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XIAMEN, China, Aug. 14, 2020 /PRNewswire/ -- Blue Hat Interactive Entertainment Technology ("Blue Hat" or the "Company") (NASDAQ: BHAT), a producer, developer and operator of augmented reality ("AR") interactive entertainment games, toys and educational materials in China, today announced its unaudited financial results for the six months ended June 30, 2020. First Half Year of 2020 Financial Highlights Total revenues decreased by 34.9% for the six months ended June 30, 2020 to US$4.9 million. Gross profit decreased by 30.8% for the six months ended June 30, 2020 to US$3.7 million. Income from operations decreased by 50.8% for the six months ended June 30, 2020 to US$1.6 million. Net income decreased by 58.8% for the six months ended June 30, 2020 to US$1.3 million. "The outbreak of COVID-19 since the beginning of 2020 has adversely impacted the global economy and our financial performance in the first half year was negatively affected as a result of the suspension of the entire industry. With daily life inChinagradually returning to normal since April, our businessrelated to education industry ramped upduring the period," said Mr.Xiaodong Chen, Chief Executive Officer of Blue Hat,"I'm pleased that our thriving smart education business linemade asignificant addition to our portfolio.'AR Immersive Classes' ('ARIC'), integrated with physical exercises in terms of AR-based educational content and products, targets children between three and six years old.Interactive education combines teaching with entertainment, inspiring kids with imagination and critical thinking. We build Direct-to-Consumer social content marketing channels via short videos and live streaming to increase our brand awareness, and broaden our market reach. Looking forward, we intend to continue to explore both in-house development and strategic investment opportunities to strengthen our pipeline of toy and game content and maximize shareholder value." Recent Developments Blue Hat announced in January 2020 that its AR child abuse prevention course would be introducedin 25 preschools in Tong'an District, Xiamen City as a compulsory part of the curriculum for children before they graduate from kindergarten. In February 2020, Blue Hat announcedanew suite of smart educational products"AR Immersive Classes" ("ARIC"), which includes "Smart Screen Immersive Education Classes", "Smart Immersive Cognitive Education Classes"and "Smart Immersive Physical Education Classes.", and upgrades System for Evaluating Developmental Progress of Preschool Students in China. InMarch 2020, Blue Hat's "Interactive System Based on Light Intensity Recognition" received U.S.patent with the number US 10,512,836 B2 from the United States Patent and Trademark Office. In May 2020, Blue Hat announced that it has signed a three-year partnership with smart education service provider, Sutesen Information Technology Ltd., to expand Blue Hat's Smart Immersive Education Classes, or ARIC, in Guangxi province, China. The partnership aims to commercially launch ARIC in up to 1,000 Guangxi preschools in three years. In June 2020, Blue Hat announced that it has partnered withXiamen Xing Meng Wei Lai Culture Media Co. LTD, a leading Chinese multi-channel network and internet content development agency, to build Direct-to-Consumer social content marketing channels via short videos and live streaming. In July 2020, Blue Hat entered into a Securities Purchase Agreement with two accredited institutional investors to sell senior secured convertible notes of the Company in a private placement to the investors, in the aggregate principal amount of $3,262,000, together with the issuance of warrants to acquire up to 784,000 ordinary shares of the Company for an aggregate cash purchase price of $2,800,000 (reflecting an original issue discount of $462,000). First Half 2020 Results Total revenueswere $4.9million for the six months ended June 30, 2020, a decrease of $2.6million, or 34.9%, from $7.5 million for the same period ended June 30, 2019. The overall decrease was primarily attributed to the fewersales of interactive toys (game series) during the period, partially offset by revenue from ARIC, which was launched to the market this year. Gross profitwas $3.7million forthe six months ended June 30, 2020, a decline of $1.6million, or 30.8%, from $5.3million for the same period ended June 30, 2019. Gross profit margin was 75.2%for the six months ended June 30, 2020, compared to 70.8%for the same period of 2019.Research and development expenses of mobile games recorded in Cost of Sales are fully amortized this February, consequently, gross profit ratio increased by 4.4%. Operating expenseswere $2,032,696 for the six months ended June 30, 2020, an increase of $47,752,or 2.4%, from $1,984,944 for the same period ended June 30, 2019. This increase was mainly due to the increase of general and administrative expenses amounted to $221,638, offset by the decrease of selling expense of around $119,705. Fixed cost increased during the first half of 2020 mainly due to the amortization of newly incurred rental cost and software patents. Legal expenses accounted for an obvious growth of general and administrative expenses in connection with our recent financing. Income from operationswas $1.6million for the six months ended June 30, 2020, a decrease of $1.7 million,or 50.8%, from $3.3million for the same period ended June 30, 2019. Net income attributable to ordinary shareholderswas $1.3million for the six months ended June 30, 2020, compared with $3.1million for the same period ended June 30, 2019.or$0.04and $0.09 per basic and diluted share respectively. Cash and Cash Equivalents As of June 30, 2020, BHAT maintained strong cash resources ofcash and cash equivalents totaling $11.4million, compared with $10.5 millionby the ended of December 31, 2019. About Blue Hat Blue Hat Interactive Entertainment Technology is a producer, developer and operator of AR interactive entertainment games and toys in China, including interactive educational materials, mobile games, and toys with mobile game features. The Company's interactive entertainment platform creates unique user experiences by connecting physical items to mobile devices, which creates a rich visual and interactive environment for users through the integration of real objects and virtual scenery. Distinguished by its own proprietary technology, Blue Hat aims to create an engaging, interactive and immersive community for its users. 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 the forward-looking statements. Contacts: Lexie ZhangBlue Hat Interactive Entertainment TechnologyPhone: +86 (592) 228-0010Email:[emailprotected] BLUE HAT INTERACTIVE ENTERTAINMENT TECHNOLOGY AND SUBSIDIARIES UNAUDITED CONSOLIDATED BALANCE SHEETS June 30, December 31, ASSETS 2020 2019 CURRENT ASSETS Cash and cash equivalents US$ 11,372,626 US$ 10,478,587 Accounts receivable, net 14,420,292 13,631,359 Other receivables, net 12,972,825 13,182,529 Prepayments, net 277,376 299,577 Inventories 249,563 125,264 Restricted cash - 5,000,000 Total current assets 39,292,682 42,717,316 PROPERTY AND EQUIPMENT, NET 4,417,195 2,324,823 OTHER ASSETS Prepayments 4,660,489 4,425,849 Operating lease, right-of-use asset 501,136 679,850 Intangible assets, net 6,423,487 6,758,316 Long-term investments 1,702,098 1,727,301 Deferred tax assets 188,872 182,234 Total other assets 13,476,082 13,773,550 Total assets US$ 57,185,959 US$ 58,815,689 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Short-term loans - banks 1,963,415 5,819,787 Current maturities of long-term loans - third party 51,915 77,493 Accounts payable 1,420,706 293,985 Other payables and accrued liabilities 3,278,340 3,628,809 Other payables - related party 252,989 21,341 Operating lease liabilities-current 264,903 313,460 Customer deposits 3,573 - Taxes payable 4,264,275 3,525,153 Total current liabilities 11,500,116 13,680,028 OTHER LIABILITIES Operating lease liability 255,190 372,051 Long-term loans - third party - 13,328 Total other liabilities 255,190 385,379 Total liabilities 11,755,306 14,065,407 COMMITMENTS AND CONTINGENCIES Total shareholders' equity Ordinary shares, US$0.001 par value, 50,000,000 shares authorized, 35,141,114 shares issued and outstanding as of June 30, 2020, 35,141,114 sharesissued and outstanding as of December 31, 2019 35,141 35,141 Additional paid-in capital 20,771,849 20,771,849 Statutory reserves 1,289,765 1,289,765 Retained earnings 25,391,957 24,132,194 Accumulated other comprehensive income (loss) (2,058,059) (1,478,667) Total shareholders' equity 45,430,653 44,750,282 Total liabilities and shareholders' equity US$ 57,185,959 US$ 58,815,689 BLUE HAT INTERACTIVE ENTERTAINMENT TECHNOLOGY AND SUBSIDIARIES UNAUDITED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Three Months ended June 30, 2020 2019 REVENUES US$ 2,611,204 US$ 3,176,566 Interactive toys - animation series (148) 11,248 Interactive toys - game series 2,046,625 2,251,849 Mobile games 564,727 913,469 COST OF REVENUES (634,473) (953,732) GROSS PROFIT 1,976,731 2,222,834 OPERATING EXPENSES Selling (117,549) (207,263) General and administrative (1,057,108) (650,605) Research and development (69,128) (96,148) Total operating expenses (1,243,785) (954,016) INCOME FROM OPERATIONS 732,946 1,268,818 OTHER INCOME (EXPENSE) Interest income 107,507 32 Interest expense (51,053) (18,759) Other finance expenses 47,581 (724) Other (expense) income, net 2,328 (105,621) Total other income, net 106,363 (125,072) INCOME BEFORE INCOME TAXES 839,309 1,143,746 PROVISION FOR INCOME TAXES (338,919) (55,447) NET INCOME 500,390 1,088,299 OTHER COMPREHENSIVE INCOME (LOSS) Foreign currency translation adjustment 25,968 31,760 COMPREHENSIVE INCOME US$ 526,358 US$ 1,120,059 WEIGHTED AVERAGE NUMBER OF ORDINARY SHARES Basic and diluted 35,141,114 33,000,000 EARNINGS PER SHARE Basic and diluted US$ 0.01 US$ 0.03 BLUE HAT INTERACTIVE ENTERTAINMENT TECHNOLOGY AND SUBSIDIARIES UNAUDITED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Six Months ended June 30, 2020 2019 REVENUES US$ 4,854,862 US$ 7,453,379 Interactive toys - animation series 54 89,391 Interactive toys - game series 3,701,861 6,116,883 Mobile games 1,152,947 1,247,105 COST OF REVENUES (1,203,962) (2,176,756) GROSS PROFIT 3,650,900 5,276,623 OPERATING EXPENSES Selling (290,699) (410,404) General and administrative (1,596,818) (1,375,180) Research and development (145,179) (199,360) Total operating expenses (2,032,696) (1,984,944) INCOME FROM OPERATIONS 1,618,204 3,291,679 OTHER INCOME (EXPENSE) Interest income 107,884 502 Interest expense (123,660) (65,507) Other finance expenses (10,168) (1,881) Other (expense) income, net 20,862 (3,230) Total other income, net (5,082) (70,116) INCOME BEFORE INCOME TAXES 1,613,122 3,221,563 PROVISION FOR INCOME TAXES (353,359) (161,346) NET INCOME 1,259,763 3,060,217 OTHER COMPREHENSIVE INCOME (LOSS) Foreign currency translation adjustment (579,392) 12,269 COMPREHENSIVE INCOME US$ 680,371 US$ 3,072,486 WEIGHTED AVERAGE NUMBER OF ORDINARY SHARES Basic and diluted 35,141,114 33,000,000 EARNINGS PER SHARE Basic and diluted US$ 0.04 US$ 0.09 SOURCE Blue Hat Interactive Entertainment Technology Related Links www.bluehatgroup.net

Answer: Blue Hat Interactive Entertainment Technology Announces First Half Year of 2020 Unaudited Financial Results