Company: TCRG
Filing Date: 2025-07-21
Form Type: 10-Q
Source: 0001185185-25-000810
Chunk: 15

Company: Cannaisseur Group Inc.
Filing Date: 2025-07-21
Form: 10-Q
Item: Item 1
Chunk 15
---
 common stock at the maturity date, then, at any time from the maturity date to the repayment date, the note may be converted upon the approval of the Company’s Administrative Agent and the majority investors of the Company into the number of shares equal to the principal amount of the note divided by the conversion price, such conversion price to be calculated as $3,500,000 divided by the numbers of shares of the Company outstanding (calculated on a fully diluted basis). During the three months ended March 31, 2025 and 2024, the Company accrued interest in the amount of $641 and $627, respectively, on this note.   40,000    40,000                Convertible Note Payable in the amount of $40,000, dated December 26, 2023, payable to The National Legacy Foundation, a related party (the “Legacy Foundation Note”). The note bears interest at 6.5% and has a maturity date of December 26, 2025. The Legacy Foundation Note is convertible into common stock at a conversion price of $0.015, at the option of the holder any time prior to repayment. During the three months ended March 31, 2025 and 2024, the Company accrued interest in the amount of $650 and $657, respectively, on this note.   40,000    40,000                Total  $91,000   $91,000   Convertible notes payable – related party, current portion  $80,000   $40,000   Convertible notes payable – related party, noncurrent portion  $11,000   $51,000  

12

5. Notes Payable

     March 31, 2025   December 31, 2024   Loan in the amount of $4,095, dated January 4, 2023, payable to Lightspeed Capital (the “Lightspeed Loan”). The Lightspeed Loan is payable at the rate of 11% of the Company’s sales receipts. During the year ended December 31, 2023, the Company received additional borrowings of $5,283, subject to the same repayment terms as the original agreement. During the three months ended March 31, 2025 and 2024, the Company made repayments of $0.  $4,860   $4,860