Company: TBMC
Filing Date: 2025-11-21
Form Type: 10-Q
Source: 0001213900-25-113605
Chunk: 0

Company: Trailblazer Merger Corp I
Filing Date: 2025-11-21
Form: 10-Q
Item: Part I, Item 1
Chunk 0
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Item 1. Interim Financial Statements

TRAILBLAZER MERGER CORPORATION I

CONDENSED CONSOLIDATED BALANCE SHEETS

    September 30, 2025  
    December 31, 2024 

    (Unaudited)  

    Assets 

    Current assets 

    Cash 
    $19,183  
    $63,829 
  
    Cash – restricted 
     —  
     802,993 
  
    Prepaid expenses 
     32,126  
     34,834 
  
    Restricted funds – held in Trust Account 
     23,950,427  
     — 
  
    Total current assets 
     24,001,736  
     901,656 

    Prepaid insurance 
     125,000  
     — 
  
    Marketable securities held in Trust Account 
     3,975,960  
     26,832,298 
  
    Total Assets 
    $28,102,696  
    $27,733,954 

    Liabilities and Stockholders’ Deficit 

    Current liabilities 

    Accounts payable and accrued expenses 
    $1,778,470  
    $1,189,196 
  
    Income taxes payable 
     50,804  
     894,699 
  
    Excise tax payable 
     880,825  
     497,749 
  
    Stockholders redemption payable 
     23,950,427  
     — 
  
    Promissory note related party 
     —  
     2,529,445 
  
    Promissory note - 2nd amended and restated 
     7,393,329  
     — 
  
    Total current liabilities 
     34,053,855  
     5,111,089 

    Deferred underwriting fee payable 
     2,070,000  
     2,070,000 
  
    Total Liabilities 
     36,123,855  
     7,181,089 

    Commitments and Contingencies (Note 6) 

    Class A common stock subject to possible redemption, 332,816 and 2,379,616 shares at redemption value at $11.56 and $11.19 per share as of September 30, 2025 and December