# EDGAR Filing Document

**Accession Number:** 0001994214
**File Stem:** 0001493152-26-023746
**Filing Date:** 2026-5
**Character Count:** 147868
**Document Hash:** d1bb3cfb5f5d25d9b3cef29d9bd10c3b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-26-023746.hdr.sgml**: 20260515

**ACCESSION NUMBER**: 0001493152-26-023746

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 60

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260515

**DATE AS OF CHANGE**: 20260515

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Nomadar Corp.
- **CENTRAL INDEX KEY:** 0001994214
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-AMUSEMENT & RECREATION SERVICES [7900]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 932969265
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-42924
- **FILM NUMBER:** 26987061

**BUSINESS ADDRESS:**
- **STREET 1:** 5015 HIGHWAY 59 N
- **CITY:** MARSHALL
- **STATE:** TX
- **ZIP:** 75670
- **BUSINESS PHONE:** 786-833-8854

**MAIL ADDRESS:**
- **STREET 1:** 5015 HIGHWAY 59 N
- **CITY:** MARSHALL
- **STATE:** TX
- **ZIP:** 75670

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Sportech City USA, Corp.
- **DATE OF NAME CHANGE:** 20230919

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, DC 20549**

**FORM 10-Q**

(Mark One)

**☒** **QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

For the quarterly period ended March 31, 2026

**☐** **TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

For the transition period from _____________ to _____________

Commission File Number: 001-42924

**<u>NOMADAR CORP.</u>**

(Exact Name of Registrant as Specified in Its Charter)

---

| | |
|:---|:---|
| **Delaware** | **93-2969265** |
| (State or Other Jurisdiction of<br> Incorporation or Organization) | (I.R.S. Employer<br> Identification No.) |
| **5015 Highway 59 N**<br> **Marshall, Texas**  | **76570** |
| (Address of Principal Executive Office) | (Zip Code) |

---

**(323) 672-4566**

(Registrant's Telephone Number, Including Area Code)

(Former name, former address and former fiscal year, if changed since last report)

**Securities registered pursuant to Section 12(b) of the Act:**

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Class A Common Stock, par value $0.000001 per share | NOMA | The Nasdaq Capital Market |

---

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non- accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer", "accelerated filer", "non-accelerated filer", "smaller reporting company" and "emerging growth" in Rule 12b-2 of the Exchange Act.

---

| | |
|:---|:---|
| Large Accelerated filer ☐ | Accelerated filer ☐ |
| Non-accelerated filer ☒ | Smaller reporting company ☒ |
|  | Emerging growth company ☒ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No

The number of shares of the Registrant's common stock, $0.000001 par value per share, outstanding as of May 15, 2026, was 14,881,433.

**<u>NOMADAR CORP.</u>**

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| | | **Page** |
| **PART I – Financial Information** | **PART I – Financial Information** |  |
| Item 1. | Condensed Financial Statements (Unaudited) |  |
|  | [Unaudited Condensed Balance Sheets as of March 31, 2026 and December 31, 2025](#JA_001) | 1 |
|  | [Unaudited Condensed Statements of Operations for the Three months Ended March 31, 2026 and 2025](#JA_002) | 2 |
|  | [Unaudited Condensed Statements of Changes in Stockholders' Equity (Deficit) for the Three months Ended March 31, 2026 and 2025](#JA_003) | 3 |
|  | [Unaudited Condensed Statements of Cash Flows for the Three months Ended March 31, 2026 and 2025](#JA_004) | 4 |
|  | [Notes to Unaudited Condensed Financial Statements](#JA_005) | 5 |
| Item 2. | [Management's Discussion and Analysis of Financial Condition and Results of Operations](#JA_006) | 20 |
| Item 3 | [Quantitative and Qualitative Disclosures about Market Risk](#JA_007) | 28 |
| Item 4 | [Controls and Procedures](#JA_008) | 28 |
| **[PART II – Other Information](#JA_009)** | **[PART II – Other Information](#JA_009)** | 29 |
| Item 1. | [Legal Proceedings](#JA_010) | 29 |
| Item 1A. | [Risk Factors](#JA_011) | 29 |
| Item 2. | [Unregistered Sales of Equity Securities and Use of Proceeds](#JA_012) | 29 |
| Item 3. | [Defaults Upon Senior Securities](#JA_013) | 29 |
| Item 4. | [Mine Safety Disclosures](#JA_014) | 29 |
| Item 5. | [Other Information](#JA_015) | 29 |
| Item 6. | [Exhibits](#JA_016) | 30 |
| [SIGNATURES](#JA_017) | [SIGNATURES](#JA_017) | 31 |

---

*As used in this Quarterly Report on Form 10-Q, the terms "we", "us", "our" and the "Company" mean Nomadar Corp. taken as a whole (unless the context indicates a different meaning).*

i

**NOMADAR CORP.**

**UNAUDITED CONDENSED BALANCE SHEETS**

---

| | | |
|:---|:---|:---|
|  | **March 31,**<br>**2026** | **December 31,**<br>**2025** |
| **Assets** |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;Cash | $1962060 | $78163 |
| &nbsp;&nbsp;&nbsp;Accounts receivable | 574236 | 185201 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 128162 | 12805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 2664458 | 276169 |
| &nbsp;&nbsp;&nbsp;Loan receivable – related party, denominated in Euros | 5634691 | 8513011 |
| &nbsp;&nbsp;&nbsp;Receivable from agreement with investor | 500000 |  |
| &nbsp;&nbsp;&nbsp;Right-of-use asset | 10103291 | 5166888 |
| &nbsp;&nbsp;&nbsp;Equipment | 2890 |  |
| &nbsp;&nbsp;&nbsp;Interest receivable – related party | 204200 | 134837 |
| **Total assets** | $19109530 | $14090905 |
| **Liabilities and stockholders' equity (deficit)** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | $1555952 | $1453995 |
| &nbsp;&nbsp;&nbsp;Accrued expenses | 768667 | 275966 |
| &nbsp;&nbsp;&nbsp;Direct listing fees payable | 597291 | 609237 |
| &nbsp;&nbsp;&nbsp;Due to related party, net | 83224 | 18095 |
| &nbsp;&nbsp;&nbsp;Convertible notes payable – at fair value | 1866013 | 1646663 |
| &nbsp;&nbsp;&nbsp;Lease liability – current portion | 1754784 | 15927 |
| &nbsp;&nbsp;&nbsp;Deferred revenue | 772043 | 164558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 7397974 | 4184441 |
| &nbsp;&nbsp;&nbsp;Direct listing fees payable - noncurrent |  | 144917 |
| &nbsp;&nbsp;&nbsp;Lease liability – long-term |  | 1906562 |
| &nbsp;&nbsp;&nbsp;Deferred liability – related party |  | 666867 |
| **Total liabilities** | 7397974 | 6902787 |
| Commitments and contingencies (Note 3) |  |  |
| **Stockholders' equity:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A Common Stock; $0.000001 par value per share; 80,000,000 shares authorized; 14,275,900 and 12,718,726 issued and outstanding at March 31, 2026 and December 31, 2025, respectively. | 14 | 12 |
| &nbsp;&nbsp;&nbsp;Class B Common Stock; $0.000001 par value per share; 10,000,000 shares authorized; 2,500,000 shares issued and outstanding at March 31, 2026 and December 31, 2025. | 3 | 3 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 17478364 | 11367974 |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (5766825) | (4179871) |
| &nbsp;&nbsp;&nbsp;Total stockholders' equity | 11711556 | 7188118 |
| **Total liabilities and stockholders' equity** | $19109530 | $14090905 |

---

*The accompanying notes are an integral part of the unaudited condensed financial statements.*

**NOMADAR CORP.**

**UNAUDITED CONDENSED STATEMENTS OF OPERATIONS**

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2026** | **2025** |
| Revenue | $403800 | $186937 |
| Cost of sales | 47856 | 176388 |
| Gross profit | 355944 | 10549 |
| Operating expenses: |  |  |
| General and administrative expenses | 503011 | 45459 |
| Professional fees | 559300 | 253997 |
| Sales and marketing expenses | 48333 |  |
| Loss (gain) on foreign currency transactions, net | 24065 | (2636) |
| &nbsp;&nbsp;&nbsp;Total operating expenses | 1134709 | 296820 |
| &nbsp;&nbsp;&nbsp;Loss from operations | (778765) | (286271) |
| Other expense (income): |  |  |
| Change in fair value of convertible notes payable | 621207 |  |
| Interest expense | 158374 | 5048 |
| Interest income – related party | (69363) |  |
| Amortization of loan receivable premium | 97971 |  |
| &nbsp;&nbsp;&nbsp;Other (income) expenses, net | 808189 | 5048 |
| &nbsp;&nbsp;&nbsp;Loss before provision for income taxes | (1586954) | (291319) |
| Provision for income taxes |  |  |
| &nbsp;&nbsp;&nbsp;Net loss | $(1586954) | $(291319) |
| Weighted average common shares outstanding – basic and diluted | 15448692 | 11581218 |
| Net loss per share attributable to common stockholders – basic and diluted | $(0.10) | $(0.03) |

---

*The accompanying notes are an integral part of the unaudited condensed financial statements.*

**NOMADAR CORP.**

**UNAUDITED CONDENSED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A Common Stock** | **Class A Common Stock** | **Class B Common Stock** | **Class B Common Stock** | **Preferred Stock** | **Preferred Stock** | | | |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Additional Paid-in**<br>**Capital** | **Accumulated**<br>**Deficit** | **Total Stockholders'**<br>**Equity** |
| **Balance at December 31, 2025** | 12718726 | $&nbsp;&nbsp;&nbsp;&nbsp; 12 | 2500000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |  | $&nbsp;&nbsp;&nbsp;&nbsp; — | $11367974 | $(4179871) | $7188118 |
| Sale of common stock pursuant to subscription agreement | 415935 | 1 |  |  |  |  | 1938256 |  | 1938257 |
| Issuance of common stock - conversions of convertible note | 108287 |  |  |  |  |  | 401857 |  | 401857 |
| Sale of common stock pursuant to capital contribution agreement | 1032952 | 1 |  |  |  |  | 3770277 |  | 3770278 |
| Net loss |  |  |  |  |  |  |  | (1586954) | (1586954) |
| **Balance at March 31, 2026** | 14275900 | 14 | 2500000 | 3 |  |  | 17478364 | (5766825) | 11711556 |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A Common Stock** | **Class A Common Stock** | **Class B Common Stock** | **Class B Common Stock** | **Preferred Stock** | **Preferred Stock** | | | |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Additional Paid-in**<br>**Capital** | **Accumulated**<br>**Deficit** | **Total Stockholders'**<br>**Deficit** |
| **Balance at December 31, 2024** | 11581218 | $&nbsp;&nbsp;&nbsp;&nbsp; 12 | 2500000 | $&nbsp;&nbsp;&nbsp;&nbsp; 3 |  | $&nbsp;&nbsp;&nbsp;&nbsp;— | $50840 | $(1412553) | $(1361698) |
| Net loss |  |  |  |  |  |  |  | (291319) | (291319) |
| **Balance at March 31, 2025** | 11581218 | 12 | 2500000 | 3 |  |  | 50840 | (1703872) | (1653017) |

---

*The accompanying notes are an integral part of the unaudited condensed financial statements.*

**NOMADAR CORP.**

**UNAUDITED CONDENSED STATEMENTS OF CASH FLOWS**

---

| | | |
|:---|:---|:---|
|  | **For the Three months Ended March 31,** | **For the Three months Ended March 31,** |
|  | **2026** | **2025** |
| **Cash Flows from Operating Activities:** |  |  |
| Net loss | $(1586954) | $(291319) |
| Adjustments to reconcile net loss to net cash used in operating activities: |  |  |
| Amortization of loan receivable premium – related party | 97971 |  |
| Change in fair value of convertible notes payable | 621207 |  |
| Foreign exchange loss on related party finance lease | (156940) |  |
| Foreign exchange gain on loan receivable – related party | 152126 |  |
| Accretion of deferred liability – related party | 125529 |  |
| Interest on finance lease liability | 29708 |  |
| Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Accounts receivable | (389035) | 16240 |
| &nbsp;&nbsp;&nbsp;Interest receivable – related party | (69363) |  |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | (115357) |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | 101957 | 536022 |
| &nbsp;&nbsp;&nbsp;Accrued expenses | 492701 | (218354) |
| &nbsp;&nbsp;&nbsp;Direct listing fees payable | (156863) |  |
| &nbsp;&nbsp;&nbsp;Due to related party, net | 65129 |  |
| &nbsp;&nbsp;&nbsp;Interest payable – stockholder loan |  | 5049 |
| &nbsp;&nbsp;&nbsp;Deferred revenue | 607485 |  |
| **Net cash (used in) provided by operating activities** | (180699) | 47638 |
| **Cash Flows from Investing Activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Payments for receivable from agreement with investor | (500000) |  |
| &nbsp;&nbsp;&nbsp;Proceeds from loan receivable - related party, denominated in Euros | 2628223 |  |
| &nbsp;&nbsp;&nbsp;Purchase of equipment | (2890) |  |
| **Net cash provided by investing activities** | 2125333 |  |
| **Cash Flows from Financing Activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of common stock pursuant to subscription agreement | 1938257 |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of common stock pursuant to capital contribution agreement | 3770278 |  |
| &nbsp;&nbsp;&nbsp;Payments made on stockholder loan |  | (21196) |
| &nbsp;&nbsp;&nbsp;Payments of finance lease liability | (41964) |  |
| &nbsp;&nbsp;&nbsp;Payments toward purchase option of related party finance lease | (4934912) |  |
| &nbsp;&nbsp;&nbsp;Repayment of deferred liability – related party | (792396) |  |
| **Net cash used in financing activities** | (60737) | (21196) |
| Net change in cash | 1883897 | 26442 |
| Cash – Beginning of Period | 78163 | 417 |
| Cash – End of Period | $1962060 | $26859 |
| **Noncash investing and financing activities:** |  |  |
| ROU asset received in exchange for lease liability due to lease modification | $4936403 | $— |
| Conversion of convertible note to common stock | $401857 | $— |

---

*The accompanying notes are an integral part of the unaudited condensed financial statements.*

 

 

**NOMADAR CORP.**

**NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS**

**NOTE 1. DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS AND GOING CONCERN**

Nomadar Corp. (the "Company" or "Nomadar"), is a Delaware Corporation and was organized on August 8, 2023. Previously known as Sportech City USA Corp, Nomadar is majority owned by Sport City Cádiz, S.L. ("Sport City" or "Sportech"). The Company is a sport technology business that is currently planning to operate sport technology platforms and is currently planning to offer consulting services in addition to the planned construction and subsequent operation of a multi-purpose event center. The Company offers an educational high performance training ("HPT") program for young athletes to assimilate into elite soccer programs. The Company is currently planning to operate soccer academies in the United States and Europe as well. The Company's target market includes professional sports teams, athletes, coaches, and recreational sports enthusiasts.

The Company generates revenue through its High Performance Training Program and events management at the JP Financial Estadio ("JP Financial Stadium").

The Company engaged in limited operations until 2025 when the Company began generating revenue from providing services under commercial contracts and purchase orders entered into in the ordinary course of business. On October 31, 2025 the Company completed the direct listing of its Class A common stock (the "Direct Listing"). Substantially all activity for the period from August 8, 2023 (inception) through October 31, 2025 relates to the Company's formation and the registered direct listing, as well as the Company's efforts to execute the exclusive license agreements further described in Note 3.

**Going Concern**

As of March 31, 2026, the Company had $1,962,060 in cash and a working capital deficit of $4,733,516. The Company has incurred an operating loss of $778,765 during the three months ended March 31, 2026. As of March 31, 2026, the Company had an accumulated deficit of $5,766,825. Further, the Company expects to continue to incur significant costs in pursuit of its financing and acquisition plans. These conditions raise substantial doubt about the Company's ability to continue as a going concern for a period of one year after the date these unaudited condensed financial statements are available to be issued.

The continuation of the Company as a going concern is dependent upon the continued financial support from its stockholders and debt holders. Specifically, continuation is contingent on the Company's ability to obtain necessary equity or debt financing to continue operations, and ultimately the Company's ability to generate profit from future sales and positive operating cash flows, which is not assured.

The Company's plans to address this uncertainty include obtaining future debt and equity financings. In addition, in November 2024, the Company entered into a binding capital contribution agreement with Sportech, as amended in June 2025, pursuant to which Sportech has agreed to provide up to $10 million to fund the business and operations of the Company in 2025, 2026, and 2027. As of the issuance date of these financial statements, the Company received the full $10 million in funding under the agreement with Sportech. On March 27, 2026, the Company entered into a subscription agreement with an unaffiliated third-party investor, pursuant to which the investor agreed to purchase, and the Company agreed to sell, up to $1.74 million of the Company's class A common stock.

Lastly, the Company entered into a financing arrangement with a third party on May 20, 2025 pursuant to which the third party may purchase up to $30 million of the Company's Class A Common Stock, including funding a prepaid advance of $3 million, which was funded in three separate transactions during 2025. There is no assurance that the Company's plans to raise capital will be successful. Should the Company be unable to raise sufficient additional capital, the Company may be required to undertake cost-cutting measures to align with cash reserves, although there can be no guarantee that it will be successful in doing so. Accordingly, the Company may be required to raise additional cash through alternative debt or equity transactions. It may not be able to secure financing in a timely manner or on favorable terms, if at all. As a result, management's plans cannot be considered probable and thus do not alleviate the substantial doubt about the Company's ability to continue as a going concern.

These accompanying unaudited condensed financial statements have been prepared assuming that the Company will continue as a going concern and do not include any adjustments that might result from the outcome of this uncertainty.

During the three months ended March 31, 2026, there were no changes to the Company's significant accounting policies as described in the Company's audited financial statements as of and for the year ended December 31, 2025, included in the amended Form 10-K as filed on March 31, 2026, except as described below.

**NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

**Unaudited Financial Information**

The Company's unaudited condensed financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP") for the interim financial reporting period and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X and on the same basis as the Company prepares its annual audited financial statements. Pursuant to these rules and regulations, they do not include all information and notes required by GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair statement of the Company's financial condition and results of operations have been included. Operating results for the period presented are not necessarily indicative of the results that might be expected for the full year. As such, the information included in this report should be read in conjunction with the Company's audited financial statements as of and for the year ended December 31, 2025. The condensed balance sheet as of December 31, 2025 has been derived from the audited financial statements of the Company, but does not include all of the disclosures required by GAAP.

**Revenue Recognition**

*Overview*

In accordance with ASC Topic 606 "Revenue Recognition," the Company recognizes revenue from contracts with customers using a five-step model, which is described below:

● identify the customer contract;

● identify performance obligations that are distinct;

● determine the transaction price;

● allocate the transaction price to the distinct performance obligations; and

● recognize revenue as the performance obligations are satisfied.

*Identify the customer contract*

A customer contract is generally identified when there is approval and commitment from both the Company and its customer, the rights have been identified, payment terms are identified, the contract has commercial substance and collectability is probable. Specifically, the Company obtains written/electronic signatures on contracts and purchase orders, if said purchase orders are issued in the normal course of business by the customer.

*Identify performance obligations that are distinct*

A performance obligation is a promise by the Company to provide a distinct good or service or a series of distinct goods or services. A good or service that is promised to a customer is distinct if the customer can benefit from the good or service either on its own or together with other resources that are readily available to the customer, and a company's promise to transfer the good or service to the customer is separately identifiable from other promises in the contract.

*Determine the transaction price*

The transaction price is the amount of consideration to which the Company expects to be entitled in exchange for transferring goods or services to a customer, excluding sales taxes that are collected on behalf of government agencies.

*Allocate the transaction price to distinct performance obligations*

The transaction price is allocated to each performance obligation based on the relative standalone selling prices ("SSP") of the goods or services being provided to the customer. If a contract contains multiple performance obligations, the Company accounts for individual performance obligations separately, if they are distinct. The standalone selling price reflects the price the Company would charge for a specific piece of equipment or service if it was sold separately in similar circumstances and to similar customers.

*Recognize revenue as the performance obligations are satisfied*

Revenue is recognized when, or as, performance obligations are satisfied by transferring control of a promised product or service to a customer.

*HPT Program*

In August 2024, the Company entered into the HPT License Agreement with Club de Fútbol, S.A.D. ("Cádiz CF"), granting Nomadar the exclusive rights to the High Performance Training Program, being the exclusive rights to the business, know-how, and general operations of the Nomadar HPT. Under this licensing agreement, the Company enters into contracts with third-party fútbol academies which select certain players from their own program to be trained by Nomadar under the HPT experience. Revenues generated through the Nomadar HPT are derived from the players participating in the program. Each customer pays a monthly or per session fee to the Company based on the number of athletes admitted into the program. Nomadar is responsible for providing the athletes with housing and board, access to education, high-level training including individual technical training, official training kits, and full immersion into the La Liga fútbol club experience.

The Company concluded that the services provided under the HPT program contracts represent a series of distinct services that are substantially the same and that have the same pattern of transfer to the customer. Accordingly, the Company recognizes revenue for the related services as such distinct services are performed over time.

During the three months ended March 31, 2026 and 2025, the Company recognized revenue of $48,836 and $186,937, respectively, related to its HPT program. The Company recognized deferred revenue of $61,216 and $31,232 related to the HPT program as of March 31, 2026 and December 31, 2025, respectively.

*Stadium Events*

On October 30, 2024, the Company and Cádiz CF entered into an agreement (the "Stadium Agreement"), pursuant to which Cádiz CF granted to Nomadar a temporary, non-exclusive right to use the JP Financial Estadio ("JP Financial Stadium"). The Company has engaged third-party event coordinators to host events at JP Financial Stadium. Under these contracts, the Company is responsible for the assignment of space within JP Financial Stadium to the event coordinators, the facilitation of access necessary for event setup, execution, and dismantling, the provision of lighting, sound, access control, hostess services, and the stage for the event, and the compliance with all legal and regulatory requirements needed for the execution of the event. These contracts include a non-refundable up-front fee due at the closing of the contract as well as variable consideration in the form of a percentage of ticket sales earned by the event coordinator. Pursuant to the Stadium Agreement, the Company has agreed to assume in full all those expenses incurred by Cádiz CF that are necessary and duly justified to guarantee the correct exploitation of JP Financial Stadium. This obligation includes, but is not limited to, all costs associated with technical, logistical, maintenance, cleaning, supplies, security, personnel, insurance, licenses and any other service or action essential to ensure the correct provision of the service and the proper development of the contracted activity. Additionally, any expense derived from legal, technical or administrative requirements that Cádiz CF must face due to the activity that is the subject of the Stadium Agreement will also be fully reimbursed by the Company, upon presentation of the appropriate supporting documents, including any costs of a fiscal or tax nature (including direct or indirect taxes that may eventually be claimed from the club) that Cádiz CF may incur in the future because of the execution the Stadium Agreement. The Stadium Agreement has a term of ten (10) years, and may be extended for additional periods. There are no fixed minimum recurring payments due by Nomadar to Cádiz CF under the Stadium Agreement.

Deferred revenue balances associated with stadium events consist of the up-front fee paid to the Company at the time of closing of the contract. Deferred revenue is recognized in revenue upon occurrence of the event. As of March 31, 2026 and December 31, 2025, all of the Company's deferred revenue attributable to stadium events were reported as current liabilities in the accompanying condensed balance sheet in the amount of $174,703 and $104,822, respectively. The Company did not recognize any revenue related to the hosting of stadium events during the three months ended March 31, 2026 or 2025.

In accordance with ASC 606-10-50-13, the Company is required to include disclosure on its remaining performance obligations as of the end of the current reporting period. Due to the nature of the Company's contracts, these reporting requirements are not applicable, because the majority of the Company's remaining contracts meet certain exemptions as defined in ASC 606-10-50-14 through 606-10-50-14A, including (i) performance obligation is part of a contract that has an original expected duration of one year or less and (ii) the right to invoice practical expedient.

*Naming Rights*

On March 13, 2026, the Company ratified an Assignment Agreement of Naming Rights (the "Naming Rights Agreement") with JP Financial 2024, S.L. ("JP Financial" or the "Sponsor"), and Cádiz CF appearing solely for purposes of authorizing certain image and advertising rights. Pursuant to the Naming Rights Agreement, the Company has assigned to JP Financial the exclusive commercial naming rights to the future venue (the "Venue") to be developed within the Company's urban and business development known as "Sportech City Cádiz" (the "Project"). The Venue will be commercially identified with the designation "JP Financial Arena Bahía de Cádiz". As of the date of the Agreement, the Venue has not yet been constructed and currently consists of a plot of land integrated within the scope of the Project. The assignment includes the right to use the designated name and to associate the JP Financial brand with the Project, the Venue, and its activity in communications, advertising media, marketing actions, and activations linked to its development.

The Naming Rights Agreement has an initial term of five years, commencing on March 3, 2026, following ratification on March 13, 2026. As consideration for the rights assigned, JP Financial will pay the Company €500,000 per year, plus applicable indirect taxes, due annually on each anniversary of the Agreement. The Company recognizes revenue from naming rights ratably over the term of the agreement as benefits are provided to the Sponsor. The Company recognized revenue of $48,739 during the three months ended March 31, 2026. As of March 31, 2026, the Company had deferred revenue of $536,125 due to the Naming Rights Agreement.

*Educational Services*

During the three months ended March 31, 2026, the Company commenced its educational service offering. Through this offering, the Company: 1) provides training initiatives in digital competencies aimed at professional sports and their business management, and 2) designs, develops, and implements an online digital content platform for the delivery of the training initiatives. The Company recognized $253,725 of educational services revenue during the three months ended March 31, 2026.

*Mágico González Brand Revenue*

In August 2024, the Company entered into an exclusive licensing agreements with Cádiz CF related to the brand Mágico González (the "Mágico González Agreement"). See Note 3 and Note 4 for more information related to the Mágico González Agreement.

During the fourth quarter of 2025 the Company entered into a contract with a customer for the production of a film that used the brand Mágico González. Pursuant to the contract the customer agreed to pay the Company $70,000 as consideration for the brand rights as well as granted the Company the right to 15% of the worldwide net profits from the film. During the three months ended March 31, 2026, the Company recognized $52,500 of Mágico González brand revenue*.* As of March 31, 2026 and December 31, 2025, the Company had $0 and $28,504 of deferred revenue relating to the Mágico González brand.

**Net Loss Per Common Share**

The Company accounts for earnings or loss per share pursuant to ASC 260, "Earnings per Share," which requires disclosure on the financial statements of "basic" and "diluted" earnings or loss per share. Basic loss per share of common stock is computed by dividing net loss by the weighted average number of common shares outstanding for the period. Diluted loss per share is computed by dividing net loss by the weighted average number of common shares outstanding plus common stock equivalent, if dilutive. Potentially dilutive securities are excluded from the computation of diluted net loss per share when the effect of their inclusion would be anti-dilutive. For all periods presented, basic and diluted net loss per share are the same, as any additional share equivalents would be anti-dilutive. As the Company has reported a net loss for all periods presented, diluted net loss per common share is the same as basic net loss per common share.

The following outstanding potentially dilutive common stock equivalents were excluded from the computation of diluted net loss per share for the periods presented because including them would have been anti-dilutive:

---

| | | |
|:---|:---|:---|
|  | **For the Three months Ended March 31,** | **For the Three months Ended March 31,** |
|  | **2026** | **2025** |
| Convertible notes payable | 561644 |  |
| Total | 561644 |  |

---

**Recent Accounting Standards**

The Company continually assesses new accounting pronouncements to determine their applicability. When it is determined a new accounting pronouncement affects the Company's financial reporting, the Company undertakes a review to determine the consequences of the change to its financial statements.

In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses ("DISE"), which will require additional disclosure of the nature of expenses included in the income statement in response to longstanding requests from investors for more information about an entity's expenses. The new standard requires disclosures about specific types of expenses included in the expense captions presented on the face of the income statement as well as disclosures about selling expenses. The new standard will be effective for public companies for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. The requirements will be applied prospectively with the option for retrospective application. Early adoption is permitted. The Company is currently evaluating the impact of this accounting standard update on its financial statements.

**NOTE 3. COMMITMENTS AND CONTINGENCIES**

**Exclusive License Agreements With Related Party**

In August 2024, the Company entered into two exclusive licensing agreements with Cádiz CF S.A.D ("Cádiz CF"), one related to HPT activities and one related to the brand Mágico González, the "HPT Agreement" and the "Mágico González Agreement," respectively. Each contract has a term of twenty years, and can be terminated under mutual agreement between both Cádiz CF and Nomadar, or through a breach of the contract terms. Pursuant to the HPT Agreement, the Company will pay a royalty equivalent to 15% of the net sales, defined as sales revenue less cost of goods sold, obtained as remuneration for the use of the HPT know-how regulated under the agreement. During the three months ended March 31, 2026 and 2025, the Company recorded royalty fees under the HPT Agreement in the amount of $1,453 and $7,904, respectively, within cost of sales on the accompanying unaudited condensed statement of operations, and none under the Mágico González agreement. Pursuant to the Mágico González Agreement, the Company will pay a royalty equivalent to 15% of the net sales obtained as remuneration for the transfer of the trademark use regulated under the agreement. Payment will be made within thirty days of the fiscal year end. For more information on the licensing agreements, see Note 4. During the three months ended March 31, 2026 and 2025, the Company recorded royalty fees under the Mágico González Agreement of $7,875 and $0, respectively.

**Litigation**

The Company may be involved in certain routine legal proceedings from time to time before various courts and governmental agencies. The Company cannot predict the final disposition of such proceedings. If legal matters arise the Company reviews them and records a provision for claims considered probable of loss and for which such loss is estimable.

**NOTE 4. RELATED PARTY TRANSACTIONS**

**Loan Receivable – Related Party, Denominated in Euros**

On June 12, 2025, the Company entered into an agreement (the "Assignment Agreement") with Cádiz CF for the assignment of a participative loan agreement (the "Participative Loan") to the Company. The Participative Loan was previously held between Cádiz CF and Sportech. Pursuant to the Assignment Agreement, the Company became the new lender and Sportech remained as the borrower.

The Participative Loan is denominated in Euros (€) and had an outstanding principal balance of €6.8 million at the time of assignment, which was approximately $7.9 million USD based on the exchange rate on the assignment date. The Participative Loan is due on February 23, 2027 and carries a fixed interest rate of 3% per annum, plus a variable interest rate equivalent to 1.5% of the EBITDA of the previously completed fiscal year of the borrower. Interest earned on the Participative Loan is payable upon maturity.

The Company acquired the Participative Loan through a non-monetary exchange, which was accounted for at fair value in accordance with ASC 845 and ASC 820. The fair value of the Participative Loan was determined to be $8,711,035, which equals the aggregate fair value of the consideration transferred. The difference between the fair value of the Participative Loan and its outstanding principal balance was recognized as a premium of $787,675. The premium is being amortized over the term of the Participative Loan.

In exchange for the Participative Loan, the Company issued 750,000 shares of Class A Common Stock and agreed to a deferred cash payment of $1,000,000, due within 24 months. The shares of Class A Common Stock had a fair value of $7,884,589. The deferred payment was initially recorded at its present value of $826,446 and an original issue discount of $173,554. The deferred payment is being accreted monthly and is presented as deferred liability – related party on the accompanying condensed balance sheet. During the three months ended March 31, 2026 the Company repaid $792,396 of the deferred payment, representing the remaining liability at the time of repayment. As a result, the Company fully accreted the remaining discount on the deferred liability.

For the three months ended March 31, 2026 and 2025, the Company recorded $125,529 and $0 of accretion expense, respectively, as a result of the deferred payment. The accretion expense is presented as a component of interest expense in the accompanying condensed statement of operations.

The total fair value of the consideration transferred was $8,711,035, which equaled the fair value of the Participative Loan received.

Because the Participative Loan is denominated in Euros, its carrying value is remeasured at each reporting period using the applicable exchange rate. For the three months ended March 31, 2026 and 2025, the Company recognized a loss on foreign currency remeasurement of $152,126 and $0, respectively. The loss on foreign currency remeasurement of the Participative Loan is presented in loss (gain) on foreign currency transactions, net in the accompanying condensed statement of operations.

The Company recognized interest income – related party of $55,863 and $0 during the three months ended March 31, 2026 and 2025, respectively, related to the fixed interest rate on the Participative Loan in the accompanying condensed statement of operations. During the first quarter of 2026 the Company received $2,628,223 of principal repayments related to the Participative Loan. As of March 31, 2026, the Participative Loan had a remaining principal balance of approximately €4.5 million.

**Receivable From Agreement with Investor**

On March 4, 2026, the Company and Make A Mark Events SRL (the "Media Firm") agreed to a remunerated private investment agreement and advertising partnership agreement (the "Media Firm Agreement"). The Media Firm is owned by an investor in Nomadar. Pursuant to the Media Firm Agreement, the Company gave $500,000 in connection with an advertising campaign for various clients managed through the Media Firm and its affiliated media operations. The $500,000 is repayable within thirty days, is renewable for additional thirty day periods up to one year, and earns a return at a rate 2.7% every thirty days. The Media Firm Agreement is guaranteed with certain contracts between the Media Firm and the Media Firm's clients. Further, it is also guaranteed, jointly and severally, by the investor, the Media Firm, and Make Mark LLC.

During the three months ended March 31, 2026, the Company recognized income of $13,500 due to the Media Firm Agreement as part of interest income in the condensed Statement of Operations. As of March 31, 2026, the Company had recognized a receivable from the Media Firm Agreement with an investor and interest receivable of $500,000 and $13,500, respectively. See Note 11 for more information.

**Stockholder Loan**

On September 1, 2023, the Company entered into a line of credit (the "stockholder loan") with Sportech. The aggregate outstanding borrowings under the agreement, as amended, with Sportech will not exceed $1,000,000 and will maintain an interest rate of 4.19%. There were no upfront fees or commitment fees paid by the Company in connection with the line of credit agreement. Individual draws and repayments are planned to be transacted in U.S. Dollars ("USD").

During the three months ended March 31, 2026, the Company drew and repaid $0 on the stockholder loan. During the three months ended March 31, 2025, the Company drew and repaid $0 and $21,196 on the stockholder loan, respectively. The stockholder loan is carried at cost until repayment and has a maturity date of December 31, 2029. The Company incurred $0 and $5,048 of interest expense during the three months ended March 31, 2026 and 2025, respectively, in connection with interest due on the stockholder loan. The total amount of interest due is $0 and $12,946 as of March 31, 2026 and December 31, 2025, respectively. The balance of the stockholder loan was $0 as of March 31, 2026 and December 31, 2025.

**Exclusive License Agreements**

Pursuant to the HPT Agreement, the Company has planned and developed the HPT program in collaboration with Cádiz CF which provides the opportunity for youth fútbol players to become immersed in La Liga fútbol club where they receive access to training methods and coaching. Cádiz CF declares to be the holder of the know-how and practical knowledge necessary for the standardized development of the HPT program. Through the licensing agreement, Cádiz CF grants the Company the right to use the HPT know-how as described in Note 2. During the three months ended March 31, 2026 and 2025, the Company generated revenue of $48,836 and $186,937, respectively, related to the programs held under the HPT Agreement. During the three months ended March 31, 2026 and 2025, the Company incurred expenses of $14,030 and $176,388, respectively, related to the programs held under the HPT Agreement.

Prior to the Mágico González Agreement, Cádiz CF exclusively owned and had the right to manage the brand rights derived from the nickname by which the former fútbol player Mr. González Barillas is internationally known, "Mágico González," and also owns the Spanish trademark, "Mágico González." Pursuant to the Mágico González Agreement, the Company is granted the right to use the trademark exclusively for the following products and services: sports and non-sports clothing, sports equipment, nonalcoholic beverages, stationery products, merchandising products, household items, exploitation of bars and restaurants, sports events, cultural and musical events, and for commercial, advertising, and any other activities related to the Company's business worldwide except in Spain. The initial term of the Mágico González Agreement is twenty years from the effective date of the contract. The Company generated revenue of $52,500 during the three months ended March 31, 2026 due to the Mágico González Agreement.

**Capital Contribution Agreement**

In November 2024, the Company entered into a binding capital contribution agreement with Sportech, as amended in June 2025, pursuant to which Sportech has agreed to provide up to $10 million to fund the business and operations of the Company in 2025, 2026, and 2027, in each case conditioned on the then-current listing of the Company on a U.S. national stock exchange.

On each funding date, in consideration for the cash contribution on such funding date, the Company will issue to Sportech a number of shares of Common Stock, calculated based on the current trading price of our Common Stock, pursuant to the applicable rules of the exchange. During the year ended December 31, 2025, the Company received $2,261,175 in capital contributions and issued 260,433 shares of Common Stock to Sportech. During the first quarter of 2026, the Company received $1,938,257 in capital contributions and issued 415,935 shares of Common Stock to Sportech.

On February 27, 2026, the Company entered into a subscription agreement with an unaffiliated third-party, pursuant to which the investor agreed to purchase, and the Company agreed to sell, up to $5.4 million of the Company's Class A common stock, in one or more closings, at a price per share equal to $3.65, representing the issuance of up to 1,480,937 shares of Common Stock, in three separate tranches. On March 3, 2026, the Company closed the first tranche of the offering, and issued 584,969 shares of Common Stock to the investor at the per share purchase price. The second tranche of the offering closed on March 30, 2026, and the Company issued 447,983 shares to the investor as a result. Through the first and second tranche, the Company has received proceeds of $3,770,278. The third tranche of the offering closed on May 7, 2026. The Company issued 447,983 shares of common stock in exchange for approximately $1.6 million. This investor was brought to the Company by Sportech as part of the fulfillment of the terms of the capital contribution agreement.

On March 27, 2026, the Company entered into a subscription agreement with an unaffiliated third-party investor, pursuant to which the investor agreed to purchase, and the Company agreed to sell, up to $1.738 million of the Company's class A common stock at a price per share equal to $3.65, representing the issuance of up to 476,384 shares of common stock, in seven separate tranches. This investor was brought to the Company by Sportech as part of the fulfillment of the terms of the capital contribution agreement. The first and second tranche were executed on May 11, 2026. The company issued 99,946 shares of common stock in exchange for approximately $364,803.

**Stadium Agreement**

The Company entered into the Stadium Agreement with Cádiz CF whereby Cádiz CF granted the Company with temporary, non-exclusive rights to use the JP Financial Stadium and organize events to be held at the Stadium. The Stadium Agreement has a duration of ten years and may be extended for additional periods upon agreement of the parties. Refer to Note 2. for information related to the recognition of revenue earned pursuant to the Stadium Agreement.

**NOTE 5. FINANCE LEASE – RELATED PARTY, DENOMINATED IN EUROS**

In November 2025, the Company entered into a land lease agreement and purchase option (the "Lease Agreement") with Sportech, pursuant to which Sportech has agreed to lease the Company a plot of land located at Puerto de Santa María, Spain (the "Property") for an initial term of three years, which may be extended for an additional two year period by mutual agreement between the Company and Sportech. The Property is the intended site for the Sportech City project, which would include the JP Financial Stadium.

The Lease Agreement requires the Company to pay monthly payments of €12,000 over the lease term. The Lease Agreement also contains a purchase option which may be exercised for either 1) the entirety of the Property at a price of €29.17 per square meter, or 2) at least 100,000 square meters of the Property at a price of €29.17 per square meter. As of the lease inception date, the Company had prepaid $2,643,498 toward the purchase option. Following the lease inception date and through March 31, 2026, the Company prepaid an additional $5,558,883 toward the purchase option. The Company has classified this lease as a finance lease.

During the three months ended March 31, 2026 the Company made prepayments of $4,934,912 towards the purchase option of the finance lease. During the first quarter of 2026, the Company re-evaluated its strategic plan, and now considers it probable that the Company will exercise the option to purchase the entirety of the Property. As a result of the modification, the Company adjusted the lease term to exclude the optional two year lease term extension and increased the expected purchase option amount to the maximum amount allowed under the Lease Agreement. As of March 31, 2026, the unpaid portion of the purchase option, which is expected to be paid during the remainder of 2026, is $1,678,764. Effective April 12, 2026 the Company and Sportech entered into an addendum and binding purchase option with the Lease Agreement pursuant to which it was agreed that the purchase option of the Lease Agreement may be exercised in increments over the term of the Lease Agreement as long as the increments are for no less than 100,000 square meters of the Property. Further, the Company agreed to exercise the purchase option for 130,000 square meters of the Property in exchange for proceeds of approximately $4.45 million (see Note 11).

As of March 31, 2026, the finance lease right of use asset was $10,103,291. The Company's finance lease cost consisted of interest expense of $29,708, and $0 of amortization of the right of use asset during the three months ended March 31, 2026. The Company is not recording any amortization of the right of use asset as it is land and therefore has an indefinite estimated lifespan. Additionally, the Company believes that it is probable that it will exercise the purchase option of the Lease Agreement.

The weighted average remaining lease term of the Lease Agreement was 2.64 years as of March 31, 2026. The discount rate of the Lease Agreement was 8.00%. During the three months ended March 31, 2026, the Company made payments of $41,964 towards the related party finance lease.

Future minimum payments under the finance lease as of March 31, 2026, are as follows:

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| | |
|:---|:---|
| Remainder of 2026 | $124539 |
| 2027 | 166052 |
| 2028 | 1830978 |
| Total minimum lease payments | 2121569 |
| Less: imputed interest | (366785) |
| Present value of future lease payments | $1754784 |

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**NOTE 6. DIRECT LISTING FEES**

In October 2025, the Company completed the direct listing of its common stock on the NASDAQ stock exchange. In relation to the direct listing, the Company engaged a financial advisor to perform certain financial services for the Company. As a result, the Company agreed to issue the financial advisor common stock with an aggregate value of $250,000 and cash payments totaling $1,072,200. The cash payments consist of a $272,200 payment due by December 15, 2025, and five quarterly payments of $160,000 due beginning on March 30, 2026.

In October 2025, the Company issued 11,905 shares of common stock to the financial advisor in satisfaction of $250,000 of common stock owed. The Company recorded the remaining $800,000 due to the financial advisor at present value, resulting in liability of $754,154 presented as direct listing fees payable on the accompanying balance sheet as of December 31, 2025. During the three months ended March 31, 2026, the Company made payments of $160,000 and recognized interest expense of $3,137 as a result of the direct listing fees payable.

Future payments owed to the financial advisor for direct listing services as of March 31, 2026, are as follows:

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| | |
|:---|:---|
| Remainder of 2026 | $480000 |
| 2027 | 160000 |
| Total minimum direct listing fee payments | 640000 |
| Less: imputed interest | (42709) |
| Present value of future direct listing fee payments | 597291 |
| Current direct listing fee payable | 597291 |
| Long-term direct listing fee payable | $- |

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**NOTE 7. Fair Value Measurement**

**Yorkville Convertible Notes Payable**

The Company follows the guidance in ASC 820 Fair Value Measurements and Disclosures for its financial assets and liabilities that are re-measured and reported at fair value at each reporting period, and non-financial assets and liabilities that are re-measured and reported at fair value at least annually. The estimated fair value of the Yorkville convertible notes payable represents a Level 3 measurement. See Note 8 for information relating to the Yorkville convertible notes payable.

The following table presents information about the Company's financial instruments that are measured at fair value on a recurring basis at March 31, 2026 and December 31, 2025, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:

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| | | | |
|:---|:---|:---|:---|
| **Description** | **Level** | **March 31,<br> 2026** | **December 31,<br> 2025** |
| Liabilities: |  |  |  |
| Yorkville convertible note (tranche #1) | 3 | $477199 | $498203 |
| Yorkville convertible note (tranche #2) | 3 | 450552 | 488433 |
| Yorkville convertible note (tranche #3) | 3 | 938262 | 660027 |
| Total fair value |  | $1866013 | $1646663 |

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The measurement of fair value of the Yorkville convertible notes payable was determined utilizing a Monte Carlo simulation considering all relevant assumptions current at the date of issuance (i.e., share price, term, volatility, risk-free rate, and probability of optional redemption). Refer to Note 8 for further details.

For the three months ended March 31, 2026, the Company recognized a loss of approximately $621,207 resulting from changes in the fair value of the Yorkville convertible notes payable.

The following table sets forth a summary of the changes in the fair value of the Yorkville convertible notes payable which is a Level 3 financial liability measured at fair value on a recurring basis:

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| | |
|:---|:---|
|  | **Fair Value** |
| Balance at December 31, 2025 | $1646663 |
| Conversion of Yorkville #3 principal | (350000) |
| Conversion of Yorkville #3 accrued interest | (51857) |
| Change in fair value | 621207 |
| Balance at March 31, 2026 | $1866013 |

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**NOTE 8. Convertible Notes Payable**

**Convertible Notes Payable (Yorkville)**

On May 22, 2025, in connection with and pursuant to the terms of the SEPA with Yorkville, (see Note 9 for further details), Yorkville agreed to advance to the Company, in exchange for convertible notes payable, an aggregate principal amount of up to $3,000,000, $500,000 of which was funded at the Closing in exchange for the issuance by the Company of a Convertible Note Payable (the "Yorkville Convertible Note #1"); $500,000 of which was funded on July 2, 2025 in exchange for the issuance of a Convertible Note Payable (the "Yorkville Convertible Note #2"); and $2,000,000 which was funded on November 4, 2025.

The Company received net proceeds of $460,000 after a non-cash original issue discount of $40,000 during the three months ended June 30, 2025 as a result of Yorkville Convertible Note #1. The Company received additional net proceeds of $460,000 after a non-cash original issue discount of $40,000 during the three months ended September 30, 2025 as a result of Yorkville Convertible Note #2. Lastly, the Company received additional net proceeds of $1,840,000 after a non-cash original issue discount of $160,000 during the three months ended December 31, 2025 as a result of Yorkville Convertible Note #3. The original issuance discounts were expensed immediately upon the receipt of the proceeds.

On March 3, 2026, Yorkville converted $150,000 of principal and $19,945 of accrued interest of Convertible Notes, for a total conversion amount of $169,945, into 44,750 shares of Class A Common Stock. On March 16, 2026, Yorkville converted $200,000 of principal and $31,912 of accrued interest of Convertible Notes, for a total conversion amount of $231,912, into 63,537 shares of Class A Common Stock.

Yorkville Convertible Note #1 and Yorkville Convertible Note #2 (together the "Yorkville Notes") have a maturity date of May 20, 2026, and accrue interest at 8% per annum, subject to an increase to 18% per annum upon an event of default. As of March 31, 2026, no events of default have occurred.

The Yorkville Notes are scheduled to be repaid in equal installments beginning in February 2026 and ending in May 2026. The Company has not made the repayments and is in discussions with Yorkville regarding the repayment and conversion options.

Yorkville, in its sole discretion and provided that there is a balance remaining outstanding under the Convertible Notes, may deliver a notice under the SEPA requiring the issuance and sale of shares of common stock to Yorkville at a purchase price equal to the Conversion Price as determined in accordance with the Convertible Note in consideration of an offset of amounts owed under the Convertible Notes ("Yorkville Advance"). Yorkville, in its sole discretion, may select the amount of any Yorkville Advance, provided that the number of shares issued does not cause Yorkville to exceed the 4.99% ownership limitation, and does not exceed the Exchange Cap or the amount of shares of common stock that are registered. As a result of a Yorkville Advance, the amounts payable under the Convertible Notes will be offset by such amount subject to each Yorkville Advance.

Additionally, Yorkville has the right to convert any portion of the outstanding principal under the Yorkville Notes into shares of Class A common stock at any time, subject to certain limitations. The number of shares issuable upon conversion is equal to the amount of principal to be converted (as specified by Yorkville) divided by the applicable Conversion Price, which may be either:

● the fixed price of $8.00 per share (the "Fixed Price"), or

● the variable price (the "Variable Price", defined as 95 % of the lowest daily Volume Weighted Average Price (VWAP) of the Class A common stock during the 10 consecutive trading days immediately preceding the conversion date, but which Variable Price shall not be lower than $1.60 (the "Floor Price").

Yorkville will not have the right to convert any portion of the principal to the extent that, after giving effect to such conversion, Yorkville would beneficially own more than 4.99% of the total number of shares of Class A common stock outstanding immediately after such conversion.

Each Convertible Note provides that the conversion price of each Convertible Note shall be adjusted if the Company issues shares of Class A common stock at a price less than $8.00. In February 2026, the Company issued shares of Class A common stock to a third-party investor at a price equal to $3.65 per share. See Note 4 for more information. As a result, the conversion price of the Convertible Notes was adjusted downward to $3.65 per share.

Additionally, the Company, at its option, shall have the right, but not the obligation, to redeem early a portion or all amounts outstanding under the Yorkville Notes at a redemption amount equal to the outstanding principal balance being repaid or redeemed, plus a 10% prepayment premium, plus all accrued and unpaid interest. Such early redemption may only be exercised if (i) the Company provides Yorkville with no less than ten trading days' prior written notice, and (ii) on the date such notice is issued, the VWAP of the Class A common stock is less than the Fixed Price.

On November 18, 2025, Yorkville converted $250,000 of principal of Yorkville Convertible Note #3 and accrued interest of $8,767, into 32,345 shares of Common Stock. On December 2, 2025, Yorkville converted an additional $350,000 of note principal of Yorkville Convertible Note #3 and accrued interest of $12,603, into 45,325 shares of Common Stock. As of December 31, 2025, the principal amount outstanding under the Yorkville Notes was $2,400,000.

The Company has elected to record the Yorkville Notes at fair value at the date of issuance and in subsequent reporting periods. The fair value of Yorkville Convertible Note #1 as of May 22, 2025, the issuance date, was $500,000. The fair value of Yorkville Convertible Note #2 as of July 2, 2025, the issuance date, was $500,000. The fair value of Yorkville Convertible Note #3 as of October 31, 2025, the issuance date, was $2,000,000.

The fair value of the outstanding balance on the Yorkville Notes as of March 31, 2026 and December 31, 2025 was $1,866,013 and $1,646,663, respectively.

The inputs into the Monte Carlo simulation models used to value the Yorkville notes as of March 31, 2026 and December 31, 2025 were as follows:

SCHEDULE OF INPUTS INTO MONTE CARLO SIMULATION MODELS

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| | | |
|:---|:---|:---|
|  | **March 31,<br> 2026** | **December 31,<br> 2025** |
| Common stock fair value | $4.21 | $4.48 |
| Equity volatility | 47.00% | 70.00% |
| Remaining time to maturity (years) | 0.14 | 0.39 |
| Discounted market interest rate | 20.00% | 20.00% |
| Risk-free rate | 3.73% | 3.63% |
| Probability of optional redemption | 5.00% | 5.00% |

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**NOTE 9. STOCKHOLDERS' EQUITY**

On January 15, 2025, the Company reduced the number of authorized shares of capital stock from 1,000,000,000 shares to 100,000,000 shares. The number of authorized shares of Class A Common Stock, having a par value of $0.000001, was reduced from 800,000,000 to 80,000,000. The number of authorized shares of Class B Common Stock, having a par value of $0.000001, was reduced from 50,000,000 to 10,000,000. The number of authorized shares of Class C Common Stock, having a par value of $0.000001, was reduced from 75,000,000 to 0. The number of authorized shares of Preferred Stock, having a par value of $0.000001, was reduced from 75,000,000 to 10,000,000.

**Class A Common Stock**

As of March 31, 2026, the Company is authorized to issue 80,000,000 shares of Class A Common Stock with a par value of $0.000001 per share. Holders of the Company's Class A Common Stock are entitled to one vote for each share and are entitled to receive dividends when and as declared by the Board of Directors, subject to the preferential rights of the holders of the Preferred Stocks. Holders of the Company's Class A Common Stock have no preemptive or similar rights or conversion rights. In the event of a voluntary or involuntary liquidation, dissolution, distribution of assets or winding up of the Company, holders of Class A Common Stock will be entitled to share, ratably, in all assets remaining available for distribution after payment of all liabilities and after provision is made for each class of capital stock having preference over the Class A Common Stock, the Preferred Stock.

During the first quarter of 2026, the Company entered into a subscription agreement with Sportech. Pursuant to the agreement Sportech paid $1,938,257 to the Company in exchange for 415,935 shares of common stock.

On February 27, 2026, the Company entered into a subscription agreement with an unaffiliated third-party investor, pursuant to which the investor agreed to purchase, and the Company agreed to sell, up to $5,405,417 of the Company's class A common stock, in one or more closings, at a price per share equal to $3.65, representing the issuance of up to 1,480,937 shares of common stock, in three separate tranches. As of March 31, 2026 the Company had sold 1,032,952 shares due to the first and second tranches, in exchange for proceeds of $3,770,278. See Note 4 for more information.

On March 27, 2026, the Company entered into a subscription agreement with an unaffiliated third-party investor, pursuant to which the investor agreed to purchase, and the Company agreed to sell, up to $1.74 million of the Company's class A common stock, in one or more closings, at a price per share equal to $3.65, representing the issuance of up to 476,384 shares of common stock, in seven separate tranches. Subsequent to March 31, 2026 the Company sold 99,946 shares of common stock in exchange for proceeds of $364,803 in fulfillment of the first and second tranches, See Notes 4 and 11 for more information.

As of March 31, 2026, there were 14,275,900 shares of Class A Common Stock issued and outstanding.

**Class B Common Stock**

As of March 31, 2026, the Company is authorized to issue 10,000,000 shares of Class B Common Stock with a par value of $0.000001 per share. Upon formation of the Company, 2,500,000 shares of Class B Common Stock were issued to the Company's majority stockholder at par. Holders of the Company's Class B Common Stock are entitled to twenty votes for each share and are entitled to receive dividends when and as declared by the Board of Directors, subject to the preferential rights of the holders of the Preferred Stocks. Holders of the Company's Class B Common Stock have no preemptive or similar rights or conversion rights. In the event of a voluntary or involuntary liquidation, dissolution, distribution of assets or winding up of the Company, holders of Class B Common Stock will be entitled to share, ratably, in all assets remaining available for distribution after payment of all liabilities and after provision is made for each class of capital stock having preference over the Class B Common Stock, the Preferred Stock. As of March 31, 2026, there were 2,500,000 shares of Class B Common Stock issued and outstanding with Sportech.

**Preferred Stock**

As of March 31, 2026, the Company is authorized to issue 10,000,000 shares of Preferred Stock with a par value of $0.000001 per share. Holders of the Company's Preferred Stock are entitled to zero votes for each share. The Board of Directors of the Company is hereby expressly authorized to provide for the issue of all or any of the shares of the Preferred Stock in one or more series, and to fix the number of shares and to determine or alter for each such series, such voting powers, if any, and such designations, powers, preferences, and relative, participating, optional, or other rights and such qualifications, limitations, or restrictions thereof, as shall be stated and expressed in the resolution or resolutions adopted by the Board of Directors. As of March 31, 2026, there were no such designations of any series of Preferred Stock nor were there any shares of Preferred Stock issued or outstanding.

**Yorkville SEPA**

On May 20, 2025, the Company entered into the SEPA with Yorkville. Pursuant to the SEPA, subject to certain conditions, the Company shall have the option, but not the obligation, to sell to Yorkville, and Yorkville shall subscribe for, an aggregate amount of up to $30,000,000 of the Company's shares of Class A common stock, par value $0.000001 per share, at the Company's request any time during the commitment period commencing on May 20, 2025 and terminating on the 36-month anniversary of the SEPA (the "SEPA Option").

The SEPA Option was evaluated and determined to be a freestanding financial instrument which did not meet the criteria to be accounted for as a derivative instrument. As of March 31, 2026, the Company determined the fair value of the SEPA Option continues to be insignificant.

In connection with the execution of the SEPA, the Company paid a cash structuring fee to Yorkville in the amount of $25,000 (the "Structuring Fee"). Additionally, the Company issued to Yorkville 37,500 shares of Class A common stock (the "Commitment Shares") as a commitment fee, having an aggregate fair value of $300,000 at issuance. The aggregate fair value of the Structuring Fee and the Commitment Shares, totaling $325,000, was recorded on the accompanying condensed statement of operations under SEPA commitment fee and structuring fee as an expense upon execution of the SEPA.

Pursuant to the SEPA, while a balance remains outstanding under the Yorkville Notes, Yorkville may deliver an investor notice to receive shares in exchange for repayment of principal and interest. The number of shares issued is determined using the Conversion Price defined in the convertible note agreement, which is based on a VWAP formula and subject to a Floor Price. The Floor Price may be adjusted downward to 20% of the average VWAP over the five trading days prior to the effectiveness of the initial Registration Statement, and may be further reduced by the Company via written notice, subject to specific pricing limits. While any balance remains outstanding under the Yorkville Notes, the Company may not deliver Advance Notices under the SEPA unless an amortization event has occurred.

The SEPA will automatically terminate on the earlier of (i) the 36-month anniversary of the SEPA (unless Convertible Notes remain outstanding), or (ii) the date Yorkville has purchased shares equal to the full commitment amount of $30,000,000. The Company may terminate the SEPA at no cost with five trading days' written notice, provided there are no outstanding Advance Notices and all amounts owed to Yorkville under the SEPA and the Yorkville Notes have been paid. Termination may also occur by mutual written consent.

There were no Advance Notices issued pursuant to the SEPA during the three months ended March 31, 2026 or as of the date that these financial statements were issued.

**Stock Based Compensation**

On January 15, 2025, the Company adopted the Nomadar Corp. 2025 Omnibus Equity Incentive Plan (the "Plan"). The Plan reserves up to 3,000,000 shares of Class A Common Stock for issuance thereunder. As of the date that these condensed financial statements were available to be issued, there were no awards granted under the Plan.

On January 15, 2025, the Company approved a non-employee director compensation policy which authorizes the Company to award an inaugural option to purchase 40,000 shares of the Company's Class A Common Stock, an annual option award to purchase 30,000 shares of the Company's Class A Common Stock, and an annual cash compensation component for board and committee members and chairs. The annual retainers payable to non-employee directors for service on the Company's Board of Directors and its committees are (i) $30,000 for service on the Board of Directors, (ii) $4,000 for service on the nominating and corporate governance committee, (iii) $5,000 for service on the compensation committee, (iv) $6,000 for service on the audit committee, (v) an additional $20,000 for the chair(s) of the Board of Directors, (vi) an additional $6,000 for the chairman of each of the compensation committee and the nominating and corporate governance committee, and (vii) an additional $8,000 for the chairman of the audit committee. The Company's obligations to furnish these payments began following the completion of the Direct Listing. As of March 31, 2026 and December 31, 2025, there were no awards granted, however, $107,764 and $40,000 of cash compensation, respectively, was accrued for under this policy.

**NOTE 10. SEGMENT INFORMATION**

The Company completed its Direct Listing on October 31, 2025. The Company operated as one operating segment with a focus on its efforts to complete the Direct Listing prior to the completion of the Direct Listing. Following the completion of the Direct Listing, the Company continues to operate as a single operating segment with a focus on growing its revenue-generating activities. The Company's Chief Executive Officer ("CEO"), as the chief operating decision maker, manages and allocates resources to the operations of the Company based on the line items included within these financial statements and evaluates segment performance based on net loss. This enables the CEO to assess the overall level of available resources and determine how best to deploy these resources across functions, potential service lines, and development projects in line with the long-term company-wide strategic goals.

**NOTE 11. SUBSEQUENT EVENTS**

The Company evaluated subsequent events and transactions that occurred after the balance sheet date and through the date that the condensed financial statements were available to be issued.

*Lease Agreement*

On April 9, 2026, the Company and Sportech entered into an addendum to the Lease Agreement (see Note 5). The Property is the intended site for the Sportech City project, which would include the JP Financial Arena. The Addendum provides that the purchase option set forth in the Agreement may be exercised in increments over the course of the term of the Agreement, so long as each purchase option is not for less than 100,000 square meters of the Property. Simultaneously with the execution of the Addendum, the Company and Sportech entered into a binding purchase option, whereby the Company agreed to purchase 130,000 square meters of the Property from Sportech for €3,792,100 (approximately $4.45 million) within 90 days from the date of the purchase option. The Board of Directors (the "Board") and the Audit Committee of the Board each approved and ratified the execution of the Addendum and the purchase option on April 12, 2026.

*Yorkville Conversion*

On April 24, 2026, Yorkville converted $200,000 of principal and $10,258 of accrued interest of Convertible Notes, for a total conversion amount of $210,258, into 57,604 shares of Class A Common Stock.

*Capital Contributions*

The third tranche of the $5.4 million subscription agreement dated February 27, 2026 closed on May 7, 2026. The Company issued 447,983 shares of common stock in exchange for approximately $1.6 million.

On May 11, 2026, pursuant to the March 27, 2026 subscription agreement with an unaffiliated third-party investor, the first and second tranches of the subscription agreement were executed and the Company issued 99,946 shares of common stock in exchange for approximately $364,803.

*Purchase of two Spanish subsidiaries from Sportech*

 

In May 14, 2026, the Audit Committee and the Board each ratified the purchase by the Company of two subsidiaries in Spain owned 100% by Sport City Cadiz for an aggregate purchase price of €6,000, each pursuant to a deed of sale and purchase dated April 13, 2026. These two subsidiaries were incorporated under the laws of Spain and did not have any activity. The Company intends to organize the HPT training and the Sportech Project activities through each one of these two entities.

*Agreements with Media Firm Entities*

In May 14, 2026, the Board ratified the prior entry by the Company into two Remunerated Private Investment Agreements, dated March 4, 2026 (the "Media Firm Agreement") and March 30, 2026 (the "Second Media Firm Agreement"), respectively. Each of the Media Firm Agreement and the Second Media Firm Agreement were entered into by and among the Company, Make A Mark SRL (the "Media Firm"), an entity owned by an investor in the Company, and Make Mark, LLC (the "US Media Firm"). Pursuant to the Media Firm Agreement, the Company gave the Media Firm $500,000 in connection with an advertising campaign for various clients managed through the Media Firm and its affiliated media operations. The $500,000 is repayable within thirty days, is renewable for additional thirty day periods up to one year, and earns a return, due to the Company and to be paid by the Media Firm at a rate 2.7% every thirty days. The Media Firm Agreement is guaranteed with certain contracts between the Media Firm and the Media Firm's clients, and further guaranteed, jointly and severally, by the investor, the Media Firm, and the US Media Firm.

**ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations**

The following discussion should be read together with the condensed financial statements and notes thereto appearing elsewhere in this report. References to "we," "our," "us," and "Company" refer to Nomadar Corp.

**Overview**

**Company Overview and Recent Developments**

We are the innovation arm of Cádiz CF, a professional soccer club which currently competes in the Segunda División. We currently have four proposed business verticals, which are in various stages of development. We are also majority owned by Sport City Cádiz, S.L. ("Sport City" or "Sportech")

We engaged in limited operations until 2025 when we began generating revenue from providing services under commercial contracts and purchase orders entered into in the ordinary course of business. On January 10, 2025, we entered into the Framework Agreement with Cádiz CF, whereby, among other things, Cádiz CF agreed to provide technical training staff for players enrolled in our programs, and we agreed to integrate our training methodologies into Cádiz CF's training sessions. The Framework Agreement provides that we will: (i) coordinate the registration and enrollment of international players; (ii) manage accommodation for the players, (iii) coordinate with Cádiz CF technical staff; (iv) provide training equipment, and merchandising; and (v) integrate our training methodologies into the Cádiz CF training sessions. It further provides that Cádiz CF will: (i) provide coaching staff; (ii) integrate these international players into Cádiz CF youth academy teams; and (iii) organize matches. Pursuant to the Framework Agreement, each party shall issue the corresponding invoices, indicating the relevant service and concept. All specific services to be provided by Cádiz CF to us shall be paid for by us according to each player's use and participation in each program. All specific services to be provided by us to Cádiz CF shall be paid for by Cádiz CF. The actual payment terms to be paid pursuant to the invoices under the Framework Agreement are not known at this time. The Framework Agreement is effective for three (3) years, renewable by written agreement; provided, however, that either party may terminate the Framework Agreement with 60 days' prior written notice.

On January 12, 2025, we entered into an agreement with EJB, whereby EJB agreed to enroll players into the training programs and we agreed to provide training and related services to these players. Other than the entry into these commercial agreements, substantially all activity for the period from August 8, 2023 (inception) through March 31, 2026 relates to our formation and our direct listing, transactions entered into to consummate the direct listing, and our efforts to execute our various license and fundraising agreements further described herein. On October 31, 2025 we completed our direct listing on the Nasdaq Capital Market under the ticker symbol "NOMA".

***Standby Equity Purchase Agreement***

On May 20, 2025, we entered into a standby equity purchase agreement (the "SEPA") with YA II PN, LTD. ("Yorkville"), a Cayman Islands exempt limited company, pursuant to which we have the right to sell to Yorkville up to $30.0 million (the "Commitment Amount") of our shares of common stock, par value $0.000001, subject to certain limitations and conditions set forth in the SEPA, from time to time during the term of the SEPA. Sales of the shares of common stock to Yorkville under the SEPA, and the timing of any such sales, are at our option, and we are under no obligation to sell any shares of Common Stock to Yorkville under the SEPA except in connection with notices that may be submitted by Yorkville, in certain circumstances as described below.

Upon the satisfaction of the conditions to Yorkville's purchase obligation set forth in the SEPA, we will have the right, but not the obligation, from time to time at our discretion until the SEPA is terminated, to direct Yorkville to purchase a specified number of shares of common stock ("Advance") by delivering written notice to Yorkville ("Advance Notice"). While there is no mandatory minimum amount for any Advance, it may not exceed an amount equal to 100% of the average of the daily traded amount during the five consecutive trading days immediately preceding an Advance Notice.

The shares of Common Stock purchased pursuant to an Advance delivered by us will be purchased at a price equal to 95% of the lowest daily volume weighted average price ("VWAP") of the shares of common stock during the three consecutive trading days commencing on the date of the delivery of the Advance Notice.

In connection with the SEPA, and subject to the conditions set forth therein, Yorkville has agreed to advance to us in the form of convertible promissory notes (the "Convertible Notes") an aggregate principal amount of up to $3 million (each a "Pre-Paid Advance," and together, the "Pre-Paid Advances"), which will be paid in three tranches. The first Pre-Paid Advance was disbursed on May 22, 2025 in the amount of $0.5 million with a fixed conversion price of $8.00, the second Pre-Paid Advance was disbursed on July 2, 2025 in the amount of $0.5 million with a fixed conversion price of $8.00, and the third Pre-Paid Advance was disbursed on November 4, 2025 in a principal amount of $2 million. In February 2026, the Company issued shares of Class A common stock to a third-party investor at a price equal to $3.65 per share. As a result, the conversion price of the Convertible Notes was adjusted downward to $3.65 per share

The purchase price for the Pre-Paid Advance is 92.0% of the principal amount of the Pre-Paid Advance. Interest shall accrue on the outstanding balance of any Pre-Paid Advance at an annual rate equal to 8%, subject to an increase to 18% upon an event of default as described in the Convertible Notes. The maturity date of the Convertible Note issued in connection with each Pre-Paid Advance is May 20, 2026. Yorkville may convert the Convertible Notes into shares of our common stock at any time at a fixed conversion price equal to $3.65, subject to the terms of the Convertible Notes.

Beginning on October 22, 2025, and continuing on the same day of each successive month thereafter, (each, an "Installment Date"), we shall repay accrued and unpaid interest on each of the first four Installment Dates, and thereafter, we shall pay the principal amount plus accrued and unpaid interest on each remaining Installment Date (such amount due on each Installment Date, the "Installment Amount"); provided however, that an additional payment premium will be assessed if an amortization event occurs. At any time or times on or after any Installment Date, Yorkville shall be entitled to convert any portion of any due and unpaid Installment Amount outstanding under a Convertible Note until such amount has been paid into shares at a price per share equal to 95% of the lowest daily VWAP during the 10 consecutive Trading Days immediately preceding the Conversion Date (the "Variable Price" and collectively with the Fixed Price, the "Conversion Price"), but which Variable Price shall not be lower than $1.60 (the "Floor Price"). In addition, upon the occurrence and during the continuation of an event of default, the Convertible Notes shall become immediately due and payable. In no event shall Yorkville be allowed to effect a conversion if such conversion, along with all other shares of common stock beneficially owned by Yorkville and its affiliates would exceed 4.99% of the outstanding shares of our common stock.

Yorkville, in its sole discretion and provided that there is a balance remaining outstanding under the Convertible Notes, may deliver a notice under the SEPA requiring the issuance and sale of shares of common stock to Yorkville at a purchase price equal to the Conversion Price as determined in accordance with the Convertible Note in consideration of an offset of amounts owed under the Convertible Notes ("Yorkville Advance"). Yorkville, in its sole discretion, may select the amount of any Yorkville Advance, provided that the number of shares issued does not cause Yorkville to exceed the 4.99% ownership limitation, and does not exceed the Exchange Cap or the amount of shares of common stock that are registered. As a result of a Yorkville Advance, the amounts payable under the Convertible Notes will be offset by such amount subject to each Yorkville Advance.

Under the applicable Nasdaq rules, in no event may we issue to Yorkville under the SEPA more than 19.99% of the shares of Common Stock outstanding immediately prior to the execution of the SEPA (the "Exchange Cap"), unless we obtain stockholder approval to issue shares of Common Stock in excess of the Exchange Cap in accordance with applicable Nasdaq rules. Moreover, we may not issue or sell any shares of Common Stock to Yorkville under the SEPA which, when aggregated with all other shares of common stock then beneficially owned by Yorkville and its affiliates (as calculated pursuant to Section 13(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and Rule 13d-3 thereunder), would result in Yorkville beneficially owning more than 4.99% of the outstanding shares of Common Stock.

We will control the timing and amount of any sales of shares of common stock to Yorkville, except with respect to Yorkville Advances. Actual sales of shares of common stock to Yorkville as an Advance under the SEPA will depend on a variety of factors to be determined by us from time to time, which may include, among other things, market conditions, the trading price of our common stock and determinations by us as to the appropriate sources of funding for our business and operations.

The SEPA will automatically terminate on the earliest to occur of (i) the 36-month anniversary of the date of the SEPA, provided that if any Convertible Notes are then outstanding, such termination shall be delayed until the date that all Convertible Notes that were outstanding have been repaid, or (ii) the date on which Yorkville shall have made payment of advances pursuant to the SEPA equal to the Commitment Amount. We have the right to terminate the SEPA at no cost or penalty upon five (5) trading days' prior written notice to Yorkville, provided that there are no outstanding Advance Notices for which shares of common stock need to be issued and we have paid all amounts owed to Yorkville pursuant to the Convertible Notes. We may also agree with Yorkville to terminate the SEPA by mutual written consent. Neither we nor Yorkville may assign or transfer our respective rights and obligations under the SEPA, and no provision of the SEPA may be modified or waived by us or Yorkville other than by an instrument in writing signed by both parties.

As consideration for Yorkville's commitment to purchase the shares of common stock pursuant the SEPA, we paid Yorkville, (i) a due diligence fee in the amount of $25,000 and (ii) a commitment fee equal to 37,500 shares of common stock, issued upon the execution of the SEPA.

In connection with the SEPA, on May 20, 2025 we entered into a registration rights agreement (the "Registration Rights Agreement") with Yorkville. Pursuant to the Registration Rights Agreement, we agreed to register all of the shares of common stock issuable upon conversion of the Convertible Notes and all of the shares of common stock issuable under the SEPA pursuant to an Advance.

***Multi-Purpose Event Center***

On November 17, 2025, the Company entered into a land lease agreement and purchase option (the "Lease Agreement") with Sportech, pursuant to which Sportech, as the owner of a plot of land located at Puerto de Santa Maria, Spain, as further described in the Lease Agreement (the "Property"), has agreed to lease the Company the Property, for an initial term of three years from the date of the Lease Agreement, which may be extended for an additional two year period by mutual agreement between the Company and Sportech. We intend to construct Sportech City on the Property. Once complete, the facility is planned to span over approximately 110,000 m², and feature a venue, which can host concerts and sporting events, with capacity for over 40,000 fans, a world-class hotel and convention center with commercial area, a sports clinic, gym & spa, and food court. As of March 31, 2026 we have paid deposits with respect to the lease agreement of $8,202,381, which will be applied to the purchase option once executed.

Adjacent to the event center, the proposed creation of an approximately 20,000 m² commercial space will mirror a forward-thinking approach to crafting a modern, open, and bright commercial environment. Another cornerstone of Sportech City will be a dedicated culinary area, proposed to span approximately 3,000 m².

Site plans currently include space for up to 56 commercial vendors and 17 food and beverage vendors. Commercial spaces will focus primarily on luxury retail, sporting stores, and more. Food and beverage offerings are expected to feature local establishments ranging from fast casual to gourmet options. Although these are our current plans, site plans are subject to change.

The Cádiz region in Spain has strong connectivity to Cádiz CF, which was established in 1910. We believe Cádiz will be the ideal location at the intersection of innovation, sports, entertainment, health, and technology as we not only contribute to the development of future stars but also build a loyal community of athletes and families. Locally, Cádiz CF has a loyal fan base, with the majority of Cádiz's soccer fans being supporters of Cádiz CF. This is reflected by more than 18,000 season ticket holders. Additionally, through our association with figures like Mágico González and our commitment to celebrating cultural heritage, we tap into deep-seated fan loyalties and cultural narratives. This not only strengthens our brand identity but also fosters a strong emotional connection with our audience in the region. Sportech City will be within two hours of two international airports, Málaga and Sevilla, which will also allow easy access for fans located internationally.

Construction is scheduled to begin in early 2027 and we anticipate construction will be completed by 2031.

***High Performance Training Program***

Since 2022, Cádiz CF has offered the High Performance Training Program with and through institutions across the United States, Canada, and Europe. The Nomadar HPT is designed for young athletes both under and over 18 years of age, to study, live, and immerse themselves in an elite soccer program. In August 2024, we entered into the HPT License Agreement with Cádiz CF, granting us the exclusive HPT Rights to the High Performance Training Program, being the exclusive rights to the business, know-how, and general operations of the Nomadar HPT. We intend to leverage the Nomadar HPT by offering the Nomadar HPT training methodology through our partner organizations to online subscribers. Online subscribers may gain access to a full suite of professional-level training and diet regimens, among other benefits. Since the commencement of the High Performance Training Program in 2022, approximately 700 athletes have historically enrolled in the High Performance Training Program at the Cádiz CF Academy, with 100% attending in-person. Graduates of the program have gone on to play at a variety of reputable clubs across La Liga, including Sevilla Atl, Racing de Santander, Villarreal CF, Mallorca FC, UD Las Palmas, and Valladolid FC. Organizations we have agreed to partner with to deliver the Nomadar HPT include International Soccer Academy, Actingwood, Universidad San Ignacio de Loyola in Lima and San Ignacio University in Miami. We intend to expand the reach of the Nomadar HPT to encompass territories outside of Spain and around the world.

The HPT Rights were licensed to Nomadar in August 2024. We commenced operations of the Nomadar HPT in the second half of 2024. Until we commenced operations of the Nomadar HPT, no athletes were considered enrolled under the Nomadar HPT and all athletes enrolled were considered enrolled with Cádiz CF.

During the fourth quarter of 2024, Cádiz CF assigned its contractual position in one of the HPT agreements to us, and, as a result, we began training five players from Japan's Wakatake Academy. These players spent an entire quarter in Cádiz, Spain, where they lived and trained under our full supervision. We handled all aspects of the stay, including physical preparation, extracurricular activities, logistics, and coordination with both Wakatake Academy and Cádiz CF, and the planning and management of daily schedules.

In 2025, the Nomadar HPT program has expanded to include new clients, all participating in person. No remote or online training sessions have been conducted. The training facilities remain based in Cádiz, Spain.

As of the date hereof, approximately 20 players are enrolled in the long-term training modality, with an additional ten players having participated in short-term programs.

Revenues generated through the Nomadar HPT are derived from the individual players participating in the program. Each athlete pays us a fee based on the length of time said athlete will live, study, and train at one of our partner locations – generally for one to ten months, during which time they have access to the Nomadar HPT.

***Stadium Events***

On October 30, 2024, we entered into the Stadium Agreement with Cádiz CF, pursuant to which Cádiz CF granted us a temporary, non-exclusive right to use the JP Financial Stadium. We are in the process of engaging third-party event coordinators to host events at JP Financial Stadium. Under these contracts, we will be responsible for the assignment of space within JP Financial Stadium to the event coordinators, the facilitation of access necessary for event setup, execution, and dismantling, the provision of lighting, sound, access control, hostess services, and the stage for the event, and the compliance with all legal and regulatory requirements needed for the execution of the event. We anticipate that these contracts will typically include a non-refundable up-front fee due at the closing of the contract as well as variable consideration in the form of a percentage of ticket sales earned by the event coordinator. Pursuant to the Stadium Agreement, we have agreed to assume in full all those expenses incurred by Cádiz CF that are necessary and duly justified to guarantee the correct exploitation of JP Financial Stadium. This obligation includes, but is not limited to, all costs associated with technical, logistical, maintenance, cleaning, supplies, security, personnel, insurance, licenses and any other service or action essential to ensure the correct provision of the service and the proper development of the contracted activity. Additionally, any expense derived from legal, technical or administrative requirements that Cádiz CF must face due to the activity that is the subject of the Stadium Agreement will also be fully reimbursed by the Company, upon presentation of the appropriate supporting documents, including any costs of a fiscal or tax nature (including direct or indirect taxes that may eventually be claimed from the club) that Cádiz CF may incur in the future because of the execution the Stadium Agreement. The Stadium Agreement has a term of ten (10) years, and may be extended for additional periods. There are no fixed minimum recurring payments due by Nomadar to Cádiz CF under the Stadium Agreement. In 2025, we began recording revenue under the Stadium Agreement, in connection with purchase orders between ourselves and Cádiz CF. Other than as set forth above, the specific services to be performed by each party and the costs for such services have not been established and will be determined in the future, based upon the specific services to be provided.

***Mágico González Brand***

As described herein, pursuant to an agreement between Jorge Alberto González (otherwise known as Mágico González) and Cádiz CF, dated September 12, 2022, Mr. González granted all trademark rights to "Mágico González" to Cádiz CF.

In August 2024, we entered into the MG License Agreement with Cádiz CF, granting us the exclusive rights, outside of Spain, to commercialize the MG Rights. Mágico González is a worldwide soccer star known by soccer fans around the world. Mágico played for Cádiz CF for many years before returning to Latin America.

We intend to launch the Mágico González brand in the U.S. in the second half of 2026, with e-commerce offerings beginning at such time.

***Relationship Between Ourselves, Sportech, and Cádiz CF***

We are majority owned by Sport City Cádiz, S.L. ("Sport City" or "Sportech"). Sportech is owned by Cádiz CF which is also a shareholder of ours. Therefore, we are a "controlled company" within the meaning of the listing rules of Nasdaq. We do not intend to rely on any exemptions from the corporate governance requirements that are available to controlled companies.

Cádiz CF and Sportech maintain various business relationships with us. For example:

● We entered into the Sportech Loan, which provided that we may borrow up to $1 million from Sportech, from time to time. As of March 31, 2026, we had fully repaid the Sportech loan.

● On November 1, 2024, we entered into an agreement with Sportech pursuant to which Sportech has agreed to provide up to $10 million to fund our business and operations in 2025, 2026, and 2027.

● On October 30, 2024, we entered into an agreement with Cádiz CF, which granted us rights to use FP Financial Stadium, for the organization of events.

● We entered into the HPT License Agreement and MG License Agreement with Cádiz CF whereby we license the rights to the Nomadar HPT and MG Rights from Cádiz CF in exchange for royalty payments.

● On June 12, 2025, we entered into the Assignment Agreement with Sportech and Cadiz CF.

● On November 10, 2025, Sportech entered into an urban development agreement with the Honorable City Council of El Puerto de Santa María, pursuant to which the City has agreed to enable the urban development of a plot of land (the "Property") located at Puerto de Santa María, Spain. The Company is not a party to the urban development agreement. The Property is the intended site for the Sportech City project, which would include the JP Financial Arena. As of March 31, 2026, the Company paid a deposit amounting to $8,202,381 to Sportech which, will be applied to the intended lease agreement when and if executed.

As a result, we will continue to materially rely on the support of Sportech for additional capital in the near future, and we will have ongoing business and commercial relations with Sportech and Cádiz CF pursuant to the license arrangements.

**Results of Operations**

We engaged in limited operations until 2025 when we began generating revenue from providing services under commercial contracts and purchase orders entered into in the ordinary course of business. On January 10, 2025, we entered into the Framework Agreement with Cádiz CF, whereby, among other things, Cádiz CF agreed to provide technical training staff for players enrolled in our programs, and we agreed to integrate our training methodologies into Cádiz CF's training sessions. The Framework Agreement provides that Nomadar will: (i) coordinate the registration and enrollment of international players; (ii) manage accommodation for the players, (iii) coordinate with Cádiz CF technical staff; (iv) provide training equipment, and merchandising; and (v) integrate Nomadar's training methodologies into the Cádiz CF training sessions. It further provides that Cádiz CF will: (i) provide coaching staff; (ii) integrate these international players into Cádiz CF youth academy teams; and (iii) organize matches. Pursuant to the Framework Agreement, each party shall issue the corresponding invoices, indicating the relevant service and concept. All specific services to be provided by Cádiz CF to Nomadar shall be paid for by Nomadar according to each player's use and participation in each program. All specific services to be provided by Nomadar to Cádiz CF shall be paid for by Cádiz CF. The actual payments terms to be paid pursuant to the invoices under the Framework Agreement are not known at this time. The Framework Agreement is effective for three (3) years, renewable by written agreement; provided, however, that either party may terminate the Framework Agreement with 60 days' prior written notice. On January 12, 2025, we entered into an agreement with EJB, whereby EJB agreed to enroll players into our training programs and we agreed to provide training and related services to these players. Other than the entry into these commercial agreements, substantially all activity for the period from August 8, 2023 (inception) through March 31, 2026 relates to our formation and the direct listing, transactions entered into to consummate the direct listing, as well as our efforts to execute our various license and fundraising agreements further described herein. We expect to generate non-operating income in the form of interest income on cash and cash equivalents as well as the note receivable with Sportech. As a now publicly listed company, we expect to incur increased expenses as a result of being a public company (for legal, financial reporting, accounting and auditing compliance), as well as for due diligence expenses.

***Results of Operations for the Three months Ended March 31, 2026***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three months Ended** | **For the Three months Ended** | | |
|  | | | **Three months** | **Three months** |
|  | **March 31,**<br>**2026** | **March 31,**<br>**2025** | **Var ($)** | **Var (%)** |
| Revenue | 403800 | 186937 | 216863 | 116% |
| Cost of sales | 47856 | 176388 | (128532) | (73)% |
| Gross profit | 355944 | 10549 | 345395 | 3274% |
| Operating expenses |  |  |  |  |
| General and administrative expenses | 503011 | 45459 | 457552 | 1007% |
| Professional fees | 559300 | 253997 | 305303 | 120% |
| Sales and marketing expenses | 48333 |  | 48333 | 100% |
| Loss (gain) on foreign currency transactions, net | 24065 | (2636) | 26701 | (1013)% |
| Total operating expenses | 1134709 | 296820 | 837889 | 282% |
| Other expense, net | 808189 | 5048 | 803141 | 15910% |
| Net loss | (1586954) | (291319) | (1295635) | 445% |

---

*Net Loss*

During the first quarter of 2026 we had a net loss of $1,586,954 compared to a net loss of $291,319 during the first quarter of 2025. The primary driver of the increase in net loss was the increased non-cash loss from change in fair value of the convertible notes payable of $621,207 recorded within other expense. Additionally, our net loss increased due to an increase in operating expenses of $837,889.

*Revenues*

We earned revenue of $403,800 during the three months ended March 31, 2026 compared to $186,937 in the three months ended March 31, 2025. The increase in revenue is mainly attributable to the commencement of our educational services offering through which we provide training initiatives in digital competencies aimed at professional sports and their business management. We recognized educational services revenue of $253,725 during the three months ended March 31, 2026. Additionally, during the first quarter of 2026 we recognized $52,500 of revenue from our Mágico González brand. Lastly, during the first quarter of 2026 we recognized $48,739 of revenue by licensing the naming rights to our Sportech City facility project. The increases in revenue were offset by a decrease of $138,101 in HPT training revenue due to differences in the timing and volume of our training contracts.

*Cost of Sales*

We incurred costs of sales of $47,856 during the three months ended March 31, 2026 compared to $176,388 in the three months ended March 31, 2025. The decrease in cost of sales was driven primarily by a decrease in HPT training services provided.

*Operating Expenses*

We had operating expenses of $1,134,709 and $296,820 during the three months ended March 31, 2026 and 2025, respectively. The increase of $837,889, or 282%, was driven by the expansion of our operational activities following our direct listing, an increase in professional fees of $305,303 and by the increase in our sales and marketing expenses of $48,333.

**Liquidity and Capital Resources; Going Concern Consideration**

As of March 31, 2026, we had $1,962,060 in cash and a working capital deficit of $4,733,516. We have incurred an operating loss for the three months ended March 31, 2026 of $778,765, and had cash outflow from operations of $180,699. As of March 31, 2026, we had an accumulated deficit of $5,766,825. Further, we expect to continue to incur significant costs in pursuit of our financing and acquisition plans. These conditions raise substantial doubt about our ability to continue as a going concern for a period of one year after the date of this filing.

The continuation as a going concern is dependent upon the continued financial support from our stockholders and debt holders. Specifically, continuation is contingent on our ability to obtain necessary equity or debt financing to continue operations, and ultimately our ability to generate profit from future sales and positive operating cash flows, which is not assured.

Our plans to address this uncertainty include obtaining future debt and equity financings. In addition, in November 2024, the Company entered into a binding capital contribution agreement with Sportech, as amended in June 2025, pursuant to which Sportech has agreed to provide up to $10 million to fund the business and operations of the Company in 2025, 2026, and 2027. As of the issuance date of these financial statements, the Company received the full $10 million in funding under the agreement with Sportech. On March 27, 2026, we entered into a subscription agreement with an unaffiliated third-party investor, pursuant to which the investor agreed to purchase, and we agreed to sell, up to $1.74 million of our class A common stock.

Lastly, we entered into a financing arrangement with a third party on May 20, 2025 pursuant to which the third party will purchase up to $30 million of our common stock, including funding a prepaid advance of $3 million, $0.5 million of which was funded at closing of the financing agreement on May 22, 2025, $0.5 million of which was funded on July 2, 2025, and $2 million of which was funded on November 4, 2025. Should we be unable to raise sufficient additional capital, we may be required to undertake cost-cutting measures to align with cash reserves, although there can be no guarantee that it will be successful in doing so. Accordingly, we may be required to raise additional cash through alternative debt or equity transactions. We may not be able to secure financing in a timely manner or on favorable terms, if at all. As a result, management's plans cannot be considered probable and thus do not alleviate the substantial doubt about our ability to continue as a going concern.

Unless it is extended at the discretion of the holder, the maturity date of the Convertible Notes issued in connection with each Pre-Paid Advance is May 20, 2026. Yorkville may convert the Convertible Notes into shares of our common stock at any time at a fixed conversion price equal to $3.65, subject to the terms of the Convertible Notes.

**Cash Flows**

The following table presents the major components of net cash flows used in and provided by operating, investing, and financing activities, for the three months ended March 31, 2026 and 2025, respectively.

---

| | | |
|:---|:---|:---|
|  | **For the Three months Ended March 31,** | **For the Three months Ended March 31,** |
|  | **2026** | **2025** |
| Net cash provided by (used in): |  |  |
| Operating activities | $(180699) | $47638 |
| Investing activities | 2125333 |  |
| Financing activities | (60737) | (21196) |
| Net change in cash | $1883897 | $26442 |

---

**Cash Flows from Operating Activities**

For the three months ended March 31, 2026, we incurred a net loss of 1,586,954. Net cash used in operating activities was $180,699, consisting of $621,207 change in fair value of convertible notes payable, $97,971 amortization of the loan receivable premium, $152,126 foreign exchange loss on loan receivable, $156,940 foreign exchange loss on related party finance lease, $125,529 accretion of deferred liability – related party, $29,708 of interest on finance lease liability, and changes in operating assets and liabilities included a $389,035 increase in accounts receivable, $69,363 increase in interest receivable – related party, $115,357 increase in prepaid expenses and other current assets, $101,957 increase in accounts payable, $492,701 increase in accrued expenses, $156,863 decrease in direct listing fees payable, $65,129 increase in due to related party, and a $607,485 increase in deferred revenue. The increase in net loss is primarily due to the change in fair value of the convertible note payable.

For the three months ended March 31, 2025, we incurred a net loss of $291,319. Net cash provided by operating activities was $47,638. Changes in operating assets and liabilities included a $536,022 increase in accounts payable related to professional fees and costs of sales incurred, a $5,049 increase in interest payable - stockholder loan, and a $16,240 decrease in accounts receivable related to collection of an up-front fee on a stadium event contract and billed amounts pertaining to HPT program services rendered.

**Cash Flows from Investing Activities**

For the three months ended March 31, 2026, net cash provided by investing activities was $2,125,333. Net cash provided by investing activities was comprised of proceeds from the related party loan receivable of $2,628,223 offset by $500,000 payments in connection with an agreement with an investor and $2,890 for the purchase of equipment.

There were no investing activities during the three months ended March 31, 2025.

**Cash Flows from Financing Activities**

For the three months ended March 31, 2026, net cash used by financing activities was $60,737. Net cash used by financing activities was comprised of proceeds from issuance of common stock pursuant to subscription agreement of $1,938,257 and $3,770,278 of proceeds from issuance of common stock pursuant to a capital contribution agreement, offset by $41,964 of payments towards the finance lease, $4,934,912 of payments toward purchase option of related party finance lease, and $792,396 of payments toward the related party deferred liability.

For the three months ended March 31, 2025, net cash used in financing activities was $21,196. Net cash used in financing activities was comprised of payments made on a stockholder loan of $21,196.

**Critical Accounting Policies and Estimates**

Our significant accounting policies are summarized in Note 2, "Summary of Significant Accounting Policies" included within the Notes to our unaudited condensed consolidated financial statements included elsewhere in this quarterly report on Form 10-Q and in Note 2 to our audited annual financial statements included in the 2025 Form 10-K.

Other than the Revenue Recognition policy shown in Note 2, "Summary of Significant Accounting Policies" included within the Notes to our unaudited condensed consolidated financial statements included elsewhere in this quarterly report on Form 10-Q, there have been no significant changes in our critical accounting policies during the three months ending March 31, 2026 as compared with those previously disclosed in the 2025 Form 10-K.

**Off-Balance Sheet Arrangements**

We have no off-balance sheet financing arrangements.

**Contractual Obligations**

On September 1, 2023, the Company entered into a line of credit agreement with Sportech, allowing the Company to borrow up to $1,000,000 from Sportech, with an interest rate of 4.19% and which expires on December 31, 2029. As of March 31, 2026, the Company has $0 outstanding on the line of credit agreement.

In August 2024, the Company entered into two exclusive licensing agreements with Cádiz CF, the HPT License Agreement and the MG License Agreement. Each agreement has a term of twenty years, and can be terminated under mutual agreement between both Cádiz CF and Nomadar, or through a breach of the terms of the respective agreement. Pursuant to the HPT License Agreement, the Company will pay a royalty of 15% of the net sales, defined as sales revenue less cost of goods sold, obtained as remuneration for the use of the Nomadar HPT know-how regulated under the agreement. Pursuant to the MG License Agreement, the Company will pay a royalty of 15% of the net sales obtained as remuneration for the transfer of the trademark use regulated under the agreement. Payment will be made within thirty days of the fiscal year end.

In November 2024, the Company entered into a binding capital contribution agreement with Sportech, which was amended on June 12, 2025 (as amended, the "Contribution Agreement"), pursuant to which Sportech has agreed to provide for or otherwise arrange up to $10 million to fund the business and operations of the Company through 2027 (each funding date, a "Funding Date"), in each case conditioned on the then-current listing of the Company on a U.S. national stock exchange. On each Funding Date, in consideration for the cash contribution on such Funding Date, we will issue to Sportech a number of shares of common stock based upon the fair market value of the common stock on such Funding Date.

On May 20, 2025, the Company entered into the SEPA with a third party investor pursuant to which the third party may purchase up to $30 million of the Company's Class A Common Stock, including funding a prepaid advance of $3 million, $0.5 million of which was funded at closing of the financing agreement on May 22, 2025, $0.5 million of which was funded on July 2, 2025, and $2 million of which was funded on October 31, 2025. Although the agreement was executed on May 20, 2025, the Company accounted for the transaction on the dates on which the funds were received in connection with the convertible notes issued under the SEPA. This recognition date aligns with US GAAP guidance, which requires financial instruments to be recognized when the entity becomes a party to the contractual provisions and the consideration is received.

On June 12, 2025, the Company entered into an Assignment Agreement with Cádiz CF for the assignment of a participative loan agreement to the Company. In exchange for the assignment of the Participative Loan, the Company agreed to pay Cádiz CF $1 million within 24 months from the date of the Assignment Agreement. As of March 31, 2026, the Company had fully repaid the $1 million deferred liability.

**Item 3. Quantitative and Qualitative Disclosures about Market Risk**

None.

**Item 4. Controls and Procedures**

As required by Rules 13a-15(b) and 15d-15(b) under the Exchange Act, we carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of our disclosure controls and procedures as of the end of the period covered by this Quarterly Report.

Because we recently completed our Direct Listing, management is still in the process of designing, implementing, and documenting our internal control framework in accordance with the requirements of the Exchange Act. Management has not yet completed its assessment of the operating effectiveness of these controls. However, based on the procedures performed to date, management has identified material weaknesses in our internal control over financial reporting, including deficiencies related to an insufficient internal review and monitoring over the financial close and reporting process.

As a result of the identified material weaknesses, management has concluded that our disclosure controls and procedures were not effective as of March 31, 2026.

**Change in Internal Control over Financial Reporting**

As a new public company, we are undertaking several initiatives to remediate the material weaknesses described above. These remediation efforts are ongoing, and we will continue to evaluate and improve our internal controls. Other than these ongoing remediation activities, there were no changes in our internal control over financial reporting during the quarter ended March 31, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

**<u>PART II - OTHER INFORMATION</u>**

**Item 1. Legal Proceedings**

From time to time, we may be involved in litigation that arises through the normal course of business. As of the date of this filing, we are not a party to any material litigation nor are we aware of any such threatened or pending litigation. We are not aware of any proceedings in which any of our directors, officers, affiliates or any registered or beneficial stockholders is an adverse party or has a material interest adverse to our interest.

**Item 1A. Risk Factors**

Our business is subject to various risks, including those described in Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC on March 31, 2026, which we strongly encourage you to review (the "2025 Annual Report"). There have been no material changes from the risk factors described in the 2025 Annual Report.

**Item 2. Unregistered Sales of Equity Securities and Use of Proceeds**

None.

**Item 3. Defaults Upon Senior Securities**

None.

**Item 4. Mine Safety Disclosures**

Not applicable.

**Item 5. Other Information**

*Rule 10b5-1 Trading Arrangements*

None of the Company's directors or officers adopted, modified or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement during the Company's fiscal quarter ended March 31, 2026, as such terms are defined under Item 408(a) of Regulation S-K.

*Entry into a Material Definitive Agreement*

On May 13, 2026, the Board ratified the prior entry by the Company into two Remunerated Private Investment Agreements, dated March 4, 2026 (the "Media Firm Agreement") and March 30, 2026 (the "Second Media Firm Agreement"), respectively. Each of the Media Firm Agreement and the Second Media Firm Agreement were entered into by and among the Company, Make A Mark SRL (the "Media Firm"), an entity owned by an investor in the Company, and Make Mark, LLC (the "US Media Firm"). Pursuant to the Media Firm Agreement, the Company gave the Media Firm $500,000 in connection with an advertising campaign for various clients managed through the Media Firm and its affiliated media operations. The $500,000 is repayable within thirty days, is renewable for additional thirty day periods up to one year, and earns a return, due to the Company and to be paid by the Media Firm at a rate 2.7% every thirty days. The Media Firm Agreement is guaranteed with certain contracts between the Media Firm and the Media Firm's clients, and further guaranteed, jointly and severally, by the investor, the Media Firm, and the US Media Firm.

The foregoing is merely a summary of the Media Firm Agreement and the Second Media Firm Agreement, and is qualified in its entirety by reference to the full text of each document, which are filed hereto as Exhibit 10.4 and Exhibit 10.5, respectively.

**Item 6. Exhibits** 

**Exhibit Index**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 10.1# | [Form of Subscription Agreement between the Company and the investor thereto, dated February 27, 2026, filed as Exhibit 10.1 to the Company's Current Report on Form 8-K, filed with the SEC on March 5, 2026.](https://www.sec.gov/Archives/edgar/data/1994214/000149315226009001/ex10-1.htm) |
| 10.2# | [Assignment Agreement of Naming Rights, dated March 3, 2026, filed as Exhibit 10.1 to the Company's Current Report on Form 8-K, filed with the SEC on March 16, 2026.](https://www.sec.gov/Archives/edgar/data/1994214/000149315226010196/ex10-1.htm) |
| 10.3 | [Form of Subscription Agreement between the Company and the investor thereto, dated March 27, 2026, filed as Exhibit 10.1 to the Company's Current Report on Form 8-K, filed with the SEC on March 30, 2026.](https://www.sec.gov/Archives/edgar/data/1994214/000149315226013491/ex10-1.htm) |
| 10.4 | [Remunerated Private Investment Agreement, between the Company, Make Mark LLC, and Make a Mark Events SRL, dated March 4, 2026.](ex10-4.htm) |
| 10.5 | [Remunerated Private Investment Agreement, between the Company, Make Mark LLC, and Make a Mark Events SRL, dated March 30, 2026.](ex10-5.htm) |
| 31.1\* | [Certification of Principal Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](ex31-1.htm) |
| 31.2\* | [Certification of Principal Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](ex31-2.htm) |
| 32.1\*\* | [Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](ex32-1.htm) |
| 32.2\*\* | [Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](ex32-2.htm) |
| 101.INS | Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document. |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document |
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

\* Filed herewith.

\*\* The certifications attached as Exhibits 32.1 and 32.2 that accompany this Quarterly Report are not deemed filed with the SEC and are not to be incorporated by reference into any filing of Nomadar Corp. under the Securities Act of 1933 or the Securities Exchange Act of 1934, whether made before or after the date of this Quarterly Report, irrespective of any general incorporation language contained in such filing.

# As permitted by Regulation S-K, Item 601(b)(10)(iv)of the Securities Exchange Act of 1934, as amended, certain confidential portions of this exhibit have been redacted from the publicly filed document.

**<u>SIGNATURES</u>**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **Nomadar Corp.** | **Nomadar Corp.** |
| Date: May 15, 2026 | By: | */s/ Rafael Contreras* |
|  |  | Chief Executive Officer (principal executive officer) |
| Date: May 15, 2026 | By: | */s/ Carlos Lacave* |
|  |  | Chief Financial Officer (principal financial and accounting officer) |

---

## Exhibit 10.4

**Exhibit 10.4**

**CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [\*\*\*], HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL**

**REMUNERATED PRIVATE INVESTMENT AGREEMENT**

In Madrid, Spain on March 4th, 2026.

**PARTIES**

**On the one hand**

Mr. Rafael Jesús Contreras Chamorro with ID NUM. [\*\*\*], acting in the name and on behalf of the company NOMADAR CORP, with TAX ID EIN: 99-3383359, domiciled for these purposes in United States, in the State of Texas is 5015 Hwy 59 N, Marshall, 75670.

**And, on the other hand**

[\*\*\*], of legal age, of Mexican nationality, domiciled for these purposes in Madrid, and holding Mexican passport no. [\*\*\*] and Spanish NATIONAL ID FOR FOREIGNERS (NIE) [\*\*\*]. He acts in his own name and right, hereinafter referred to as the Entrepreneur, and, at the same time, in his capacity as sole shareholder and sole administrator of the Spanish company MAKE MARK LLC., with TAX ID (EIN) number [\*\*\*], and domiciled at [\*\*\*], (hereinafter referred to as "the Depositary") and of the Mexican company MAKE A MARK EVENTS SRL, duly incorporated and registered in the Mexican Mercantile Registry with electronic mercantile folio no. [\*\*\*], with federal taxpayer registration number [\*\*\*], domiciled at [\*\*\*] (hereinafter, referred to as "the Company"), which is a company part of the [\*\*\*], wholly owned by the Entrepreneur. All of them are jointly referred to as "the Parties".

The Parties acknowledge having sufficient legal capacity to contract and undertake obligations.

**RECITALS**

I.- That the Company's purpose is the management and commercialization of advertising spaces and events in American media and it is fully responsible for the management of investments in the media.

II. That the Company has service contracts with its top-tier clients and is willing to assign to third parties [\*\*\*] percent ([\*\*\*]%) of the investment required for the execution of the client contract portfolio, with the objective of continuing to grow, for which it is willing to open its high-yield business portfolio to third parties through an investment instrument, [\*\*\*].

III.- That the Depositary is a Spanish company under the exclusive corporate control of the same partner who is the exclusive owner of the share capital of the Company and the [\*\*\*].

IV.- That the Parties have agreed to formalize this remunerated private investment agreement, by which the Investor shall deliver to the Company the amount of 500.000,00 $(FIVE HUNDRED THOUSAND AMERICAN DOLLARS), to obtain an agreed remuneration, according to the covenants and conditions established in the following

**CLAUSES**

**FIRST.- PURPOSE.** The purpose of this contract is to regulate the Investor's remunerated private investment, by means of a fixed interest rate, in the Company's service contracts with its clients.

The Investor undertakes, upon signing this contract, to deliver the agreed investment amount of 500.000,00 $(FIVE HUNDRED THOUSAND AMERICAN DOLLARS), to the Depositary. The Depositary shall remit and certify to the Investor the full investment amount's remittance to the Company, to finance the costs of providing the services under the contract with the client **[\*\*\*]**according to the purchase order attached as Annex 1. The Company, the Depositary, and the Entrepreneur are jointly and severally liable to reimburse said amount under the terms and conditions set forth in the following clauses.

The Company shall periodically inform and, in any case, within 24 hours, at the Investor's request, about the progress of the service provision and the investment, assigning a Company manager for such monitoring and information, who is identified in Annex 1. The Entrepreneur and the Company's Finance Director shall be fully available to the Investor to supplement any information in any case.

**SECOND.- DELIVERY.** The Investor undertakes to deliver the investment amount, by bank transfer, to the Make Mark LLC's [\*\*\*] Bank account [\*\*\*] owned by the Depositary, which shall take place at the time of signing this Agreement.

**THIRD.- INTEREST.** The granted investment shall accrue interest in favor of the Investor, which shall be calculated and paid by the Company as follows:

3.1.- Interest Period. The interest period is monthly, quarterly, or semi-annually, depending on the case.

3.2.- Interest Rate. The interest for 30 days is 2,7% (TWO POINT SEVEN percent) of the investment amount.

3.3.- Accrual and Payment of Interest. Accrual occurs every [\*\*\*] days ([\*\*\*] days) from the effective deposit of the investment amount into the account designated in Clause SECOND, without prejudice to the possibility of accumulation.

The Investor, should they wish to accumulate said accrual, must notify [\*\*\*] days prior to the corresponding accrual for restitution purposes.

**FOURTH.- DURATION.** The duration of the investment regulated by this contract is 30 days, renewable for the same period up to a maximum of one year. The Company shall provide continuous information on the progress of the service provision and the evolution of the investment.

In case of investment renewal, the restitution of the investment shall occur upon the expiration of the renewal term, and that of the interest, at the Investor's option, monthly, every [\*\*\*] months, or every [\*\*\*] months, as applicable, from the date of this contract or upon the expiration of the investment renewal term.

**FIFTH.- RESTITUTION.** The Depositary shall return, by bank transfer to the Investor's account [\*\*\*] ([\*\*\*] Bank), the investment amount, plus the agreed interest, totaling 500.000,00 $(FIVE HUNDRED THOUSAND AMERICAN DOLLARS), plus 2,7% every 30 days, unless extended by written agreement of the Parties, in accordance with what was agreed in Clauses Fourth and Third 3.3.

**SIXTH.- FULL GUARANTEE.** The investment and its restitution, with the agreed interest, are fully guaranteed by the pledging of the Company's contracts with its clients for an amount corresponding to the invested volume, as per Annex 1.

Furthermore, the Company, the Depositary, and the Entrepreneur jointly and severally guarantee the fulfillment of this contract and all its obligations, including especially those of restitution and payment of the agreed interest on time, [\*\*\*].

**SEVENTH.- EXPENSES AND TAXES.** [\*\*\*].

**EIGHTH.- DATA PROTECTION AND CONFIDENTIALITY.** The Parties are subject to Spanish data protection legislation. Neither Party shall inform, disclose, or publish this contract to third parties unless there is an express agreement between the Parties to that effect or a final express resolution from a competent judicial or administrative authority.

**NINTH.- APPLICABLE LAW AND JURISDICTION.** With express waiver of any other jurisdiction that might otherwise correspond to them, for any dispute that may arise from the existence, validity, nullity, fulfillment, execution, or interpretation of this contract, the Parties expressly submit to the jurisdiction and competence of the Courts of the city of Madrid (Spain), with this contract being subject to Spanish law.

And, in witness thereof, the Parties sign this Agreement, in duplicate and with a single effect, in In Madrid, Spain on March 4th, 2026.

Signed: Mr. Rafael Jesús Contreras Chamorro, acting in the name and on behalf of the company NOMADAR CORP.

/s/ Rafael Jesús Contreras Chamorro

March 10, 2026

Signed: Make a Mark SRL

/s/ Make a Mark SRL

March 10, 2026

**ANNEX 1**

**[\*\*\*]**

## Exhibit 10.5

**Exhibit 10.5**

**CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [\*\*\*], HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL**

**REMUNERATED PRIVATE INVESTMENT AGREEMENT**

In Madrid, Spain on March 30th, 2026.

**PARTIES**

**On the one hand**

Mr. Rafael Jesús Contreras Chamorro with ID NUM. [\*\*\*], acting in the name and on behalf of the company NOMADAR CORP, with TAX ID EIN: 99-3383359, domiciled for these purposes in United States, in the State of Texas is 5015 Hwy 59 N, Marshall, 75670.

**And, on the other hand**

[\*\*\*], of legal age, of Mexican nationality, domiciled for these purposes in Madrid, and holding Mexican passport no. [\*\*\*] and Spanish NATIONAL ID FOR FOREIGNERS (NIE) [\*\*\*]. He acts in his own name and right, hereinafter referred to as the Entrepreneur, and, at the same time, in his capacity as sole shareholder and sole administrator of the Spanish company MAKE MARK LLC., with TAX ID (EIN) number [\*\*\*], and domiciled at [\*\*\*], (hereinafter referred to as "the Depositary") and of the Mexican company MAKE A MARK EVENTS SRL, duly incorporated and registered in the Mexican Mercantile Registry with electronic mercantile folio no. [\*\*\*], with federal taxpayer registration [\*\*\*], domiciled at [\*\*\*] (hereinafter, referred to as "the Company"), which is a company part of the [\*\*\*], wholly owned by the Entrepreneur. All of them are jointly referred to as "the Parties".

The Parties acknowledge having sufficient legal capacity to contract and undertake obligations.

**RECITALS**

I.- That the Company's purpose is the management and commercialization of advertising spaces and events in American media and it is fully responsible for the management of investments in the media.

II. That the Company has service contracts with its top-tier clients and is willing to assign to third parties [\*\*\*] percent ([\*\*\*]%) of the investment required for the execution of the client contract portfolio, with the objective of continuing to grow, for which it is willing to open its high-yield business portfolio to third parties.

III.- That the Depositary is a Spanish company under the exclusive corporate control of the same partner who is the exclusive owner of the share capital of the Company and the [\*\*\*].

IV.- That the Parties have agreed to formalize this remunerated private investment agreement, by which the Investor shall deliver to the Company the amount of 500.000,00 $(FIVE HUNDRED THOUSAND AMERICAN DOLLARS), to obtain an agreed remuneration, according to the covenants and conditions established in the following

**CLAUSES**

**FIRST.- PURPOSE.** The purpose of this contract is to regulate the Investor's remunerated private investment, by means of a fixed interest rate, in the Company's service contracts with its clients. The Investor undertakes, upon signing this contract, to deliver the agreed investment amount of 500.000,00 $(FIVE HUNDRED THOUSAND AMERICAN DOLLARS), to the Depositary. The Depositary shall remit and certify to the Investor the full investment amount's remittance to the Company, to finance the costs of providing the services under the contract with the client **[\*\*\*]**according to the purchase order attached as Annex 1. The Company, the Depositary, and the Entrepreneur are jointly and severally liable to reimburse said amount under the terms and conditions set forth in the following clauses.

The Company shall periodically inform and, in any case, within 24 hours, at the Investor's request, about the progress of the service provision and the investment, assigning a Company manager for such monitoring and information, who is identified in Annex 1. The Entrepreneur and the Company's Finance Director shall be fully available to the Investor to supplement any information in any case.

**SECOND.- DELIVERY.** The Investor undertakes to deliver the investment amount, by bank transfer, to the Make Mark LLC's [\*\*\*] Bank account [\*\*\*] owned by the Depositary, which shall take place at the time of signing this Agreement.

**THIRD.- INTEREST.** The granted investment shall accrue interest in favor of the Investor, which shall be calculated and paid by the Company as follows:

3.1.- Interest Period. The interest period is monthly, quarterly, or semi-annually, depending on the case.

3.2.- Interest Rate. The interest for 30 days is 2,7% (TWO POINT SEVEN percent) of the investment amount.

3.3.- Accrual and Payment of Interest. Accrual occurs every [\*\*\*] days ([\*\*\*] days) from the effective deposit of the investment amount into the account designated in Clause SECOND, without prejudice to the possibility of accumulation.

The Investor, should they wish to accumulate said accrual, must notify [\*\*\*] days prior to the corresponding accrual for restitution purposes.

**FOURTH.- DURATION.** The duration of the investment regulated by this contract is 30 days, renewable for the same period up to a maximum of one year. The Company shall provide continuous information on the progress of the service provision and the evolution of the investment.

In case of investment renewal, the restitution of the investment shall occur upon the expiration of the renewal term, and that of the interest, at the Investor's option, monthly, every [\*\*\*] months, or every [\*\*\*]months, as applicable, from the date of this contract or upon the expiration of the investment renewal term.

**FIFTH.- RESTITUTION.** The Depositary shall return, by bank transfer to the Investor's account [\*\*\*] ([\*\*\*] Bank), the investment amount, plus the agreed interest, totaling 500.000,00 $(FIVE HUNDRED THOUSAND AMERICAN DOLLARS), plus 2,7% every 30 days, unless extended by written agreement of the Parties, in accordance with what was agreed in Clauses Fourth and Third 3.3.

**SIXTH.- FULL GUARANTEE.** The investment and its restitution, with the agreed interest, are fully guaranteed by the pledging of the Company's contracts with its clients for an amount corresponding to the invested volume, as per Annex 1.

Furthermore, the Company, the Depositary, and the Entrepreneur jointly and severally guarantee the fulfillment of this contract and all its obligations, including especially those of restitution and payment of the agreed interest on time, [\*\*\*].

**SEVENTH.- EXPENSES AND TAXES.** [\*\*\*].

**EIGHTH.- DATA PROTECTION AND CONFIDENTIALITY.** The Parties are subject to Spanish data protection legislation. Neither Party shall inform, disclose, or publish this contract to third parties unless there is an express agreement between the Parties to that effect or a final express resolution from a competent judicial or administrative authority.

**NINTH.- APPLICABLE LAW AND JURISDICTION.** With express waiver of any other jurisdiction that might otherwise correspond to them, for any dispute that may arise from the existence, validity, nullity, fulfillment, execution, or interpretation of this contract, the Parties expressly submit to the jurisdiction and competence of the Courts of the city of Madrid (Spain), with this contract being subject to Spanish law.

And, in witness thereof, the Parties sign this Agreement, in duplicate and with a single effect, in In Madrid, Spain on March 30th, 2026.

Signed: Mr. Rafael Jesús Contreras Chamorro, acting in the name and on behalf of the company NOMADAR CORP.

/s/ Rafael Jesús Contreras Chamorro

March 30, 2026

Signed: Make a Mark SRL

/s/ Marke a Mark SRL

March 30, 2026

**ANNEX 1**

**[\*\*\*]**

## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION PURSUANT TO**

**RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Rafael Contreras, certify that:

1. I
 have reviewed this Quarterly Report on Form 10-Q of Nomadar Corp.;

2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
 to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
 the period covered by this report;

3. Based
 on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
 respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in
 this report;

4. The
 registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures
 (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
 to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
 within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) *Omitted*;

(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about
 the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
 and

(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's
 most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal
 control over financial reporting; and

5. The registrant's other
 certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the
 registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent
 functions):

&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies
 and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely
 affect the registrant's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not
 material, that involves management or other employees who have a significant role in the registrant's internal control over financial
 reporting.

---

| | | |
|:---|:---|:---|
| Date: May 15, 2026 | By: | */s/ Rafael Contreras* |
|  |  | **Rafael Contreras**<br> **Chief Executive Officer**<br> **(Principal Executive Officer)** |

---

## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATION PURSUANT TO**

**RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Carlos Lacave, certify that:

1. I
 have reviewed this Quarterly Report on Form 10-Q of Nomadar Corp.;

2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
 to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
 the period covered by this report;

3. Based
 on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
 respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in
 this report;

4. The
 registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures
 (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
 to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
 within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) *Omitted*;

(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about
 the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
 and

(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's
 most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal
 control over financial reporting; and

5. The registrant's other
 certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the
 registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent
 functions):

&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies
 and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely
 affect the registrant's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not
 material, that involves management or other employees who have a significant role in the registrant's internal control over financial
 reporting.

---

| | | |
|:---|:---|:---|
| Date: May 15, 2026 | By: | */s/ Carlos Lacave* |
|  |  | **Carlos Lacave**<br> **Chief Financial Officer**<br> **(Principal Financial and Accounting Officer)** |

---

## Exhibit 32.1

**Exhibit 32.1**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report of Nomadar Corp. (the "Company") on Form 10-Q for the period ending March 31, 2026 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;(1) The
 Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained
 in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | | |
|:---|:---|:---|
| Date: May 15, 2026 | By: | */s/ Rafael Contreras* |
|  |  | **Rafael Contreras** <br> **Chief Executive Officer**<br> **(Principal Executive Officer)** |

---

## Exhibit 32.2

**Exhibit 32.2**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report of Nomadar Corp. (the "Company") on Form 10-Q for the period ending March 31, 2026 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;(1) The
 Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained
 in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | | |
|:---|:---|:---|
| Date: May 15, 2026 | By: | */s/ Carlos Lacave* |
|  |  | **Carlos Lacave** <br> **Chief Financial Officer**<br> **(Principal Financial and Accounting Officer)** |

---