$XWEL
XWELL Inc

2022 Q3 Form 10-Q Financial Statement

#000155837022013619 Filed on August 15, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $10.74M $13.60M $24.05M
YoY Change -59.89% 49.55% 182.52%
Cost Of Revenue $9.339M $12.36M $15.05M
YoY Change -31.64% 60.46% 261.79%
Gross Profit $1.397M $1.240M $9.001M
YoY Change -89.34% -10.86% 106.78%
Gross Profit Margin 13.01% 9.12% 37.43%
Selling, General & Admin $6.447M $7.558M $10.19M
YoY Change 24.08% 62.68% 126.0%
% of Gross Profit 461.49% 609.52% 113.19%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.564M $1.501M $1.264M
YoY Change 83.57% 58.67% 69.89%
% of Gross Profit 111.95% 121.05% 14.04%
Operating Expenses $6.447M $7.558M $10.19M
YoY Change 24.08% 62.68% 126.0%
Operating Profit -$7.654M -$7.767M -$2.451M
YoY Change -208.46% 84.88% 166.12%
Interest Expense $20.00K -$119.0K -$266.0K
YoY Change -106.76% -76.2% -341.82%
% of Operating Profit
Other Income/Expense, Net -$136.0K -$196.0K -$318.0K
YoY Change -64.3% -64.43% -411.76%
Pretax Income -$7.676M -$7.925M -$2.762M
YoY Change -214.88% 67.23% 242.26%
Income Tax $3.000K $2.000K $0.00
% Of Pretax Income
Net Earnings -$7.179M -$7.918M -$4.283M
YoY Change -228.27% 77.26% 305.59%
Net Earnings / Revenue -66.87% -58.23% -17.81%
Basic Earnings Per Share -$0.08 -$0.08 -$0.04
Diluted Earnings Per Share -$0.08 -$0.08 -$0.04
COMMON SHARES
Basic Shares Outstanding 94.28M 95.35M 101.6M
Diluted Shares Outstanding 94.62M 95.35M 101.6M

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $49.40M $71.11M $82.99M
YoY Change -54.75% -30.62% -19.11%
Cash & Equivalents $49.43M $71.11M $82.99M
Short-Term Investments
Other Short-Term Assets $2.375M $1.362M $1.027M
YoY Change 29.43% -57.56% 2.7%
Inventory $940.0K $1.065M $2.522M
Prepaid Expenses $2.058M $1.315M
Receivables $1.309M $832.0K $1.924M
Other Receivables $270.0K $0.00 $0.00
Total Short-Term Assets $55.18M $74.37M $88.46M
YoY Change -51.21% -30.87% -17.94%
LONG-TERM ASSETS
Property, Plant & Equipment $8.102M $8.020M $8.273M
YoY Change 78.77% 67.89% 8.86%
Goodwill $4.024M $4.024M $4.260M
YoY Change
Intangibles $4.414M $4.986M $5.205M
YoY Change 61.98% 319.7%
Long-Term Investments
YoY Change
Other Assets $2.205M $2.435M $2.541M
YoY Change -11.87% -12.0% -31.32%
Total Long-Term Assets $29.80M $27.00M $25.28M
YoY Change 84.18% 115.36% 110.27%
TOTAL ASSETS
Total Short-Term Assets $55.18M $74.37M $88.46M
Total Long-Term Assets $29.80M $27.00M $25.28M
Total Assets $84.98M $101.4M $113.7M
YoY Change -34.27% -15.61% -5.08%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.000M $9.300M $12.90M
YoY Change -8.05% 4.49% 84.29%
Accrued Expenses $2.700M $3.007M $2.833M
YoY Change -3.47% 15.21% 1.18%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00 $1.433M
YoY Change -100.0% -100.0% -64.18%
Total Short-Term Liabilities $10.98M $12.54M $18.65M
YoY Change -36.13% -38.33% 35.13%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $12.50M $8.885M $7.301M
YoY Change 53.26% 45.68% 14.08%
Total Long-Term Liabilities $12.50M $8.885M $7.301M
YoY Change 53.26% 45.68% -8.74%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.98M $12.54M $18.65M
Total Long-Term Liabilities $12.50M $8.885M $7.301M
Total Liabilities $23.45M $21.43M $25.95M
YoY Change -7.51% -18.95% 0.58%
SHAREHOLDERS EQUITY
Retained Earnings -$414.7M -$407.5M -$399.6M
YoY Change 4.04% 0.82%
Common Stock $832.0K $954.0K $951.0K
YoY Change -20.99% -9.57%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $52.89M $71.43M $79.69M
YoY Change
Total Liabilities & Shareholders Equity $84.98M $101.4M $113.7M
YoY Change -34.27% -15.61% -5.06%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income -$7.179M -$7.918M -$4.283M
YoY Change -228.27% 77.26% 305.59%
Depreciation, Depletion And Amortization $1.564M $1.501M $1.264M
YoY Change 83.57% 58.67% 69.89%
Cash From Operating Activities -$8.790M -$6.841M -$1.774M
YoY Change -212.97% -505.75% -49.29%
INVESTING ACTIVITIES
Capital Expenditures $1.730M -$2.419M $1.659M
YoY Change -180.39% 45.37% 68.26%
Acquisitions $4.853M
YoY Change
Other Investing Activities $0.00
YoY Change -100.0%
Cash From Investing Activities -$1.730M -$2.419M -$6.779M
YoY Change -713.48% 45.37% 587.53%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $11.10M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -11.13M -2.586M -13.94M
YoY Change 679.41% 1844.36% -180.41%
NET CHANGE
Cash From Operating Activities -8.790M -6.841M -1.774M
Cash From Investing Activities -1.730M -2.419M -6.779M
Cash From Financing Activities -11.13M -2.586M -13.94M
Net Change In Cash -21.65M -11.85M -22.52M
YoY Change -426.3% 10572.07% -275.25%
FREE CASH FLOW
Cash From Operating Activities -$8.790M -$6.841M -$1.774M
Capital Expenditures $1.730M -$2.419M $1.659M
Free Cash Flow -$10.52M -$4.422M -$3.433M
YoY Change -205.91% -232.0% -23.44%

Facts In Submission

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Note 1. General</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;text-align:justify;margin:0pt 0pt 12pt 0pt;">Overview</p><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><span style="font-size:10pt;">XpresSpa Group, Inc. (“XpresSpa Group” or the “Company”) is a leading global travel health and wellness services holding company. XpresSpa Group currently has </span><span style="font-size:10pt;">four</span><span style="font-size:10pt;"> reportable operating segments: XpresSpa</span><sup style="font-size:5.62pt;line-height:100%;top:0pt;vertical-align:top;background:#ffffff;">®</sup><span style="font-size:10pt;">, Xpres</span><span style="font-size:10pt;">Test</span><sup style="font-size:5.62pt;line-height:100%;top:0pt;vertical-align:top;background:#ffffff;">®</sup><span style="font-size:10pt;">, Treat</span><sup style="font-size:7.5pt;line-height:100%;top:0pt;vertical-align:top;background:#ffffff;">™</sup><span style="font-size:10pt;">, and HyperPointe which was acquired in January 2022.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">XpresSpa Group’s subsidiary, XpresSpa Holdings, LLC (“XpresSpa”) has been a global airport retailer of spa services through its XpresSpa spa locations, offering travelers premium spa services, including massage, nail and skin care, as well as spa and travel products (“XpresSpa”). </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Through XpresSpa Group’s XpresTest, Inc. subsidiary (“XpresTest”), the company launched XpresCheck Wellness Centers, also in airports. XpresCheck offers COVID-19 and other medical diagnostic testing services to the traveling public, as well as airline, airport and concessionaire employees, and TSA and U.S. Customs and Border Protection agents. XpresTest has entered into managed services agreements (“MSAs”) with professional medical services companies that provide health care services to patients. The medical services companies pay XpresTest a monthly fee to operate in the XpresCheck Wellness Centers. Under the terms of the MSAs, XpresTest provides office space, equipment, supplies, non-licensed staff, and management services in return for a management fee. Effective July 1, 2021, the Company determined that the PLLCs are variable interest entities (“VIEs”) due to their equity holders having sufficient capital at risk; and the Company having a variable interest in and being a primary beneficiary of the PLLCs.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Treat segment, which is operating through XpresSpa Group’s subsidiary Treat, Inc. (“Treat”) is a travel health and wellness brand that provides access to health and wellness services for travelers at on-site centers (currently located in JFK International Airport and Phoenix Sky Harbor International Airport and opening later this year in Salt Lake City International Airport).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Company’s HyperPointe segment, which the Company acquired in January 2022 (<i style="font-style:italic;">see Note 7.</i> <i style="font-style:italic;">Acquisition of HyperPointe</i>), provides a broad range of service and support options for our customers, including technical support services and advanced services.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;text-align:justify;margin:0pt 0pt 12pt 0pt;">Basis of Presentation and Principles of Consolidation</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The unaudited interim condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and the instructions to Article 8-03 of Regulation S-X, and should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, as amended. The condensed consolidated balance sheet as of December 31, 2021 was derived from the audited annual financial statements but does not include all information required by GAAP for annual financial statements. The financial statements include the accounts of the Company, all entities that are wholly owned by the Company, and all entities in which the Company has a controlling financial interest as well as variable interest entities in which we are the primary beneficiaries. All adjustments that, in the opinion of management, are necessary for a fair presentation for the periods presented have been reflected by the Company. Such adjustments are of a normal, recurring nature. The results of operations for the three and six months ended June 30, 2022 are not necessarily indicative of the results that may be expected for the entire fiscal year or for any other interim period. All significant intercompany balances and transactions have been eliminated in consolidation.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;background:#ffffff;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;text-decoration-line:underline;text-decoration-style:solid;">Recent Developments</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;text-decoration-line:none;">XpresCheck Wellness Centers</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">XpresCheck’s business has MSAs with state licensed physicians and nurse practitioners, under which we administer COVID-19 testing options, including a Polymerase Chain Reaction (PCR) test and a rapid PCR test. As of the date of this report, there are 15 operating XpresCheck locations operating in 12 airports, including the following locations opened since December 31, 2021:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 36pt;"><span style="margin-left:0pt;visibility:hidden;">​</span></p><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;white-space:pre-wrap;"> In February 2022, a second XpresCheck Wellness Center opened at Denver International Airport, pre-security in the Great Hall. It contains </span><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">six</span><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"> separate testing rooms to provide diagnostic COVID-19 testing.</span></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">​</span></p><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">In March 2022, we opened an XpresCheck Wellness Center in Orlando International Airport, pre-security, in the South Walk area of the Main Terminal. It contains </span><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">five</span><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"> separate testing rooms to provide diagnostic COVID-19 testing.</span></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 36pt;"><span style="margin-left:0pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">During 2021, XpresCheck initiated a $2,001 eight-week pilot program with the Centers for Disease Control and Prevention (CDC) in collaboration with Concentric by Ginkgo. Under this program, XpresCheck is conducting biosurveillance monitoring at four major U.S. airports (JFK International Airport, Newark Liberty International Airport, San Francisco International Airport, and Hartsfield-Jackson Atlanta International Airport) aimed at identifying existing and new SARS-CoV-2 variants. On January 31, 2022, the Company announced the extension of the program, bringing the total contract to $5,534. Approximately $3,291 and $1,368 of the full $5,534 amount was recognized during the first half of 2022 and the fourth quarter of 2021, respectively. The Company anticipates that the remaining $875 of the full $5,534 amount will be realized in the third quarter of 2022.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">XpresSpa</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">There are currently eighteen operating XpresSpa domestic locations and the Company expects to re-open four additional domestic locations in the near-term. During 2022, the Company sold its <span style="background:#ffffff;">two</span><span style="background:#ffffff;"> franchise locations in Austin-Bergstrom International Airport. </span>A significant number of the domestic XpresSpa locations are operating approximately eight hours per day during the busiest hours (compared to up to sixteen hours per day pre-pandemic) improving labor productivity. Additionally, XpresSpa implemented a price increase in mid-October 2021 in its efforts to return to profitability. As passenger airport volumes improve, the Company will continue to review operating hours to optimize revenue opportunity.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">During the fourth quarter of 2021, the Company began testing several new services to take advantage of a growing interest in non-traditional spa services and expansion of its retail offering to align more closely with the services the Company provides. The Company is evaluating the success of these new initiatives at each airport on an on-going basis and will incorporate changes to its approach as more of the portfolio is reactivated.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Company also has six international locations operating, including three XpresSpa locations in Dubai International Airport in the United Arab Emirates and three XpresSpa locations in Schiphol Amsterdam Airport in the Netherlands. The Company also signed for an additional five locations at Istanbul Airport and expects to open the first store later in 2022.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Treat</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Treat is the Company’s new travel, health and wellness brand transforming the way we access care through a suite of health and wellness services supported by an integrated digital platform and a relevant retail offering to the traveling public.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Treat’s on-site centers (currently located in JFK International Airport and in Phoenix Sky Harbor International Airport and opening later this year in Salt Lake City International Airport) provide access to health and wellness services for travelers. The Treat teams provide travel-related diagnostic testing for virus, cold, flu and other illnesses as well as hydration therapy, IV drips, and vitamin injections. Travelers can purchase time blocks to use the Company’s wellness rooms to engage in </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">interactive services like self-guided yoga, meditation and low impact weight exercises or to relax and unplug from the hectic pace of the airport and renew themselves before or after their trip.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Treat offers a website (www.treat.com) and mobile app to complement the offering with relevant health and wellness content designed to help people on the go with information that could impact their travel. The platform provides travelers access to a comprehensive online marketplace of services including global illness tracker tools such as the COVID-19 Requirements Map, on-demand chat care by licensed providers, a health wallet to store personal and family health records (including COVID-19 testing results), and a scheduler to arrange for direct care at one of the Company’s on-site locations. <span style="background:#ffffff;">The information on the Treat website is not incorporated by reference into this Quarterly Report on Form 10-Q and does not constitute a part of this Form 10-Q.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">HyperPointe Acquisition</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">In January 2022, the Company announced and closed on the acquisition of gcg Connect, LLC d/b/a HyperPointe.  </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The purchase price in the transaction consisted of $7,121 in cash and $906 in common stock, offset by the settlement of intercompany accounts payable of $770 as well as potential additional earn-out payments of up to $7,500 over a three-year timeframe based upon future performance; these earn-out payments may be satisfied in cash or common stock or a combination thereof subject to various terms and conditions. As of the acquisition date, and as of June 30, 2022, the Company believes that the fair value of the potential earnout payment is $0. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">HyperPointe currently operates as a new operating segment within the XpresSpa Group. The chief executive officer of HyperPointe before the Company’s acquisition, continues to serve as the chief executive officer of HyperPointe, as well as serving as the chief executive officer of XpresCheck.  See <i style="font-style:italic;">Note 7. 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CY2021Q2 us-gaap Variable Lease Cost
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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xspa Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable In Period Weighted Average Grant Date Fair Value
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CY2022Q2 us-gaap Revenues
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us-gaap Revenues
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CY2022Q2 xspa Property Plant Equipment Capital Expenditure
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