Company: JWEL
Filing Date: 2025-05-09
Form Type: 20-F
Source: 0001213900-25-041556
Chunk: 160

Company: Jowell Global Ltd.
Filing Date: 2025-05-09
Form: 20-F
Item: Item 19
Chunk 160
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 rate were not changed. As of December 31, 2023, the outstanding balance was RMB3,000,000(equivalent of
$423,567). In July 2024, Shanghai Juhao repaid this loan upon maturity.

Note 11 - Accrued expenses and other current liabilities

Accrued expenses and other current liabilities
consisted of the following:

                                      December 31,                   December 31,               
  Customer security deposits (a)      $                 138,150      $                 166,914  
  Payroll payable                                       696,594                        542,372  
  Other payables                                        132,661                         72,762  
  Total                               $                 967,405      $                 782,048  

  The majority of customer security deposits are from distributors who                                                                         

Note 12 - Equity

Common Stock

Jowell Global is established under the laws of
the Cayman Islands on August 16, 2019 with450,000,000authorized Ordinary Shares and50,000,000authorized Preferred Shares. The Company
initially had a total of60,000,000of its Ordinary Shares issued and outstanding. On October 21, 2020, the Company issued3,448,274Ordinary
Shares to three investors in a private placement transaction for aggregated proceeds of $10,000,000. On November 6, 2020, the Company
effected a reverse stock split of its Ordinary Shares at a ratio of 1-for-3 pursuant to which all existing shareholders of record on that
date surrendered an aggregate of42,298,849Ordinary Shares, or66.67% of the then outstanding Ordinary Shares to the Company for no consideration.
The shares surrendered were subsequently cancelled (“ Reverse Split”). The Company believes it is appropriate to reflect the
reverse split of its Ordinary Shares on a retroactive basis pursuant to ASC 260. All shares and per share data for all the periods presented
have been retroactively restated.

F-22

Initial Public Offering

On March 19, 2021, the Company closed its initial
public offering (“ IPO”) of3,714,286ordinary shares, par value $0.0001per share, priced at $7.00 per share. On March
23, 2021, the underwriter exercised its over-allotment option to purchase an additional557,143ordinary shares at a price of $7.00per