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CREDIT FACILITIES (Tables)

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Outstanding balances on short-term bank loans

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

Outstanding balances on long-term third party loans

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

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The entire disclosure for long-term debt.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

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Tabular disclosure of short-term debt arrangements (having initial terms of repayment within one year or the normal operating cycle, if longer) including: (1) description of the short-term debt arrangement; (2) identification of the lender or type of lender; (3) repayment terms; (4) weighted average interest rate; (5) carrying amount of funds borrowed under the specified short-term debt arrangement as of the balance sheet date; (6) description of the refinancing of a short-term obligation when that obligation is excluded from current liabilities in the balance sheet; and (7) amount of a short-term obligation that has been excluded from current liabilities in the balance sheet because of a refinancing of the obligation.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.19)
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