Company: JWEL
Filing Date: 2025-05-09
Form Type: 20-F
Source: 0001213900-25-041556
Chunk: 138

Company: Jowell Global Ltd.
Filing Date: 2025-05-09
Form: 20-F
Item: Item 19
Chunk 138
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───────────────────────────────────────────────────────────────────────────────────────────────────
  Revenue                 $                                     132,090,026      $          160,009,293      $         209,981,306  
  Operating expenses      $                                     139,298,705      $          170,094,956      $         218,805,217  
  Net loss                $                                     ( 7,120,033      $         ( 10,689,357      $         ( 8,338,701  

F-10

                                                           For the years ended December 31,                                                                         
                                                           2024                                                 2023                        2022                    
 ────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Net cash provided by (used in) operating activities      $                                     1,163,125      $         ( 12,776,353      $         ( 11,849,660  
  Net cash used in investing activities                    $                                     ( 123,961      $             ( 42,383      $          ( 1,426,388  
  Net cash provided by (used in) financing activities      $                                     ( 542,349      $              928,259      $            9,635,309  
  Net increase (decrease) in cash                          $                                       902,910      $         ( 12,127,610      $          ( 4,848,767  

Risks associated with the VIE structure

A significant part of the
Company’s business is conducted through the VIEs, of which the Company is the ultimate primary beneficiary. The Company has been
advised by its PRC legal counsel, that its contractual arrangements with its consolidated VIEs as described in the Company’s annual
report are valid, binding and enforceable under the current laws and regulations of China. However, there are substantial uncertainties
regarding the interpretation and application of PRC laws and regulations including those that govern the contractual arrangements, which
could limit the Company’s ability to enforce these contractual arrangements and if the nominee shareholders of the VIEs were to
reduce their interests in the Company, their interest may diverge from that of the Company and that may potentially increase the risk
that they would seek to act contrary to the contractual arrangements.

The enforceability, and
therefore the benefits, of the contractual agreements between the Company and the VIEs depend on these