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CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY | 12 Months Ended
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Dec. 31, 2020
Notes to Financial Statements |
CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY |
| 22. | Condensed financial information of the parent company
The Company performed a test on the restricted net assets of consolidated subsidiary in accordance with Securities and Exchange Commission Regulation S-X Rule 4-08(e)(3), “General Notes to Financial Statements” and concluded that it was applicable for the Company to disclose the financial statements for the parent company. The subsidiary did not pay any dividend to the Company for the years presented. For the purpose of presenting parent only financial information, the Company records its investment in its subsidiary under the equity method of accounting. Such investment is presented on the separate condensed balance sheets of the Company as “Investment in subsidiary” and the income of the subsidiary is presented as “share of income of subsidiary”. Certain information and footnote disclosures generally included in financial statements prepared in accordance with U.S. GAAP have been condensed and omitted. The Company did not have significant capital and other commitments, long-term obligations, or guarantees as of December 31, 2019 and 2018. PARENT COMPANY BALANCE SHEETS
|  | December 31, |  |  | December 31, |
|  | 2020 |  |  | 2019 |
ASSETS |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 712,894 |  |  | $ | 76,583 |
Other receivables, net |  |  | 600,000 |  |  |  | 600,000 |
Restricted cash |  |  | - |  |  |  | 5,000,000 |
Total current assets |  |  | 1,312,894 |  |  |  | 5,676,583 |
Non-current assets: |  |  |  |  |  |  |  |
Property, plant and equipment, net |  |  | 4,142,620 |  |  |  | 2,162,449 |
Investment in subsidiaries |  |  | 59,731,280 |  |  |  | 38,481,702 |
Total non-current assets |  |  | 63,873,900 |  |  |  | 40,644,151 |
Total assets |  | $ | 65,186,794 |  |  | $ | 46,320,734 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |
LIABILITIES |  |  |  |  |  |  |  |
Other payables and accrued liabilities |  | $ | 2,495,595 |  |  | $ | 1,570,183 |
Other payables - related party |  |  | 3,308 |  |  |  | 269 |
Short-term loans |  |  | 2,998,994 |  |  |  | - |
Convertible bonds payable |  |  | 739,189 |  |  |  | - |
Total liabilities |  |  | 6,237,086 |  |  |  | 1,570,452 |
COMMITMENTS AND CONTINGENCIES |  |  |  |  |  |  |  |
SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |
Ordinary shares, $0.001 par value, 50,000,000 shares authorized, 38,553,808 and 35,141,114 shares issued and outstanding as of December 31, 2020 and 2019, respectively |  |  | 38,554 |  |  |  | 35,141 |
Additional paid-in capital |  |  | 23,466,482 |  |  |  | 20,771,849 |
Statutory reserves |  |  | 2,204,174 |  |  |  | 1,289,765 |
Retained earnings |  |  | 31,387,398 |  |  |  | 24,132,194 |
Accumulated other comprehensive losses |  |  | 1,741,696 |  |  |  | (1,478,667 | )
Total Blue Hat Interactive Entertainment Technology shareholders’ equity |  |  | 58,838,304 |  |  |  | 44,750,282 |
Non-controlling interest |  |  | 111,404 |  |  |  | - |
Total equity |  |  | 58,949,708 |  |  |  |  |
Total liabilities and shareholders’ equity |  | $ | 65,186,794 |  |  | $ | 46,320,734 |
PARENT COMPANY STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
|  | Year ended |  |  | Year ended |  |  | Year ended |
|  | December 31, |  |  | December 31, |  |  | December 31, |
|  | 2020 |  |  | 2019 |  |  | 2018 |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |
General and administrative expenses |  | $ | (1,307,167 | ) |  | $ | (1,671,700 | ) |  | $ | - |
Other income (expenses): |  |  |  |  |  |  |  |  |  |  |  |
Equity income of subsidiaries and VIEs |  |  | 9,782,013 |  |  |  | 10,747,395 |  |  |  | 7,919,408 |
(Interest expense)/interest income |  |  | (175,386 | ) |  |  | 21 |  |  |  | - |
Other finance expenses |  |  | (18,442 | ) |  |  | (1,762 | ) |  |  | - |
NET INCOME |  |  | 8,281,017 |  |  |  | 9,073,954 |  |  |  | 7,919,408 |
FOREIGN CURRENCY TRANSLATION ADJUSTMENT |  |  | (3,220,363 | ) |  |  | (521,738 | ) |  |  | (1,474,126 | )
COMPREHENSIVE INCOME |  | $ | 5,060,654 |  |  | $ | 8,552,216 |  |  | $ | 6,445,282 |
Less: Comprehensive income attributable to non-controlling interest |  |  | 111,404 |  |  |  | - |  |  |  | - |
Comprehensive income attributable to Blue Hat Interactive Entertainment Technology shareholders |  | $ | 4,946,250 |  |  | $ | 8,552,216 |  |  | $ | 6,445,282 |
PARENT COMPANY STATEMENTS OF CASH FLOWS
|  | Year ended |  |  | Year ended |  |  | Year ended |
|  | December 31, |  |  | December 31, |  |  | December 31, |
|  | 2020 |  |  | 2019 |  |  | 2018 |
CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 8,281,017 |  |  | $ | 9,073,954 |  |  | $ | 7,919,408 |
Adjustments to reconcile net income to cash used in operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Equity income of subsidiaries and VIEs |  |  | (9,782,013 | ) |  |  | (10,747,395 | ) |  |  | (7,919,408 | )
Changes in operating assets and liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Depreciation of property and equipment |  |  | 179,740 |  |  |  | - |  |  |  | - |
Other receivables |  |  | - |  |  |  | (600,000 | ) |  |  | - |
Other payables and accrued liabilities |  |  | 925,410 |  |  |  | 1,570,183 |  |  |  | - |
Net cash used in operating activities |  |  | (395,846 | ) |  |  | (703,258 | ) |  |  | - |
CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |  |  |  |  |  |  |  |  |  |
Purchases of property and equipment |  |  | (2,159,910 | ) |  |  | (2,162,449 | ) |  |  | - |
Investment in subsidiary |  |  | (7,660,000 | ) |  |  | - |  |  |  | - |
Net cash used in investing activities |  |  | (9,819,910 | ) |  |  | (2,162,449 | ) |  |  | - |
CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from issue of new shares |  |  | 2,110,845 |  |  |  | - |  |  |  | - |
Proceeds from secured convertible promissory note Bonds |  |  | 739,189 |  |  |  | - |  |  |  | - |
Underwriter’s partial exercise of over-allotment option, net of issuance costs |  |  | - |  |  |  | 524,944 |  |  |  | - |
Proceeds from initial public offering, net of issuance costs |  |  | - |  |  |  | 7,417,077 |  |  |  | - |
Other payables – related party |  |  | 3,039 |  |  |  | 269 |  |  |  | - |
Proceeds from short-term loans |  |  | 2,998,994 |  |  |  | - |  |  |  | - |
Net cash used in investing activities |  |  | 5,852,067 |  |  |  | 7,942,290 |  |  |  | - |
EFFECT OF EXCHANGE RATE ON CASH |  |  | - |  |  |  | - |  |  |  | - |
NET CHANGES IN CASH AND CASH EQUIVALENTS |  |  | (4,363,689 | ) |  |  | 5,076,583 |  |  |  | - |
CASH AND CASH EQUIVALENTS, Beginning of year |  |  | 5,076,583 |  |  |  | - |  |  |  | - |
CASH AND CASH EQUIVALENTS, end of year |  | $ | 712,894 |  |  | $ | 5,076,583 |  |  | $ | - |
SUPPLEMENTAL CASH FLOW INFORMATION: |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 712,894 |  |  | $ | 76,583 |  |  | $ | - |
Restricted cash |  |  | - |  |  |  | 5,000,000 |  |  |  | - |
CASH AND CASH EQUIVALENTS, end of year |  | $ | 712,894 |  |  | $ | 5,076,583 |  |  | $ | - |

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