Hall of Fame Resort & Entertainment pany(HOFV) - 2019 Q3 - Quarterly Report

Financial Performance - For the three months ended September 30, 2019, the company reported a net loss of $30,315, with operating costs of $578,996 and a provision for income taxes of $105,081, offset by interest income of $635,824 and an unrealized gain of $17,938 on marketable securities [88]. - For the nine months ended September 30, 2019, the company achieved a net income of $902,908, driven by interest income of $2,140,094 and an unrealized gain of $21,155 on marketable securities, despite operating costs of $902,163 and a provision for income taxes of $356,178 [89]. Cash and Marketable Securities - As of September 30, 2019, the company held marketable securities in the Trust Account valued at $115,904,495, including approximately $3,158,000 of interest income [92]. - Cash used in operating activities for the nine months ended September 30, 2019, was $1,239,797, with net income of $902,908 offset by interest earned on marketable securities of $2,140,094 [93]. - As of September 30, 2019, the company had cash of $91,539 held outside the Trust Account, primarily for identifying and evaluating target businesses [96]. Business Combination and Obligations - The company intends to use substantially all funds in the Trust Account to complete its initial Business Combination, with the possibility of withdrawing interest to pay taxes [95]. - The company has outstanding promissory notes totaling $1,550,899, which are non-interest bearing and will be repaid upon completion of a Business Combination [100]. - The company does not have any long-term debt or off-balance sheet financing arrangements as of September 30, 2019 [102]. - The company has no obligations or liabilities related to off-balance sheet arrangements and has not entered into any special purpose entities [102]. Director Compensation - The company has agreed to pay independent directors an annual retainer of $20,000, with additional fees for meeting attendance, all payable upon the consummation of a Business Combination [97].