Company: MRT
Filing Date: 2025-04-29
Form Type: 20-F
Source: 0001213900-25-036882
Chunk: 208

Company: Marti Technologies, Inc.
Filing Date: 2025-04-29
Form: 20-F
Item: Item 19
Chunk 208
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 21                                                                           SHARE-BASED COMPENSATION                                             F-37  
  NOTE 22                                                                           INCOME TAXES                                                         F-42  
  NOTE 23                                                                           COMMITMENTS AND CONTINGENCIES                                        F-45  
  NOTE 24                                                                           NET LOSS PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS               F-45  
  NOTE 25                                                                           SUBSEQUENT EVENTS                                                    F-46  

F-1

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Board of Directors and Shareholders

Marti Technologies, Inc.

Opinion on the financial statements

We have audited the accompanying consolidated balance sheet of Marti Technologies, Inc. (a Cayman Islands corporation) and its subsidiaries
(the “ Group”) as of December 31, 2024, the related consolidated statement of operations and comprehensive loss, changes in
shareholders’ equity, and cash flows for the year ended December 31, 2024, and the related notes (collectively referred to as the
“consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material
respects, the financial position of the Group as of December 31, 2024, and the results of its operations and its cash flows for the year
ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.

Going Concern

The accompanying consolidated financial statements have been prepared assuming that the Group will continue as a going concern. As discussed
in Note 2.2 to the financial statements, the Group has suffered recurring losses from operations and has a net capital deficiency. Management’s
evaluation of the events and conditions and management’s plans to mitigate these matters, which form the basis for going concern,
are also described in Note 2.2.

Basis for opinion

These consolidated financial statements are the responsibility of the Group’s management. Our responsibility is to express an opinion
on the Group’s consolidated financial statements based on our audit. We are a public accounting firm registered with the Public
Company Accounting Oversight Board (United States) (“ PCAOB”) and are required to be independent with respect to the Group
in accordance with the U. S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission
and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the consolidated financial statements are free of material mis