Unaudited Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
Mar. 31, 2021	Mar. 31, 2020
Revenues
Net revenue	$ 7,809	$ 9,527
Cost of goods sold (sales)	1,835	2,400
Gross profit	5,974	7,127
Operating costs and expenses
Salaries, benefits and employment taxes	4,052	3,948
Other selling, general and administrative expenses	3,038	2,649
Costs in connection with potential acquisitions		80
Stock-based compensation	160	243
Depreciation and amortization	1,210	1,303
Total operating costs and expenses	8,460	8,223
Operating loss	(2,486)	(1,096)
Interest expense and other finance charges	280	294
Loss before income taxes	(2,766)	(1,390)
Income tax benefit	(138)	(552)
Net loss	(2,628)	(838)
Less: Net loss attributable to noncontrolling interest	(81)	(33)
Net loss attributable to Xcel Brands, Inc. stockholders	$ (2,547)	$ (805)
Loss per share attributable to Xcel Brands, Inc. common stockholders:
Basic net loss per share:	$ (0.13)	$ (0.04)
Diluted net loss per share:	$ (0.13)	$ (0.04)
Weighted average number of common shares outstanding:
Basic weighted average common shares outstanding	19,261,436	18,870,398
Diluted weighted average common shares outstanding	19,261,436	18,870,398
Net licensing revenue
Revenues
Net revenue	$ 4,307	$ 5,641
Net sales revenue
Revenues
Net revenue	$ 3,502	$ 3,886

This element represents acquisition-related costs incurred to effect a business combination which costs have been expensed during the period. Such costs include finder's fees; advisory, legal, accounting, valuation, and other professional or consulting fees; general administrative costs, including the costs of maintaining an internal acquisitions department; and may include costs of registering and issuing debt and equity securities.

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 25
-Paragraph 23
-URI http://asc.fasb.org/extlink&oid=116868678&loc=d3e1043-128460