Company: MRT
Filing Date: 2025-04-29
Form Type: 20-F
Source: 0001213900-25-036882
Chunk: 214

Company: Marti Technologies, Inc.
Filing Date: 2025-04-29
Form: 20-F
Item: Item 19
Chunk 214
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 a non-highly inflationary currency,
in accordance with ASC 830 Foreign Currency Matters, at the application date (March 1, 2022). As of the application date, the opening
balances of non-monetary items were remeasured in US dollars. Subsequently, non-monetary items are accounted for as if they had always
been assets and liabilities in US$. Monetary items are treated in the same manner as any other foreign currency monetary items. Subsequently,
monetary items are remeasured into US$ using exchange rates as at balance sheet date. Differences arising from the remeasurement of monetary
items are recognized in profit or loss.

2.2 Going
concern

The Group has experienced recurring operating
losses from operating activities since its inception and a deficit on its stockholders’ equity. To date, these operating losses
have been funded primarily by stockholders. The Group had net losses of US$73,880,982, accumulated losses of US$139,487,178at December
31, 2024 and the Group has used US$25,077,064cash for its operations during the same period.

These consolidated financial statements have been
prepared in accordance with the going concern principle. Management has performed a going concern assessment for a period of twelve months
from the date of approval of these consolidated financial statements to assess whether conditions exist that raise substantial doubt regarding
the Group’s ability to continue as a going concern. Management has assumed growth rates through the twelve months following the
issuance date of these consolidated financial statements based on (i) historical data, (ii) the operational results subsequent to the
financial reporting date up to the date of the assessment, and (iii) revenue projections. This assessment indicates that the Group has
sufficient liquidity to settle liabilities as they become due for the next twelve months.

F-9

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 (continued)

2.2 Going
concern (continued)

Further, in March 2025, the Group entered into
an additional subscription agreement with certain lenders and pursuant to the terms of the additional subscription agreement, the lenders
subscribed for Convertible Notes in an aggregate principal amount of US$2,000,