Company: LICN
Filing Date: 2025-04-29
Form Type: 20-F
Source: 0001213900-25-036244
Chunk: 123

Company: Lichen International Ltd
Filing Date: 2025-04-29
Form: 20-F
Item: Item 19
Chunk 123
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 requirements. Also, the amendments align the requirements
in the codification with the SEC’s regulations. For entities subject to existing SEC disclosure requirements or those that must
provide financial statements to the SEC for securities purposes without contractual transfer restrictions, the effective date aligns with
the date when the SEC removes the related disclosure from Regulation S-X or Regulation S-K. Early adoption is not allowed. For all other
entities, the amendments will be effective two years later from the date of the SEC’s removal.

Except for the above-mentioned pronouncements,
there are no new recent issued accounting standards that will have a material impact on the consolidated financial position, statements
of operations and cash flows.

F-19

3. Cash

Cash consist of cash on hand, cash in banks, which
are unrestricted as to withdrawal or use, and have insignificant risk of changes in value. Cash is denominated in the following currencies:

             2024                                 2023              
 ────────────────────────────────────────────────────────────────────
             In thousands of USD                                    
  RMB        $                        21,731      $         22,125  
  HKD                                    263                     2  
  USD                                  4,718                 3,729  
  Total      $                        26,712      $         25,856  

4. Accounts receivable and contract assets

Accounts receivables and contract assets consisted of the following
as of December 31, 2024 and 2023:

                            2024                                2023             
 ─────────────────────────────────────────────────────────────────────────────────
                            In thousands of USD                                  
  Accounts receivables      $                        3,553      $         3,659  
  Contract assets                                      710                  804  
  Total                     $                        4,263      $         4,463  

There was noallowance for credit losses recognized
as of December 31, 2024 and 2023, respectively. The accounts receivable amounted to $4,262,846was fully collected till report date.

5. Prepayments, deposits, and other current assets

Prepaid expenses and other current assets
consisted of the following as of December 31, 2024 and 2023:

                                          2024                                2023             
 ───────────────────────────────────────────────────────────────────────────────────────────────
                                          In thousands of USD                                  
  Deposits to software developer          $                        -          $