Company: TBMC
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001213900-25-043357
Chunk: 75

Company: Trailblazer Merger Corp I
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 8
Chunk 75
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 extension vote or
otherwise, may be subject to the excise tax. Whether and to what extent the Company would be subject to the excise tax in connection
with a Business Combination, extension vote or otherwise would depend on a number of factors, including (i) the fair market value
of the redemptions and repurchases in connection with the Business Combination, extension or otherwise, (ii) the structure of a
Business Combination, (iii) the nature and amount of any “PIPE” or other equity issuances in connection with a Business
Combination (or otherwise issued not in connection with a Business Combination but issued within the same taxable year of a Business
Combination) and (iv) the content of regulations and other guidance from the Treasury. In addition, because the excise tax would
be payable by the Company and not by the redeeming holder, the mechanics of any required payment of the excise tax have not been determined.
The foregoing could cause a reduction in the cash available on hand to complete a Business Combination and in the Company’s ability
to complete a Business Combination.

During
the second quarter of 2024, the Internal Revenue Service issued final regulations with respect to the timing and payment of the
Excise Tax. These regulations provided that the filing and payment deadline for any liability incurred during the period from
January 1, 2023 to December 31, 2023 would be October 31, 2024. Any amount of such Excise Tax not paid in full, will be subject to
additional interest and penalties which are currently estimated at 10% interest per annum and a 5% of failure to file penalty per
month and 0.5% failure to pay penalty per month or portion of a month up to 25% of the total liability for any amount that is unpaid
from November 1, 2024 until paid in full. The Company had no common stock redemptions in 2023 and no excise tax was due on October
31, 2024.

As of March 31, 2025 and December 31, 2024, the Company has recorded
1% excise tax payable based on the amount redeemed or an aggregate amount of $497,749 and is presented in the accompanying consolidated
balance sheets. The $497,749 excise tax payable was due on April 30, 2025. As of April 30, 2025, the $497,749 exc