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季報 季度報告 10-Q 2026-05-15

NOMADAR CORP. 2026財年第一季(截至2026年3月31日)10-Q業績摘要

於 SEC 網站開啟原文

AI 繁中摘要

NOMADAR CORP. 2026財年第一季(截至2026年3月31日)10-Q業績摘要 💼 Nomadar Corp.(Nasdaq: NOMA)公布2026年第一季度業績。收入大幅增長至403,800美元(上年同期186,937美元),主要受HPT訓練計劃、教育服務及Mágico González品牌收入帶動。毛利由10,549美元升至355,944美元。然而,營運開支急增至1,134,709美元(主要涉及專業費用、一般及行政開支),導致營運虧損778,765美元(上年同期286,271美元)。期內可轉換票據公允值變動產生非現金損失621,207美元,淨虧損擴大至1,586,954美元(每股0.10美元),對比上年同期淨虧損291,319美元(每股0.03美元)。📉 資產負債表方面,現金由去年底的78,163美元大增至1,962,060美元,總資產達1,910萬美元,股東權益由718萬美元升至1,171萬美元,主要受惠於股權融資及關聯方資本注入。惟累計虧損增至577萬美元,流動負債740萬美元
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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

 

NOMADAR
CORP.

(Exact
Name of Registrant as Specified in Its Charter)

 

 
 Delaware
  
 93-2969265

 
 (State
 or Other Jurisdiction of

 Incorporation
 or Organization)

  
 (I.R.S.
 Employer

 Identification
 No.)

 
  
  
  

 
 5015
 Highway 59 N

 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.

 

 

 

  

  

 

 

NOMADAR
CORP.

TABLE
OF CONTENTS

 

 
  
 Page
 

 
 PART
 I – Financial Information
  

 
  
  
  

 
 Item
 1.
 Condensed
 Financial Statements (Unaudited)
  

 
  
 Unaudited
Condensed Balance Sheets as of March 31, 2026 and December 31, 2025
 1

 
  
 Unaudited Condensed Statements of Operations for the Three months Ended March 31, 2026 and 2025
 2

 
  
 Unaudited Condensed Statements of Changes in Stockholders’ Equity (Deficit) for the Three months Ended March 31, 2026 and 2025
 3

 
  
 Unaudited Condensed Statements of Cash Flows for the Three months Ended March 31, 2026 and 2025
 4

 
  
 Notes to Unaudited Condensed Financial Statements
 5

 
 Item
 2.
 Management’s Discussion and Analysis of Financial Condition and Results of Operations
 20

 
 Item
 3
 Quantitative and Qualitative Disclosures about Market Risk
 28

 
 Item
 4
 Controls and Procedures
 28

 
  
  
  

 
 PART II – Other Information
 29

 
  
  
  

 
 Item
 1.
 Legal Proceedings
 29

 
 Item
 1A.
 Risk Factors
 29

 
 Item
 2.
 Unregistered Sales of Equity Securities and Use of Proceeds
 29

 
 Item
 3.
 Defaults Upon Senior Securities
 29

 
 Item
 4.
 Mine Safety Disclosures
 29

 
 Item
 5.
 Other Information
 29

 
 Item
 6.
 Exhibits
 30

 
 SIGNATURES
 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,  
 December 31, 

 
   
 2026  
 2025 

 
 Assets 
     
    

 
 Current assets: 
     
    

 
 Cash 
 $1,962,060  
 $78,163 

 
 Accounts receivable 
  574,236  
  185,201 

 
 Prepaid expenses and other current assets 
  128,162  
  12,805 

 
 Total current assets 
  2,664,458  
  276,169 

 
 Loan receivable – related party, denominated in Euros 
  5,634,691  
  8,513,011 

 
 Receivable from agreement with investor 
  500,000  
  — 

 
 Right-of-use asset 
  10,103,291  
  5,166,888 

 
 Equipment 
  2,890  
  — 

 
 Interest receivable – related party 
  204,200  
  134,837 

 
 Total assets 
 $19,109,530  
 $14,090,905 

 
   
     
    

 
 Liabilities and stockholders’ equity (deficit) 
     
    

 
 Current liabilities: 
     
    

 
 Accounts payable 
 $1,555,952  
 $1,453,995 

 
 Accrued expenses 
  768,667  
  275,966 

 
 Direct listing fees payable 
  597,291  
  609,237 

 
 Due to related party, net 
  83,224  
  18,095 

 
 Convertible notes payable – at fair value 
  1,866,013  
  1,646,663 

 
 Lease liability – current portion 
  1,754,784  
  15,927 

 
 Deferred revenue 
  772,043  
  164,558 

 
 Total current liabilities 
  7,397,974  
  4,184,441 

 
   
     
    

 
 Direct listing fees payable - noncurrent 
  —  
  144,917 

 
 Lease liability – long-term 
  —  
  1,906,562 

 
 Deferred liability – related party 
  —  
  666,867 

 
 Total liabilities 
  7,397,974  
  6,902,787 

 
   
     
    

 
 Commitments and contingencies (Note 3) 
  -  
  - 

 
   
     
    

 
 Stockholders’ equity: 
     
    

 
 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 

 
 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 

 
 Common stock, value 
  3  
  3 

 Additional paid-in capital 
  17,478,364  
  11,367,974 

 
 Accumulated deficit 
  (5,766,825) 
  (4,179,871)

 
 Total stockholders’ equity 
  11,711,556  
  7,188,118 

 
 Total liabilities and stockholders’ equity 
 $19,109,530  
 $14,090,905 

 

 

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

 

 1

  

 

 

NOMADAR
CORP.

UNAUDITED
CONDENSED STATEMENTS OF OPERATIONS

 

 
   
 2026  
 2025 

   
 Three Months Ended March 31, 

 
   
 2026  
 2025 

 
   
    
   

 
 Revenue 
 $403,800  
 $186,937 

 
 Cost of sales 
  47,856  
  176,388 

 
 Gross profit 
  355,944  
  10,549 

 
   
     
    

 
 Operating expenses: 
     
    

 
 General and administrative expenses 
  503,011  
  45,459 

 
 Professional fees 
  559,300  
  253,997 

 
 Sales and marketing expenses 
  48,333  
  — 

 
 Loss (gain) on foreign currency transactions, net 
  24,065  
  (2,636)

 
 Total operating expenses 
  1,134,709  
  296,820 

 
 Loss from operations 
  (778,765) 
  (286,271)

 
   
     
    

 
 Other expense (income): 
     
    

 
 Change in fair value of convertible notes payable 
  621,207  
  — 

 
 Interest expense 
  158,374  
  5,048 

 
 Interest income – related party 
  (69,363) 
  — 

 
 Amortization of loan receivable premium 
  97,971  
  — 

 
 Other (income) expenses, net 
  808,189  
  5,048 

 
 Loss before provision for income taxes 
  (1,586,954) 
  (291,319)

 
 Provision for income taxes 
  —  
  — 

 
 Net loss 
 $(1,586,954) 
 $(291,319)

 
   
     
    

 
 Weighted average common shares outstanding – basic and diluted 
  15,448,692  
  11,581,218 

 
   
     
    

 
 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.

 

 2

  

 

 

NOMADAR
CORP.

UNAUDITED
CONDENSED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (DEFICIT)

 

 
   
 Shares  
 Amount  
 Shares  
 Amount  
 Shares  
 Amount  
 Capital  
 Deficit  
 Equity 

 
   
 Class A Common Stock  
 Class B Common Stock  
 Preferred Stock  
 Additional Paid-in  
 Accumulated  
 Total Stockholders’ 

 
   
 Shares  
 Amount  
 Shares  
 Amount  
 Shares  
 Amount  
 Capital  
 Deficit  
 Equity 

 
 Balance at December 31, 2025 
  12,718,726  
 $     12  
  2,500,000  
 $        3  
  —  
 $     —  
 $11,367,974  
 $(4,179,871) 
 $7,188,118 

 
 Sale of common stock pursuant to subscription agreement 
  415,935  
  1  
  —  
  —  
  —  
  —  
  1,938,256  
  —  
  1,938,257 

 
 Issuance of common stock - conversions of convertible note 
  108,287  
  —  
  —  
  —  
  —  
  —  
  401,857  
  —  
  401,857 

 
 Sale of common stock pursuant to capital contribution agreement 
  1,032,952  
  1  
  —  
  —  
  —  
  —  
  3,770,277  
  —  
  3,770,278 

 
 Net loss 
  —  
  —  
  —  
  —  
  —  
  —  
  —  
  (1,586,954) 
  (1,586,954)

 
 Balance at March 31, 2026 
  14,275,900  
  14  
  2,500,000  
  3  
  —  
  —  
  17,478,364  
  (5,766,825) 
  11,711,556 

 

 

 
   
 Class
 A Common Stock  
 Class
 B Common Stock  
 Preferred
 Stock  
 Additional
 Paid-in 
 Accumulated 
 Total
 Stockholders’ 

 
   
 Shares  
 Amount  
 Shares  
 Amount  
 Shares  
 Amount  
 Capital 
 Deficit 
 Deficit 

 
 Balance at December
 31, 2024 
  11,581,218  
 $      12  
  2,500,000  
 $       3  
  —  
 $    —  
 $50,840 
  
 $(1,412,553)
  
  $(1,361,698)

 
 Balance 
  11,581,218  
 $      12  
  2,500,000  
 $       3  
  —  
 $    —  
 $50,840 
  
 $(1,412,553)
  
  $(1,361,698)

 Net loss 
  —  
  —  
  —  
  —  
  —  
  —  
  — 
  
  (291,319)
  
  (291,319)

 
 Balance
 at March 31, 2025 
  11,581,218  
  12  
  2,500,000  
  3  
  —  
  —  
  50,840 
  
  (1,703,872)
  
  (1,653,017)

 
 Balance
  
  11,581,218  
  12  
  2,500,000  
  3  
  —  
  —  
  50,840 
  
  (1,703,872)
  
  (1,653,017)

 

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

 

 3

  

 

 

NOMADAR
CORP.

UNAUDITED
CONDENSED STATEMENTS OF CASH FLOWS

 

 
   
 2026  
 2025 

   
 For the Three months Ended March 31, 

 
   
 2026  
 2025 

 
 Cash Flows from Operating Activities: 
     
    

 
 Net loss 
 $(1,586,954) 
 $(291,319)

 
 Adjustments to reconcile net loss to net cash used in operating activities: 
     
    

 
 Amortization of loan receivable premium – related party 
  97,971  
  — 

 
 Change in fair value of convertible notes payable 
  621,207  
  — 

 
 Foreign exchange loss on related party finance lease 
  (156,940) 
  — 

 
 Foreign exchange gain on loan receivable – related party 
  152,126  
  — 

 
 Accretion of deferred liability – related party 
  125,529  
  — 

 
 Interest on finance lease liability 
  29,708  
    

 
 Changes in operating assets and liabilities: 
     
    

 
 Accounts receivable 
  (389,035) 
  16,240 

 
 Interest receivable – related party 
  (69,363) 
  — 

 
 Prepaid expenses and other current assets 
  (115,357) 
  — 

 
 Accounts payable 
  101,957  
  536,022 

 
 Accrued expenses 
  492,701  
  (218,354)

 
 Direct listing fees payable 
  (156,863) 
  — 

 
 Due to related party, net 
  65,129  
  — 

 
 Interest payable – stockholder loan 
  —  
  5,049 

 
 Deferred revenue 
  607,485  
  — 

 
 Net cash (used in) provided by operating activities 
  (180,699) 
  47,638 

 
   
     
    

 
 Cash Flows from Investing Activities: 
     
    

 
 Payments for receivable from agreement with investor 
  (500,000) 
  — 

 
 Proceeds from loan receivable - related party, denominated in Euros 
  2,628,223  
  — 

 
 Purchase of equipment 
  (2,890) 
  — 

 
 Net cash provided by investing activities 
  2,125,333  
  — 

 
   
     
    

 
 Cash Flows from Financing Activities: 
     
    

 
 Proceeds from sale of common stock pursuant to subscription agreement 
  1,938,257  
  — 

 
 Proceeds from sale of common stock pursuant to capital contribution agreement 
  3,770,278  
  — 

 
 Payments made on stockholder loan 
  —  
  (21,196)

 
 Payments of finance lease liability 
  (41,964) 
  — 

 
 Payments toward purchase option of related party finance lease 
  (4,934,912) 
  — 

 
 Repayment of deferred liability – related party 
  (792,396) 
  — 

 
 Net cash used in financing activities 
  (60,737) 
  (21,196)

 
   
     
    

 
 Net change in cash 
  1,883,897  
  26,442 

 
 Cash – Beginning of Period 
  78,163  
  417 

 
 Cash – End of Period 
 $1,962,060  
 $26,859 

 
   
     
    

 
 Noncash investing and financing activities: 
     
    

 
 ROU asset received in exchange for lease liability due to lease modification 
 $4,936,403  
 $— 

 
 Conversion of convertible note to common stock 
 $401,857  
 $— 

 

 

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

 

 4

  

 

 

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.

 

 5

  

 

 

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.

 

 6

  

 

 

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.

 

 7

  

 

 

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 informa