Company: ALCE
Filing Date: 2025-01-27
Form Type: S-1
Source: 0001213900-25-007054
Chunk: 219

Company: Alternus Clean Energy, Inc.
Filing Date: 2025-01-27
Form: S-1
Chunk 219
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      |     | Spain       |
| Alt Alliance LLC                           |     | Holding Company |     | September 2023            |     | Alternus Energy Amercias Inc. |     | USA         |
| ALT US 05 LLC                              |     | Holding Company |     | September 2023            |     | Alternus Energy Americas Inc. |     | USA         |
| ALT US 06 LLC                              |     | Holding Company |     | October 2023              |     | Alternus Energy Americas Inc. |     | USA         |
| ALT US 07 LLC                              
 (River Song Solar LLC)                     |     | Holding Company |     | November 2023             
 (Est. December 2022)      |     | Alternus Energy Americas Inc. |     | USA         |

F-10

| 2. | Going Concern          
 and Management’s Plans |

Our consolidated financial
statements for the year ended December 31, 2023, identifies the existence of certain conditions that raise substantial doubt about our
ability to continue as a going concern for twelve months from the issuance of this report:

The accompanying consolidated
financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of
liabilities in the normal course of business. As shown in the accompanying consolidated financial statements during the period ended
December 31, 2023, the Company had net loss from continuing operations of ($) million and a net loss of ($) million for the year
ended December 31, 2023 and 2022. The Company had total shareholders’ equity/(deficit) of ($) million as of December 31, 2023
and ($) million at December 31, 2022. The Company had $ million of unrestricted cash on hand as of December 31, 2023.

Our operating revenues are
insufficient to fund our operations and our assets already are pledged to secure our indebtedness to various third party secured creditors,
respectively. The unavailability of additional financing could require us to delay, scale back or terminate our acquisition efforts as
well as our own business activities, which would have a material adverse effect on the Company and its viability and prospects.

The terms of our indebtedness,
including the covenants and the dates on which principal and interest payments on our indebtedness are due, increases the risk that we
will be unable to continue as a going concern. To continue as a going concern over the next twelve months, we must make payments on