Company: MRT
Filing Date: 2025-04-29
Form Type: 20-F
Source: 0001213900-25-036882
Chunk: 213

Company: Marti Technologies, Inc.
Filing Date: 2025-04-29
Form: 20-F
Item: Item 19
Chunk 213
---
 consummated
the previously announced business combination pursuant to the business combination agreement, dated as of July 29, 2022, by and among
Marti, Galata Merger Sub Inc., a Delaware corporation and direct, wholly owned subsidiary of Galata and and Marti Delaware.

The business combination agreement provided that
the parties thereto would enter into a business combination transaction pursuant to which, among other things, Galata Merger Sub Inc.
merged with and into Marti Delaware surviving the deSPAC as a wholly owned subsidiary of Marti, and as a result of the merger, as of the
end of the day immediately preceding the Closing date of July 10, 2023, Marti became a U. S. corporation for U. S. federal income tax purposes
in a transaction that qualifies as a “reorganization”.

F-8

MARTI TECHNOLOGIES, INC. AND ITS SUBSIDIARIES

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

(Amounts expressed in US$
unless otherwise stated.)

2 - BASIS OF PRESENTATION AND GOING
CONCERN

2.1 Basis
of presentation

These consolidated financial statements have been
prepared in accordance with accounting principles generally accepted in the United States (“ U. S. GAAP”) and include the accounts
of Marti Technologies, Inc (formerly Galata), as ultimate parent, Marti Technologies I Inc. (formerly Marti Technologies Inc.) and its
wholly-owned subsidiary Marti Ileri.

All inter-company balances and transactions have
been eliminated. The Group uses the U. S dollar (“ US$”) as its functional currency. The consolidated financial statements have
been presented in US$.

Hyperinflationary accounting

Marti İleri Teknoloji A.Ş. used Turkish
Lira (“ TL”) as its functional currency until the end of February 2022. Since the cumulative three-year inflation rate rose
to above100% at the end of February 2022, based on the Turkish nation-wide consumer price indices announced by Turkish Statistical Institute
(“ TSI”) Turkiye is considered a hyperinflationary economy under FASB ASC Topic 830, Foreign Currency Matters starting from
March 1, 2022.

Consequently, Marti Ileri Teknoloji A.Ş.
remeasured its financial statements prospectively into its new functional currency - US$ which is