Company: TCRG
Filing Date: 2025-03-21
Form Type: 10-K
Source: 0001185185-25-000206
Chunk: 56

Company: Cannaisseur Group Inc.
Filing Date: 2025-03-21
Form: 10-K
Item: Item 1
Chunk 56
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 this note.

Convertible
Note Payable in the amount of $40,000, dated January 3, 2024, payable to Ridolfo R. Brown, a related party. The note bears interest at
6.5% and has a maturity date of January 3, 2026. The Brown Note is convertible into common stock at a conversion price equal to the lesser
of (i) 80% of the lowest price per share paid by the investors purchasing equity securities with an aggregate sales price of not less
than One Million Dollars, or (ii) the number equal to $3,500,000 divided by the numbers of shares of the Company outstanding (calculated
on a fully diluted basis), at the option of the holder any time prior to repayment. During the year ended December 31, 2024 and 2023,
the Company accrued interest in the amount of $2,585 and $0, respectively, on this note.

Convertible
Note Payable in the amount of $40,000, dated December 26, 2023, payable to The National Legacy Foundation, a related party. 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 year ended December 31, 2024 and 2023,
the Company accrued interest in the amount of $2,643 and $36, respectively, on this note.

On
February 28, 2024, the Company’s Board of Directors approved the issuance of 1,000,000 shares of common stock with a fair value
of $15,000 to each of its Chief Executive Officer and Interim Chief Financial Officer as a bonus.

On
May 17, 2024, the Company issued 1,000,000 shares of common stock with a fair value of $230,000 to one of its directors as compensation.

On
June 4, 2024, the Company issued 1,000,000 shares of common stock with a fair value of $230,000 to each of its Chief Executive Officer
and Interim Chief Financial Officer as compensation for ongoing services.

On
June 30, 2024, the Company issued 500,000 shares of common stock with a fair value of $115,000 to its Corporate Secretary as