Marti Technologies(MRT) - 2021 Q2 - Quarterly Report

PART I. FINANCIAL INFORMATION Financial Statements Presents Galata Acquisition Corp.'s unaudited condensed financial statements as of June 30, 2021, and from inception Unaudited Condensed Balance Sheet As of June 30, 2021, the company had total assets of $425,527, entirely composed of deferred offering costs, with total liabilities of $412,878 Condensed Balance Sheet as of June 30, 2021 (unaudited) | Category | Amount ($) | | :--- | :--- | | Assets | | | Deferred offering costs | 425,527 | | Total Assets | 425,527 | | Liabilities | | | Total Current Liabilities | 412,878 | | Shareholder's Equity | | | Total Shareholder's Equity | 12,649 | | Total Liabilities and Shareholder's Equity | 425,527 | Unaudited Condensed Statement of Operations For the period from inception through June 30, 2021, the company reported a net loss of $12,351 due to formation costs Statement of Operations Highlights (unaudited) | Period | For the Three Months Ended June 30, 2021 | For the Period From Feb 26, 2021 (Inception) Through June 30, 2021 | | :--- | :--- | :--- | | Formation costs | $11,851 | $12,351 | | Net loss | $(11,851) | $(12,351) | | Basic and diluted net loss per common share | $(0.00) | $(0.00) | Unaudited Condensed Statement of Changes in Shareholder's Equity From inception to June 30, 2021, shareholder's equity increased to $12,649, driven by share issuance offset by net loss Changes in Shareholder's Equity (Feb 26, 2021 - June 30, 2021) | Description | Amount ($) | | :--- | :--- | | Balance, February 26, 2021 (inception) | 0 | | Issuance of Class B ordinary shares to Sponsor | 25,000 | | Net loss | (12,351) | | Balance, June 30, 2021 | 12,649 | Unaudited Condensed Statement of Cash Flows For the period from inception through June 30, 2021, the company had no cash flow from any activities, resulting in a $0 cash balance - Net cash used in operating activities was $0 for the period from inception through June 30, 2021[14] - The cash balance at the end of the period was $0[14] - Non-cash financing activities included deferred offering costs paid by the Sponsor in exchange for Class B ordinary shares totaling $25,000[14] Notes to Unaudited Condensed Financial Statements Details the company's nature as a SPAC, key post-reporting IPO events, and related party transactions - The company was formed on February 26, 2021, for the purpose of effecting a business combination and is not limited to a particular industry[17][18] - The company has 24 months from the closing of the Public Offering to consummate a Business Combination[28] - On March 18, 2021, the Sponsor purchased 3,593,750 Class B ordinary shares (Founder Shares) in exchange for paying $25,000 of deferred offering costs[55] - Subsequent to the reporting period, on July 9, 2021, the company consummated its IPO of 12,500,000 units, generating gross proceeds of $125,000,000[80] - On July 13, 2021, the underwriters exercised their over-allotment option in full, purchasing an additional 1,875,000 units for gross proceeds of $18,750,000[82] Management's Discussion and Analysis of Financial Condition and Results of Operations Outlines the company's pre-operational SPAC status, IPO proceeds, and financial condition as of June 30, 2021 - The company was formed on February 26, 2021, as a SPAC to enter into a business combination and has not generated any revenue to date[86][88] - For the period from inception through June 30, 2021, the company had a net loss of $12,351, consisting of operating and formation costs[95] - As of June 30, 2021, the company had no cash; post-IPO, approximately $500,000 of proceeds were held outside the trust account for working capital[96][97] - The underwriters are entitled to a deferred fee of $4,375,000, payable only upon the completion of an Initial Business Combination[99] Quantitative and Qualitative Disclosures About Market Risk As a smaller reporting company, the registrant is not required to provide market risk disclosures - As a smaller reporting company, the registrant is not required to provide the information otherwise required under this item[105] Controls and Procedures Management concluded the company's disclosure controls and procedures were effective as of June 30, 2021, with no material changes - Based on an evaluation as of June 30, 2021, the principal executive officer and principal financial officer concluded that the company's disclosure controls and procedures were effective[107] - There were no changes in internal control over financial reporting during the fiscal quarter that materially affected, or are reasonably likely to materially affect, the company's internal control[108] PART II. OTHER INFORMATION Legal Proceedings The company reports no legal proceedings - None[110] Risk Factors No material changes to the risk factors disclosed in the final IPO prospectus have occurred - As of the date of this Quarterly Report, there have been no material changes to the risk factors disclosed in the company's final prospectus of its Initial Public Offering filed with the SEC[111] Unregistered Sales of Equity Securities and Use of Proceeds Details the unregistered sale of Founder Shares and the use of proceeds from the July 2021 IPO and private placement - On March 18, 2021, the company issued 3,593,750 Founder Shares to the Sponsor for an aggregate purchase price of $25,000 in an unregistered sale[112] - The company consummated its IPO of 12,500,000 units at $10.00 per unit on July 13, 2021, and the underwriters exercised their over-allotment option for an additional 1,875,000 units[113] - An aggregate of $146,625,000 from the IPO, over-allotment, and private placements was deposited into the trust account[114] Defaults Upon Senior Securities The company reports no defaults upon senior securities - None[115] Mine Safety Disclosures This item is not applicable to the company - Not Applicable[117] Other Information The company reports no other information - None[119] Exhibits Lists exhibits filed with the quarterly report, including corporate documents and officer certifications - The report includes exhibits such as the Amended and Restated Memorandum and Articles of Association, officer certifications pursuant to Sarbanes-Oxley Act Sections 302 and 906, and XBRL data files[121][122]