Company: TBMC
Filing Date: 2025-03-25
Form Type: 10-K
Source: 0001013762-25-002139
Chunk: 317

Company: Trailblazer Merger Corp I
Filing Date: 2025-03-25
Form: 10-K
Item: Item 1C
Chunk 317
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 and (ii) $100,000.

In connection with the stockholders’
vote at the Annual Meeting, 4,520,384 shares were tendered for redemption.

On October 9, 2024, $49,774,936,
or approximately $11.01 redemption price per share, was withdrawn from the Trust Account to pay the redeeming holders and the 4,520,384 shares
of the Company’s Class A common stock that were redeemed were cancelled.

Results of Operations

We have neither engaged in any operations nor
generated any revenues to date. Our only activities for the period November 12, 2021 (inception) through December 31, 2024 were organizational
activities, those necessary to prepare for the Initial Public Offering, described below, and identifying a target company for a Business
Combination. We do not expect to generate any operating revenues until after the completion of 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