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CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2020
Notes to Financial Statements |
Schedule of condensed financial information of the parent company | 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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