Company: TBMC
Filing Date: 2025-03-25
Form Type: 10-K
Source: 0001013762-25-002139
Chunk: 477

Company: Trailblazer Merger Corp I
Filing Date: 2025-03-25
Form: 10-K
Item: Item 2
Chunk 477
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 be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. ASC 740 also provides
guidance on derecognition, classification, interest and penalties, accounting in interim period, disclosure and transition.

The Company recognizes accrued interest and penalties
related to unrecognized tax benefits and underpayment of income tax as income tax expense. As of December 31, 2024 and 2023, the Company
incurred $75,181 and $0, respectively, for interest and penalties related to underpayment of income taxes. There were no unrecognized
tax benefits as of December 31, 2024 and 2023. The Company is currently not aware of any issues under review that could result in significant
payments, accruals or material deviation from its position.

The Company has identified the United States as
its only “major” tax jurisdiction. The Company is subject to income taxation by major taxing authorities since inception.
These examinations may include questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions and
compliance with federal and state tax laws. The Company’s management does not expect that the total amount of unrecognized tax benefits
will materially change over the next twelve months.

F-13

Net Income Per Share of Common Stock

The Company complies with accounting and disclosure
requirements of FASB ASC Topic 260, “Earnings Per Share.” Net income per share of common stock is computed by dividing net
income by the weighted average number of shares of common stock outstanding for the period. Subsequent remeasurement of the redeemable
Class A common stock is excluded from income per share of common stock as the redemption value approximates fair value. Net income
per share of common stock is computed by dividing the pro rata net income between the shares of Class A common stock and the shares
of Class B common stock by the weighted average number of shares of common stock outstanding for each of the periods. The calculation
of diluted income per share does not consider the effect of the rights issued in connection with the IPO, as well as rights issuable upon
the exercise of the conversion option on outstanding working capital loans, since the exercise of the rights is contingent upon the occurrence
of future events and the inclusion of such rights would be anti-dilutive. The rights are exercisable for 729,450 shares of Class A
common stock in the aggregate.

The following table reflects the calculation of
basic and diluted net income per