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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Hall of Fame Resort and Entertainment Company | NASDAQ:HOFV | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.04 | 1.32% | 3.08 | 2.91 | 3.26 | 3.10 | 3.03 | 3.03 | 5,119 | 22:15:41 |
Correcting and Replacing: Changes to Statements of Cash Flows to align with Form 10-Q following reclassification of certain line items
Hall of Fame Resort & Entertainment Company (NASDAQ: HOFV, HOFVW), the only resort, entertainment and media company centered around the power of professional football, announced its first quarter fiscal 2021 results for the period ended March 31, 2021.
“We are pleased with all of the progress made during the first quarter. The team continues to execute at a high level, moving the ball down the field,” shared President and CEO Michael Crawford. “We announced several new media partnerships to create two documentaries: “INSPIRE: Heroes of Change”, in partnership with Tupelo Honey and “The Perfect Ten”, the story of the 10 athletes who are the only players to win both the Heisman trophy and be enshrined into the Pro Football Hall of Fame (also known as “H2H”) in partnership with Elite Team Holdings, LLC. Also, this quarter, the Company partnered with leading marketing and PR agency Dolphin Entertainment to enter into the exciting world of non-fungible tokens (“NFTs”). Our first NFTs will showcase several of the amazing H2H Legends in a way that we believe has not been developed to date. These NFTs demonstrate our ability to provide a new medium of engagement with football fans through our direct access to one-of-a-kind content.” Crawford continued, “We were also able to move forward on the construction front within Hall of Fame Village powered by Johnson Controls. We have developed the east endzone of Tom Benson Hall of Fame Stadium which will now house a state of the art “fan-zone”, providing tremendous engagement and entertainment opportunities, complete with a jumbotron scoreboard as well as have made remarkable progress within the Constellation Center of Excellence. Lastly, we were excited to launch the Hall of Fantasy League (“HOFL”), our “first of its kind” fantasy football league. The HOFL allows fans to participate in new and unique ways within the world of fantasy football. Over the last quarter we made “staking” available through our relationship with StakeKings as well as the opportunity to purchase team logo merchandise online. We look forward to the first HOFL season which will run parallel to that of the NFL.”
Key Financial Highlights
First Quarter Business Highlights
Subsequent To Quarter End Highlights
Conference Call
The Company will host a conference call and webcast Monday, May 17, 2021, beginning at 8:30 a.m. ET, to provide commentary on the business. Speaking on the call will be Michael Crawford, President and Chief Executive Officer, and Jason Krom, Chief Financial Officer.
Investors and all other interested parties can access the live webcast and replay at the Company’s website: ir.hofreco.com.
About Hall of Fame Resort & Entertainment Company
Hall of Fame Resort & Entertainment Company (NASDAQ: HOFV, HOFVW) is a resort and entertainment company leveraging the power and popularity of professional football and its legendary players in partnership with the Pro Football Hall of Fame. Headquartered in Canton, Ohio, the Hall of Fame Resort & Entertainment Company is the owner of the Hall of Fame Village powered by Johnson Controls, a multi-use sports, entertainment and media destination centered around the Pro Football Hall of Fame’s campus. Additional information on the Company can be found at www.HOFREco.com.
Forward-Looking Statements
Certain statements made herein are “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words and phrases such as “opportunity,” “future,” “will,” “goal,” and “look forward” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include the inability to recognize the anticipated benefits of the business combination; costs related to the business combination; the inability to obtain or maintain the listing of the Company’s shares on Nasdaq; the Company’s ability to manage growth; the Company’s ability to execute its business plan and meet its projections; potential litigation involving the Company; changes in applicable laws or regulations; general economic and market conditions impacting demand for the Company’s products and services, and in particular economic and market conditions in the resort and entertainment industry; the potential adverse effects of the ongoing global coronavirus (COVID-19) pandemic on capital markets, general economic conditions, unemployment and the Company’s liquidity, operations and personnel, as well as those risks and uncertainties discussed from time to time in our reports and other public filings with the SEC. The Company does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
HALL OF FAME RESORT & ENTERTAINMENT COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) For the Three Months Ended March 31,
2021
2020
Revenues Sponsorships, net of activation costs
$
1,475,436
$
1,660,928
Rents and cost recoveries
41,883
274,780
Event revenues
1,662
27,833
Hotel revenues
396,338
-
Total revenues
$
1,915,319
$
1,963,541
Operating expenses Property operating expenses
6,008,999
6,683,986
Hotel operating expenses
766,165
-
Commission expense
166,667
450,854
Depreciation expense
2,920,937
2,722,120
Total operating expenses
$
9,862,768
$
9,856,960
Loss from operations
(7,947,449
)
(7,893,419
)
Other expense Interest expense
(955,308
)
(2,010,010
)
Amortization of discount on note payable
(1,234,114
)
(3,234,413
)
Change in fair value of warrant liability
(116,351,000
)
-
Gain on forgiveness of debt
390,400
-
Total other expense
$
(118,150,022
)
$
(5,244,423
)
Net loss$
(126,097,471
)
$
(13,137,842
)
Non-controlling interest
(49,711
)
-
Net loss attributable to HOFRE stockholders
$
(126,147,182
)
$
(13,137,842
)
Net loss per share - basic and diluted$
(1.67
)
$
(2.42
)
Weighted average shares outstanding, basic and diluted
75,350,163
5,436,000
HALL OF FAME RESORT & ENTERTAINMENT COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS As of: March 31, 2021 December 31, 2020 (unaudited) Assets Cash
$
50,320,435
$
7,145,661
Restricted cash
18,228,113
32,907,800
Accounts receivable, net
956,778
1,545,089
Prepaid expenses and other assets
11,874,628
6,920,851
Property and equipment, net
153,447,521
154,355,763
Project development costs
116,017,357
107,969,139
Total assets
$
350,844,832
$
310,844,303
Liabilities and stockholders' equity Liabilities Notes payable, net
$
102,431,787
$
98,899,367
Accounts payable and accrued expenses
11,387,699
20,538,190
Due to affiliate
1,922,868
1,723,556
Warrant liability
84,298,000
19,112,000
Other liabilities
5,114,112
5,489,469
Total liabilities
205,154,466
145,762,582
Commitments and contingencies (Note 7 and 8) Stockholders' equity Undesignated preferred stock, $0.0001 par value; 4,947,200 shares authorized; no shares issued or outstanding atMarch 31, 2021 and December 31, 2020
-
-
Common stock, $0.0001 par value; 300,000,000 shares authorized; 94,178,308 and 64,091,266 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively
9,419
6,410
Additional paid-in capital
278,815,795
172,112,688
Accumulated deficit
(132,988,053
)
(6,840,871
)
Total equity attributable to HOFRE
145,837,161
165,278,227
Non-controlling interest
(146,795
)
(196,506
)
Total equity
145,690,366
165,081,721
Total liabilities and stockholders' equity
$
350,844,832
$
310,844,303
HALL OF FAME RESORT & ENTERTAINMENT COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) For the Three Months Ended March 31,
2021
2020
Cash Flows From Operating Activities Net loss
$
(126,097,471
)
$
(13,137,842
)
Adjustments to reconcile net loss to cash flows used in operating activities Depreciation expense
2,920,937
2,722,120
Amortization of note discounts
1,234,114
3,234,413
Prepaid rent
-
(1,463,093
)
Interest paid in kind
380,860
552,903
Gain on forgiveness of debt
(390,400
)
-
Change in fair value of warrant liability
116,351,000
-
Stock-based compensation expense
1,386,543
-
Changes in operating assets and liabilities: Accounts receivable
588,311
239,783
Prepaid expenses and other assets
(1,503,762
)
(4,670
)
Accounts payable and accrued expenses
(2,554,866
)
(275,749
)
Due to affiliates
199,312
2,294,821
Other liabilities
(375,357
)
1,367,740
Net cash used in operating activities
(7,860,799
)
(4,469,574
)
Cash Flows From Investing Activities Additions to project development costs and property equipment
(16,656,538
)
(7,164,875
)
Net cash used in investing activities
(16,656,538
)
(7,164,875
)
Cash Flows From Financing Activities Proceeds from notes payable
5,100,000
19,109,624
Repayments of notes payable
(2,777,154
)
(1,825,630
)
Payment of financing costs
(15,000
)
(134,243
)
Proceeds from equity raises
31,746,996
-
Proceeds from exercise of warrants
18,957,562
-
Net cash provided by financing activities
53,012,404
17,149,751
Net increase in cash and restricted cash
28,495,087
5,515,302
Cash and restricted cash, beginning of year
40,053,461
8,614,592
Cash and restricted cash, end of year
$
68,548,548
$
14,129,894
Cash
$
50,320,435
$
911,015
Restricted Cash
18,228,113
13,218,879
Total cash and restricted cash
$
68,548,548
$
14,129,894
Non-GAAP Financial Measures
The Company reports its financial results in accordance with accounting principals generally accepted in the United States (“GAAP”) and corresponding metrics as non-GAAP financial measures. The presentation includes references to the following non-GAAP financial measures: EBITDA and adjusted EBITDA. These are important financial measures used in the management of the business, including decisions concerning the allocation of resources and assessment of performance. Management believes that reporting these non-GAAP financial measures is useful to investors as these measures are representative of the company’s performance and provide improve comparability of results. See the table below for the definitions of the non-GAAP financial measures referred to above and corresponding reconciliations of these non-GAAP financial measures to the most comparable GAAP financial measures. Non-GAAP financial measures should be viewed as additions to, and not as alternatives for HOFV’s results prepared in accordance with GAAP. In additional, the non-GAAP measures HOFV uses may differ from non-GAAP measures used by other companies, and other companies may not define the non-GAAP measures the company uses in the same way.
For the Three Months Ended March 31,
2021
2020
Adjusted EBITDA Reconcilliation Net loss attributable to HOFRE stockholders
$
(126,147,182
)
$
(13,137,842
)
(Benefit from) provision for income taxes
-
-
Interest expense
955,308
2,010,010
Depreciation expense
2,920,937
2,722,120
Amortization of note discounts
1,234,114
3,234,413
EBITDA
(121,036,823
)
(5,171,299
)
Gain on forgiveness of debt
(390,400
)
-
Change in fair value of warrant liability
116,351,000
-
Adjusted EBITDA
$
(5,076,223
)
$
(5,171,299
)
View source version on businesswire.com: https://www.businesswire.com/news/home/20210517005884/en/
Media/Investor Contacts: Media Inquiries: public.relations@hofreco.com Investor Inquiries: investor.relations@hofreco.com
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