Company: TBMC
Filing Date: 2025-03-25
Form Type: 10-K
Source: 0001013762-25-002139
Chunk: 1740

Company: Trailblazer Merger Corp I
Filing Date: 2025-03-25
Form: 10-K
Item: Item 16
Chunk 1740
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, the holders of the Public Rights must
hold rights in multiples of 10 in order to receive shares for all of the holders’ rights upon closing of a Business Combination.

NOTE 8. INCOME TAXES

The Company’s net deferred tax
assets and liabilities are as follows: 

    December 31,  
    December 31, 

    2024  
    2023 
  
    Deferred tax liability 

    Startup Costs 
    $291,092  
    $82,679 
  
    Unrealized gain – Trust 
     —  
     (210,152)
  
    Total deferred tax asset (liability) 
     291,092  
     (127,473)
  
    Valuation allowance 
     (291,092) 
     (82,679)
  
    Deferred tax liability, net of allowance 
    $—  
    $(210,152)

F-20

The income tax provision for the year
ended December 31, 2024 and 2023 consists of the following:

    December 31,  
    December 31, 

    2024  
    2023 
  
    Federal 

    Current 
    $860,400  
    $306,834 
  
    Deferred 
     (418,565) 
     128,145 
  
    State 

    Current 
     —  
     — 
  
    Deferred 
     —  
     — 
  
    Penalties and interests on underpayment of estimated income taxes 
     75,181  
     — 
  
    Change in valuation allowance 
     208,413  
     82,007 
  
    Income tax provision 
    $725,429  
    $516,986 

As of December 31, 2024 and 2023, the
Company had no U.S. federal net operating loss carryovers available to offset future taxable income. The federal net operating loss can
be carried forward indefinitely. As of December 31, 2024 and 2023, the Company did not have any state net operating loss carryovers
available to offset future taxable income.

In assessing the realization of the
deferred tax assets, management considers whether it is more likely than not that some portion of all of the deferred tax assets will
not be realized. The ultimate realization of deferred tax assets is dependent upon