Company: MRT
Filing Date: 2025-04-29
Form Type: 20-F
Source: 0001213900-25-036882
Chunk: 227

Company: Marti Technologies, Inc.
Filing Date: 2025-04-29
Form: 20-F
Item: Item 19
Chunk 227
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 When a reassessment results in the remeasurement of a lease liability, a corresponding
adjustment is made to the carrying amount of the corresponding operating lease right of use assets unless doing so would reduce the carrying
amount of the operating lease right of use assets to an amount less than zero. In that case, the amount of the adjustment that would result
in a negative operating lease right of use assets balance is recorded in statement of operations. The Group has elected not to recognize
operating lease right of use assets and operating lease liabilities that have a lease term 12 months or fewer. The Group recognizes the
lease payments associated with its short-term leases as an expense on a straight-line basis over the lease term. Variable lease payments
associated with these leases are recognized and presented in the same manner as for all other Group leases.

3.23 Intangible
assets, net

Intangible assets are carried at cost and amortized
on a straight-line basis over their estimated useful lives, which range from one to three years.

Intangible assets, net is mainly composed of softwares,
operating permits and licenses awarded to the Group, which allow the Group to operate the rental business. The Group tests intangible
assets for whenever events or changes in circumstances (qualitative indicators) indicate that intangible assets might be impaired.

F-19

MARTI TECHNOLOGIES, INC. AND ITS SUBSIDIARIES

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

(Amounts expressed in US$
unless otherwise stated.)

3 - 
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND USE OF ESTIMATES (Continued)

3.24 Impairment of non-current assets

Long-lived assets, such as property, plant,
and equipment, and intangible assets subject to amortization, are reviewed for impairment whenever events or changes in
circumstances indicate that the carrying amount of an asset may not be recoverable, If circumstances require a long-lived asset or
asset group be tested for possible impairment, the Group first compares undiscounted cash flows expected to be generated by that
asset or asset group to its carrying amount. If the carrying amount of the long-lived asset or asset group is not recoverable on an
undiscounted cash flow basis, an impairment is recognized to the extent that the carrying amount exceeds its fair value. Fair value
is determined through various valuation techniques including discounted cash flow models, quoted market values and