Company: MRT
Filing Date: 2025-04-29
Form Type: 20-F
Source: 0001213900-25-036882
Chunk: 216

Company: Marti Technologies, Inc.
Filing Date: 2025-04-29
Form: 20-F
Item: Item 19
Chunk 216
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ee.

Unrealized losses
are eliminated in the same way as unrealized gains, but only to the extent that there is no evidence of impairment. Carrying value of
shares owned by the Group has been eliminated in Stockholders’ equity and statement of operations accounts.

F-10

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)

3.3. Business combinations

Reverse recapitalization

During 2023,
Galata and Marti Technologies 1 came together via a SPAC merger which has been accounted for as a reverse recapitalization. Marti Technologies
1’s assets and liabilities were maintained at historical cost, together with entries for the value of Galata’s net assets,
and no goodwill or intangibles were recorded.

The financial
statements are presented as a continuation of Marti Technologies 1 and the pre-merger periods reflect those historical results.

Share capital, APIC and share premium for periods
prior to the reverse recapitalization have been retrospectively adjusted using the exchange ratio for the equivalent number of shares
outstanding immediately after the Closing to effect the reverse recapitalization (the “ Exchange Ratio”). In addition, all
granted and outstanding unvested stock options were converted using the Exchange Ratio into options exercisable for shares of Marti common
stock with the same terms and vesting conditions.

3.4 Operating
segments

As of December 31, 2024, the Company operates and reports as a single operating and reportable segment. In prior periods, the Company
voluntarily disclosed two separate operating segments - (i) Two-Wheeled Electric Vehicle and (ii) Ride-Hailing.

Effective October 1,
2024, the Company launched a unified subscription-based platform that provides customers access to both its electric vehicle and ride-hailing
services through a single application. As a result of this strategic integration and a corresponding change in how the Chief Operating
Decision Maker (CODM), Oğuz Alper Öktem who is also the CEO of the Company, evaluates performance and allocates resources,
the Company determined that its operations are more appropriately presented as a single operating and reportable segment.

The segment realignment
reflects changes in