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

Company: Brera Holdings PLC
Filing Date: 2025-05-28
Form: 20-F/A
Chunk 20
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 estimates are particularly sensitive because of their significance to financial statements and because of the possibility that future events affecting the estimate may differ significantly from management’s current judgments. We believe the following critical accounting policies involve the most significant estimates and judgments used in the preparation of our financial statements: Judgments, Assumptions and Estimation Uncertainties Information about judgments, assumptions and estimation uncertainties made in applying accounting policies that have the most significant effects on the amounts recognized in the consolidated financial statements is included in the following notes to the consolidated financial statements accompanying this Annual Report.

| - | Reverse recapitalization – See Note 1. The acquisition of Brera Milano was accounted for as a reverse                                       
 recapitalization, with no goodwill or other intangible assets recorded, in accordance with the guidance in paragraphs B19–B27 of            
 IFRS 3 for reverse acquisitions. Brera Milano was determined to be the accounting acquirer based upon the terms of the acquisition and      
 other factors including: (i) former Brera Milano shareholders owning approximately 35% of the combined company (on a fully diluted basis)   
 immediately following the closing of the acquisition and are the largest shareholders’ party of the Company, (ii) former Brera Milano       
 shareholder, Alessandro Aleotti, being appointed as the Chief Strategy Officer and a director of the Company, and (iii) former Brera Milano 
 shareholder, Sergio Carlo Scalpelli, being appointed as the Chief Executive Officer and a director of the Company; (iv) shareholders of     
 the Company other than the former Brera Milano shareholders continuing as passive investors; and (v) the combined company continuing the    
 football related business with Brera Milano shareholders being the major subject matter experts of this industry in the Company and having  
 the power to direct the development and operations of the combined company after the acquisition.                                           |

| Prior to the acquisition of Brera Milano, the Company was                                                                                     
 a shell corporation established in 2022 with no operations at incorporation date. The Company has issued shares to the existing shareholders, 
 and it is not qualified as a business under the definition of IFRS 3. With reference to IFRS 3 Appendix B, this would not constitute          
 a business combination since there is no substantive change in the reporting entity or its assets and liabilities. Accordingly, the Company’s 
 consolidated financial statements represent a continuation of the financial statement of Brera Milano and the assets and liabilities          
 are presented at their historical carrying values.                                                                                            |

11

| - | Provision for doubtful accounts