Company: TBMC
Filing Date: 2025-03-25
Form Type: 10-K
Source: 0001013762-25-002139
Chunk: 1250

Company: Trailblazer Merger Corp I
Filing Date: 2025-03-25
Form: 10-K
Item: Item 9B
Chunk 1250
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 December 31, 2024 represents cash that was withdrawn from the Trust Account to pay franchise and income taxes
but is yet to be utilized at the end of the period.

Marketable Securities in Trust Account

The Company’s assets held in Trust Account were invested in U.S.
treasury bills until September 19, 2024. Subsequent to September 19, 2024, all of the assets held in the Trust Account were
held in money market funds. At December 31, 2023, all of the assets held in the Trust Account were held in US treasury bills.
The Company accounts for its marketable securities as trading securities under ASC 320, where securities are presented at fair value on
the consolidated balance sheets and with unrealized gains or losses, if any, presented on the consolidated statements of operations. From
inception through December 31, 2024, the Company withdrew $1,397,196 of interest earned on the Trust Account to pay for the Company franchise
and income taxes payable. As of December 31, 2024, $802,993 of the amount withdrawn from Trust remains to be utilized.

Offering Costs

The Company complies with the requirements of
the ASC 340-10-S99-1 and SEC Staff Accounting Bulletin (“SAB”) Topic 5A — “Expenses of Offering”.
Offering costs consist principally of professional and registration fees, cash underwriting discount, and deferred underwriting fees incurred
through the balance sheet date that are related to the Initial Public Offering. Offering costs were allocated to the separable financial
instruments issued in the Initial Public Offering based on relative fair value basis, compared to total proceeds received. Offering costs
allocated to the Public Shares were charged to temporary equity and offering costs allocated to Public Rights (as defined in Note 3)
were charged to stockholders’ deficit upon the completion of the Initial Public Offering. Offering costs paid during the period
ended December 31, 2024 and 2023 were $75,000 and $581,635, respectively.

Class A Redeemable Stock Classification

The Public Shares contain a redemption feature
which allows for the redemption of such Public Shares in connection with the Company’s liquidation, or if there is a stockholder
vote or tender offer in connection with the Company’s initial business combination. In accordance with ASC 480-10-S99, the Company
classifies Public Shares subject to redemption outside of permanent equity as the