Company: TCRG
Filing Date: 2025-03-21
Form Type: 10-K
Source: 0001185185-25-000206
Chunk: 380

Company: Cannaisseur Group Inc.
Filing Date: 2025-03-21
Form: 10-K
Item: Item 3
Chunk 380
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,160    Notes payable, current portion   $ 6,697     $ 6,377    Notes payable, noncurrent portion   $ 25,463     $ 25,783   

Aggregate
maturities of loans payable – related party, convertible notes payable – related parties, and notes payable as of December
31, 2024 are as follows:

For
the twelve months ended December 31,

    2025 
    $48,197 
  
    2026 
     51,664 
  
    2027 
     690 
  
    2028 
     716 
  
    2029 
     743 
  
    Thereafter 
     22,650 
  
    Total 
    $124,660 

6.
Settlement Payable 

The
Company leased its retail store in Atlanta, Georgia under a five-year lease executed on January 24, 2019. The monthly cash payment
for this operating lease was approximately $2,000 per month, with the lease term ending on December 24, 2023. The Company recorded
right of use assets and liabilities of $84,994 on January 24, 2019, based on the present value of payments and an incremental
borrowing rate of 10.0% per annum.

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 derecognized
a right of use asset of $4,185 and lease liability of $2,726 and recorded a gain on the settlement in the amount of $18,968.

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.

7.
Related Party Transactions

On
October 28, 2024, the Company