Company: TBMC
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001213900-25-043357
Chunk: 16

Company: Trailblazer Merger Corp I
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 1
Chunk 16
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 with the requirements
that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of
such extended transition period, which means that when a standard is issued or revised and it has different application dates for public
or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies
adopt the new or revised standard. This may make comparison of the Company’s condensed consolidated financial statements with another
public company, which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended
transition period difficult or impossible because of the potential differences in accounting standards used.

9

Use
of Estimates

The
preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed
consolidated financial statements.

Making
estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of
a condition, situation or set of circumstances that existed at the date of the condensed consolidated financial statements, which management
considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual
results could differ significantly from those estimates.

Cash
and Cash Equivalents

The
Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents.
The Company had $37,305 and $63,829 in unrestricted cash and no cash equivalents as of March 31, 2025 and December 31, 2024, respectively.

Cash
- Restricted

Cash
that is encumbered or otherwise restricted as to its use is included in cash – restricted. As of March 31, 2025 and December 31,
2024, the balance was $802,993. Cash – restricted at March 31, 2025 and December 31, 2024 represents cash that was withdrawn from
the Trust Account to pay franchise and income taxes but is yet to be utilized at the end of the period.

Marketable
Securities in Trust Account

The
Company’s assets held in Trust Account were invested in U.S. treasury bills until September 19, 2024. Subsequent to September 19,
2024, all of the assets held in the