Item 1.01. Entry into a Material Definitive Agreement.
On June 29, 2022, Metavesco, Inc. (formerly known as Waterside Capital
Corporation) (the "Company") issued to Ryan Schadel, Chief Executive Officer,
sole director and majority stockholder of the Company, a demand promissory note
in the aggregate principal amount of $40,000 (the "June 29 Note").
The June 29 Note bears interest at a rate of 0.01% per annum and matures on June
29, 2023. Any amount of principal or interest on the June 29 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 June 29 Note at any time without penalty.
The foregoing description of the June 29 Note does not purport to be complete
and is qualified in its entirety by reference to the June 29 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 June 29 Note is
incorporated by reference into this Item 2.03.
Item 8.01. Other Events.
As previously disclosed in the Current Report on Form 8-K filed on December 21,
2021 by the Company with the Securities and Exchange Commission on December 17,
2021, Ryan Schadel, the holder of 69.7% of the voting power of the Company's
issued and outstanding capital stock, acting by written consent, approved an
amendment to the Company's Amended and Restated Articles of Incorporation (the
"A&R Articles") that would have the effect of changing the Company's corporate
name from Waterside Capital Corporation to Metavesco, Inc. (the "Name Change").
The Name Change was also approved by the Company's board of directors on
December 17, 2021.
As previously disclosed in the Current Report on Form 8-K filed on May 24, 2022,
the Company filed a certificate of amendment (the "Certificate of Amendment") to
the A&R Articles in order to effect the Name Change for state law purposes;
however, at that time, the Name Change remained subject to clearance by the
Financial Industry Regulatory Authority ("FINRA") for SEC and trading purposes.
On June 3, 2022, following clearance of the Name Change by FINRA, the Company's
corporate name was changed from Waterside Capital Corporation to Metavesco, Inc.
On the same date, the Company's stock symbol was changed from WSCC to MVCO.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. Description
10.1 Demand Promissory Note, dated June 29, 2022, issued by the
registrant in favor of Ryan Schadel.
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document)
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