Company: JWEL
Filing Date: 2025-05-09
Form Type: 20-F
Source: 0001213900-25-041556
Chunk: 149

Company: Jowell Global Ltd.
Filing Date: 2025-05-09
Form: 20-F
Item: Item 19
Chunk 149
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 by the Company on acquiring its inventories or receiving services from suppliers. The Company recorded a VAT
payable or recoverable net of payments in the accompanying consolidated financial statements. All of the VAT returns filed by the Company’s
subsidiaries and VIE in China, have been and remain subject to examination by the tax authorities for five years from the date of filing.

Comprehensive income (loss)

Comprehensive income (loss) consists of two components,
net loss and other comprehensive income (loss). Other comprehensive income consists of foreign currency translation adjustment from the
Company not using the U. S. dollar as its functional currency.

Loss per share

The Company computes earnings (loss) per share
(“ EPS”) in accordance with ASC 260, “ Earnings per Share” (“ ASC 260”). ASC 260 requires companies with
complex capital structures to present basic and diluted EPS. Basic EPS is measured as net income divided by the weighted average common
shares outstanding for the period. Diluted presents the dilutive effect on a per share basis of potential common shares (e. g., convertible
securities, options and warrants) as if they had been converted at the beginning of the periods presented, or issuance date, if later.
Potential common shares that have an anti-dilutive effect (i. e., those that increase income per share or decrease loss per share) are
excluded from the calculation of diluted EPS. For the years ended December 31, 2024, 2023 and 2022, the Company had no potential common
shares outstanding that could potentially dilute EPS in the future.

Statement of cash flows

In accordance with ASC 230, “ Statement of
Cash Flows,” cash flows from the Company’s operations are formulated based upon the local currencies, and then translated
at average translation rates for the periods. As a result, amounts related to assets and liabilities reported on the statements of
cash flows will not necessarily agree with changes in the corresponding balances on the balance sheets.

Concentrations

For the year ended December 31, 2024, one customer
accounted for approximately8.3% of the Company’s total sales. For the year ended December 31, 2023, one customer accounted for
approximately11.4% of the Company’s total sales. For the year ended December 31, 2022, one customer accounted for approximately15.9% of the Company’s total sales.

For the year ended December 31, 2024