Company: JWEL
Filing Date: 2025-05-09
Form Type: 20-F
Source: 0001213900-25-041556
Chunk: 154

Company: Jowell Global Ltd.
Filing Date: 2025-05-09
Form: 20-F
Item: Item 19
Chunk 154
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 face of the income
statement in continuing operations into the purchases of inventory, employee compensation, depreciation, amortization, and
depletion. This ASU is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods
beginning after December 15, 2027. Early adoption is permitted. The amendments in this Update should be applied either (1)
prospectively to financial statements issued for reporting periods after the effective date of this Update or (2) retrospectively to
any or all prior periods presented in the financial statements. The Board are currently evaluating the impact the adoption of ASU
2024-03 will have on its consolidated financial statements and related disclosures.

F-18

In January 2025, the FASB issued ASU 2025-01 Income
Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40). The Board issued Update 2024-03
on November 4, 2024. Update 2024-03 states that the amendments are effective for public business entities for annual reporting periods
beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Following the issuance of Update 2024-03,
the Board was asked to clarify the initial effective date for entities that do not have an annual reporting period that ends on December
31 (referred to as non-calendar year-end entities). Because of how the effective date guidance was written, a non-calendar year-end entity
may have concluded that it would be required to initially adopt the disclosure requirements in Update 2024-03 in an interim reporting
period, rather than in an annual reporting period. The Board’s intent in the basis for conclusions of Update 2024-03 is clear that
all public business entities should initially adopt the disclosure requirements in the first annual reporting period beginning after December
15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027. However, the Board acknowledges
that there was ambiguity between the intent in the basis for conclusions in Update 2024-03 and the transition guidance that was included
in the Codification when Update 2024-03 was issued.

The Company has evaluated pronouncements recently
issued but not yet adopted. The adoption of these pronouncements is not expected to have a material impact on the Company’s consolidated
financial statements.

Note 3 - Liquidity

For the year