Metavesco (MVCO) 10-Q 11 Feb 22 2022 Q2 Quarterly report Financial data

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