Company: TCRG
Filing Date: 2025-03-21
Form Type: 10-K
Source: 0001185185-25-000206
Chunk: 558

Company: Cannaisseur Group Inc.
Filing Date: 2025-03-21
Form: 10-K
Item: Item 6
Chunk 558
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 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 due under the short-term loan was $1,500.

F-10

4.
Convertible Notes Payable - Related Party

      December 31, 
2024     December 31, 2023    Convertible Note Payable in the amount of $5,000, dated November 18, 2024, payable to Ridolfo R. Brown, a related party (the “Brown Note 3”). The note bears interest at 6.5% and has a maturity date of November 18, 2026. The Brown Note 3 will automatically convert into common stock upon the Company’s sale of any equity securities with a value of not less than $1,000,000 at a conversion price equal to the lesser of 80% of (i) the lowest price per share paid by the investors purchasing equity securities with an aggregate sales price of not less than $1,000,000 or (ii) the number equal to $3,500,000 divided by the number of shares of the Company outstanding (calculated on a fully diluted basis). Should the note not convert to common stock at the maturity date, then, at any time from the maturity date to the repayment date, the note may be converted upon the approval of the Company’s Administrative Agent and the majority investors of the Company into the number of shares equal to the principal amount of the note divided by the conversion price, such conversion price to be calculated as $3,500,000 divided by the numbers of shares of the Company outstanding (calculated on a fully diluted basis). During the years ended December 31, 2024 and 2023, the Company accrued interest in the amount of $38 and $0, respectively, on this note.   $ 5,000