Company: TBMC
Filing Date: 2025-11-21
Form Type: 10-Q
Source: 0001213900-25-113605
Chunk: 20

Company: Trailblazer Merger Corp I
Filing Date: 2025-11-21
Form: 10-Q
Item: Part I, Item 1
Chunk 20
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could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly
from those estimates.

Cash and Cash Equivalents

The Company considers all short-term investments
with an original maturity of three months or less when purchased to be cash equivalents. The Company had $19,183 and $63,829 in unrestricted
cash and no cash equivalents as of September 30, 2025 and December 31, 2024, respectively.

Cash - Restricted

Cash that is encumbered or otherwise restricted
as to its use is included in cash – restricted. As of September 30, 2025 and December 31, 2024, the balance was $0 and $802,993,
respectively. Cash – restricted at December 31, 2024 represents cash that was withdrawn from the Trust Account to pay franchise
and income taxes but is yet to be utilized as of December 31, 2024. All cash withdrawn from Trust Account to pay franchise and income
taxes was fully utilized as of September 30, 2025.

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 September 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, which was fully utilized as of September 30, 2025.

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