Company: LICN
Filing Date: 2025-04-29
Form Type: 20-F
Source: 0001213900-25-036244
Chunk: 24

Company: Lichen International Ltd
Filing Date: 2025-04-29
Form: 20-F
Item: Item 4A
Chunk 24
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 31, 2024, from approximately
$3.12 million for the year ended December 31, 2023. Such increase was primarily due to the strengthened multi-channel promotion and collaboration
with well-known influencers of the company. As a percentage of revenue, selling and marketing expenses increased to 30.21% for the year
ended December 31, 2024, from 7.86% for the year ended December 31, 2023.

General and administrative expenses

Our general and administrative
expenses consist primarily of compensation for management, social security payment, depreciation of property and equipment and amortization
of intangible assets, share-based compensation and service expense related to acquisition. Our general and administrative expenses increased
by $8.76 million, or 98.01%, to approximately $17.70 million for the year ended December 31, 2024, from approximately $8.94 million for
the year ended December 31, 2023. As a percentage of revenue, general and administrative expenses increased to 42.66% for the year ended
December 31, 2023, from 22.48% for the year ended December 31, 2023.

(Loss) Income from operations

As a result of the foregoing,
we incurred loss from operations of approximately $4.55 million for year ended December 31, 2024 while we recorded income from operations
of approximately $12.26 million for the year ended December 31, 2023.

Total other income (expense)

We had approximately $0.38
million in total other income for the year ended December 31, 2024, as compared to approximately $0.67 million in total other expense
for the year ended December 31, 2023. Total other income (expenses) for the year ended December 31, 2024 consisted of other income, net,
in the amount of approximately $0.22 million and interest income in the amount of approximately $0.16 million. Total other income (expenses)
for the year ended December 31, 2023 consisted of other expense, net, in the amount of approximately $0.71 million and interest income
in the amount of approximately $0.04 million.

Provision for income tax

We recorded income tax expenses
of approximately $1.95 million for the year ended December 31, 2024, as compared to approximately $3.25 million for the year ended December