UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
WATERSIDE CAPITAL CORP.
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(Name of issuer)
COMMON STOCK
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(Title of class of securities)
811-08387
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(CUSIP number)
TIMOTHY J. STABOSZ, 1307 MONROE STREET, LAPORTE, IN 46350 (219) 324-5087
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(Name, address and telephone number of person authorized to receive notices and
communications)
MAY 10, 2010
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(Date of event which requires filing of this statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Sections 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check
the following box. [_]
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
CUSIP No. 811-08387
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1. Name of Reporting Person
TIMOTHY JOHN STABOSZ
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2. Check the Appropriate Box if a Member of a Group (See Instructions) (a) [_]
NOT APPLICABLE (b) [_]
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3. SEC Use Only
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4. Source of Funds (See Instructions) PF
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5. Check Box If Disclosure of Legal Proceedings Is Required Pursuant to
Items 2(d) or 2(e) [_]
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6. Citizenship or Place of Organization UNITED STATES
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Number of (7) Sole Voting Power 150,588
Shares ____________________________________________
Beneficially (8) Shared Voting Power 0
Owned by ____________________________________________
Each (9) Sole Dispositive Power 150,588
Reporting ____________________________________________
Person With (10) Shared Dispositive Power 0
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11. Aggregate Amount Beneficially Owned 150,588
by each Reporting Person
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12. Check if the Aggregate Amount in Row (11) Excludes [_]
Certain Shares
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13. Percent of Class Represented by Amount in Row (11) 7.9%
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14. Type of Reporting Person (See Instructions) IN
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ITEM 1. Security and Issuer
Common stock of Waterside Capital Corp. ("the company"), 3092 Brickhouse
Court, Virginia Beach, VA 23452.
ITEM 2. Identity and Background
The reporting person, Timothy J. Stabosz, 1307 Monroe Street, LaPorte, IN
46350, a natural person and United States citizen, is engaged as a private
investor. He has not been convicted in a criminal proceeding (excluding
traffic violations or other similar misdemeanors) in the last 5 years, and has
not been a party to any proceedings, or subject to any judgements or
enjoinments, related to violations of state or federal securities laws in his
lifetime.
ITEM 3. Source and Amount of Funds or Other Consideration
Personal funds in the aggregate amount of $44,940.41 have been used to
effect the purchases. No part of the purchase price represents borrowed funds.
ITEM 4. Purpose of Transaction
The reporting person has acquired the shares for investment purposes.
The reporting person may, from time to time and at any time, acquire
additional shares in the open market or otherwise, and reserves the right to
dispose of any or all of his shares in the open market or otherwise, at any
time and from time to time.
The reporting person has no plans or proposals which relate to, or could
result in, any matters referred to in subsections (a) through (j) of Item 4 of
Schedule 13D.
The reporting person is filing this 13D report late, owing to the fact
that he mistakenly believed that the company had deregistered under the
Exchange Act of 1934, and was no longer a reporting company. However, while
the company had announced on January 7, 2010 that it would be delisting from
Nasdaq, Nasdaq filed a Form 25 to complete the delisting on March 9, 2010, and
the delisting became effective on March 19,2010, the company never
deregistered, and the reporting person only realized on December 9, 2010 that
he was required to report his "over 5%" position, within 10 days of May 10,
2010, because Waterside is still a reporting company. This filing corrects
the omission.
ITEM 5. Interest in Securities of the Issuer
As of the close of business on December 10, 2010, the reporting person has
sole voting and dispositive power over 150,588 shares of Waterside Capital
Corp.'s common stock. According to the company's latest public filing, as of
October 15, 2010, there were 1,915,548 common shares outstanding. The
reporting person is therefore deemed to own 7.9% of the company's common stock.
Transactions effected by the respondent in the 60 days prior to the May 10,
2010 "trigger" date, through December 10, 2010, were performed in ordinary
brokerage transactions, and are indicated as follows:
03/16/10 sold 3962 shares @ $.51
04/12/10 bought 10,000 shares @ $.308
04/13/10 bought 15,201 shares @ $.201
04/15/10 bought 9799 shares @ $.201
04/23/10 bought 25,000 shares @ $.151
05/10/10 bought 25,000 shares @ $.111
05/12/10 bought 25,000 shares @ $.071
12/08/10 bought 5000 shares @ $.15
12/09/10 bought 10,000 shares @ $.101
ITEM 6. Contracts, Arrangements, Understandings or Relationships
with Respect to Securities of the Issuer
Not Applicable
ITEM 7. Material to be Filed as Exhibits
Not Applicable
SIGNATURES
After reasonable inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and correct.
Date 12/10/10
Signature Timothy J. Stabosz
Name/Title Timothy J. Stabosz, Private Investor