Company: TBMC
Filing Date: 2025-03-25
Form Type: 10-K
Source: 0001013762-25-002139
Chunk: 162

Company: Trailblazer Merger Corp I
Filing Date: 2025-03-25
Form: 10-K
Item: Item 1A
Chunk 162
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 December 31, 2024 and 2023 F-4  Consolidated Statements of Changes in Stockholders’ Deficit for the years ended December 31, 2024 and 2023 F-5  Consolidated Statements of Cash Flows for the years ended December 31, 2024 and 2023 F-6  Notes to Consolidated Financial Statements F-7 to F-23 

F-1

REPORT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM

To the Stockholders and Board of Directors of

Trailblazer Merger Corporation I

Opinion on the Financial Statements

We have audited the accompanying consolidated
balance sheets of Trailblazer Merger Corporation I (the “Company”) as of December 31, 2024 and 2023, the related consolidated
statements of operations, changes in stockholders’ deficit and cash flows for each of the two years in the period ended December
31, 2024, and the related notes (collectively referred to as the “financial statements”). In our opinion, based on our audits,
the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023,
and the results of its operations and its cash flows for each of the two years in the period ended December 31, 2024, in conformity with
accounting principles generally accepted in the United States of America.

Explanatory Paragraph – Going Concern

The accompanying consolidated financial statements
have been prepared assuming that the Company will continue as a going concern. As described in Note 1 to the consolidated financial statements,
the Company is a Special Purpose Acquisition Company that was formed for the purpose of completing a merger, capital stock exchange, asset
acquisition, stock purchase, reorganization or similar business combination with one or more businesses or entities on or before March
31, 2025, or by resolution of its Board of Directors and if requested by the Sponsor, to extend the business combination deadline by one
month each time from March 31, 2025 to September 30, 2025. The Company entered into a definitive merger agreement with a business combination
target on July 22, 2024, which was amended on November 11, 2024; however, the completion of this transaction is subject to the approval
of the Company’s stockholders among other conditions. There is no assurance that the Company will obtain the necessary approvals,
satisfy