2024 Q2 Form 10-K Financial Statement

#000155837024005211 Filed on April 16, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2023 Q4 2023
Revenue $9.282M $7.403M $30.11M
YoY Change 13.54% -2.08% -46.18%
Cost Of Revenue $6.203M $6.525M $26.43M
YoY Change -11.2% -8.74% -39.79%
Gross Profit $3.079M $878.0K $3.681M
YoY Change 158.74% 114.15% -69.45%
Gross Profit Margin 33.17% 11.86% 12.23%
Selling, General & Admin $3.072M $20.91M $12.96M
YoY Change -39.76% 199.58% -58.43%
% of Gross Profit 99.77% 2381.66% 352.0%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $228.0K $295.0K $2.065M
YoY Change -61.55% -73.18% -61.96%
% of Gross Profit 7.41% 33.6% 56.1%
Operating Expenses $3.072M $5.501M $12.96M
YoY Change -47.84% -31.83% -58.43%
Operating Profit -$1.893M -$4.623M -$28.21M
YoY Change -59.93% -39.65% -9.49%
Interest Expense $174.0K $274.0K $568.0K
YoY Change -119.55% 95.71% -346.96%
% of Operating Profit
Other Income/Expense, Net -$72.00K -$64.00K -$410.0K
YoY Change -40.0% -93.96% -63.75%
Pretax Income -$1.791M -$6.508M -$27.99M
YoY Change -68.46% -54.2% -14.06%
Income Tax $35.00K $35.00K
% Of Pretax Income
Net Earnings -$1.996M -$6.584M -$27.74M
YoY Change -65.17% -51.08% -15.52%
Net Earnings / Revenue -21.5% -88.94% -92.14%
Basic Earnings Per Share -$0.48 -$6.64
Diluted Earnings Per Share -$0.48 -$1.57 -$6.64
COMMON SHARES
Basic Shares Outstanding 4.183M 4.180M 4.175M
Diluted Shares Outstanding 4.183M 4.175M

Balance Sheet

Concept 2024 Q2 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $18.38M $23.05M $23.05M
YoY Change -42.37% -45.38% -45.38%
Cash & Equivalents $5.418M $8.437M $316.0K
Short-Term Investments $12.97M $14.61M $14.61M
Other Short-Term Assets $1.501M $949.0K $949.0K
YoY Change 3.88% -15.42% -13.73%
Inventory $871.0K $900.0K $900.0K
Prepaid Expenses $1.421M $894.0K
Receivables $2.380M $1.667M $1.667M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $23.14M $26.57M $26.57M
YoY Change -35.96% -43.87% -43.84%
LONG-TERM ASSETS
Property, Plant & Equipment $2.454M $2.454M $7.110M
YoY Change -36.54% -33.06% -40.25%
Goodwill $1.389M $1.371M
YoY Change -65.48% -65.93%
Intangibles $1.187M $1.353M
YoY Change -68.01% -66.24%
Long-Term Investments $50.00K
YoY Change
Other Assets $1.756M $1.842M $2.543M
YoY Change 2.39% -22.25% -17.97%
Total Long-Term Assets $13.16M $12.43M $12.43M
YoY Change -35.7% -46.19% -46.2%
TOTAL ASSETS
Total Short-Term Assets $23.14M $26.57M $26.57M
Total Long-Term Assets $13.16M $12.43M $12.43M
Total Assets $36.29M $38.99M $38.99M
YoY Change -35.87% -44.63% -44.61%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.780M $1.099M $1.099M
YoY Change 28.47% -52.47% -86.26%
Accrued Expenses $6.735M $7.370M $7.370M
YoY Change 6.9% 183.46% 183.46%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $10.44M $9.330M $9.330M
YoY Change 12.67% -14.84% -15.18%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $8.622M $8.692M $8.692M
YoY Change -16.29% -24.42% -24.42%
Total Long-Term Liabilities $8.622M $8.692M $8.692M
YoY Change -16.29% -24.42% -24.42%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.44M $9.330M $9.330M
Total Long-Term Liabilities $8.622M $8.692M $8.692M
Total Liabilities $19.06M $18.02M $25.99M
YoY Change -2.68% -19.82% -14.78%
SHAREHOLDERS EQUITY
Retained Earnings -$460.4M -$455.9M
YoY Change 4.78% 6.48%
Common Stock $42.00K $42.00K
YoY Change -94.96% -94.95%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $8.798M $13.00M $13.00M
YoY Change
Total Liabilities & Shareholders Equity $36.29M $38.99M $38.99M
YoY Change -35.87% -44.63% -44.61%

Cashflow Statement

Concept 2024 Q2 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$1.996M -$6.584M -$27.74M
YoY Change -65.17% -51.08% -15.52%
Depreciation, Depletion And Amortization $228.0K $295.0K $2.065M
YoY Change -61.55% -73.18% -61.96%
Cash From Operating Activities -$443.0K -$3.201M -$16.07M
YoY Change -83.89% -52.79% -33.55%
INVESTING ACTIVITIES
Capital Expenditures $362.0K $266.0K $1.905M
YoY Change 20.67% -65.0% -70.53%
Acquisitions
YoY Change
Other Investing Activities $1.914M $7.088M $8.023M
YoY Change -1163.33% -130.62% -134.66%
Cash From Investing Activities $1.552M $6.822M $5.650M
YoY Change -423.33% -128.53% -116.22%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 4.000K 0.000 8.000K
YoY Change -103.33% -100.0% -100.03%
NET CHANGE
Cash From Operating Activities -443.0K -3.201M -16.07M
Cash From Investing Activities 1.552M 6.822M 5.650M
Cash From Financing Activities 4.000K 0.000 8.000K
Net Change In Cash 1.113M 3.621M -10.60M
YoY Change -133.22% -111.91% -87.74%
FREE CASH FLOW
Cash From Operating Activities -$443.0K -$3.201M -$16.07M
Capital Expenditures $362.0K $266.0K $1.905M
Free Cash Flow -$805.0K -$3.467M -$17.98M
YoY Change -73.61% -54.02% -41.34%

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CY2023 us-gaap Nature Of Operations
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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;text-align:justify;margin:0pt 0pt 12pt 0pt;"><span style="font-style:italic;font-weight:bold;">Overview</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-bottom:12pt;text-align:justify;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;padding-bottom:12pt;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;text-align:justify;background:#ffffff;margin:0pt 0pt 12pt 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;text-align:justify;margin:0pt 0pt 12pt 0pt;"><span style="font-size:10pt;">XWELL is a global wellness company operating multiple brands and focused on bringing restorative, regenerative and reinvigorating products and services to travelers. 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;">, XpresTest</span><sup style="font-size:5.62pt;line-height:100%;top:0pt;vertical-align:top;background:#ffffff;">®</sup><span style="font-size:10pt;">, Naples Wax Center and Treat</span><sup style="font-size:7.5pt;line-height:100%;top:0pt;vertical-align:top;background:#ffffff;">™</sup><span style="font-size:10pt;">.</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 0pt 12pt 0pt;">As of December 31, 2023, there were 21 domestic XpresSpa locations in total, 19 Company owned and 2 franchises. The Company also had 11 international locations operating as of December 31, 2023, including two XpresSpa locations in Dubai International Airport in the United Arab Emirates, one XpresSpa location in Zayad International Airport in Abu Dhabi UAE, three XpresSpa locations in Schiphol Amsterdam Airport in the Netherlands and five XpresSpa locations in Istanbul Airport in Turkey. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">XWELL’s subsidiary, XpresTest, in partnership with certain COVID-19 testing partners, successfully launched its XpresCheck Wellness Centers through its XpresTest, Inc. subsidiary (“XpresTest”), which offered 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 during the pandemic. During 2022 and 2023, as countries continued to relax their testing requirements resulting in rapid decline of testing volumes at the Company’s XpresCheck locations, the Company closed XpresCheck Wellness Centers. As of December 31, 2023, all XpresCheck locations are closed.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">XWELL’s subsidiary, gcg Connect, LLC, operating as HyperPointe, provides direct to business marketing support across a number of health and health-related channels.  From the creation of marketing campaigns for the pharmaceutical industry, to learning management systems to website and health related content creation, HyperPointe is a complementary service provider to XWELL’s health-focused brands as well as providing the majority of services to the external community.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">For reporting purposes, the former HyperPointe segment has been consolidated into the XpresTest segment. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">XWELL’s subsidiary Treat, Inc. (“Treat”) is a wellness brand that provides access to wellness services for travelers at on-site centers (currently located in JFK International Airport and 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;">In 2022, Treat opened a new location in Phoenix Sky Harbor International Airport but by the fourth quarter of 2022, the decision was made to close this location. The remaining Treat locations offer a full retail product offering and a suite of wellness and spa services. Travelers can purchase time blocks to use our 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;">XWELL’s subsidiary Naples Wax Center, LLC, which was acquired on September 12, 2023, for a purchase price of $1,624 operates a group of upscale hair removal boutiques in Florida. There are currently three Naples Wax Center locations with core products and service offerings from face and body waxing to a range of skincare and cosmetic products. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><span style="font-style:italic;font-weight:bold;">Liquidity and Financial Condition</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">As of December 31, 2023, the Company had approximately $8,437 of cash and cash equivalents, $14,613 in marketable securities, and total current assets of approximately $26,566. The Company’s total current liabilities balance, which includes accounts payable, deferred revenue, accrued expenses, and operating lease liabilities was approximately $9,330 as of December 31, 2023. The working capital surplus was $17,236 as of December 31, 2023, compared to a working capital surplus of  $36,376 as of December 31, 2022. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Company has significantly reduced operating and overhead expenses in the second half of 2022 and 2023, while it continues to focus on returning to overall profitability. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The Company has taken actions to improve its overall cash position, right sizing its corporate structure and streamlining its operations, while at the same time the Company is aggressively trying to get the company to profitability which the Company believes will strengthen the Company’s stock price and put the Company in a stronger position to be able to raise capital in 2024 and beyond. The Company is aggressively pursuing strategic partnerships that the Company expects will further strengthen the long-term profitability of the business, which puts the Company in a position of strength as the Company raise more capital.</p>
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><span style="font-style:italic;font-weight:bold;">Reclassification</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Certain balances in the 2022 consolidated financial statements have been reclassified to conform to the presentation in the 2023 consolidated financial statements, primarily the separate classification and presentation of general and administrative, salaries and benefits, impairments and loss on disposal of assets. Such reclassifications did not have a material impact on the consolidated financial statements.</p>
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CY2023Q4 us-gaap Other Assets Current
OtherAssetsCurrent
949000
CY2022Q4 us-gaap Other Assets Current
OtherAssetsCurrent
1122000
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
7349000
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
10666000
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
4895000
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
7000000
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2454000
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3666000
CY2023 us-gaap Asset Impairment Charges
AssetImpairmentCharges
1159000
CY2022 us-gaap Asset Impairment Charges
AssetImpairmentCharges
4559000
CY2023 us-gaap Depreciation
Depreciation
825000
CY2022 us-gaap Depreciation
Depreciation
3663000
CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
122000
CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
254000
CY2022 xwel Operating Lease Minimum Annual Rental Payments
OperatingLeaseMinimumAnnualRentalPayments
928000
CY2023 us-gaap Variable Lease Payment
VariableLeasePayment
1326000
CY2023Q4 us-gaap Equity Securities Without Readily Determinable Fair Value Amount
EquitySecuritiesWithoutReadilyDeterminableFairValueAmount
50000
CY2022Q4 us-gaap Equity Securities Without Readily Determinable Fair Value Amount
EquitySecuritiesWithoutReadilyDeterminableFairValueAmount
104000
CY2023Q4 us-gaap Leveraged Lease Investment
LeveragedLeaseInvestment
1556000
CY2022Q4 us-gaap Leveraged Lease Investment
LeveragedLeaseInvestment
1973000
CY2023Q4 us-gaap Other Assets Miscellaneous Noncurrent
OtherAssetsMiscellaneousNoncurrent
236000
CY2022Q4 us-gaap Other Assets Miscellaneous Noncurrent
OtherAssetsMiscellaneousNoncurrent
292000
CY2023Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
1842000
CY2022Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
2369000
CY2023Q4 us-gaap Leveraged Lease Investment
LeveragedLeaseInvestment
1556000
CY2022Q4 us-gaap Leveraged Lease Investment
LeveragedLeaseInvestment
1973000
CY2023Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
3840000
CY2023Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
2487000
CY2023Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
1353000
CY2022Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
6352000
CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
2344000
CY2022Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
4008000
CY2023 xwel Amortization And Impairment Of Intangible Assets
AmortizationAndImpairmentOfIntangibleAssets
1240000
CY2022 xwel Amortization And Impairment Of Intangible Assets
AmortizationAndImpairmentOfIntangibleAssets
1766000
CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
316000
CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
310000
CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
229000
CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
122000
CY2023Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
1353000
CY2023 us-gaap Operating Lease Payments
OperatingLeasePayments
3483000
CY2022 us-gaap Operating Lease Payments
OperatingLeasePayments
4092000
CY2023 xwel Right Of Use Asset Obtained In Exchange For New And Modified Operating Lease Liability
RightOfUseAssetObtainedInExchangeForNewAndModifiedOperatingLeaseLiability
174000
CY2022 xwel Right Of Use Asset Obtained In Exchange For New And Modified Operating Lease Liability
RightOfUseAssetObtainedInExchangeForNewAndModifiedOperatingLeaseLiability
6891000
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
3105000
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
2714000
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1628000
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1505000
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
1125000
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
3313000
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
13390000
CY2023Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
2296000
CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
11094000
CY2023Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P5Y11M8D
CY2023Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0725
CY2023 xwel Operating Lease Minimum Annual Rental Payments
OperatingLeaseMinimumAnnualRentalPayments
2018000
CY2022 us-gaap Variable Lease Payment
VariableLeasePayment
1392000
CY2023 us-gaap Operating Lease Expense
OperatingLeaseExpense
3824000
CY2022 us-gaap Operating Lease Expense
OperatingLeaseExpense
3917000
CY2023 us-gaap Operating Lease Impairment Loss
OperatingLeaseImpairmentLoss
926000
CY2022 us-gaap Operating Lease Impairment Loss
OperatingLeaseImpairmentLoss
1110000
CY2023Q3 xwel Reverse Stock Split Multiplying Factor For Price Per Share
ReverseStockSplitMultiplyingFactorForPricePerShare
20
CY2022Q3 xwel Threshold Value Of Share Repurchases
ThresholdValueOfShareRepurchases
1000000
CY2023Q4 xwel Number Of Equal Quarterly Vesting Installment
NumberOfEqualQuarterlyVestingInstallment
4
CY2020Q3 xwel Number Of Equal Quarterly Vesting Installment
NumberOfEqualQuarterlyVestingInstallment
4
CY2023 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2319000
CY2022 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3770000
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
241501
CY2022Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue
40.00
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
148069
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
7.88
CY2023 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0
CY2023 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue
0
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
16699
CY2023 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Options Forfeited Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedWeightedAverageGrantDateFairValue
24.08
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
31666
CY2023 xwel Share Based Compensation Arrangement By Share Based Payment Award Vested Options Expired Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardVestedOptionsExpiredWeightedAverageGrantDateFairValue
38.69
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
341205
CY2023Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue
26.85
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
244271
CY2023 xwel Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableInPeriodWeightedAverageGrantDateFairValue
26.65
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
141344
CY2021Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue
51.40
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
117517
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
29.20
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
12252
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Options Forfeited Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedWeightedAverageGrantDateFairValue
31.00
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
5108
CY2022 xwel Share Based Compensation Arrangement By Share Based Payment Award Vested Options Expired Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardVestedOptionsExpiredWeightedAverageGrantDateFairValue
121.0
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
241501
CY2022Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue
40.00
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
103063
CY2022 xwel Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableInPeriodWeightedAverageGrantDateFairValue
51.20
CY2023 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y8M15D
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y9M29D
CY2023Q4 xwel Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding And Vested Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingAndVestedIntrinsicValue
0
CY2022Q4 xwel Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding And Vested Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingAndVestedIntrinsicValue
0
CY2023 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
4
CY2023 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
4
CY2023Q4 xwel Number Of Locations Operated
NumberOfLocationsOperated
2
CY2023 us-gaap Revenues
Revenues
30109000
CY2022 us-gaap Revenues
Revenues
55939000
CY2023Q4 xwel Long Lived Assets
LongLivedAssets
10838000
CY2022Q4 xwel Long Lived Assets
LongLivedAssets
18794000
CY2023 us-gaap Revenues
Revenues
30109000
CY2022 us-gaap Revenues
Revenues
55939000
CY2023 us-gaap Operating Income Loss
OperatingIncomeLoss
-28206000
CY2022 us-gaap Operating Income Loss
OperatingIncomeLoss
-31163000
CY2023 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
2065000
CY2022 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
5429000
CY2023Q4 xwel Property Plant Equipment Capital Expenditure
PropertyPlantEquipmentCapitalExpenditure
1847000
CY2022Q4 xwel Property Plant Equipment Capital Expenditure
PropertyPlantEquipmentCapitalExpenditure
6293000
CY2023Q4 xwel Long Lived Assets
LongLivedAssets
10838000
CY2022Q4 xwel Long Lived Assets
LongLivedAssets
18794000
CY2023Q4 us-gaap Assets
Assets
38993000
CY2022Q4 us-gaap Assets
Assets
70426000
CY2023Q4 us-gaap Loss Contingency Accrual Carrying Value Current
LossContingencyAccrualCarryingValueCurrent
449000
CY2022Q4 us-gaap Loss Contingency Accrual Carrying Value Current
LossContingencyAccrualCarryingValueCurrent
963000
CY2023Q4 us-gaap Workers Compensation Liability Current
WorkersCompensationLiabilityCurrent
2098000
CY2022Q4 us-gaap Workers Compensation Liability Current
WorkersCompensationLiabilityCurrent
2008000
CY2023Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
501000
CY2022Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
573000
CY2023Q4 us-gaap Accounts Payable Other Current
AccountsPayableOtherCurrent
8000
CY2022Q4 us-gaap Accounts Payable Other Current
AccountsPayableOtherCurrent
160000
CY2023Q4 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
913000
CY2022Q4 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
754000
CY2023Q4 xwel Accrued Liability For Unredeemed Gift Cards
AccruedLiabilityForUnredeemedGiftCards
509000
CY2022Q4 xwel Accrued Liability For Unredeemed Gift Cards
AccruedLiabilityForUnredeemedGiftCards
496000
CY2023Q4 xwel Credit Card Processing Fees
CreditCardProcessingFees
8000
CY2022Q4 xwel Credit Card Processing Fees
CreditCardProcessingFees
33000
CY2023Q4 us-gaap Accounts Payable And Other Accrued Liabilities Current
AccountsPayableAndOtherAccruedLiabilitiesCurrent
482000
CY2022Q4 us-gaap Accounts Payable And Other Accrued Liabilities Current
AccountsPayableAndOtherAccruedLiabilitiesCurrent
732000
CY2023Q4 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
4968000
CY2022Q4 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
5719000
CY2023 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
-27573000
CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
-32445000
CY2023 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
-421000
CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
-129000
CY2023 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-27994000
CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-32574000
CY2023 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
0
CY2022 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
0
CY2023 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
15000
CY2022 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
41000
CY2023 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
20000
CY2022 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
14000
CY2023 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
0
CY2022 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
0
CY2023 us-gaap Deferred Federal State And Local Tax Expense Benefit
DeferredFederalStateAndLocalTaxExpenseBenefit
35000
CY2022 us-gaap Deferred Federal State And Local Tax Expense Benefit
DeferredFederalStateAndLocalTaxExpenseBenefit
55000
CY2023 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-27994000
CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-32574000
CY2023 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2023 xwel Effective Income Tax Rate Reconciliation Tax Credits And Adjustments Other Amount
EffectiveIncomeTaxRateReconciliationTaxCreditsAndAdjustmentsOtherAmount
5879000
CY2022 xwel Effective Income Tax Rate Reconciliation Tax Credits And Adjustments Other Amount
EffectiveIncomeTaxRateReconciliationTaxCreditsAndAdjustmentsOtherAmount
6841000
CY2023 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
-1027000
CY2022 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
706000
CY2023 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
9166000
CY2022 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
7015000
CY2022 xwel Effective Income Tax Reconciliation Adjustment Joint Venture Basis
EffectiveIncomeTaxReconciliationAdjustmentJointVentureBasis
339000
CY2023 us-gaap Income Tax Reconciliation Nondeductible Expense
IncomeTaxReconciliationNondeductibleExpense
212000
CY2022 us-gaap Income Tax Reconciliation Nondeductible Expense
IncomeTaxReconciliationNondeductibleExpense
341000
CY2023 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
2000
CY2023 xwel Effective Income Tax Rate Reconciliation Nondeductible Expense Return To Provision Adjustment Amount
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseReturnToProvisionAdjustmentAmount
-1860000
CY2022 xwel Effective Income Tax Rate Reconciliation Nondeductible Expense Return To Provision Adjustment Amount
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseReturnToProvisionAdjustmentAmount
-94000
CY2023 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
IncomeTaxReconciliationForeignIncomeTaxRateDifferential
-14000
CY2023 xwel Income Tax Reconciliation Change In State Deferred Rate
IncomeTaxReconciliationChangeInStateDeferredRate
-87000
CY2022 xwel Income Tax Reconciliation Change In State Deferred Rate
IncomeTaxReconciliationChangeInStateDeferredRate
-570000
CY2023 xwel Income Tax Reconciliation Asset Impairment Adjustment
IncomeTaxReconciliationAssetImpairmentAdjustment
-730000
CY2022 xwel Income Tax Reconciliation Asset Impairment Adjustment
IncomeTaxReconciliationAssetImpairmentAdjustment
-810000
CY2023 us-gaap Income Tax Reconciliation Other Reconciling Items
IncomeTaxReconciliationOtherReconcilingItems
252000
CY2022 us-gaap Income Tax Reconciliation Other Reconciling Items
IncomeTaxReconciliationOtherReconcilingItems
-31000
CY2023 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
35000
CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
55000
CY2023Q3 us-gaap Assets
Assets
42937000
CY2023Q3 us-gaap Accounts Payable Current
AccountsPayableCurrent
1511000
CY2023Q3 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
4198000
CY2023Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
2375000
CY2023Q3 us-gaap Deferred Revenue
DeferredRevenue
73000
CY2023Q3 us-gaap Liabilities Current
LiabilitiesCurrent
8157000
CY2023Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
9123000
CY2023Q3 us-gaap Liabilities
Liabilities
17280000
CY2023Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
60263000
CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
51932000
CY2023Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
1532000
CY2022Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
1029000
CY2023Q4 us-gaap Deferred Tax Assets Goodwill And Intangible Assets
DeferredTaxAssetsGoodwillAndIntangibleAssets
7629000
CY2022Q4 us-gaap Deferred Tax Assets Goodwill And Intangible Assets
DeferredTaxAssetsGoodwillAndIntangibleAssets
7298000
CY2023Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefits
69424000
CY2022Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefits
60259000
CY2023Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
69424000
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
60259000
CY2023Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
69424000
CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
53298000
CY2022Q4 xwel Deferred Tax Assets Return To Provision Trueup
DeferredTaxAssetsReturnToProvisionTrueup
-97000
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
60259000
CY2023Q4 xwel Deferred Tax Assets Return To Provision Trueup
DeferredTaxAssetsReturnToProvisionTrueup
-1866000
CY2023Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
69424000
CY2023Q4 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
150926000
CY2023 xwel Net Operating Loss Expiration
NetOperatingLossExpiration
P20Y
CY2023Q4 xwel Operating Loss Carry Forwards Without Limitation
OperatingLossCarryForwardsWithoutLimitation
97968000
CY2023Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
4827000
CY2023Q3 us-gaap Marketable Securities Current
MarketableSecuritiesCurrent
21311000
CY2023Q3 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
1193000
CY2023Q3 us-gaap Inventory Net
InventoryNet
968000
CY2023Q3 us-gaap Other Assets Current
OtherAssetsCurrent
1663000
CY2023Q3 us-gaap Assets Current
AssetsCurrent
29962000
CY2023Q3 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
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CY2023Q3 us-gaap Property Plant And Equipment Net
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