Waterside Capital Corporation closed a private placement of convertible promissory note for gross proceeds of $100,000 on May 6, 2022. The transaction included participation from Ryan Schadel, Chief Executive Officer, sole director and majority stockholder of the company. The note bears interest at the rate of 3.25% per annum and matures on May 6, 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 investor has the right from time to time, and at any time following May 6, 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.