Company: TBMC
Filing Date: 2025-11-21
Form Type: 10-Q
Source: 0001213900-25-113605
Chunk: 150

Company: Trailblazer Merger Corp I
Filing Date: 2025-11-21
Form: 10-Q
Item: Part I, Item 8
Chunk 150
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between the Company and Continental Stock Transfer & Trust Company, to allow the Company to extend the date by which the Company must
consummate a business combination up to twelve times, each such extension for an additional one month period, until September 30, 2025
and to remove the provision in permitting the withdrawal of $100,000 of dissolution expenses from the trust account of the Company.

In connection with stockholders
Annual Meeting held on September 29, 2025, the stockholders approved the amendment of the Company’s investment management trust
agreement, allowing the Company to extend the date by which the Company must consummate a Business Combination up to six times, each such
extension for an additional one month period, until March 30, 2026.

31

Critical Accounting Estimates

Certain of our accounting
policies require that management apply significant judgments in defining the appropriate assumptions integral to financial estimates.
On an ongoing basis, management reviews the accounting policies, assumptions, estimates and judgments to ensure that our financial statements
are presented fairly and in accordance with U.S. GAAP. Judgments are based on historical experience, terms of existing contracts, industry
trends and information available from outside sources, as appropriate. Some of the more significant estimates are in connection with determining
the fair value of the stock-based compensation and the derivative financial instruments at the time of the initial public offering. However,
by their nature, judgments are subject to an inherent degree of uncertainty, and, therefore, actual results could differ from our estimates.
We have identified the following critical accounting estimates as of September 30, 2025.

Derivative Financial Instruments

We evaluate financial instruments
to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with FASB ASC
Topic 815, “Derivatives and Hedging” (“ASC 815”). Derivative instruments are initially recorded at fair value
on the grant date and re-valued at each reporting date, with changes in the fair value reported in the condensed statements of operations.
The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated
at the end of each reporting period. Derivative assets and liabilities are classified in the condensed consolidated balance sheets as
current or non-current based on whether or not net-cash settlement or conversion of the instruments could be required within 12 months
of the balance sheet date.

Fair Value of Financial Instruments

The fair value of the Company’s
assets and liabilities,