Company: TBMC
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001213900-25-043357
Chunk: 12

Company: Trailblazer Merger Corp I
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 1
Chunk 12
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 and loan proceeds from the Sponsor under the Promissory Note (as defined in Note 5).
Subsequent to the consummation of the Initial Public Offering, the Company’s liquidity has been satisfied through the net proceeds
from the Initial Public Offering and the sale of the Placement Units in a private placement.

In
order to fund working capital deficiencies or finance transaction costs in connection with a Business Combination, the Sponsor or an
affiliate of the Sponsor, or certain of the Company’s officers and directors may, but are not obligated to, loan the Company funds
as may be required (“Working Capital Loans”). If the Company completes a Business Combination, it would repay such loaned
amounts at that time. Up to $1,500,000 of such Working Capital Loans may be converted into units of the post-Business Combination entity
at a price of $10.00 per unit at the option of the lender. The units would be identical to the Placement Units. As of March 31, 2025
and December 31, 2024, there were no amount outstanding under the Working Capital Loan.

In
connection with the Company’s assessment of going concern considerations in accordance with the authoritative guidance in Financial
Accounting Standard Board (“FASB”) Accounting Standards Update (“ASU”) 2014-15, “Disclosures of Uncertainties
about an Entity’s Ability to Continue as a Going Concern,” management has determined that the Company currently lacks the
liquidity it needs to sustain operations for a reasonable period of time, which is considered to be at least one year from the date
that the consolidated financial statements are issued as it expects to continue to incur significant costs in pursuit of its acquisition
plans. In addition, the Company has until May 31, 2025, as extended, to consummate a Business Combination. It is uncertain that the Company
will be able to consummate a Business Combination by this time. If a Business Combination is not consummated by May 31, 2025 (September
30, 2025, if extended by the full amount of time), there will be a mandatory liquidation and subsequent dissolution. Management has determined
that mandatory liquidation, should a Business Combination not occur, and potential subsequent dissolution and the liquidity issue raise
substantial doubt about the Company’s ability to continue as a going concern for one year from the date the consolidated financial
statements are issued. No adjustments have been made to the carrying amounts of assets or liabilities should the