Company: TBMC
Filing Date: 2025-11-21
Form Type: 10-Q
Source: 0001213900-25-113605
Chunk: 103

Company: Trailblazer Merger Corp I
Filing Date: 2025-11-21
Form: 10-Q
Item: Part I, Item 8
Chunk 103
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 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, the Company recognized the accretion from initial book value to redemption amount value. The change in
the carrying value of redeemable shares will result in charges against additional paid-in capital and accumulated deficit. Accordingly,
at September 30, 2025 and December 31, 2024, Class A common stock subject to possible redemption is presented at redemption value
as temporary equity, outside of the stockholders’ deficit section of the Company’s condensed consolidated balance sheets.

10

At September 30, 2025 and December 31, 2024, the
Class A common stock subject to possible redemption reflected in the balance sheet are reconciled in the following table:

    Gross proceeds 
    $69,000,000 
  
    Less: 

    Proceeds allocated to Public Rights 
     (745,200)
  
    Class A common stock issuance costs 
     (3,882,029)
  
    Redemption of Class A common stock 
     (49,774,936)
  
    Plus: 

    Remeasurement of carrying value to redemption value 
     12,036,317 
  
    Class A Common Stock subject to possible redemption, December 31, 2024 
    $26,634,152 
  
    Less: 

    Redemption of Class A common stock 
     (23,950,427)
  
    Plus: 

    Remeasurement of carrying value to redemption value 
     1,162,753 
  
    Class A Common Stock subject to possible redemption, September 30, 2025 
    $3,846,478 

Income Taxes

The Company accounts for income taxes under ASC 740, “Income
Taxes.” ASC 740, Income Taxes, requires the recognition of deferred tax assets and liabilities for both the expected impact of differences
between the condensed consolidated financial statements and tax basis of assets and liabilities and for the expected future tax benefit
to be derived from tax loss and tax credit carry forwards. ASC 740 additionally requires a valuation allowance to be established when
it is more likely than not that all or a portion of deferred tax assets will not be realized. As of September 30, 2025 and December 31,
2024, the Company reported a net deferred tax liability of $0