Company: MRT
Filing Date: 2025-04-29
Form Type: 20-F
Source: 0001213900-25-036882
Chunk: 232

Company: Marti Technologies, Inc.
Filing Date: 2025-04-29
Form: 20-F
Item: Item 19
Chunk 232
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 of the business combination, current equity
holders of Marti Delaware received45million shares (implying71% of GLTA non-diluted shares outstanding). Under this agreement, Marti
will also issue to eligible existing equity holders9,000,000ordinary shares in the aggregate (which shall be equitably adjusted for
stock splits, reverse stock splits, stock dividends recapitalizations, reclassifications, combinations, exchange of shares or other like
change or transactions with respect to ordinary shares occurring after the closing of the business combination) (The “ Earnout Shares”),
either upon achieving a share price of US$20per share for 10 days, or a change in control achievement of a US$20.00per share price target
based on the per share consideration received. As these targets have not been met, the Earnout Shares have not been issued on December
31, 2024 and on December 31, 2023.

F-23

MARTI TECHNOLOGIES, INC. AND ITS SUBSIDIARIES

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

(Amounts expressed in US$
unless otherwise stated.)

5 - PROPERTY, EQUIPMENT AND DEPOSITS

Property, equipment and deposits, net consists
of the following:

  Rental vehicles                                    26,747,580        30,262,689  
  Furniture and fixtures                              1,290,201         1,175,335  
  Leasehold improvements                                798,889           671,391  
  Less: Accumulated depreciation                   ( 23,343,499      ( 18,583,416  
  Total property and equipment, net                   5,493,171        13,525,999  
  Vehicle deposits                                           --             5,476  
  Total property, equipment and deposits, net         5,493,171        13,531,475  

Depreciation expense relating to property and
equipment was US$8,392,637, US$9,946,444and US$9,018,323for the years ended December 31, 2024, 2023 and 2022 respectively. During the
years ended December 31, 2024, 2023 and 2022 the Group recognized US$0, US$547,665and US$143,527respectively, in losses related to
the disposal of property