Company: TBMC
Filing Date: 2025-03-25
Form Type: 10-K
Source: 0001013762-25-002139
Chunk: 1624

Company: Trailblazer Merger Corp I
Filing Date: 2025-03-25
Form: 10-K
Item: Item 14
Chunk 1624
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 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 December 31, 2024 and 2023, 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 consolidated balance sheets.

F-12

At December 31, 2024 and 2023, the Class A
common stock subject to possible redemption reflected in the consolidated balance sheets 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)
  
    Plus: 

    Remeasurement of carrying value to redemption value 
     7,852,179 
  
    Class A Common Stock subject to possible redemption, December 31, 2023 
     72,224,950 
  
    Less: 

    Redemption of Class A common stock 
     (49,774,936)
  
    Plus: 

    Remeasurement of carrying value to redemption value 
     4,184,138 
  
    Class A Common Stock subject to possible redemption, December 31, 2024 
    $26,634,152 

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 consolidated financial statements and tax basis of assets and liabilities and for the expected future
tax benefit to be derived from tax loss and tax credit carry forwards. ASC 740