$MVCO

WATERSIDE CAPITAL CORP

CIK:0000924095|SEC Filings

Consolidated Statements of Operations - USD ($)	12 Months Ended
Consolidated Statements of Operations - USD ($)	Jun. 30, 2023	Jun. 30, 2022
Revenue
Total Revenue	$ 127,087	$ 82,617
Expense
Administrative expenses	313,539	164,669
Interest expense	97,432	12,761
Impairment of digital assets held	591,125	1,351,074
Impairment of goodwill	257,353
Total Expense	1,259,449	1,528,504
Other income
Other digital rewards	12,900	17,439
Realized gain on sale/ exchange of digital assets held	546,617	312,598
Total Other income (expense)	559,517	330,037
Net loss	$ (572,845)	$ (1,115,850)
Net loss per share - basic	$ (0.01)	$ (0.02)
Net loss per share - diluted	$ (0.01)	$ (0.02)
Weighted average number of common shares outstanding - basic	61,183,783	60,822,140
Weighted average number of common shares outstanding - diluted	61,183,783	60,822,140
Sales [Member]
Revenue
Total Revenue	$ 425
Liquidity Pool Fees [Member]
Revenue
Total Revenue	102,403	81,765
Mining Pool Fees [Member]
Revenue
Total Revenue	18,911
Staking Rewards [Member]
Revenue
Total Revenue	$ 5,348	$ 852

Consolidated Statements of Cash Flow - USD ($)	12 Months Ended
Consolidated Statements of Cash Flow - USD ($)	Jun. 30, 2023	Jun. 30, 2022
Cash Flows from Operating Activities:
Net loss	$ (572,845)	$ (1,115,850)
Adjustments to reconcile net loss to net cash used in operating activities
Amortization of intangible assets	597
Depreciation	10,143
Impairment of digital assets held	591,125	1,351,074
Realized gain on sales/ exchange digital assets held	(546,617)	(312,598)
Digital assets received as revenue and other rewards	(139,562)	(100,056)
Digital assets paid for expenses	46,557	17,751
Non-cash interest expense	88,422	12,761
Gain on settlement of debt	(55)
Impairment of goodwill	257,353
Forgiveness of interest - related party		2,997
Changes in operating assets and liabilities:
Increase in deposit	(359)
Increase in inventory	(2,585)
Increase (decrease) in prepaid	11,481	(13,847)
Increase in accounts payable and accrued liabilities	57,482	4,460
Net cash used in operating activities	(198,863)	(153,308)
Cash Flows from Investing Activities:
Purchase of digital assets held	(55,000)	(1,289,952)
Sale of digital assets held	232,206
Purchase of fixed assets	(4,664)
Purchase of website	(2,499)
Investment in Boring Brew LLC and Bored Coffee Lab LLC	(9,245)
Net cash provided by (used in) investing activities	160,798	(1,289,952)
Cash Flows from Financing Activities:
Advances from related party		18,367
Proceeds from issuance of promissory note payable	25,000	100,000
Proceeds from issuance of convertible notes payable - related party	50,000	240,000
Proceeds from issuance of convertible notes payable		20,000
Repayment of convertible notes payable - related party	(20,000)
Repayment of advances	(35,000)
Issuance of Series A Convertible Preferred Stock		1,100,000
Net cash provided by financing activities	20,000	1,478,367
Net change in cash and cash equivalents	(18,065)	35,107
Cash and cash equivalents, beginning of year	35,151	44
Cash and cash equivalents, end of year	17,086	35,151
Cash paid during period for:
Interest paid	9,010
Income taxes paid
Non-cash Investing and Financing Activities
Purchase of digital assets held with convertible promissory notes - related party		100,860
Purchase of digital assets held with other digital assets	6,941,826	10,244,898
Proceeds from sale of digital assets for other digital assets	7,292,387	10,244,898
Shares issued for website	18,000
Shares issued for investment in Boring Brew LLC and Bored Coffee Lab LLC	240,000
Shares to be issued in conjunction with the amendment of terms of promissory note - related party	9,000
Intrinsic value of embedded beneficial conversion feature on convertible note payable - related party	40,000	360,860
Equipment paid with digital assets	72,095
Warrants issued in conjunction with promissory note	7,916
Digital assets for payment of promissory note - related party	7,502
Forgiveness of convertible note payable, accrued interest and advances - related party		$ 207,644

Consolidated Balance Sheets - USD ($)	Jun. 30, 2023	Jun. 30, 2022
Current assets:
Cash and cash equivalents	$ 17,086	$ 35,151
Deposits	603
Inventory	7,788
Prepaid expenses	8,602	13,847
Total current assets	34,079	48,998
Digital assets held, net of impairment	194,229	434,642
Equipment, net	66,616
Intangible assets, net	41,402
Total assets	336,326	483,640
Current liabilities:
Accounts payable and accrued liabilities	58,160	26,549
Total current liabilities	222,289	126,549
Long-term liabilities
Promissory note, accrued interest (net of debt discount of $933 and $0, respectively)	25,170
Total long-term liabilities	107,636	12,761
Total liabilities	329,925	139,310
Stockholders’ Equity:
Preferred stock value
Common stock: $0.0001 par value; 100,000,000 shares authorized; 66,322,140 and 60,822,140 shares issued and outstanding at June 30, 2023 and June 30, 2022, respectively	6,632	6,082
Additional paid-in capital	19,609,816	19,384,450
Shares to be issued	9,000
Accumulated deficit	(19,619,047)	(19,046,202)
Total stockholders’ equity	6,401	344,330
Total liabilities and stockholders’ equity	336,326	483,640
Series A Convertible Preferred Stock [Member]
Stockholders’ Equity:
Preferred stock value
Related Party [Member]
Current liabilities:
Promissory notes - related parties, accrued interest (net of debt discount of $2,386 and $0, respectively)	164,129	100,000
Long-term liabilities
Convertible promissory notes	77,167	12,202
Nonrelated Party [Member]
Long-term liabilities
Convertible promissory notes	$ 5,299	$ 559