XIAMEN, China, April 30, 2024 (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 audited financial results for the fiscal year ended December 31, 2023 ("Fiscal Year 2023"), reflecting a remarkable surge in the revenue. Fiscal Year 2023 Financial Highlights Blue Hat achieved a revenue of $73.68 million in 2023, increasing 33 times than the previous year. This extraordinary achievement is credited to the company's robust expansion of its commodity trading business, particularly in the realms of jewelry and gold trading, since the fourth quarter of 2022. However, despite the substantial revenue growth, the company incurred a net loss of $21.72 million for the Fiscal Year 2023. The primary reasons for the loss include bad debts and asset impairment resulting from divested businesses. Notably, the Company's new business line, commodity trading, contributed a profit of nearly $1.2 million to the company for the Fiscal Year 2023. Management Commentary Mr. Chen Xiaodong, CEO of Blue Hat, stated at the Company's annual summary meeting: "Our achievements in 2023 represent not only a breakthrough in financial data, but also a resounding affirmation of Blue Hat's business strategy transition. In 2024, we will continue leveraging on the technology and experience we have accumulated in past few years. We will deepen our commodity trading in jewelry, especially the diamond and gold trading, and meanwhile expanding online gold derivatives trading, which aim to deliver excellent performance and reward our investors. Furthermore, we are committed to embracing the era of artificial intelligence and inspired to set a new benchmark as a 'smart' gold trader." Fiscal Year 2023 Financial Results Please refer to Blue Hat's annual report on Form 20-F for the fiscal year ended December 31, 2023 filed with the Securities and Exchange Commission on April 30, 2024 for a detailed analysis of Blue Hat's financial results. 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 TechnologyPhone: +86 (592) 228-0010Email:   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     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