Company: MRT
Filing Date: 2025-04-29
Form Type: 20-F
Source: 0001213900-25-036882
Chunk: 226

Company: Marti Technologies, Inc.
Filing Date: 2025-04-29
Form: 20-F
Item: Item 19
Chunk 226
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 implicit in the lease because it does not have access to the lessor’s
estimated residual value or the amount of the lessor’s deferred initial direct costs. Therefore, the Group generally uses its incremental
borrowing rate as the discount rate for the lease. The Group’s incremental borrowing rate for a lease is the rate of interest it
would have to pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms. Because the Group does
not generally borrow on a collateralized basis, it uses the interest rate it pays on its noncollateralized borrowings as an input to
deriving an appropriate incremental borrowing rate, adjusted for the amount of the lease payments and the lease term with a value equal
to the unpaid lease payments for that lease.

F-18

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)

3.22 Leases
(Continued)

The lease term for all the Group’s leases
includes the noncancellable period of the lease plus any additional periods covered by either a Group option to extend (or not to terminate)
the lease that the Group is reasonably certain to exercise, or an option to extend (or not to terminate) the lease controlled by the lessor.
Lease payments included in the measurement of the lease liability comprise of the following:

  Fixed payments, including in-substance fixed                                         
  Variable lease payments that depend on an index                                      
  Amounts expected to be payable under a Group-provided                                

The operating lease right of use assets were initially
measured at cost, which comprises the initial amount of the operating lease liability adjusted for lease payments made at or before the
lease commencement date, plus any initial direct costs incurred less any lease incentives received. The operating lease right of use assets
is subsequently measured throughout the lease term at the carrying amount of the lease liability, plus initial direct costs, plus (minus)
any prepaid (accrued) lease payments, less the unamortized balance of lease incentives received. Lease expense for lease payments is recognized
on a straight-line basis over the lease term.

The Group monitors for events or changes in circumstances
that require a reassessment of one of its leases.