Company: TBMC
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001213900-25-075720
Chunk: 152

Company: Trailblazer Merger Corp I
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 2
Chunk 152
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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 August 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 June 30, 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. On March 27, 2024, the maximum amount available under the Note was further amended and increased to $1,090,000. On
June 25, 2024, the maximum amount available under the Note was further amended and increased to $1,780,000. On September 16, 2024, the
maximum amount available under the Note was further amended and increased to $1,980,000. On September 30, 2024, the maximum amount available
under the Note was further amended and increased to $2,280,000. On November 29, 2024, the maximum amount available under the Note was
further amended and increased to $2,780,000. On February 21