Company: TBMC
Filing Date: 2025-03-25
Form Type: 10-K
Source: 0001013762-25-002139
Chunk: 225

Company: Trailblazer Merger Corp I
Filing Date: 2025-03-25
Form: 10-K
Item: Item 1B
Chunk 225
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 2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue
as a Going Concern,” management has determined that the Company currently lacks the liquidity it needs to sustain operations for
a reasonable period of time, which is considered to be at least one year from the date that the financial statements are issued as it
expects to continue to incur significant costs in pursuit of its acquisition plans. In addition, the Company has until March 31, 2025
(September 30, 2025, if extended by the full amount of time), as extended, to consummate a Business Combination. It is uncertain that
the Company will be able to consummate a Business Combination by this time. If a Business Combination is not consummated by March 31,
2025 (September 30, 2025, if extended by the full amount of time), there will be a mandatory liquidation and subsequent dissolution. Management
has determined that mandatory liquidation, should a Business Combination not occur, and potential subsequent dissolution and the liquidity
issue raise substantial doubt about the Company’s ability to continue as a going concern for one year from the date the financial
statements are issued. No adjustments have been made to the carrying amounts of assets or liabilities should the Company be required to
liquidate after March 31, 2025 (September 30, 2025, if extended by the full amount of time). The Company intends to complete a Business
Combination with Cyabra before the mandatory liquidation date. The Company is within 12 months of its mandatory liquidation date as of
the time of filing of this Annual Report on Form 10-K. 

Off-Balance Sheet Arrangements

We did not have any off-balance sheet arrangements
as of December 31, 2024.

Contractual Obligations

Promissory Notes - Related Party

On
May 17, 2022, we issued a non-interest bearing unsecured promissory note to the Sponsor, pursuant to which we may borrow up to an
aggregate principal amount of $300,000 (the “Note”). On January 20, 2023, the maximum amount available under the Note
was further increased to $400,000. As of March 31, 2023, both we and the Sponsor mutually agreed to extend the maturity date of the
original Note. On November 21, 2023, the Note was further amended to permit us to pay certain expenses of