Company: TBMC
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001213900-25-043357
Chunk: 141

Company: Trailblazer Merger Corp I
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 2
Chunk 141
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 Going Concern,” management has determined that the Company currently lacks the
liquidity it needs to sustain operations for a reasonable period of time, which is considered to be at least one year from the date that
the financial statements are issued as it expects to continue to incur significant costs in pursuit of its acquisition plans. In addition,
the Company has until May 31, 2025 (September 30, 2025, if extended by the full amount of time), as extended, to consummate a Business
Combination. It is uncertain that the Company will be able to consummate a Business Combination by this time. If a Business Combination
is not consummated by May 31, 2025 (September 30, 2025, if extended by the full amount of time), there will be a mandatory liquidation
and subsequent dissolution. Management has determined that mandatory liquidation, should a Business Combination not occur, and potential
subsequent dissolution and the liquidity issue raise substantial doubt about the Company’s ability to continue as a going concern
for one year from the date the financial statements are issued. No adjustments have been made to the carrying amounts of assets or liabilities
should the Company be required to liquidate after May 31, 2025 (September 30, 2025, if extended by the full amount of time). The Company
intends to complete a Business Combination with Cyabra before the mandatory liquidation date. The Company is within 12 months of its
mandatory liquidation date as of the time of filing of this Quarterly Report on Form 10-Q. 

Off-Balance
Sheet Arrangements

We
did not have any off-balance sheet arrangements as of March 31, 2025.

Contractual
Obligations

Promissory
Notes - Related Party

On
May 17, 2022, we issued a non-interest bearing unsecured promissory note to the Sponsor, pursuant to which we may borrow up to an aggregate
principal amount of $300,000 (the “Note”). On January 20, 2023, the maximum amount available under the Note was further increased
to $400,000. As of March 31, 2023, both we and the Sponsor mutually agreed to extend the maturity date of the original Note. On November
21, 2023, the Note was further amended to permit us to pay certain expenses of the Sponsor which would reduce the principal balance of
the Note by the same amount