Company: TBMC
Filing Date: 2025-03-25
Form Type: 10-K
Source: 0001013762-25-002139
Chunk: 1434

Company: Trailblazer Merger Corp I
Filing Date: 2025-03-25
Form: 10-K
Item: Item 11
Chunk 1434
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 based on our audits. We
are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are
required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and
regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the
standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial
statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged
to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding
of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal
control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess
the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond
to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating
the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ Marcum llp

Marcum llp

We have served as the Company’s auditor since 2022.

New York, NY
March 25, 2025

F-2

TRAILBLAZER MERGER CORPORATION I

CONSOLIDATED BALANCE SHEETS

    December 31, 

    2024  
    2023 
  
    Assets 

    Current assets 

    Cash 
    $63,829  
    $607,816 
  
    Cash – restricted 
     802,993  
     — 
  
    Prepaid expenses 
     34,834  
     141,937 
  
    Total current assets 
     901,656  
     749,753 

    Prepaid insurance 
     —  
     25,681 
  
    Marketable securities held in Trust Account 
     26,832,298  
     72,994,863 
  
    Total Assets 
    $27,733,954