Company: TCRG
Filing Date: 2025-03-21
Form Type: 10-K
Source: 0001185185-25-000206
Chunk: 683

Company: Cannaisseur Group Inc.
Filing Date: 2025-03-21
Form: 10-K
Item: Item 7A
Chunk 683
---
 under the lease. The Company and Guarantors filed counterclaims against the Landlord for breach of fiduciary duties, breach
of contract, and attorney’s fees.

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 $18,000, to be paid in monthly installments of $1,500 for 12 months. The Company recorded
a settlement payable in the amount of $15,001 on its balance sheet at December 31, 2023, and recorded a gain on settlement in the amount
of $18,968 during the year ended December 31, 2023.

During
the year ended December 31, 2024, the Company made payments of $5,500 on the rental settlement. As of December 31, 2024 and 2023,
the amount due under the settlement payable was $9,501 and $15,001, respectively.

13.
Subsequent Events

On
January 23, 2025, the Company paid in full the short-term loan due to its Chief Financial Officer. The loan was repaid within the 90-day
term, and no interest was accrued.

In
January 2025, the Company sold 642,857 shares of common stock at a price of $0.14 per share for cash proceeds of $90,000.

On
February 4, 2025, the Company issued 2,000,000 shares of common stock with a fair value of $280,000 to its Chief Executive Officer as
compensation for ongoing services.

On
February 4, 2025, the Company issued 2,000,000 shares of common stock with a fair value of $280,000 to its Chief Financial Officer as
compensation for ongoing services.

On
February 4, 2025, the Company issued 1,000,000 shares of common stock with a fair value of $140,000 to its Corporate Secretary as compensation
for ongoing services.

F-17

Item
9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure