Company: MRT
Filing Date: 2025-04-29
Form Type: 20-F
Source: 0001213900-25-036882
Chunk: 212

Company: Marti Technologies, Inc.
Filing Date: 2025-04-29
Form: 20-F
Item: Item 19
Chunk 212
---
 Supplemental disclosures of cash flow information:                                                                                 
  Cash paid, received for:                                                                                                           
  Interest, net                                                                     ( 5,284,030         ( 447,730         ( 903,043  
  Income taxes                                                                               --                --         ( 530,065  
  Conversion of convertible notes into shares                                         2,000,000                --                --  

The accompanying notes form an integral
part of these consolidated financial statements.

F-7

MARTI TECHNOLOGIES, INC. AND ITS SUBSIDIARIES

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

(Amounts expressed in US$
unless otherwise stated.)

1 - DESCRIPTION OF BUSINESS

Marti Technologies, Inc. (“ Marti”
or “ Company”) formerly known as Galata Acquisition Corp. is an exempted company limited by shares, incorporated under the
laws of the Cayman Islands onFebruary 26, 2021. The registered address of the Company is Stuarts Corporate Services Ltd., P. O. Box 2510,
Kensington House, 69 Dr Roy’s Drive, George Town, Grand Cayman KY1-1104.

As of December 31, 2024, the Company operates
through its100% subsidiaries; Marti Ileri Teknoloji Anonim Şirketi (“ Marti Ileri”) and Marti Technologies I Inc. a Delaware
corporation (“ Marti Delaware”). The Company together with its consolidated subsidiaries will be referred to as the “ Group”
hereafter.

The Group is a mobility provider engaged in delivering
technology enabled transportation solutions via electric scooters, electric bikes and electric mopeds for urban areas. In addition, The
Group operates a ride-hailing service that matches riders with car and motorcycle drivers. Founded on a proprietary technology platform,
the Group currently offers electric moped, electric bike, and electric scooter rental services serviced by proprietary software systems
and Internet of Things (“ IoT”) infrastructure across Turkiye via its mobile application.

DeSPAC Transaction:

On August 1, 2022 Galata Acquisition Corp, (NYSE:
GLTA) a special purpose acquisition company led by Callaway Capital with US$146.6million in trust, announced the execution of a definitive
business combination agreement with Marti Technologies Inc. (Marti Delaware, the former top company).

On
July 10, 2023, Galata Acquisition Corp,(“ Galata”)