Company: TBMC
Filing Date: 2025-03-25
Form Type: 10-K
Source: 0001013762-25-002139
Chunk: 1527

Company: Trailblazer Merger Corp I
Filing Date: 2025-03-25
Form: 10-K
Item: Item 12
Chunk 1527
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 the Company’s Amended and Restated
Certificate of Incorporation with respect to its pre-initial business combination activities. In the event that the Company will not be
the surviving company upon completion of a Business Combination, each holder of a Public Right will be required to affirmatively convert
his, her or its rights in order to receive the one-tenth (1/10) of a share underlying each Public Right upon consummation of the Business
Combination.

The Company will not issue fractional shares in
connection with an exchange of Public Rights. Fractional shares will either be rounded down to the nearest whole share or otherwise addressed
in accordance with the applicable provisions of the Delaware General Corporation Law. As a result, the holders of the Public Rights must
hold rights in multiples of 10 in order to receive shares for all of the holders’ rights upon closing of a Business Combination.

NOTE 8. INCOME TAXES

The Company’s net deferred tax
assets and liabilities are as follows: 

    December 31,  
    December 31, 

    2024  
    2023 
  
    Deferred tax liability 

    Startup Costs 
    $291,092  
    $82,679 
  
    Unrealized gain – Trust 
     —  
     (210,152)
  
    Total deferred tax asset (liability) 
     291,092  
     (127,473)
  
    Valuation allowance 
     (291,092) 
     (82,679)
  
    Deferred tax liability, net of allowance 
    $—  
    $(210,152)

F-20

The income tax provision for the year
ended December 31, 2024 and 2023 consists of the following:

    December 31,  
    December 31, 

    2024  
    2023 
  
    Federal 

    Current 
    $860,400  
    $306,834 
  
    Deferred 
     (418,565) 
     128,145 
  
    State 

    Current 
     —  
     — 
  
    Deferred 
     —  
     — 
  
    Penalties and interests on underpayment of estimated income taxes 
     75,181  
     — 
  
    Change in valuation allowance 
     208,413  
     82,007 
  
    Income tax