Fujian Blue Hat Interactive Entertainment Technology Ltd. / "Long-term" | Tables in SEC filings

BHAT Fujian Blue Hat Interactive Entertainment Technology Ltd.

Annual report (foreign)

CONSOLIDATED BALANCE SHEETS


	December 31,		December 31,
	2023		2022
			(Restated)

ASSETS
Current assets:
Cash and cash equivalents	$	407,588	$	69,273
Restricted cash		1,587		1,129
Inventories		17,545,153		—
Accounts receivable, net		15,157,384		9,170,996
Accounts receivable, related party		9,571		—
Other receivables, net		4,182,706		4,704,455
Other receivables, related party		1,941,723		1,427,829
Prepayments, net		36,588		80,834
Assets related to discontinued operation		—		6,077,554
Total current assets		39,282,300		21,532,070
Non-current assets:
Operating lease, right-of-use asset		2,353,083		40,596
Prepayments		2,388,435		2,495,570
Property, plant and equipment, net		3,544,751		3,817,015
Intangible assets, net		—		1,368,424
Long-term investments		1,694,269		1,722,999
Assets related to discontinued operation		—		3,300,184
Total non-current assets		9,980,538		12,744,788
Total assets	$	49,262,838	$	34,276,858

LIABILITIES AND EQUITY
Current liabilities:
Short-term loans - banks	$	273,713	$	473,825
Taxes payable		805,577		841,334
Accounts payable		318,729		324,991
Other payables and accrued liabilities		4,027,883		9,014,057
Other payables - related party		—		22,643
Operating lease liabilities - current		235,470		11,261
Customer deposits		3,020		19,629
Liability related to discontinued operation		—		6,700,468
Total current liabilities		5,664,392		17,408,208
Non-current liabilities:
Operating lease liability		2,141,421		31,041
Long-term loans banks		—		—
Long-term loans – related party		834,950		914,771
Convertible notes payable		—		1,393,499
Total other liabilities		2,976,371		2,339,311
Total liabilities		8,640,763		19,747,519
Shareholder’s equity
Ordinary shares, $0.01 par value, 500,000,000 shares authorized, 58,398,281 shares issued and outstanding as of December 31, 2023, 9,894,734 shares issued and outstanding as of December 31, 2022		583,982		98,947
Additional paid-in capital		93,828,090		44,145,826
Statutory reserves		2,143,252		2,143,252
Retained earnings		(56,832,015)		(35,113,598)
Accumulated other comprehensive loss		898,766		834,513
Total Blue Hat Interactive Entertainment Technology shareholders’ equity		40,622,075		12,108,940
Non-controlling interests		—		2,420,399
Total Equity		40,622,075		14,529,339

Total liabilities and shareholders’ equity	$	49,262,838	$	34,276,858

			Payments Due by Period
			Less than						More than
Contractual obligations	Total		1 year		1 3 years		3 5 years		5 years
Loan obligations	$	273,713	$	273,713	$	—	$	—	$	—
Operating lease obligations		2,376,891		235,470		516,569		393,974		1,230,878
Long-term loans - related party		831,155		—		831,155		—		—
Convertible notes payable		—		—		—		—		—
Total	$	3,481,759	$	509,183	$	1,347,724	$	393,974	$	1,230,878

Schedule of maturities of lease liabilities
For the year ended December 31,		Operating lease
	2024	$	331,484
	2025		335,595
	2026		341,351
	2027		350,587
	Thereafter		1,587,941
	Total	$	2,946,958
	Less: amount representing interest		570,067
	Present value of future minimum lease payments		2,376,891
	Less: Current obligations		235,470
	Long-term obligations	$	2,141,421

No.	Name of the Company	License No.	License/Permission	Established Date	Validity
1	Blue Hat Interactive Entertainment Technology	WC-338512	Business License	6/13/2018	Long-term
2	Brilliant Hat Limited	1983687	Business License	6/26/2018	Long-term
3	Golden Strategy Ltd	2121323	Business License	4/3/2023	Long-term
4	Blue Hat Interactive Entertainment Technology Limited	2714615	Business License	6/26/2018	Long-term
5	Golden Alpha Strategy Limited	3271611	Business License	4/18/2023	Long-term
6	BLUE HAT TECHNOLOGY LLC	937615	Business License	7/21/2023	Long-term
7	Fujian Blue Hat Group Co., Ltd.	91350100MA8TTRRQ4A	Business License Record Registration Form for Foreign	8/23/2021	8/22/2051
8	Xiamen Shengruihao Technology Co., Ltd	91350200MA8TGQ815M	Business License	6/30/2021	6/29/2071
9	Xiamen Duwei Consulting Management Co., Ltd.	91350200MA31XW6W0Q	Business License Record Registration Form for Foreign	7/26/2018	7/25/2048
10	Xiamen Bluehat Research Institution of Education Co., Ltd.	91350200MA8RFNMY91	Business License	2/20/2021	2/19/2071
11	Hunan Engaomei Animation Culture Development Co., Ltd.	91430111MA4M6YX69X	Business License	10/19/2017	10/18/2067
12	Fujian Youth Hand in Hand Educational Technology Co., Ltd	91350200MA2YKHW78G	Business License	9/18/2017	9/17/2067
13	Fuzhou Qiande Educational Technology Co., Ltd	91350102MA8RQTEH5R	Business License	3/24/2021	Long-term
14	Chongqing Duwei Chuangda Electronic Technology Co., Ltd	91500103MACMEAMG3Y	Business License	6/13/2023	Long-term
15	Guangzhou Huangxin Enterprise Management Co., Ltd.	91440106MACPKAYJXM	Business License Record Registration Form for Foreign	7/5/2023	Long-term


	Year ended		Year ended		Year ended
	December 31,		December 31,		December 31,
	2023		2022		2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income from continued operation	$	(29,107,727)	$	(9,123,054)	$	(51,492,816)
Adjustments to reconcile net income to cash used in operating activities:
Impairment loss of inventory		12,600,000
Equity income of subsidiaries and VIEs		12,918,251		4,114,945		50,143,624
Changes in operating assets and liabilities:
Depreciation of property and equipment		205,190		205,259		205,398
Other receivables		(15,865,859)		(3,319,855)		395,600
Inventories		(17,178,241)		—		—
Other payables and accrued liabilities		(7,419,077)		(323,274)		5,869,181
Net cash used in operating activities		(43,847,463)		(8,445,980)		5,120,987
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment		7,773,600		—		—
Investment in subsidiary		—		(1,767,824)		(14,923,600)
Net cash used in investing activities		7,773,600		(1,767,824)		(14,923,600)
CASH FLOWS FROM FINANCING ACTIVITIES:
Underwriter’s partial exercise of over-allotment option, net of issuance costs		37,567,299		7,908,956		12,830,780
Other payables related party		(3,799)		(5,389)		5,880
Repayment of short-term loans		—		—		(2,998,994)
Proceeds from long-term loans - related party		—		914,771		—
Repayment of long-term loans - related party		(79,821)		—		—
Repayment of convertible payables		(1,393,499)		—		(739,189)
Proceeds from convertible payables		—		1,393,499		—
Net cash used in investing activities		36,090,179		10,211,837		9,098,477
EFFECT OF EXCHANGE RATE ON CASH		—		—		—
NET CHANGES IN CASH AND CASH EQUIVALENTS		16,316		(1,967)		(704,136)
CASH AND CASH EQUIVALENTS, Beginning of year		6,791		8,758		712,894
CASH AND CASH EQUIVALENTS, end of year	$	23,107	$	6,791	$	8,758

SUPPLEMENTAL CASH FLOW INFORMATION:

Cash and cash equivalents	$	23,107	$	6,791	$	8,758
Restricted cash		—		—		—
CASH AND CASH EQUIVALENTS, end of year	$	23,107	$	6,791	$	8,758

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