Company: TBMC
Filing Date: 2025-03-25
Form Type: 10-K
Source: 0001013762-25-002139
Chunk: 860

Company: Trailblazer Merger Corp I
Filing Date: 2025-03-25
Form: 10-K
Item: Item 6
Chunk 860
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 of the potential
differences in accounting standards used.

F-11

Use of Estimates

The preparation of the consolidated financial
statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements.

Making estimates requires management to exercise
significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances
that existed at the date of the consolidated financial statements, which management considered in formulating its estimate, could change
in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates.

Cash and Cash Equivalents

The Company considers all short-term investments
with an original maturity of three months or less when purchased to be cash equivalents. The Company had $63,829 and $607,816 in
unrestricted cash and no cash equivalents as of December 31, 2024 and 2023, respectively.

Cash - Restricted

Cash that is encumbered or otherwise restricted
as to its use is included in cash – restricted. As of December 31, 2024 and 2023, the balance was $802,993 and $0, respectively.
Cash – restricted at December 31, 2024 represents cash that was withdrawn from the Trust Account to pay franchise and income taxes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