Company: SLMT
Filing Date: 2025-05-28
Form Type: 20-F/A
Source: 0001213900-25-048029
Chunk: 50

Company: Brera Holdings PLC
Filing Date: 2025-05-28
Form: 20-F/A
Chunk 50
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 its liabilities. Sale of shares are recorded at the proceeds received,
net of direct issue costs while issuances of stock award, options and warrants are recorded at the fair market values on the dates of
issuance or grant.

Financial Liabilities

Financial liabilities including trade and other
payables, loans from shareholders and borrowings are initially measured at fair value, net of transaction costs, and are subsequently
measured at amortized cost, using the effective interest method, with interest expense recognized on an effective yield basis, except
for short-term payables when the recognition of interest would be immaterial.

Interest-bearing loans are initially recognized
at fair value, and are subsequently measured at amortized cost, using the effective interest method.

Derecognition of Financial Liabilities

The Company derecognizes financial liabilities
when, and only when, the Company’s obligations are discharged, cancelled or they expire. The difference between the carrying amount
of the financial liability derecognized and the consideration paid and payable is recognized in profit or loss.

Revenue from Contracts with Customers

Revenue is measured based on the consideration
specified in a contract with a customer and recognized as and when control of a service is transferred to a customer.

A performance obligation represents a good or
service (or a bundle of goods or services) that is distinct or a series of distinct goods or services that are substantially the same.

Control is transferred over time and revenue is
recognized over time by reference to the progress towards complete satisfaction of the relevant performance obligation if one of the following
criteria is met:

| ● | the customer simultaneously receives and consumes the benefits provided by the Company’s performance as the Company performs; |

| ● | the Company’s performance creates or enhances an asset that the customer controls as the Company performs; or |

| ● | the Company’s performance does not create an asset with an alternative use to the Company and the Company has an enforceable right to payment for performance completed to date. |

Otherwise, revenue is recognized at a point in
time when the customer obtains control of the distinct good or service.

F-21.

A contract asset represents the Company’s
right to consideration in exchange for goods or services that the Company has transferred to a customer that is not yet unconditional.
It is assessed for impairment in accordance with IFRS 9. In contrast, a receivable represents the Company’s unconditional right
to consideration, i.e., only the passage of time is required before payment of that consideration is due.

A contract liability represents the Company