Xcel Brands, Inc. (NASDAQ:XELB) Q1 2024 Earnings Call Transcript May 20, 2024 5:00 PM ET Company Participants Paul Kuntz - IR Robert D'Loren - Chairman and CEO Jim Haran - CFO Conference Call Participants Michael Kupinski - Noble Capital Markets Anthony Lebiedzinski - Sidoti Howard Brous - Wellington Shields Operator Welcome to Xcel Brands First Quarter 2024 Earnings Conference Call. Please be advised that reproduction of this call in whole or in part is not permitted without prior written authorization of ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Table of Contents For the quarterly period ended March 31, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___ to ___ Commission File Number: 001-37527 XCEL BRANDS, INC. (Exact name of registrant as specified in its charter) | Delaware | 76-0307819 | | --- | ...

Exhibit 99.1 XCEL BRANDS, INC. ANNOUNCES FOURTH QUARTER AND FISCAL YEAR 2023 RESULTS NEW YORK, NY (April16, 2024) – Xcel Brands, Inc. (NASDAQ: XELB) ("Xcel" or the "Company"), a media and consumer products company with significant expertise in livestream shopping and social commerce, today announced its financial results for the fourth quarter and fiscal year ended December 31, 2023. Robert W. D'Loren, Chairman and Chief Executive Officer of Xcel commented, "Throughout 2023, we focused on a restructuring pl ...

PART I [Item 1. Business](index=5&type=section&id=Item%201.%20Business) Xcel Brands, Inc. is a media and consumer products company focused on designing, licensing, marketing, live streaming, and social commerce sales of branded apparel, footwear, accessories, fine jewelry, home goods, and other consumer products. - Xcel Brands operates as a media and consumer products company, specializing in design, licensing, marketing, live streaming, and social commerce for various branded products[243](index=243&type=chunk)[206](index=206&type=chunk) - The company's strategy involves a 'true omni-channel and social commerce sales strategy' across interactive television, digital live-stream shopping, social commerce, traditional brick-and-mortar, and e-commerce channels[244](index=244&type=chunk)[189](index=189&type=chunk) - In **2023**, Xcel transitioned from a capital-intensive wholesale/licensing hybrid model to a capital-light 'licensing plus' model, outsourcing wholesale and direct-to-consumer operations to new licensing partners[261](index=261&type=chunk)[639](index=639&type=chunk) [Overview](index=5&type=section&id=Overview) Xcel Brands, Inc. was founded in 2011 to integrate shopping, entertainment, and social media into social commerce. - Xcel Brands, Inc. was founded in **2011** with a vision to integrate shopping, entertainment, and social media into social commerce[243](index=243&type=chunk) - The company's brand portfolio includes Lori Goldstein, Halston, Judith Ripka, C Wonder, Longaberger, Isaac Mizrahi, and TowerHill by Christie Brinkley, among others[243](index=243&type=chunk)[247](index=247&type=chunk) [Company History and Corporate Information](index=7&type=section&id=Company%20History%20and%20Corporate%20Information) The company was incorporated in Delaware in 1989 and later changed its name to Xcel Brands, Inc. in 2011, with its principal office in New York, NY. - The company was incorporated in Delaware on August **31**, **1989**, as Houston Operating Company, later changing its name to Xcel Brands, Inc. on September **29**, **2011**[262](index=262&type=chunk) - Xcel Brands' principal office is located at **550** Seventh Avenue, **11th** Floor, New York, NY **10018**[31](index=31&type=chunk) [Our Brand Portfolio](index=7&type=section&id=Our%20Brand%20Portfolio) Xcel's brand portfolio includes wholly-owned brands and managed brands through ownership interests and collaborations. - The company's brand portfolio includes wholly-owned brands like Lori Goldstein, Halston, Ripka, and C Wonder[4](index=4&type=chunk)[207](index=207&type=chunk)[827](index=827&type=chunk) - Xcel manages the Longaberger Brand through a **50%** ownership interest in Longaberger Licensing, LLC, consolidating it as a variable interest entity[25](index=25&type=chunk)[205](index=205&type=chunk)[803](index=803&type=chunk) - The Isaac Mizrahi Brand was majority-sold in May **2022**, with Xcel retaining a **30%** noncontrolling interest and continuing operational contributions through a service agreement[4](index=4&type=chunk)[207](index=207&type=chunk)[828](index=828&type=chunk) - TowerHill by Christie Brinkley is a new co-branded collaboration announced in December **2023**, scheduled to launch in May **2024** on HSN[289](index=289&type=chunk)[807](index=807&type=chunk) [Growth Strategy](index=11&type=section&id=Growth%20Strategy) Xcel's growth strategy focuses on organic brand expansion, new brand development for social commerce, and strategic acquisitions. - Xcel's growth strategy focuses on organic growth in existing brands, developing new brands for social commerce, and strategically acquiring new brands[190](index=190&type=chunk)[290](index=290&type=chunk)[260](index=260&type=chunk) - Recent initiatives include master license agreements for Halston and Judith Ripka brands, and the launch of C Wonder on HSN, all expected to increase royalty revenues[13](index=13&type=chunk) - The company acquired a **30%** interest in ORME Live Inc., a short-form video and social commerce marketplace, in December **2023**, which launched in Q1 **2024**[268](index=268&type=chunk) [Licensing](index=13&type=section&id=Licensing) Xcel's 'licensing plus' model emphasizes design, marketing, and brand management, generating revenue through brand licensing to retailers and manufacturers. - Xcel's 'licensing plus' business model emphasizes core competencies in design, marketing, and brand management, minimizing inventory investment[38](index=38&type=chunk) - The company generates revenue primarily through licensing its brands to retailers and manufacturers for promotion and distribution across various channels[5](index=5&type=chunk)[637](index=637&type=chunk) [Collaborations](index=17&type=section&id=Collaborations) Xcel engages in collaborations with other brands, offering promotional services and co-branded product development. - Xcel collaborates with other brands or companies, offering promotional services that may include using its brands for digital content, print media, celebrity appearances, or co-branded product development[23](index=23&type=chunk) - Past collaborations have included partnerships with Sesame Street, Crayola, Hewlett Packard, Revlon, Johnson & Johnson, and Kleenex[23](index=23&type=chunk) [Marketing](index=17&type=section&id=Marketing) Marketing efforts leverage influencers, entertainment tie-ins, PR, social media, and digital content to drive sales and consumer awareness across omni-channel distribution. - Marketing efforts leverage micro and mega-influencers, entertainment tie-ins, PR, social media campaigns, and digital content to drive sales and consumer awareness across omni-channel distribution[48](index=48&type=chunk) - The company aims to create an intersection of shopping, entertainment, and social media, promoting brand namesakes and personalities through various media[48](index=48&type=chunk) [Competition](index=18&type=section&id=Competition) Xcel differentiates itself through its operating strategies but faces intense competition from numerous apparel, footwear, accessories, and jewelry manufacturers and retailers. - Xcel differentiates itself through its operating strategies of licensing brands with significant media presence and driving sales via an omni-channel retail strategy across interactive television, live streaming, and e-commerce[24](index=24&type=chunk) - The company faces intense competition from other domestic and foreign apparel, footwear, accessories, and jewelry manufacturers and retailers, many with greater resources[24](index=24&type=chunk)[294](index=294&type=chunk) [Trademarks](index=18&type=section&id=Trademarks) Xcel owns and exploits various brands, including Lori Goldstein, Halston, Ripka, and C Wonder, and is responsible for monitoring and protecting its trademarks globally. - Xcel owns and exploits various brands, including Lori Goldstein, Halston, Ripka, and C Wonder, and manages Longaberger and Isaac Mizrahi through ownership interests[25](index=25&type=chunk) - The company is responsible for monitoring and protecting its trademarks globally, relying on federal, state, and local laws, as well as contractual restrictions[27](index=27&type=chunk) [Government Regulation](index=20&type=section&id=Government%20Regulation) Xcel Brands is subject to various federal, state, and local laws and regulations, including those related to occupational safety, consumer product safety, and environmental protection. - Xcel Brands is subject to federal, state, and local laws and regulations, including those under the Occupational Safety and Health Act, Consumer Product Safety Act, and various environmental laws[283](index=283&type=chunk) [Human Capital](index=20&type=section&id=Human%20Capital) As of December 31, 2023, Xcel Brands had 36 employees and typically enters into multi-year employment agreements with key personnel. - As of December **31**, **2023**, Xcel Brands had **34** full-time and **2** part-time employees, with a focus on providing a healthy and safe work environment[66](index=66&type=chunk) - The company typically enters into multi-year employment agreements with key employees, including executives, brand ambassadors, and spokespersons[66](index=66&type=chunk) [Item 1A. Risk Factors](index=21&type=section&id=Item%201A.%20Risk%20Factors) The company faces various risks, including significant revenue concentration with a limited number of licensees, intense competition, and dependency on key spokespersons. - A substantial portion of Xcel's revenue is concentrated with a limited number of licensees, with Qurate accounting for approximately **34%** and **44%** of total net revenue in **2023** and **2022**, respectively[300](index=300&type=chunk)[71](index=71&type=chunk) - The company's success is highly dependent on key executives, particularly CEO Robert W. D'Loren, and spokespersons like Lori Goldstein, whose unavailability could significantly impact brand value and operations[325](index=325&type=chunk)[304](index=304&type=chunk) - Xcel Brands reported a net loss of **$21.1 million** in **2023** and **$4.0 million** in **2022**, with cash used in operating activities of **$6.5 million** and **$14.2 million**, respectively, raising uncertainties about its ability to continue as a going concern[534](index=534&type=chunk)[701](index=701&type=chunk) [Summary of Risk Factors](index=21&type=section&id=Summary%20of%20Risk%20Factors) Key risks include market acceptance of brands, dependency on executives, revenue concentration, intense competition, and investment-related factors like 'penny stock' rules and dividend policy. - Key risks include continued market acceptance of brands, dependency on the CEO and other key executives, concentration of revenue with limited licensees, and intense competition[68](index=68&type=chunk)[52](index=52&

Xcel Brands, Inc. (NASDAQ:XELB) Q4 2023 Results Conference Call April 16, 2024 5:00 PM ET Company Participants Craig Brelsford - IR Robert D'Loren - Chairman and Chief Executive Officer Jim Haran - Chief Financial Officer Seth Burroughs - Executive Vice President of Business Development and Treasury Conference Call Participants Michael Kupinski - Noble Capital Markets Anthony Lebiedzinski - Sidoti & Company Howard Brous - Wellington Shields Operator Hello, everyone. And welcome to the Xcel Brands Incorporat ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15 (d) of The Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): March 7, 2024 XCEL BRANDS, INC. (Exact name of registrant as specified in its charter) (State or Other Jurisdiction of Incorporation) (Commission File Number) Delaware 001-37527 76-0307819 (IRS Employer Identification No.) 1333 Broadway, New York, New York (Address of Principal Executive Offices ...

PART I - FINANCIAL INFORMATION This section presents the unaudited condensed consolidated financial statements and management's discussion and analysis for the reporting period [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) The unaudited financial statements reveal a decrease in total assets and a net loss for the nine months ended September 30, 2023, driven by revenue decline and restructuring costs [Unaudited Condensed Consolidated Balance Sheets](index=4&type=section&id=Unaudited%20Condensed%20Consolidated%20Balance%20Sheets) The balance sheet shows a decrease in total assets and stockholders' equity, alongside a slight increase in total liabilities, as of September 30, 2023 Condensed Consolidated Balance Sheet Summary (in thousands) | Account | September 30, 2023 (in thousands) | December 31, 2022 (in thousands) | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $2,189 | $4,608 | | Total current assets | $8,382 | $14,020 | | Trademarks and other intangibles, net | $43,055 | $47,665 | | Total Assets | **$75,750** | **$88,935** | | **Liabilities & Equity** | | | | Total current liabilities | $6,656 | $6,561 | | Total Liabilities | **$20,441** | **$18,796** | | Accumulated deficit | ($47,052) | ($32,797) | | Total Stockholders' Equity | **$55,309** | **$70,139** | [Unaudited Condensed Consolidated Statements of Operations](index=5&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Operations) The statements of operations indicate a significant decline in net revenue and a shift from net income to a substantial net loss for the nine months ended September 30, 2023 Statement of Operations Highlights (in thousands, except per share data) | Metric | Q3 2023 (in thousands) | Q3 2022 (in thousands) | 9 Months 2023 (in thousands) | 9 Months 2022 (in thousands) | | :--- | :--- | :--- | :--- | :--- | | Net revenue | $2,637 | $4,501 | $15,468 | $21,715 | | Gross profit | $2,412 | $3,036 | $8,750 | $16,000 | | Operating (loss) income | ($5,403) | ($5,975) | ($15,024) | $6,164 | | Net (loss) income attributable to stockholders | ($5,144) | ($4,042) | ($14,255) | $1,961 | | Diluted net (loss) income per share | ($0.26) | ($0.21) | ($0.72) | $0.10 | - The significant variance in nine-month operating income between 2023 and 2022 is largely due to a **$20.6 million** gain on the sale of the majority interest in the Isaac Mizrahi brand recorded in 2022, which was absent in 2023[12](index=12&type=chunk) [Unaudited Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Cash flow statements show reduced cash usage in operations but a significant decrease in investing activities compared to the prior year, resulting in an overall cash decrease Cash Flow Summary for the Nine Months Ended September 30 (in thousands) | Cash Flow Activity | 2023 (in thousands) | 2022 (in thousands) | | :--- | :--- | :--- | | Net cash used in operating activities | ($2,810) | ($11,029) | | Net cash provided by investing activities | $364 | $45,167 | | Net cash provided by (used in) financing activities | $27 | ($30,953) | | **Net (decrease) increase in cash** | **($2,419)** | **$3,185** | [Notes to Unaudited Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) The notes detail the company's business model shift, liquidity improvements, and significant transactions including brand sales and new licensing agreements - The company is shifting from a wholesale/licensing hybrid to a 'licensing-plus' model, entering new licensing and joint venture agreements to reduce costs and operating risks, with this transition substantially completed by the end of Q2 2023[27](index=27&type=chunk)[28](index=28&type=chunk) - Management states that liquidity concerns that raised uncertainties about the company's ability to continue as a going concern have been alleviated due to the business restructuring, cost savings, and a new **$5 million** term loan obtained in October 2023[26](index=26&type=chunk)[31](index=31&type=chunk)[32](index=32&type=chunk) - On May 31, 2022, the company sold a **70%** interest in the Isaac Mizrahi brand to WHP for **$46.2 million** in cash, recognizing a pre-tax gain of **$20.6 million**, with Xcel retaining a **30%** interest accounted for using the equity method[35](index=35&type=chunk)[36](index=36&type=chunk) - A new 25-year master license agreement for the Halston Brand was signed in May 2023, which included an upfront cash payment and guaranteed minimum royalties, resulting in the recognition of **$4.67 million** in deferred revenue[44](index=44&type=chunk)[45](index=45&type=chunk) - Subsequent to the quarter end, in October 2023, a subsidiary of the company entered into a new **$5.0 million** term loan agreement with Israel Discount Bank of New York, maturing in October 2028[101](index=101&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=31&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the strategic shift to a 'licensing-plus' model, detailing revenue declines, net losses, and the impact of cost savings and new financing on liquidity [Summary of Operating Results](index=33&type=section&id=Summary%20of%20Operating%20Results) Operating results show a decrease in net revenue for both Q3 and the nine-month period, primarily due to reduced product sales and the Isaac Mizrahi brand sale Q3 2023 vs Q3 2022 Revenue Breakdown (in millions) | Revenue Type | Q3 2023 (in millions) | Q3 2022 (in millions) | Change (in millions) | | :--- | :--- | :--- | :--- | | Net licensing revenue | $2.4 | $2.2 | +$0.2 | | Net product sales | $0.3 | $2.3 | -$2.0 | | **Total Net Revenue** | **$2.6** | **$4.5** | **-$1.9** | 9 Months 2023 vs 9 Months 2022 Revenue Breakdown (in millions) | Revenue Type | 9M 2023 (in millions) | 9M 2022 (in millions) | Change (in millions) | | :--- | :--- | :--- | :--- | | Net licensing revenue | $7.0 | $13.3 | -$6.3 | | Net product sales | $8.4 | $8.4 | $0.0 | | **Total Net Revenue** | **$15.5** | **$21.7** | **-$6.2** | - Direct operating costs decreased by **$1.3 million** in Q3 2023 and **$6.9 million** in the first nine months of 2023, primarily due to reduced staffing levels and overhead costs related to the business restructuring[123](index=123&type=chunk)[145](index=145&type=chunk) [Non-GAAP Financial Measures](index=34&type=section&id=Non-GAAP%20Financial%20Measures) Non-GAAP measures, including Adjusted EBITDA, show improved performance in Q3 2023 and the nine-month period compared to the prior year Reconciliation to Adjusted EBITDA (in thousands) | Metric | Q3 2023 (in thousands) | Q3 2022 (in thousands) | 9 Months 2023 (in thousands) | 9 Months 2022 (in thousands) | | :--- | :--- | :--- | :--- | :--- | | Net (loss) income attributable to stockholders | ($5,144) | ($4,042) | ($14,255) | $1,961 | | Adjustments (Depreciation, Amortization, etc.) | $3,734 | $1,148 | $7,364 | ($8,586) | | Costs associated with restructuring | $1,471 | $0 | $3,319 | $0 | | **Adjusted EBITDA** | **($1,410)** | **($2,894)** | **($4,572)** | **($6,625)** | [Liquidity and Capital Resources](index=42&type=section&id=Liquidity%20and%20Capital%20Resources) Liquidity improved due to cost savings and a new $5 million term loan, alleviating prior going concern uncertainties despite reduced cash and working capital - Cash and cash equivalents stood at **$2.2 million** as of September 30, 2023, down from **$4.6 million** at December 31, 2022[160](index=160&type=chunk) - The company's business restructuring is expected to yield significant cost savings, with payroll costs reduced by approximately **$6 million** and operating expenses by **$7 million** on an annualized basis[168](index=168&type=chunk) - In October 2023, the company secured a new **$5 million** term loan, providing additional liquidity to support operations[170](index=170&type=chunk) - A contingent obligation exists related to the Isaac Mizrahi brand sale, where Xcel may have to pay up to a remaining **$6.9 million** if the brand's royalties fall below a certain threshold, though a waiver was received for the period ending September 30, 2023[180](index=180&type=chunk)[181](index=181&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=49&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This disclosure is not applicable as the company qualifies as a smaller reporting company - Disclosure about market risk is not required for smaller reporting companies[194](index=194&type=chunk) [Item 4. Controls and Procedures](index=49&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective, with no material changes to internal control over financial reporting during the quarter - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of September 30, 2023[195](index=195&type=chunk) - No material changes to internal control over financial reporting occurred during the fiscal quarter ended September 30, 2023[196](index=196&type=chunk) PART II - OTHER INFORMATION This section provides details on legal proceedings, risk factors, equity transactions, and other required disclosures [Item 1. Legal Proceedings](index=49&type=section&id=Item%201.%20Legal%20Proceedings) Management believes ongoing legal proceedings will not materially adversely affect the company's financial position or operations - Management does not expect pending litigation to have a material adverse effect on the company's business, financial position, or results of operations[198](index=198&type=chunk) [Item 1A. Risk Factors](index=51&type=section&id=Item%201A.%20Risk%20Factors) A new material risk factor highlights contingent obligations and potential disagreements within the IM Topco, LLC joint venture, including a maximum **$6.9 million** purchase price adjustment - A new material risk factor relates to the company's joint venture for the Isaac Mizrahi brand, IM Topco, LLC, where Xcel does not control day-to-day operations[201](index=201&type=chunk) - There is a contingent obligation where if IM Topco's aggregate royalties fall below **$13.3 million** in any four-quarter period before May 31, 2025, WHP is entitled to a purchase price adjustment from Xcel, with the maximum potential adjustment currently **$6.9 million**[202](index=202&type=chunk) - IM Topco's royalties were below the threshold for the period ending September 30, 2023, but WHP provided a waiver in exchange for a **$0.6 million** reduction in future service fees payable by IM Topco to Xcel[202](index=202&type=chunk) [Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities](index=51&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%2C%20Use%20of%20Proceeds%2C%20and%20Issuer%20Purchases%20of%20Equity%20Securities) No unregistered securities were sold, but the company repurchased **12,903** shares of common stock related to cashless stock option exercises - No unregistered securities were sold during the three months ended September 30, 2023[203](index=203&type=chunk) - The company repurchased **12,903** shares of common stock at a price of **$1.55** per share in connection with a cashless stock option exercise[204](index=204&type=chunk) [Item 3. Defaults Upon Senior Securities](index=53&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) No defaults upon senior securities occurred during the reporting period - None[206](index=206&type=chunk) [Item 5. Other Information](index=53&type=section&id=Item%205.%20Other%20Information) No other information is reported for this item - None[208](index=208&type=chunk) [Item 6. Exhibits](index=53&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including CEO and CFO certifications and XBRL data - The exhibits filed include Rule 13a-14(a)/15d-14(a) and Section 1350 certifications from the CEO and CFO, along with Inline XBRL documents[209](index=209&type=chunk)

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___ to ___ (Exact name of registrant as specified in its charter) | Delaware | 76-0307819 | | --- | --- | | (State or Other Jurisdiction of | (I.R.S. Em ...

Xcel Brands, Inc. (NASDAQ:XELB) Q1 2023 Earnings Conference Call May 18, 2023 5:00 PM ET Company Participants Andrew Berger - SM Berger & Company, Inc. Robert D'Loren - Chairman and Chief Executive Officer James Haran - Chief Financial Officer Conference Call Participants Howard Brous - Wellington Shields & Co. LLC Anthony Lebiedzinski - Sidoti & Company Debra Fiakas - Crystal Equity Research Operator Please be advised that reproduction of this call in whole or in part is not permitted without prior authori ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___ to ___ Commission File Number: 001-37527 XCEL BRANDS, INC. (Exact name of registrant as specified in its charter) | Delaware | 76-0307819 | | --- | ...