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Subsequent Events
6 Months Ended
Jun. 30, 2023
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
On July 7, 2023, the Company entered into a Loan and Security Agreement (together, the “Credit Agreement”) whereby it would lend Big Run Studios approximately $2 million to refinance Big Run’s existing credit facility. The purpose of the transaction is to support Big Run in expanding their upcoming game launch to include additional variants in order to expand into the exciting new category of skill-based slots.
The designated rate on the credit facility is 11.5%, with interest for the first six months being paid, at Big Run’s option each month, (1) in cash or (2) in-kind and compounded monthly to the principal. The interest-only period may be extended by six months upon mutual written agreement between Big Run and Skillz. After the interest-only period, principal and interest shall be payable monthly in equal installments. The default rate is 16.5% per annum. Late charges will be assessed at 5% of the payment amount overdue if not paid within five business days of its due date.

The credit facility will mature on June 1, 2025, subject to applicable permitted prepayments; provided that upon the occurrence of a six month extension of the interest-only period, the maturity shall also be extended by six additional months to December 1, 2025.