Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2020 | May 11, 2020 | |
Entity Registrant Name | Gordon Pointe Acquisition Corp. | |
Entity Central Index Key | 0001708176 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2020 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2020 | |
Entity Current reporting Status | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Shell Company | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity File Number | 001-38363 | |
Entity Interactive Data Current | Yes | |
Entity Incorporation State Country Code | DE | |
Class A Common Stock | ||
Entity Common Stock Shares Outstanding | 3,531,516 | |
Class F Common Stock | ||
Entity Common Stock Shares Outstanding | 3,125,000 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Current assets | ||
Cash | $ 58,907 | $ 2,122 |
Prepaid expenses | 72,655 | 18,750 |
Prepaid income taxes | 2,673 | |
Total Current Assets | 131,562 | 23,545 |
Marketable securities held in Trust Account | 86,100,216 | 117,285,210 |
TOTAL ASSETS | 86,231,778 | 117,308,755 |
Current liabilities | ||
Accounts payable and accrued expenses | 760,227 | 532,744 |
Income taxes payable | 31,500 | |
Total Current Liabilities | 791,727 | 532,744 |
Convertible promissory notes - related party | 4,118,492 | 3,017,650 |
Deferred tax liability | 2,014 | |
Deferred underwriting fees | 4,375,000 | 4,375,000 |
Deferred legal fee payable | 72,500 | 72,500 |
Total Liabilities | 9,357,719 | 7,999,908 |
Commitments (Note 6) | ||
Common stock subject to possible redemption, 6,717,969 and 9,831,911 shares at redemption value as of March 31, 2020 and December 31, 2019, respectively | 71,874,055 | 104,308,846 |
Stockholders' Equity | ||
Preferred stock, $0.0001 par value; 5,000,000 shares authorized; none issued and outstanding | ||
Additional paid-in capital | 3,560,051 | 3,100,343 |
Retained earnings | 1,439,508 | 1,899,223 |
Total Stockholders' Equity | 5,000,004 | 5,000,001 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 86,231,778 | 117,308,755 |
Class A Common Stock | ||
Stockholders' Equity | ||
Common stock value | 132 | 122 |
Total Stockholders' Equity | 132 | 122 |
Class F Common Stock | ||
Stockholders' Equity | ||
Common stock value | 313 | 313 |
Total Stockholders' Equity | $ 313 | $ 313 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Mar. 31, 2020 | Dec. 31, 2019 |
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock subject to possible redemption | 6,717,969 | 9,831,911 |
Class A Common Stock | ||
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 40,000,000 | 40,000,000 |
Common stock, shares issued | 1,324,567 | 1,221,628 |
Common stock, shares outstanding | 1,324,567 | 1,221,628 |
Class F Common Stock | ||
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 5,000,000 | 5,000,000 |
Common stock, shares issued | 3,125,000 | 3,125,000 |
Common stock, shares outstanding | 3,125,000 | 3,125,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Income Statement [Abstract] | |||
Operating costs | $ 720,638 | $ 175,067 | |
Loss from operations | (720,638) | (175,067) | |
Other income: | |||
Interest income | 293,082 | 733,515 | |
Unrealized gain on marketable securities held in Trust Account | 7,485 | ||
Total other income | 293,082 | 741,000 | |
(Loss) income before provision for income taxes | (427,556) | 565,933 | |
Provision for income taxes | (32,159) | (121,236) | |
Net (loss) income | $ (459,715) | $ 444,697 | |
Weighted average shares outstanding, basic and diluted | [1] | 4,346,628 | 4,052,712 |
Basic and diluted net loss (income) per common share | [2] | $ (0.15) | $ 0.04 |
[1] | Excludes an aggregate of up to 6,717,969 and 11,563,449 shares subject to possible redemption at March 31, 2020 and 2019, respectively. | ||
[2] | Excludes income of $185,623 and $272,977 attributable to shares subject to possible redemption for the three months ended March 31, 2020 and 2019, respectively (see Note 2). |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Operations (Unaudited) (Parenthetical) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Income Statement [Abstract] | ||
Excludes an aggregate of shares that were subject to possible redemption | 6,717,969 | 11,563,449 |
Excludes income attributable to shares subject to possible redemption | $ 185,623 | $ 272,977 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes In Stockholders’ Equity (Unaudited) - USD ($) | Class A Common Stock | Class F Common Stock | Additional Paid-in Capital | Retained Earnings / (Accumulated Deficit) | Total |
Beginning balance at Dec. 31, 2018 | $ 93 | $ 313 | $ 3,920,735 | $ 1,078,863 | $ 5,000,004 |
Beginning balance, shares at Dec. 31, 2018 | 927,712 | 3,125,000 | |||
Change in value of common stock subject to possible redemption | $ 1 | (444,701) | (444,700) | ||
Change in value of common stock subject to possible redemption, shares | 8,839 | ||||
Net income | 444,697 | 444,697 | |||
Ending balance at Mar. 31, 2019 | $ 94 | $ 313 | 3,476,034 | 1,523,560 | 5,000,001 |
Ending balance, shares at Mar. 31, 2019 | 936,551 | 3,125,000 | |||
Beginning balance at Dec. 31, 2019 | $ 122 | $ 313 | 3,100,343 | 1,899,223 | 5,000,001 |
Beginning balance, shares at Dec. 31, 2019 | 1,221,628 | 3,125,000 | |||
Change in value of common stock subject to possible redemption | $ 10 | 459,708 | 459,718 | ||
Change in value of common stock subject to possible redemption, shares | 102,939 | ||||
Net income | (459,715) | (459,715) | |||
Ending balance at Mar. 31, 2020 | $ 132 | $ 313 | $ 3,560,051 | $ 1,439,508 | $ 5,000,004 |
Ending balance, shares at Mar. 31, 2020 | 1,324,567 | 3,125,000 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Cash Flows from Operating Activities: | ||
Net (loss) income | $ (459,715) | $ 444,697 |
Adjustments to reconcile net (loss) income to net cash used in operating activities: | ||
Interest earned on marketable securities held in Trust Account | (293,082) | (733,515) |
Unrealized gain on marketable securities held in Trust Account | (7,485) | |
Deferred tax (benefit) provision | (2,014) | 1,572 |
Changes in operating assets and liabilities: | ||
Prepaid expenses | (53,905) | 6,527 |
Prepaid income taxes | 2,673 | |
Accounts payable and accrued expenses | 227,483 | (18,662) |
Income taxes payable | 31,500 | 119,664 |
Net cash used in operating activities | (547,060) | (187,202) |
Cash Flows from Investing Activities: | ||
Investment of cash in Trust Account | (530,807) | |
Cash withdrawn from Trust Account to pay franchise taxes | 33,810 | 166,365 |
Cash withdrawn from Trust Account for redemptions | 31,975,073 | |
Net cash provided by investing activities | 31,478,076 | 166,365 |
Cash Flows from Financing Activities: | ||
Advances from related party | 164,850 | |
Repayment of advances from related party | (164,850) | |
Proceeds from convertible promissory notes – related party | 1,100,842 | |
Redemption of common shares | (31,975,073) | |
Net cash used in financing activities | (30,874,231) | |
Net Change in Cash | 56,785 | (20,837) |
Cash - Beginning | 2,122 | 89,557 |
Cash - Ending | 58,907 | 68,720 |
Non-Cash investing and financing activities: | ||
Change in value of common stock subject to possible redemption | $ (459,718) | $ 444,700 |
Description of Organization and
Description of Organization and Business Operations | 3 Months Ended |
Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS | NOTE 1. DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS Gordon Pointe Acquisition Corp. (the "Company"), is a blank check company incorporated in Delaware on April 12, 2017. The Company was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses or assets (a "Business Combination"). The Company's subsidiaries are comprised of GPAQ Acquisition Holdings, Inc., a Delaware corporation and wholly owned subsidiary of the Company ("Holdings"), GPAQ Acquiror Merger Sub, Inc. a wholly owned subsidiary of Holdings ("Acquiror Merger Sub") and GPAQ Company Merger Sub, LLC, a Delaware limited liability company and a wholly owned subsidiary of Holdings ("Company Merger Sub"). All activity through March 31, 2020 relates to the Company's formation, the Company's initial public offering (the "Initial Public Offering") which is described below, identifying a target company for a Business Combination and the proposed acquisition of HOF Village, LLC ("HOFV") (see Note 6). The registration statement for the Company's Initial Public Offering was declared effective on January 24, 2018. On January 30, 2018, the Company consummated the Initial Public Offering of 12,500,000 units (the "Units" and, with respect to the Class A common stock included in the Units offered, the "Public Shares"), generating gross proceeds of $125,000,000, which is described in Note 4. Simultaneously with the closing of the Initial Public Offering, the Company consummated the sale of 4,900,000 warrants (the "Private Placement Warrants") at a price of $1.00 per Private Placement Warrant in a private placement to Gordon Pointe Management, LLC (the "Sponsor"), generating gross proceeds of $4,900,000, which is described in Note 5. Following the closing of the Initial Public Offering on January 30, 2018, an amount of $126,250,000 ($10.10 per Unit) from the net proceeds of the sale of the Units in the Initial Public Offering and the Private Placement Warrants was placed in a trust account (the "Trust Account") which may be invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act of 1940, as amended (the "Investment Company Act"), with a maturity of 180 days or less or in any open-ended investment company that holds itself out as a money market fund selected by the Company meeting the conditions of Rule 2a-7 of the Investment Company Act, as determined by the Company, until the earlier of: (i) the consummation of a Business Combination or (ii) the distribution of the Trust Account. Transaction costs amounted to $7,552,731, consisting of $2,500,000 of underwriting fees, $4,375,000 of deferred underwriting fees (see Note 6) and $677,731 of other costs. Approximately $1,100,000 was deposited into the cash held outside of the Trust Account after the Initial Public Offering. The Company's management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering and Private Placement Warrants, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. The Company's initial Business Combination must be with one or more target businesses that together have a fair market value equal to at least 80% of the balance in the Trust Account (excluding any deferred underwriting commissions and taxes payable on the income earned on the Trust Account) at the time of the signing an agreement to enter into a Business Combination. However, the Company will only complete a Business Combination if the post-Business Combination company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment Company Act. There is no assurance that the Company will be able to successfully effect a Business Combination. The Company will provide its stockholders with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a stockholder meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek stockholder approval of a Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The stockholders will be entitled to redeem their shares for a pro rata portion of the amount then on deposit in the Trust Account ($10.10 per share, plus any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations). The per share amount to be distributed to stockholders who redeem their shares will not be reduced by the deferred underwriting commissions the Company will pay to the underwriter (see Note 6). The Company will proceed with a Business Combination if the Company has net tangible assets of at least $5,000,001 upon such consummation of a Business Combination and, if the Company seeks stockholder approval, a majority of the outstanding shares voted are voted in favor of the Business Combination. If a stockholder vote is not required by law and the Company does not decide to hold a stockholder vote for business or other legal reasons, the Company will, pursuant to its Amended and Restated Certificate of Incorporation, conduct the redemptions pursuant to the tender offer rules of the Securities and Exchange Commission (the "SEC"), and file tender offer documents with the SEC prior to completing a Business Combination. If, however, a stockholder approval of the transaction is required by law, or the Company decides to obtain stockholder approval for business or other legal reasons, the Company will offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. If the Company seeks stockholder approval in connection with a Business Combination, the Sponsor, officers and directors (the "Initial Stockholders") have agreed to vote their Founder Shares (as defined in Note 5), and any Public Shares held by them in favor of approving a Business Combination. Additionally, each public stockholder may elect to redeem their Public Shares irrespective of whether they vote for or against the proposed transaction. Notwithstanding the foregoing, the Company's Amended and Restated Certificate of Incorporation provides that a public stockholder, together with any affiliate of such stockholder or any other person with whom such stockholder is acting in concert or as a "group" (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the "Exchange Act")), will be restricted from redeeming its shares with respect to an aggregate of 20% or more of the Class A common stock sold in the Initial Public Offering. Pursuant to the Company's Amended and Stated Certificate of Incorporation, the Company originally had until July 30, 2019 (the "Initial Date") to complete a Business Combination. On July 26, 2019, the Company held a special meeting of the stockholders of the Company at which the stockholders approved, among other things, a proposal to amend the Company's Amended and Restated Certificate of Incorporation (the "Extension Amendment") to extend the deadline to complete a Business Combination from July 30, 2019 to October 31, 2019 (the "First Extension"), plus an option for the Company to further extend such date up to three times, each by an additional 30 days. The Company's Sponsor agreed to contribute to the Company as a loan (each loan being referred to herein as a "Contribution") $0.10 for each share of the Company's common stock issued in its Initial Public Offering (each, a "Public Share") that did not redeem in connection with the stockholder vote to approve the Extension Amendment, plus, if the Company elected to further extend the deadline to complete a Business Combination beyond October 31, 2019, $0.033 per shares outstanding, for each 30-day period, or portion thereof, up to three additional 30-day periods. On July 26, 2019, the Company issued an unsecured promissory note (the "Promissory Note") to the Sponsor in the aggregate amount of $1,105,354 in order to fund the extension payment. The Promissory Note is non-interest bearing and repayable by the Company to the Sponsor upon consummation of the Company's Business Combination. The loans will be forgiven if the Company is unable to consummate a Business Combination except to the extent of any funds held outside of the Trust Account. In connection with the approval of the Extension Amendment, stockholders elected to redeem an aggregate of 1,446,461 shares of the Company's Class A common stock. As a result, an aggregate of $14,962,645 (or approximately $10.34 per share) was removed from the Trust Account to pay such stockholders. On each of October 29, 2019, November 27, 2019 and December 26, 2019, the Company elected to extend the deadline to complete a Business Combination from October 31, 2019 to January 29, 2020. In connection with such extensions, the Company contributed $0.033 for each of the Company's public shares outstanding, for an aggregate contribution of $1,094,300, into the Trust Account. The Company issued unsecured promissory notes to the Sponsor in the aggregate amount of $1,094,300 in order to fund the extension payments. The promissory notes are non-interest bearing and repayable by the Company to the Sponsor upon consummation of the Company's Business Combination. The loans will be forgiven if the Company is unable to consummate a Business Combination except to the extent of any funds held outside of the Trust Account On January 24, 2020, the Company held a special meeting of the stockholders of the Company at which the stockholders approved, among other things, a proposal to amend the Company's Amended and Restated Certificate of Incorporation (the "Second Extension Amendment") to extend the deadline to complete a Business Combination from January 29, 2020 to February 29, 2020, plus an option by the Company to further extend such date for an additional 30 days. The Company elected to extend such date for an additional 30 days to March 30, 2020. In connection with the approval of the extension, stockholders elected to redeem an aggregate of 3,011,003 shares of the Company's Class A common stock. As a result, an aggregate of $31,975,073 (or approximately $10.61 per share) was removed from the Company's Trust Account to pay such stockholders and 8,042,536 shares of Class A common stock remained issued and outstanding. In connection with such extension, the Sponsor contributed $0.033 for each of the Company's public shares outstanding, for an aggregate contribution of $265,404, into the Trust Account. In addition, on February 27, 2020, the Company exercised the additional 30-day option, and in connection with such extension, the Sponsor contributed an additional $265,404, which amount was placed into the Trust Account. On March 30, 2020, the Company held a special meeting of the stockholders of the Company at which the stockholders approved, among other things, a proposal to amend the Company's Amended and Restated Certificate of Incorporation (the "Third Extension Amendment") to extend the deadline to complete a Business Combination from March 30, 2020 to May 14, 2020 (the "Extended Date"). In connection with the approval of the extension, stockholders elected to redeem an aggregate of 4,511,020 shares of the Company's Class A common stock. As a result, on April 1, 2020, an aggregate of approximately $48,292,477 (or approximately $10.71 per share) was removed from the Company's Trust Account to pay such stockholders and 3,531,516 shares of Class A common stock are now issued and outstanding. In connection with such extension, in April 2020, the Sponsor contributed $0.06 for each of the Company's public shares outstanding, for an aggregate contribution of $211,891. The Company intends to hold a meeting of stockholders on May 14, 2020 in order to provide stockholders with the ability to vote to extend the deadline to complete a Business Combination from May 14, 2020 to June 15, 2020. If such extension is approved, the Sponsor or its affiliates or designees has agreed to deposit into the Trust Account $0.03 per Public Share not redeemed in connection with the stockholder vote to approve the extension of the deadline to complete a Business Combination to June 15, 2020, plus, an additional $0.03 for each Public Share if the Company elects to further extend the deadline for an additional 30 days. Any such payments would be made in the form of a loan. If stockholders approve the extension, the Sponsor and its affiliates or designees are not obligated to fund the Trust Account to extend the time for the Company to complete a Business Combination. There is no assurance that the Company's stockholders will vote to approve the extension of time with which the Company has to complete a Business Combination. If the Company does not obtain stockholder approval, the Company would wind up its affairs and liquidate. Assuming such extension is approved, if the Company is unable to complete a Business Combination by the Extended Date, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but no more than ten business days thereafter, redeem 100% of the outstanding Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned (less amounts previously released to pay taxes and less interest to pay dissolution expenses of up to $100,000), divided by the number of then outstanding Public Shares, which redemption will completely extinguish public stockholders' rights as stockholders (including the right to receive further liquidation distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the remaining stockholders and the Company's board of directors, proceed to commence a voluntary liquidation and thereby a formal dissolution of the Company, subject in each case to its obligations to provide for claims of creditors and the requirements of applicable law. The Initial Stockholders have agreed to (i) waive their conversion rights with respect to their Founder Shares and Public Shares in connection with the consummation of a Business Combination, (ii) to waive their rights to liquidating distributions from the Trust Account with respect to their Founder Shares if the Company fails to consummate a Business Combination by the Extended Date and (iii) not to propose an amendment to the Company's Amended and Restated Certificate of Incorporation that would affect the substance or timing of the Company's obligation to redeem 100% of its Public Shares if the Company does not complete a Business Combination, unless the Company provides the public stockholders with the opportunity to redeem their shares in conjunction with any such amendment. However, the Initial Stockholders will be entitled to liquidating distributions with respect to any Public Shares acquired if the Company fails to consummate a Business Combination or liquidates by the Extended Date. The underwriter and legal counsel have agreed to waive their rights to deferred underwriting commissions held in the Trust Account in the event the Company does not consummate a Business Combination by the Extended Date and, in such event, such amounts will be included with the funds held in the Trust Account that will be available to fund the redemption of the Public Shares. In the event of such distribution, it is possible that the per share value of the residual assets remaining available for distribution (including Trust Account assets) will be less than the $10.10 per Unit in the Initial Public Offering. In order to protect the amounts held in the Trust Account, the Sponsor has agreed to be liable to the Company if and to the extent any claims by a vendor for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account. This liability will not apply with respect to any claims by a third party who executed a waiver of any right, title, interest or claim of any kind in or to any monies held in the Trust Account or to any claims under the Company's indemnity of the underwriter of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the "Securities Act"). Moreover, in the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third-party claims. The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers (other than the Company's independent auditors), prospective target businesses or other entities with which the Company does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account. Nasdaq Notification On November 4, 2019, the Company received a written notice (the "Notice") from the Listing Qualifications Department of The Nasdaq Stock Market ("Nasdaq") indicating that the Company was not in compliance with Listing Rule 5550(a)(3) (the "Minimum Public Holders Rule"), which requires the Company to have at least 300 public holders for continued listing on the NASDAQ Capital Market. The Notice is only a notification of deficiency, not of imminent delisting, and has no current effect on the listing or trading of the Company's securities on the Nasdaq Capital Market. The Notice states that the Company has 45 calendar days to submit a plan to regain compliance with the Minimum Public Holders Rule. The Company submitted a plan to regain compliance with the Minimum Public Holders Rule within the required timeframe. On January 8, 2020, the Company received a written notice (the "Notice II") from Nasdaq indicating that the Company was not in compliance with Listing Rules 5620(a) and 5810(c)(2)(G) (the "Annual Shareholders Meeting Rule"), which requires the Company to hold an annual meeting of shareholders within twelve months of the end of the Company's fiscal year end for continued listing on the NASDAQ Capital Market. The Notice II is only a notification of deficiency, not of imminent delisting, and has no current effect on the listing or trading of the Company's securities on the Nasdaq Capital Market. The Company submitted a plan to regain compliance with the Annual Shareholders Meeting Rule. Nasdaq accepted the Company's plan to regain compliance by March 30, 2020. On March 31, 2020, the Company received a written notice from Nasdaq stating that the Nasdaq Staff had determined to grant the Company an extension of time to regain compliance with the Minimum Public Holders Rule and Annual Shareholders Meeting Rule. In connection with the extension of the deadline within which the Company must consummate its initial Business Combination, the Company submitted a supplemental plan of compliance to Nasdaq on March 20, 2020. Based on the review of the materials submitted by the Company, Nasdaq determined to grant the Company an extension until May 4, 2020 to regain compliance with the Minimum Public Holders Rule and Annual Shareholders Meeting Rule. On May 5, 2020, the Company received a letter from the Nasdaq Staff stating that the Company had failed to hold the special meeting to approve the Business Combination and did not demonstrate compliance with all initial listing requirements on or before May 4, 2020, and that, accordingly, the Staff has determined to initiate procedures to delist the Company's securities from Nasdaq, unless the Company appeals such determination on or before May 12, 2020. On May 11, 2020, the Company appealed the Staff's delisting determination in front of a hearings panel and the Company's securities will continue to trade on Nasdaq while such appeal is pending. Liquidity As of March 31, 2020, the Company had $58,907 in its operating bank accounts, $86,100,216 in marketable securities held in the Trust Account to be used for a Business Combination or to repurchase or redeem stock in connection therewith and a working capital deficit of $605,251, which excludes franchise and income taxes payable of $54,914, of which such amounts will be paid from interest earned on the Trust Account. As of March 31, 2020, approximately $2,739,000 of the amount on deposit in the Trust Account represented interest income, which is available to pay the Company's tax obligations. Through March 31, 2020, the Company withdrew $1,043,004 of interest from the Trust Account in order to pay its franchise and income tax obligations, of which $33,810 was withdrawn during the three months ended March 31, 2020. As of March 31, 2020, the Company issued to the Sponsor convertible promissory notes, pursuant to which the Company borrowed an aggregate amount of $1,388,030, of which $570,035 was borrowed during the three months ended March 31, 2020, in order to finance transaction costs in connection with a Business Combination. In addition, through March 31, 2020, the Company issued unsecured convertible promissory notes to the Sponsor, pursuant to which the Company borrowed an aggregate principal amount of $2,730,462, of which $530,807 was borrowed during the three months ended March 31, 2020, in order to fund the extension loans into the Trust Account. The loans are non-interest bearing, unsecured and will only be repaid upon the completion of a Business Combination. Up to $1,500,000 of the loans are convertible into warrants at a purchase price of $1.00 per warrant. The warrants would be identical to the Private Placement Warrants, including as to exercise price, exercisability and exercise period. On April 1, 2020, the Company borrowed an additional $211,891 in order to fund the extension loan into the Trust Account. On May 6, 2020, the Sponsor committed to provide the Company an aggregate of $624,000 in loans in order to finance transaction costs in connection with a Business Combination. The Company may raise additional capital through loans or additional investments from the Sponsor or its stockholders, officers, directors, or third parties. The Company's officers and directors and the Sponsor may, but are not obligated to (except as described above), loan the Company funds, from time to time, in whatever amount they deem reasonable in their sole discretion, to meet the Company's working capital needs. The Company does not believe it will need to raise additional funds in order to meet expenditures required for operating its business. Neither the Sponsor, nor any of the stockholders, officers or directors, or third parties are under any obligation to advance funds to, or invest in, the Company, except for the convertible promissory notes discussed above. Accordingly, the Company may not be able to obtain additional financing. If the Company is unable to raise additional capital, it may be required to take additional measures to conserve liquidity, which could include, but not necessarily be limited to curtailing operations, suspending the pursuit of a potential transaction and reducing overhead expenses. The Company cannot provide any assurance that new financing will be available to it on commercially acceptable terms, if at all. Even if the Company can obtain sufficient financing or raise additional capital, it only has until the Extended Date to consummate a Business Combination. There is no assurance that they will be able to do so prior to the Extended Date. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission (the "SEC"). Certain information or footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a comprehensive presentation of financial position, results of operations, or cash flows. In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the Company's Annual Report on Form 10-K for the year ended December 31, 2019 as filed with the SEC on March 10, 2020, which contains the audited financial statements and notes thereto. The financial information as of December 31, 2019 is derived from the audited financial statements presented in the Company's Annual Report on Form 10-K for the year ended December 31, 2019. The interim results of operations for the three months ended March 31, 2020 are not necessarily indicative of the results to be expected for the year ending December 31, 2020 or for any future interim periods. Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. Emerging growth company The Company is an "emerging growth company," as defined in Section 2(a) of the Securities Act of 1933, as amended, (the "Securities Act"), as modified by the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act"), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company's financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used. Use of estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the consolidated financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future events. Accordingly, the actual results could differ significantly from those estimates. Cash and cash equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company did not have any cash equivalents as of March 31, 2020 and December 31, 2019. Marketable securities held in Trust Account At March 31, 2020, the assets held in the Trust Account were substantially held in money market funds which are invested in U.S. Treasury securities. At December 31, 2019, the assets held in the Trust Account were substantially held in U.S. Treasury Bills. Through March 31, 2020, the Company withdrew $1,043,004 of interest from the Trust Account in order to pay its franchise and income tax obligations, of which $33,810 was withdrawn during the three months ended March 31, 2020. Common stock subject to possible redemption The Company accounts for its common stock subject to possible redemption in accordance with the guidance in Accounting Standards Codification ("ASC") Topic 480 "Distinguishing Liabilities from Equity." Common stock subject to mandatory redemption is classified as a liability instrument and is measured at fair value. Conditionally redeemable common stock (including common stock that features redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company's control) is classified as temporary equity. At all other times, common stock is classified as stockholders' equity. The Company's common stock features certain redemption rights that are considered to be outside of the Company's control and subject to occurrence of uncertain future events. Accordingly, common stock subject to possible redemption is presented at redemption value as temporary equity, outside of the stockholders' equity section of the Company's condensed consolidated balance sheets. Income taxes The Company complies with the accounting and reporting requirements of ASC Topic 740 "Income Taxes," which require an asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed for differences between the financial statement and tax bases of assets and liabilities that will result in future taxable or deductible amounts, based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. ASC Topic 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. As of March 31, 2020 and December 31, 2019, there were no unrecognized tax benefits and no amounts accrued for interest and penalties. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The effective tax rate differs from the statutory tax rate of 21% for the three months ended March 31, 2020 and 2019 due to the non-deductibility of transactional expenses incurred in connection with the search for potential targets for a Business Combination. The Company may be subject to potential examination by federal, state and city taxing authorities in the areas of income taxes. These potential examinations may include questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions and compliance with federal, state and city tax laws. The Company's management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months. Net loss per common share Net loss per common share is computed by dividing net loss by the weighted average number of common shares outstanding for the period. The Company applies the two-class method in calculating earnings per share. An aggregate of up to 6,717,969 and 11,563,449 shares of common stock subject to possible redemption at March 31, 2020 and 2019, respectively, which are not currently redeemable and are not redeemable at fair value, have been excluded from the calculation of basic net loss per share since such shares, if redeemed, only participate in their pro rata share of the Trust Account earnings. The Company has not considered the effect of warrants sold in the Initial Public Offering and Private Placement to purchase 17,400,000 shares of Class A common stock in the calculation of diluted net loss per common share, since the exercise of the warrants is contingent upon the occurrence of future events. As a result, diluted net loss per common share is the same as basic net loss per common share for the periods presented. Reconciliation of net loss per common share The Company's net (loss) income is adjusted for the portion of income that is attributable to common stock subject to possible redemption, as these shares only participate in the earnings of the Trust Account and not the income or losses of the Company. Accordingly, basic and diluted net income (loss) per common share is calculated as follows: Three Months Ended 2020 2019 Net (loss) income $ (459,715 ) $ 444,697 Less: Income attributable to common stock subject to redemption (185,623 ) (272,977 ) Adjusted net (loss) income $ (645,338 ) $ 171,720 Weighted average shares outstanding, basic and diluted 4,346,628 4,052,712 Basic and diluted net (loss) income per common share $ (0.15 ) $ 0.04 Concentration of credit risk Financial instruments that potentially subject the Company to concentration of credit risk consist of a cash account in a financial institution which, at times may exceed the Federal depository insurance coverage of $250,000. At March 31, 2020 and December 31, 2019, the Company had not experienced losses on this account and management believes the Company is not exposed to significant risks on such account. Fair value of financial instruments The fair value of the Company's assets and liabilities, which qualify as financial instruments under ASC Topic 820, "Fair Value Measurement," approximates the carrying amounts represented in the accompanying condensed consolidated financial statements, primarily due to their short-term nature. Recently issued accounting standards Management does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company's condensed consolidated financial statements. |
Initial Public Offering
Initial Public Offering | 3 Months Ended |
Mar. 31, 2020 | |
Initial Public Offering [Abstract] | |
Initial Public Offering | NOTE 3. INITIAL PUBLIC OFFERING On January 30, 2018, pursuant to the Initial Public Offering, the Company sold 12,500,000 Units at a purchase price of $10.00 per Unit. Each Unit consists of one share of Class A common stock and one warrant ("Public Warrant"). Each Public Warrant entitles the holder to purchase one share of Class A common stock at an exercise price of $11.50. |
Private Placement
Private Placement | 3 Months Ended |
Mar. 31, 2020 | |
Private Placement [Abstract] | |
PRIVATE PLACEMENT | NOTE 4. PRIVATE PLACEMENT Simultaneously with the Initial Public Offering, the Sponsor purchased an aggregate of 4,900,000 Private Placement Warrants at $1.00 per Private Placement Warrant, for an aggregate purchase price of $4,900,000. Each Private Placement Warrant is exercisable to purchase one share of Class A common stock at an exercise price of $11.50. The proceeds from the Private Placement Warrants were added to the proceeds from the Initial Public Offering held in the Trust Account. If the Company does not complete a Business Combination within the Combination Period, the proceeds of the sale of the Private Placement Warrants will be used to fund the redemption of the Public Shares (subject to the requirements of applicable law) and the Private Placement Warrants will expire worthless. There will be no redemption rights or liquidating distributions from the Trust Account with respect to the Private Placement Warrants. The Private Placement Warrants are identical to the Public Warrants underlying the Units sold in the Initial Public Offering, except that the Private Placement Warrants and the Class A common stock issuable upon the exercise of the Private Placement Warrants are not transferable, assignable or saleable until 30 days after the completion of a Business Combination, subject to certain limited exceptions. Additionally, the Private Placement Warrants will be non-redeemable so long as they are held by the initial purchasers or their permitted transferees. The Private Placement Warrants may also be exercised by the initial purchasers and their permitted transferees for cash or on a cashless basis. If the Private Placement Warrants are held by someone other than the initial purchasers or their permitted transferees, the Private Placement Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2020 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 5. RELATED PARTY TRANSACTIONS Founder Shares On April 12, 2017, the Company issued an aggregate of 3,593,750 shares of Class F common stock to the Sponsor (the "Founder Shares") for an aggregate purchase price of $25,000. The Founder Shares will automatically convert into Class A common stock upon the consummation of a Business Combination on a one-for-one basis, subject to adjustments. The 3,593,750 Founder Shares included an aggregate of up to 468,750 shares subject to forfeiture by the Sponsor to the extent that the underwriter's over-allotment was not exercised in full or in part, so that the Initial Stockholders would own, on an as-converted basis, 20% of the Company's issued and outstanding shares after the Initial Public Offering. The underwriters' election to exercise their over-allotment option expired unexercised on March 12, 2018 and, as a result, 468,750 Founder Shares were forfeited, resulting in 3,125,000 Founder Shares outstanding. The Initial Stockholders have agreed not to transfer, assign or sell any of their Founder Shares until the earlier of (i) one year after the date of the consummation of a Business Combination, or (ii) the date on which the last sales price of the Company's common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations and recapitalizations) for any 20 trading days within any 30-trading day period commencing 150 days after a Business Combination, or earlier, in each case, if subsequent to a Business Combination, the Company consummates a subsequent liquidation, merger, stock exchange, reorganization or other similar transaction which results in all of the Company's stockholders having the right to exchange their common stock for cash, securities or other property. Advances from Related Party In March 2019, the Sponsor advanced an aggregate of $164,850 for working capital purposes, of which such amount was repaid during the year ended December 31, 2019. As of March 31, 2020 and December 31, 2019, there were no outstanding advances. Convertible Promissory Notes – Related Party Through March 31, 2020, the Company issued promissory notes to the Sponsor, pursuant to which the Company can borrow up to an aggregate amount of $1,500,000, of which $600,000 of the promissory notes were issued during the three months ended March 31, 2020, to finance transaction costs in connection with a Business Combination. During the three months ended March 31, 2020, the Company borrowed $570,035 under the notes and an aggregate of $1,388,030 outstanding under these notes. In addition, through March 31, 2020, the Company issued unsecured promissory notes to the Sponsor, pursuant to which the Company borrowed an aggregate principal amount of $2,730,462, of which $530,807 was borrowed during the three months ended March 31, 2020, in order to fund the extension loans into the Trust Account. On April 1, 2020, the Company borrowed an additional $211,891 in order to fund the extension loan into the Trust Account. These notes are non-interest bearing, unsecured and due to be paid upon the completion of a Business Combination. Up to $1,500,000 of the loans may be converted into warrants at a price of $1.00 per warrant. The warrants would be identical to the Private Placement Warrants, including as to exercise price, exercisability and exercise period. As of March 31, 2020, there was an aggregate of $4,118,492 outstanding under the promissory notes. Administrative Services Agreement The Company entered into an agreement whereby, commencing on January 30, 2018 through the earlier of the consummation of a Business Combination or the Company's liquidation, the Company will pay an affiliate of the Sponsor a monthly fee of $10,000 for office space, utilities and administrative support. For each of the three months ended March 31, 2020 and 2019, the Company incurred $30,000 in fees for these services. At March 31, 2020 and December 31, 2019, an aggregate of $60,000 and $30,000, respectively, in administrative fees are included in accounts payable and accrued expenses in the accompanying condensed consolidated balance sheets. Related Party Loans In order to finance transaction costs in connection with a Business Combination, the Sponsor, the Company's officers and directors may, but are not obligated to (other than the Sponsor's commitment to provide the Company an aggregate of $900,000 in loans in order to finance transaction costs in connection with a Business Combination (see Note 5)), loan the Company funds from time to time or at any time, as may be required (the "Working Capital Loans"). Each Working Capital Loan would be evidenced by a promissory note. The Working Capital Loans would either be paid upon consummation of a Business Combination, without interest, or, at the holder's discretion, up to $1,500,000 of the Working Capital Loans may be converted into warrants at a price of $1.00 per warrant. The warrants would be identical to the Private Placement Warrants. The Sponsor has committed to provide an aggregate of $490,000 in loans to the Company to finance transaction costs in connection with a Business Combination. To the extent advanced, the loans will be evidenced by a promissory note, will be non-interest bearing, unsecured and will only be repaid upon the completion of a Business Combination. The loans may also be convertible into common stock purchase warrants at a purchase price of $1.00 per warrant. The warrants would be identical to the Private Placement Warrants, including as to exercise price, exercisability and exercise period. There are no amounts currently outstanding under the loans. |
Commitments
Commitments | 3 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS | NOTE 6. COMMITMENTS Director Compensation The Company has agreed to pay each of its independent directors an annual retainer of $20,000 (pro-rated for interim periods of service) for their service as members of the Company's Board, for which, in addition to general matters of corporate governance and oversight, the Company expects its Board members to assist the Company in the identification and evaluation of industries and particular businesses that are, in the reasonable judgment of the Board, suitable acquisition targets for the Company, as well as assisting the Company in the review and analysis of alternative Business Combinations. In addition, the Company has agreed to pay each independent director a telephonic meeting fee of $1,000 or in-person meeting fee of $1,500 for each meeting attended by such independent director. The Company has also agreed to pay the Chairperson of the Audit Committee an annual retainer of $7,500 and the Chairperson of the Compensation Committee an annual retainer of $5,000. The fees will be deferred and become payable only if the Company consummates a Business Combination. If a Business Combination does not occur, the Company will not be required to pay these contingent fees, therefore, these amounts are not accrued in the accompanying consolidated financial statements. Registration Rights Pursuant to a registration rights agreement entered into on January 24, 2018, the holders of the Company's Founder Shares, Private Placement Warrants (and their underlying securities) and the warrants that may be issued upon conversion of the Working Capital Loans (and their underlying securities) are entitled to registration rights. The holders of a majority of these securities are entitled to make up to three demands, excluding short form demands, that the Company register such securities. In addition, the holders have certain "piggy-back" registration rights with respect to registration statements filed subsequent to the completion of a Business Combination and rights to require the Company to register for resale such securities pursuant to Rule 415 under the Securities Act. However, the registration rights agreement provides that the Company will not permit any registration statement filed under the Securities Act to become effective until termination of the applicable lock-up period. The Company will bear the expenses incurred in connection with the filing of any such registration statements. Underwriters Agreement The underwriters are entitled to a deferred fee of three and one-half percent (3.5%) of the gross proceeds of the Initial Public Offering, or $4,375,000. The deferred fee will be paid in cash upon the closing of a Business Combination from the amounts held in the Trust Account, subject to the terms of the underwriting agreement. The deferred fee will be forfeited by the underwriters solely in the event that the Company fails to complete a Business Combination, subject to the terms of the underwriting agreement. In January 2020, the underwriters agreed that in the event the Mergers with HOFV are consummated, the deferred discount due to them of will be reduced to $2,500,000. Deferred Legal Fee In connection with the closing of the Initial Public Offering, the Company became obligated to pay its attorneys a deferred legal fee of $72,500 upon consummation of a Business Combination. Accordingly, the Company recorded $72,500 as deferred legal payable in the accompanying balance sheets. The deferred fee will be forfeited by the attorneys in the event that the Company fails to complete a Business Combination. Merger Agreement On September 16, 2019, the Company entered into an Agreement and Plan of Merger (the "Merger Agreement") by and among the Company, Holdings, Acquiror Merger Sub, Company Merger Sub (together with Acquiror Merger Sub, the "Merger Subs"), HOF Village, LLC, a Delaware limited liability company ("HOFV") and HOF Village Newco, LLC, a Delaware limited liability company and a wholly owned subsidiary of HOFV ("Newco"). The Merger Agreement provides for a business combination transaction pursuant to which: (i) Acquiror Merger Sub will be merged with and into the Company, with the Company continuing as the surviving entity and a wholly-owned subsidiary of Holdings and with stockholders of the Company receiving substantially equivalent securities of Holdings (the "Acquiror Merger"), and (ii) Company Merger Sub will be merged with and into Newco, with Newco continuing as the surviving entity and a wholly-owned subsidiary of Holdings and with the members of Newco receiving shares of common stock of Holdings (the "Company Merger", and together with the Acquiror Merger, the "Mergers"). The value of the aggregate merger consideration (the "Company Merger Consideration") to be paid pursuant to the Merger Agreement to the holders of Newco Units as of immediately prior to the Effective Time (the "Newco Holders") will be an amount equal to: (i) the aggregate capital contributions of the members of HOFV as set forth in a certificate of HOFV delivered at least five (5) days prior to the Closing Date (the "Closing Date Company Contributed Capital Amount"), multiplied by (ii) the Exchange Ratio of 1.2, divided by (iii) the Per Share Price of $10.00. The Company Merger Consideration will be paid in shares of Holdings common stock (the "Holdings Common Stock"). The Mergers will be consummated subject to the deliverables and provisions as further described in the Merger Agreement, as amended. On February 21, 2020, the Company filed a definitive proxy statement on Schedule 14A for a special meeting of its stockholders scheduled for March 25, 2020 to vote on, among other things, the proposed business combination with HOFV. On March 20, 2020, the Company postponed the stockholders meeting to approve the proposed business combination with HOFV to early May 2020. On April 29, 2020, the Company further postponed the stockholders meeting to a date to be announced at a later time. Upon completion of the Mergers, current stockholders who do not exercise their redemption rights will receive 1.421333 shares of Holdings Common Stock to replace each one of their existing shares of the Company's Class A common stock and current holders of Class F common stock will receive one share of Holdings Common Stock to replace each one of their existing shares of the Company's Class F common stock, as applicable. Upon completion of the Mergers, all of the warrants to purchase the Company's common stock will be cancelled and exchanged for warrants ("Holdings Warrants") to purchase 1.421333 shares of Holdings Common Stock per warrant on the same terms and conditions as the original warrants. Further, in order to support the transactions contemplated by the Merger Agreement and any possible private financing transactions that may be entered into in connection with the Merger Agreement, the Sponsor has agreed that up to 1,185,741 of its Class F common shares will be cancelled prior to the Effective Time (as defined in the Merger Agreement) pursuant to a Side Letter entered into by HOFV and the Sponsor dated March 10, 2020, which number shall be calculated based on the number of redemptions by the Company's public stockholders. The Sponsor has also agreed that it will transfer up to one-half of the shares of Holdings Common Stock that it will receive upon conversion of its Class F common shares (after any such cancellation); provided that the number of shares of Holdings Common Stock that the Sponsor shall transfer to HOFV shall be capped so that the Sponsor retains no less than 1.125 million shares of Holdings Common Stock. The Sponsor has also agreed to transfer one-half of the Holdings Warrants that it will receive upon conversion of its warrants to purchase shares of Class A common stock at the Effective Time. |
Stockholders_ Equity
Stockholders’ Equity | 3 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
STOCKHOLDERS’ EQUITY | NOTE 7. STOCKHOLDERS' EQUITY Preferred Stock Class A Common Stock Class F Common Stock The shares of Class F common stock will automatically convert into shares of Class A common stock at the time of a Business Combination on a one-for-one basis, subject to adjustment as follows. In the case that additional shares of Class A common stock, or equity-linked securities, are issued or deemed issued in excess of the amounts offered in the Initial Public Offering in connection with the closing of a Business Combination, the ratio at which shares of Class F common stock shall convert into shares of Class A common stock will be adjusted so that the number of shares of Class A common stock issuable upon conversion of all shares of Class F common stock will equal, in the aggregate, on an as-converted basis, 20% of the total number of all shares of common stock outstanding upon completion of the Initial Public Offering plus all shares of Class A common stock and equity-linked securities issued or deemed issued in connection with a Business Combination, excluding any shares or equity-linked securities issued, or to be issued, to any seller in a Business Combination. Holders of Class A common stock and Class F common stock will vote together as a single class on all matters submitted to a vote of stockholders except as required by law. Warrants The Company may redeem the Public Warrants (except with respect to the Private Placement Warrants): ● in whole and not in part; ● at a price of $0.01 per warrant; ● at any time during the exercise period; ● upon a minimum of 30 days' prior written notice of redemption; and ● if, and only if, the last sale price of the Company's Class A common stock equals or exceeds $18.00 per share for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders. ● If, and only if, there is a current registration statement in effect with respect to the shares of Class A common stock underlying such warrants. If the Company calls the Public Warrants for redemption, management will have the option to require all holders that wish to exercise the Public Warrants to do so on a "cashless basis," as described in the warrant agreement. The exercise price and number of shares of Class A common stock issuable upon exercise of the warrants may be adjusted in certain circumstances including in the event of a stock dividend, or recapitalization, reorganization, merger or consolidation. However, the warrants will not be adjusted for issuance of Class A common stock at a price below its exercise price. Additionally, in no event will the Company be required to net cash settle the warrants. If the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of warrants will not receive any of such funds with respect to their warrants, nor will they receive any distribution from the Company's assets held outside of the Trust Account with the respect to such warrants. Accordingly, the warrants may expire worthless. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | NOTE 8. FAIR VALUE MEASUREMENTS The Company follows the guidance in ASC 820 for its financial assets and liabilities that are re-measured and reported at fair value at each reporting period, and non-financial assets and liabilities that are re-measured and reported at fair value at least annually. The fair value of the Company's financial assets and liabilities reflects management's estimate of amounts that the Company would have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the measurement date. In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize the use of observable inputs (market data obtained from independent sources) and to minimize the use of unobservable inputs (internal assumptions about how market participants would price assets and liabilities). The following fair value hierarchy is used to classify assets and liabilities based on the observable inputs and unobservable inputs used in order to value the assets and liabilities: Level 1: Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2: Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active. Level 3: Unobservable inputs based on our assessment of the assumptions that market participants would use in pricing the asset or liability. The following table presents information about the Company's assets that are measured at fair value on a recurring basis at March 31, 2020 and December 31, 2019, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value: Description Level March 31, 2020 December 31, Assets: U.S. Treasury Securities Money Market Fund 1 $ 86,100,216 $ — Marketable securities held in Trust Account 1 $ — $ 128,396,771 |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2020 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 9. SUBSEQUENT EVENTS The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the condensed consolidated financial statements were issued. Other than as described in these financial statements, the Company did not identify any subsequent events that would have required adjustment or disclosure in the condensed consolidated financial statements. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission (the "SEC"). Certain information or footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a comprehensive presentation of financial position, results of operations, or cash flows. In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the Company's Annual Report on Form 10-K for the year ended December 31, 2019 as filed with the SEC on March 10, 2020, which contains the audited financial statements and notes thereto. The financial information as of December 31, 2019 is derived from the audited financial statements presented in the Company's Annual Report on Form 10-K for the year ended December 31, 2019. The interim results of operations for the three months ended March 31, 2020 are not necessarily indicative of the results to be expected for the year ending December 31, 2020 or for any future interim periods. |
Principles of Consolidation | Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. |
Emerging growth company | Emerging growth company The Company is an "emerging growth company," as defined in Section 2(a) of the Securities Act of 1933, as amended, (the "Securities Act"), as modified by the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act"), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company's financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used. |
Use of estimates | Use of estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the consolidated financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future events. Accordingly, the actual results could differ significantly from those estimates. |
Cash and cash equivalents | Cash and cash equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company did not have any cash equivalents as of March 31, 2020 and December 31, 2019. |
Marketable securities held in Trust Account | Marketable securities held in Trust Account At March 31, 2020, the assets held in the Trust Account were substantially held in money market funds which are invested in U.S. Treasury securities. At December 31, 2019, the assets held in the Trust Account were substantially held in U.S. Treasury Bills. Through March 31, 2020, the Company withdrew $1,043,004 of interest from the Trust Account in order to pay its franchise and income tax obligations, of which $33,810 was withdrawn during the three months ended March 31, 2020. |
Common stock subject to possible redemption | Common stock subject to possible redemption The Company accounts for its common stock subject to possible redemption in accordance with the guidance in Accounting Standards Codification ("ASC") Topic 480 "Distinguishing Liabilities from Equity." Common stock subject to mandatory redemption is classified as a liability instrument and is measured at fair value. Conditionally redeemable common stock (including common stock that features redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company's control) is classified as temporary equity. At all other times, common stock is classified as stockholders' equity. The Company's common stock features certain redemption rights that are considered to be outside of the Company's control and subject to occurrence of uncertain future events. Accordingly, common stock subject to possible redemption is presented at redemption value as temporary equity, outside of the stockholders' equity section of the Company's condensed consolidated balance sheets. |
Income taxes | Income taxes The Company complies with the accounting and reporting requirements of ASC Topic 740 "Income Taxes," which require an asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed for differences between the financial statement and tax bases of assets and liabilities that will result in future taxable or deductible amounts, based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. ASC Topic 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. As of March 31, 2020 and December 31, 2019, there were no unrecognized tax benefits and no amounts accrued for interest and penalties. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The effective tax rate differs from the statutory tax rate of 21% for the three months ended March 31, 2020 and 2019 due to the non-deductibility of transactional expenses incurred in connection with the search for potential targets for a Business Combination. The Company may be subject to potential examination by federal, state and city taxing authorities in the areas of income taxes. These potential examinations may include questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions and compliance with federal, state and city tax laws. The Company's management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months. |
Net loss per common share | Net loss per common share Net loss per common share is computed by dividing net loss by the weighted average number of common shares outstanding for the period. The Company applies the two-class method in calculating earnings per share. An aggregate of up to 6,717,969 and 11,563,449 shares of common stock subject to possible redemption at March 31, 2020 and 2019, respectively, which are not currently redeemable and are not redeemable at fair value, have been excluded from the calculation of basic net loss per share since such shares, if redeemed, only participate in their pro rata share of the Trust Account earnings. The Company has not considered the effect of warrants sold in the Initial Public Offering and Private Placement to purchase 17,400,000 shares of Class A common stock in the calculation of diluted net loss per common share, since the exercise of the warrants is contingent upon the occurrence of future events. As a result, diluted net loss per common share is the same as basic net loss per common share for the periods presented. |
Reconciliation of net loss per common share | Reconciliation of net loss per common share The Company's net (loss) income is adjusted for the portion of income that is attributable to common stock subject to possible redemption, as these shares only participate in the earnings of the Trust Account and not the income or losses of the Company. Accordingly, basic and diluted net income (loss) per common share is calculated as follows: Three Months Ended 2020 2019 Net (loss) income $ (459,715 ) $ 444,697 Less: Income attributable to common stock subject to redemption (185,623 ) (272,977 ) Adjusted net (loss) income $ (645,338 ) $ 171,720 Weighted average shares outstanding, basic and diluted 4,346,628 4,052,712 Basic and diluted net (loss) income per common share $ (0.15 ) $ 0.04 |
Concentration of Credit Risk | Concentration of credit risk Financial instruments that potentially subject the Company to concentration of credit risk consist of a cash account in a financial institution which, at times may exceed the Federal depository insurance coverage of $250,000. At March 31, 2020 and December 31, 2019, the Company had not experienced losses on this account and management believes the Company is not exposed to significant risks on such account. |
Fair value of financial instruments | Fair value of financial instruments The fair value of the Company's assets and liabilities, which qualify as financial instruments under ASC Topic 820, "Fair Value Measurement," approximates the carrying amounts represented in the accompanying condensed consolidated financial statements, primarily due to their short-term nature. |
Recently Issued Accounting Standards | Recently issued accounting standards Management does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company's condensed consolidated financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Schedule of basic and diluted net income (loss) per common share | Three Months Ended 2020 2019 Net (loss) income $ (459,715 ) $ 444,697 Less: Income attributable to common stock subject to redemption (185,623 ) (272,977 ) Adjusted net (loss) income $ (645,338 ) $ 171,720 Weighted average shares outstanding, basic and diluted 4,346,628 4,052,712 Basic and diluted net (loss) income per common share $ (0.15 ) $ 0.04 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of fair value on a recurring basis | Description Level March 31, 2020 December 31, Assets: U.S. Treasury Securities Money Market Fund 1 $ 86,100,216 $ — Marketable securities held in Trust Account 1 $ — $ 128,396,771 |
Description of Organization a_2
Description of Organization and Business Operations (Details) - USD ($) | Apr. 01, 2020 | Mar. 30, 2020 | Feb. 27, 2020 | Jan. 24, 2020 | Dec. 26, 2019 | Nov. 27, 2019 | Oct. 29, 2019 | Jul. 26, 2019 | Jan. 30, 2018 | Mar. 31, 2020 | May 06, 2020 | Apr. 30, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Description of Organization and Business Operations (Textual) | |||||||||||||||
Aggregate principal amount | $ 1,094,300 | $ 1,094,300 | $ 1,094,300 | $ 14,962,645 | |||||||||||
Aggregate amount, per share | $ 10.34 | ||||||||||||||
Consummated sale of warrants | 4,900,000 | ||||||||||||||
Gross proceeds private placement warrants | $ 4,900,000 | ||||||||||||||
Underwriting fees | 2,500,000 | ||||||||||||||
Deferred underwriting fees | 4,375,000 | ||||||||||||||
Other underwriting costs | 677,731 | ||||||||||||||
Aggregate of finance transaction costs | 570,035 | ||||||||||||||
Cash held outside of trust account | $ 1,100,000 | ||||||||||||||
Business combination fair market value, percentage | 80.00% | ||||||||||||||
Business combination percentage of voting securities | 50.00% | ||||||||||||||
Business combination, description | The completion of a Business Combination either (i) in connection with a stockholder meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek stockholder approval of a Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The stockholders will be entitled to redeem their shares for a pro rata portion of the amount then on deposit in the Trust Account ($10.10 per share, plus any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations). | ||||||||||||||
Business combination net tangible assets | $ 5,000,001 | ||||||||||||||
Class A common stock sold, description | Aggregate of 20% or more. | ||||||||||||||
Shares outstanding | 0.033 | 0.033 | 0.033 | ||||||||||||
Description of proposed offering to business combination | If the Company is unable to complete a Business Combination by the Extended Date, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but no more than ten business days thereafter, redeem 100% of the outstanding Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned (less amounts previously released to pay taxes and less interest to pay dissolution expenses of up to $100,000), divided by the number of then outstanding Public Shares, which redemption will completely extinguish public stockholders' rights as stockholders (including the right to receive further liquidation distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the remaining stockholders and the Company's board of directors, proceed to commence a voluntary liquidation and thereby a formal dissolution of the Company, subject in each case to its obligations to provide for claims of creditors and the requirements of applicable law. | ||||||||||||||
Redeemable obligation, percentage | 100.00% | ||||||||||||||
Operating bank accounts | $ 58,907 | $ 2,122 | $ 68,720 | $ 89,557 | |||||||||||
Marketable securities held in trust account | 86,100,216 | 117,285,210 | |||||||||||||
Working capital deficit | 605,251 | ||||||||||||||
Prepaid income taxes | 2,673 | ||||||||||||||
Franchise taxes payable | 54,914 | ||||||||||||||
Amount on deposit in trust account represented interest income | 2,739,000 | ||||||||||||||
Withdrew of franchise and income tax | 33,810 | ||||||||||||||
Withdrew of interest from trust account | $ 1,043,004 | ||||||||||||||
Purchase price of warrants | $ 1 | ||||||||||||||
Non-interest bearing | $ 1,500,000 | ||||||||||||||
Maximum maturity of securities held in trust account | 180 days | ||||||||||||||
Subsequent Event [Member] | |||||||||||||||
Description of Organization and Business Operations (Textual) | |||||||||||||||
Aggregate of finance transaction costs | $ 624,000 | ||||||||||||||
Loans into the Trust Account. | $ 211,891 | ||||||||||||||
Sponsor [Member] | |||||||||||||||
Description of Organization and Business Operations (Textual) | |||||||||||||||
Aggregate principal amount | $ 265,404 | $ 1,094,300 | |||||||||||||
Price of per warrant | $ 1 | ||||||||||||||
Aggregate of finance transaction costs | $ 490,000 | ||||||||||||||
Cash held outside of trust account | $ 1,388,030 | ||||||||||||||
Business combination, description | The Company intends to hold a meeting of stockholders on May 14, 2020 in order to provide stockholders with the ability to vote to extend the deadline to complete a Business Combination from May 14, 2020 to June 15, 2020. If such extension is approved, the Sponsor or its affiliates or designees has agreed to deposit into the Trust Account $0.03 per Public Share not redeemed in connection with the stockholder vote to approve the extension of the deadline to complete a Business Combination to June 15, 2020, plus, an additional $0.03 for each Public Share if the Company elects to further extend the deadline for an additional 30 days. | ||||||||||||||
Shares outstanding | 0.033 | ||||||||||||||
Additions contribution, description | The Company exercised the additional 30-day option, and in connection with such extension, the Sponsor contributed an additional $265,404, which amount was placed into the Trust Account. | ||||||||||||||
Sponsor [Member] | Subsequent Event [Member] | |||||||||||||||
Description of Organization and Business Operations (Textual) | |||||||||||||||
Shares outstanding | 211,891 | ||||||||||||||
Per share value | $ 0.06 | ||||||||||||||
Class A Common Stock [Member] | |||||||||||||||
Description of Organization and Business Operations (Textual) | |||||||||||||||
Aggregate principal amount | $ 31,975,073 | ||||||||||||||
Aggregate amount, per share | $ 10.61 | ||||||||||||||
Redeem an aggregate | 3,011,003 | 1,446,461 | |||||||||||||
Trust Account to pay stockholders | 8,042,536 | ||||||||||||||
Consummated initial public offering units | 3,531,516 | ||||||||||||||
Per share value | $ 10.71 | ||||||||||||||
Common stock value | $ 48,292,477 | $ 132 | $ 122 | ||||||||||||
Common shares issued | 4,511,020 | ||||||||||||||
Promissory Note [Member] | |||||||||||||||
Description of Organization and Business Operations (Textual) | |||||||||||||||
Aggregate principal amount | $ 1,105,354 | 2,730,462 | |||||||||||||
Borrowed amount | $ 530,807 | ||||||||||||||
Private Placement [Member] | |||||||||||||||
Description of Organization and Business Operations (Textual) | |||||||||||||||
Consummated sale of warrants | 4,900,000 | ||||||||||||||
Price of per warrant | $ 1 | ||||||||||||||
Gross proceeds private placement warrants | $ 4,900,000 | ||||||||||||||
Initial Public Offering [Member] | |||||||||||||||
Description of Organization and Business Operations (Textual) | |||||||||||||||
Initial public offering units | 12,500,000 | ||||||||||||||
Business combination beyond, description | The Company elected to further extend the deadline to complete a Business Combination beyond October 31, 2019, $0.033 per shares outstanding, for each 30-day period, or portion thereof, up to three additional 30-day periods. | ||||||||||||||
Per share value | $ 10.10 | ||||||||||||||
Initial Public Offering [Member] | Class A Common Stock [Member] | |||||||||||||||
Description of Organization and Business Operations (Textual) | |||||||||||||||
Consummated initial public offering units | 12,500,000 | ||||||||||||||
Gross proceeds initial public offering | $ 125,000,000 | ||||||||||||||
Net proceeds of sale of units | $ 126,250,000 | ||||||||||||||
Sale of price per unit | $ 10.10 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Accounting Policies [Abstract] | |||
Net (loss) income | $ (459,715) | $ 444,697 | |
Less: Income attributable to common stock subject to redemption | (185,623) | (272,977) | |
Adjusted net (loss) income | $ (645,338) | $ 171,720 | |
Weighted average shares outstanding, basic and diluted | [1] | 4,346,628 | 4,052,712 |
Basic and diluted net (loss) income per common share | [2] | $ (0.15) | $ 0.04 |
[1] | Excludes an aggregate of up to 6,717,969 and 11,563,449 shares subject to possible redemption at March 31, 2020 and 2019, respectively. | ||
[2] | Excludes income of $185,623 and $272,977 attributable to shares subject to possible redemption for the three months ended March 31, 2020 and 2019, respectively (see Note 2). |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Summary of Significant Accounting Policies (Textual) | ||
Purchase of common stock | 17,400,000 | |
Shares of common stock that were subject to forfeiture | 6,717,969 | 11,563,449 |
Withdrew of interest income to pay its franchise tax obligations | $ 1,043,004 | |
Federal depository insurance | 250,000 | |
Cash withdrawn from Trust Account to pay franchise taxes | $ 33,180 | |
Statutory tax rate | 21.00% | 21.00% |
Initial Public Offering (Detail
Initial Public Offering (Details) - $ / shares | 1 Months Ended | |
Mar. 30, 2020 | Jan. 30, 2018 | |
Initial Public Offering(Textual) | ||
Purchase price per unit | $ 10 | |
Common Class A [Member] | ||
Initial Public Offering(Textual) | ||
Sale of Initial public offering of units | 3,531,516 | |
Initial Public Offering [Member] | Common Class A [Member] | ||
Initial Public Offering(Textual) | ||
Sale of Initial public offering of units | 12,500,000 | |
Exercise price | $ 11.50 |
Private Placement (Details)
Private Placement (Details) | 3 Months Ended |
Mar. 31, 2020USD ($)$ / sharesshares | |
Private Placement (Textual) | |
Purchase of private placement warrants, shares | shares | 4,900,000 |
Proceeds from private placement warrants | $ | $ 4,900,000 |
Private placement warrant, description | Each Private Placement Warrant is exercisable to purchase one share of Class A common stock at an exercise price of $11.50. |
Price per warrant | $ / shares | $ 1 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | Apr. 01, 2020 | Apr. 12, 2017 | Jan. 30, 2018 | Mar. 31, 2020 | Dec. 31, 2019 | May 06, 2020 | Mar. 12, 2018 |
Related Party Transactions (Textual) | |||||||
Sponsor advanced an aggregate amount for working capital purposes | $ 164,850 | ||||||
Sponsor monthly fee | $ 10,000 | ||||||
Fees for services | 30,000 | $ 30,000 | |||||
Accounts payable and accrued expenses | 60,000 | $ 30,000 | |||||
Aggregate of finance transaction costs | 570,035 | ||||||
Working capital loans | $ 1,500,000 | ||||||
Converted into warrants at price per warrant | $ 1 | ||||||
Promissory note outstanding | $ 1,388,030 | ||||||
Converted loans to warrants | $ 1,500,000 | ||||||
Business combination, description | (i) one year after the date of the consummation of a Business Combination, or (ii) the date on which the last sales price of the Company's common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations and recapitalizations) for any 20 trading days within any 30-trading day period commencing 150 days after a Business Combination, or earlier, in each case, if subsequent to a Business Combination, the Company consummates a subsequent liquidation, merger, stock exchange, reorganization or other similar transaction which results in all of the Company's stockholders having the right to exchange their common stock for cash, securities or other property. | ||||||
Subsequent Event [Member] | |||||||
Related Party Transactions (Textual) | |||||||
Aggregate of finance transaction costs | $ 624,000 | ||||||
Loans into the Trust Account. | $ 211,891 | ||||||
Promissory Note [Member] | |||||||
Related Party Transactions (Textual) | |||||||
Aggregate of finance transaction costs | $ 1,500,000 | ||||||
Promissory note issued to finance cost | 600,000 | ||||||
Promissory note outstanding | 4,118,492 | ||||||
Founder Shares [Member] | |||||||
Related Party Transactions (Textual) | |||||||
Issuance of common stock to sponsor, shares | 3,593,750 | ||||||
Issuance of common stock to sponsor | $ 25,000 | ||||||
Aggregate shares held by sponsor subject to forfeiture | 468,750 | 3,593,750 | |||||
Founder shares were forfeited | 468,750 | ||||||
Issued and outstanding shares, percentage | 20.00% | ||||||
Founder shares outstanding | 3,125,000 | ||||||
Conversion ratio | One-for-one basis | ||||||
Sponsor [Member] | |||||||
Related Party Transactions (Textual) | |||||||
Aggregate of finance transaction costs | $ 490,000 | ||||||
Warrants at purchase price | $ 1 | ||||||
Aggregate principal amount | $ 900,000 | ||||||
Sponsor [Member] | Promissory Note [Member] | |||||||
Related Party Transactions (Textual) | |||||||
Promissory note issued to finance cost | 2,730,462 | ||||||
Loans into the Trust Account. | $ 530,807 |
Commitments (Details)
Commitments (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2020 | Jan. 30, 2020 | Dec. 31, 2019 | |
Commitments (Textual) | |||
Directors annual retainer fees | $ 20,000 | ||
Deferred legal fee | 72,500 | ||
Deferred legal payable | $ 72,500 | $ 72,500 | |
Description of merger agreement | The Merger Agreement to the holders of Newco Units as of immediately prior to the Effective Time (the "Newco Holders") will be an amount equal to: (i) the aggregate capital contributions of the members of HOFV as set forth in a certificate of HOFV delivered at least five (5) days prior to the Closing Date (the "Closing Date Company Contributed Capital Amount"), multiplied by (ii) the Exchange Ratio of 1.2, divided by (iii) the Per Share Price of $10.00. The Company Merger Consideration will be paid in shares of Holdings common stock (the "Holdings Common Stock"). | ||
Consummated, the deferred discount due | $ 2,500,000 | ||
Holdings common stock, description | Upon completion of the Mergers, current stockholders who do not exercise their redemption rights will receive 1.421333 shares of Holdings Common Stock to replace each one of their existing shares of the Company's Class A common stock and current holders of Class F common stock will receive one share of Holdings Common Stock to replace each one of their existing shares of the Company's Class F common stock, as applicable. Upon completion of the Mergers, all of the warrants to purchase the Company's common stock will be cancelled and exchanged for warrants ("Holdings Warrants") to purchase 1.421333 shares of Holdings Common Stock per warrant on the same terms and conditions as the original warrants. | ||
Sponsor [Member] | |||
Commitments (Textual) | |||
Description of merger agreement | The Merger Agreement and any possible private financing transactions that may be entered into in connection with the Merger Agreement, the Sponsor has agreed that up to 1,185,741 of its Class F common shares will be cancelled prior to the Effective Time (as defined in the Merger Agreement) pursuant to a Side Letter entered into by HOFV and the Sponsor dated March 10, 2020, which number shall be calculated based on the number of redemptions by the Company's public stockholders. The Sponsor has also agreed that it will transfer up to one-half of the shares of Holdings Common Stock that it will receive upon conversion of its Class F common shares (after any such cancellation); provided that the number of shares of Holdings Common Stock that the Sponsor shall transfer to HOFV shall be capped so that the Sponsor retains no less than 1.125 million shares of Holdings Common Stock. The Sponsor has also agreed to transfer one-half of the Holdings Warrants that it will receive upon conversion of its warrants to purchase shares of Class A common stock at the Effective Time. | ||
Underwriters Agreement [Member] | |||
Commitments (Textual) | |||
Deferred fee, percentage | 3.50% | ||
Underwriters agreement, description | The underwriters are entitled to a deferred fee of three and one-half percent (3.5%) of the gross proceeds of the Initial Public Offering, or $4,375,000. | ||
Director Compensation [Member] | |||
Commitments (Textual) | |||
Description of commitments contingent | The Company has agreed to pay each independent director a telephonic meeting fee of $1,000 or in-person meeting fee of $1,500 for each meeting attended by such independent director. The Company has also agreed to pay the Chairperson of the Audit Committee an annual retainer of $7,500 and the Chairperson of the Compensation Committee an annual retainer of $5,000. |
Stockholders_ Equity (Details)
Stockholders’ Equity (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Stockholders' Equity (Textual) | ||
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock outstanding, percentage | 20.00% | |
Description of warrant | The Company may redeem the Public Warrants (except with respect to the Private Placement Warrants): ● in whole and not in part; ● at a price of $0.01 per warrant; ● at any time during the exercise period; ● upon a minimum of 30 days' prior written notice of redemption; and ● if, and only if, the last sale price of the Company's Class A common stock equals or exceeds $18.00 per share for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders. ● If, and only if, there is a current registration statement in effect with respect to the shares of Class A common stock underlying such warrants. | |
Class A Common Stock [Member] | ||
Stockholders' Equity (Textual) | ||
Common stock, shares authorized | 40,000,000 | 40,000,000 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares issued | 1,324,567 | 1,221,628 |
Common stock, shares outstanding | 1,324,567 | 1,221,628 |
Common stock subject to possible redemption | 6,717,969 | 9,831,911 |
Class F Common Stock [Member] | ||
Stockholders' Equity (Textual) | ||
Common stock, shares authorized | 5,000,000 | 5,000,000 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares issued | 3,125,000 | 3,125,000 |
Common stock, shares outstanding | 3,125,000 | 3,125,000 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Marketable securities held in Trust Account | $ 86,100,216 | $ 117,285,210 |
Level 1 [Member] | ||
U.S. Treasury Securities Money Market Fund | 86,100,216 | |
Marketable securities held in Trust Account | $ 128,396,771 |