$XWEL
XWELL Inc

2024 Q3 Form 10-Q Financial Statement

#000155837024012235 Filed on August 14, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $8.422M $9.282M
YoY Change 12.77% 13.54%
Cost Of Revenue $6.369M $6.203M
YoY Change -0.13% -11.2%
Gross Profit $2.053M $3.079M
YoY Change 88.18% 158.74%
Gross Profit Margin 24.38% 33.17%
Selling, General & Admin $4.525M $3.072M
YoY Change 15.85% -39.76%
% of Gross Profit 220.41% 99.77%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $252.0K $228.0K
YoY Change -57.29% -61.55%
% of Gross Profit 12.27% 7.41%
Operating Expenses $4.525M $3.072M
YoY Change -5.12% -47.84%
Operating Profit -$4.769M -$1.893M
YoY Change -54.48% -59.93%
Interest Expense $174.0K
YoY Change -119.55%
% of Operating Profit
Other Income/Expense, Net -$73.00K -$72.00K
YoY Change -63.13% -40.0%
Pretax Income -$4.705M -$1.791M
YoY Change -52.85% -68.46%
Income Tax
% Of Pretax Income
Net Earnings -$4.750M -$1.996M
YoY Change -52.11% -65.17%
Net Earnings / Revenue -56.4% -21.5%
Basic Earnings Per Share -$0.99 -$0.48
Diluted Earnings Per Share -$0.99 -$0.48
COMMON SHARES
Basic Shares Outstanding 5.256M 4.183M
Diluted Shares Outstanding 4.819M 4.183M

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $18.38M
YoY Change -42.37%
Cash & Equivalents $4.365M $5.418M
Short-Term Investments $12.97M
Other Short-Term Assets $1.905M $1.501M
YoY Change 14.55% 3.88%
Inventory $669.0K $871.0K
Prepaid Expenses $1.814M $1.421M
Receivables $914.0K $2.380M
Other Receivables $0.00
Total Short-Term Assets $19.51M $23.14M
YoY Change -34.87% -35.96%
LONG-TERM ASSETS
Property, Plant & Equipment $2.959M $2.454M
YoY Change -22.15% -36.54%
Goodwill $1.389M $1.389M
YoY Change -65.48%
Intangibles $1.107M $1.187M
YoY Change -49.08% -68.01%
Long-Term Investments
YoY Change
Other Assets $1.832M $1.756M
YoY Change 2.52% 2.39%
Total Long-Term Assets $14.27M $13.16M
YoY Change -2.17% -35.7%
TOTAL ASSETS
Total Short-Term Assets $19.51M $23.14M
Total Long-Term Assets $14.27M $13.16M
Total Assets $33.79M $36.29M
YoY Change -24.16% -35.87%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.704M $2.780M
YoY Change 78.95% 28.47%
Accrued Expenses $6.735M
YoY Change 6.9%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $9.850M $10.44M
YoY Change 20.76% 12.67%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $8.622M
YoY Change -16.29%
Total Long-Term Liabilities $8.622M
YoY Change -16.29%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.850M $10.44M
Total Long-Term Liabilities $8.622M
Total Liabilities $18.96M $19.06M
YoY Change 9.71% -2.68%
SHAREHOLDERS EQUITY
Retained Earnings -$465.1M -$460.4M
YoY Change 3.53% 4.78%
Common Stock $53.00K $42.00K
YoY Change 26.19% -94.96%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $6.304M $8.798M
YoY Change
Total Liabilities & Shareholders Equity $33.79M $36.29M
YoY Change -24.16% -35.87%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income -$4.750M -$1.996M
YoY Change -52.11% -65.17%
Depreciation, Depletion And Amortization $252.0K $228.0K
YoY Change -57.29% -61.55%
Cash From Operating Activities -$443.0K
YoY Change -83.89%
INVESTING ACTIVITIES
Capital Expenditures $362.0K
YoY Change 20.67%
Acquisitions
YoY Change
Other Investing Activities $1.914M
YoY Change -1163.33%
Cash From Investing Activities $1.552M
YoY Change -423.33%
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
YoY Change -103.33%
NET CHANGE
Cash From Operating Activities -443.0K
Cash From Investing Activities 1.552M
Cash From Financing Activities 4.000K
Net Change In Cash 1.113M
YoY Change -133.22%
FREE CASH FLOW
Cash From Operating Activities -$443.0K
Capital Expenditures $362.0K
Free Cash Flow -$805.0K
YoY Change -73.61%

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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. Business, Basis of Presentation and Liquidity</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;text-align:justify;margin:0pt 0pt 12pt 0pt;">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 four reportable operating segments: XpresSpa®, XpresTest®, Naples Wax Center and Treat™.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 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”. The Company filed an amended and restated certificate of incorporation with the Delaware Secretary of State on October 24, 2022 (the “Amended and Restated Certificate”) reflecting the name change. Rebranding to XWELL aligned the Company’s corporate strategy to build a pure-play wellness services company, in both the airport and off-airport marketplaces.</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;">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. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">As of June 30, 2024, there were 21 domestic XpresSpa locations in total, 19 Company-owned locations and two franchises. The Company also had 11 international locations operating as of June 30, 2024, 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 the 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;"><b style="font-weight:bold;">XpresTest</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Company, in partnership with certain COVID-19 testing partners, successfully launched its XpresCheck Wellness Centers, in June of 2020, 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 Wellness locations, the Company started to close XpresCheck Wellness Centers. As of December 31, 2023, we have closed all XpresCheck Wellness locations.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">XpresTest, Inc began conducting bio surveillance monitoring with the Centers for Disease Control and Prevention (CDC) in collaboration with Concentric by Ginkgo BioWorks in 2021. The program was extended in January 2022 and renewed in August of 2022 and 2023. In March 2024, the program funding and scope were expanded.</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;">HyperPointe</b></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;"><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, which is operating through 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). In April 2024, the decision was made to close the location in the 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;">Treat offers 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;"><b style="font-weight:bold;">Naples Wax Center</b></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, LLC, d/b/a Naples Wax Centers (“Naples Wax Center” or “Naples Wax”) which was acquired on September 12, 2023, for a purchase price of $1,624 operates three high-performing locations with core products and service offerings from face and body waxing to a range of skincare and cosmetic products. The acquisition of Naples Wax Center is intended to enable the Company to move beyond its airport client base with a business that can be adapted to a larger wellness platform while also growing its retail footprint to serve long-term financial goals.</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;">XWELL Studios</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">In Q4 of 2023, the Company began plans to open its first XWELL Studios location in Jacksonville, Florida in 2024.  XWELL Studios is an out-of-airport concept providing leased space to established wellness service providers.  Revenue will be derived from both lease payments received from the wellness practitioners and the sale of retail at the wellness center.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Company believes that these strategic imperatives will be accomplished through development of an infrastructure specifically focused on enabling scalable and efficient growth.</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 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, 2023, as amended. The consolidated balance sheet as of December 31, 2023 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. 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, 2024, 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="font-style:italic;font-weight:bold;">Reverse Stock Split</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;margin:0pt;">On September 28, 2023, the Company effected a <span style="-sec-ix-hidden:Hidden_37PT1v2edkOfXC7zW1VRPQ;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">1</span></span>-for-20 reverse stock split (the “Reverse Stock Split”) whereby every <span style="-sec-ix-hidden:Hidden_lbdF0Y9qNU-5h8pB-uyIsQ;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">twenty</span></span> shares of its Common Stock were reduced to <span style="-sec-ix-hidden:Hidden_OmI08xwyGUuENQMkSxKsWw;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">one</span></span> share of its Common Stock and the price per share of its Common Stock was multiplied by 20. All references to shares and per share amounts have been adjusted to reflect the Reverse Stock Split.</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;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 0pt 12pt 0pt;">As of June 30, 2024, the Company had cash and cash equivalents of $5,418 (excluding restricted cash), $12,965 in marketable securities, and total current assets of $23,135. The Company’s total current liabilities balance, which includes accounts payable, deferred revenue, accrued expenses, and operating lease liabilities was $10,440 as of June 30, 2024, and $9,330 as of December 31, 2023. The working capital surplus was $12,695 as of June 30, 2024, compared to a working capital surplus of $17,236 as of December 31, 2023.</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, 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. The Company is pursuing strategic partnerships that the Company expects will further strengthen the long-term profitability of the business.</p>
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4
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CommonStockParOrStatedValuePerShare
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ReverseStockSplitMultiplyingFactorForPricePerShare
20
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CashAndCashEquivalentsAtCarryingValue
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WorkingCapital
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us-gaap Use Of Estimates
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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;">Use of estimates</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The preparation of the accompanying condensed consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses for the periods presented. Actual results may differ from such estimates. Significant items subject to such estimates and assumptions include the Company’s long-lived assets, intangibles assets, the useful lives of the Company’s intangible assets, the valuation of stock-based compensation, deferred tax assets and liabilities, income tax uncertainties, and other contingencies.</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;">Certain balances in the unaudited condensed consolidated financial statements for the three and six months ended June 30, 2023, have been reclassified to conform to the presentation in the unaudited condensed consolidated financial statements for the three and six months ended June 30, 2024, primarily the presentation of revenue, general and administrative expense, the realized and unrealized gain on investments and other operating expenses. The above separation affected revenue classifications, general and administrative expenses, the realized and unrealized gain on investments and other operating expense in the comparative 2023 financial statements. Such reclassifications did not have a material impact on the unaudited condensed consolidated financial statements.</p>
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ImpairmentOfLongLivedAssetsHeldForUse
0
us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
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us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
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CY2023Q2 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0
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NetIncomeLossAvailableToCommonStockholdersBasic
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CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
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us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
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us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
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CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Earnings Per Share Basic
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CY2023Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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398917
CY2023Q3 xwel Reverse Stock Split Multiplying Factor For Price Per Share
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20
CY2024Q2 us-gaap Cash
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CY2023Q4 us-gaap Cash
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CY2024Q2 xwel Currency Other Than Us Dollars
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CY2023Q4 xwel Currency Other Than Us Dollars
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2395000
CY2024Q2 us-gaap Restricted Cash
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752000
CY2023Q4 us-gaap Restricted Cash
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CY2024Q2 us-gaap Credit And Debit Card Receivables At Carrying Value
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321000
CY2023Q4 us-gaap Credit And Debit Card Receivables At Carrying Value
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316000
CY2024Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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6170000
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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9188000
CY2024Q2 us-gaap Time Deposits At Or Above Fdic Insurance Limit
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2805000
CY2023Q4 us-gaap Time Deposits At Or Above Fdic Insurance Limit
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4195000
CY2024Q2 xwel Cash Held In Overseas Accounts
CashHeldInOverseasAccounts
2204000
CY2023Q4 xwel Cash Held In Overseas Accounts
CashHeldInOverseasAccounts
2395000
CY2024Q2 us-gaap Prepaid Expense Current
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1421000
CY2023Q4 us-gaap Prepaid Expense Current
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894000
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CY2023Q4 us-gaap Other Assets Miscellaneous Current
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55000
CY2024Q2 us-gaap Other Assets Current
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1501000
CY2023Q4 us-gaap Other Assets Current
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949000
CY2024Q2 us-gaap Finite Lived Intangible Assets Gross
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3828000
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2641000
CY2024Q2 us-gaap Finite Lived Intangible Assets Net
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1187000
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
CY2024Q2 us-gaap Amortization Of Intangible Assets
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78000
CY2023Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
377000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
159000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
759000
CY2024Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
153000
CY2024Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
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307000
CY2024Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
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228000
CY2024Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
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122000
CY2024Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
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122000
CY2024Q2 xwel Finite Lived Intangible Assets Amortization Expense After Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFour
255000
CY2024Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
1187000
CY2024Q2 us-gaap Loss Contingency Accrual Carrying Value Current
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940000
CY2023Q4 us-gaap Loss Contingency Accrual Carrying Value Current
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CY2024Q2 us-gaap Workers Compensation Liability Current
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CY2024Q2 us-gaap Taxes Payable Current
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CY2023Q4 us-gaap Accounts Payable And Accrued Liabilities Current
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CY2024Q2 xwel Accrued Liability For Unredeemed Gift Cards
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508000
CY2023Q4 xwel Accrued Liability For Unredeemed Gift Cards
AccruedLiabilityForUnredeemedGiftCards
509000
CY2024Q2 xwel Credit Card Processing Fees
CreditCardProcessingFees
6000
CY2023Q4 xwel Credit Card Processing Fees
CreditCardProcessingFees
8000
CY2024Q2 us-gaap Other Accrued Liabilities Current
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490000
CY2023Q4 us-gaap Other Accrued Liabilities Current
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482000
CY2024Q2 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
4259000
CY2023Q4 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
4968000
us-gaap Operating Lease Payments
OperatingLeasePayments
1687000
us-gaap Operating Lease Payments
OperatingLeasePayments
1839000
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1711000
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
2837000
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Five
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0.0721
CY2024Q2 xwel Operating Lease Minimum Annual Rental Payments
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319000
xwel Operating Lease Minimum Annual Rental Payments
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769000
CY2023Q2 xwel Operating Lease Minimum Annual Rental Payments
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xwel Operating Lease Minimum Annual Rental Payments
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CY2024Q2 us-gaap Variable Lease Payment
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us-gaap Variable Lease Payment
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CY2023Q2 us-gaap Variable Lease Payment
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us-gaap Variable Lease Payment
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CY2024Q2 us-gaap Equity Securities Without Readily Determinable Fair Value Amount
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51000
CY2023Q4 us-gaap Equity Securities Without Readily Determinable Fair Value Amount
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CY2024Q2 us-gaap Leveraged Lease Investment
LeveragedLeaseInvestment
1538000
CY2023Q4 us-gaap Leveraged Lease Investment
LeveragedLeaseInvestment
1556000
CY2024Q2 us-gaap Other Assets Miscellaneous Noncurrent
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CY2023Q4 us-gaap Other Assets Miscellaneous Noncurrent
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236000
CY2024Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
1756000
CY2023Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
1842000
CY2023Q3 xwel Reverse Stock Split Multiplying Factor For Price Per Share
ReverseStockSplitMultiplyingFactorForPricePerShare
20
CY2024Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
304000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
586000
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
626000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1238000
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
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
150000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
1.50
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
1.50
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares
3000
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue
1.50
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
1.50
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
29439
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Options Forfeited Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedWeightedAverageGrantDateFairValue
17.47
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
43378
xwel Share Based Compensation Arrangement By Share Based Payment Award Vested Options Expired Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardVestedOptionsExpiredWeightedAverageGrantDateFairValue
33.10
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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415388
CY2024Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue
17.05
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
371279
xwel Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableInPeriodWeightedAverageGrantDateFairValue
15.65
us-gaap Effective Income Tax Rate Continuing Operations
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0
CY2024Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0
us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
0
CY2024Q2 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
0
us-gaap Number Of Operating Segments
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4
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
4
CY2024Q2 us-gaap Revenues
Revenues
9282000
CY2023Q2 us-gaap Revenues
Revenues
8175000
CY2024Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-1893000
CY2023Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-4724000
CY2024Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
228000
CY2023Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
593000
us-gaap Revenues
Revenues
18008000
us-gaap Revenues
Revenues
15238000
us-gaap Operating Income Loss
OperatingIncomeLoss
-4271000
us-gaap Operating Income Loss
OperatingIncomeLoss
-11012000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
453000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
1180000
CY2024Q2 xwel Property Plant Equipment Capital Expenditure
PropertyPlantEquipmentCapitalExpenditure
784000
CY2023Q2 xwel Property Plant Equipment Capital Expenditure
PropertyPlantEquipmentCapitalExpenditure
1560000
CY2024Q2 xwel Long Lived Assets
LongLivedAssets
11801000
CY2023Q4 xwel Long Lived Assets
LongLivedAssets
10838000
CY2024Q2 us-gaap Assets
Assets
36290000
CY2023Q4 us-gaap Assets
Assets
38993000
CY2024Q2 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

Files In Submission

Name View Source Status
xwel-20240630_cal.xml Edgar Link unprocessable
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0001558370-24-012235-index.html Edgar Link pending
0001558370-24-012235.txt Edgar Link pending
0001558370-24-012235-xbrl.zip Edgar Link pending
Financial_Report.xlsx Edgar Link pending
MetaLinks.json Edgar Link pending
R1.htm Edgar Link pending
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R9.htm Edgar Link pending
report.css Edgar Link pending
Show.js Edgar Link pending
xwel-20240630.xsd Edgar Link pending
xwel-20240630x10q.htm Edgar Link pending
xwel-20240630xex31d1.htm Edgar Link pending
xwel-20240630xex31d2.htm Edgar Link pending
xwel-20240630xex32.htm Edgar Link pending
xwel-20240630_def.xml Edgar Link unprocessable
xwel-20240630_lab.xml Edgar Link unprocessable
xwel-20240630_pre.xml Edgar Link unprocessable
xwel-20240630x10q_htm.xml Edgar Link completed
FilingSummary.xml Edgar Link unprocessable