UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Item 1.01. Entry into a Material Definitive Agreement.
On March 10, 2022, Waterside Capital Corporation (the “Company”) issued to Ryan Schadel, Chief Executive Officer, sole director and majority stockholder of the Company, a convertible promissory note in the aggregate principal amount of $59,986.22 (the “Note”).
The Note bears interest at a rate of 3.25% per annum and matures on March 10, 2027. Any amount of principal or interest on the Note which is not paid when due will bear interest at a rate of 12% per annum. The Company may prepay all or any portion of the Note at any time without penalty.
The Buyer has the right from time to time, and at any time following March 10, 2022 and ending on the full repayment of all indebtedness to convert all or any part of the indebtedness into common stock subject to the terms of the Note at a conversion price of $0.50, subject to adjustment as set forth in the Note.
The foregoing description of the Note does not purport to be complete and is qualified in its entirety by reference to the Note, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and which is incorporated herein by reference.
Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information provided in Item 1.01 above regarding the Note is incorporated by reference into this Item 2.03.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit No. | Description | |
| 10.1 | Convertible Promissory Note, dated March 10, 2022, issued by the registrant in favor of Ryan Schadel. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Waterside Capital Corporation | ||
| Date: March 11, 2022 | By: | /s/ Ryan Schadel |
| Ryan Schadel | ||
| Chief Executive Officer | ||