Company: MRT
Filing Date: 2025-04-29
Form Type: 20-F
Source: 0001213900-25-036882
Chunk: 233

Company: Marti Technologies, Inc.
Filing Date: 2025-04-29
Form: 20-F
Item: Item 19
Chunk 233
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 and equipment.

Rental vehicles amounting to US$26,747,580(December
31, 2023: US$30,262,689) are pledged to PFG in relation to the loan and security agreements with PFG dated January 2021, October 2022
and December 2022.

The following table summarizes the depreciation
expenses recorded in the consolidated statement of operations for the years ended at December 31, 2024, 2023 and 2022:

                                           Dec 31,                     Dec 31,                     Dec 31,                 
                                           2024                        2023                        2022                    
 ───────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Cost of revenue                                       7,957,267                   9,347,183                   8,456,349  
  General and administrative expenses                     435,370                     599,261                     561,974  
  Total depreciation                                    8,392,637                   9,946,444                   9,018,323  

F-24

MARTI TECHNOLOGIES, INC. AND ITS SUBSIDIARIES

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

(Amounts expressed in US$
unless otherwise stated.)

6 - INTANGIBLE ASSETS

Intangible assets,
net consists of the following:

                                      Dec 31,                     Dec 31,                 
  Software (*)                                       706,924                          --  
  Other intangible assets                            350,336                     373,418  
  Less: Accumulated amortization                   ( 467,672                   ( 189,531  
  Total intangible assets, net                       589,588                     183,887  

  (*)      In 2024, the Group acquired an AI-Powered optimization                                                                                 

The following table summarizes the amortization
expenses recorded in the consolidated statement of operations, for the year ended on December 31, 2024, 2023 and 2022:

                                           Dec 31,      Dec 31,      Dec 31,  
                                              2024      2023         2022     
  Cost of revenue                          195,711      --           --       
 ──────────────────────────────────────────────────────────────────────────────
  General and administrative expenses      102,790      98,200       78,616   
  Total                                    298,