Company: TBMC
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001213900-25-043357
Chunk: 79

Company: Trailblazer Merger Corp I
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 8
Chunk 79
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, the Company classifies Public Shares subject to redemption outside of permanent equity as the redemption
provisions are not solely within the control of the Company. The Public Shares sold as part of the Units in the Initial Public Offering
were issued with other freestanding instruments (i.e., Public Rights) and as such, the initial carrying value of Public Shares classified
as temporary equity are the allocated proceeds determined in accordance with ASC 470-20. The Company recognizes changes in redemption
value immediately as it occurs and will adjust the carrying value of redeemable shares to equal the redemption value at the end of each
reporting period. Immediately upon the closing of the Initial Public Offering, the Company recognized the accretion from initial book
value to redemption amount value. The change in the carrying value of redeemable shares will result in charges against additional paid-in
capital and accumulated deficit. Accordingly, at March 31, 2025 and December 31, 2024, Class A common stock subject to possible
redemption is presented at redemption value as temporary equity, outside of the stockholders’ deficit section of the Company’s
condensed consolidated balance sheets.

10

At
March 31, 2025 and December 31, 2024, the Class A common stock subject to possible redemption reflected in the balance sheet are
reconciled in the following table:

    Gross proceeds 
    $69,000,000 
  
    Less: 

    Proceeds allocated to Public Rights 
     (745,200)
  
    Class A common stock issuance costs 
     (3,882,029)
  
    Redemption of Class A common stock 
     (49,774,936)
  
    Plus: 

    Remeasurement of carrying value to redemption value 
     12,036,317 
  
    Class A Common Stock subject to possible redemption, December 31, 2024 
    $26,634,152 
  
    Plus: 

    Remeasurement of carrying value to redemption value 
     331,404 
  
    Class A Common Stock subject to possible redemption, March 31, 2025 
    $26,965,556 

Income
Taxes

The Company accounts for income taxes under ASC 740, “Income
Taxes.” ASC 740, Income Taxes, requires the recognition of deferred tax assets and liabilities for both the expected impact of differences
between the condensed consolidated financial statements and tax basis of assets and liabilities