Company: TBMC
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001213900-25-075720
Chunk: 15

Company: Trailblazer Merger Corp I
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 1
Chunk 15
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 issuances in connection with a Business Combination (or otherwise issued not in connection with
a Business Combination but issued within the same taxable year of a Business Combination) and (iv) the content of regulations
and other guidance from the Treasury. In addition, because the excise tax would be payable by the Company and not by the redeeming holder,
the mechanics of any required payment of the excise tax have not been determined. The foregoing could cause a reduction in the cash available
on hand to complete a Business Combination and in the Company’s ability to complete a Business Combination.

During the second quarter of 2024, the Internal
Revenue Service issued final regulations with respect to the timing and payment of the Excise Tax. These regulations provided that the
filing and payment deadline for any liability incurred during the period from January 1, 2023 to December 31, 2023 would be October 31,
2024. Any amount of such Excise Tax not paid in full, will be subject to additional interest and penalties which are currently estimated
at 10% interest per annum and a 5% of failure to file penalty per month and 0.5% failure to pay penalty per month or portion of a month
up to 25% of the total liability for any amount that is unpaid from November 1, 2024 until paid in full. The Company had no common stock
redemptions in 2023 and no excise tax was due on October 31, 2024.

As of December 31, 2024, the Company had recorded a 1% excise tax payable
based on the amount of common stocks redeemed in 2024, or an aggregate amount of $497,749, which was due on April 30, 2025. As of June
30, 2025, the $497,749 excise tax payable remains unpaid. For the three and six months ended June 30, 2025 and 2024, the Company incurred
penalties and interests on excise tax liability of $57,317 and $0, respectively. The penalties and interests on excise tax liability through
June 30, 2025 of $57,317 was accrued and added to the excise tax payable of $497,749. As of June 30, 2025, the total excise tax payable
is $555,066, and is presented as such in the accompanying consolidated balance sheets.

8

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