Company: TBMC
Filing Date: 2025-11-21
Form Type: 10-Q
Source: 0001213900-25-113605
Chunk: 71

Company: Trailblazer Merger Corp I
Filing Date: 2025-11-21
Form: 10-Q
Item: Part I, Item 1
Chunk 71
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 at July 29, 2025 
    $9,964,704 
  
    Additional draws on promissory note 
     285,000 
  
    Gain on change in fair value of promissory note 
     (2,075,267)
  
    Fair value at September 16, 2025 
     8,174,437 
  
    Gain on change in fair value of promissory note 
     (781,108)
  
    Fair value at September 30, 2025 
    $7,393,329 

Recent Accounting Standards

In December 2023, the FASB
issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09), which requires disclosure of incremental
income tax information within the rate reconciliation and expanded disclosures of income taxes paid, among other disclosure requirements.
ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company has not yet adopted
the ASU 2023-09 and is currently evaluating its impact on the Company’s financial statements and related disclosures.

In November 2023, the FASB
issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments
in this ASU require disclosures, on an annual and interim basis, of significant segment expenses that are regularly provided
to the chief operating decision maker (“CODM”), as well as the aggregate amount of other segment items included in the reported
measure of segment profit or loss. The ASU requires that a public entity disclose the title and position of the CODM and an
explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to
allocate resources. Public entities will be required to provide all annual disclosures currently required by Topic 280 in interim
periods, and entities with a single reportable segment are required to provide all the disclosures required by the amendments in this ASU and
existing segment disclosures in Topic 280. This ASU is effective for fiscal years beginning after December 15, 2023, and
interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company adopted ASU 2023-