Annual Report (unit Investment Trust) (nsar-u)
December 07 2017 - 5:11PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-SAR
SEMI-ANNUAL REPORT
FOR REGISTERED INVESTMENT COMPANIES
Report for six month period ending:
or fiscal year ending: 06/30/2015 (b)
Is this a transition report? (Y/N) N
Is this an amendment to a previous filing? (Y/N) N
Those items or sub-items with a box "[X]" after the item number should be
completed only if the answer has changed from the previous filing on this form.
1. A. Registrant Name: Waterside Capital Corporation
B. File Number: 811-8387
C. Telephone Number: 212-686-1515
2. A. Street: 140 West 31st Street, 2nd Floor
B. City: New York C. State: NY D. Zip Code: 10001 Zip Ext:
E. Foreign Country: Foreign Postal Code:
3. Is this the first filing on this form by Registrant? (Y/N) N
4. Is this the last filing on this form by Registrant? (Y/N) N
5. Is Registrant a small business investment company (SBIC)? (Y/N) Y
[If answer is "Y" (Yes), complete only items 89 through 110.]
6. Is Registrant a unit investment trust (UIT)? (Y/N) N
[If answer is "Y" (Yes) complete only items 111 through 132.]
7. A. Is Registrant a series or multiple portfolio company? (Y/N) N
[If answer is "N" (No), go to item 8.]
B. How many separate series or portfolios did Registrant have at the end of
the period? _____________________
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For period ending 06/30/2015 If filing more than one
File number 811-8387 Page 37, "X" Box
SMALL BUSINESS INVESTMENT COMPANIES
INVESTMENT ADVISER
89. A. [X] Adviser Name (If any):_None_______________________________________
B. [X] File Number: 801- __________
C. [X] City: _____________ State: _________ Zip Code: ____ Zip Ext.:_____
[X] Foreign Country: ______________ Foreign Postal Code: _____________
89. A. [X] Adviser Name (If any):____________________________________________
B. [X] File Number: 801- __________
C. [X] City: _____________ State: _________ Zip Code: ____ Zip Ext.:_____
[X] Foreign Country: ______________ Foreign Postal Code: _____________
TRANSFER AGENT
90. A. [X] Transfer Agent Name (If any): Computershare_______________________
B. [X] File Number: __________ - __________
C. [X] City: _Canton______ State: _MA_____ Zip Code: 02021 Zip Ext.:_____
[X] Foreign Country: ______________ Foreign Postal Code: _____________
90. A. [X] Transfer Agent Name (If any):_____________________________________
B. [X] File Number: __________ - __________
C. [X] City: _____________ State: _________ Zip Code: ____ Zip Ext.:_____
[X] Foreign Country: ______________ Foreign Postal Code: _____________
INDEPENDENT PUBLIC ACCOUNTANT
91. A. [X] Accountant Name:__________________________________________________
B. [X] City: _____________ State: _________ Zip Code: ____ Zip Ext.:_____
C. [X] Foreign Country: ______________ Foreign Postal Code: _____________
91. A. [X] Accountant Name:__Deanna Jones, CPA_______________________________
B. [X] City: _Hazlet______ State: _NJ______ Zip Code: 07730 Zip Ext.:_____
C. [X] Foreign Country: ______________ Foreign Postal Code: _____________
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For period ending 06/30/2015 If filing more than one
File number 811-8387 Page 38, "X" Box
CUSTODIAN
92. A. [X] Custodian: _None__________________________________________________
B. [X] City: __________ State: ________ Zip Code: ________ Zip Ext:______
C. [X] Foreign Country: ______________ Foreign Postal Code: _____________
D. [X] Mark one of the following with an "X":
TYPE OF CUSTODY
Member Nat'l Foreign Insurance Co.
Bank Sec. Exchg. Self Custodian Sponsor
Sec. 17(f)(1) Rule 17f-1 Rule 17f-2 Rule I7f-5 Rule 26a-2 Other
------------- ------------ ---------- ----------- ------------- -----
NOTE: If self-custody, give name of safekeeping depository and location of
assets in sub-items 92A and 92B.
E. [X] Does Registrant's custodian maintain some or all of
registrant's securities in a central depository or
book-entry system pursuant to Rule 17f-4? (Y/N)___________ _____
Y/N
93. [X] Does Registrant's adviser(s) have advisory clients other than
investment companies? (Y/N)_N/A________________________________ _____
Y/N
94. Family of investment companies information:
A. [X] Is Registrant part of a family of investment companies?
(Y/N)__N_________________________________________________ _____
Y/N
B. [X] If "Y" (Yes) state the number of registered management
investment companies in the family:_______________________ _____
(NOTE: count as a separate company each series of a series
company and each portfolio of a multiple portfolio
company; exclude all series of unit investment trusts
from this number.)
C. [X] Identify the family using 10 letters:_____________________
(NOTE: In filing this form, use this identification consistently
for all investment companies in the family including any
unit investment trusts. This designation is for purposes
of this form only.)
D. [X] Is Registrant a wholly-owned subsidiary of a business
development company ("BDC")? (Y/N)__N____________________ _____
Y/N
E. [X] If "Y" (Yes), identify the BDC as follows:
BDC name:
File Number: 2- or 33-
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For period ending 06/30/2015 If filing more than one
File number 811-8387 Page 39, "X" box: [_]
95. Sales, repurchases, and redemptions of Registrant's securities during
the period: __NONE__________.
Net
Consideration
Number of Shares Received
or Principal or Paid
Amount of Debt ($000's
Class of Security ($000's omitted) omitted)
----------------- ---------------- -------------
Common Stock:
A. [X] Sales _______________ $___________
B. [X] Repurchases _______________ $___________
Preferred Stock:
C. [X] Sales _______________ $___________
D. [X] Repurchases and redemptions _______________ $___________
Debt Securities:
E. [X] Sales $_______________ $___________
F. [X] Repurchases and redemptions $_______________ $___________
96. Securities of Registrant registered on a National Securities Exchange or
listed on NASDAQ:
CUSIP or Ticker
Title of each class of securities NASDAQ No. Symbol
--------------------------------- ---------- ------
A. [X] _Common Stock____________________ _941872103______ _WSCC_______
B. [X] _________________________________ ________________ ____________
C. [X] _________________________________ ________________ ____________
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For period ending 06/30/2015 If filing more than one
File number 811-8387 Page 40, "X" box: [_]
FINANCIAL INFORMATION
97. A. How many months do the answers to items 97 and 98 cover? __12__ Months
For period
covered by
this form
INCOME ----------
B. Net interest income ________________________________________ $__116,702
C. Net dividend income ________________________________________ $_________
D. Account maintenance fees ___________________________________ $_________
E. Net other income ___________________________________________ $_________
EXPENSES
F. Gross advisory fees ________________________________________ $_________
G. Gross administrator(s) fees ________________________________ $_________
(Negative answers allowed for 97H through 97S)
H. Salaries and other compensation ____________________________ $_________
I. Shareholder servicing agent fees ___________________________ $__118,666
J. Custodian fees _____________________________________________ $_________
K. Postage ____________________________________________________ $______411
L. Printing expenses __________________________________________ $_________
M. Directors' fees ____________________________________________ $_________
N. Registration fees __________________________________________ $_________
O. Taxes ______________________________________________________ $_________
P. Interest ___________________________________________________ $___22,230
Q. Bookkeeping fees paid to anyone performing this
service ____________________________________________________ $___70,337
R. Auditing fees ______________________________________________ $_________
S. Legal fees _________________________________________________ $___14,080
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For period ending 06/30/2015 If filing more than one
File number 811-8387 Page 41, "X" box: [X]
For period
covered by
this form
Expenses (Negative answers allowed on this screen for
97T through 97W and 97Z only) ----------
T. Marketing/distribution payments including payments
pursuant to a Rule 12b-l plan _________________________ $__________
U. Amortization of organization expenses _________________ $__________
V. Shareholder meeting expenses __________________________ $__________
W. Other expenses ________________________________________ $___115,650
X. Total expenses ________________________________________ $ __341,374
Y. Expense reimbursements ________________________________ $__________
Z. Net investment income _________________________________ $__________
AA. Realized capital gains ________________________________ $_____3,972
BB. Realized capital losses _______________________________ $__________
CC. 1. Net unrealized appreciation during the period ______ $__________
2. Unrealized loss on investments _____________________ $__________
DD. Total income dividends for which record date passed
during the period _____________________________________ $__________
EE. Total capital gains distributions for which record date
passed during the period ______________________________ $__________
98. Payments per share outstanding during the entire current
period:
A. Dividends from net investment income __________________ $__________**
NOTE: Show in fractions of a cent if so declared.
B. Distributions of capital gains ________________________ $__________**
C. Other distributions ___________________________________ $__________
NOTE: Show in fractions of a cent if so declared.
* Negative answer permitted in this field.
** Items 98A and 98B should be of the form mn.nnnn (where n = integer).
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For period ending 06/30/2015
File number 811-8387
QUESTION 97(W)
DESCRIPTION OF EXPENSES
ITEM AMOUNT
---- ------
Delivery & Messenger $1,139
Internet $236
Travel $3,357
Storage $1,726
Depreciation $131
Insurance $50,000
IT Systems Support $8,895
Administrative Services $4,619
Overhead Allocation $27,381
Bank Service Fees $549
Office Supplies $28
Miscellaneous Expenses $14,103
State Corporations Commissioner
Annual Filing Fees $2,019
Bar Date Notice $1,505
-------
Total Other Expenses: $115,650
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For period ending 06/30/2015 If filing more than one
File number 811-8387 Page 42, "X" box: [X]
As of the
end of
current
reporting
period
99. Assets, liabilities, shareholders' equity: ---------
A. Cash ______________________________________________________ $___214,808
B. Repurchase agreements _____________________________________ $__________
C. Short-term debt securities other than repurchase
agreements ________________________________________________ $__________
D. Long-term debt securities including convertible
debt ______________________________________________________ $_1,789,073
E. Preferred, convertible preferred and adjustable rate
preferred stock ___________________________________________ $_5,450,088
F. Common stock ______________________________________________ $____85,000
G. Options on equities _______________________________________ $__________
H. Options on all futures ____________________________________ $__________
I. Other investments _________________________________________ $___862,990
J. Receivables from portfolio instruments sold _______________ $__________
K. Receivables from affiliated persons _______________________ $__________
L. Other receivables _________________________________________ $____94,365
M. All other assets __________________________________________ $_2,756,069
N. Total assets ______________________________________________ $11,252,393
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For period ending 06/30/2015
File number 811-8387
QUESTION 99(M)
DESCRIPTION OF OTHER ASSETS
ITEM AMOUNT
---- ------
Fixed Assets $569
Loans $999,500
Warrants $1,667,000
Assets Acquired in Liquidation $85,000
Overhead Allocation Deposit $4,000
Total Other Assets: $2,756,069
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For period ending 06/30/2015 If filing more than one
File number 811-8387 Page 43, "X" box: [_]
As of the
end of
current
reporting
period
----------
O. Payables for portfolio instruments purchased ___________ $____147,128
P. Amounts owned to affiliated persons ____________________ $___________
Q. Senior long-term debt _(SBA)____________________________ $11,700,000
R. All other liabilities __________________________________ $_____45,922
S. Senior equity __________________________________________ $___________
T. Net assets of common shareholders ______________________ $ _(640,659)
U. Number of shares outstanding ___________________________ $__1,916,000
V. Net asset value per share (to nearest cent) ____________ $___________
W. Mark-to-market net asset value per share for money
market funds only (to 4 decimals) ______________________ $__________**
X. Total number of shareholder accounts ___________________ $________320
Y. Total value of assets in segregated accounts ___________ $___________
100. Monthly average net assets during current reporting period
($000's omitted) ___________________________________________ $___________
101. Market price per share at end of period ____________________ $________.00
* Net asset value per share must be of the form nnn.nn (where n = integer).
** Value must be of the form nnn.nnnn (where n = integer).
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For period ending 06/30/2015 If filing more than one
File number 811-8387 Page 44, "X" box: [X]
102. A. Is the Registrant filing any of the following
attachments with the current filing of Form N-SAR?
_____________________________________________________ ____Y____
Y/N
NOTE: If answer is "Y" (Yes), mark those items below
being filed as an attachment to this form ___________ _________
or incorporated by reference. Y/N
B. Matters submitted to a vote of security holders _____ ____N____
C. Policies with respect to security investments _______ ____N____
D. Legal proceedings ___________________________________ ____Y____
E. Changes in security for debt ________________________ ____N____
F. Defaults and arrears on senior securities ___________ ____N____
G. Changes in control of Registrant ____________________ ____N____
H. Terms of new or amended securities __________________ ____N____
I. Revaluation of assets or restatement of capital
share account _______________________________________ ____N____
J. Changes in Registrant's certifying accountant _______ ____N____
K. Changes in accounting principles and practices ______ ____N____
L. Mergers _____________________________________________ ____N____
M. Actions required to be reported pursuant to Rule
2a-7 ________________________________________________ ____N____
N. Transactions effected pursuant to Rule 10f-3 ________ ____N____
0. Information required to be filed pursuant to
existing exemptive orders ___________________________ ____N____
Attachment Information (Cont. on Screen 53)
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For period ending 06/30/2015
File number 811-8387
QUESTION 102(D)
LEGAL PROCEEDINGS
As disclosed in Waterside Capital Corporation's (the "Company") Form 8-K
filed on November 29, 2013, the United States Small Business Administration (the
"SBA") filed a complaint in the United States District Court for the Eastern
District of Virginia on November 20, 2013 seeking, among other things,
receivership for the Company and a judgment in the amount outstanding under the
Company's Loan Agreement with the SBA plus continuing interest (the
"Complaint"). Thereafter, the Company took steps to contest the Complaint.
As disclosed in the Company's Form 8-K filed on May 05, 2014, on April 29,
2014 the Board of Directors of the Company (the "Board") met to reconsider the
decision to contest the Complaint and also seek declaratory relief against the
SBA. In light of developments occurring since December of 2013, including
projections of its portfolio companies and also recent discussions with the SBA,
the Board determined, after consultation with and advice of its counsel, that it
was not currently in the best interests of the Company and its shareholders to
continue to contest the Complaint and also seek declaratory relief. The SBA was
informed of this determination. The Board also decided to consent to the
receivership process.
As disclosed in the Company's Form 8-K filed on June 03, 2014, on May 28,
2014, with the Company's consent, the court for the action filed by the SBA (the
"Court") entered a Consent Order and Judgment Dismissing Counterclaim,
Appointing Receiver, Granting Permanent Injunctive Relief and Granting Money
Judgment against the Company (the "Order"). The Order appointed the SBA receiver
of the Company for the purpose of marshaling and liquidating in an orderly
manner all of the Company's assets and entered judgment in favor of the United
States of America, on behalf of the SBA, against the Company in the amount of
$11,770,722.31. Such amount represents $11,700,000 in principal and $70,722.31
in accrued interest. The Court assumed jurisdiction over the Company and the SBA
was appointed receiver effective May 28, 2014.
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For period ending 06/30/2015 If filing more than one
File number 811-8387 Page 45, "X" box: [_]
Attachment Information (Cont. from Screen 52)
102. P. 1. Exhibits ______________________________________ ____N______
Y/N
2. Any information called for by instructions to
sub-item 102 P2 _______________________________ ____N______
Y/N
3. Any information called for by instructions to
sub-item 102 P3 _______________________________ ____N______
Y/N
103. [X] Does the Registrant have any wholly-owned investment
company subsidiaries whose operating & financial data
are consolidated with that of Registrant in this
report? (Y/N) ____________________________________ ____N_____
Y/N
[If answer is "N" (No), go to item 105]
104. [X] List the "811" numbers and names of Registrant's
wholly-owned investment company subsidiaries
consolidated in this report.
811 Numbers Subsidiary Name
----------- --------------------------------------------
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SIGNATURE PAGE
The following form of signature shall follow items 79, 85, 88, 104, 110 or
132, as appropriate.
This report is signed on behalf of the registrant (or depositor or trustee).
City of: New York State of: New York Date: December 07, 2017
Name of Registrant, Depositor, or Trustee: WATERSIDE CAPITAL CORPORATION
By: /s/ Zindel Zelmanovitch
-----------------------
ZINDEL ZELMANOVITCH,
Chief Executive Officer
SEC's Collection of Information
An agency may not conduct or sponsor, and a person is not required to respond
to, a collection of information unless it displays a currently valid control
number. Filing of this Form is mandatory. Section 30 of the Investment Company
Act of 1940 ("1940 Act") and the rules thereunder, and Sections 13 and 15(d) of
the Securities Exchange Act of 1934 require investment companies to file annual
and periodic reports with the Commission. The Commission has specified Form
N-SAR for reports for investment companies. The Commission staff uses the
information in performing inspections of investment companies, selectively
reviewing registration documents filed under the 1940 Act and the Securities Act
of 1933 and conducting studies and other types of analyses necessary to keep the
Commission's regulatory program for investment companies current in relation to
changing industry conditions. The information collected on Form N-SAR is
publicly available. Any member of the public may direct to the Commission any
comments concerning the accuracy of the burden estimate of this Form and any
suggestions for reducing the burden of the Form. This collection of information
has been reviewed by the Office of Management and Budget in accordance with the
clearance requirements of 44 U.S.C.(S)3507.
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