Company: TBMC
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001213900-25-075720
Chunk: 83

Company: Trailblazer Merger Corp I
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 8
Chunk 83
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Cash that is encumbered or otherwise restricted
as to its use is included in cash – restricted. As of June 30, 2025 and December 31, 2024, the balance was $1,226,799 and $802,993,
respectively. Cash – restricted at June 30, 2025 and December 31, 2024 represents cash that was withdrawn from the Trust Account
to pay franchise and income taxes but is yet to be utilized at the end of the period.

Marketable Securities in Trust Account

The Company’s assets held in Trust Account
were invested in U.S. treasury bills until September 19, 2024. Subsequent to September 19, 2024, all of the assets held in the Trust Account
were held in money market funds. The Company accounts for its marketable securities as trading securities under ASC 320, where securities
are presented at fair value on the condensed consolidated balance sheets and with unrealized gains or losses, if any, presented on the
consolidated statements of operations. From inception through June 30, 2025, the Company withdrew $1,821,002 of interest earned on the
Trust Account to pay for the Company franchise and income taxes payable. As of June 30, 2025, $1,226,799 of the amount withdrawn from
Trust remains to be utilized and is reflected on the accompanying unaudited condensed consolidated balance sheets within restricted cash.

Offering Costs

The Company complies with the requirements of
the ASC 340-10-S99-1 and SEC Staff Accounting Bulletin (“SAB”) Topic 5A — “Expenses of Offering”.
Offering costs consist principally of professional and registration fees, cash underwriting discount, and deferred underwriting fees incurred
through the balance sheet date that are related to the Initial Public Offering. Offering costs were allocated to the separable financial
instruments issued in the Initial Public Offering based on relative fair value basis, compared to total proceeds received. Offering costs
allocated to the Public Shares were charged to temporary equity and offering costs allocated to Public Rights (as defined in Note 3)
were charged to stockholders’ deficit upon the completion of the Initial Public Offering.

Class A Redeemable Stock Classification

The Public Shares contain a redemption feature
which allows for the redemption of such Public Shares in connection with the Company’s liquidation, or if there is a stockholder
vote or tender offer in connection with the