Company: TBMC
Filing Date: 2025-11-21
Form Type: 10-Q
Source: 0001213900-25-113605
Chunk: 40

Company: Trailblazer Merger Corp I
Filing Date: 2025-11-21
Form: 10-Q
Item: Part I, Item 1
Chunk 40
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     70.0% 
     73.7% 
     74.4%

18

The following table provides a summary of the changes in the fair value
of the Company’s Level 3 financial instruments that are measured at fair value on a recurring basis:

    Promissory note - 
2nd amended and 
restated 
  
    Fair value at July 29, 2025 
    $9,964,704 
  
    Additional draws on promissory note 
     285,000 
  
    Gain on change in fair value of promissory note 
     (2,075,267)
  
    Fair value at September 16, 2025 
     8,174,437 
  
    Gain on change in fair value of promissory note 
     (781,108)
  
    Fair value at September 30, 2025 
    $7,393,329 

NOTE 9. SEGMENT INFORMATION

ASC Topic 280, “Segment Reporting,”
establishes standards for companies to report in their financial statement information about operating segments, products, services, geographic
areas, and major customers. Operating segments are defined as components of an enterprise that engage in business activities from which
it may recognize revenues and incur expenses, and for which separate financial information is available that is regularly evaluated by
the Company’s chief operating decision maker, or group, in deciding how to allocate resources and assess performance.

The Company’s chief operating decision maker
(“CODM”) has been identified as the Chief Executive Officer, who reviews the assets, operating results, and financial metrics
for the Company as a whole to make decisions about allocating resources and assessing financial performance. Accordingly, management has
determined that there is only one reportable segment.

The CODM assesses performance for the single segment
and decides how to allocate resources based on net income or loss that also is reported on the statement of operations as net income or
loss. The measure of segment assets is reported on the balance sheet as total assets. When evaluating the Company’s performance
and making key decisions regarding resource allocation, the CODM reviews several key metrics included in net income or loss and total
assets, which include the following:

    For the Three Months Ended September 30,  
    For the Nine Months Ended September 30, 

    2025  
    2024  
    2025