Company: TBMC
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001213900-25-043357
Chunk: 43

Company: Trailblazer Merger Corp I
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 1
Chunk 43
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 dissolution expenses. For each monthly extension approved by the Board,
the monthly payment required to be deposited into the Trust Account to extend the Termination Date by one month should be the lesser
of (i) $0.035 for each outstanding share of Public Stock after giving effect to the redemption, and (ii) $100,000.

In
connection with the stockholders’ vote at the Annual Meeting, 4,520,384 shares were tendered for redemption.

On
October 9, 2024, $49,774,936, or approximately $11.01 redemption price per share, was withdrawn from the Trust Account to pay the
redeeming holders and the 4,520,384 shares of the Company’s Class A common stock that were redeemed were cancelled.

Results
of Operations

We
have neither engaged in any operations nor generated any revenues to date. Our only activities for the period November 12, 2021 (inception)
through December 31, 2024 were organizational activities, those necessary to prepare for the Initial Public Offering, described below,
and identifying a target company for a Business Combination. We do not expect to generate any operating revenues until after the completion
of our Business Combination. We generate non-operating income in the form of interest income on marketable securities held in the Trust
Account. We incur expenses as a result of being a public company (for legal, financial reporting, accounting and auditing compliance),
as well as for due diligence expenses.

For
the three months ended March 31, 2025, we had a net loss of $450,825, which consists of general and administrative expenses of $665,655,
and provision for income taxes of $65,055, offset by interest earned on marketable securities held in Trust Account of $279,885.

For
the three months ended March 31, 2024, we had a net income of $372,368, which consists of interest earned on marketable securities held
in Trust Account of $953,592, offset by the general and administrative expenses of $388,331, provision for income taxes of $188,920 and
unrealized loss on marketable securities held in Trust Account of $3,973.

23

Liquidity,
Capital Resources and Going Concern

As
of March 31, 2025, we had $37,305 in our operating bank account available for working capital needs, while restricted cash available
to pay for the Company’s franchise