Company: TBMC
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001213900-25-075720
Chunk: 4

Company: Trailblazer Merger Corp I
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 1
Chunk 4
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     —  
     —  
     —  
     —  
     372,368  
     372,368 

    Balances – March 31, 2024 (unaudited) 
     2,119,499  
     212  
     1  
     —  
     —  
     (2,705,601) 
     (2,705,389)

    Remeasurement of carrying value to redemption value 
     —  
     —  
     —  
     —  
     —  
     (1,437,975) 
     (1,437,975)

    Net income 
     —  
     —  
     —  
     —  
     —  
     217,511  
     217,511 

    Balances – June 30, 2024 (unaudited) 
     2,119,499  
    $212  
     1  
    $—  
    $—  
    $(3,926,065) 
    $(3,925,853)

The accompanying notes are an integral part of
the unaudited condensed consolidated financial statements.

3

TRAILBLAZER MERGER CORPORATION I

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

    For the Six Months Ended June 30, 

    2025  
    2024 
  
    Cash Flows from Operating Activities: 

    Net (loss) income 
    $(691,082) 
    $589,879 
  
    Adjustments to reconcile net (loss) income to net cash used in operating activities: 

    Interest earned on marketable securities held in Trust Account 
     (564,425) 
     (1,930,770)
  
    Unrealized loss on marketable securities held in Trust Account 
     —  
     (5,531)
  
    Deferred benefit from income taxes 
     —  
     (202,156)
  
    Changes in operating assets and liabilities: 

    Prepaid expenses 
     (28,468) 
     11,761 
  
    Prepaid insurance 
     (125,000) 
     25,