2024 Q2 Form 10-Q Financial Statement

#000121390024042927 Filed on May 14, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 Q4
Revenue $4.700M $4.191M $6.137M
YoY Change -23.3% 34.32% 143.23%
Cost Of Revenue $1.709M $974.4K $1.631M
YoY Change 7.64% -33.22% -2.41%
Gross Profit $2.991M $3.217M $4.506M
YoY Change -34.12% 93.65% 428.8%
Gross Profit Margin 63.64% 76.75% 73.43%
Selling, General & Admin $7.199M $6.150M $7.539M
YoY Change -32.68% -50.91% -3.49%
% of Gross Profit 240.72% 191.19% 167.31%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.181M $4.159M $4.580M
YoY Change 23.96% 62.87% 75.02%
% of Gross Profit 139.81% 129.28% 101.63%
Operating Expenses $13.09M $11.28M $12.12M
YoY Change -16.39% -36.2% 26.99%
Operating Profit -$8.390M -$7.092M -$7.617M
YoY Change -11.94% -51.31% -12.39%
Interest Expense -$7.596M $6.522M -$8.883M
YoY Change 114.39% 79.53% 107.37%
% of Operating Profit
Other Income/Expense, Net -$7.099M -$7.538M $196.1K
YoY Change 88.5% 56.18% -80.69%
Pretax Income -$15.49M -$14.63M -$19.90M
YoY Change 16.52% -24.56% 9.42%
Income Tax
% Of Pretax Income
Net Earnings -$15.49M -$14.63M -$20.16M
YoY Change 16.52% -24.56% 8.94%
Net Earnings / Revenue -329.58% -349.06% -328.54%
Basic Earnings Per Share -$2.41 -$2.30
Diluted Earnings Per Share -$2.41 -$2.30 -$3.18
COMMON SHARES
Basic Shares Outstanding 6.526M shares 6.502M shares 6.435M shares
Diluted Shares Outstanding 6.528M shares 6.486M shares

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.455M $2.713M $3.243M
YoY Change -84.37% -63.31% -87.53%
Cash & Equivalents $6.443M $6.884M $11.82M
Short-Term Investments
Other Short-Term Assets $7.147M $8.109M $3.514M
YoY Change 114.08% 114.32% 5.2%
Inventory
Prepaid Expenses
Receivables $1.131M $1.268M $1.108M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $9.733M $12.09M $7.866M
YoY Change -36.33% -12.88% -74.76%
LONG-TERM ASSETS
Property, Plant & Equipment $339.2M $341.6M $344.4M
YoY Change -8.55% 35.13% 38.4%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $2.411M $2.476M
YoY Change -86.69% -93.19%
Other Assets $4.988M $4.171M $8.573M
YoY Change -33.87% -42.91% 14.31%
Total Long-Term Assets $427.2M $427.5M $434.0M
YoY Change -1.98% -4.43% 2.09%
TOTAL ASSETS
Total Short-Term Assets $9.733M $12.09M $7.866M
Total Long-Term Assets $427.2M $427.5M $434.0M
Total Assets $436.9M $439.6M $441.9M
YoY Change -3.14% -4.68% -3.16%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $26.67M $23.36M $21.83M
YoY Change 65.76% 38.93% 24.18%
Accrued Expenses $3.326M $3.321M $3.441M
YoY Change -2.81% -2.83% 0.8%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $62.98M
YoY Change 4.82%
Total Short-Term Liabilities $32.86M $29.41M $89.54M
YoY Change -59.54% -63.98% 9.29%
LONG-TERM LIABILITIES
Long-Term Debt $296.9M $287.5M $219.5M
YoY Change 52.07% 49.79% 28.15%
Other Long-Term Liabilities $8.970M $9.035M $6.084M
YoY Change -39.52% -41.0% -48.4%
Total Long-Term Liabilities $305.9M $296.6M $225.6M
YoY Change 45.6% 43.08% 23.22%
TOTAL LIABILITIES
Total Short-Term Liabilities $32.86M $29.41M $89.54M
Total Long-Term Liabilities $305.9M $296.6M $225.6M
Total Liabilities $338.8M $326.0M $315.2M
YoY Change 16.29% 12.82% 18.91%
SHAREHOLDERS EQUITY
Retained Earnings -$247.3M -$231.5M -$216.6M
YoY Change 37.34% 39.03% 47.48%
Common Stock $655.00 $650.00 $643.00
YoY Change 15.72% 15.04% 14.82%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $99.13M $114.6M $127.7M
YoY Change
Total Liabilities & Shareholders Equity $436.9M $439.6M $441.9M
YoY Change -3.14% -4.68% -3.16%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q4
OPERATING ACTIVITIES
Net Income -$15.49M -$14.63M -$20.16M
YoY Change 16.52% -24.56% 8.94%
Depreciation, Depletion And Amortization $4.181M $4.159M $4.580M
YoY Change 23.96% 62.87% 75.02%
Cash From Operating Activities -$2.833M -$2.500M -$7.390M
YoY Change -65.19% -78.34% 1.15%
INVESTING ACTIVITIES
Capital Expenditures $811.1K $11.09M $7.761M
YoY Change -91.89% 14.62% -55.15%
Acquisitions
YoY Change
Other Investing Activities $1.510K $8.127M $4.490K
YoY Change -99.99% -154.18% -100.03%
Cash From Investing Activities -$809.6K -$2.968M -$7.756M
YoY Change -107.93% -87.97% -77.36%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 3.202M $512.8K 15.21M
YoY Change 3898.11% -97.05% -64.21%
NET CHANGE
Cash From Operating Activities -2.833M -$2.500M -7.390M
Cash From Investing Activities -809.6K -$2.968M -7.756M
Cash From Financing Activities 3.202M $512.8K 15.21M
Net Change In Cash -440.8K -$4.955M 59.69K
YoY Change -120.5% -73.67% -93.46%
FREE CASH FLOW
Cash From Operating Activities -$2.833M -$2.500M -$7.390M
Capital Expenditures $811.1K $11.09M $7.761M
Free Cash Flow -$3.644M -$13.59M -$15.15M
YoY Change -79.91% -35.94% -38.44%

Facts In Submission

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CY2023Q1 us-gaap Proceeds From Sale Of Held To Maturity Securities
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CY2024Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
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CY2024Q1 us-gaap Payments To Acquire Property Plant And Equipment
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CY2023Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
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CY2024Q1 us-gaap Net Cash Provided By Used In Investing Activities
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CY2023Q1 us-gaap Net Cash Provided By Used In Investing Activities
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CY2023Q1 us-gaap Proceeds From Notes Payable
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20500000 usd
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1093750 usd
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3500000 usd
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150000 usd
CY2024Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
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CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
11816083 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
33516382 usd
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
6884167 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
14700920 usd
CY2024Q1 us-gaap Cash
Cash
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CY2023Q1 us-gaap Cash
Cash
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CY2024Q1 us-gaap Restricted Cash
RestrictedCash
4170957 usd
CY2023Q1 us-gaap Restricted Cash
RestrictedCash
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CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
6884167 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
14700920 usd
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InterestPaidNet
1739082 usd
CY2023Q1 us-gaap Interest Paid Net
InterestPaidNet
2644324 usd
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AccruedInterestRolledIntoNotesPayableInConnectionWithModification
9028091 usd
CY2024Q1 hofv Penny Warrants Received In Consideration Of Sports Betting Agreement
PennyWarrantsReceivedInConsiderationOfSportsBettingAgreement
1666000 usd
CY2024Q1 hofv Proceeds From Sale Of Assets Held In Escrow
ProceedsFromSaleOfAssetsHeldInEscrow
1500000 usd
CY2024Q1 hofv Accrued Series B Preferred Stock Dividends
AccruedSeriesBPreferredStockDividends
116000 usd
CY2023Q1 hofv Accrued Series B Preferred Stock Dividends
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116000 usd
CY2024Q1 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; text-indent: 0.45pt">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 DoubleTree by Hilton located in downtown Canton and the Hall of Fame Village, which is a multi-use sports, entertainment, and media destination centered around the PFHOF’s campus. The Company is pursuing a differentiation strategy across three business verticals, 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"></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"> </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 March 31, 2024 and the Company’s accumulated deficit was $231.5 million as of such date. Since inception, the Company’s operations have been funded principally through the issuance of debt and equity. As of March 31, 2024, the Company had approximately $2.7 million of unrestricted cash and $4.2 million of restricted cash. During the three months ended March 31, 2024, the Company used cash for operating activities of $2.5 million. The Company has approximately $90.6 million of debt coming due through May 14, 2025. In April 2024, IRG and its affiliated lenders agreed to extend the maturity of $51.6 million of principal of its debt until March 31, 2025. On May 10, 2024, the Company amended its waterpark ground lease to provide for a cure period resulting from the Company not making a payment due in May 2024 (see Note 14 Subsequent Events).</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 and fund its working capital. 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. These conditions raise substantial doubt about the Company’s ability to continue as a going concern to meet its obligations as they come due 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> <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">Basis of Presentation</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">The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and Rule 10 of Regulation S-X under the Securities Act of 1933, as amended (the “Securities Act”). Accordingly, they do not include all of the information and notes required by U.S. GAAP. However, in the opinion of the management of the Company, all adjustments necessary for a fair presentation of the financial position and operating results have been included in these statements. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Form 10-K for the year ended December 31, 2023, filed on March 25, 2024. Operating results for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for any subsequent quarters or for the year ending December 31, 2024.</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">Consolidation</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">The condensed consolidated financial statements include the accounts and activity of the Company and its wholly owned subsidiaries. Investments in a variable interest entity in which the Company is not the primary beneficiary, or where the Company does not own a majority interest but has the ability to exercise significant influence over operating and financial policies, are accounted for using the equity method. All intercompany profits, transactions, and balances have been eliminated in consolidation.</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 owns a 60% interest in Mountaineer GM, LLC (“Mountaineer”), whose results are consolidated into the Company’s results of operations. The portion of Mountaineer’s net income (loss) that is not attributable to the Company is included in non-controlling interest.</p>
CY2024Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
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CY2024Q1 us-gaap Cash
Cash
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CY2024Q1 us-gaap Restricted Cash
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CY2024Q1 us-gaap Debt Securities
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CY2024Q1 us-gaap Debt Default Longterm Debt Amount
DebtDefaultLongtermDebtAmount
51600000 usd
CY2024Q1 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="background-color: white"><span style="text-decoration:underline">Reclassification</span></span></p><p style="text-align: justify; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><span style="background-color: white">Certain financial statement line items of the Company’s historical presentation have been reclassified to conform to the corresponding financial statement line items. These reclassifications have no material impact on the historical operating loss, net loss, total assets, total liabilities, or stockholders’ equity previously reported.</span></p>
CY2024Q1 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 credit losses, depreciation, costs capitalized to project development costs, useful lives of long-lived assets, impairment, 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>
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CY2023Q4 us-gaap Restricted Cash
RestrictedCash
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AvailableForSaleSecuritiesDebtSecurities
2000000 usd
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AvailableForSaleSecuritiesDebtSecurities
2000000 usd
CY2024Q1 us-gaap Allowance For Doubtful Accounts Premiums And Other Receivables
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243964 usd
CY2023Q4 us-gaap Allowance For Doubtful Accounts Premiums And Other Receivables
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CY2024Q1 us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Percent
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0.50 pure
CY2024Q1 us-gaap Payments For Film Costs
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0 usd
CY2023Q1 us-gaap Payments For Film Costs
PaymentsForFilmCosts
1305000 usd
CY2023Q1 us-gaap Asset Impairment Charges
AssetImpairmentCharges
1145000 usd
CY2024Q1 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
176000 usd
CY2023Q4 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
225000 usd
CY2024Q1 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
2000000 usd
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AvailableForSaleSecuritiesDebtSecurities
2000000 usd
CY2023Q4 us-gaap Fair Value Net Asset Liability
FairValueNetAssetLiability
225000 usd
CY2024Q1 us-gaap Fair Value Option Changes In Fair Value Gain Loss1
FairValueOptionChangesInFairValueGainLoss1
-49000 usd
CY2024Q1 us-gaap Fair Value Net Asset Liability
FairValueNetAssetLiability
176000 usd
CY2024Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
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CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
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CY2024Q1 us-gaap Property Plant And Equipment Gross
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CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
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CY2024Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
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CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
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CY2024Q1 us-gaap Property Plant And Equipment Other Net
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341626103 usd
CY2023Q4 us-gaap Property Plant And Equipment Other Net
PropertyPlantAndEquipmentOtherNet
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CY2024Q1 hofv Project Development Costs
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CY2023Q4 hofv Project Development Costs
ProjectDevelopmentCosts
59366200 usd
CY2024Q1 hofv Interest Rate Of Held For Sale
InterestRateOfHeldForSale
0.80 pure
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AssetsHeldForSaleNotPartOfDisposalGroupCurrent
12325227 usd
CY2024Q1 us-gaap Depreciation
Depreciation
4158750 usd
CY2023Q1 us-gaap Depreciation
Depreciation
2553360 usd
CY2024Q1 us-gaap Real Estate Inventory Capitalized Interest Costs Incurred
RealEstateInventoryCapitalizedInterestCostsIncurred
10915894 usd
CY2023Q1 us-gaap Real Estate Inventory Capitalized Interest Costs Incurred
RealEstateInventoryCapitalizedInterestCostsIncurred
9163643 usd
CY2024Q1 us-gaap Property Plant And Equipment Transfers And Changes
PropertyPlantAndEquipmentTransfersAndChanges
349655 usd
CY2023Q1 us-gaap Property Plant And Equipment Transfers And Changes
PropertyPlantAndEquipmentTransfersAndChanges
6031376 usd
CY2024Q1 us-gaap Theatrical Film Costs Development
TheatricalFilmCostsDevelopment
200000 usd
CY2023Q4 us-gaap Theatrical Film Costs Development
TheatricalFilmCostsDevelopment
200000 usd
CY2024Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
230362032 usd
CY2024Q1 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
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CY2024Q1 us-gaap Long Term Debt
LongTermDebt
221653857 usd
CY2023Q4 us-gaap Debt Instrument Carrying Amount
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CY2023Q4 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
9652069 usd
CY2023Q4 us-gaap Long Term Debt
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CY2024Q1 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
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CY2023Q1 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
855891 usd
CY2024Q1 us-gaap Paid In Kind Interest
PaidInKindInterest
2905941 usd
CY2023Q1 us-gaap Paid In Kind Interest
PaidInKindInterest
1127491 usd
CY2024Q1 us-gaap Long Term Debt Maturity Date
LongTermDebtMaturityDate
2030-07-01
CY2024Q1 us-gaap Deposit Liabilities Accrued Interest
DepositLiabilitiesAccruedInterest
1257424 usd
CY2023Q4 us-gaap Deposit Liabilities Accrued Interest
DepositLiabilitiesAccruedInterest
804713 usd
CY2024Q1 hofv Percentage Of Extension Fee
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0.01 pure
CY2024Q1 us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
1830000 usd
CY2024Q1 us-gaap Buildings And Improvements Gross
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2000000 usd
CY2024Q1 us-gaap Derivative Fixed Interest Rate
DerivativeFixedInterestRate
0.0265 pure
CY2020Q3 us-gaap Stock Issued During Period Shares Employee Benefit Plan
StockIssuedDuringPeriodSharesEmployeeBenefitPlan
82397 shares
CY2021Q2 us-gaap Stock Issued During Period Shares Employee Benefit Plan
StockIssuedDuringPeriodSharesEmployeeBenefitPlan
181818 shares
CY2023Q2 us-gaap Stock Issued During Period Shares Employee Benefit Plan
StockIssuedDuringPeriodSharesEmployeeBenefitPlan
275000 shares
CY2024Q1 us-gaap Stock Issued During Period Shares Employee Benefit Plan
StockIssuedDuringPeriodSharesEmployeeBenefitPlan
101006 shares
CY2023Q1 us-gaap Sale Of Stock Number Of Shares Issued In Transaction
SaleOfStockNumberOfSharesIssuedInTransaction
110000 shares
CY2023Q4 us-gaap Common Stock Discount On Shares
CommonStockDiscountOnShares
39016766 usd
CY2023Q4 hofv Underwriting Agreement Duration Period
UnderwritingAgreementDurationPeriod
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CY2022Q1 us-gaap Stock Option Exercise Price Increase
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151.8
CY2024Q1 hofv Relative Rights Of Equity Percentage
RelativeRightsOfEquityPercentage
0.07 pure
CY2023Q1 us-gaap Preferred Stock Redemption Price Per Share
PreferredStockRedemptionPricePerShare
1000
CY2023Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
1600000 usd
CY2023Q1 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
800 shares
CY2023Q1 us-gaap Stock Option Exercise Price Increase
StockOptionExercisePriceIncrease
1000
CY2023Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
800000 usd
CY2023Q2 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
800 shares
CY2023Q2 us-gaap Stock Option Exercise Price Increase
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1000
CY2023Q2 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
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CY2020Q4 hofv Agreement Term
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P10Y
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103095 usd
CY2021Q2 hofv Number Of Notes Payable
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1 pure
CY2022Q3 hofv Online Market Access Agreement Term
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P10Y
CY2024Q1 us-gaap Deferred Revenue
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3500000 usd
CY2023Q4 us-gaap Deferred Revenue
DeferredRevenue
3600000 usd
CY2024Q1 hofv Activation Fund Reserves
ActivationFundReserves
243661 usd
CY2023Q4 hofv Activation Fund Reserves
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126685 usd
CY2024Q1 us-gaap Other Liabilities And Deferred Revenue Noncurrent
OtherLiabilitiesAndDeferredRevenueNoncurrent
8150932 usd
CY2023Q4 us-gaap Other Liabilities And Deferred Revenue Noncurrent
OtherLiabilitiesAndDeferredRevenueNoncurrent
5441640 usd
CY2024Q1 us-gaap Deposit Liability Current
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CY2023Q4 us-gaap Deposit Liability Current
DepositLiabilityCurrent
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CY2024Q1 us-gaap Other Liabilities
OtherLiabilities
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CY2023Q4 us-gaap Other Liabilities
OtherLiabilities
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CY2024Q1 us-gaap Loss Contingency Disclosures
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<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>
CY2024Q1 us-gaap Loans Payable
LoansPayable
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CY2023Q4 us-gaap Loans Payable
LoansPayable
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CY2024Q1 hofv Percentage Of Development Costs
PercentageOfDevelopmentCosts
0.04 pure
CY2024Q1 us-gaap Other Commitments Future Minimum Payments Remainder Of Fiscal Year
OtherCommitmentsFutureMinimumPaymentsRemainderOfFiscalYear
600000 usd
CY2024Q1 us-gaap Other Commitment Due In Next Twelve Months
OtherCommitmentDueInNextTwelveMonths
600000 usd
CY2024Q1 us-gaap Other Commitment Due In Second Year
OtherCommitmentDueInSecondYear
600000 usd
CY2024Q1 us-gaap Other Commitment Due In Third Year
OtherCommitmentDueInThirdYear
600000 usd
CY2024Q1 us-gaap Other Commitment Due In Fourth Year
OtherCommitmentDueInFourthYear
750000 usd
CY2024Q1 us-gaap Other Commitment Due After Fifth Year
OtherCommitmentDueAfterFifthYear
6000000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
229820 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
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CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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CY2024Q1 hofv Stock Issued During Period Value Vesting Of Restricted Stock Units
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CY2023Q1 hofv Accrued Interest Rolled Into Notes Payable In Connection With Modification
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CY2023Q1 hofv Penny Warrants Received In Consideration Of Sports Betting Agreement
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CY2024Q1 dei Amendment Flag
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CY2024Q1 dei Current Fiscal Year End Date
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CY2024Q1 dei Document Fiscal Period Focus
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