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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 3.06 | 2.86 | 3.26 | 0 | 09:00:26 |
Hall of Fame Resort & Entertainment Company (NASDAQ: HOFV, HOFVW) (the “Company”), the only resort, entertainment and media company centered around the power of professional football, announced its second quarter fiscal 2021 results for the period ended June 30, 2021.
“There have been many key events achieved during the second quarter and continuing into the third quarter, highlighting the strength of the ecosystem that we are creating,” stated Michael Crawford, President and CEO of HOFV. “The foundation that has been laid has created momentum across all business verticals. The last months have been exciting and show the strength of the team to achieve all these accomplishments. We, together with the Pro Football Hall of Fame, hosted Enshrinement Week last week with thousands of people coming to the Hall of Fame Village powered by Johnson Controls to celebrate two Enshrinements (2020 and 2021), the NFL Hall of Fame Game, and concert. Within our Hall of Fame Village Media subsidiary, we co-produced World Chase Tag (“WCT”) 2021 Championships and launched a set of NFTs for six football legends. Finally, within our gaming vertical, our Hall of Fantasy league announced the front offices for each of the teams and launched an app.”
Key Financial Highlights
Second Quarter Business Highlights
Subsequent To Quarter End Highlights
Conference Call
The Company will host a conference call and webcast Friday, August 13, 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 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, including refinancing its existing term loan and obtaining financing to construct planned facilities; 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 June 30,For the Six Months Ended June 30,
2021
2020
2021
2020
Revenues Sponsorships, net of activation costs
$
1,508,402
$
1,660,928
$
2,983,838
$
3,321,856
Rents and cost recoveries
55,078
42,657
96,961
317,437
Event revenues
5,057
-
6,719
27,833
Hotel revenues
795,222
-
1,191,560
-
Total revenues
$
2,363,759
$
1,703,585
$
4,279,078
$
3,667,126
Operating expenses Property operating expenses
6,219,781
2,428,283
12,228,780
9,112,269
Hotel operating expenses
1,596,989
-
2,363,154
-
Commission expense
260,583
607,126
427,250
1,057,980
Depreciation expense
2,972,130
2,723,303
5,893,067
5,445,423
Total operating expenses
$
11,049,483
$
5,758,712
$
20,912,251
$
15,615,672
Loss from operations
(8,685,724
)
(4,055,127
)
(16,633,173
)
(11,948,546
)
Other expense Interest expense
(1,004,419
)
(2,199,785
)
(1,959,727
)
(4,209,795
)
Amortization of discount on note payable
(1,164,613
)
(3,443,333
)
(2,398,727
)
(6,677,746
)
Change in fair value of warrant liability
26,315,888
-
(90,035,112
)
-
Gain on extinguishment of debt
-
-
390,400
-
Total other income (expense)
$
24,146,856
$
(5,643,118
)
$
(94,003,166
)
$
(10,887,541
)
Net income (loss)$
15,461,132
$
(9,698,245
)
$
(110,636,339
)
$
(22,836,087
)
Series B preferred stock dividends$
(130,000
)
-
$
(130,000
)
-
Non-controlling interest
209,921
-
160,210
-
Net loss attributable to HOFRE stockholders
$
15,541,053
$
(9,698,245
)
$
(110,606,129
)
$
(22,836,087
)
Net loss per share - basic$
0.16
$
(1.78
)
$
(1.30
)
$
(4.20
)
Weighted average shares outstanding, basic
94,397,222
5,436,000
84,978,294
5,436,000
Net loss per share - diluted
$
-
$
(1.78
)
$
(1.30
)
$
(4.20
)
Weighted average shares outstanding, diluted
107,353,272
5,436,000
84,978,294
5,436,000
HALL OF FAME RESORT & ENTERTAINMENT COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS As of: June 30, 2021 December 31, 2020 (unaudited) Assets Cash
$
61,908,208
$
7,145,661
Restricted cash
11,759,884
32,907,800
Accounts receivable, net
869,421
1,545,089
Prepaid expenses and other assets
8,954,346
6,920,851
Property and equipment, net
150,151,539
154,355,763
Project development costs
126,595,920
107,969,139
Total assets
$
360,239,318
$
310,844,303
Liabilities and stockholders' equity Liabilities Notes payable, net
$
103,534,759
$
98,899,367
Accounts payable and accrued expenses
12,825,686
20,538,190
Due to affiliate
1,901,992
1,723,556
Warrant liability
55,805,000
19,112,000
Other liabilities
5,213,829
5,489,469
Total liabilities
179,281,266
145,762,582
Commitments and contingencies Stockholders' equity Undesignated preferred stock, $0.0001 par value; 4,932,200 sharesauthorized; no shares issued or outstanding at June 30, 2021 andDecember 31, 2020
-
-
Series B convertible preferred stock, $0.0001 par value; 15,200 sharesdesignated; 15,200 and 0 shares issued and oustanding at June 30, 2021and December 31, 2020, respectively
2
-
Common stock, $0.0001 par value; 300,000,000 shares authorized; 94,872,068 and 64,091,266 shares issued and outstanding at June 30,2021 and December 31, 2020, respectively
9,488
6,410
Additional paid-in capital
298,752,278
172,112,688
Accumulated deficit
(117,447,000
)
(6,840,871
)
Total equity attributable to HOFRE
181,314,768
165,278,227
Non-controlling interest
(356,716
)
(196,506
)
Total equity
180,958,052
165,081,721
Total liabilities and stockholders' equity
$
360,239,318
$
310,844,303
HALL OF FAME RESORT & ENTERTAINMENT COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) For the Six Months Ended June 30,
2021
2020
Cash Flows From Operating Activities Net loss
$
(110,636,339
)
$
(22,836,087
)
Adjustments to reconcile net loss to cash flows used in operating activities Depreciation expense
5,893,067
5,445,423
Amortization of note discounts
2,398,727
6,677,746
Interest paid in kind
952,012
2,199,714
Gain on forgiveness of debt
(390,400
)
-
Change in fair value of warrant liability
90,035,112
-
Stock-based compensation expense
3,006,692
-
Changes in operating assets and liabilities: Accounts receivable
675,668
(346,185
)
Prepaid expenses and other assets
(2,033,495
)
(3,550,720
)
Accounts payable and accrued expenses
(2,060,008
)
2,121,854
Due to affiliates
178,436
(3,619,101
)
Other liabilities
(275,640
)
3,441,126
Net cash used in operating activities
(12,256,168
)
(10,466,230
)
Cash Flows From Investing Activities Additions to project development costs and property and equipment
(26,098,120
)
(14,688,633
)
Purchase of leasehold improvements
-
(156,390
)
Net cash used in investing activities
(26,098,120
)
(14,845,023
)
Cash Flows From Financing Activities Proceeds from notes payable
6,000,000
36,014,210
Repayments of notes payable
(4,309,947
)
(5,572,102
)
Payment of financing costs
(15,000
)
(135,268
)
Proceeds from sale of Series B preferred stock and warrants
15,200,000
-
Proceeds from equity raises, net of offering costs
31,746,996
-
Proceeds from exercise of warrants
23,346,870
-
Net cash provided by financing activities
71,968,919
30,306,840
Net increase in cash and restricted cash
33,614,631
4,995,587
Cash and restricted cash, beginning of year
40,053,461
8,614,592
Cash and restricted cash, end of year
$
73,668,092
$
13,610,179
Cash
$
61,908,208
$
2,149,500
Restricted Cash
11,759,884
11,460,679
Total cash and restricted cash
$
73,668,092
$
13,610,179
Non-GAAP Financial Measures
The Company reports its financial results in accordance with accounting principles 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 June 30,
2021
2020
Adjusted EBITDA Reconciliation Net income (loss) attributable to HOFRE stockholders
$
15,541,053
$
(9,698,245
)
(Benefit from) provision for income taxes
-
-
Interest expense
1,004,419
2,199,785
Depreciation expense
2,972,130
2,723,303
Amortization of note discounts
1,164,613
3,443,333
EBITDA
20,682,215
(1,331,824
)
Change in fair value of warrant liability
(26,315,888
)
-
Adjusted EBITDA
$
(5,633,673
)
$
(1,331,824
)
View source version on businesswire.com: https://www.businesswire.com/news/home/20210812005869/en/
Media/Investor Contacts: Media Inquiries: public.relations@hofreco.com Investor Inquiries: investor.relations@hofreco.com
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