Company: TBMC
Filing Date: 2025-03-25
Form Type: 10-K
Source: 0001013762-25-002139
Chunk: 518

Company: Trailblazer Merger Corp I
Filing Date: 2025-03-25
Form: 10-K
Item: Item 3
Chunk 518
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liquidate after March 31, 2025 (September 30, 2025, if extended by the full amount of time). The Company intends to complete a Business
Combination with Cyabra before the mandatory liquidation date. The Company is within 12 months of its mandatory liquidation date as of
the time of filing of this Annual Report on Form 10-K. 

Off-Balance Sheet Arrangements

We did not have any off-balance sheet arrangements
as of December 31, 2024.

Contractual Obligations

Promissory Notes - Related Party

On
May 17, 2022, we issued a non-interest bearing unsecured promissory note to the Sponsor, pursuant to which we may borrow up to an
aggregate principal amount of $300,000 (the “Note”). On January 20, 2023, the maximum amount available under the Note
was further increased to $400,000. As of March 31, 2023, both we and the Sponsor mutually agreed to extend the maturity date of the
original Note. On November 21, 2023, the Note was further amended to permit us to pay certain expenses of the Sponsor which would
reduce the principal balance of the Note by the same amount. On March 27, 2024, the maximum amount available under the Note was
further amended and increased to $1,090,000. On June 25, 2024, the maximum amount available under the Note was further amended and
increased to $1,780,000. On September 16, 2024, the maximum amount available under the Note was further amended and increased to
$1,980,000. On September 30, 2024, the maximum amount available under the Note was further amended and increased to $2,280,000. On
November 29, 2024, the maximum amount available under the Note was further amended and increased to $2,780,000. On February 21,
2025, the maximum amount available under the Note was further amended and increased to $3,530,000 and the maturity date was extended
to the earlier of (i) the close of our initial business combination or (ii) May 31, 2025. As of December 31, 2024 and 2023, there
was $2,529,445 and $321,585, respectively, outstanding under the Promiss