Company: TBMC
Filing Date: 2025-11-21
Form Type: 10-Q
Source: 0001213900-25-113605
Chunk: 6

Company: Trailblazer Merger Corp I
Filing Date: 2025-11-21
Form: 10-Q
Item: Part I, Item 1
Chunk 6
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,093) 
    $735,207 
  
    Adjustments to reconcile net (loss) income to net cash used in operating activities: 

    Loss on debt extinguishment of promissory note 
     6,222,973  
     — 
  
    Gain on change in fair value of promissory note 
     (2,856,375) 
     — 
  
    Interest earned on marketable securities held in Trust Account 
     (851,602) 
     (2,814,405)
  
    Deferred benefit from income taxes 
     —  
     (210,152)
  
    Changes in operating assets and liabilities: 

    Prepaid expenses 
     2,708  
     64,131 
  
    Prepaid insurance 
     (125,000) 
     25,681 
  
    Accrued expenses 
     589,274  
     564,544 
  
    Income taxes payable 
     (843,895) 
     795,704 
  
    Excise tax payable 
     143,572  
     — 
  
    Net cash used in operating activities 
     (2,102,438) 
     (839,290)

    Cash Flows from Investing Activities: 

    Cash withdrawn from Trust Account to pay franchise and income taxes 
     423,806  
     568,382 
  
    Extension deposit into Trust Account 
     (666,293) 
     (1,380,000)
  
    Net cash used in investing activities 
     (242,487) 
     (811,618)

    Cash Flows from Financing Activities: 

    Proceeds from promissory note - related party 
     1,497,286  
     1,580,000 
  
    Payment of offering costs 
     —  
     (75,000)
  
    Net cash provided by financing activities 
     1,497,286  
     1,505,000 

    Net Change in Cash and Restricted Cash 
     (847,639) 
     (145,908)
  
    Cash and Restricted Cash – Beginning of period 
     866,822  
     607,816 
  
    Cash and Restricted Cash – End of period 
    $19,183  
    $461,908 

    Cash