Company: JWEL
Filing Date: 2025-05-09
Form Type: 20-F
Source: 0001213900-25-041556
Chunk: 74

Company: Jowell Global Ltd.
Filing Date: 2025-05-09
Form: 20-F
Item: Item 4A
Chunk 74
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9% of our total revenue in 2024 and 2023,
respectively. The decrease was primarily due to the decreased marketing and promotional activities as a result of our efforts to
reduce expenses.

General and Administrative Expenses

Compared to 2023, our general and
administrative expenses decreased by $653 thousand, or 19.4%, in 2024. The decrease was primarily due to a $325 thousand decrease in
share-based compensation of services provided by employees and a $263 thousand decrease in allowance for credit losses.

Loss from Operations

  For the Year Ended December 31,                                                                                 
  2024                                                                          2023                              
  Amount                                                 % of                   Amount                   % of     
                                                         revenue                                         revenue  
  (in thousands, except for percentage)                                                                           
 ──────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Loss from Operations $                     (8,090                   (6.1      $           (10,891               

Loss from operations in 2024 was
approximately $8.0 million compared to loss from operations of about $10.9 million in 2023. The decrease in loss from operations is
mainly due to our efforts to reduce expenses including a decrease in marketing expenses and in general and administrative
expenses, which has decreased our loss from operation.

Loss Before Income Taxes

Loss before income taxes is about $8.0 million
in 2024 as compared to loss before income taxes of about $11.4 million in 2023. The decrease in loss before income taxes is primarily
due to the decrease in loss from operations and investment loss and the increase in other income.

Income Taxes Expense

Our income taxes expense was approximately $28
thousand in 2024 as compared to income taxes expense of about $135 thousand in 2023.

Net Loss

As a result of the foregoing, we had a net loss of $8.0 million in
2024, compared to a net loss of $11.5 million in 2023.

Other Comprehensive Loss

Foreign currency translation adjustments amounted
to a loss of $0.32 million for 2024 when compared to $0.9 million in 2023, respectively. The balance sheet amounts with the exception
of equity as of December 31, 2024 were translated at RMB 1.00 to US$0.1391 as compared to the average translation rates applied to the
income statements accounts for 2024 at R