Company: TCRG
Filing Date: 2025-03-21
Form Type: 10-K
Source: 0001185185-25-000206
Chunk: 50

Company: Cannaisseur Group Inc.
Filing Date: 2025-03-21
Form: 10-K
Item: Item 1
Chunk 50
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-13 effective January 1, 2023. The adoption of ASU 2016-13 did not have a material effect on the Company’s
financial statements and related disclosures.

In
November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment
Disclosures. The amended guidance requires incremental reportable segment disclosures, primarily about significant segment expenses.
The amendments also require entities with a single reportable segment to provide all disclosures required by these amendments, and all
existing segment disclosures. The amendments will be applied retrospectively to all prior periods presented in the financial statements
and is effective for fiscal years beginning after December 15, 2023, and interim periods in fiscal years beginning after December 15,
2024, with early adoption permitted. The Company adopted this guidance in the fourth quarter of 2024. For additional information, see
“Note 11—Segment Information.”

Accounting
Standards Issued, Not Adopted

In
November 2024, the FASB issued Accounting Standard Update No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense
Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”). This standard
requires additional disclosures over certain expenses, including purchases of inventory, employee compensation, depreciation, intangible
asset amortization, and other specific expense categories. This standard also requires disclosure of the total amount of selling expenses
and the Company’s definition of selling expenses. This update is effective for fiscal years beginning after December 15, 2026,
and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The Company is evaluating the
impact this update will have on our annual disclosures; however, we do not anticipate a material impact to our financial statements.

3.
Short-term Loan Payable - Related Party

On
October 28, 2024, the Company entered into an agreement with Xavier Carter, its Chief Financial Officer, for a short-term loan in the
amount of $1,500. If repaid within 90 days, the loan has an interest rate of 0%. If the loan is not repaid on the due date of January
28, 2025, interest will accrue at a rate of 6.5%. As of December 31, 2024, the amount