Company: MRT
Filing Date: 2025-04-29
Form Type: 20-F
Source: 0001213900-25-036882
Chunk: 257

Company: Marti Technologies, Inc.
Filing Date: 2025-04-29
Form: 20-F
Item: Item 19
Chunk 257
---
101,091       21         2,991,634  
  Non-deductible expenses                        ( 4       ( 2,793,179      ( 11       ( 3,799,970      ( 5         ( 777,764  
  Currency remeasurement adjustments             ( 1         ( 825,400       ( 7       ( 2,455,462      ( 4         ( 555,212  
  Change in valuation allowance                 ( 18      ( 13,114,513       ( 5       ( 1,718,655      ( 9       ( 1,224,430  
  Effect of different tax rates                    2         1,218,085         3           872,997      ( 3         ( 434,228  
  Change in tax rates                             --                --        --                --       --                --  
  Effective tax rate / income tax expense:        --                --        --                --       --                --  

F-44

MARTI TECHNOLOGIES, INC. AND ITS SUBSIDIARIES

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

(Amounts expressed in US$
unless otherwise stated.)

23 - COMMITMENTS AND CONTINGENCIES

On February 3, 2023, the Istanbul Otomobilciler Esnaf Odası, an association of taxi owners, filed a lawsuit against us over our
ride-hailing and e-moped services, claiming that these services create unfair competition. The plaintiff also requested that the court
prevent third parties from accessing these services through our website or mobile app.

In response, a court issued an order on March 6,
2023, blocking access to the ride-hailing service. We appealed this decision, and the injunction was lifted on June 20, 2023.

After a hearing
on January 12, 2024, the court’s appointed experts submitted their report on January 22, 2024. We filed an objection to the court
noting that the report did not cover all the issues requested and was incomplete, and as a result of our objections, the court gave the
experts 90 days to prepare an additional report. At a hearing on March 29, 2024, the court postponed the hearing to July 19, 2024.

On July
19, 2024, the court ruled in