Company: LICN
Filing Date: 2025-04-29
Form Type: 20-F
Source: 0001213900-25-036244
Chunk: 27

Company: Lichen International Ltd
Filing Date: 2025-04-29
Form: 20-F
Item: Item 4A
Chunk 27
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 to 22.48% for the year ended December 31, 2023, from 21.99% for the year ended December 31, 2022.

Income from operations

As a result of the foregoing,
we recorded income from operations of approximately $12.26 million for year ended December 31, 2023, compared $10.65 million for the year
ended December 31, 2022.

Total other income (expense)

We had approximately $0.67
million in total other expense for the year ended December 31, 2023, as compared to approximately $0.09 million in total other income
for the year ended December 31, 2022. 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 $0.03 million. Total other income (expenses)
for the year ended December 31, 2022 consisted of other income, net, in the amount of approximately $0.03 million and interest income
in the amount of approximately $0.06 million.

Provision for income tax

We recorded income tax expenses
of approximately $3.25 million for the year ended December 31, 2023, as compared to approximately $2.92 million for the year ended December
31, 2022; an increase of approximately $0.33 million, or 11.15%. The increase in the income tax expense mainly resulted from the increase
in our revenue.

Net income

As a result of the cumulative
effect of the factors described above, our net income increased by approximately $0.52 million, or 6.65%, to approximately $8.34 million
for the year ended December 31, 2023, from approximately $7.82 million for the year ended December 31, 2022.

5. B. Liquidity and Capital Resources

Cash Flow Summary

The following table presents an overview of cash
flows for the periods indicated:

(All amounts, other than percentages, in thousands
of U. S. dollars)

                                                           Years Ended December 31,                                                          
                                                           2024                                      2023                  2022              
 ─────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Net cash (used in) provided by operating activities      $                             (5,572      $