Company: TBMC
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001213900-25-043357
Chunk: 17

Company: Trailblazer Merger Corp I
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 1
Chunk 17
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 Trust Account were held in money market funds. The Company accounts for its marketable securities
as trading securities under ASC 320, where securities are presented at fair value on the condensed consolidated balance sheets and with
unrealized gains or losses, if any, presented on the consolidated statements of operations. From inception through March 31, 2025, 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
March 31, 2025, $802,993 of the amount withdrawn from Trust remains to be utilized and is reflected on the accompanying unaudited condensed
consolidated balance sheets within restricted cash.

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.

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 redemption
provisions are not solely within the control of the Company. The Public Shares sold as part of the Units in the Initial Public Offering
were issued with other freestanding instruments (i.e., Public Rights) and as such, the initial carrying value of Public Shares classified
as temporary equity are the allocated proceeds determined in accordance with ASC 470-20. The Company recognizes changes in redemption
value immediately as it occurs and will adjust the carrying value of redeemable shares to equal the redemption value at the end of each
reporting period. Immediately upon the closing of the Initial Public Offering