XML 48 R36.htm IDEA: XBRL DOCUMENT v3.20.4
Notes Payable, Net (Details) - USD ($)
1 Months Ended 12 Months Ended
Sep. 14, 2020
Sep. 01, 2020
Jul. 02, 2020
Feb. 07, 2020
Dec. 11, 2018
Oct. 15, 2017
Jul. 10, 2017
Dec. 29, 2020
Oct. 31, 2020
Jul. 28, 2020
Jun. 30, 2020
Jun. 22, 2020
Dec. 30, 2019
Oct. 22, 2019
Dec. 24, 2018
Dec. 31, 2020
Dec. 31, 2019
Dec. 30, 2019
Dec. 01, 2020
Nov. 30, 2020
Jun. 24, 2020
Apr. 22, 2020
Nov. 09, 2017
Notes Payable, Net (Details) [Line Items]                                              
Amortization of note discounts                               $ 10,570,974 $ 13,274,793            
Proceeds from business combination     $ 34,500,000                                        
Description of notes payable     The maturity date on the remaining balance had been extended one month to November 30, 2020. During the fourth quarter of 2020, the Company paid off the remaining $34,500,000 outstanding balance owed previously using a portion of the proceeds from the November 2020 Public Offering and the Aquarian Mortgage Loan.                                        
Company debt amount                               98,899,367              
Accrued interest amount         $ 24,470,142                                    
Unamortized deferred financing cost, net of discount         96,076,120                                    
Interest amount                               256,441 353,530            
Loss on extinguishment of debt                               (4,282,220)            
Borrowing amount                               3,500,000              
Borrowing amount                         $ 2,999,989                    
Notes payable amount                               98,899,367 $ 164,922,714            
Notes redeemed, description                             Notes redeemed between December 24, 2023 and December 24, 2024 would have been redeemed at 105% of face value. Convertible Notes redeemed after December 24, 2024 would have been redeemed at 102.5% of face value.                
PIK interest amount                               $ 1,076,378              
Sale of shares (in Shares)               10,813,774                              
Par value (in Dollars per share)               $ 0.0001               $ 0.0001 $ 0.0001            
Warrant purchase (in Shares)               10,036,925                       2,678,571      
Common stock purchase price               $ 15,239,653.08                              
Exinguishment debt               $ 3,404,244                              
Note purchase agreement, description     the closing of the Business Combination, the Company entered into a Note Purchase Agreement (the “Note Purchase Agreement”) with certain funds managed by Magnetar Financial, LLC and other purchasers (together, the “Purchasers”), pursuant to which the Company agreed to issue and sell to the Purchasers in a private placement (the “Private Placement”) $20,721,293 in aggregate principal amount of the Company’s 8.00% Convertible Notes due 2025 (the “PIPE Notes”). Pursuant to the terms of the Note Purchase Agreement, the PIPE Notes may be converted into shares of Common Stock at a conversion price initially equal to $11.50 per share, subject to customary adjustment. Accordingly, the aggregate amount of PIPE Notes issued and sold in the Private Placement is convertible into 1,801,851 shares of Common Stock based on the conversion rate applicable on July 1, 2020. The conversion rate will convert at a conversion price of $11.50 per share. There are also Note Redemption Warrants that may be issued pursuant to the Note Purchase Agreement that will be exercisable for a number of shares of common stock to be determined at the time any such warrant is issued. The exercise price per share of common stock of any warrant will be set at the time such warrant is issued pursuant to the Note Purchase Agreement.The PIPE Notes provide for a conversion price reset such that, if the last reported sale price of the common stock is less than or equal to $6.00 for any ten trading days within any 30 trading day period preceding the maturity date, then the conversion price is adjusted down $6.90 per share.                                        
Redeemable preferred stock description                 the Company issued to American Capital Center, LLC (the “Preferred Investor”) an aggregate of 1,800 shares of 7.00% Series A Cumulative Redeemable Preferred Stock (“Series A Preferred Stock”) at $1,000 per share for an aggregate purchase price of $1,800,000. The Company paid the Preferred Investor an origination fee of 2%. The issuance and sale of the Series A Preferred Stock to the Preferred Investor was exempt from registration pursuant to Section 4(a)(2) of the Securities Act. HOFRE used half of the proceeds from the sale of the Series A Preferred Stock to pay down outstanding amounts under its Bridge Loan.                            
Bridge Loan [Member]                                              
Notes Payable, Net (Details) [Line Items]                                              
Loans assumed                     $ 65,000,000                        
Proceeds from business combination     $ 15,500,000                                        
Additional conversion amount     15,000,000                                        
Interest rate                               5.00%              
TIF loan [Member]                                              
Notes Payable, Net (Details) [Line Items]                                              
Description of notes payable                               The term of the TIF requires the Company to make installment payments through July 31, 2048. The current imputed interest rate is 5.2%, which runs through July 31, 2028. The imputed interest rate then increases to 6.6% through July 31, 2038 and finally increases to 7.7% through the remainder of the TIF.              
Principal amount                               $ 10,030,000              
Principal amount                               193,000 $ 183,000            
Notes payable amount                               7,987,275 8,125,239            
Syndicated Unsecured Term Loan and Preferred Equity Loan [Member]                                              
Notes Payable, Net (Details) [Line Items]                                              
Maturity date, description           The maturity date is February 26, 2021, and the Syndicated Unsecured Term Loan accrues interest at a rate of 12% per annum.                                  
Interest rate           12.00%                               1.00%  
Company debt amount         106,450,000                                    
Due to related party         336,579                                    
Face amount         95,500,000                                    
Loan outstanding amount converted into common stock     $ 170,089                                        
Loan outstanding amount converted into common stock (in Shares)     13,762,039                                        
Syndicated Unsecured Term Loan and Preferred Equity Loan [Member] | IRG [Member]                                              
Notes Payable, Net (Details) [Line Items]                                              
Unsecured promissory note           $ 150,000,000                                  
Syndicated Unsecured Term Loan and Preferred Equity Loan [Member] | Subordinated debt agreement [Member]                                              
Notes Payable, Net (Details) [Line Items]                                              
Face amount         $ 6,450,000                                    
Land loan with affiliate [Member]                                              
Notes Payable, Net (Details) [Line Items]                                              
Accrued interest amount     $ 50,158                                        
Face amount     $ 1,273,888                                        
Promissory notes                     $ 1,273,888                        
Interest rate             1.22%                                
Increased interest rate             5.00%                                
Shares exchange (in Shares)     580,000                       7,750,000                
Other amounts due     $ 4,266,793                                        
Loss on extinguishment of debt     209,160                                        
Notes payable amount                                 1,273,888            
Naming Rights Securitization Loan [Member]                                              
Notes Payable, Net (Details) [Line Items]                                              
Secured loan                                             $ 22,800,000
Interest rate per annum                                             4.00%
Notes payable amount                               1,707,797 8,669,749            
City of Canton Loan [Member]                                              
Notes Payable, Net (Details) [Line Items]                                              
Description of notes payable                         The loan accrues interest at a rate of one-half percent (0.5%) per annum. Upon an event of default, the interest rate will increase to five percent (5%) per annum on the outstanding balance at the time of default.                    
Borrowing amount                         $ 3,500,000         $ 3,500,000          
Notes payable amount                               3,492,319              
New Market/SCF [Member]                                              
Notes Payable, Net (Details) [Line Items]                                              
Interest rate                         4.00%         4.00%          
Increased interest rate                                   5.00%          
Borrowing amount                         $ 3,000,000                    
Notes payable amount                               $ 2,999,989              
McKinley Grand Mortgage [Member]                                              
Notes Payable, Net (Details) [Line Items]                                              
Maturity date, description                               The maturity date of the CH Capital Note was April 30, 2020 and interest was payable quarterly.              
Interest rate                               10.00%              
Purchase amount                           $ 3,900,000                  
Notes payable amount                                 1,848,213            
Default loan amount                               $ 1,807,339              
Notes payable, description                               The $1,900,000 note payable had a maturity date of October 22, 2021. Interest accrued at a rate equal to the greater of (i) 3.75% or (ii) the sum of the LIBOR rate plus 2.75%. The Company was required to make interest payments commencing on November 1, 2019, and on the first day of each successive month until the note was repaid. In September 2020, the Company paid off the full outstanding $1,900,000 principal and interest owed, using proceeds from the MKG Double Tree Loan (defined below).               
Convertible Notes [Member]                                              
Notes Payable, Net (Details) [Line Items]                                              
Interest rate                             10.00%                
Notes payable amount                           1,900,000                  
Notes Payable One [Member]                                              
Notes Payable, Net (Details) [Line Items]                                              
Notes payable amount                           $ 1,807,339                  
Constellation EME [Member]                                              
Notes Payable, Net (Details) [Line Items]                                              
Maturity date, description                                   The maturity date is December 31, 2022 and payments are due in 29 monthly installments totaling $11,075,000, with an effective interest rate of 6.1%.          
Borrowing amount                         $ 9,900,000                    
Notes payable amount                               $ 9,900,000              
Monthly installment, description                               Beginning in August 2020 through December 2020, the monthly installment amount is $55,000, which increases in January 2021 to $450,000 through December 2022.              
Debt instrument csutodial amount                               $ 5,318,820              
Convertible PIPE Notes [Member]                                              
Notes Payable, Net (Details) [Line Items]                                              
Amortization of note discounts                               268,758              
Principal amount     $ 20,721,293                                        
Interest amount                               875,129 $ 1,180,252            
Notes payable amount                               $ 8,322,468              
Notes payable due percentage     8.00%                                        
Conversion price per share (in Dollars per share)     $ 11.50                                        
Amount of beneficial conversion feature                   $ 14,166,339                          
Convertible PIPE notes. description                               exchanged $9.0 million of the amount outstanding under the IRG November Note for PIPE Notes in the principal amount of $9.0 million. Gordon Pointe Management, LLC exchanged $500,000 of the principal component of the indebtedness owed to such Purchaser by GPAQ under loan agreements and related promissory notes for PIPE Notes in the principal amount of $500,000. Seven other Purchasers exchanged a total of $4,221,293 in GPAQ founder notes held by such Purchasers for PIPE Notes in the aggregate principal amount of $4,221,293. Consequently, the Company received cash proceeds from the issuance and sale of the PIPE Notes of approximately $7 million.              
IRG November Note [Member]                                              
Notes Payable, Net (Details) [Line Items]                                              
Interest rate                                 12.00%            
Borrowing amount       $ 30,000,000                                      
Notes payable amount                                 $ 11,518,255            
Aggregate principal amount                                 11,585,792            
PIK interest amount                               $ 1,858,744 $ 85,009            
Outstanding balance amount.     $ 9,000,000                                        
Paycheck protection plan loan [Member]                                              
Notes Payable, Net (Details) [Line Items]                                              
Notes payable amount                               390,400              
PPP Loan amount                                           $ 390,400  
JKP Capital Loan [Member]                                              
Notes Payable, Net (Details) [Line Items]                                              
Interest rate                                         12.00%    
Face amount                                         $ 7,000,000    
Notes payable amount                               6,939,944              
SCF Subordinate Note [Member]                                              
Notes Payable, Net (Details) [Line Items]                                              
Interest rate per annum                       5.00%                      
Borrowing amount                       $ 1,000,000                      
MKG DoubleTree Loan [Member]                                              
Notes Payable, Net (Details) [Line Items]                                              
Interest rate 1.75%                                            
Notes payable amount                               14,856,565              
Mortgage loan $ 15,300,000                                            
Decrease in prime commercial rate 5.00%                                            
Bank account, description A bank account has been created with Erie Bank and the balance must be maintained between $1 and $2 million within the account as collateral, which will promptly be refunded to the Company upon complete payment of the MKG DoubleTree Loan on the maturity date. The MKG DoubleTree Loan has certain financial covenants whereby the Company must maintain a minimum tangible net worth of $5,000,000 and minimum liquidity of not less than $2,000,000. These covenants are to be tested annually based upon the financial statements at the end of each fiscal year.                                            
Amount of restricted cash related to the erie construction loan                               199,645              
Canton Cooperative Agreement [Member]                                              
Notes Payable, Net (Details) [Line Items]                                              
Amortization of note discounts   $ 182,723                                          
Notes payable amount                               2,488,823              
Loan amount   $ 2,670,000                                          
MKG PACE Bonds [Member]                                              
Notes Payable, Net (Details) [Line Items]                                              
MKG PACE bonds, description   The special assessment payments will be made on January 31st and July 31st over the course of 17 years, commencing on January 31, 2022 with a maturity date of January 31, 2039. For the first eight years, each payment will consist of $188,188 and decrease to $161,567 in 2030.                                          
Aquarian Mortgage Loan [Member]                                              
Notes Payable, Net (Details) [Line Items]                                              
Interest rate                                     10.00%        
Notes payable amount                               $ 37,843,697              
Mortgage loan                                     $ 40,000,000