Company: LICN
Filing Date: 2025-04-29
Form Type: 20-F
Source: 0001213900-25-036244
Chunk: 125

Company: Lichen International Ltd
Filing Date: 2025-04-29
Form: 20-F
Item: Item 19
Chunk 125
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                    119  
  Office improvements                                             1840                  1,868  
  Subtotal                                                      18,654                 18,896  
  Less: accumulated depreciation                               ( 4,961                ( 4,270  
  Property and equipment, net         $                         13,693      $          14,626  

Depreciation expenses
recognized in general and administrative expenses for the years ended December 31, 2024, 2023 and 2022 amounted to approximately
$0.69million, $0.68million and $0.65million, respectively.

The Company has no pledged
property and equipment as of December 31, 2024 and 2023.

The Company did not recognize
any impairment loss on property and equipment for the years ended December 31, 2024, 2023 and 2022.

7. Intangible assets

The Company’s intangible
assets with definite useful lives primarily consisted of licensed software and customer relationship, which are for sales or support the
Company’s business and operation. The following table summarizes the components of acquired intangible asset balances.

                                      2024                                   2023               
 ────────────────────────────────────────────────────────────────────────────────────────────────
                                      In thousands of USD                                       
  Software                            $                          18,903      $          15,345  
  Customer relationship                                           3,529                      -  
  Less: accumulated amortization                               ( 11,380                ( 9,317  
  Intangible assets, net              $                          11,052      $           6,028  

Amortization expense
recognized in cost of revenues for the years ended December 31, 2024, 2023 and 2022 amounted to approximately $1.55million, $2.13million and $1.94million, respectively. Amortization expense recognized in general and administrative expenses for the years ended December
31, 2024, 2023 and 2022 amounted to approximately $0.51million, $0.02million and $0.02million, respectively. The weighted average amortization
period for licensed software is approximately4.83years,5.01years and5.26years as of December 31, 2024, 2023 and 2022, respectively.

The Company has no pledged
intangible assets as of December 31, 2024 and 2023.

The Company did not recognize