Financial Performance - For the three months ended September 30, 2023, the company reported a net income of $522,948, consisting of $834,276 in interest earned on marketable securities and an unrealized gain of $60,048, offset by operating costs of $194,068 and income tax provision of $177,308 [101]. - For the nine months ended September 30, 2023, the company had a net income of $664,229, which includes $1,632,278 in interest earned on marketable securities, offset by operating costs of $432,659, income tax provision of $306,725, stock-based compensation expense of $207,087, and an unrealized loss of $21,578 [102]. Cash and Securities - As of September 30, 2023, the company had cash and marketable securities held in the Trust Account totaling $71,990,700 [106]. - Cash used in operating activities for the nine months ended September 30, 2023, was $407,328, with net income of $664,229 adjusted for interest earned and other expenses [105]. Initial Public Offering - 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, along with an additional $3,945,000 from the sale of 394,500 Placement Units [104]. Business Strategy and Concerns - The company intends to use substantially all funds in the Trust Account to complete its Business Combination, with remaining proceeds allocated for working capital and growth strategies [107]. - The company may need to raise additional capital through loans or investments to meet working capital needs, which raises substantial doubt about its ability to continue as a going concern beyond March 31, 2024 [110]. Debt and Financial Arrangements - The company has no long-term debt or off-balance sheet arrangements as of September 30, 2023 [111][112]. - The underwriters are entitled to a deferred fee of $2,070,000, payable only upon the completion of a Business Combination [113]. Accounting Standards - The company adopted ASU 2016-13 on January 1, 2023, which did not have a material impact on its financial statements [118].
Trailblazer Merger I(TBMC) - 2023 Q3 - Quarterly Report