Company: JWEL
Filing Date: 2025-05-09
Form Type: 20-F
Source: 0001213900-25-041556
Chunk: 158

Company: Jowell Global Ltd.
Filing Date: 2025-05-09
Form: 20-F
Item: Item 19
Chunk 158
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54                              948  
  Subtotal                                              1,026,534                          688,048  
  Construction in progress                                      -                          403,006  
  Less: accumulated depreciation                        ( 740,205                        ( 409,112  
  Property and equipment, net         $                   286,329      $                   681,942  

Depreciation
expense was $ 409,841 275,011 109,900

Note 8 - Intangible assets, net

Intangible assets, net consisted of the following:

                                      December 31,                     December 31,                 
  Software                            $                 1,181,561      $                 1,192,788  
  Less: accumulated amortization                        ( 669,821                        ( 558,133  
  Intangible assets, net              $                   511,740      $                   634,655  

Amortization expense was $121,017, $204,070and
$253,748for the years ended December 31, 2024, 2023 and 2022, respectively.

The estimated amortization expenses for each of
the five succeeding years is as follows:

  Year ending December 31,      Amortization  
                                     expense  
 ──────────────────────────────────────────────
                      2025            75,259  
                      2026            75,260  
                      2027            74,952  
                      2028            71,566  
                      2029            71,566  
                Thereafter           143,137  
                     Total          $511,740  

F-21

Note 9 - Long-term investment

On July 27, 2021, Shanghai Juhao, a variable interest
entity of Jowell Global entered into a Capital Increase Agreement (the “ Agreement”) with Suzhou Industrial Park Hongrun Rural
Small Amount Loan Co., Ltd. (“ Hongrun”) and its then existing shareholders. Pursuant to the Agreement, Shanghai Juhao contributed
RMB30million (approximately $4.6million) to Hongrun (the “ Investment”) for18.96% equity interest of Hongrun. After the
investment, Hongrun had 9 shareholders, including Jiangsu Longrich Group Co., Ltd., the largest shareholder with29.17% equity interest
of Hongrun, is also a related party of the Company. Other 7 shareholders are unrelated parties accounting for51.87% equity interest in