2023 Q1 Form 10-K Financial Statement

#000121390023023180 Filed on March 27, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $3.120M $2.523M $15.98M
YoY Change 48.13% -16.16% 48.36%
Cost Of Revenue $1.459M $1.671M $5.950M
YoY Change 26.54% 220.87% 34.96%
Gross Profit $1.661M $852.2K $10.03M
YoY Change 74.24% -65.76% 57.66%
Gross Profit Margin 53.24% 33.78% 62.77%
Selling, General & Admin $12.53M $7.812M $35.98M
YoY Change 66.46% 18.04% 29.52%
% of Gross Profit 754.18% 916.7% 358.77%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.553M $2.617M $12.04M
YoY Change -21.25% -21.0% -1.33%
% of Gross Profit 153.7% 307.07% 120.02%
Operating Expenses $17.69M $9.546M $53.97M
YoY Change 62.13% -7.32% 31.63%
Operating Profit -$14.57M -$8.694M -$37.99M
YoY Change 46.31% 11.3% 9.68%
Interest Expense $3.633M -$4.284M $5.377M
YoY Change 66.6% -124.6% -109.46%
% of Operating Profit
Other Income/Expense, Net -$4.827M $1.016M -$8.178M
YoY Change -201.61% -85.51%
Pretax Income -$19.39M -$18.19M -$46.17M
YoY Change 144.75% -289.39% -50.26%
Income Tax
% Of Pretax Income
Net Earnings -$19.39M -$18.51M -$46.17M
YoY Change 144.75% -290.72% -50.04%
Net Earnings / Revenue -621.46% -733.52% -288.92%
Basic Earnings Per Share -$3.48 -$9.01
Diluted Earnings Per Share -$3.48 -$3.36 -$8.50
COMMON SHARES
Basic Shares Outstanding 5.647M shares 121.3M shares 5.208M shares
Diluted Shares Outstanding 5.629M shares 5.208M shares

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $7.395M $26.02M $26.02M
YoY Change 24.38% 153.01% 153.01%
Cash & Equivalents $14.70M $33.52M
Short-Term Investments
Other Short-Term Assets $3.784M $3.340M $3.340M
YoY Change -28.02% -60.0% -60.0%
Inventory
Prepaid Expenses
Receivables $2.700M $1.811M $1.811M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $13.88M $31.17M $31.17M
YoY Change 2.65% 48.41% 48.41%
LONG-TERM ASSETS
Property, Plant & Equipment $252.8M $248.8M $256.4M
YoY Change 35.05% 37.88% 42.07%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $36.37M $21.10M $21.10M
YoY Change
Other Assets $7.306M $7.500M $7.500M
YoY Change 7.32% 5.56% 5.56%
Total Long-Term Assets $447.3M $425.1M $425.1M
YoY Change 31.71% 34.41% 34.41%
TOTAL ASSETS
Total Short-Term Assets $13.88M $31.17M $31.17M
Total Long-Term Assets $447.3M $425.1M $425.1M
Total Assets $461.2M $456.3M $456.3M
YoY Change 30.6% 35.28% 35.28%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $16.82M $17.58M $17.58M
YoY Change 13.66% 45.0% 45.0%
Accrued Expenses $3.418M $3.413M $3.413M
YoY Change 2.89%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $60.68M $60.09M $60.09M
YoY Change
Total Short-Term Liabilities $81.65M $81.93M $81.93M
YoY Change 291.38% 487.76% 487.76%
LONG-TERM LIABILITIES
Long-Term Debt $191.9M $171.3M $171.3M
YoY Change 85.04% 69.02% 69.02%
Other Long-Term Liabilities $15.31M $11.79M $11.79M
YoY Change 39.89% -32.27%
Total Long-Term Liabilities $207.3M $183.1M $183.1M
YoY Change 80.73% 54.17%
TOTAL LIABILITIES
Total Short-Term Liabilities $81.65M $81.93M $81.93M
Total Long-Term Liabilities $207.3M $183.1M $183.1M
Total Liabilities $288.9M $265.0M $264.2M
YoY Change 114.22% 99.71% 99.95%
SHAREHOLDERS EQUITY
Retained Earnings -$166.5M -$146.9M
YoY Change 46.97%
Common Stock $565.00 $560.00
YoY Change -94.26%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $173.2M $192.1M $192.1M
YoY Change
Total Liabilities & Shareholders Equity $461.2M $456.3M $456.3M
YoY Change 30.6% 35.28% 35.28%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$19.39M -$18.51M -$46.17M
YoY Change 144.75% -290.72% -50.04%
Depreciation, Depletion And Amortization $2.553M $2.617M $12.04M
YoY Change -21.25% -21.0% -1.33%
Cash From Operating Activities -$11.54M -$7.307M -$4.893M
YoY Change -549.55% 1313.18% -76.43%
INVESTING ACTIVITIES
Capital Expenditures $9.679M $17.31M $95.17M
YoY Change -149.03% -160.92% -234.54%
Acquisitions
YoY Change
Other Investing Activities -$15.00M -$16.96M -$16.96M
YoY Change
Cash From Investing Activities -$24.68M -$34.27M -$112.1M
YoY Change 25.02% 20.63% 58.52%
FINANCING ACTIVITIES
Cash Dividend Paid $150.0K $750.0K
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $17.41M 42.49M $133.1M
YoY Change 38.84% 138.42% 93.44%
NET CHANGE
Cash From Operating Activities -$11.54M -7.307M -$4.893M
Cash From Investing Activities -$24.68M -34.27M -$112.1M
Cash From Financing Activities $17.41M 42.49M $133.1M
Net Change In Cash -$18.82M 913.2K $16.13M
YoY Change 305.96% -108.23% -171.16%
FREE CASH FLOW
Cash From Operating Activities -$11.54M -$7.307M -$4.893M
Capital Expenditures $9.679M $17.31M $95.17M
Free Cash Flow -$21.22M -$24.61M -$100.1M
YoY Change -195.14% -188.25% -300.24%

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CY2022 us-gaap Nature Of Operations
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Note 1: Organization, Nature of Business, and Liquidity</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="text-decoration:underline">Organization and Nature of Business</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45pt"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45pt">Hall of Fame Resort &amp; Entertainment Company, a Delaware corporation (together with its subsidiaries, unless the context indicates otherwise, the “Company” or “HOFRE”), was incorporated in Delaware as GPAQ Acquisition Holdings, Inc., a wholly owned subsidiary of our legal predecessor, Gordon Pointe Acquisition Corp. (“GPAQ”), a special purpose acquisition company.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45pt"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On July 1, 2020, the Company consummated a business combination with HOF Village, LLC, a Delaware limited liability company (“HOF Village”), pursuant to an Agreement and Plan of Merger dated September 16, 2019 (as amended on November 6, 2019, March 10, 2020 and May 22, 2020, the “Merger Agreement”), by and among the Company, GPAQ, GPAQ Acquiror Merger Sub, Inc., a Delaware corporation (“Acquiror Merger Sub”), GPAQ Company Merger Sub, LLC, a Delaware limited liability company (“Company Merger Sub”), HOF Village and HOF Village Newco, LLC, a Delaware limited liability company (“Newco”). The transactions contemplated by the Merger Agreement are referred to as the “Business Combination”.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45pt"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company is a resort and entertainment company leveraging the power and popularity of professional football and its legendary players in partnership with the National Football Museum, Inc., doing business as the Pro Football Hall of Fame (“PFHOF”). Headquartered in Canton, Ohio, the Company owns the Hall of Fame Village, a multi-use sports, entertainment, and media destination centered around the PFHOF’s campus. The Company is pursuing a differentiation strategy across three pillars, including destination-based assets, HOF Village Media Group, LLC (“Hall of Fame Village Media”), and gaming. The Company is located in the only tourism development district in the state of Ohio.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45pt"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45pt">The Company has entered into multiple agreements with PFHOF, and certain government entities, which outline the rights and obligations of each of the parties with regard to the property on which the Hall of Fame Village sits, portions of which are owned by the Company and portions of which are net leased to the Company by government and quasi-governmental entities (see Note 9 for additional information). Under these agreements, the PFHOF and the lessor entities are entitled to use portions of the Hall of Fame Village on a direct-cost basis.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45pt"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="text-decoration:underline">Reverse Stock Split</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On December 27, 2022, the Company effectuated a reverse stock split of its shares of common stock at a ratio of 1-for-22. See Note 5, Stockholders’ Equity, for additional information. As a result, the number of shares and income (loss) per share disclosed throughout this Annual Report on Form 10-K have been retrospectively adjusted to reflect the reverse stock split.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="text-decoration:underline">COVID-19</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Since 2020, the world has been impacted by the novel coronavirus (“COVID-19”) pandemic. The COVID-19 pandemic and measures to prevent its spread have impacted the Company’s business in a number of ways, most significantly with regard to a reduction in the number of events and attendance at events at Tom Benson Hall of Fame Stadium and ForeverLawn Sports Complex, which has also negatively impacted the Company’s ability to sell sponsorships. Further, the COVID-19 pandemic has caused a number of supply chain disruptions, which have negatively impacted the Company’s ability to obtain the materials needed to complete construction as well as increases in the costs of materials and labor. The continued impact of these disruptions and the ultimate extent of their adverse impact on the Company’s financial and operating results will continue to be dictated by the length of time that such disruptions continue, which will, in turn, depend on the currently unpredictable duration and severity of the impacts of the COVID-19 pandemic, and among other things, the impact of governmental actions imposed in response to the COVID-19 pandemic as well as individuals’ and companies’ risk tolerance regarding health matters going forward and developing strain mutations.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="text-decoration:underline">Liquidity</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has sustained recurring losses through December 31, 2022. Since inception, the Company’s operations have been funded principally through the issuance of debt and equity. As of December 31, 2022, the Company had approximately $26 million of unrestricted cash, $7.5 million of restricted cash, and $17 million of liquid investments held to maturity, consisting primarily of U.S. treasury securities. The Company has approximately $16.9 million of debt coming due through March 27, 2024.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has entered into the following financing transactions. See Notes 4, 12 and 15, for more information on these transactions.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On March 1, 2022, the Company and ErieBank agreed to extend the MKG DoubleTree Loan (as defined in Note 4) in principal amount of $15,300,000 to September 13, 2023.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On March 1, 2022, the Company executed a series of transactions with affiliates of Industrial Realty Group, LLC, a Nevada limited liability company that is controlled by the Company’s director Stuart Lichter (“IRG”), and JKP Financial LLC (“JKP”), whereby the IRG affiliates and JKP extended certain of the Company’s debt in aggregate principal amount of $22,853,831 to March 31, 2024.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On June 16, 2022, the Company entered into a loan agreement with CH Capital Lending LLC, which is an affiliate of the Company’s director Stuart Lichter (“CH Capital Lending”), whereby CH Capital Lending agreed to lend the Company $10,500,000.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On June 16, 2022, the Company entered into a loan agreement with Stark Community Foundation, whereby Stark Community Foundation agreed to lend to the Company $5,000,000. Through December 31, 2022, the total of $5,000,000 has been provided to the Company.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On July 1, 2022, the Company entered into an Energy Project Cooperative Agreement (the “EPC Agreement”) with Canton Regional Energy Special Improvement District, Inc., SPH Canton St, LLC, an affiliate of Stonehill Strategic Capital, LLC and City of Canton, Ohio. Under the EPC Agreement, the Company was provided $33,387,844 in Property Assessed Clean Energy (“PACE”) financing.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On August 31, 2022, the Company entered into a Business Loan Agreement (the “Business Loan Agreement”) with Stark County Port Authority (“Stark Port Authority”), pursuant to which the Company borrowed $5,000,000 (the “SCPA Loan”).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On September 15, 2022, the Company entered into a Business Loan Agreement with the City of Canton, Ohio (“City of Canton”), pursuant to which the Company borrowed $5,000,000 (the “Canton Loan”).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On September 27, 2022, the Company entered into a loan agreement with The Huntington National Bank, pursuant to which the lender agreed to loan up to $10,000,000, which may be drawn upon the retail center project achieving certain debt service coverage ratios. To date the Company has not received any funding from this loan agreement.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On September 27, 2022, the Company received approximately $14.7 million in proceeds from a failed sale-leaseback, net of financing costs and amounts held by the Landlord for future debt service. The Company recorded this transaction as a financing liability on the accompanying consolidated balance sheet.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On October 19, 2022, HOF Village Center for Performance, LLC and HOF Village Newco, LLC, subsidiaries of the Company, entered an Ohio Enterprise Bond Fund transaction (“OEBF”) with the State of Ohio and Stark County Port Authority. The OEBF issued $7,500,000 of Series 2022-3 bonds, the proceeds of which were loaned to the Stark County Port Authority and used to purchase Series 2022-A bonds.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On November 7, 2022, the Company received approximately $49 million in net proceeds from a failed sale-leaseback, net of financing costs.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On December 7, 2022, the Company announced it received a $15.8 million Transformational Mixed-Use Development (TMUD) tax credit award from the Ohio Tax Credit Authority and the Ohio Department of Development for construction of the waterpark and Hilton Tapestry hotel.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In January 2023, the Company sold 2,400 shares of the Company’s 7.00% Series A Cumulative Redeemable Preferred Stock, par value $0.0001 per share for an aggregate purchase price of $2,400,000.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On February 2, 2023, the Company received proceeds from the issuance by Stark County Port Authority of $18,000,000 principal amount Tax Increment Financing Revenue Bonds, Series 2023.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company believes that, as a result of the Company’s demonstrated historical ability to finance and refinance debt, the transactions described above and its current ongoing negotiations, it will have sufficient cash and future financing to meet its funding requirements over the next 12 months from the issuance of these consolidated financial statements. Notwithstanding, the Company expects that it will need to raise additional financing to accomplish its development plan over the next several years. The Company is seeking to obtain additional funding through debt, construction lending, and equity financing. There are no assurances that the Company will be able to raise capital on terms acceptable to the Company or at all, or that cash flows generated from its operations will be sufficient to meet its current operating costs. If the Company is unable to obtain sufficient amounts of additional capital, it may be required to reduce the scope of its planned development, which could harm its financial condition and operating results.</p>
CY2022 us-gaap Land Purchase Options Description
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The Company has entered into multiple agreements with PFHOF, and certain government entities, which outline the rights and obligations of each of the parties with regard to the property on which the Hall of Fame Village sits, portions of which are owned by the Company and portions of which are net leased to the Company by government and quasi-governmental entities (see Note 9 for additional information).
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="text-decoration:underline">Reclassification</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certain financial statement line items of the Company’s historical presentation have been reclassified to conform to the corresponding financial statement line items in 2022. These reclassifications have no material impact on the historical operating loss, net loss, total assets, total liabilities, or Stockholders’ equity previously reported.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p>
CY2022 us-gaap Use Of Estimates
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="text-decoration:underline">Use of Estimates</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 113.15pt"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The most significant estimates and assumptions for the Company relate to bad debt, depreciation, costs capitalized to project development costs, useful lives of long-lived assets, potential impairment, accounting for debt modifications and extinguishments, evaluating the Company’s sale-leaseback transactions, stock-based compensation, and fair value of financial instruments (including the fair value of the Company’s warrant liability). Management adjusts such estimates when facts and circumstances dictate. Actual results could differ from those estimates.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b> </b></p>
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CY2021Q4 hofv Fair Value Of Aggregate Warrant Liabilities
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CY2022Q4 us-gaap Interest Rate Fair Value Hedge Liability At Fair Value
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200000 usd
CY2022Q4 us-gaap Available For Sale Securities Debt Securities
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CY2021Q4 hofv Fair Value Warrant Liabilities
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CY2022 hofv Settlement Of Warrants Exercised
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CY2022 hofv Change In Fair Value Outstanding
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-9422000 usd
CY2022Q4 hofv Fair Value Warrant Liabilities
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911000 usd
CY2022Q4 us-gaap Property Plant And Equipment Gross
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310503989 usd
CY2021Q4 us-gaap Property Plant And Equipment Gross
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230104137 usd
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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49643575 usd
CY2022Q4 us-gaap Property Plant And Equipment Net
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248826853 usd
CY2021Q4 us-gaap Property Plant And Equipment Net
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180460562 usd
CY2022 us-gaap Allocated Share Based Compensation Expense
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CY2021 us-gaap Allocated Share Based Compensation Expense
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CY2022 us-gaap Depreciation Expense On Reclassified Assets
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CY2021 us-gaap Depreciation Expense On Reclassified Assets
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CY2022 us-gaap Capitalized Costs Of Unproved Properties Excluded From Amortization
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CY2021 us-gaap Capitalized Costs Of Unproved Properties Excluded From Amortization
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CY2022 us-gaap Development Costs
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53803747 usd
CY2021 us-gaap Development Costs
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CY2022Q4 us-gaap Theatrical Film Costs Development
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982000 usd
CY2021Q4 us-gaap Theatrical Film Costs Development
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464000 usd
CY2022Q4 hofv Notes Payable Gross
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CY2022Q4 us-gaap Debt Instrument Unamortized Discount
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13879712 usd
CY2022Q4 hofv Notes Payables
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CY2021Q4 hofv Notes Payable Gross
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CY2021Q4 us-gaap Debt Instrument Unamortized Discount
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14361510 usd
CY2021Q4 hofv Notes Payables
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CY2022 us-gaap Amortization Of Financing Costs And Discounts
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CY2021 us-gaap Amortization Of Financing Costs And Discounts
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CY2022 us-gaap-sup Interest Income Operating Paid In Kind
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CY2021 us-gaap-sup Interest Income Operating Paid In Kind
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2091990 usd
CY2022 hofv Redeemed Cash
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P5Y
CY2022 us-gaap Derivative Average Remaining Maturity1
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P3Y
CY2022Q1 us-gaap Gain Loss On Sale Of Mortgage Loans
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7400000 usd
CY2022Q4 us-gaap Accounts Payable And Accrued Liabilities Current And Noncurrent
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966062 usd
CY2021Q4 us-gaap Accounts Payable And Accrued Liabilities Current And Noncurrent
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1669560 usd
CY2022Q1 us-gaap Fair Value Option Ineligible Items Aggregate Carrying Amount
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1437459 usd
CY2022Q1 us-gaap Investment Maturity Date
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2024-03-31
CY2022Q1 us-gaap Debt Instrument Convertible Conversion Price1
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30.8
CY2022Q4 us-gaap Limited Liability Company Llc Preferred Unit Issued
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39091 shares
CY2022 hofv Aggregate Loss
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148472 usd
CY2022 us-gaap Proceeds From Issuance Of Private Placement
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10030000 usd
CY2022 us-gaap Sale Leaseback Transaction Imputed Interest Rate
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0.052 pure
CY2022Q4 us-gaap Investment Company Fee Paid Indirectly
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9700000 usd
CY2022Q4 us-gaap Loans Held For Sale Maturity Date
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2025-03-31
CY2022Q4 us-gaap Property Management Fee Percent Fee
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0.01 pure
CY2022 us-gaap Stock Dividends Shares
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90909 shares
CY2022Q4 us-gaap Restricted Cash Noncurrent
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4500000 usd
CY2022 us-gaap Debt Instrument Interest Rate Increase Decrease
DebtInstrumentInterestRateIncreaseDecrease
0.125 pure
CY2022Q4 us-gaap Debt Instrument Convertible Conversion Price1
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12.77
CY2022Q4 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Exercise Price1
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageExercisePrice1
12.77
CY2022 hofv Agreement
Agreement
0.1999 pure
CY2022 hofv Conversion
Conversion
0.10 pure
CY2022 us-gaap Gain Loss Recognized On Assets Transferred To Separate Account
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6228579 usd
CY2022Q2 us-gaap Mortgage Loan Related To Property Sales1
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4000000 usd
CY2022Q2 us-gaap Deposit Liabilities Accrued Interest
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6.5 usd
CY2022Q2 us-gaap Stockholders Equity Other Shares
StockholdersEquityOtherShares
5681 shares
CY2022Q2 us-gaap Stock Repurchased During Period Shares
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5681 shares
CY2021Q4 us-gaap Preferred Stock Shares Outstanding
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shares
CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
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16744801 usd
CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
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46404272 usd
CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
30877498 usd
CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
3655408 usd
CY2022Q4 hofv Lender Loan
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10000000 usd
CY2022Q3 us-gaap Derivative Notional Amount
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10000000 usd
CY2022Q3 us-gaap Investment Interest Rate
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0.04 pure
CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
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4281371 usd
CY2022Q4 us-gaap Capital Leases Future Minimum Payments Due Thereafter
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CY2022Q4 hofv Convertible Preferred Stock Value
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CY2022Q4 us-gaap Debt Instrument Carrying Amount
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185195572 usd
CY2022Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
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13879712 usd
CY2022Q4 us-gaap Long Term Debt
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171315860 usd
CY2022Q4 us-gaap Fair Value Option Ineligible Items Aggregate Carrying Amount
FairValueOptionIneligibleItemsAggregateCarryingAmount
118344 usd
CY2020Q4 hofv Increase Of Authorized Shares Description
IncreaseOfAuthorizedSharesDescription
the Company’s stockholders approved an amendment to the Company’s charter to increase the authorized shares of Common Stock from 100,000,000 to 300,000,000. Consequently, the Company’s charter allows the Company to issue up to 300,000,000 shares of Common Stock and to issue and designate its rights, without stockholder approval, of up to 5,000,000 shares of preferred stock, par value $0.0001.
CY2022Q4 us-gaap Preferred Stock Convertible Conversion Price
PreferredStockConvertibleConversionPrice
67.32
CY2022Q4 us-gaap Shares Held In Employee Stock Option Plan Committed To Be Released
SharesHeldInEmployeeStockOptionPlanCommittedToBeReleased
29039 shares
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1861715 shares
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
159.48
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P3Y7M2D
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
141934 shares
CY2022 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
12.77
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2003649 shares
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
149.09
CY2022 hofv Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2 Ending Balance
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2EndingBalance
P2Y10M9D
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
1929843 shares
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
154.3
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P2Y9M21D
CY2022Q4 us-gaap Stock Option Exercise Price Increase
StockOptionExercisePriceIncrease
12.77
CY2022Q4 us-gaap Inventory Valuation Reserves
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3511185 usd
CY2021Q4 us-gaap Redeemable Noncontrolling Interest Equity Preferred Carrying Amount
RedeemableNoncontrollingInterestEquityPreferredCarryingAmount
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CY2022 us-gaap Stock Option Exercise Price Increase
StockOptionExercisePriceIncrease
151.8
CY2022Q4 us-gaap Stock Option Exercise Price Increase
StockOptionExercisePriceIncrease
12.77
CY2022 hofv Sponsorship Agreement Amount
SponsorshipAgreementAmount
135000000 usd
CY2022 hofv Agreement Year
AgreementYear
P1Y
CY2022 us-gaap Proceeds From Related Party Debt
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750000 usd
CY2020Q4 us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
217000000 usd
CY2022 us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
195000000 usd
CY2021 us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
199000000 usd
CY2020Q2 hofv Received Amount
ReceivedAmount
4750000 usd
CY2022Q4 us-gaap Receivable From Shareholders Or Affiliates For Issuance Of Capital Stock
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6635417 usd
CY2021Q4 us-gaap Receivable From Shareholders Or Affiliates For Issuance Of Capital Stock
ReceivableFromShareholdersOrAffiliatesForIssuanceOfCapitalStock
1885417 usd
CY2019Q4 us-gaap Revenue Remaining Performance Obligation Percentage
RevenueRemainingPerformanceObligationPercentage
0.02 pure
CY2019Q4 hofv Base Management Fees
BaseManagementFees
10000 usd
CY2019Q4 hofv Commencement Date
CommencementDate
2024-10-22
CY2022 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
154131 usd
CY2021 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
120000 usd
CY2021Q1 us-gaap Escrow Deposit
EscrowDeposit
2000000 usd
CY2021Q2 us-gaap Retail Land Sales Installment Method Sales Value
RetailLandSalesInstallmentMethodSalesValue
103095 usd
CY2022Q3 hofv Agreement Term
AgreementTerm
P10Y
CY2021Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
3537347 usd
CY2022Q4 us-gaap Deferred Revenue
DeferredRevenue
6867970 usd
CY2021Q4 us-gaap Deferred Revenue
DeferredRevenue
203278 usd
CY2022 hofv Deposits And Other Liabilities
DepositsAndOtherLiabilities
300549 usd
CY2022Q4 us-gaap Other Liabilities
OtherLiabilities
10679704 usd
CY2021Q4 us-gaap Other Liabilities
OtherLiabilities
3740625 usd
CY2022 us-gaap Loss Contingency Disclosures
LossContingencyDisclosures
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Note 8: Contingencies</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"> </p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">During the normal course of its business, the Company is subject to occasional legal proceedings and claims. The Company does not have any pending litigation that, separately or in the aggregate, would, in the opinion of management, have a material adverse effect on its results of operations, financial condition, or cash flows.</p>
CY2022Q4 hofv Due To Related Parties Current1
DueToRelatedPartiesCurrent1
855485 usd
CY2021Q4 hofv Due To Related Parties Current1
DueToRelatedPartiesCurrent1
1818955 usd
CY2022Q4 hofv Percentage Of Development Costs
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0.04 pure
CY2022Q4 us-gaap Bridge Loan
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3127304 usd
CY2018Q4 us-gaap Revenue Remaining Performance Obligation Percentage
RevenueRemainingPerformanceObligationPercentage
0.20 pure
CY2022 us-gaap Proceeds From License Fees Received
ProceedsFromLicenseFeesReceived
1250000 usd
CY2022Q4 us-gaap Policyholder Account Balance Guaranteed Minimum Credit Rating
PolicyholderAccountBalanceGuaranteedMinimumCreditRating
0.03 pure
CY2021Q1 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
1750000 usd
CY2022 hofv License Fee Description
LicenseFeeDescription
The Global License Agreement requires Newco to pay PFHOF an annual license fee of $900,000 in the first contract year, inclusive of calendar years 2021 and 2022; an annual license fee of $600,000 in each of contract years two through six; and an annual license fee of $750,000 per year starting in contract year seven through the end of the initial term. The Global License Agreement also provides for an additional license royalty payment by Newco to PFHOF for certain usage above specified financial thresholds, as well as a commitment to support PFHOF museum attendance through Newco’s and its affiliates’ ticket sales for certain concerts and youth sports tournaments. The Global License Agreement has an initial term through December 31, 2036, subject to automatic renewal for successive five-year terms, unless timely notice of non-renewal is provided by either party.
CY2022Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
600000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
600000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
600000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
600000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
600000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
6750000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
9750000 usd
CY2022 hofv Proceeds From License Fees Paid
ProceedsFromLicenseFeesPaid
900000 usd
CY2021 hofv Proceeds From License Fees Paid
ProceedsFromLicenseFeesPaid
0 usd
CY2022Q4 us-gaap Finance Lease Liability Payments Due Year Five
FinanceLeaseLiabilityPaymentsDueYearFive
5865396 usd
CY2022 hofv Lessee Operating Lease Liability Payments Due After Year Six
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearSix
6005734 usd
CY2022 hofv Hotel Construction Loan Description
HotelConstructionLoanDescription
(a) a first priority perfected mortgage encumbering the Hotel Property; (b) a first priority perfected assignment of leases and rents with respect to the Hotel Property; (c) a first priority perfected assignment of all permits, licenses, entitlements, approvals, and contracts with respect to the Hotel Property; (d) UCC-1 financing statements (all personal property, fixture filing and accounts and reserves); (e) equity pledge; and (f) all other agreements and assurances customary in similar financings by IRGInc. The Hotel Construction Loan will bear interest at a variable rate per annum equal to the one-month Term SOFR plus 6%, subject to a SOFR floor equal to the greater of (i) 4% and (ii) prevailing SOFR at closing of the Hotel Construction Loan. Payments of interest only will be made during the initial two-year term, with a payments of principal and interest based on a 25-year amortization during the extension term, if applicable. Hotel will pay 1% of the Hotel Construction Loan amount as an origination fee, payable in full at closing. The Hotel Construction Loan definitive documentation will have representations, warranties and events of default usual and customary for such type of loan.
CY2022 us-gaap Payments For Fees
PaymentsForFees
4500000 usd
CY2022Q4 us-gaap Shares Issued
SharesIssued
90909 shares
CY2022Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2022 hofv Irg Affiliate Lender Loans Description
IRGAffiliateLenderLoansDescription
(i) all IRG Affiliate Lender loans will bear interest at 12.5% per annum, compounded monthly, with payment required monthly at 8% per annum, and with the remaining interest accrued and deferred until maturity; (ii) the price at which the principal and accumulated and unpaid interest under the IRG Affiliated Lender loans is convertible into shares of Common Stock will be reset to a price equal to $12.77 per share; (iii) the Company and its subsidiaries will record a blanket junior mortgage on all real estate owned or leased by the Company and its subsidiaries, whether fee or leasehold estates, other than those parcels for which existing lenders prohibit junior financing; (iv) the Company agreed to acknowledge an existing pledge of the Company’s 100% membership interest in HOFV Newco and reflect that such pledge secures all amounts due under the IRG Affiliate Lender Loans; (v) all IRG Affiliate Lender loans will be cross-collateralized and cross-defaulted; (vi) the Company and its subsidiaries will covenant not to assign, pledge, mortgage, encumber or hypothecate any of the underlying assets, membership interests in affiliated entities or IP rights without IRGLLC’s written consent; (vii) prior development fees owed by the Company to IRGLLC will be accrued and added to the Bridge Loan, and future development fees owed by the Company to IRGLLC will be paid as when due; and (viii) the Company will pay to IRGLLC 25% of all contractual dispute cash settlements collected by the Company with regard to existing contractual disputes in settlement discussions, which shall be applied to outstanding IRG Affiliate Lender loans, first against accrued interest and other charges and then against principal.
CY2022 hofv Irg Letter Agreement Description
IRGLetterAgreementDescription
IRGLLC and the Company agreed to comply with all federal and state securities laws and Nasdaq listing rules and to insert “blocker” provisions for the above-described re-pricing of the warrants and the conversion provisions, such that the total cumulative number of shares of Common Stock that may be issued to IRGLLC and its affiliated and related parties pursuant to the IRG Letter Agreement may not exceed the requirements of Nasdaq Listing Rule 5635(d) (“Nasdaq 19.99% Cap”), except that such limitation will not apply following Approval (defined below). In addition, the provisions of the IRG Letter Agreement are limited by Nasdaq Listing Rule 5635(c). If the number of shares of Common Stock issued to IRGLLC and its affiliated and related parties pursuant to the IRG Letter Agreement and the agreements modified thereunder exceeds the Nasdaq 19.99% Cap, then the Company will use reasonable efforts to obtain stockholder approval of the issuance of shares in excess of the Nasdaq 19.99% Cap, no later than the next stockholder meeting (the “Approval”).
CY2022Q1 us-gaap Gain Loss On Sale Of Leased Assets Net Operating Leases
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7741946 usd
CY2022Q1 us-gaap Operating Lease Variable Lease Income
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3383807 usd
CY2022Q4 hofv Lessee Operating Lease Liability Payments Due Year Seven
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6149455 usd
CY2022Q4 us-gaap Finance Lease Liability Payments Due After Year Five
FinanceLeaseLiabilityPaymentsDueAfterYearFive
2177367616 usd
CY2022Q4 us-gaap Finance Lease Liability Payments Due
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2204080276 usd
CY2022Q4 hofv Imputed Interest
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-2143992369 usd
CY2022 us-gaap Operating Lease Cost
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470171 usd
CY2022 us-gaap Operating Lease Payments
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318298 usd
CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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P91Y6M
CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
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0.10 pure
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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333004 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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311900 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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311900 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
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311900 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Five
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311900 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
41125000 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
42705604 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
39292394 usd
CY2022Q4 us-gaap Operating Lease Liability
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3413210 usd
CY2022Q3 us-gaap Capital Leases Indemnification Agreements Payments
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307125 usd
CY2022Q3 hofv Annual Increases
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0.02 pure
CY2022Q4 us-gaap Capital Leases Indemnification Agreements Payments
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4375000 usd
CY2022Q4 us-gaap Lessee Finance Lease Discount Rate
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0.1025 pure
CY2022 us-gaap Payment For Contingent Consideration Liability Financing Activities
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60087907 usd
CY2022Q4 us-gaap Revenue Remaining Performance Obligation
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2204080276 usd
CY2022 srt Standardized Measure Of Discounted Future Net Cash Flow Of Proved Oil And Gas Reserves Other
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2143992368 usd
CY2022Q4 us-gaap Ground Leases Net
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2631481 usd
CY2022 us-gaap Investment Company Voluntary Fee Waived
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4120000 usd
CY2022 hofv Third Parties Cost
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940166 usd
CY2022Q4 us-gaap Finance Lease Liability Payments Due Year Three
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4019531 usd
CY2022Q4 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
4672544 usd
CY2022 hofv Lessee Operating Lease Liability Payments Due Total
LesseeOperatingLeaseLiabilityPaymentsDueTotal
60087907 usd
CY2022Q4 hofv Us Federal Tax Loss Carryforward
USFederalTaxLossCarryforward
33046546 usd
CY2021Q4 hofv Us Federal Tax Loss Carryforward
USFederalTaxLossCarryforward
12785012 usd
CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
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3109971 usd
CY2021Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
1204422 usd
CY2022 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
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