Company: MRT
Filing Date: 2025-04-29
Form Type: 20-F
Source: 0001213900-25-036882
Chunk: 224

Company: Marti Technologies, Inc.
Filing Date: 2025-04-29
Form: 20-F
Item: Item 19
Chunk 224
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 the original awards immediately before its terms are modified
at the modification date. For vested awards, the Group recognizes incremental compensation cost in the period the modification occurs.
For awards not being fully vested, the Group recognizes the sum of the incremental compensation cost and the remaining unrecognized compensation
cost for the original awards over the remaining requisite service period after modification.

3.20 Property
and equipment

Property and equipment consist of equipment, furniture
and fixtures, and rental electric scooters, electric bikes and electric mopeds. Property and equipment are stated at cost less accumulated
depreciation. Depreciation is calculated using a straight-line method over the estimated useful life of the related asset. Depreciation
for property and equipment commences once they are ready for their intended use. Maintenance and repairs are charged to expense as incurred,
and improvements and betterments are capitalized. When assets are retired or otherwise disposed, the cost and accumulated depreciation
are removed from the consolidated balance sheet and any resulting gain or loss is reflected in the consolidated statement of operations
in the period realized.

The table below, shows the useful lives for the
depreciation calculation using the straight-line method:

  Type of asset                   Estimated economic life (year)  
 ──────────────────────────────────────────────────────────────────
  Rental vehicles                                                 
  - Rental electric scooters      2 - 3 years                     
  - Rental electric e-bikes       2 - 3 years                     
  - Rental electric mopeds        3 - 4 years                     
  Furniture and fixtures          7 years                         
  Leasehold improvements          1 - 5 years                     

Leasehold improvements
are amortized on a straight-line basis over the shorter of the remaining term of the lease, or the useful life of the assets.

3.21 Vehicle
deposits

Vehicle deposits consist of capital advances made
in connection to purchase orders submitted to vehicle’s manufacturers. The deposits expected to be converted into fixed assets,
such as new rental vehicles.

F-17

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

The Group determines if an arrangement is or contains
a lease at contract inception by assessing whether the arrangement contains