Company: LICN
Filing Date: 2025-04-29
Form Type: 20-F
Source: 0001213900-25-036244
Chunk: 86

Company: Lichen International Ltd
Filing Date: 2025-04-29
Form: 20-F
Item: Item 15
Chunk 86
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 statements or comply with applicable regulations could be impaired.”

Pursuant to the JOBS Act,
we qualify as an “emerging growth company as we recorded revenues less than US$1.235 billion in our most recent fiscal year, which
allows us to take advantage of specified reduced reporting and other requirements that are otherwise applicable generally to public companies.
These provisions include exemption from the auditor attestation requirement under Section 404 of the Sarbanes-Oxley Act, in the assessment
of the emerging growth company’s internal control over financial reporting.

Neither we nor our independent
registered public accounting firm undertook a comprehensive assessment of our internal control under the Sarbanes-Oxley Act for purposes
of identifying and reporting any weakness in our internal control over financial reporting, which, however, will be required once we become
a public company and after we cease to be an “emerging growth company” as such term is defined in the JOBS Act. Had we performed
a formal assessment of our internal control over financial reporting or had our independent registered public accounting firm performed
an audit of our internal control over financial reporting, additional control deficiencies may have been identified.

(b) Management’s annual
report on internal control over financial reporting.

Our
management is responsible for establishing and maintaining adequate internal control over financial reporting, as defined in Rule 13a-15(f)
and 15d-15(f) under the Exchange Act. Our management evaluated the effectiveness of our internal control over financial reporting, as
required by Rule 13a-15(c) of the Exchange Act, based on criteria established in the framework in Internal Control-Integrated Framework
(2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on this evaluation, our management has concluded
that our internal control over financial reporting was not effective as of December 31, 2024 due to a material weakness identified in
our internal control over financial reporting as described above.

Because
of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. In addition, projections
of any evaluation of effectiveness of our internal control over financial reporting to future periods are subject to the risk that controls
may become inadequate because of changes in conditions, or that the degree of compliance with the policies and procedures may deteriorate.

(c) Attestation report of
the registered public accounting firm.

This annual report on Form
20-F does not include an attestation report of our registered public accounting firm due to rules
of