Xcel Brands Inc 2025年季度报告

Unaudited Condensed Consolidated Balance SheetsUnaudited Condensed Consolidated Statements of OperationsUnaudited Condensed Consolidated Statements of Stockholders’ EquityUnaudited Condensed Consolidated Statements of Cash FlowsNotes to Unaudited Condensed Consolidated Financial StatementsItem 2.Management’s Discussion and Analysis of Financial Condition and Results ofOperationsItem 3.Quantitative and Qualitative Disclosures About Market RiskItem 4.Controls and ProceduresPART II - OTHER INFORMATIONItem 1.Legal ProceedingsItem1A.Risk Factors CommonStockNumber ofPaid-InAccumulatedNoncontrollingSharesAmountCapitalDeficitInterest The Company primarily generates revenue through the licensing of its brands through contractualarrangements with manufacturers and retailers. The Company, through its licensees, distributes shop. Change in Capital StructureAs described more fully in Note 7, effective March 24, 2025, the Company effected a1-for-10reverse stock split for all of its issued and outstanding common stock. All share and per share Segment Reporting InformationThe Company has a single reportable segment, which generates revenue from the design andlicensing of branded apparel, jewelry, and similar consumer products. The Company derives revenuein North America and manages its business activities on a consolidated basis. as those for the Company as a whole.The chief operating decision maker assesses performance for the single reportable segment and as consolidated net income. The chief operating decision maker analyzes and reviews businessperformance based on available sales data from key licensees and quarterly sales and royalty reportsprovided by its licensees in addition to assessing the overall operating results on a monthly basis. The Company has a single reportable segment, the Company’s resources are applicable to the business asa whole. The Company does not have intra-entity sales or transfers.Restricted CashRestricted cash is reflected within other non-current assets in the condensed consolidated balancesheets.Restricted cash at March 31, 2025 consisted of $0.7million of cash deposited as collateral for a WeightedAverageDecember31,2024 Trademarks (finite-lived)15 years58,58023,85234,728Copyrights and other intellectual property8 years42939831Total$59,009$24,250$34,759 4.Significant Contracts and Concentrations Qurate Agreements, Qurate is obligated to make payments to the Company on a quarterly basis,based primarily upon apercentage of net retail sales of certain specified branded merchandise. Net Net licensing revenue from the Qurate Agreements represents a significant portion of the Company’stotal net revenue. Net licensing revenue from the Qurate Agreements totaled $0.33million and $1.24million for thecurrent quarter and prioryear quarter, respectively, representing approximately25% and57% of theCompany’s total net revenue for the current quarter and prioryear quarter, respectively.As of March 31, 2025 and December31, 2024, the Company had receivables from Qurate of $0.33million and $0.40million, respectively, representing approximately16% and18% of the Company’s relating to the Halston Brand (the “Halston Master License”) with G-III Apparel Group (“G-III”), anindustry-leading wholesale apparel company, for men’s and women’s apparel, men’s and women’sfashion accessories, children’s apparel and accessories, home, airline amenity and amenity kits, andsuch other product categories as mutually agreed upon. The Halston Master License provided for anupfront cash payment and royalties payable to the Company, including certain guaranteed minimumroyalties,includes annual minimum net sales requirements,and has a twenty-five-year term Notesto Unaudited Condensed Consolidated Financial StatementsMarch 31, 2025(Unaudited) Future Lease Obligations Year(in thousands)2025 (April 1 through December 31)$1,53820262,06020271,841 20282029 Total lease payments8,014Less: Discount1,464Present value of lease liabilities6,550Current portion of lease liabilities1,594Non-current portion of lease liabilities$4,9566.Debt Term loan debt$10,000$7,950Unamortized deferred finance costs and other reductions to carryingvalue(1,280)(1,381) Current portion of debtLong-term debt On December 12, 2024, the Company and certain of its subsidiaries entered into a loan and securityagreement 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 thelenders made term loans to the Company and agreed to make additional term loans to the Companyupon the satisfaction of a condition precedent described in the loan agreement. The term loans underthe loan agreement are as follows: (1) a term loan in the amount of $3.95million (“Term Loan A”) remaining balance of the Company’s previous term loan debt with Israel Discount Bank of New York,as well as to pay fees, costs, and expenses incurred in connection with