Company: MRT
Filing Date: 2025-04-29
Form Type: 20-F
Source: 0001213900-25-036882
Chunk: 114

Company: Marti Technologies, Inc.
Filing Date: 2025-04-29
Form: 20-F
Item: Item 5
Chunk 114
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 share-based compensation, consulting, communication, network and
cloud, email, and IT services expenses, professional service providers, off-site storage and logistics, certain insurance coverage,
and an allocation of office rent and utilities related to our general and administrative divisions. General and administrative costs
are expensed as incurred.

Sales and Marketing

Sales and marketing expenses primarily consist
of advertising expenses and services marketing costs. Sales and marketing costs are recognized as they are incurred.

Other Income / (Expense), Net

Other income / (expense), net primarily consists
of provisional expenses and other non-operational income.

Provision for Income Taxes

We account for income taxes using the asset and
liability method. Under this method, deferred income tax assets and liabilities are recorded based on the estimated future tax effects
of differences between the financial statement and income tax basis of existing assets and liabilities. These differences are measured
using the enacted statutory tax rates that are expected to apply to taxable income for the years in which differences are expected to
reverse. We recognize the effect on deferred income taxes of a change in tax rates in the period that includes the enactment date.

We record a valuation allowance to reduce its
deferred tax assets to the net amount that it believes is more-likely-than-not to be realized. Management considers all available evidence,
both positive and negative, including historical levels of income, expectations, and risks associated with estimates of future taxable
income and ongoing tax planning strategies in assessing the need for a valuation allowance.

Under the provisions of ASC 740-10, Income Taxes,
we evaluate uncertain tax positions by reviewing against applicable tax law for all positions taken by us with respect to tax years for
which the statute of limitations is still open. ASC 740-10 provides that a tax benefit from an uncertain tax position may be recognized
when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or
litigation processes, based on the technical merits. We recognize interest and penalties related to the liability for unrecognized tax
benefits, if any, as a component of the income tax expense line in the accompanying consolidated statement of operations.

Operating Results

The following table sets forth our results of
operations for the periods presented. The period-to-period comparisons of financial results is not necessarily indicative of future results.

                                           Year Ended December 31,                                                             
  (in thousands)                           2024                                      2023                   2022               
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