XCel Brands, Inc.

Regulatory Filings • Aug 17, 2020

NT 10-Q 1 xelb-20200630xnt10q.htm NT 10-Q Enhanced HTML document created with Toppan Merrill Bridge 9.7.0.58 Created on: 8/17/2020 12:00:18 PM (UTC) HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd"

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 ​	OMB APPROVAL OMB Number: 3235-0058 Expires: April 30, 2012 Estimated average burden hours per response . . . . . . . . . . . 2.50
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FORM 12b-25 ​	SEC FILE NUMBER 000-10176
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NOTIFICATION OF LATE FILING	CUSIP NUMBER 09858M105

(Check One): ◻ Form 10-K ◻ Form 20-F ◻ Form 11-K ⌧ Form 10-Q ◻ Form 10-D ◻ Form N-SAR ◻ Form N-CSR

For Period Ended: June 30, 2020

◻ Transition Report on Form 10-K

◻ Transition Report on Form 20-F

◻ Transition Report on Form 11-K

◻ Transition Report on Form 10-Q

◻ Transition Report on Form N-SAR

For the Transition Period Ended:________

Read Instruction (on back page) Before Preparing Form. Please Print or Type.

Nothing in this form shall be construed to imply that the Commission has verified any information contained herein.

If the notification relates to a portion of the filing checked above, identify the item(s) to which the notification relates:

PART I -- REGISTRANT INFORMATION

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Xcel Brands, Inc.
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Full Name of Registrant
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Former Name If Applicable
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1333 Broadway, 10th Floor
Address of Principal Executive Office ( Street and Number )
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New York, New York 10018
City, State and Zip Code

PART II -- RULES 12b-25(b) AND (c)

If the subject report could not be filed without unreasonable effort or expense and the registrant seeks relief pursuant to Rule 12b-25(b), the following should be completed. (Check box if appropriate.)

⌧	The reason described in reasonable detail in Part III of this form could not be eliminated without unreasonable effort or expense
​	(b)
​	(c)

PART III -- NARRATIVE

State below in reasonable detail why Forms 10-K, 20-F, 11-K, 10-Q, 10-D, N-SAR, N-CSR, or the transition report or portion thereof, could not be filed within the prescribed time period.

The Registrant is unable to file its Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2020 within the prescribed time period because of a delay in completing the review for this period as a result of management requiring additional time to compile and verify the data required to be included in the report. Registrant expects to file within the extension period.

(Attach Extra Sheets if Needed)

PART IV -- OTHER INFORMATION

(1) Name and telephone number of person to contact in regard to this notification

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James F. Haran		(347)		532-5891
(Name)	​	(Area Code)	​	(Telephone Number)

(2) Have all other periodic reports required under Section 13 or 15(d) of the Securities Exchange Act of 1934 or Section 30 of the Investment Company Act of 1940 during the preceding 12 months or for such shorter period that the registrant was required to file such report(s) been filed? If answer is no, identify report(s).

⌧ Yes ◻ No

(3) Is it anticipated that any significant change in results of operations from the corresponding period for the last fiscal year will be reflected by the earnings statements to be included in the subject report or portion thereof?

⌧ Yes ◻ No

If so, attach an explanation of the anticipated change, both narratively and quantitatively, and, if appropriate, state the reasons why a reasonable estimate of the results cannot be made.

See attachment.

Xcel Brands, Inc.

(Name of Registrant as Specified in Charter)

has caused this notification to be signed on its behalf by the undersigned thereunto duly authorized.

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Date: August 17, 2020	By:	/s/James F. Haran
​	​	James F. Haran
​	​	Chief Financial Officer

INSTRUCTION: The form may be signed by an executive officer of the registrant or by any other duly authorized representative. The name and title of the person signing the form shall be typed or printed beneath the signature. If the statement is signed on behalf of the registrant by an authorized representative (other than an executive officer), evidence of the representative's authority to sign on behalf of the registrant shall be filed with the form.

ATTENTION

Intentional misstatements or omissions of fact constitute Federal Criminal Violations (see 18 U.S.C. 1001).

ATTACHMENT TO PART IV-ITEM (3) OF

FORM 12B-25

Xcel Brands, Inc.

WITH RESPECT TO ITS FORM 10-Q FOR THE

QUARTERLY PERIOD ENDED JUNE 30, 2020

The Registrant estimates that its results of operations for the three and six months ended June 30, 2020, as reflected in its consolidated statements of operations to be included in its Form 10-Q for the quarterly period ended June 30, 2020, will reflect the following changes:

For the three months ended June 30, 2020, the Registrant expects to report revenues of approximately $5.1 million, a decrease of approximately $4.0 million compared to approximately $9.1 million for the three months ended June 30, 2019, primarily driven by lower sales as a result of government-ordered retail store closures as well as an overall slowdown in economic activity related to the COVID-19 pandemic. For the three months ended June 30, 2020, the Registrant expects to report a net loss of approximately $1.3 million, compared to net income of approximately $1.8 million for the three months ended June 30, 2019, which included a $2.9 million gain on the reduction of contingent obligations.

Also, for the three months ended June 30, 2020, the Registrant expects to report a net loss per share – basic and diluted – of approximately $(0.07) compared to net earnings per share – basic and diluted – of $0.10 for the three months ended June 30, 2019.

For the six months ended June 30, 2020, the Registrant expects to report a decrease in net revenues to approximately $14.6 million from approximately $19.4 million for the six months ended June 30, 2019, primarily due to a decline in net licensing revenue. For the six months ended June 30, 2020, the Registrant expects to report a net loss of approximately $2.2 million, compared to net income of approximately $2.0 million for the six months ended June 30, 2019, which included a $2.9 million gain on the reduction of contingent obligations.

Also, for the six months ended June 30, 2020, the Registrant expects to report a net loss per share – basic and diluted – of approximately $(0.11) compared to net earnings per share – basic and diluted – of $0.11 for the six months ended June 30, 2019.