Cover
Cover - shares | 6 Months Ended | |
Dec. 31, 2021 | Feb. 11, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Dec. 31, 2021 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2022 | |
Current Fiscal Year End Date | --06-30 | |
Entity File Number | 811-08387 | |
Entity Registrant Name | WATERSIDE CAPITAL CORPORATION | |
Entity Central Index Key | 0000924095 | |
Entity Tax Identification Number | 54-1694665 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | 410 Peachtree Pkwy | |
Entity Address, Address Line Two | Suite 4245 | |
Entity Address, City or Town | Cumming | |
Entity Address, State or Province | GA | |
Entity Address, Postal Zip Code | 30041 | |
City Area Code | 678 | |
Local Phone Number | 341-5898 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | No | |
Entity Filer Category | Non-accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Shell Company | true | |
Entity Common Stock, Shares Outstanding | 6,082,214 |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) | Dec. 31, 2021 | Jun. 30, 2021 |
Assets | ||
Cash | $ 58,484 | $ 44 |
Prepaid expenses | 1,818 | |
Total assets | 60,302 | 44 |
Current Liabilities: | ||
Accounts payable and accrued liabilities | 14,989 | 22,089 |
Promissory note - related party | 100,000 | |
Accrued interest payable - related party | 36,441 | |
Convertible note payable - related party | 149,838 | |
Total current liabilities | 114,989 | 208,368 |
Stockholders’ Deficit: | ||
Preferred stock; $0.0001 par value; 20,000,000 shares authorized; 0 shares issued and outstanding at December 31, 2021 and June 30, 2021 | ||
Common stock; $0.0001 par value; 100,000,000 shares authorized; 6,082,214 shares issued and outstanding at December 31, 2021 and June 30, 2021 | 608 | 608 |
Additional paid-in capital | 17,929,064 | 17,721,420 |
Accumulated deficit | (17,984,359) | (17,930,352) |
Total stockholders’ deficit | (54,687) | (208,324) |
Total liabilities and stockholders’ deficit | $ 60,302 | $ 44 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2021 | Jun. 30, 2021 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 20,000,000 | 20,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 6,082,214 | 6,082,214 |
Common stock, shares outstanding | 6,082,214 | 6,082,214 |
Condensed Statements of Operati
Condensed Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Expense | ||||
Administrative expenses | $ 29,185 | $ 23,162 | $ 51,010 | $ 45,141 |
Interest expense | 15,523 | 2,997 | 28,793 | |
Total Expense | 29,185 | 38,685 | 54,007 | 73,934 |
Net loss | $ (29,185) | $ (38,685) | $ (54,007) | $ (73,934) |
Net loss per share - basic and diluted | $ 0 | $ (0.01) | $ (0.01) | $ (0.01) |
Weighted average number of common shares outstanding - basic and diluted | 6,082,214 | 6,082,214 | 6,082,214 | 6,082,214 |
Condensed Statements of Stockho
Condensed Statements of Stockholders' Deficit (Unaudited) (Parenthetical) - $ / shares | Dec. 31, 2021 | Dec. 15, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Statement of Stockholders' Equity [Abstract] | ||||
Preferred stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Common stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Condensed Statements of Stock_2
Condensed Statements of Stockholders' Deficit (Unaudited) - USD ($) | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Jun. 30, 2020 | $ 608 | $ 17,691,420 | $ (17,813,690) | $ (121,662) | |
Balance, shares at Jun. 30, 2020 | 6,082,214 | ||||
Beneficial conversion feature | 21,667 | 21,667 | |||
Net loss | (73,934) | (73,934) | |||
Ending balance, value at Dec. 31, 2020 | $ 608 | 17,713,087 | (17,887,624) | (173,929) | |
Balance, shares at Dec. 31, 2020 | 6,082,214 | ||||
Beginning balance, value at Sep. 30, 2020 | $ 608 | 17,701,420 | (17,848,939) | (146,911) | |
Balance, shares at Sep. 30, 2020 | 6,082,214 | ||||
Beneficial conversion feature | 11,667 | 11,667 | |||
Net loss | (38,685) | (38,685) | |||
Ending balance, value at Dec. 31, 2020 | $ 608 | 17,713,087 | (17,887,624) | (173,929) | |
Balance, shares at Dec. 31, 2020 | 6,082,214 | ||||
Beginning balance, value at Jun. 30, 2021 | $ 608 | 17,721,420 | (17,930,352) | (208,324) | |
Balance, shares at Jun. 30, 2021 | 6,082,214 | ||||
Forgiveness of convertible note payable, accrued interest and advances - related party | 207,644 | 207,644 | |||
Net loss | (54,007) | (54,007) | |||
Ending balance, value at Dec. 31, 2021 | $ 608 | 17,929,064 | (17,984,359) | (54,687) | |
Balance, shares at Dec. 31, 2021 | 6,082,214 | ||||
Beginning balance, value at Sep. 30, 2021 | $ 608 | 17,929,064 | (17,955,174) | (25,502) | |
Balance, shares at Sep. 30, 2021 | 6,082,214 | ||||
Net loss | (29,185) | (29,185) | |||
Ending balance, value at Dec. 31, 2021 | $ 608 | $ 17,929,064 | $ (17,984,359) | $ (54,687) | |
Balance, shares at Dec. 31, 2021 | 6,082,214 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flow (Unaudited) - USD ($) | 6 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Cash Flows from Operating Activities: | ||
Net loss | $ (54,007) | $ (73,934) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Amortization of debt discount | 21,667 | |
Forgiveness of interest - related party | 2,997 | |
Changes in operating assets and liabilities: | ||
Increase in prepaid | (1,818) | |
(Decrease) increase in accounts payable and accrued liabilities | (7,099) | 1,800 |
Increase in accrued interest payable - related party | 7,125 | |
Net cash used in operating activities | (59,927) | (43,342) |
Cash Flows from Financing Activities: | ||
Advances from related party | 18,367 | |
Proceeds from issuance of promissory note payable - related party | 100,000 | |
Proceeds from issuance of convertible note payable - related party | 32,500 | |
Net cash provided by financing activities | 118,367 | 32,500 |
Net change in cash | 58,440 | (10,842) |
Cash, beginning of period | 44 | 12,625 |
Cash, end of period | 58,484 | 1,783 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | ||
Interest paid | ||
Income taxes paid | ||
Non-cash Investing and Financing Activities | ||
Intrinsic value of embedded beneficial conversion feature on convertible note payable - related party | 11,667 | |
Forgiveness of convertible note payable, accrued interest and advances - related party | $ 207,644 |
ORGANIZATION AND OPERATIONS
ORGANIZATION AND OPERATIONS | 6 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION AND OPERATIONS | NOTE 1 – ORGANIZATION AND OPERATIONS Waterside Capital Corporation (the “Company”) was incorporated in the Commonwealth of Virginia on July 13, 1993 and was a closed-end investment company licensed by the Small Business Administration (the “SBA”) as a Small Business Investment Company (“SBIC”). The Company previously made equity investments in, and provided loans to, small businesses to finance their growth, expansion, and development. Under applicable SBA regulations, the Company was restricted to investing only in qualified small businesses as contemplated by the Small Business Investment Act of 1958. As a registered investment company under the Investment Company Act of 1940, as amended (the “Investment Company Act”), the Company’s investment objective was to provide its shareholders with a high level of income, with capital appreciation as a secondary objective. The Company made its first investment in a small business in October 1996. On May 28, 2014, with the Company’s consent, the United States District Court for the Eastern District of Virginia, having jurisdiction over an action filed by the SBA (the “ Court Order 11,770,722 The Company effectively stopped conducting an active business upon the appointment of the SBA as the receiver and the commencement of the court-ordered receivership (the “ Receivership The Company has no operating assets of any value, and the Company no longer has the SBIC license from the SBA. The Company is no longer operating as a registered investment company under the Investment Company Act. The Company will now seek to either (i) enter into a new business; or (ii) merge with, or otherwise acquire, an active business which would benefit from operating as a public entity, and has undertaken a search to identify the best possible candidate(s) in order to provide value to the shareholders of the Company. The Company filed with the SEC an application pursuant to Section 8(f) of the Investment Company Act of 1940 for an order declaring that the Company has ceased to be a registered investment company. On April 22, 2020, the SEC issued an order under Section 8(f) of the Investment Company Act of 1940, as amended, declaring that the Company has ceased to be an investment company. As a result, the Company is now a reporting company under the Securities Exchange Act of 1934, as amended. On September 2, 2021, the Company entered into a Stock Purchase Agreement (the “SPA”) by and between (i) the Company (ii) Ryan Schadel (“Buyer”) and (iii) Roran. Roran agreed to sell to the Buyer 4,247,666 385,000 207,644 The Buyer acquired 4,247,666 69.7 Effective November 29, 2021, the Company converted from a Virginia corporation to a Nevada corporation. On December 15, 2021, the Company filed with the Nevada Secretary of State amended and restated articles of incorporation. The amended and restated articles had the effect of (i) increasing the Company’s authorized common stock to 100 20 0.0001 Common stock and additional paid-in capital for all periods presented in these interim unaudited financial statements have been adjusted retroactively to reflect the reduction in par value. On December 17, 2021, the majority shareholder and board of directors approved an amendment to the amended and restated articles of incorporation that would change the Company’s name from Waterside Capital Corporation to Metavesco, Inc. The name change will not be effective until it is cleared by the Financial Industry Regulatory Authority (“FINRA”). The interim unaudited financial statements herein have been prepared by the Company pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”). The accompanying interim unaudited financial statements have been prepared under the presumption that users of the interim financial information have either read or have access to the audited financial statements for the latest fiscal year ended June 30, 2021. Accordingly, note disclosures which would substantially duplicate the disclosures contained on June 30, 2021, audited financial statements have been omitted from these interim unaudited financial statements. The Company evaluated all subsequent events and transactions through the date of filing this report. WATERSIDE CAPITAL CORPORATION NOTES TO UNAUDITED FINANCIAL STATEMENTS December 31, 2021 Certain information and note disclosures normally included in financial statements prepared in accordance with the United States generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. Operating results for the three and six months ended December 31, 2021, are not necessarily indicative of the results that may be expected for the year ending June 30, 2022. For further information, refer to the audited financial statements and notes for the year ended June 30, 2021, included in the Company’s Annual Report on Form 10-K filed with the SEC on September 1, 2021. Going Concern The accompanying financial statements of our Company have been prepared in accordance with accounting principles generally accepted in the United States. The Company effectively ceased operations, has no significant liquid assets and continues to have net losses through the date of these financial statements. Our financial statements have been presented on the basis that our business is a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. We are subject to the risks and uncertainties associated with a business with no operating business or assets and no revenue, as well as limitations on our capital resources. We have incurred losses and negative operating cash flows since the Receivership, and we expect to continue to incur losses and negative operating cash flows at least through the near future. The Company on October 18, 2021, issued to Ryan Schadel, the Company’s Chief Executive Officer, sole director and majority stockholder, a demand promissory note (Note 3) for $ 100,000 In December 2019, a novel coronavirus disease (“COVID-19”) was initially reported, and in March 2020, the World Health Organization characterized COVID-19 as a pandemic. COVID-19 has had a widespread and detrimental effect on the global economy as a result of the continued increase in the number of cases and affected countries and actions by public health and governmental authorities, businesses, other organizations, and individuals to address the outbreak, including travel bans and restrictions, quarantines, shelter in place, stay at home or total lock-down orders and business limitations and shutdowns. The ultimate impact of the COVID-19 pandemic on our business is unknown and will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the duration and severity of the COVID-19 pandemic and any additional preventative and protective actions that governments may direct. Management believes the capital markets have been negatively impacted by COVID-19, which negatively impacts the Company’s ability to consummate a merger transaction. WATERSIDE CAPITAL CORPORATION NOTES TO UNAUDITED FINANCIAL STATEMENTS December 31, 2021 |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES Significant Accounting Policies There have been no material changes in the Company’s significant accounting policies to those previously disclosed in the Company’s June 30, 2021 financial statements included in its 2021 Annual Report on Form 10-K. Fiscal Year-End The Company elected June 30 th Use of Estimates and Assumptions and Critical Accounting Estimates and Assumptions The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. These significant accounting estimates or assumptions bear the risk of change due to the fact that there are uncertainties attached to these estimates or assumptions, and certain estimates or assumptions are difficult to measure or value. Management bases its estimates on historical experience and on various assumptions that are believed to be reasonable in relation to the financial statements taken as a whole under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Management regularly evaluates the key factors and assumptions used to develop the estimates utilizing currently available information, changes in facts and circumstances, historical experience, and reasonable assumptions. After such evaluations, if deemed appropriate, those estimates are adjusted accordingly. Actual results could differ from those estimates. Convertible Financial Instruments The Company bifurcates conversion options from their host instruments and accounts for them as free-standing derivative financial instruments if certain criteria are met. The criteria include circumstances in which (a) the economic characteristics and risks of the embedded derivative instrument are not clearly and closely related to the economic characteristics and risks of the host contract, (b) the hybrid instrument that embodies both the embedded derivative instrument and the host contract is not re-measured at fair value under otherwise applicable generally accepted accounting principles with changes in fair value reported in earnings as they occur and (c) a separate instrument with the same terms as the embedded derivative instrument would be considered a derivative instrument. An exception to this rule is when the host instrument is deemed to be conventional, as that term is described under applicable GAAP. When the Company has determined that the embedded conversion options should not be bifurcated from their host instruments, discounts are recorded for the intrinsic value of conversion options embedded in the instruments based upon the differences between the fair value of the underlying common stock at the commitment date of the transaction and the effective conversion price embedded in the instrument. WATERSIDE CAPITAL CORPORATION NOTES TO UNAUDITED FINANCIAL STATEMENTS December 31, 2021 Beneficial conversion feature Related Parties The Company follows subtopic 850-10 of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) for the identification of related parties and disclosure of related party transactions. The financial statements shall include disclosures of material related party transactions, other than compensation arrangements, expense allowances, and other similar items in the ordinary course of business. The disclosures shall include: (a) the nature of the relationship(s) involved; (b) a description of the transactions, including transactions to which no amounts or nominal amounts were ascribed, for each of the periods for which income statements are presented, and such other information deemed necessary to an understanding of the effects of the transactions on the financial statements; (c) the dollar amounts of transactions for each of the periods for which income statements are presented and the effects of any change in the method of establishing the terms from that used in the preceding period; and, (d) amounts due from or to related parties as of the date of each balance sheet presented and, if not otherwise apparent, the terms and manner of settlement. Commitments and Contingencies The Company follows ASC 450-20 to report accounting for contingencies. Certain conditions may exist as of the date the financial statements are issued, which may result in a loss to the Company, but which will only be resolved when one or more future events occur or fail to occur. Management assesses such contingent liabilities, and such assessment inherently involves an exercise of judgment. In assessing loss contingencies related to legal proceedings that are pending against the Company or un-asserted claims that may result in such proceedings, management evaluates the perceived merits of any legal proceedings or un-asserted claims as well as the perceived merits of the amount of relief sought or expected to be sought therein. WATERSIDE CAPITAL CORPORATION NOTES TO UNAUDITED FINANCIAL STATEMENTS December 31, 2021 If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability would be accrued in the Company’s financial statements. If the assessment indicates that a potentially material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, and an estimate of the range of possible losses, if determinable and material, would be disclosed. Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the guarantees would be disclosed. Deferred Tax Assets and Income Taxes Provision The Company follows the provisions of ASC 740-10-25-13, which addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under ASC 740-10-25-13, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent (50%) The estimated future tax effects of temporary differences between the tax basis of assets and liabilities are reported in the accompanying balance sheets, as well as tax credit carry-backs and carry-forwards. The Company periodically reviews the recoverability of deferred tax assets recorded on its balance sheets and provides valuation allowances as management deems necessary. Management makes judgments as to the interpretation of the tax laws that might be challenged upon an audit and cause changes to previous estimates of tax liability. In addition, the Company operates within multiple taxing jurisdictions and is subject to audit in these jurisdictions. In management’s opinion, adequate provisions for income taxes have been made for all years. If actual taxable income by tax jurisdiction varies from estimates, additional allowances or reversals of reserves may be necessary. Tax years that remain subject to examination by major tax jurisdictions are generally the prior three (3) years for federal purposes, and the prior four (4) years for state purposes; however, as a result of the Company’s operating losses, all tax years remain subject to examination by tax authorities Net Loss Per Common Share The Company computes net income or loss per share in accordance with ASC 260 Earnings Per Share. Under the provisions of the Earnings per Share Topic ASC, basic net loss per share is computed by dividing the net loss available to common stockholders for the period by the weighted average number of shares of common stock outstanding during the period. The calculation of diluted net loss per share gives effect to common stock equivalents; however, potential common shares are excluded if their effect is anti-dilutive. Recently Issued Accounting Pronouncements From time to time, new accounting pronouncements are issued by the FASB or other standard-setting bodies that are adopted by the Company as of the specified effective date. Unless otherwise discussed, we believe that the impact of recently issued standards that are not yet effective will not have a material impact on our financial position or results of operations upon adoption. WATERSIDE CAPITAL CORPORATION NOTES TO UNAUDITED FINANCIAL STATEMENTS December 31, 2021 |
NOTES PAYABLE _ RELATED PARTIES
NOTES PAYABLE – RELATED PARTIES | 6 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
NOTES PAYABLE – RELATED PARTIES | NOTE 3 – NOTES PAYABLE – RELATED PARTIES Roran Obligations On September 19, 2017, the Company entered into a Convertible Loan Agreement with Roran (the “Loan Agreement”). Pursuant to the Loan Agreement, Roran agreed to loan the Company an amount not to exceed a total of $150,000 in principal over 18 months September 19, 2019 12 60 116,800 250,000 June 19, 2020 124,500 25,500 150,000 4,166,666 0.036 104,838 19,988 149,838 During the six months ended December 31, 2021, Roran made non-interest bearing, unsecured, short-term cash advances to the Company totaling $ 18,367 On September 2, 2021, in conjunction with the SPA, Roran agreed to forgive all obligations due to Roran by the Company totaling $ 207,644 SCHEDULE OF AMOUNTS OWNED TO RELATED PARTIES Debts forgiven by Roran on September 2, 2021 Convertible note payable – related party $ 149,838 Interest on convertible note payable – related party 39,439 Advance from related party 18,367 Forgiveness of convertible note payable, accrued interest and advances – related party $ 207,644 As a result of Roran agreeing to forgive all obligations, as of December 31, 2021, no obligations are due to Roran. Demand Promissory Note On October 18, 2021, the Company issued a Promissory Note in the principal amount of $ 100,000 0.01% WATERSIDE CAPITAL CORPORATION NOTES TO UNAUDITED FINANCIAL STATEMENTS December 31, 2021 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 4 - RELATED PARTY TRANSACTIONS The following individuals and entities have been identified as related parties based on their family affiliation with our former CEO and former Chairman of the Board: Yitzhak Zelmanovitch Roran Capital LLC The following amounts were owed to related parties affiliated with the former CEO and former Chairman of the Board, at the dates indicated: SCHEDULE OF CONVERTIBLE DEBTS December 31, 2021 June 30, 2021 Convertible Note Payable (See Note 3) $ $ 149,838 Interest on Convertible Note Payable - 36,441 $ - $ 186,279 |
SHAREHOLDER DEFICIT
SHAREHOLDER DEFICIT | 6 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
SHAREHOLDER DEFICIT | NOTE 5 – SHAREHOLDER DEFICIT On September 2, 2021, the Company entered into a Stock Purchase Agreement (the “SPA”) by and between (i) the Company (ii) Ryan Schadel (“Buyer”) and (iii) Roran Capital LLC (“Roran”). Roran agreed to sell to the Buyer 4,247,666 385,000 207,644 207,644 On December 15, 2021, the Company filed with the Nevada Secretary of State amended and restated articles of incorporation. The amended and restated articles had the effect of (i) increasing the Company’s authorized common stock to 100 20 0.0001 Common stock and additional paid-in capital for all periods presented in these interim unaudited financial statements have been adjusted retroactively to reflect the reduction in par value. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 6 – SUBSEQUENT EVENTS The Company has evaluated all events that occurred after the balance sheet date through the date of the filing of this Quarterly Report on Form 10-Q to determine if they must be reported, and there are no subsequent events to be reported. |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Fiscal Year-End | Fiscal Year-End The Company elected June 30 th |
Use of Estimates and Assumptions and Critical Accounting Estimates and Assumptions | Use of Estimates and Assumptions and Critical Accounting Estimates and Assumptions The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. These significant accounting estimates or assumptions bear the risk of change due to the fact that there are uncertainties attached to these estimates or assumptions, and certain estimates or assumptions are difficult to measure or value. Management bases its estimates on historical experience and on various assumptions that are believed to be reasonable in relation to the financial statements taken as a whole under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Management regularly evaluates the key factors and assumptions used to develop the estimates utilizing currently available information, changes in facts and circumstances, historical experience, and reasonable assumptions. After such evaluations, if deemed appropriate, those estimates are adjusted accordingly. Actual results could differ from those estimates. |
Convertible Financial Instruments | Convertible Financial Instruments The Company bifurcates conversion options from their host instruments and accounts for them as free-standing derivative financial instruments if certain criteria are met. The criteria include circumstances in which (a) the economic characteristics and risks of the embedded derivative instrument are not clearly and closely related to the economic characteristics and risks of the host contract, (b) the hybrid instrument that embodies both the embedded derivative instrument and the host contract is not re-measured at fair value under otherwise applicable generally accepted accounting principles with changes in fair value reported in earnings as they occur and (c) a separate instrument with the same terms as the embedded derivative instrument would be considered a derivative instrument. An exception to this rule is when the host instrument is deemed to be conventional, as that term is described under applicable GAAP. When the Company has determined that the embedded conversion options should not be bifurcated from their host instruments, discounts are recorded for the intrinsic value of conversion options embedded in the instruments based upon the differences between the fair value of the underlying common stock at the commitment date of the transaction and the effective conversion price embedded in the instrument. WATERSIDE CAPITAL CORPORATION NOTES TO UNAUDITED FINANCIAL STATEMENTS December 31, 2021 Beneficial conversion feature |
Related Parties | Related Parties The Company follows subtopic 850-10 of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) for the identification of related parties and disclosure of related party transactions. The financial statements shall include disclosures of material related party transactions, other than compensation arrangements, expense allowances, and other similar items in the ordinary course of business. The disclosures shall include: (a) the nature of the relationship(s) involved; (b) a description of the transactions, including transactions to which no amounts or nominal amounts were ascribed, for each of the periods for which income statements are presented, and such other information deemed necessary to an understanding of the effects of the transactions on the financial statements; (c) the dollar amounts of transactions for each of the periods for which income statements are presented and the effects of any change in the method of establishing the terms from that used in the preceding period; and, (d) amounts due from or to related parties as of the date of each balance sheet presented and, if not otherwise apparent, the terms and manner of settlement. |
Commitments and Contingencies | Commitments and Contingencies The Company follows ASC 450-20 to report accounting for contingencies. Certain conditions may exist as of the date the financial statements are issued, which may result in a loss to the Company, but which will only be resolved when one or more future events occur or fail to occur. Management assesses such contingent liabilities, and such assessment inherently involves an exercise of judgment. In assessing loss contingencies related to legal proceedings that are pending against the Company or un-asserted claims that may result in such proceedings, management evaluates the perceived merits of any legal proceedings or un-asserted claims as well as the perceived merits of the amount of relief sought or expected to be sought therein. WATERSIDE CAPITAL CORPORATION NOTES TO UNAUDITED FINANCIAL STATEMENTS December 31, 2021 If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability would be accrued in the Company’s financial statements. If the assessment indicates that a potentially material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, and an estimate of the range of possible losses, if determinable and material, would be disclosed. Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the guarantees would be disclosed. |
Deferred Tax Assets and Income Taxes Provision | Deferred Tax Assets and Income Taxes Provision The Company follows the provisions of ASC 740-10-25-13, which addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under ASC 740-10-25-13, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent (50%) The estimated future tax effects of temporary differences between the tax basis of assets and liabilities are reported in the accompanying balance sheets, as well as tax credit carry-backs and carry-forwards. The Company periodically reviews the recoverability of deferred tax assets recorded on its balance sheets and provides valuation allowances as management deems necessary. Management makes judgments as to the interpretation of the tax laws that might be challenged upon an audit and cause changes to previous estimates of tax liability. In addition, the Company operates within multiple taxing jurisdictions and is subject to audit in these jurisdictions. In management’s opinion, adequate provisions for income taxes have been made for all years. If actual taxable income by tax jurisdiction varies from estimates, additional allowances or reversals of reserves may be necessary. Tax years that remain subject to examination by major tax jurisdictions are generally the prior three (3) years for federal purposes, and the prior four (4) years for state purposes; however, as a result of the Company’s operating losses, all tax years remain subject to examination by tax authorities |
Net Loss Per Common Share | Net Loss Per Common Share The Company computes net income or loss per share in accordance with ASC 260 Earnings Per Share. Under the provisions of the Earnings per Share Topic ASC, basic net loss per share is computed by dividing the net loss available to common stockholders for the period by the weighted average number of shares of common stock outstanding during the period. The calculation of diluted net loss per share gives effect to common stock equivalents; however, potential common shares are excluded if their effect is anti-dilutive. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements From time to time, new accounting pronouncements are issued by the FASB or other standard-setting bodies that are adopted by the Company as of the specified effective date. Unless otherwise discussed, we believe that the impact of recently issued standards that are not yet effective will not have a material impact on our financial position or results of operations upon adoption. |
NOTES PAYABLE _ RELATED PARTI_2
NOTES PAYABLE – RELATED PARTIES (Tables) | 6 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
SCHEDULE OF AMOUNTS OWNED TO RELATED PARTIES | SCHEDULE OF AMOUNTS OWNED TO RELATED PARTIES Debts forgiven by Roran on September 2, 2021 Convertible note payable – related party $ 149,838 Interest on convertible note payable – related party 39,439 Advance from related party 18,367 Forgiveness of convertible note payable, accrued interest and advances – related party $ 207,644 |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 6 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
SCHEDULE OF CONVERTIBLE DEBTS | SCHEDULE OF CONVERTIBLE DEBTS December 31, 2021 June 30, 2021 Convertible Note Payable (See Note 3) $ $ 149,838 Interest on Convertible Note Payable - 36,441 $ - $ 186,279 |
ORGANIZATION AND OPERATIONS (De
ORGANIZATION AND OPERATIONS (Details Narrative) - USD ($) | Sep. 02, 2021 | Sep. 02, 2021 | May 28, 2014 | Sep. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 15, 2021 | Oct. 18, 2021 | Jun. 30, 2021 | Sep. 30, 2019 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||
Forgiveness of convertible note payable accrued interest and advances related party | $ 207,644 | $ 207,644 | $ 207,644 | |||||||
Percentage of stock issued | 69.70% | 69.70% | ||||||||
Common stock, shares authorized | 100,000,000 | 100,000,000 | 100,000,000 | |||||||
Preferred stock, shares authorized | 20,000,000 | 20,000,000 | 20,000,000 | |||||||
Preferred stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||||
Common stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||||
Debt instrument face value | $ 116,800 | |||||||||
Promissory Note [Member] | ||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||
Debt instrument face value | $ 100,000 | |||||||||
Stock Purchase Agreement [Member] | ||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||
Common stock shares acquired | 4,247,666 | |||||||||
Stock Purchase Agreement [Member] | Roran Capital LLC [Member] | Ryan Schadel [Member] | ||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||
Number of Shares Acquired. | 4,247,666 | 4,247,666 | ||||||||
Purchase Price of Shares Acquired. | $ 385,000 | $ 385,000 | ||||||||
Small Business Administration [Member] | ||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||
Litigation Settlement, Expense | $ 11,770,722 |
SIGNIFICANT ACCOUNTING POLICI_3
SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) | 6 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Income tax likelihood of being realized upon ultimate settlement | fifty percent (50%) |
Income tax examination, description | Tax years that remain subject to examination by major tax jurisdictions are generally the prior three (3) years for federal purposes, and the prior four (4) years for state purposes; however, as a result of the Company’s operating losses, all tax years remain subject to examination by tax authorities |
SCHEDULE OF AMOUNTS OWNED TO RE
SCHEDULE OF AMOUNTS OWNED TO RELATED PARTIES (Details) | Sep. 02, 2021USD ($) |
Extinguishment of Debt [Line Items] | |
Forgiveness of convertible note payable, accrued interest and advances - related party | $ 207,644 |
Convertible Note Payable [Member] | |
Extinguishment of Debt [Line Items] | |
Forgiveness of convertible note payable, accrued interest and advances - related party | 149,838 |
Interest on Convertible Note Payable [Member] | |
Extinguishment of Debt [Line Items] | |
Forgiveness of convertible note payable, accrued interest and advances - related party | 39,439 |
Advance from Related Party [Member] | |
Extinguishment of Debt [Line Items] | |
Forgiveness of convertible note payable, accrued interest and advances - related party | $ 18,367 |
NOTES PAYABLE _ RELATED PARTI_3
NOTES PAYABLE – RELATED PARTIES (Details Narrative) - USD ($) | Sep. 02, 2021 | Jun. 08, 2020 | Dec. 13, 2019 | Jun. 17, 2019 | Sep. 19, 2017 | Dec. 31, 2021 | Dec. 31, 2020 | Oct. 18, 2021 | Jun. 30, 2021 | Sep. 30, 2019 |
Short-term Debt [Line Items] | ||||||||||
Debt instrument face amount | $ 116,800 | |||||||||
Convertible note payable | $ 149,838 | |||||||||
Proceeds From Related PartyDebt | 18,367 | |||||||||
Adjustment toAdditional paid in capital forgiveness amount | 207,644 | |||||||||
Promissory Note [Member] | ||||||||||
Short-term Debt [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.01% | |||||||||
Debt instrument face amount | $ 100,000 | |||||||||
Roran Capital LLC [Member] | ||||||||||
Short-term Debt [Line Items] | ||||||||||
Proceeds From Related PartyDebt | $ 18,367 | |||||||||
Adjustment toAdditional paid in capital forgiveness amount | $ 207,644 | |||||||||
Convertible Loan Agreement [Member] | ||||||||||
Short-term Debt [Line Items] | ||||||||||
Debt maturity term description | Pursuant to the Loan Agreement, Roran agreed to loan the Company an amount not to exceed a total of $150,000 in principal over 18 months | |||||||||
Convertible Loan Agreement [Member] | Roran Capital LLC [Member] | ||||||||||
Short-term Debt [Line Items] | ||||||||||
Debt maturity date | Jun. 19, 2020 | Sep. 19, 2019 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 12.00% | |||||||||
Debt instruments conversion price, percentage | 60.00% | |||||||||
Debt instrument face amount | $ 124,500 | $ 250,000 | ||||||||
Accrue and unpaid interest | 25,500 | |||||||||
Conversion common stock value | $ 150,000 | |||||||||
Conversion common stock shares | 4,166,666 | |||||||||
Conversion price per share | $ 0.036 | |||||||||
Loan Agreement And Promissory Note [Member] | Roran Capital LLC [Member] | ||||||||||
Short-term Debt [Line Items] | ||||||||||
Debt instrument face amount | $ 104,838 | |||||||||
Accrue and unpaid interest | $ 19,988 |
SCHEDULE OF CONVERTIBLE DEBTS (
SCHEDULE OF CONVERTIBLE DEBTS (Details) - USD ($) | Dec. 31, 2021 | Jun. 30, 2021 |
Related Party Transactions [Abstract] | ||
Convertible Note Payable (See Note 3) | $ 149,838 | |
Interest on Convertible Note Payable | $ 36,441 |
SHAREHOLDER DEFICIT (Details Na
SHAREHOLDER DEFICIT (Details Narrative) - USD ($) | Sep. 02, 2021 | Sep. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 15, 2021 | Jun. 30, 2021 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Forgiveness Of Convertible NotePayable Accrued Interest And Advances Related Party | $ 207,644 | $ 207,644 | $ 207,644 | |||
Forgiveness of convertible note payable recorded as additional paid in capital | $ 207,644 | |||||
Common stock, shares authorized | 100,000,000 | 100,000,000 | 100,000,000 | |||
Preferred stock, shares authorized | 20,000,000 | 20,000,000 | 20,000,000 | |||
Preferred stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||
Common stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||
Stock Purchase Agreement [Member] | Roran Capital LLC [Member] | Ryan Schadel [Member] | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Number of shares purchased | 4,247,666 | |||||
Purchase Price of Shares Acquired | $ 385,000 |