Company: MRT
Filing Date: 2025-04-29
Form Type: 20-F
Source: 0001213900-25-036882
Chunk: 239

Company: Marti Technologies, Inc.
Filing Date: 2025-04-29
Form: 20-F
Item: Item 19
Chunk 239
---
  Total financial liabilities, net                                                                             74,675,170      65,250,697  
  Of which classified as:                                                                                                                  
  Current financial liabilities, net                                                                            4,555,895      10,447,905  
  Non-current financial liabilities, net                                                                       70,119,275      54,802,791  

  (*)      In 2024, the Group issued subscription and commitment                                                                                                                                                 

Further, the Group issued incentive shares in
connection with certain convertible notes that are finalized but not yet issued. These cost totaling US$3,806,246are classified under
Other Assets in the balance sheet as of December 31, 2024. Upon issuance of the convertible notes, these amounts will be reclassified
as a reduction of the carrying amount of the convertible note liability. The cost will then be amortized over the life of the convertible
note using the effective interest method.

F-29

MARTI TECHNOLOGIES, INC. AND ITS SUBSIDIARIES

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

(Amounts expressed in US$
unless otherwise stated.)

12 - SHORT-TERM AND LONG-TERM FINANCIAL
LIABILITIES (Continued)

As at December 31, maturity profile of financial
liabilities consists of the following:

  Year ending December 31:                                  
                     Total      74,675,170      65,250,697  
 ────────────────────────────────────────────────────────────
                      2024                      10,447,906  
                      2025      4,555,895        6,447,769  
                      2026      --               4,448,513  
                      2027      --               4,039,287  
                      2028      70,119,275      39,867,222  

Prefunded convertible notes:

Prefunded convertible notes are presented as a
financial liability in the consolidated financial statements. On issuance of the prefunded convertible notes, the liability is measured
at fair value, and subsequently were carried at amortized cost (net of transaction costs) until it is extinguished on conversion or redemption.
Prefunded convertible notes were classified as long-term liabilities based on the expected conversion date in accordance with the prefunded
convertible note agreements. Maturity of the convertible note agreements are two-years. The rate of interest on the convertible notes