Hall of Fame Resort & Entertainment Co

CIK:0001708176|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Revenues
Total revenues	$ 5,004,636	$ 7,501,626	$ 12,292,238	$ 16,392,610
Operating expenses
Operating expenses	4,810,077	8,604,054	14,699,931	21,953,614
Hotel operating expenses	1,864,689	1,847,014	4,883,633	4,530,407
Depreciation expense	4,240,798	4,202,042	12,710,606	12,541,983
Total operating expenses	10,915,564	14,653,110	32,294,170	39,026,004
Loss from operations	(5,910,928)	(7,151,484)	(20,001,932)	(22,633,394)
Other income (expense)
Interest expense, net	(8,116,986)	(5,902,062)	(19,619,513)	(18,899,210)
Amortization of discount on note payable	(253,135)	(1,092,996)	(1,638,627)	(3,102,968)
Change in fair value of warrant liability		16,000	75,000	64,000
Loss on sale of asset		(5,674)		(144,213)
Loss on extinguishment of debt				(3,763)
Other income		9,763,126		10,263,126
Loss from equity method investments	(79,309)	(47,240)	(139,842)	(83,066)
Total other income (expense)	(8,449,430)	2,731,154	(21,322,982)	(11,906,094)
Net loss	(14,360,358)	(4,420,330)	(41,324,914)	(34,539,488)
Preferred stock dividends	(262,500)	(266,000)	(794,500)	(798,000)
Loss attributable to non-controlling interest				8,588
Net loss attributable to HOFRE stockholders	$ (14,622,858)	$ (4,686,330)	$ (42,119,414)	$ (35,328,900)
Net loss per share, basic (in Dollars per share)	$ (2.18)	$ (0.72)	$ (6.29)	$ (5.42)
Net loss per share, diluted (in Dollars per share)	$ (2.18)	$ (0.72)	$ (6.29)	$ (5.42)
Weighted average shares outstanding, basic (in Shares)	6,700,717	6,551,352	6,690,986	6,521,903
Weighted average shares outstanding, diluted (in Shares)	6,700,717	6,551,352	6,690,986	6,521,903
Sponsorships, net of activation costs
Revenues
Total revenues	$ 650,448	$ 684,180	$ 1,853,257	$ 2,170,742
Event, rents, restaurant, and other revenues
Revenues
Total revenues	1,894,345	4,639,785	4,853,451	8,886,562
Hotel revenues
Revenues
Total revenues	$ 2,459,843	$ 2,177,661	$ 5,585,530	$ 5,335,306

Condensed Consolidated Balance Sheets - USD ($)	Sep. 30, 2025	Dec. 31, 2024
Assets
Cash	$ 1,351,027	$ 432,174
Restricted cash	4,353,296	4,015,377
Equity method investments	2,088,232	2,228,074
Investments available for sale	2,433,000	2,433,000
Accounts receivable, net	953,491	1,520,166
Prepaid expenses and other assets	5,137,074	3,741,122
Property and equipment, net	322,324,429	334,709,643
Right-of-use lease assets	7,084,900	7,221,756
Project development costs	10,219,809	10,404,499
Total assets	355,945,258	366,705,811
Liabilities
Notes payable, net	268,345,058	245,747,816
Accounts payable and accrued expenses	23,423,768	18,898,521
Due to affiliate	3,321,189	2,910,827
Warrant liability		75,000
Financing liability	17,941,187	17,784,179
Lease liabilities	3,392,662	3,401,599
Other liabilities	9,298,374	5,656,410
Total liabilities	325,722,238	294,474,352
Commitments and contingencies (Note 6, 7, and 8)
Stockholders’ equity
Undesignated preferred stock, $0.0001 par value; 4,917,000 shares authorized; no shares issued or outstanding at September 30, 2025 and December 31, 2024
Common stock, $0.0001 par value; 300,000,000 shares authorized; 6,700,844 and 6,558,279 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively	669	655
Additional paid-in capital	346,867,118	346,756,157
Accumulated deficit	(315,681,343)	(273,561,929)
Total equity attributable to HOFRE	31,186,446	73,194,885
Non-controlling interest	(963,426)	(963,426)
Total equity	30,223,020	72,231,459
Total liabilities and stockholders’ equity	355,945,258	366,705,811
Series B Convertible Preferred Stock
Stockholders’ equity
Preferred stock, value
Series C Convertible Preferred Stock
Stockholders’ equity
Preferred stock, value	$ 2	$ 2