Financial Performance - For the three months ended June 30, 2023, the company reported a net income of $390,872, driven by interest earned on marketable securities of $798,002, offset by operating costs of $185,587 and taxes of $139,917 [102]. - For the six months ended June 30, 2023, the company had a net income of $141,281, with total interest income of $798,002 and total operating costs of $238,591 [103]. - Cash used in operating activities for the six months ended June 30, 2023, was $351,338, influenced by interest income and stock-based compensation expenses [106]. - The company has not generated any operating revenues to date and does not expect to do so until after completing a Business Combination [101]. Assets and Securities - As of June 30, 2023, the company held cash and marketable securities in the Trust Account amounting to $71,096,376 [108]. - The company completed its Initial Public Offering on March 31, 2023, raising gross proceeds of $69,000,000 from the sale of 6,900,000 Units at $10.00 per Unit [105]. Debt and Financial Obligations - The company has no long-term debt or off-balance sheet arrangements as of June 30, 2023 [113][114]. - The deferred fee to underwriters amounts to $2,070,000, payable only upon the completion of a Business Combination [115]. Future Plans and Concerns - The company intends to utilize funds in the Trust Account primarily for completing a Business Combination and for working capital of the target business [109]. - The company may need to raise additional capital through loans or investments to meet working capital needs, which raises concerns about its ability to continue as a going concern [112].
Trailblazer Merger I(TBMC) - 2023 Q2 - Quarterly Report