Company: JWEL
Filing Date: 2025-05-09
Form Type: 20-F
Source: 0001213900-25-041556
Chunk: 166

Company: Jowell Global Ltd.
Filing Date: 2025-05-09
Form: 20-F
Item: Item 19
Chunk 166
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 due upon demand.

Related party lease:

As of December 31, 2024, the Company had five
leases from its related party, subsidiaries of Longrich Group, which are controlled by a major shareholder of the Company. The Company
is obligated to pay a quarter base rent under these lease agreements. See Note 14 for further discussion.

Related party purchases:

The Company periodically purchases merchandise
from Longrich Group and its subsidiaries during the ordinary course of business. The purchases made from Longrich Group were $37,414,302,
$34,258,761and $44,886,549for the years ended December 31, 2024, 2023 and 2022, respectively. As of December 31, 2024 and 2023, the
Company had accounts payable of $70,258and $194,818related to these purchases.

Related party sales:

The Company made sales to related parties controlled
by a major shareholder of the Company, in the amount of $17,860, $6,853and $160,055for the years ended December 31, 2024, 2023 and 2022,
respectively. As of December 31, 2024 and 2023, the Company had accounts receivable of niland $47,040related to these sales.

Note 14 - Leases

Leases from related parties

In April 2021, the Company entered into a one-year
operating lease agreement with a subsidiary of Longrich Group to rent a space with136square meters to open Jowell Best Choice Store
at Longrich Industrial District. The lease term is from May 1, 2021 to April 30, 2022. The Company renewed and extended this
lease with new maturity date on December 31, 2025. The rental payments related to this lease were $13,817and $11,637for the years ended
December 31, 2024 and 2023, respectively.

In April, 2021, the Company entered into a one-year
operating lease agreement with a subsidiary of Longrich Group to rent a space with1,146square meters for live stream base at Longrich
Industrial District. The lease term is from May 1, 2021 to April 30, 2022. The Company renewed and extended this lease with
new maturity date on February 2, 2024. The rental payments related to this lease were $64,145