Company: TBMC
Filing Date: 2025-11-21
Form Type: 10-Q
Source: 0001213900-25-113605
Chunk: 135

Company: Trailblazer Merger Corp I
Filing Date: 2025-11-21
Form: 10-Q
Item: Part I, Item 8
Chunk 135
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 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
September 30, 2025, we had a net loss of $3,693,011, which consists of general and administrative expenses of $563,783, loss on debt extinguishment
of promissory note of $6,222,973, and provision for income taxes of $49,807, offset by interest earned on marketable securities held in
Trust Account of $287,177, and gain on change in fair value of promissory note $2,856,375.

For the nine months ended
September 30, 2025, we had a net loss of $4,384,093, which consists of general and administrative expenses of $1,675,074, loss on debt
extinguishment of promissory note of $6,222,973, and provision for income taxes of $194,023, offset by interest earned on marketable securities
held in Trust Account of $851,602, and gain on change in fair value of promissory note $2,856,375.

For the three months ended
September 30, 2024, we had a net income of $145,328, which consists of interest earned on marketable securities held in Trust Account
of $883,635, offset by the unrealized loss on marketable securities held in Trust Account of $5,531, operating costs of $532,847, and
provision for income taxes of $199,929.

For the nine months ended
September 30, 2024, we had a net income of $735,207, which consists of interest earned on marketable securities held in Trust Account
of $2,814,405, offset by the operating costs of $ $1,493,646, and provision for income taxes of $585,552.

25

Liquidity, Capital Resources and Going Concern

As of September 30, 2025,
we had $19,183 in our operating bank account available for working