Company: TBMC
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001213900-25-075720
Chunk: 146

Company: Trailblazer Merger Corp I
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 2
Chunk 146
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June 30, 2024, we had a net income of $217,511, which consists of interest earned on marketable securities held in Trust Account of $977,178
and unrealized gain on marketable securities held in Trust Account of $9,504, offset by the operating costs of $572,468, and provision
for income taxes of $196,703.

For the six months ended
June 30, 2024, we had a net income of $589,879, which consists of interest earned on marketable securities held in Trust Account of $1,930,770
and unrealized gain on marketable securities held in Trust Account of $5,531, offset by the operating costs of $960,799, and provision
for income taxes of $385,623.

23

Liquidity, Capital Resources and Going Concern

As of June 30, 2025, we had
$99,367 in our operating bank account available for working capital needs, while restricted cash available to pay for the Company’s
franchise and income taxes is $1,226,799. All remaining cash was held in the trust account and is generally unavailable for our use prior
to an initial business combination.

On March 31, 2023, the Company
consummated the IPO of 6,000,000 units (the “Units”). Each Unit consisted of one share of Class A common stock, $0.0001 par
value (“Common Stock”) and one right (“Right”) to receive one-tenth (1/10) of one share of Common Stock upon the
consummation of an initial business combination. The Units were sold at an offering price of $10.00 per Unit, generating gross proceeds
of $60,000,000. The Company granted the underwriters a 45-day option to purchase up to 900,000 additional Units to cover over-allotments,
if any, which the underwriters exercised in full simultaneously with the consummation of the IPO. The total aggregate issuance by the
Company of 6,900,000 Units at a price of $10.00 per unit resulted in a total gross proceeds of $69,000,000.

Simultaneously with the closing
of the IPO, the Company consummated the Private Placement with the Sponsor 394,500 units (the “Private Units”), generating
total proceeds of $3,945,000. The Private Units are identical to the Units