Company: LICN
Filing Date: 2025-04-29
Form Type: 20-F
Source: 0001213900-25-036244
Chunk: 101

Company: Lichen International Ltd
Filing Date: 2025-04-29
Form: 20-F
Item: Item 19
Chunk 101
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 procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the
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 financial statements. We believe that our audits provided a reasonable basis for
our opinion.

/s/ TPS Thayer, LLC

We have served as the Company’s auditor
since 2022

Sugar Land, Texas

May 1, 2023

F-3

LICHEN INTERNATIONAL
LIMITED

CONSOLIDATED BALANCE
SHEETS

AS OF DECEMBER 31, 2024 AND 2023

(All amounts in thousands
of USD, except for share and per share data, unless otherwise noted)

                                                                                                                                                    2024                   2023               
 ──────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Assets                                                                                                                                                                                      
  Current assets:                                                                                                                                                                             
  Cash                                                                                                                                              $          26,712      $          25,856  
  Accounts receivable and contract assets                                                                                                                       4,263                  4,463  
  Inventories                                                                                                                                                      67                     87  
  Prepayments, deposits, and other current assets                                                                                                               2,968                  9,725  
  Total current assets                                                                                                                                         34,010                 40,131  
  Long-term investment                                                                                                                                            145                      -  
  Property and equipment, net                                                                                                                                  13,693                 14,626  
  Intangible assets, net                                                                                                                                       11,052                  6,028  
  Right-of-use assets                                                                                                                                              61                    129  
  Goodwill                                                                                                                                                      4,454                      -  
  Other assets                                                                                                                                                 16,425                  4,631  
  Total assets                                                                                                                                      $          79,840      $          65,545  
  Liabilities And Shareholders’ Equity                                                                                                                                                        
  Current liabilities:                                                                                                                                                                        
  Accounts payable                                                                                                                                  $              55      $              61  
  Accrued expenses and other current liabilities                                                                                                                1,627                  1,312  
  Contract liabilities                                                                                                                                            696                  1,034  
  Taxes payable                                                                                                                                                   970                  1,589  
  Due to the related parties                                                                                                                                      866                      -  
  Lease liabilities                                                                                                                                                56                     95  
  Total current liabilities                                                                                                                                     4,270