Company: TBMC
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001213900-25-043357
Chunk: 105

Company: Trailblazer Merger Corp I
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 8
Chunk 105
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 three months ended March 31, 2024, we had a net income of $372,368, which consists of interest earned on marketable securities held
in Trust Account of $953,592, offset by the general and administrative expenses of $388,331, provision for income taxes of $188,920 and
unrealized loss on marketable securities held in Trust Account of $3,973.

23

Liquidity,
Capital Resources and Going Concern

As
of March 31, 2025, we had $37,305 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 Company consummated the IPO of 6,000,000 units (the “Units”). Each Unit consisted of one share of Class
A common stock, $0.0001 par value (“Common Stock”) and one right (“Right”) to receive one-tenth (1/10) of one
share of Common Stock upon the consummation of an initial business combination. The Units were sold at an offering price of $10.00 per
Unit, generating gross proceeds of $60,000,000. The Company granted the underwriters a 45-day option to purchase up to 900,000 additional
Units to cover over-allotments, if any, which the underwriters exercised in full simultaneously with the consummation of the IPO. The
total aggregate issuance by the Company of 6,900,000 Units at a price of $10.00 per unit resulted in a total gross proceeds of $69,000,000.

Simultaneously
with the closing of the IPO, the Company consummated the Private Placement with the Sponsor 394,500 units (the “Private Units”),
generating total proceeds of $3,945,000. The Private Units are identical to the Units sold in the IPO. The Sponsor agreed not to transfer,
assign or sell any of the Private Units or underlying securities (except in limited circumstances, as described in the registration statement)
until the completion of the Company’s initial business combination. The holders of the Private Units were granted certain demand
and piggyback registration rights in connection with the purchase of the Private Units. The Private Units were issued pursuant to Section