$XWEL
XWELL Inc

2022 Q4 Form 10-Q Financial Statement

#000155837022017847 Filed on November 14, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3
Revenue $7.560M $10.74M
YoY Change -74.25% -59.89%
Cost Of Revenue $7.150M $9.339M
YoY Change -54.93% -31.64%
Gross Profit $410.0K $1.397M
YoY Change -96.96% -89.34%
Gross Profit Margin 5.42% 13.01%
Selling, General & Admin $6.980M $6.447M
YoY Change -29.13% 24.08%
% of Gross Profit 1702.44% 461.49%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.100M $1.564M
YoY Change 66.92% 83.57%
% of Gross Profit 268.29% 111.95%
Operating Expenses $8.070M $6.447M
YoY Change -23.2% 24.08%
Operating Profit -$7.660M -$7.654M
YoY Change -356.44% -208.46%
Interest Expense $140.0K $20.00K
YoY Change -144.16% -106.76%
% of Operating Profit
Other Income/Expense, Net -$1.060M -$136.0K
YoY Change 2423.81% -64.3%
Pretax Income -$14.21M -$7.676M
YoY Change -883.78% -214.88%
Income Tax $50.00K $3.000K
% Of Pretax Income
Net Earnings -$13.46M -$7.179M
YoY Change -510.99% -228.27%
Net Earnings / Revenue -178.04% -66.87%
Basic Earnings Per Share -$0.08
Diluted Earnings Per Share -$0.16 -$0.08
COMMON SHARES
Basic Shares Outstanding 83.23M 94.28M
Diluted Shares Outstanding 94.62M

Balance Sheet

Concept 2022 Q4 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $42.20M $49.40M
YoY Change -60.0% -54.75%
Cash & Equivalents $19.04M $49.43M
Short-Term Investments $23.20M
Other Short-Term Assets $1.122M $2.375M
YoY Change 2.47% 29.43%
Inventory $1.161M $940.0K
Prepaid Expenses $1.074M $2.058M
Receivables $2.858M $1.309M
Other Receivables $0.00 $270.0K
Total Short-Term Assets $47.33M $55.18M
YoY Change -56.57% -51.21%
LONG-TERM ASSETS
Property, Plant & Equipment $3.666M $8.102M
YoY Change -44.94% 78.77%
Goodwill $4.024M $4.024M
YoY Change
Intangibles $4.008M $4.414M
YoY Change 7.4% 61.98%
Long-Term Investments
YoY Change
Other Assets $2.369M $2.205M
YoY Change -15.69% -11.87%
Total Long-Term Assets $23.09M $29.80M
YoY Change 26.29% 84.18%
TOTAL ASSETS
Total Short-Term Assets $47.33M $55.18M
Total Long-Term Assets $23.09M $29.80M
Total Assets $70.43M $84.98M
YoY Change -44.66% -34.27%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.312M $8.000M
YoY Change -58.23% -8.05%
Accrued Expenses $2.600M $2.700M
YoY Change -4.97% -3.47%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00
YoY Change -100.0% -100.0%
Total Short-Term Liabilities $10.96M $10.98M
YoY Change -44.74% -36.13%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $11.50M $12.50M
YoY Change 53.25% 53.26%
Total Long-Term Liabilities $11.50M $12.50M
YoY Change 53.25% 53.26%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.96M $10.98M
Total Long-Term Liabilities $11.50M $12.50M
Total Liabilities $22.48M $23.45M
YoY Change -17.76% -7.51%
SHAREHOLDERS EQUITY
Retained Earnings -$428.1M -$414.7M
YoY Change 8.31% 4.04%
Common Stock $832.0K $832.0K
YoY Change -17.87% -20.99%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $39.93M $52.89M
YoY Change
Total Liabilities & Shareholders Equity $70.43M $84.98M
YoY Change -44.66% -34.27%

Cashflow Statement

Concept 2022 Q4 2022 Q3
OPERATING ACTIVITIES
Net Income -$13.46M -$7.179M
YoY Change -510.99% -228.27%
Depreciation, Depletion And Amortization $1.100M $1.564M
YoY Change 66.92% 83.57%
Cash From Operating Activities -$6.780M -$8.790M
YoY Change -178.89% -212.97%
INVESTING ACTIVITIES
Capital Expenditures $760.0K $1.730M
YoY Change -127.3% -180.39%
Acquisitions
YoY Change
Other Investing Activities -$23.15M $0.00
YoY Change -100.0%
Cash From Investing Activities -$23.91M -$1.730M
YoY Change 758.84% -713.48%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 280.0K -11.13M
YoY Change -102.97% 679.41%
NET CHANGE
Cash From Operating Activities -6.780M -8.790M
Cash From Investing Activities -23.91M -1.730M
Cash From Financing Activities 280.0K -11.13M
Net Change In Cash -30.41M -21.65M
YoY Change 740.29% -426.3%
FREE CASH FLOW
Cash From Operating Activities -$6.780M -$8.790M
Capital Expenditures $760.0K $1.730M
Free Cash Flow -$7.540M -$10.52M
YoY Change -166.27% -205.91%

Facts In Submission

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;"> XWELL, Inc. (Formerly known as XpresSpa Group, Inc.) and Subsidiaries</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">(Unaudited)</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">(In thousands, except for share and per share data)</b></p><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:10pt;margin:0pt;">On October 25, 2022,  the Company changed its name to XWELL, Inc. (“XWELL” or the “Company”) from XpresSpa Group, Inc. The Company’s common stock, par value $0.01 per share, which had previously been listed under the trading symbol “XSPA” on the Nasdaq Capital Market, now trades under the trading symbol “XWEL” since the opening of the trading market on October 25, 2022. <span style="background:#ffffff;"> In pursuance, the Company amended and restated its certificate of incorporation filed with the Delaware Secretary of State on October 24, 2022 (the “Amended and Restated Certificate”). </span> Rebranding to XWELL aligned the Company’s corporate strategy to build a pure-play health and wellness services company, both in the airport and off airport marketplaces.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;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;">In addition, prior to filing the Amended and Restated Certificate, the Company filed a Certificate of Elimination (the “Certificate of Elimination”) with respect to its Series A Convertible Preferred Stock, par value $0.01 per share, Series D Convertible Preferred Stock, par value $0.01 per share, Series E Convertible Preferred Stock, par value $0.01 per share, and Series F Convertible Preferred Stock, par value $0.01 per share (collectively, the “Eliminated Preferred Stock”) with the Delaware Secretary of State, becoming effective as of at 11:59 p.m., Eastern Time on October 24, 2022.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;background:#ffffff;margin:0pt;"> </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;background:#ffffff;margin:0pt;">The Certificate of Elimination (i) eliminated the previous designation of 6,968 shares of Series A Convertible Preferred Stock, none of which were outstanding at the time of filing, (ii) eliminated the previous designation of 500,000 shares of Series D Convertible Preferred Stock, none of which were outstanding at the time of filing, (iii) eliminated the previous designation of 2,397,060 shares of Series E Convertible Preferred Stock, none of which were outstanding at the time of filing, (iv) eliminated the previous designation of 9,000 shares of Series F Convertible Preferred Stock, none of which were outstanding at the time of filing, (v) caused such shares of Eliminated Preferred Stock to resume the status of authorized but unissued shares of preferred stock of the Company and (vi) eliminated all reference to the Eliminated Preferred Stock from the Company’s Certificate of Incorporation filed with the Secretary of State of the State of Delaware and effective prior to the effective time of the Amended and Restated Certificate.</p><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;padding-top:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><span style="font-size:10pt;">XWELL is a leading global travel health and wellness services holding company. XWELL 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;">XWELL’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. Most of XpresSpa spa locations were closed between March 2020 and September 2021, largely due to the  airport traffic remaining at insufficient levels to support operations at a unit level. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">During the period between March 2020 and September 2021, when the Company was unable to reopen its spa locations for normal operations, the Company in partnership  with certain COVID-19 testing partners, successfully launched its XpresCheck Wellness Centers through its XpresTest, Inc. subsidiary (“XpresTest”), offering testing services, also in airports.  XpresTest 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 medical service companies 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 medical service companies.</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 0pt 12pt 0pt;">The Treat segment, which is operating through XWELL’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, Phoenix Sky Harbor International Airport and  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 accounting principles generally accepted 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 nine months ended September 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;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 twenty operating XpresSpa domestic locations and the Company expects to re-open two additional domestic locations in the near-term as airport traffic return to sufficient levels to support operations at a unit level. . 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). Additionally, XpresSpa implemented a price increase in mid-October 2021 in its efforts to return to profitability. As the Companies continue to monitor fluctuating airport volumes, the Company will  also 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 eight international locations operating, including three XpresSpa locations in Dubai International Airport in the United Arab Emirates, three XpresSpa locations in Schiphol Amsterdam Airport in the Netherlands and two XpresSpa locations in Istanbul Airport in Turkey. The Company had signed for 5 locations at Istanbul Airport in Turkey of which 3 of them opened after September 30, 2022: the Company expects to open the remaining  two locations before the end of 2022.</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;">XpresTest’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 eight operating XpresCheck locations operating in eight airports, including one in Orlando International Airport, pre-security, in the South Walk area of the Main Terminal, which opened in March 2022.</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><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="white-space:pre-wrap;">During 2022, as countries continued to relax their testing requirements resulting in rapid decline of testing volumes at the Company’s XpresCheck locations, the Company closed or consolidated its </span>five<span style="white-space:pre-wrap;"> non performing XpresCheck Wellness Centers and </span>two<span style="white-space:pre-wrap;"> XpresCheck Wellness Centers were assimilated into the Treat Segment. Also, due to the rapid decline of testing volumes at the Company’s XpresCheck locations, the company absorbed a loss of </span>$1,040 related to the write-off of long-lived assets during the quarter ended September 30, 2022.</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><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">During 2021, XpresTest initiated a $2,001 eight-week pilot program with the Centers for Disease Control and Prevention (CDC) in collaboration with Concentric by Ginkgo Bioworks (NYSE: DNA). Under this program, XpresTest 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 $4,166 and $1,368 of the full $5,534 amount was recognized during 2022 and the fourth quarter of 2021, respectively. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">During the third quarter of 2022, XpresTest, in partnership with Ginkgo Bioworks and in continuation of their support to the  CDC’s traveler-based SARS-CoV-2 genomic surveillance program were awarded a new contract. The partnership is expected to support public health and biosecurity services totaling approximately $16,000, with an overall potential to exceed $61,000 based on CDC program options and public health priorities. As COVID-19 sub variants and other biological threats continue to emerge, the partners plan to expand the program footprint and incorporate innovative modalities and offerings, such as monitoring of wastewater from aircraft lavatories. The current contract with Ginkgo Bioworks related to the above partnership contains fixed pricing for which the Company is entitled to $6,761 for the sample collection (passenger and aircraft wastewater) and $570 for the traveler enrollment initiatives, which represents the amount of consideration that the Company is entitled. The Company recognizes revenue over time for both sample collection performance obligations, using the input method based on time elapsed to measure progress towards satisfying each of the performance obligations. The Company recognizes revenue ratably (straight line basis) over the term of the contract (one year). The Company will recognize revenue over time for the traveler enrollment initiative performance obligation based on the amount for which the Company has the right to invoice. The Company recorded $916 in revenue during the quarter ended September 30, 2022. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-style:italic;visibility:hidden;">​</span></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 0pt 12pt 0pt;">Treat’s on-site centers (currently located in JFK International Airport, Phoenix Sky Harbor International Airport and 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 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 September 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 XWELL. 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. Acquisition of HyperPointe</i> for related discussion.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">​</span></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;">Liquidity and Financial Condition</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">As of September 30, 2022, the Company had cash and cash equivalents, excluding restricted cash, of $49,429, total current assets of $55,181, total current liabilities of $10,984 and positive working capital of $44,197 compared to a positive working capital of $89,152 as of December 31, 2021. Management has performed an assessment of the Company’s ability to continue as a going concern. As of the date of the report, the Company believes it has sufficient liquidity to fund operations for the next twelve months from the issuance of these financial statements. The Company’s liquidity projections and actual performance through issuance relies heavily on the success and profitability of the Company’s re-opened XpresSpa locations, and tailored service offerings. In addition, the Company’s future liquidity relies on the market acceptance to the Company’s new travel, health and wellness brand, Treat, which has generated a net loss of $1,290 and $4,049, for the three and nine months ended September 30, 2022, respectively. Furthermore, because the Company relies heavily on international and domestic airplane travel, any such decrease in demand for travel could have a negative impact on the Company’s operations and liquidity.    </p>
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xwel-20220930xex31d1.htm Edgar Link pending
xwel-20220930xex31d2.htm Edgar Link pending
xwel-20220930xex32.htm Edgar Link pending
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xwel-20220930_lab.xml Edgar Link unprocessable
xwel-20220930_pre.xml Edgar Link unprocessable
xwel-20220930x10q_htm.xml Edgar Link completed
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