Company: TCRG
Filing Date: 2025-09-09
Form Type: 10-Q
Source: 0001185185-25-001156
Chunk: 18

Company: Cannaisseur Group Inc.
Filing Date: 2025-09-09
Form: 10-Q
Item: Item 1
Chunk 18
---
 in full on January 23, 2025. As of June 30, 2025, the amount due
under the short-term loan was $0.

13

Convertible
Note Payable in the amount of $5,000, dated November 18, 2024, payable to Ridolfo R. Brown, a related party. The note bears interest
at 6.5% and has a maturity date of November 18, 2026. The Brown Note 3 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 three and six months ended
June 30, 2025, the Company accrued interest in the amount of $44 and $124, respectively, on this note.

During
the three months ended June 30, 2025, the Company and Mr. Brown agreed to convert principal and accrued interest in the amount of $5,000
and $162, respectively, due under the Brown Note 3 at a price of $0.15 per share into 34,415 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 $344 in
additional paid-in capital.

Convertible
Note Payable in the amount of $6,000, dated August 15, 2024, payable to Ridolfo R. Brown, a related party. The note bears interest at
6.5% and has a maturity date of August 15, 2026. The Brown Note 2 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 three and six months ended June 30