Financial Position - As of March 31, 2023, the company had cash held in the Trust Account amounting to $70,380,000[110] - As of March 31, 2023, the company had cash of $1,050,904 held outside the Trust Account for operational purposes[112] - The company has no long-term debt or capital lease obligations as of March 31, 2023[116] Financial Performance - For the three months ended March 31, 2023, the company reported a net loss of $249,591, which included operating costs of $53,004 and compensation expense of $207,087[107] - Cash used in operating activities for the three months ended March 31, 2023, was $35,439, with changes in operating assets and liabilities providing $17,565 of cash[110] Capital Raising and Use of Funds - The company completed its Initial Public Offering of 6,900,000 Units at $10.00 per Unit, generating gross proceeds of $69,000,000[109] - The company intends to use substantially all funds in the Trust Account to complete its Business Combination[111] - The company may need to raise additional capital through loans or investments to meet working capital needs[114] Business Combination and Costs - The underwriters are entitled to a deferred fee of $2,070,000, payable only if the company completes a Business Combination[118] - The company has incurred significant costs in pursuit of its acquisition plans and cannot assure the success of its Business Combination[105]
Trailblazer Merger I(TBMC) - 2023 Q1 - Quarterly Report