Company: TBMC
Filing Date: 2025-03-25
Form Type: 10-K
Source: 0001013762-25-002139
Chunk: 415

Company: Trailblazer Merger Corp I
Filing Date: 2025-03-25
Form: 10-K
Item: Item 2
Chunk 415
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 our Business Combination. We generate non-operating
income in the form of interest income on marketable securities held in the Trust Account. We incur expenses as a result of being a public
company (for legal, financial reporting, accounting and auditing compliance), as well as for due diligence expenses.

For the year ended December 31, 2024, we had a
net income of $277,658, which consists of interest earned on marketable securities held in Trust Account of $3,296,420, offset by the
operating costs of $ $2,293,333, and provision for income taxes of $725,429.

For the year ended December 31, 2023, we had a
net income of $1,347,254, which consists of interest earned on marketable securities held in Trust Account of $2,606,031 and unrealized
gain on marketable securities held in Trust Account of $8,832, offset by the operating costs of $543,536, stock-based compensation expense
of $207,087, and provision for income taxes of $516,986.

Liquidity, Capital Resources and Going Concern

As of December 31, 2024, we had $63,829 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 $802,993. 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