Company: MRT
Filing Date: 2025-04-29
Form Type: 20-F
Source: 0001213900-25-036882
Chunk: 255

Company: Marti Technologies, Inc.
Filing Date: 2025-04-29
Form: 20-F
Item: Item 19
Chunk 255
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  Total                                    ( 73,880,982                       ( 33,814,719                       ( 14,245,878  

F-42

MARTI TECHNOLOGIES, INC. AND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024

(Amounts expressed in US$
unless otherwise stated.)

22 - INCOME TAXES (Continued)

Income tax expense (Continued)

The components of Group’s net
deferred tax assets and liabilities are as follows:

  Deferred tax assets:                                                               
  Net operating loss carryforwards                      10,165,947        6,735,213  
  Other assets                                             237,778          214,120  
  Share-based compensation                               8,424,224          833,584  
  Operating lease liabilities                              142,939          172,133  
  Financial liabilities                                         --              110  
  Accounts receivable, net                                 189,556          164,722  
  Accrued expenses and other current liabilities           426,520          589,247  
  Other non-current liabilities                             72,531           81,465  
  Total deferred tax assets                             19,659,495        8,790,594  
  Deferred tax liabilities:                                                          
  Property, equipment and deposits, net                  ( 569,632      ( 2,577,631  
  Operating lease right of use assets                    ( 209,337        ( 255,935  
  Other assets                                                  --         ( 36,910  
  Other                                                  ( 166,924        ( 321,030  
  Total deferred tax liabilities:                        ( 945,893      ( 3,191,506  
  Less valuation allowance                            ( 18,713,602      ( 5,599,088  
  Net deferred tax assets                                       --               --  

During 2024, the Group recognized an additional
charge for valuation allowance of US$13,114,514(2023: US$1,718,655).

Assessing the realizability of deferred tax assets
requires the determination of whether it is more-likely-than-not that some portion or all of the deferred tax assets will not be realized.
In assessing the need for a valuation allowance, the Group management considered all sources of taxable income available to realize deferred
tax assets, including the future reversal of existing taxable temporary differences,