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CREDIT FACILITIES | 12 Months Ended
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Dec. 31, 2020
Notes to Financial Statements |
CREDIT FACILITIES |
| 12. | Credit facilities
Short term loans — banks Outstanding balances on short-term bank loans consisted of the following:
|  |  |  | Interest |  | Collateral/ |  | December 31, |  |  | December 31, |
Institute Name |  | Maturities |  | rate |  | Guarantee |  | 2020 |  |  | 2019 |
Industrial Bank |  | December 2020 |  | 5.88% |  | Secured by Xiaodong Chen and Jiajun Cai |  | $ | 766,295 |  |  | $ | 716,723 |
Industrial Bank |  | December 2020 |  | 5.88% |  | Guarantee by Xiaodong Chen and Juanjuan Cai and PICC Proerty and Casuatly Company Limited Xiamen Branch |  |  | 459,777 |  |  |  | 430,034 |
Industrial Bank |  | December 2020 |  | 5.88% |  | Guarantee by Xiamen Siming Technology Financing Guarantee Co. Ltd., Xiaodong Chen and Juanjuan Cai |  |  | 398,474 |  |  |  | 372,696 |
China Rich Finance Limited |  | May 2021 |  | 23% per annum for first monthly installment; 12% per annum for 2-6 monthly installment |  | Guarantee by Fujian Blue Hat Interactive Entertainment Technology Ltd., Pingxiang Blue Hat Technology Co. Ltd., and Xiaodong Chen |  |  | 2,998,944 |  |  |  | - |
Industrial Bank |  | February 2021 |  | 6.583% |  | Guarantee by 14 property rights |  |  | 505,755 |  |  |  | - |
Industrial Bank |  | August 2020 |  | 4.35% |  | Secured by $5 million fixed deposit |  |  | - |  |  |  | 4,300,334 |
Total |  |  |  |  |  |  |  | $ | 5,129,295 |  |  | $ | 5,819,787 |
Loan term loans — third party Outstanding balances on long-term third party loans consisted of the following:
|  |  |  | Weighted |  |  |  |  |  |  |  |  |
|  |  |  | Average |  |  | Collateral/ |  | December 31, |  |  | December 31, |
Lender Name |  | Maturities |  | Interest rate |  |  | Guarantee |  | 2020 |  |  | 2019 |
Volkswagen Finance (China) Co. Ltd. |  | Due monthly until March 2021 |  |  | 4.06 | % |  | Automobiles |  | $ | 14,117 |  |  | $ | 90,821 |
Current maturities |  |  |  |  |  |  |  |  |  |  | (14,117 | ) |  |  | (77,493 | )
Total |  |  |  |  |  |  |  |  |  | $ | - |  |  | $ | 13,328 |
Interest expense pertaining to the above short-term and long-term loans for the years ended December 31, 2020, 2019 and 2018 amounted to $248,103, $171,938 and $142,641, respectively.

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