Company: TBMC
Filing Date: 2025-03-25
Form Type: 10-K
Source: 0001013762-25-002139
Chunk: 1033

Company: Trailblazer Merger Corp I
Filing Date: 2025-03-25
Form: 10-K
Item: Item 7A
Chunk 1033
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 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 share of common stock (in dollars, except share amounts):  

    For the Year December 31, 

    2024  
    2023 

    Class A  
    Class B  
    Class A  
    Class B 
  
    Basic net income per common stock 

    Numerator: 

    Allocation of net income 
    $277,658  
    $—  
    $1,347,254  
    $— 
  
    Denominator: 

    Basic and weighted average common stock outstanding 
     7,830,576  
     1  
     7,165,376  
     1 
  
    Basic net income per common stock 
    $0.04  
    $—  
    $0.19  
    $— 

    For the Year December 31, 

    2024  
    2023 

    Class A  
    Class B  
    Class A  
    Class B 
  
    Diluted net income per common stock 

    Numerator: 

    Allocation of net income 
    $277,658  
    $—  
    $1,347,254  
    $— 
  
    Denominator: 

    Diluted weighted average common stock outstanding 
     7,830,576  
     1  
     7,220,855  
     1 
  
    Diluted net income per common stock 
    $0.04  
    $—  
    $0.19  
    $— 

Concentration of Credit Risk

Financial instruments that potentially subject
the Company to concentration of credit risk consist of a cash account in a financial institution which, at times may exceed the Federal
Deposit Insurance Corporation coverage limit of $250,000. The Company has not experienced losses on this account.

F-14

Fair Value of Financial Instruments

The fair value of the