Company: TCRG
Filing Date: 2025-03-21
Form Type: 10-K
Source: 0001185185-25-000206
Chunk: 549

Company: Cannaisseur Group Inc.
Filing Date: 2025-03-21
Form: 10-K
Item: Item 6
Chunk 549
---
ancellation of shares of common stock 
    $475  
    $- 
  
    Settlement of lease obligation 
    $-  
    $18,968 

The
accompanying notes are an integral part of the financial statements.

F-5

THE
CANNAISSEUR GROUP, INC.

NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS

December
31, 2024 and 2023

1.
Organization and Nature of Operations 

Organization
and Combination

The
Cannaisseur Group, Inc. (the Company) was incorporated in the State of Delaware on December 22, 2020.

On
January 4, 2021, the Company acquired 51% of the common stock of Atlanta CBD, Inc. (“Atlanta CDB”), (the “Atlanta CBD
Acquisition”). Atlanta CBD, Inc. was incorporated in the State of Georgia on October 17, 2018.

Principles
of Consolidation

The
consolidated financial statements include the accounts of the Company and its majority owned subsidiary Atlanta CBD. At the time of the
Atlanta CBD Acquisition, Floretta Gogo and Xavier Carter owned the majority of Atlanta CBD and controlled the voting rights. Ms. Gogo
and Mr. Carter also controlled 38% of The Cannaisseur Group’s voting rights and were the CEO and COO, respectively, of both Companies
both before and after the transaction. Pursuant to the guidance of ASC 250 Accounting Changes and Error Corrections (“ASC
250”) the acquisition of Atlanta CBD by The Cannaisseur Group resulted in a change in the reporting entity of the combined companies.
The Company relied upon the guidance of ASC 805 Business Combinations (“ASC 805”) in the presentation of the combined
entities. Pursuant to ASC 805-50-05-5, the pooling-of-interests method of accounting provides relevant guidance when an exchange of shares
between entities under common control results in a change in the reporting entity. Under the pooling-of-interests method, the transferred
assets and liabilities are recorded at their historical carrying amounts, and the equity accounts of the separate entities are combined.
Pursuant to ASC 805-50-45-2, the transaction should be presented as if it occurred on the first day of the period reported; accordingly,
we have reported the Atlanta CBD transaction as if it occurred on January 1, 2020.

Business
Operations

Currently,
the Company sells its products