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    Blue Hat Announces Financial Results for the First Half of 2023, Highlighted by 5,657.93% Increase in Revenues to $46.30 million

    12/22/23 4:05:00 PM ET
    $BHAT
    Recreational Games/Products/Toys
    Consumer Discretionary
    Get the next $BHAT alert in real time by email

    XIAMEN, China, Dec. 22, 2023 (GLOBE NEWSWIRE) -- Blue Hat Interactive Entertainment Technology ("Blue Hat" or the "Company") (NASDAQ:BHAT), primarily a company of commodity trading in China, today announced its unaudited financial results for the six months ended June 30, 2023 ("First Half of 2023").

    First Half of 2023 Financial Highlights

    • First Half of 2023 total revenues of US$46.30 million, compared to US$0.80 million in the prior-year period, due to that increased commodity trading.



    • First Half of 2023 gross profit of US$0.08 million, a decreased of 70.87% from US$0.26 million in the prior-year period. This is due to the lower gross profit margin of mass goods due to greater fluctuations in purchasing and selling prices.



    • First Half of 2023 loss from operations of US$4.07 million, an increase of 69.79% from loss from continuing operations of US$2.40 million in the prior-year period.



    • Net loss from continued operation increased 77.52% to US$4.36 million for the First Half of 2023, from US$2.46 million in the prior-year period.



    • Net income from discontinued operation is US$4,894 for the First Half of 2023, comparing with the net loss from discontinued operation of US$3.71 million in the prior-year period.



    • US$0.13 million in cash and cash equivalents as of June 30, 2023.

    Management Commentary

    The COVID-19 outbreak since early 2020 has had a negative impact on the global economy and our financial performance has been negatively impacted. Mr. Xiaodong Chen, CEO of Blue Hat, stated, "In order to cope with the current situation of the economy environment, some adjustments have been made to the Company's business, and the Company has suspended the AR Immersive Course (ARIC), game and communication business, which were severely affected by the COVID-19 pandemic. The Company has been focusing on the commodity supply chain, commodity trading platform project and increasing the breadth of the Company's business. At the same time, the Company has increased the investment and development in some new projects, which will provide more catalyst for the future development of the Company, to grow the Company steadily and maximize the value for the shareholders."

    Recent Operating Highlights

    • On March 31, 2023, Blue Hat closed a private placement of 4,000,000 ordinary shares, par value $0.01 per share (referred to hereinafter as the "ordinary shares") at a price of $0.70 per share to one purchaser and its designated persons without a broker. The aggregate gross proceeds to the Company is approximately $2.80 million.



    • On May 23, 2023, the Company entered into a Consulting Service Agreement with Wei Deng (the "Consultant"). In consideration of the services to be provided by the Consultant to the Company for one year, the Company issued a total of 500,000 restricted shares of the Company ordinary shares at a price of $1.03 per share.



    • On June 8, 2023, Fujian Blue Hat Interactive Entertainment Technology Ltd., Fuzhou CSFCTECH Co. Ltd., Fujian Roar Game Technology Co. Ltd. and Fuzhou UC71 Co., Ltd. were deconsolidated from the Company as a result of the termination of the VIE agreements.

    First Half of 2023 Results

    Total revenues were US$46.30 million for the First Half of 2023, an increase of US$45.50 million, or 5,657.93%, compared to US$0.80 million in the prior-year period. It was due to the increase of commodity trading.

    Revenues from sales of commodity trading were US$45.94 million for the First Half of 2023, compared to nil in the prior-year period.

    Revenues from sales of information service were US$0.37 million for the First Half of 2023, compared to US$0.66 million in the prior-year period.

    Revenues from sales of interactive toys (animation series) were nil for the for the First Half of 2023, compared to US$7,146 in the prior-year period.

    Revenues from sales of interactive toys (game series) were nil for the First Half of 2023, compared to US$0.14 million in the prior-year period.

    Gross profit decreased 70.87% to US$0.08 million for the First Half of 2023, from US$0.26 million in the prior-year period.

    Total gross margin was 0.16% for the First Half of 2023, compared to 32.28% in the prior-year period.

    Total operating expenses increased by US$1.49 million for the First Half of 2023, from US$2.65 million in the prior-year period, primarily as a result of increased bad debt expenses in the first half of 2023.

    Loss from operations increased 69.79% to loss from operations of US$4.07 million for the First Half of 2023, from US$2.40 million in the prior-year period.

    Net loss from continued operation increased 77.52% to net loss from continued operation of US$4.36 million for the First Half of 2023, from US$2.46 million in the prior-year period. 

    Net income (loss) from discontinued operation increased 100.13% to net income from discontinued operation of US$4,894 for the First Half of 2023, from net loss from discontinued operation of US$3.71 million in the prior-year period.

    Basic loss per share from continued operation were US$0.36 for the First Half of 2023, compared to US$0.41 in the prior-year period.

    Basic loss per share from discontinued operation were nil for the First Half of 2023, compared to US$0.46 in the prior-year period.

    Balance Sheet Highlights

    As of June 30, 2023, Blue Hat had cash and cash equivalents of US$0.13 million, working capital of US$4.86 million and total shareholders' equity (excluding the non-controlling interest) of US$11.89 million, compared to cash and cash equivalents of US$0.07 million, working capital of US$4.12 million and total shareholders' equity (excluding the non-controlling interest) of US$12.11 million, respectively, as of December 31, 2022.

    During the First Half of 2023, the Company completed a private placement by issuing 4 million restrictive ordinary shares. Separate from the above transaction, the Company paid consulting services by issuing 0.5 million restrictive ordinary shares.

    About Blue Hat

    Blue Hat was formerly a provider of communication services and IDC business, as well as a producer, developer, and operator of AR interactive entertainment games, toys, and educational materials in China. Leveraging years of technological accumulation and unique patented technology, Blue Hat is expanding its business to commodity trading, aiming to become a leading intelligent commodity trader worldwide. For more information, please visit the Company's investor relations website at http://ir.bluehatgroup.com. The Company routinely provides important information on its website.

    Forward-Looking Statements

    This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the Company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release and matters set in the Company's SEC filings. These risks and uncertainties could cause the Company's actual results to differ materially from those indicated in its forward-looking statements.

    Contacts:

    Blue Hat Interactive Entertainment Technology

    Phone: +86 (592) 228-0010

    Email: [email protected]

      

     
    BLUE HAT INTERACTIVE ENTERTAINMENT TECHNOLOGY AND SUBSIDIARIES

    UNAUDITED CONSOLIDATED BALANCE SHEETS
     
      June 30, December 31,
    ASSETS 2023 2022
        (Audited)
    Current assets:        
    Cash and cash equivalents $133,150  $69,273 
    Restricted cash  —   1,129 
    Accounts receivable, net  8,911,899   9,170,996 
    Other receivables, net  3,472,252   4,704,455 
    Other receivables - related party  1,365,938   1,427,829 
    Prepayments, net  1,865,330   117,587 
    Assets related to discontinued operation  7,747,405   6,040,801 
    Total current assets  23,495,974   21,532,070 
             
    Property and equipment, net  3,681,038   3,817,015 
             
    Other assets:        
    Prepayments  2,437,065   2,495,570 
    Operating lease, right-of-use asset  39,128   40,596 
    Intangible assets, net  1,240,556   1,368,424 
    Long-term investments  1,660,716   1,722,999 
    Assets related to discontinued operation  2,571,202   3,300,184 
    Total other assets  7,948,667   8,927,773 
    Total assets $35,125,679  $34,276,858 
             
    LIABILITIES AND SHAREHOLDERS' EQUITY        
    Current liabilities:        
    Short-term loans - banks $447,588  $473,825 
    Accounts payable  437,063   324,991 
    Other payables and accrued liabilities  9,095,955   9,014,057 
    Other payables - related party  85,031   22,643 
    Operating lease liabilities - current  10,850   11,261 
    Customer deposits  3,375   19,629 
    Taxes payable  788,575   841,334 
    Liability related to discontinued operation  7,772,308   6,700,468 
    Total current liabilities  18,640,745   17,408,208 
             
    Other liabilities:        
    Operating lease liability  29,919   31,041 
    Convertible bonds payable  1,164,317   1,393,499 
    Long term payable -related party y  974,471   914,771 
    Total other liabilities  2,168,707   2,339,311 
    Total liabilities  20,809,452   19,747,519 
             
    COMMITMENTS AND CONTINGENCIES        
    Shareholders' equity        
    Ordinary shares, $0.01 par value, 100,000,000 shares

    authorized, 14,598,583 shares issued and outstanding as of June 30, 2023, and 9,894,734 shares issued and outstanding as of December 31, 2022
      145,986   98,947 
    Additional paid-in capital  48,768,815   44,145,826 
    Statutory reserves  2,143,252   2,143,252 
    Retained earnings  (39,481,333)  (35,113,598)
    Accumulated other comprehensive income  310,028   834,513 
    Total Blue Hat Interactive Entertainment Technology shareholders' equity  11,886,748   12,108,940 
    Non-controlling interests  2,429,479   2,420,399 
    Total equity  14,316,227   14,529,339 
    Total liabilities and shareholders' equity $35,125,679  $34,276,858 



     
    BLUE HAT INTERACTIVE ENTERTAINMENT TECHNOLOGY AND SUBSIDIARIES

    UNAUDITED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
     
      For the Six Months Ended June 30,
      2023 2022
    Revenues $46,304,236  $804,182 
    Cost of revenue  46,228,625   544,622 
    Gross profit  75,611   259,560 
             
    Operating expenses:        
    Selling  3,922   143,899 
    General and administrative  2,865,496   1,069,647 
    Research and development  1,273,215   1,441,273 
    Total operating expenses  4,142,633   2,654,819 
             
    Loss from operations  (4,067,022)  (2,395,259)
             
    Other income (expense)        
    Interest income  5   200 
    Interest expense  (291,703)  (17,356)
    Other finance expenses  (11,099)  (6,121)
    Other income, net  6,386   5,723 
    Total other expense, net  (296,411)  (17,554)
             
    Loss before income taxes  (4,363,433)  (2,412,813)
    Provision for income taxes  116   45,289 
    Loss from Continuing Operations  (4,363,549)  (2,458,102)
             
    Discontinued Operations        
    Income (loss) from discontinued operations  4,894   (3,707,361)
    Less: Net income (loss) attributable to non-controlling interests  9,080   (922,670)
    Net Loss attributable to Blue Hat Interactive Entertainment Technology  (4,367,735)  (5,242,793)
             
    Other comprehensive loss        
    Net loss from continued operations  (4,363,552)  (2,458,102)
    Foreign currency translation adjustment - continued operations  (372,369)  (1,019,403)
    Comprehensive loss - continued operations $(4,735,921) $(3,477,505)
             
    Net income (loss) from discontinued operations  4,894   (3,707,361)
    Foreign currency translation adjustment - discontinued operations  (152,116)  51,435 
    Comprehensive loss - discontinued operations  (147,222)  (3,655,926)
    Comprehensive Income (Loss)  (4,883,143)  (7,133,431)
    Less: Comprehensive income (loss) attributable to non-controlling interests  9,080   (922,670)
    Comprehensive income attributable to Blue Hat Interactive Entertainment shareholders  (4,892,223)  (6,210,761)
             
    Weighted average number of ordinary shares        
    Basic  12,052,427   6,021,612 
    Diluted  13,333,094   6,947,050 
             
    losses per share        
    Basic loss per share from continued operation $(0.36) $(0.41)
    Basic loss per share from discontinued operation  —  $(0.46)
    Diluted losses per share        
    Diluted loss per share from continued operation $(0.33) $(0.35)
    Diluted loss per share from discontinued operation  —  $(0.40)



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