Company: TBMC
Filing Date: 2025-03-25
Form Type: 10-K
Source: 0001013762-25-002139
Chunk: 1377

Company: Trailblazer Merger Corp I
Filing Date: 2025-03-25
Form: 10-K
Item: Item 10
Chunk 1377
---
 carrying value to redemption value 
     —  
     —  
     —  
     —  
     —  
     (4,184,138) 
     (4,184,138)

    Excise tax payable attributable to redemption of Class A common stock 
     —  
     —  
     —  
     —  
     —  
     (497,749) 
     (497,749)

    Net income 
     —  
     —  
     —  
     —  
     —  
     277,658  
     277,658 

    Balances — December 31, 2024 
     2,119,499  
    $212  
     1  
    $—  
    $—  
    $(6,081,499) 
    $(6,081,287)

The accompanying notes are an integral
part of these consolidated financial statements.

F-5

TRAILBLAZER MERGER CORPORATION I

CONSOLIDATED STATEMENTS OF CASH FLOWS

    For the Years Ended December 31, 

    2024  
    2023 
  
    Cash Flows from Operating Activities: 

    Net income 
    $277,658  
    $1,347,254 
  
    Adjustments to reconcile net income to net cash used in operating activities: 

    Stock-based compensation expense to certain officers and directors 
     —  
     207,087 
  
    Interest earned on marketable securities held in Trust Account 
     (3,296,420) 
     (2,606,031)
  
    Unrealized gain on marketable securities held in Trust Account 
     —  
     (8,832)
  
    (Benefit) Deferred tax provision from income taxes 
     (210,152) 
     210,152 
  
    Changes in operating assets and liabilities: 

    Prepaid expenses 
     107,103  
     (139,854)
  
    Prepaid insurance 
     25,681  
     (25,681)
  
    Accounts payable and accrued expenses 
     950,362  
     237,544 
  
    Income taxes payable 
     587,865  
     306