Company: MRT
Filing Date: 2025-04-29
Form Type: 20-F
Source: 0001213900-25-036882
Chunk: 256

Company: Marti Technologies, Inc.
Filing Date: 2025-04-29
Form: 20-F
Item: Item 19
Chunk 256
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 carryback availability, forecasts of future taxable
income, and tax-planning strategies. Based on the weight of available evidence, which includes the Group’s historical cumulative
net losses, the Group management recorded a valuation allowance on deferred tax assets not supported by reversing taxable temporary differences.

F-43

MARTI TECHNOLOGIES, INC. AND ITS SUBSIDIARIES

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

(Amounts expressed in US$
unless otherwise stated.)

22 - INCOME TAXES (Continued)

As of December 31, 2024 and 2023, the Group has
net operating loss carryforwards for income tax purposes of US$37,773,654and US$27,903,732, respectively. U. S. federal net operating
loss carry forward amounts are US$9,306,166and US$4,335,776, respectively, and can be carried forward indefinitely. Foreign net operating
loss carryforward amounts are US$21,729,870and $23,331,214, respectively, which expire from 2025 through 2029.

The Company files income tax returns in the United
States (federal, and various state jurisdictions), as well as Turkiye. The US federal and state income tax returns are generally subject
to tax examinations for the tax years ended December 31, 2020 through December 31, 2024. The Turkiye income tax returns are subject to
tax examinations for the tax years ended December 31, 2018 through December 31, 2024. To the extent the Company has tax attribute carryforwards,
the tax years in which the attribute was generated may still be adjusted upon examination by the Internal Revenue Service, state or Turkiye
tax authorities until utilized in a future period.

Tax rate reconciliation

The following table reconciles the differences
between the U. S. federal statutory income tax rate to the Groups’ effective tax rate for the years ended December 31, 2024, 2023
and 2022:

 ───────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Loss before income tax expense:                         ( 73,880,982                ( 33,814,719               ( 14,245,878  
  Income tax benefit at statutory rate            21        15,515,006        21         7,