Company: TBMC
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001213900-25-075720
Chunk: 5

Company: Trailblazer Merger Corp I
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 1
Chunk 5
---
681 
  
    Accrued expenses 
     530,413  
     563,894 
  
    Income taxes payable 
     144,216  
     587,779 
  
    Excise tax payable 
     57,317  
     — 
  
    Net cash used in operating activities 
     (677,029) 
     (359,463)

    Cash Flows from Investing Activities: 

    Cash withdrawn from Trust Account to pay franchise and income taxes 
     423,806  
     214,995 
  
    Extension deposit into Trust Account 
     (499,719) 
     (1,380,000)
  
    Net cash used in investing activities 
     (75,913) 
     (1,165,005)

    Cash Flows from Financing Activities: 

    Proceeds from promissory note - related party 
     1,212,286  
     1,380,000 
  
    Payment of offering costs 
     —  
     (75,000)
  
    Net cash provided by financing activities 
     1,212,286  
     1,305,000 

    Net Change in Cash and Restricted Cash 
     459,344  
     (219,468)
  
    Cash and Restricted Cash – Beginning of period 
     866,822  
     607,816 
  
    Cash and Restricted Cash – End of period 
    $1,326,166  
    $388,348 

    Cash and Restricted Cash, end of period 

    Cash 
    $99,367  
    $326,280 
  
    Cash – restricted 
     1,226,799  
     62,068 
  
    Cash and Restricted Cash, end of period 
    $1,326,166  
    $388,348 

    Non-Cash investing and financing activities: 

    Remeasurement of carrying value to redemption value 
    $808,809  
    $2,838,674 

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

4

TRAILBLAZER MERGER CORPORATION I

NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS (UNAUDITED)

NOTE 1. DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS

Trailblazer Mer