Company: MRT
Filing Date: 2025-04-29
Form Type: 20-F
Source: 0001213900-25-036882
Chunk: 240

Company: Marti Technologies, Inc.
Filing Date: 2025-04-29
Form: 20-F
Item: Item 19
Chunk 240
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was20% compound per annum. These prefunded convertible notes were all converted as of July 10, 2023.

Convertible notes:

Convertible notes are presented as a financial
liability in the consolidated financial statements. On issuance of the convertible notes, the liability is measured at fair value, i. e. the proceeds received and
subsequently carried at amortized cost (net of transaction costs) until it is extinguished on conversion or redemption.

Convertible notes are classified
as long-term liabilities based on the expected conversion date in accordance with the convertible note agreements.

Maturity of the convertible note agreements arefive-years. Convertible notes will accrue interest at the rate of fifteen percent (15.00%) per annum; provided that interest shall be
payable (a) at a rate per annum equal to ten percent (10.00%) with respect to interest paid in cash (“ Cash Interest”) and
(b) at a rate per annum equal to five percent (5.00%) with respect to PIK Interest.

Term loan:

The term loan will be repaid in full in 2025.
Further, the term loans are subject to certain covenants, with which the Group remains in full compliance as of the reporting date.

F-30

MARTI TECHNOLOGIES, INC. AND ITS SUBSIDIARIES

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

(Amounts expressed in US$
unless otherwise stated.)

13 - OPERATING LEASE
LIABILITIES

Operating lease liabilities consists of the following:

                                    Discount      December 31,                   Discount      December 31,               
                                                  2024                                         2023                       
                                    rate %                                       rate %                                   
 ──────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Short-term lease liabilities      21 - 55                         484,043      21 - 55                         412,564  
  Long-term lease liabilities       21 - 55                          87,713      21 - 55                         277,956  
  Total                                                             571,756                                      690,520  

As at December 31, 2024 and 2023 maturity of the
operating lease liabilities are as follows:

  Total                   571,756                   690,520  
 ─────────────────────────────────────────────────────────────
             Dec 31,                   Dec 31,               
   2024                   --