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Document and Entity Information - USD ($)
12 Months Ended
Dec. 31, 2021
Mar. 15, 2022
Jun. 30, 2021
Document and Entity Information      
Document Type 10-K/A    
Document Annual Report true    
Document Transition Report false    
Document Period End Date Dec. 31, 2021    
Entity File Number 001-36788    
Entity Registrant Name Exela Technologies, Inc.    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 47-1347291    
Entity Address, Address Line One 2701 E. Grauwyler Rd.    
Entity Address, City or Town Irving    
Entity Address, State or Province TX    
Entity Address, Postal Zip Code 75061    
City Area Code 844    
Local Phone Number 935-2832    
Title of 12(b) Security Common Stock, Par Value $0.0001 per share    
Trading Symbol XELA    
Security Exchange Name NASDAQ    
Entity Well-known Seasoned Issuer No    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Accelerated Filer    
Entity Small Business true    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Entity Shell Company false    
Entity Public Float     $ 111,882,262
Entity Common Stock, Shares Outstanding   380,139,589  
Entity Central Index Key 0001620179    
Current Fiscal Year End Date --12-31    
Document Fiscal Year Focus 2021    
Document Fiscal Period Focus FY    
Amendment Flag true    
Amendment Description References throughout this Amendment No. 2 to the Annual Report on Form 10-K to "we," "us," the "Company" or "our company" are to Exela Technologies, Inc. and its consolidated subsidiaries, unless the context otherwise indicates. This Amendment No. 2 on Form 10-K/A (the "Amendment") amends our Annual Report on Form 10-K for the fiscal year ended December 31, 2021, which was originally filed with the Securities and Exchange Commission (the "SEC") on March 16, 2022 (the "Original Report") and amended on May 2, 2022 to include the Part III information omitted from the Original Report in reliance on General Instruction G(3) to Form 10-K. This Amendment is being filed solely to include a restatement of our financial statement footnotes for the fiscal year ended December 31, 2021 in Part II, Item 8. Financial Statements and Supplementary Data (the "Restatement") and to make limited related changes to Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations, and Part II, Item 9A. Controls and Procedures. Except as described below, the Restatement does not have an effect on any number, financial statement line item or per share amount disclosed in the Original Report, and the Restatement does not have an effect on retained earnings, or other components of equity or net assets of the Company. The Restatement solely arises from the inclusion of a going concern assessment in the financial statement footnotes and amended and restated audit reports issued by KPMG LLP, the Company's independent registered public accounting firm, to reflect such assessment. As a result of the delivery of the amended and restated audit reports, indebtedness under one the Company's borrowing facilities, which is no longer existing as of the date of the Amendment, was reclassified from long term to current as of December 31, 2021. The Restatement has not been updated to give retroactive effect to the 1-for-20 reverse stock split implemented on July 25, 2022. In accordance with ASC Subtopic 205-40, Presentation of Financial Statements-Going Concern ("ASC 205-40"), the Company has the responsibility to evaluate whether conditions and/or events raise substantial doubt about its ability to meet its obligations as they become due within one year after the date that the financial statements are issued. As required under ASC 205-40, management's evaluation should initially not take into consideration the potential mitigating effects of management's plans that have not been fully implemented as of the date the financial statements are issued. In performing this evaluation, as of March 16, 2022, in connection with the Original Report, we concluded that under the standards of ASC 205-40 there were no conditions which raised substantial doubt about our ability to continue as a going concern within one year after the date that the financial statements were issued, and as a result our Original Report did not contain any such disclosures. However, in re-performing this evaluation as of the date of the Original Report we subsequently determined the need to take into account the potential impact of certain true-up guaranties that we had issued in connection with the Revolving Loan Exchange and Prepayment Agreement dated March 7, 2022, pursuant to which we agreed to exchange $100.0 million of our outstanding revolving credit facility owed by our subsidiary, Exela Intermediate LLC, for (i) $50.0 million in cash, and (ii) $50.0 million of 11.500% First-Priority Senior Secured Notes due 2026 (the "Exchange Notes"), and thereby extinguishing all material near-term non-contingent maturities as of the date of the Original Report. This true-up guaranty created a potential obligation to make a payment to the holders of the Exchange Notes, if the holders were to sell their notes at a price below an agreed threshold during agreed periods in 2022 beginning after April 15, 2022. Under U.S. generally accepted accounting principles, the Company is required to measure the fair value of the true-up guaranty on the date of issuance, and at the end of each reporting period, and recognize any change in fair value in the Company's operating results for the current period. In preparing our financial statements for the quarter ended March 31, 2022 (filed with the SEC on Form 10-Q on May 10, 2022), we recognized $17.4 million (the fair value of the true-up obligation as accounted for under ASC 460, Contingencies and ASC 450, Guarantees) as a liability as of March 7, 2022, with an offsetting debit to the original issuance discount of the issued Exchange Notes. As of the date of this Amendment, the true-up guaranty has been satisfied. The Company did not consider this true-up obligation as part of its going concern assessment for the Original Report, even though it should have given the obligation was incurred prior to the issuance of the financial statements. If it had done so, the Company may not have had sufficient liquidity under its financial model to fund payment of this true-up obligation in addition to its other commitments for the twelve months following the date of the Original Report. Based on this valuation, and including as current, the contingent liability created by the true up guaranty, management has determined that as of the date of the Original Report, there was substantial doubt under the standards of ASC 205-40 about the Company's ability to continue as a going concern for the twelve months following the date of the Original Report, similar to the disclosures the Company made in its quarterly reports on Form 10-Q filed with the SEC for the quarters ended March 31, 2022 and June 30, 2022, respectively. As previously reported, the Company has undertaken plans to improve our available cash balances, liquidity and cash generated from operations; despite these actions, the Company would need to take further action to raise additional funds in the capital markets or otherwise to fund the true-up guaranty in addition to its other obligations over the period. However, the Company's ability to obtain additional financing in the debt and equity capital markets is subject to several factors, including market and economic conditions, the Company's performance and investor sentiment with respect to the Company and its industry and considering these factors are outside of the Company's control, substantial doubt about the Company's ability to continue as a going concern existed under the standards of ASC 205-40 as of the date of the Original Report. Going concern matters are now more fully discussed in Note 2, Basis of Presentation and Summary of Significant Accounting Policies of the Consolidated Financial Statements in the Restatement. In connection with the Restatement, the Company's management also reassessed the effectiveness of its disclosure controls and procedures as of December 31, 2021. As a result of that reassessment, the Company's management determined that its disclosure controls and procedures as of December 31, 2021 were not effective due to the material weaknesses with respect to compiling information to prepare our financial statements in accordance with U.S. GAAP. The material weaknesses are due to the going concern assessment. For more information, see the revised Item 9A included in this Amendment. The following items have been amended to reflect the Restatement: Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations This Item was amended to add a descriptive paragraph under the heading "Liquidity and Capital Resources." Part II, Item 8. Financial Statements and Supplementary Data This Item was amended to delete a reference to removing substantial doubt and to add going concern analysis to Note 2, to add Note 21 describing the restatement, and renumbering the Subsequent Note to 22. Part II, Item 9A. Controls and Procedures This Item was amended to add references to the going concern analysis in the listing of material weaknesses. In addition, we are filing with this Amendment new certifications of the Company's Executive Chairman (Principal Executive Officer) and Chief Financial Officer dated as of the date of this filing in connection with this Amendment (Exhibits 31.1, 31.2, 32.1 and 32.2). Except as described above, no other information included in the Company's Original Report is being amended or updated by this Amendment, and this Amendment does not purport to reflect any information or events subsequent to the Original Report. This Amendment continues to describe the conditions as of the date of the Original Report, except as expressly described herein, and we have not updated, modified or supplemented the disclosures contained in the Original Report. Accordingly, this Amendment should be read in conjunction with our filings with the SEC subsequent to the Original Report.    
Auditor Name KPMG LLP    
Auditor Firm ID 185    
Auditor Location Detroit, Michigan