Company: TBMC
Filing Date: 2025-03-25
Form Type: 10-K
Source: 0001013762-25-002139
Chunk: 1494

Company: Trailblazer Merger Corp I
Filing Date: 2025-03-25
Form: 10-K
Item: Item 12
Chunk 1494
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 not for the purpose of expressing an opinion on the effectiveness of the Company's internal
control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess
the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond
to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating
the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ Marcum llp

Marcum llp

We have served as the Company’s auditor since 2022.

New York, NY
March 25, 2025

F-2

TRAILBLAZER MERGER CORPORATION I

CONSOLIDATED BALANCE SHEETS

    December 31, 

    2024  
    2023 
  
    Assets 

    Current assets 

    Cash 
    $63,829  
    $607,816 
  
    Cash – restricted 
     802,993  
     — 
  
    Prepaid expenses 
     34,834  
     141,937 
  
    Total current assets 
     901,656  
     749,753 

    Prepaid insurance 
     —  
     25,681 
  
    Marketable securities held in Trust Account 
     26,832,298  
     72,994,863 
  
    Total Assets 
    $27,733,954  
    $73,770,297 

    Liabilities and Stockholders’ Deficit 

    Current liabilities 

    Accounts payable and accrued expenses 
    $1,189,196  
    $238,834 
  
    Accrued offering costs 
     —  
     75,000 
  
    Income taxes payable 
     894,699  
     306,834 
  
    Excise tax payable 
     497,749  
     — 
  
    Promissory note related party 
     2,529,445  
     321,585 
  
    Total current liabilities 
     5,111,089  
     942,253 
  
    Deferred tax liability 
     —  
     210,152