Company: TBMC
Filing Date: 2025-11-21
Form Type: 10-Q
Source: 0001213900-25-113605
Chunk: 120

Company: Trailblazer Merger Corp I
Filing Date: 2025-11-21
Form: 10-Q
Item: Part I, Item 8
Chunk 120
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Level2:
Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or
liabilities and quoted prices for identical assets or liabilities in markets that are not active.

Level3:
Unobservable inputs based on our assessment of the assumptions that market participants would use in pricing the asset or liability.

At September 30, 2025, assets held in the Trust
Account were comprised of $27,926,387 in money market funds, of which, $23,950,427 was restricted to pay the redeeming stockholders. During
the nine months ended September 30, 2025, the Company has withdrawn $423,806 interest income from the Trust Account to pay for the Company
franchise and income taxes.

At December 31, 2024, assets held in the Trust
Account were comprised of $26,832,298 in money market funds. During the period ended December 31, 2024, the Company has withdrawn $1,397,196
interest income from the Trust Account to pay for the Company franchise and income taxes.

The following table presents information about
the Company’s assets and liability that are measured at fair value on a recurring basis at September 30, 2025 and December 31,
2024 and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value.

    Description 
    Level 
    September 30, 2025  
    December 31, 2024 
  
    Assets: 

    Restricted funds – held in Trust Account 
    1 
     23,950,427  
     — 
  
    Marketable securities held in Trust Account 
    1 
     3,975,960  
     26,832,298 
  
    Total marketable securities held in Trust Account 
    1 
    $27,926,387  
    $26,832,298 
  
    Liability: 

    Promissory note - 2nd amended and restated 
    3 
     7,393,329  
     — 

As of July 29, 2025, the second amended and restated
promissory note was initially recognized at a fair value of $9,964,704. On September 16, 2025, the cash payment option of the promissory
note has expired and the settlement of the promissory note will be