2023 Q3 Form 10-Q Financial Statement

#000121390023065592 Filed on August 10, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $8.745M $6.127M
YoY Change 0.93% 128.16%
Cost Of Revenue $1.810M $1.588M
YoY Change 0.02% 20.63%
Gross Profit $6.930M $4.540M
YoY Change 1.1% 231.51%
Gross Profit Margin 79.25% 74.09%
Selling, General & Admin $12.41M $10.69M
YoY Change -10.36% 57.28%
% of Gross Profit 179.08% 235.56%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.560M $3.373M
YoY Change 72.02% -4.38%
% of Gross Profit 65.8% 74.3%
Operating Expenses $18.78M $15.65M
YoY Change 1.36% 28.74%
Operating Profit -$10.04M -$9.527M
YoY Change 1.74% 0.56%
Interest Expense $6.027M -$3.543M
YoY Change 260.8% -484.54%
% of Operating Profit
Other Income/Expense, Net -$6.126M -$3.766M
YoY Change 460.55% -1092.96%
Pretax Income -$16.16M -$13.29M
YoY Change 47.45% 46.16%
Income Tax
% Of Pretax Income
Net Earnings -$16.16M -$13.29M
YoY Change 47.49% 46.16%
Net Earnings / Revenue -184.84% -216.95%
Basic Earnings Per Share -$2.89 -$2.39
Diluted Earnings Per Share -$2.89 -$2.39
COMMON SHARES
Basic Shares Outstanding 5.672M shares 5.657M shares
Diluted Shares Outstanding 5.673M shares 5.661M shares

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.300M $9.307M
YoY Change -72.98% -12.32%
Cash & Equivalents $11.76M $9.307M
Short-Term Investments
Other Short-Term Assets $3.500M $3.338M
YoY Change 6.55% 29.71%
Inventory
Prepaid Expenses
Receivables $3.700M $2.641M
Other Receivables $0.00 $0.00
Total Short-Term Assets $11.50M $15.29M
YoY Change -49.49% -4.02%
LONG-TERM ASSETS
Property, Plant & Equipment $368.0M $370.9M
YoY Change 57.08% 97.04%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $5.800M $18.11M
YoY Change
Other Assets $7.500M $7.544M
YoY Change -55.06% 4.56%
Total Long-Term Assets $435.6M $435.8M
YoY Change 9.28% 20.45%
TOTAL ASSETS
Total Short-Term Assets $11.50M $15.29M
Total Long-Term Assets $435.6M $435.8M
Total Assets $447.1M $451.1M
YoY Change 6.1% 19.42%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $21.80M $16.09M
YoY Change -8.32% -31.97%
Accrued Expenses $3.400M $3.422M
YoY Change -0.26% 0.51%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $62.00M $61.30M
YoY Change 321.17%
Total Short-Term Liabilities $88.50M $81.21M
YoY Change 94.01% 172.5%
LONG-TERM LIABILITIES
Long-Term Debt $202.3M $195.3M
YoY Change 23.6% 58.85%
Other Long-Term Liabilities $12.10M $14.83M
YoY Change 4524.16% 853.81%
Total Long-Term Liabilities $214.4M $210.1M
YoY Change 81835.58% 13412.2%
TOTAL LIABILITIES
Total Short-Term Liabilities $88.50M $81.21M
Total Long-Term Liabilities $214.4M $210.1M
Total Liabilities $302.9M $291.3M
YoY Change 40.14% 77.13%
SHAREHOLDERS EQUITY
Retained Earnings -$196.5M -$180.1M
YoY Change 53.03% 53.55%
Common Stock $567.00 $566.00
YoY Change -95.32% -95.18%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $145.1M $160.8M
YoY Change
Total Liabilities & Shareholders Equity $447.1M $451.1M
YoY Change 6.1% 19.42%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income -$16.16M -$13.29M
YoY Change 47.49% 46.16%
Depreciation, Depletion And Amortization $4.560M $3.373M
YoY Change 72.02% -4.38%
Cash From Operating Activities $70.00K -$8.140M
YoY Change -102.33% -385.17%
INVESTING ACTIVITIES
Capital Expenditures $18.15M $9.998M
YoY Change -147.97% -149.29%
Acquisitions
YoY Change
Other Investing Activities $12.55M $20.21M
YoY Change
Cash From Investing Activities -$5.600M $10.21M
YoY Change -85.2% -150.34%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 430.0K 80.09K
YoY Change -99.23% -99.64%
NET CHANGE
Cash From Operating Activities 70.00K -8.140M
Cash From Investing Activities -5.600M 10.21M
Cash From Financing Activities 430.0K 80.09K
Net Change In Cash -5.100M 2.150M
YoY Change -134.52% -57.65%
FREE CASH FLOW
Cash From Operating Activities $70.00K -$8.140M
Capital Expenditures $18.15M $9.998M
Free Cash Flow -$18.08M -$18.14M
YoY Change -151.91% -178.39%

Facts In Submission

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Cash
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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.</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 Quarterly Report on Form 10-Q 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">Liquidity and Going Concern</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 June 30, 2023 and the Company’s accumulated deficit was $180,061,757 as of such date. Since inception, the Company’s operations have been funded principally through the issuance of debt and equity. As of June 30, 2023, the Company had approximately $9.3 million of unrestricted cash, $7.5 million of restricted cash, and $12.4 million of liquid investments held to maturity, consisting of U.S. treasury securities. The Company has approximately $59.3 million of debt coming due through August 10, 2024. The Company may extend the maturity of up to $42.1 million principal of debt until March 31, 2025 for a fee of one percent of the outstanding principal. These factors raise substantial doubt about the Company’s ability to continue operations as a going concern.</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"> </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 Note 4 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">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 $18,100,000 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">On May 2, 2023, the Company issued 800 shares of the Company’s 7.00% Series A Cumulative Redeemable Preferred Stock at a price of $1,000 per share for an aggregate purchase price of $800,000.</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">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, or it may not be able to continue to fund its ongoing operations. If management is unable to execute its planned debt and equity financing initiatives, these conditions raise substantial doubt about the Company’s ability to continue as a going concern to sustain operations for at least one year from the issuance of these condensed consolidated financial statements. The accompanying condensed consolidated financial statements do not include any adjustments that might result from the outcome of these uncertainties.</p>
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CY2023Q1 hofv Aggregate Purchase Price
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us-gaap Prior Period Reclassification Adjustment Description
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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: 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 2023. 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>
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">The preparation of the unaudited condensed 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 condensed 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, 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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us-gaap Impairment Of Leasehold
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us-gaap Property Plant And Equipment Transfers And Changes
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us-gaap Property Plant And Equipment Transfers And Changes
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hofv Redeemed Cash
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DebtInstrumentInterestRateStatedPercentage
0.10 pure
us-gaap Debt Instrument Periodic Payment Principal
DebtInstrumentPeriodicPaymentPrincipal
1810000 usd
CY2022Q4 us-gaap Debt Instrument Maturity Date
DebtInstrumentMaturityDate
2024-03-31
CY2023Q2 us-gaap Financing Receivable Deferred Income
FinancingReceivableDeferredIncome
28000000 usd
CY2022Q4 us-gaap Loans Held For Sale Maturity Date
LoansHeldForSaleMaturityDate
2025-03-31
CY2022Q4 us-gaap Property Management Fee Percent Fee
PropertyManagementFeePercentFee
0.01 pure
us-gaap Stock Dividends Shares
StockDividendsShares
90909 shares
us-gaap Debt Instrument Interest Rate Increase Decrease
DebtInstrumentInterestRateIncreaseDecrease
0.125 pure
CY2023Q2 us-gaap Debt Instrument Convertible Conversion Price1
DebtInstrumentConvertibleConversionPrice1
12.77
CY2023Q2 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Exercise Price1
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageExercisePrice1
12.77
hofv Agreement
Agreement
0.1999 pure
hofv Note Payable Description
NotePayableDescription
(i) issuance of shares of Common Stock in excess of the Nasdaq 19.99% Cap to IRG Affiliate Lenders with respect to transactions described in the IRG Letter Agreement; and (ii) the issuance to an entity wholly owned by a director of additional shares of Common Stock issuable upon the conversion of certain convertible debt and the exercise of certain warrants described in the IRG Letter Agreement.
CY2022Q2 us-gaap Stockholders Equity Other Shares
StockholdersEquityOtherShares
5681 shares
CY2022Q2 hofv Exercisable Term
ExercisableTerm
P1Y
CY2022Q3 hofv Lender Loan
LenderLoan
10000000 usd
CY2022Q3 us-gaap Derivative Notional Amount
DerivativeNotionalAmount
10000000 usd
CY2022Q3 us-gaap Investment Interest Rate
InvestmentInterestRate
0.04 pure
CY2023Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
15961612 usd
CY2023Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
47393467 usd
CY2023Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
32220218 usd
CY2023Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
3628667 usd
CY2023Q2 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
7465957 usd
CY2023Q2 us-gaap Capital Leases Future Minimum Payments Due Thereafter
CapitalLeasesFutureMinimumPaymentsDueThereafter
102294839 usd
CY2023Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
208964760 usd
CY2023Q2 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
13693923 usd
CY2023Q2 us-gaap Long Term Debt
LongTermDebt
195270837 usd
hofv Aggregate Amounts
AggregateAmounts
118344 usd
CY2020Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2023Q2 hofv Number Of Shares
NumberOfShares
275000 shares
hofv Shares Sold
SharesSold
4878 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
11088 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodIntrinsicValue
8.16
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
11088 shares
hofv Weighted Average Grant Date Fair Value Vested
WeightedAverageGrantDateFairValueVested
8.16
CY2023Q2 us-gaap Shares Held In Employee Stock Option Plan Committed To Be Released
SharesHeldInEmployeeStockOptionPlanCommittedToBeReleased
6032 shares
us-gaap Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
1343041 usd
us-gaap Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
1088959 usd
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
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P2Y10M9D
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2003649 shares
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
149.09
hofv Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2 Ending Balance
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2EndingBalance
P2Y4M9D
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
2003649 shares
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
149.09
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P2Y4M9D
us-gaap Stock Option Exercise Price Increase
StockOptionExercisePriceIncrease
151.8
CY2022Q4 us-gaap Stock Option Exercise Price Increase
StockOptionExercisePriceIncrease
12.77
hofv Relative Rights Of Equity Percentage
RelativeRightsOfEquityPercentage
0.07 pure
CY2023Q1 us-gaap Preferred Stock Redemption Price Per Share
PreferredStockRedemptionPricePerShare
1000
CY2023Q1 hofv Purchase Of Aggregate Amount
PurchaseOfAggregateAmount
1600000 usd
CY2023Q1 us-gaap Excess Stock Shares Issued
ExcessStockSharesIssued
800 shares
CY2023Q1 us-gaap Stock Option Exercise Price Increase
StockOptionExercisePriceIncrease
1000
CY2023Q1 us-gaap Preferred Stock Amount Of Preferred Dividends In Arrears
PreferredStockAmountOfPreferredDividendsInArrears
800000 usd
CY2023Q2 us-gaap Excess Stock Shares Issued
ExcessStockSharesIssued
800 shares
CY2023Q2 hofv Relative Rights Of Equity Percentage
RelativeRightsOfEquityPercentage
0.07 pure
CY2023Q2 us-gaap Preferred Stock Redemption Price Per Share
PreferredStockRedemptionPricePerShare
0.0001
CY2023Q2 us-gaap Stock Option Exercise Price Increase
StockOptionExercisePriceIncrease
1000
CY2023Q2 hofv Aggregate Purchase Price
AggregatePurchasePrice
800000 usd
CY2022Q2 hofv Issuance Of Restricted Stock Units Per Share
IssuanceOfRestrictedStockUnitsPerShare
0.0001
CY2023Q1 us-gaap Sale Of Stock Number Of Shares Issued In Transaction
SaleOfStockNumberOfSharesIssuedInTransaction
110000 shares
CY2020Q3 hofv Agreement Year
AgreementYear
P1Y
CY2020Q3 us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
750000 usd
CY2020Q4 us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
217000000 usd
CY2022Q2 hofv Received Amount
ReceivedAmount
4750000 usd
us-gaap Premiums Receivable Allowance For Doubtful Accounts Write Offs Against Allowance
PremiumsReceivableAllowanceForDoubtfulAccountsWriteOffsAgainstAllowance
7187500 usd
CY2022 us-gaap Premiums Receivable Allowance For Doubtful Accounts Write Offs Against Allowance
PremiumsReceivableAllowanceForDoubtfulAccountsWriteOffsAgainstAllowance
4812500 usd
us-gaap Assets Under Management Average Balance
AssetsUnderManagementAverageBalance
8697917 usd
CY2022 us-gaap Assets Under Management Average Balance
AssetsUnderManagementAverageBalance
6635417 usd
CY2023Q2 us-gaap Deferred Income Revenue Recognized
DeferredIncomeRevenueRecognized
691236 usd
CY2022Q2 us-gaap Deferred Income Revenue Recognized
DeferredIncomeRevenueRecognized
452772 usd
us-gaap Deferred Income Revenue Recognized
DeferredIncomeRevenueRecognized
1364711 usd
us-gaap Deferred Income Revenue Recognized
DeferredIncomeRevenueRecognized
1272062 usd
CY2019Q4 us-gaap Revenue Remaining Performance Obligation Percentage
RevenueRemainingPerformanceObligationPercentage
0.0275 pure
CY2019Q4 hofv Agreement Percentage
AgreementPercentage
0.02 pure
CY2019Q4 hofv Base Management Fees
BaseManagementFees
10000 usd
hofv Commencement Date
CommencementDate
2024-10-22
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
55251 usd
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
32844 usd
us-gaap Insurance Agency Management Fee
InsuranceAgencyManagementFee
100751 usd
us-gaap Insurance Agency Management Fee
InsuranceAgencyManagementFee
62844 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
us-gaap Deferred Revenue Revenue Recognized1
DeferredRevenueRevenueRecognized1
262500 usd
CY2023Q2 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
3652119 usd
CY2022Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
3511185 usd
CY2023Q2 us-gaap Deferred Revenue
DeferredRevenue
9276086 usd
CY2022Q4 us-gaap Deferred Revenue
DeferredRevenue
6867970 usd
hofv Deposits And Other Liabilities
DepositsAndOtherLiabilities
290637 usd
CY2022 hofv Deposits And Other Liabilities
DepositsAndOtherLiabilities
300549 usd
CY2023Q2 us-gaap Other Liabilities
OtherLiabilities
13218842 usd
CY2022Q4 us-gaap Other Liabilities
OtherLiabilities
10679704 usd
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="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>
CY2023Q2 hofv Due To Related Parties Current1
DueToRelatedPartiesCurrent1
399318 usd
CY2022Q4 hofv Due To Related Parties Current1
DueToRelatedPartiesCurrent1
855485 usd
CY2023Q2 hofv Percentage Of Development Costs
PercentageOfDevelopmentCosts
0.04 pure
hofv Annual Fees
AnnualFees
600000 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
300000 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
600000 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
600000 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
600000 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
600000 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
6750000 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
9450000 usd
CY2023Q1 hofv Proceeds From License Fees Paid
ProceedsFromLicenseFeesPaid
0 usd
CY2022Q1 hofv Proceeds From License Fees Paid
ProceedsFromLicenseFeesPaid
318750 usd
hofv Proceeds From License Fees Paid
ProceedsFromLicenseFeesPaid
300000 usd
hofv Proceeds From License Fees Paid
ProceedsFromLicenseFeesPaid
318750 usd
CY2023Q2 us-gaap Area Of Land
AreaOfLand
1.64 sqm
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.
us-gaap Payments For Fees
PaymentsForFees
4500000 usd
CY2023Q2 us-gaap Shares Issued
SharesIssued
90909 shares
CY2023Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
hofv Percentage Of Bear Interest
PercentageOfBearInterest
0.125 pure
hofv Accrued Interest Percentage
AccruedInterestPercentage
0.08 pure
CY2023Q2 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
12.77
hofv Membership Interest
MembershipInterest
1 pure
hofv Contractual Percentage
ContractualPercentage
0.25 pure
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 of the Company’s stockholders. In addition, the provisions of the IRG Letter Agreement are limited by Nasdaq Listing Rule 5635(c).
us-gaap Related Party Transaction Effects Of Any Change In Method Of Establishing Terms
RelatedPartyTransactionEffectsOfAnyChangeInMethodOfEstablishingTerms
(i) issuance of shares of Common Stock in excess of the Nasdaq 19.99% Cap to IRG Affiliate Lenders with respect to transactions described in the IRG Letter Agreement; and (ii) the issuance to an entity wholly owned by a director of additional shares of Common Stock issuable upon the conversion of certain convertible debt and the exercise of certain warrants described in the IRG Letter Agreement.
us-gaap Concentration Risk Customer
ConcentrationRiskCustomer
10%
CY2022 us-gaap Concentration Risk Customer
ConcentrationRiskCustomer
10%
us-gaap Operating Lease Cost
OperatingLeaseCost
258416 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
258184 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
159149 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
158083 usd
CY2023Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P91Y2M12D
CY2022Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P92Y10D
CY2023Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.10 pure
CY2022Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.10 pure
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
159149 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
311900 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
311900 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
311900 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
311900 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
41125000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
42531749 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
39109575 usd
CY2023Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
3422174 usd
CY2023Q2 us-gaap Percentage Rent
PercentageRent
82611 usd
CY2022Q2 us-gaap Percentage Rent
PercentageRent
6200 usd
us-gaap Percentage Rent
PercentageRent
177151 usd
us-gaap Percentage Rent
PercentageRent
14318 usd
CY2023Q2 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
328369 usd
CY2023Q2 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
645438 usd
CY2023Q2 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
641542 usd
CY2023Q2 us-gaap Operating Leases Future Minimum Payments Due In Two And Three Years
OperatingLeasesFutureMinimumPaymentsDueInTwoAndThreeYears
640962 usd
CY2023Q2 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
619495 usd
CY2023Q2 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
2972365 usd
CY2023Q2 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
5848171 usd
CY2022Q3 us-gaap Sale Leaseback Transaction Lease Term
SaleLeasebackTransactionLeaseTerm
P99Y
CY2022Q3 us-gaap Payments For Rent
PaymentsForRent
307125 usd
CY2022Q3 hofv Annual Increases
AnnualIncreases
0.02 pure
CY2022Q4 us-gaap Payments For Rent
PaymentsForRent
4375000 usd
CY2023Q2 us-gaap Lessee Finance Lease Discount Rate
LesseeFinanceLeaseDiscountRate
0.1025 pure
us-gaap Financing Interest Expense
FinancingInterestExpense
61299829 usd
us-gaap Lease Cost
LeaseCost
2201892776 usd
hofv Standardized Measure Of Discounted Futures Net Cash Flow Of Proved Oil And Gas Reserves Other
StandardizedMeasureOfDiscountedFuturesNetCashFlowOfProvedOilAndGasReservesOther
2140592947 usd
CY2022 us-gaap Financing Interest Expense
FinancingInterestExpense
60087907 usd
CY2022 us-gaap Lease Cost
LeaseCost
2204080276 usd
CY2022 hofv Standardized Measure Of Discounted Futures Net Cash Flow Of Proved Oil And Gas Reserves Other
StandardizedMeasureOfDiscountedFuturesNetCashFlowOfProvedOilAndGasReservesOther
2143992369 usd
CY2022Q4 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
1832031 usd
CY2022Q4 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
4672544 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
CY2022Q4 hofv Lessee Operating Lease Liability Payments Due Year Seven
LesseeOperatingLeaseLiabilityPaymentsDueYearSeven
6149455 usd
CY2022Q4 us-gaap Finance Lease Liability Payments Due After Year Five
FinanceLeaseLiabilityPaymentsDueAfterYearFive
2177367616 usd
CY2022Q4 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
2201892776 usd
CY2022Q4 hofv Imputed Interest
ImputedInterest
-2140592947 usd
CY2022 hofv Lessee Operating Lease Liability Payments Due Total
LesseeOperatingLeaseLiabilityPaymentsDueTotal
61299829 usd
CY2023Q2 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
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CY2022Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
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CY2023Q2 us-gaap Preferred Stock Value
PreferredStockValue
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CY2023Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
shares
CY2022Q2 us-gaap Gain Loss On Investments
GainLossOnInvestments
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us-gaap Gain Loss On Investments
GainLossOnInvestments
usd
CY2022Q2 us-gaap Marketable Securities Unrealized Gain Loss
MarketableSecuritiesUnrealizedGainLoss
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us-gaap Marketable Securities Unrealized Gain Loss
MarketableSecuritiesUnrealizedGainLoss
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CY2023Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
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CY2023Q1 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
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CY2023Q1 hofv Amount Paid For Fractional Shares
AmountPaidForFractionalShares
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CY2023Q2 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
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CY2023Q2 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
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CY2022Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
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CY2022Q1 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
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CY2022Q1 hofv Stock Issued During Period Value Of Preferred Stock Dividends
StockIssuedDuringPeriodValueOfPreferredStockDividends
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CY2022Q2 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
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CY2022Q2 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
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hofv Amortization Of Financing Liability
AmortizationOfFinancingLiability
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us-gaap Restructuring Costs And Asset Impairment Charges
RestructuringCostsAndAssetImpairmentCharges
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us-gaap Gain Loss On Sale Of Investments
GainLossOnSaleOfInvestments
usd
us-gaap Extinguishment Of Debt Gain Loss Income Tax
ExtinguishmentOfDebtGainLossIncomeTax
usd
us-gaap Issuance Of Stock And Warrants For Services Or Claims
IssuanceOfStockAndWarrantsForServicesOrClaims
usd
us-gaap Gain Loss On Sale Of Derivatives
GainLossOnSaleOfDerivatives
usd
us-gaap Payments To Acquire Held To Maturity Securities
PaymentsToAcquireHeldToMaturitySecurities
usd
us-gaap Proceeds From Sale Of Available For Sale Securities Debt
ProceedsFromSaleOfAvailableForSaleSecuritiesDebt
usd
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
usd
us-gaap Income Taxes Paid
IncomeTaxesPaid
usd
us-gaap Income Taxes Paid
IncomeTaxesPaid
usd
hofv Project Development Cost Acquired Through Accounts Payable And Accrued Expenses Net
ProjectDevelopmentCostAcquiredThroughAccountsPayableAndAccruedExpensesNet
usd
hofv Amendment Of Series C Warrant Liability For Equity Classification
AmendmentOfSeriesCWarrantLiabilityForEquityClassification
usd
hofv Amendment Of Series C And D Warrants
AmendmentOfSeriesCAndDWarrants
usd
hofv Initial Value Of Right Of Use Asset Upon Adoption Of Asc842
InitialValueOfRightOfUseAssetUponAdoptionOfASC842
usd
hofv Shares Issued In Connection With Amendment Of Notes Payable
SharesIssuedInConnectionWithAmendmentOfNotesPayable
usd
hofv Warrants Issued In Connection With Amendment Of Notes Payable
WarrantsIssuedInConnectionWithAmendmentOfNotesPayable
usd
hofv Amounts Due To Affiliate Exchanged For Note Payable
AmountsDueToAffiliateExchangedForNotePayable
usd
hofv Shares Issued In Connection With Issuance Of Notes Payable
SharesIssuedInConnectionWithIssuanceOfNotesPayable
usd
hofv Warrants Issued In Connection With Issuance Of Notes Payable
WarrantsIssuedInConnectionWithIssuanceOfNotesPayable
usd
CY2022Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
shares
CY2022Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue
CY2023Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
shares
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
usd
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
usd
CY2023Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
usd
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Entity Central Index Key
EntityCentralIndexKey
0001708176

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