Company: TBMC
Filing Date: 2025-11-21
Form Type: 10-Q
Source: 0001213900-25-113605
Chunk: 18

Company: Trailblazer Merger Corp I
Filing Date: 2025-11-21
Form: 10-Q
Item: Part I, Item 1
Chunk 18
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 stocks redeemed. As of September 30, 2025 and December 31, 2024, excise tax payable amounted to $880,825
and $497,749, respectively. For the three and nine months ended September 30, 2025, the Company incurred penalties and interests on excise
tax liability of $86,254 and $143,571, respectively. For the three and nine months ended September 30, 2024, the Company did not incur
any penalties and interests on excise tax liability. The penalties and interests on excise tax liability through September 30, 2025 of
$143,571 was accrued and added to the excise tax payable of $737,254.

8

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying unaudited condensed consolidated
financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”)
for interim financial information and in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X of the
SEC. Certain information or footnote disclosures normally included in financial statements prepared in accordance with GAAP have been
condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not
include all the information and footnotes necessary for a complete presentation of financial position, results of operations, or cash
flows. In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all adjustments, consisting
of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows
for the periods presented.

The accompanying unaudited condensed consolidated
financial statements should be read in conjunction with the Company’s December 31, 2024 Annual Report on Form 10-K as filed with
the SEC on March 25, 2025. The interim results for the three and nine months ended September 30, 2025 are not necessarily indicative
of the results to be expected for the year ending December 31, 2025 or for any future periods.

Principles of Consolidation

The accompanying condensed consolidated financial
statements include the accounts of the Company and Holdings. As of September 30, 2025, Trailblazer Merger Sub Ltd had no financial activities.
All intercompany transactions were eliminated in the condensed consolidated financial statements.

Emerging Growth Company

The Company is an