Company: TBMC
Filing Date: 2025-11-21
Form Type: 10-Q
Source: 0001213900-25-113605
Chunk: 54

Company: Trailblazer Merger Corp I
Filing Date: 2025-11-21
Form: 10-Q
Item: Part I, Item 1
Chunk 54
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 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 capital needs. All remaining cash was held in the trust account and
is generally unavailable for our use prior to an initial business combination.

On March 31, 2023, the Company
consummated the IPO of 6,000,000 units (the “Units”). Each Unit consisted of one share of Class A common stock, $0.0001 par
value (“Common Stock”) and one right (“Right”) to receive one-tenth (1/10) of one share of Common Stock upon the
consummation of an initial business combination. The Units were sold at an offering price of $10.00 per Unit, generating gross proceeds
of $60,000,000. The Company granted the underwriters a 45-day option to purchase up to 900,000 additional Units to cover over-allotments,
if any, which the underwriters exercised in full simultaneously with the consummation of the IPO. The total aggregate issuance by the
Company of 6,900,000 Units at a price of $10.00 per unit resulted in a total gross proceeds of $69,000,000.

Simultaneously with the closing
of the IPO, the Company consummated the Private Placement with the Sponsor 394,500 units (the “Private Units”), generating
total proceeds of $3,945,000. The Private Units are identical to the Units sold in the IPO. The Sponsor agreed not to transfer, assign
or sell any of the Private Units or underlying