Company: SLMT
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001213900-25-044434
Chunk: 96

Company: Brera Holdings PLC
Filing Date: 2025-05-15
Form: 20-F
Item: Item 5
Chunk 96
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 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.                     
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                                          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.                                             
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47

-                         Provision for doubtful accounts – See Notes 2 and 11. Significant assumptions for measurement used                      
        by management in estimating the expected credit loss include weighted-average loss rate or default rate, current and future financial     
    situation of debtors for individual receivables that management is aware will be difficult to collect, and future general economic conditions.
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-                     Share-based compensation – See Notes 2 and 18. Management uses significant assumptions to measure                  
    the fair value of options and warrants, including the use of the Black-Scho