Company: TCRG
Filing Date: 2025-07-21
Form Type: 10-Q
Source: 0001185185-25-000810
Chunk: 22

Company: Cannaisseur Group Inc.
Filing Date: 2025-07-21
Form: 10-Q
Item: Item 1
Chunk 22
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 the Company entered into
a Lease Termination and Settlement Agreement (the “Settlement Agreement”) with the Landlord, under which the Company surrendered
the leased premises, and settled all outstanding obligations and debts. According to the terms of the Settlement Agreement, the Company
forfeited all deposits, totaling $9,084, and settled the outstanding balance of $47,511, of past due rent and other charges, for $18,000,
to be paid in monthly installments of $1,500 for 12 months. The Company recorded a gain on settlement in the amount of $18,968 during
the year ended December 31, 2023.

During the three months ended March 31, 2025 and
2024, the Company made payments of $0 on the rental settlement. As of March 31, 2025 and December 31, 2024, the amount due under the settlement
payable was $9,501 and $9,501, respectively.

12. Subsequent Events

On May 2, 2025, Valarie Grant resigned from her
position as Corporate Secretary of the Company, effective immediately. Ms. Grant’s resignation was submitted prior to her formal
receipt of written notice placing her on unpaid administrative leave, as authorized by the Board of Directors at an emergency meeting
held on May 1, 2025. The administrative leave was instituted pending an internal review of matters concerning Ms. Grant’s conduct
in her capacity as Corporate Secretary, including potential breaches of fiduciary duty, unauthorized communications, and prior violations
of directives issued by the Board of Directors.

The Board of Directors convened again on May 2, 2025 to formally accept Ms. Grant’s resignation and ratify
related administrative actions. The Company has revoked Ms. Grant’s access to Company systems and data, in accordance with standard
protocol and internal security procedures.

17

Item 2. Management’s Discussion
and Analysis of Financial Condition and Results of Operation

Cautionary Note Regarding Forward Looking Statements

This report contains forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our business and operations,
future trends and operating results of such business, the planned expansion of those operations into new markets and applications, characteristics
and trends and the demand for the products and services we offer, the need for and use of proceeds from one or more financings for strategic
arrangements and partnerships, our future capital needs and