Company: TCRG
Filing Date: 2025-11-18
Form Type: 10-Q
Source: 0001185185-25-001785
Chunk: 19

Company: Cannaisseur Group Inc.
Filing Date: 2025-11-18
Form: 10-Q
Item: Item 1
Chunk 19
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 under the Brown Note at a price of $.022 per share into 1,987,732 shares of common stock. The fair value of the stock at the conversion date was $0.14 per share, and the Company recognized a loss on conversion of debt in the amount of $177,474 in additional paid-in capital.   —    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 and nine months ended September 30, 2025, the Company accrued interest in the amount of $224 and $1,531, respectively, on this note.    On July 31, 2025, the Company and the National Legacy Foundation agreed to convert principal and interest in the amount of $40,000 and $4,209, respectively, due under the Brown Note at a price of $.023 per share into 1,932,435 shares of common stock. The fair value of the stock at the conversion date was $0.14 per share, and the Company recognized a gain on conversion of debt in the amount of $142,086 in additional paid-in capital.     -       40,000                       Total   $ -     $ 91,000    Convertible notes payable – related party, current portion   $ -     $ 40,000    Convertible notes payable – related party, noncurrent portion   $ -     $ 51,000   

12

5. Notes Payable

      September 30, 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 and nine