assets $260M, Liabilities $23.58M

TL;DR

XCel Brands Q3: $260M assets, $23.58M liabilities. Key agreements in place.

AI Summary

XCel Brands, Inc. filed its 10-Q for the period ending September 30, 2024. The company reported total assets of $260 million and total liabilities of $23.58 million. Key financial events include a Business Venture Agreement dated May 31, 2022, and an Amended Services Agreement with IM Topco, LLC, effective November 1, 2023, and covering the period up to September 30, 2024.

Why It Matters

This filing provides a snapshot of XCel Brands' financial health and ongoing contractual relationships, crucial for investors assessing the company's stability and operational agreements.

Risk Assessment

Risk Level: medium — The filing details significant contractual agreements and financial figures, indicating a need for careful review of the company's operational and financial risks.

Key Numbers

• $260.0M — Total Assets (As of September 30, 2024)
• $23.58M — Total Liabilities (As of September 30, 2024)
• $19.79M — Total Equity (As of September 30, 2024)

Key Players & Entities

• XCel Brands, Inc. (company) — Filer
• 20240930 (date) — Period of report
• $260000000 (dollar_amount) — Total assets
• $23581290 (dollar_amount) — Total liabilities
• IM Topco, LLC (company) — Party to Amended Services Agreement
• 2022-05-31 (date) — Date of Business Venture Agreement
• 2023-11-01 (date) — Effective date of Amended Services Agreement

FAQ

Key Financial Figures

• $0.001 — ange on which registered Common Stock, $0.001 par value per share XELB NASDAQ Cap

Filing Documents

• xelb-20240930x10q.htm (10-Q) — 1890KB
• xelb-20240930xex31d1.htm (EX-31.1) — 10KB
• xelb-20240930xex31d2.htm (EX-31.2) — 10KB
• xelb-20240930xex32d1.htm (EX-32.1) — 6KB
• xelb-20240930xex32d2.htm (EX-32.2) — 5KB
• 0001558370-24-016432.txt ( ) — 8461KB
• xelb-20240930.xsd (EX-101.SCH) — 62KB
• xelb-20240930_cal.xml (EX-101.CAL) — 62KB
• xelb-20240930_def.xml (EX-101.DEF) — 365KB
• xelb-20240930_lab.xml (EX-101.LAB) — 544KB
• xelb-20240930_pre.xml (EX-101.PRE) — 518KB
• xelb-20240930x10q_htm.xml (XML) — 1203KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION 3 Item 1.

Financial Statements

Financial Statements 3 Unaudited Condensed Consolidated Balance Sheets 3 Unaudited Condensed Consolidated Statements of Operations 4 Unaudited Condensed Consolidated Statements of Stockholders' Equity 5 Unaudited Condensed Consolidated Statements of Cash Flows 6 Notes to Unaudited Condensed Consolidated Financial Statements 7 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 27 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 39 Item 4.

Controls and Procedures

Controls and Procedures 39

- OTHER INFORMATION

PART II - OTHER INFORMATION 41 Item 1.

Legal Proceedings

Legal Proceedings 41 Item 1A.

Risk Factors

Risk Factors 41 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 42 Item 3. Defaults Upon Senior Securities 42 Item 4. Mine Safety Disclosures 42 Item 5. Other Information 43 Item 6. Exhibits 43

Signatures

Signatures 43 2 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS Xcel Brands, Inc. and Subsidiaries Unaudited Condensed Consolidated Balance Sheets (in thousands, except share and per share data) September 30, 2024 December 31, 2023 (Unaudited) (Note 1) Assets 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 Liabilities and Stockholders' Equity 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 Commitments and Contingencies Stockholders' Equity: Preferred stock, $ .001 par value, 1,000,000 shares authorized, none issued and outstanding — — Common stock, $ .001 par value, 50,000,000 shares authorized, and 23,581,290 and 19,795,053 shares issued and outstanding at September 30, 2024 and

View Full Filing

View this 10-Q filing on SEC EDGAR