Company: MRT
Filing Date: 2025-04-29
Form Type: 20-F
Source: 0001213900-25-036882
Chunk: 236

Company: Marti Technologies, Inc.
Filing Date: 2025-04-29
Form: 20-F
Item: Item 19
Chunk 236
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24,885                    88,591  
  Total                                           203,522                   188,358                   375,154  

Account payables consists of the following:

                             Dec 31,                     Dec 31,                 
  Payables to suppliers                   1,650,906                   2,796,376  
  Total                                   1,650,906                   2,796,376  

F-27

MARTI TECHNOLOGIES, INC. AND ITS SUBSIDIARIES

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

(Amounts expressed in US$
unless otherwise stated.)

11 - ACCRUED EXPENSES AND OTHER CURRENT
LIABILITIES

Accrued expenses and other current liabilities
consists of the following:

  Lawsuit provision                               908,264        810,159  
  Expense accruals                                753,701        408,432  
  Payroll liabilities                             430,664        201,054  
  Unused vacation liability                       297,904        217,692  
  Non-income-based taxes and funds payable        207,032        433,999  
  Severance pay provision                          34,811             --  
  Customs tax provision                                --        110,536  
  Other current liabilities                       154,180        113,291  
  Total                                         2,786,556      2,295,163  

The table below shows the lawsuit provision movement for the years ended December 31, 2024 and 2023.

  Opening                     810,159        200,818  
 ──────────────────────────────────────────────────────
                              Dec 31,        Dec 31,  
  New provisions              256,456      1,059,510  
  Exchange rate effect      ( 128,092      ( 236,879  
  Payments                   ( 30,259      ( 213,290  
  Ending balance              908,264        810,159  

12 - SHORT-TERM AND LONG-TERM FINANCIAL
LIABILITIES

In January 2021, October 2022 and December 2022
the Group entered into Loan and Security Agreements with PFG (“ Partners for Growth”). Following the amendment to these agreements,
the total borrowed amount increased to US$20,000,000which is repaid by the Group monthly. In connection with the funding