Fujian Blue Hat Interactive Entertainment Technology Ltd. / "Research and Development" | Tables in SEC filings

BHAT Fujian Blue Hat Interactive Entertainment Technology Ltd.

Annual report (foreign)

CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS)


	Year ended		Year ended		Year ended
	December 31,		December 31,		December 31,
	2023		2022		2021
			(Restated)		(Restated)

Revenues	$	73,686,733	$	2,195,954	$	12,139,500
Cost of revenue		(72,532,882)		(958,438)		(5,782,664)
Gross profit		1,153,851		1,237,516		6,356,836
Operating expenses:
Selling		(7,677)		(159,937)		(315,600)
Research and development		(2,570,158)		(2,734,982)		(11,233,806)
General and administrative expenses		(13,766,487)		(6,224,674)		(31,335,421)
Impairment loss		(13,693,305)		(33,397)		(14,632,931)
Total operating expenses		(30,037,627)		(9,152,990)		(57,517,758)

(Loss)/Income from operations		(28,883,776)		(7,915,474)		(51,160,922)
Other income (expense)
Interest income		7		374		156,038
Interest expense		(222,057)		(133,882)		(229,985)
Other finance expenses		(62,025)		(15,264)		(65,344)
Other income (expense), net		66,205		39,080		(191,499)
Total other expense, net		(217,870)		(109,692)		(330,790)

(Loss)/ income from Continuing Operations before income taxes		(29,101,646)		(8,025,166)		(51,491,712)
Provision for income taxes		(6,081)		(1,097,888)		(1,104)
(Loss)/ income from continuing operations		(29,107,727)		(9,123,054)		(51,492,816)

Discontinued Operations (Note 19)
Gain on disposal of discontinued operations		7,389,310		—		1,493,945
(Loss) from discontinued operations		—		(282,027)		(10,055,749)

Net Income (Loss)		(21,718,417)		(9,405,081)		(60,054,620)
Less: Net (loss) income attributable to non-controlling interest		(2,420,399)		(40,025)		(2,918,680)

Net (Loss) Income attributable to Blue Hat Interactive Entertainment Technology		(19,298,018)		(9,365,056)		(57,135,940)

Other comprehensive (loss) income
Net (loss)/ Income from continued operations		(29,107,727)		(9,123,054)		(51,492,816)
Foreign currency translation adjustment continued operation		(199,032)		(1,883,571)		651,272

Comprehensive (loss) income - continued operation	$	(29,306,759)	$	(11,006,625)	$	(50,841,544)
Income (loss) from discontinued operation		7,389,310		(282,027)		(8,561,804)
Foreign currency translation adjustment - discontinued operation		263,285		258,828		66,288
Comprehensive income (Loss) - discontinued operation	$	7,652,595	$	(23,199)	$	(8,495,516)

Comprehensive (loss) income	$	(21,654,164)	$	(11,029,824)	$	(59,337,060)

Less: Net (loss) income attributable to non-controlling interest		(2,420,399)		(40,025)		(2,918,680)

Comprehensive income (loss) attributable to Blue Hat Interactive Entertainment shareholders		(19,233,765)		(10,989,799)		(56,418,380)

Weighted average number of ordinary shares
Basic		29,722,950		7,639,482		5,053,727
Diluted		30,975,275		8,565,163		5,800,048

Earnings per share
Basic (loss) earnings per share from continued operation	$	(0.98)	$	(1.19)	$	(10.19)
Basic earnings per share from discontinued operation		0.33		(0.04)		(1.12)

Diluted Earnings per share:
Diluted (loss) earnings per share from continued operation	$	(0.98)	$	(1.19)	$	(10.19)
Diluted earnings per share from discontinued operation		0.33		(0.04)		(1.12)

Schedule of prepayments, net
	December 31,		December 31,
	2023		2022

Prepayments	$	36,588	$	19,464
Prepaid research and development expenses		2,388,435		61,370
Other		—		2,495,570
Total prepayments, net	$	2,425,023	$	2,576,404

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