Company: JWEL
Filing Date: 2025-05-09
Form Type: 20-F
Source: 0001213900-25-041556
Chunk: 130

Company: Jowell Global Ltd.
Filing Date: 2025-05-09
Form: 20-F
Item: Item 19
Chunk 130
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 statements, during the financial year ended December 31, 2024, the Company incurred a net loss of $8,002,644, and as of
December 31, 2024, its accumulated deficit was $34,003,726. These events or conditions indicate that a material uncertainty exists that
may cast significant doubt on the Company’s ability to continue as a going concern.

Management’s plans
in regard to these matters are also described in Note 3 to the consolidated financial statements. The consolidated financial statements
do not include any adjustments that might result from the outcome of this uncertainty. Our opinion is not modified with respect to this
matter.

Basis for Opinion

These consolidated financial statements are the
responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s consolidated financial
statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United
States) (“ PCAOB”) and are required to be independent with respect to the Company in accordance with the U. S. federal securities
laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

F-2

We conducted our audits in accordance with the
standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated
financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we
engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding
of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s
internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess
the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures
that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the
consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by
management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audit provides
a reasonable basis for our opinion.

Emphasis of Matters

Restatement adjustments for changes in share consolidation

The consolidated financial statements of the Company
as of December 31, 2022 were audited by other