Company: MRT
Filing Date: 2025-04-29
Form Type: 20-F
Source: 0001213900-25-036882
Chunk: 220

Company: Marti Technologies, Inc.
Filing Date: 2025-04-29
Form: 20-F
Item: Item 19
Chunk 220
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 gift card expires after one year and
after which, any remaining balance is recorded as revenue, even if it did not result in a ride.

F-13

MARTI TECHNOLOGIES, INC. AND ITS SUBSIDIARIES

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

(Amounts expressed in US$
unless otherwise stated.)

3 - 
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND USE OF ESTIMATES (Continued)

3.7 Cost
of revenues

Costs incurred in connection to Mobility offerings
include but are not limited to: personnel-related costs, credit card processing fees, battery charging costs, repair and maintenance costs
of electric vehicles, lease expenses for the vans and warehouses under operating leases, data center and networking expenses, mobile device
and service costs, depreciation of rental vehicles, and certain direct costs.

3.8 Research
and development expenses

Research and development expenses primarily consist
of costs related to the Group’s technology initiatives, as well as expenses associated with ongoing improvements to existing vehicles.
Research and development expenses are recognized as incurred.

3.9 Sales
and marketing expenses

Sales and marketing expenses primarily consist
of advertising expenses and services marketing costs. Sales and marketing costs are recognized as incurred.

3.10 General
and administrative expenses

General and administrative expenses primarily
consist of salaries, professional service fees, depreciation expense of property and equipment other than rental vehicles, consultancy
expenses, administrative fees and other costs.

F-14

MARTI TECHNOLOGIES, INC. AND ITS SUBSIDIARIES

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

(Amounts expressed in US$
unless otherwise stated.)

3 - 
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND USE OF ESTIMATES (Continued)

3.11 Income
taxes

The Group accounts for income taxes using the
asset and liability method. Under this method, deferred tax assets and liabilities are recorded based on the estimated future tax effects
of differences between the consolidated financial statement carrying amount and the income tax basis of existing assets and liabilities.
These differences are measured using the enacted statutory income tax rates that are expected to apply to taxable income for the years
in which differences are expected to reverse. The Group recognizes the effect on deferred taxes of a change in tax rates in the period
that includes the enactment date.

The Group