Company: TCRG
Filing Date: 2025-07-21
Form Type: 10-Q
Source: 0001185185-25-000810
Chunk: 16

Company: Cannaisseur Group Inc.
Filing Date: 2025-07-21
Form: 10-Q
Item: Item 1
Chunk 16
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           Economic Injury Disaster Loan (EIDL), dated June 9, 2020. The note bears interest at 3.75% and has a maturity date of June 9, 2050. Payments on the loan were deferred until June 2022, at which point monthly payments of principal and interest totaling $134 became due. Interest in the amount of $2,530 has been accrued as of March 31, 2025. During the three months ended March 31, 2025 and 2024, the Company made interest payments in the amount of $536 and $200, respectively.   27,300    27,300                Total  $32,160   $32,160   Notes payable, current portion  $6,861   $6,697   Notes payable, noncurrent portion  $25,299   $25,463  

Aggregate maturities of convertible notes payable
– related parties and notes payable as of March 31, 2025 are as follows:

For the twelve months ended March 31,

    2026 
    $86,861 
  
    2027 
     11,671 
  
    2028 
     696 
  
    2029 
     723 
  
    2030 
     750 
  
    Thereafter 
     22,459 
  
    Total 
    $123,160 

6. Settlement Payable 

The Company leased its retail store in Atlanta,
Georgia under a five-year lease executed on January 24, 2019. The monthly cash payment for this operating lease was approximately $2,000
per month, with the lease term ending on December 24, 2023. The Company recorded right-of-use assets and liabilities of $84,994 on January
24, 2019, based on the present value of payments and an incremental borrowing rate of 10.0% per annum.

On October 18, 2023, 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 $