Company: TBMC
Filing Date: 2025-03-25
Form Type: 10-K
Source: 0001013762-25-002139
Chunk: 70

Company: Trailblazer Merger Corp I
Filing Date: 2025-03-25
Form: 10-K
Item: Item 1
Chunk 70
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 For the Years Ended December 31, 

    2024  
    2023 
  
    Cash Flows from Operating Activities: 

    Net income 
    $277,658  
    $1,347,254 
  
    Adjustments to reconcile net income to net cash used in operating activities: 

    Stock-based compensation expense to certain officers and directors 
     —  
     207,087 
  
    Interest earned on marketable securities held in Trust Account 
     (3,296,420) 
     (2,606,031)
  
    Unrealized gain on marketable securities held in Trust Account 
     —  
     (8,832)
  
    (Benefit) Deferred tax provision from income taxes 
     (210,152) 
     210,152 
  
    Changes in operating assets and liabilities: 

    Prepaid expenses 
     107,103  
     (139,854)
  
    Prepaid insurance 
     25,681  
     (25,681)
  
    Accounts payable and accrued expenses 
     950,362  
     237,544 
  
    Income taxes payable 
     587,865  
     306,834 
  
    Net cash used in operating activities 
     (1,557,903) 
     (471,527)

    Cash Flows from Investing Activities: 

    Extension deposit into Trust Accounts 
     (1,713,146) 
     (70,380,000)
  
    Proceeds from Trust Account to pay franchise and income taxes 
     1,397,196  
     — 
  
    Proceeds from Trust Account to pay the redeeming stockholders 
     49,774,936  
     — 
  
    Net cash provided by (used in) investing activities 
     49,458,985  
     (70,380,000)

    Cash Flows from Financing Activities: 

    Proceeds from sale of units, net of underwriting discounts paid 
     —  
     67,965,000 
  
    Proceeds from sale of private placement units 
     —  
     3,945,000 
  
    Proceeds from promissory note - related party 
     2,207,860  
     100,085 
  
    Repayment of