Company: SLMT
Filing Date: 2025-05-28
Form Type: 20-F/A
Source: 0001213900-25-048029
Chunk: 35

Company: Brera Holdings PLC
Filing Date: 2025-05-28
Form: 20-F/A
Chunk 35
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 for total gross proceeds
of US$. See Note 18 for further information. We used proceeds from this offering to fund the initial portions of our acquisition
of Juve Stabia, as well as to fund our working capital requirements.

In accordance with International Accounting Standards
(“IAS”) 1 Presentation of Financial Statement, management is required to perform a two-step analysis over
the Company’s ability to continue as a going concern. Management must first evaluate whether there are conditions and events that
raise substantial doubt about the Company’s ability to continue as a going concern for a period of twelve months from the period-end
date. If management concludes that substantial doubt is raised, management is also required to consider whether its plans alleviate that
doubt. Management has evaluated the adverse conditions noted above and even though the adverse conditions were expected due primarily
to the fact that the Company is in early stages of growth and transformation, the conditions have raised substantial doubt about the entity’s
ability to continue as a going concern.

The Company’s ability to continue as a going
concern is dependent upon its ability to generate profitable operations in the future and/or obtain the necessary financing to meet its
obligations and repay its liabilities arising from normal business operations when they come due. Management has plans to seek additional
capital through public offerings, private equity offerings, debt financing, and government or other third-party funding. The sale of additional
equity securities could result in dilution to our shareholders. The incurrence of indebtedness would result in increased debt service
obligations and could require us to agree to operating and financial covenants that would restrict our operations. Financing may not be
available in amounts or on terms acceptable to us, if at all. Any failure by us to raise additional funds on terms favorable to us, or
at all, could limit our ability to expand our business operations and could harm our overall business prospects.

The inability to obtain future additional funding
could impact the Company’s financial condition and ability to pursue its business strategies, including being required to delay,
reduce or eliminate some of its business development projects, or being unable to continue operations or continue as a going concern.
The dependency on raising additional capital indicates that a material uncertainty exists that may cast significant doubt (or substantial
doubt as contemplated by PCAOB standards) on the Company’s ability to continue as a going concern and therefore the Company may
be unable to realize the assets and discharge the liabilities in the normal course of business.

F-12

Management