UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington D.C. 20549

 

FORM 10-Q

 

(Mark One)

 

x       QUARTERLY REPORT UNDER SECTION 13 OR 15 (d) OF THE SECURITIES

EXCHANGE ACT OF 1934

 

For the quarterly period ended May 31, 2021

 

¨     TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT

 

For the transition period from ______ to______

 

Commission File Number 001-15913

 

UNITED STATES BASKETBALL LEAGUE, INC.

(Exact Name of Registrant as Specified in Its Charter)

 

 

Delaware		06-1120072
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

 

 

8270 Woodland Center, Tampa, FL 33614

(Address of Principal Executive Offices)

 

 

(813) 769-3500

(Registrant’s Telephone Number, Including Area Code)

___________________________________________

(Former Name, Former Address and Former Fiscal Year, if Changed

Since Last Report)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock	USBL	OTC Pink

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ¨ No x

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ¨ No x

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

 

Large accelerated filer  ¨	Accelerated filer                 ¨
Non-accelerated filer    x	Smaller reporting company  x
Emerging Growth Company ¨

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes x No ¨

 

Indicate the number of shares outstanding of each of the issuer’s classes of common stock as of the latest practicable date. As of July 19, 2021, there were 6,827,502 shares of Common Stock, $0.01 par value per share, outstanding.

  

 

UNITED STATES BASKETBALL LEAGUE, INC.

 Form 10-Q

For the Quarterly Period Ended May 31, 2021

 

INDEX

 

 

PART I	Financial Information
Item 1.	Financial Statements (unaudited)	3
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	11
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	13
Item 4.	Controls and Procedures	13
PART II	Other Information
Item 1.	Legal Proceedings	13
Item 1A.	Risk Factors	13
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	13
Item 3.	Defaults Upon Senior Securities	13
Item 4.	Mine Safety Disclosures	13
Item 5.	Other Information	13
Item 6.	Exhibits	14
Signatures		14

  

 

 

PART I

FINANCIAL INFORMATION

 

Item 1.

Financial Statements.

 

Balance Sheets as of May 31, 2021 (unaudited) and February 28, 2021		4
Statements of Operations for the Three Months Ended May 31, 2021 and 2020 (unaudited)		5
Statements of Stockholders’ Deficit for the Three Months Ended May 31, 2021 and 2020 (unaudited)		6
Statements of Cash Flows for the Three Months Ended May 31, 2021 and 2020 (unaudited)		7
Notes to the Financial Statements (unaudited)		8

 

 

 

UNITED STATES BASKETBALL LEAGUE, INC. BALANCE SHEETS
			May 31, 2021				February 28, 2021
ASSETS			(unaudited)
Current Assets:
Cash		$	21			$	75
Cash in escrow account			234,352
Prepaid stock for services			92,708
Total Assets		$	327,081			$	75
LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current Liabilities:
Accounts payable and accrued expenses		$	19,025			$	271,158
Credit card obligations			-				5,127
Loan payable			3,581				-
Due to related parties			16,344				2,159,631
Total Current Liabilities			38,950				2,435,916
Total Liabilities			38,950				2,435,916
Stockholders' Deficit:
Preferred stock, $0.01 par value, 10,000,000 shares authorized; 1,105,679 shares issued and outstanding			11,057				11,057
Common stock, $0.01 par value, 100,000,000 shares authorized; 3,552,502 shares issued			35,525				35,525
Common stock to be issued  , 3,075,000 and 0 shares issued and outstanding, respectivley			399,250				-
Additional paid-in capital			5,023,225				2,679,855
Accumulated deficit			(5,138,472	)			(5,119,824	)
Treasury stock, at cost; 39,975 shares of common stock			(42,454	)			(42,454	)
Total Stockholders' Deficit			288,131				(2,435,841	)
Total Liabilities and Stockholders' Deficit		$	327,081			$	75

 

 The accompanying notes are an integral part of these unaudited financial statements. 

 

 

  

UNITED STATES BASKETBALL LEAGUE, INC. STATEMENTS OF OPERATIONS (Unaudited)
		For the Three Months Ended May 31,
		2021				2020
Operating Expenses:
Professional fees		$	12,025			$	2,000
General and administrative			25,370				4,391
Director compensation			48,000				-
Total operating expenses			85,395				6,391
Loss from Operations			(85,395	)			(6,391	)
Other Income
Gain on forgiveness of debt			66,747				-
Total other income			66,747				-
Net loss		$	(18,648	)		$	(6,391	)
Loss per Common Share:
Basic & Diluted		$	(0.00	)		$	(0.00	)
Weighted Average Number of Common Shares Outstanding:
Basic & Diluted			6,627,502				3,552,502

 

 

 The accompanying notes are an integral part of these unaudited financial statements.

 

 

 

UNITED STATES BASKETBALL LEAGUE, INC. STATEMENT OF STOCKHOLDERS’ DEFICIT FOR THE THREE MONTHS ENDED MAY 31, 2020 and 2021 (Unaudited)
		Common Stock								Preferred Stock								Additional				Accumulated				Treasury Stock
		Shares				Amount				Shares				Amount				Paid-in Capital				Deficit				Shares				Amount				Total
Balance, February 29, 2020			3,552,502			$	35,525				1,105,679			$	11,057			$	2,679,855			$	(5,093,327	)			39,975			$	(42,454	)		$	(2,409,344	)
Net Loss			—				—				—				—				—				(6,391	)			—				—				(6,391	)
Balance, May 31, 2020			3,552,502			$	35,525				1,105,679			$	11,057			$	2,679,855			$	(5,099,718	)			39,975			$	(42,454	)		$	(2,415,735	)

 

		Common Stock								Preferred Stock								Common Stock				Additional				Accumulated				Treasury Stock
		Shares				Amount				Shares				Amount				To be Issued				Paid-in Capital				Deficit				Shares				Amount				Total
Balance, February 28, 2021			3,552,502			$	35,525				1,105,679			$	11,057			$	—			$	2,679,855			$	(5,119,824	)			39,975			$	(42,454	)		$	(2,435,841	)
Common stock issued for services			—				—				—				—				111,250				—				—				—				—				111,250
Common stock issued for director services			—				—				—				—				48,000				—				—				—				—				48,000
Common stock sold for cash			—				—				—				—				240,000				—				—				—				—				240,000
Forgiveness of related party debt			—				—				—				—				—				2,343,370				—				—				—				2,343,370
Net Loss			—				—				—				—								—				(18,648	)			—				—				(18,648	)
Balance, May 31, 2021			3,552,502			$	35,525				1,105,679			$	11,057			$	399,250			$	2,5,023,225			$	(5,138,472	)			39,975			$	(42,454	)		$	288,131

 

 The accompanying notes are an integral part of these unaudited financial statements. 

 

 

UNITED STATES BASKETBALL LEAGUE, INC. STATEMENTS OF CASH FLOWS (Unaudited)
		For the Three Months Ended May 31,
		2021				2020
Cash Flows from Operating Activities:
Net loss		$	(18,648	)		$	(6,391	)
Adjustments to reconcile net loss to net cash
used in operating activities:
Gain on forgiveness of debt			(66,747	)			—
Common stock granted for services			66,542				—
Changes in operating assets and liabilities:
Accounts payable and accrued expenses			(33,424	)			6,297
Net cash used in operating activities			(52,277	)			(94	)
Cash Flows from Investing Activities			—				—
Cash Flows from Financing Activities:
Increase in due to related parties			42,994				—
Loans payable			3,581				—
Cash proceeds from sale of common stock			240,000				—
Net cash provided by financing activities			286,575				—
Net change in cash			234,298				(94	)
Cash, beginning of period			75				301
Cash, end of period		$	234,373			$	207
Supplemental disclosures of cash flow information:
Interest paid		$	—			$	—
Income tax paid		$	—			$	—

 

The accompanying notes are an integral part of these unaudited financial statements. 

 

 

 

UNITED STATES BASKETBALL LEAGUE, INC.

NOTES TO FINANCIAL STATEMENTS

MAY 31, 2021

(Unaudited)

 

 

NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS

 

United States Basketball League, Inc. (“USBL”) is a holding company currently evaluating and assessing new business opportunities. The Company was incorporated in Delaware on May 29, 1984 as a wholly owned subsidiary of Meisenheimer Capital, Inc. (“MCI”) for the purpose of developing and managing a professional basketball league, the United States Basketball League (the “League”). Since the inception of the League, USBL has primarily engaged in selling franchises and managing the League. From 1985 and up to the present time, USBL has sold a total of approximately forty active franchises (teams), a vast majority of which were terminated for non-payment of their respective franchise obligations. Seasons from 2008 through 2018, inclusive, have been cancelled.

 

On April 7, 2021, through a series of Stock Purchase Agreements (the “Purchase Agreements”), the majority owners of the Company, Richard C. Meisenheimer, Daniel T. Meisenheimer, III, James Meisenheimer, Meisenheimer Capital, Inc. and Spectrum Associates, Inc. (the “Sellers”) sold 2,704,007 common shares and 1,105,679 Series A Preferred Shares which it held to a new investor group. In addition, the new investor group invested an additional $ 240,000 and received 2,400,000 shares of restricted common stock. As a result of the sale of common and preferred stock by the Sellers, the Company experienced a change in control.

 

World Equity Markets acted in the capacity of a broker/dealer for the Purchase Agreements and was issued 125,000 shares of common stock for its services, and Verde Capital was issued 150,000 shares for Consulting Services. Effective April 7, 2021, the Board of Directors accepted the resignation of Daniel T. Meisenheimer, III as Chairman of the Board of Directors and President of the Company. Effective April 7, 2021, Saeb Jannoun was appointed to fill the vacancy following the resignation of Daniel T. Meisenheimer, III as Chairman of the Board of Directors and President of the Company. Mr. Michael Pruitt also joined the Board.

 

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Basis of Presentation

The accompanying unaudited financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission ("SEC"), and should be read in conjunction with the audited financial statements and notes thereto contained in the Company's latest Annual Report on Form 10-K filed with the SEC. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of operations for the full year. Notes to the financial statements which would substantially duplicate the disclosures contained in the audited financial statements for the most recent fiscal year, as reported in the Form 10-K for the fiscal year ended February 28, 2021, have been omitted.

 

Use of Estimates

The preparation of the unaudited financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of liabilities, and the disclosure of contingent liabilities at the date of the financial statements, and the reported amounts of expenses during the reporting periods. Management makes these estimates using the best information available at the time; however, actual results could differ materially from those estimates.

 

Recently issued accounting pronouncements

In November 2019, the FASB issued ASU 2019-10, Financial Instruments—Credit Losses (Topic 326), Derivative and Hedging (Topic 815, and Leases (Topic 841).  This new guidance will be effective for annual reporting periods beginning after December 15, 2019, including interim periods within those annual reporting periods. The adoption of ASU 2019-10 does not have a material effect on its financial statements.

 

The Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.

 

 

NOTE 3 – GOING CONCERN

 

The accompanying unaudited financial stat have been prepared assuming that the Company will continue as a going concern, which contemplates continuity of operations, realization of assets, and liquidation of liabilities in the normal course of business. As shown in the accompanying financial statements, the Company has an accumulated deficit of $5,138,472, liabilities of $38,950 and no source of revenue. Due to these conditions, it raises substantial doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustments relating to the recoverability and classification of asset carrying amounts or the amount and classification of liabilities that may result should the Company be unable to continue as a going concern.

 

NOTE 4 –ACCOUNTS PAYABLE AND ACCRUED EXPENSES

 

Accounts payable and accrued expenses consisted of:

		May 31, 2021				February 28, 2021
Legal and accounting services’ vendors		$	18,025			$	101,424
Transfer agent and EDGAR agent			1,000				8,660
Rent due Genvest, LLC (an entity controlled by the two officers of USBL)			—				144,000
Accrued interest on MCREH note payable to president of USBL			—				13,562
Security deposit due CADCOM (an entity controlled by the two officers of USBL)			—				2,725
Other			—				777
Total		$	19,025			$	271,158

 

NOTE 5 – DUE TO PRIOR RELATED PARTIES

 

Due to related parties consist of:

 

		May 31, 2021				February 28, 2021
USBL loans payable to Spectrum Associates, Inc. (“Spectrum”), a corporation controlled by the two officers of USBL, interest at 6%, due on demand		$	—			$	1,324,689
USBL loans payable to the two officers of USBL, interest at 6%, due on demand			—				569,317
USBL loans payable to Daniel T. Meisenheimer, Jr. Trust, a trust controlled by the two officers of USBL, non-interest bearing, due on demand			—				48,850
MCREH note payable to president of USBL, interest at 7%, due on demand			—				48,000
MCREH loan payable to Spectrum, non-interest bearing, due on demand			—				4,500
MCREH loan payable to president of USBL, non-interest bearing, due on demand			—				5,000
MCREH loan payable to Meisenheimer Capital, Inc., non-interest bearing, due on demand			—				159,275
Total		$	—			$	2,159,631

  

 

On April 7, 2021, as part of the purchase and sale agreement, the principals of MCI consisting of Daniel Meisenheimer III, Richard Meisenheimer and their affiliated entities have agreed to cancel previously issued and outstanding loans made to the Company.

 

Spectrum Associates agreed to cancel indebtedness in the amount of $1,318,789 and the principals (D. Meisenheimer III and R. Meisenheimer) and their other affiliates agreed to cancel indebtedness in the amount of $815,590.

 

As a result of the debt cancellation the Company recognized a gain on the forgiveness of debt of $66,747 and credited $2,335,493 to additional paid in capital.

 

NOTE 6 – RELATED PARTY TRANSACTIONS

 

During the three months ended May 31, 2021, Saeb Jannoun, CEO, advanced the Company $3,000 for general operating expense. The advance is non-interest bearing and due on demand.

 

During the three months ended May 31, 2021, EROP Enterprises LLC (“EROP”), a significant shareholder, advanced the Company $13,344 for general operating expense. The advance is non-interest bearing and due on demand.

 

On April 7, 2021, the Company issued 200,000 restricted shares of common stock each to two of its directors for services. The shares were valued at $0.12, the closing stock price on the date of grant, for total non-cash expense of $48,000. As of May 31, 2021, the shares have not yet been issued by the transfer agent and have been credited to and disclosed as common stock to be issued.

 

During the three months ended May 31, 2021, EROP purchased 1,475,000 shares of common stock for $147,500. As of May 31, 2021, the shares have not yet been issued by the transfer agent and have been credited to and disclosed as common stock to be issued.

 

NOTE 7 – LOAN PAYABLE

 

During the three months ended May 31, 2021, an individual, advanced the Company $3,581 for general operating expenses. The advance is non-interest bearing and due on demand.  

 

NOTE 8 – PREFERRED STOCK

 

On May 18, 2021, the Company increased its authorized shares of Preferred Stock to 10,000,000 shares.

 

Each share of preferred stock has five votes, is entitled to a 2% cumulative annual dividend, and is convertible at any time into one share of common stock. On May 18, 2021, the Company increased the authorized shares of Preferred from 2,000,000 to 10,000,000. There are 1,105,679 Series A Preferred outstanding. As of May 31, 2021, the Company has not declared any dividends on its preferred stock.

 

NOTE 9 – COMMON STOCK TRANSACTIONS

 

On April 29, 2021, the Company issued 125,000 shares of common stock to World Equity Markets who acted in the capacity of a broker/dealer for the Purchase Agreements (Note 1). The shares were valued at $0.71, the closing stock price on the date of grant, for total non-cash expense of $88,750. The expense is being amortized over the six month term of the service agreement with World Equity Markets. As of May 31, 2021, the Company recognized $14,792 of the expense. In addition, as of May 31, 2021, the shares have not yet been issued by the transfer agent and have been credited to and disclosed as common stock to be issued.

 

On April 6, 2021, the Company issued 150,000 shares of common stock to Verde Capital, LLC for consulting services. The shares were valued at $0.15, the closing stock price on the date of grant, for total non-cash expense of $22,500. The expense is being amortized over the one year term of the service agreement with Verde Capital, LLC. As of May 31, 2021, the Company recognized $3,750 of the expense. In addition, as of May 31, 2021, the shares have not yet been issued by the transfer agent and have been credited to and disclosed as common stock to be issued.

  

 

During the three months ended May 31, 2021, the Company sold 925,000 shares of common stock for total cash proceeds of $92,500. As of May 31, 2021, the shares have not yet been issued by the transfer agent and have been credited to and disclosed as common stock to be issued.

 

On May 18, 2021, the Company increased its authorized shares of Common Stock to 100,000,000 shares.

 

Refer to Note 6 for common stock issued to related parties.

 

NOTE 10 – SUBSEQUENT EVENTS

 

Subsequent to May 31, 2021, the Company’s transfer agent issued 3,075,000 shares that were disclosed as common stock to be issued as of May 31, 2021.

 

Subsequent to May 31, 2021, the Company granted 200,000 shares of common stock to EROP for services per the terms of a consulting agreement.

 

 

Item 2. Management’s Discussion and Analysis OF FINANCIAL CONDITION AND RESULTS of Operation.

  

Forward-looking Statements

 

There are “forward-looking statements” contained in this quarterly report. All statements that express expectations, estimates, forecasts or projections are forward-looking statements. In addition, other written or oral statements which constitute forward-looking statements may be made by us or on our behalf. Words such as “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “estimate,” “project,” “forecast,” “may,” “should,” and variations of such words and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions which are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in or suggested by such forward-looking statements. We undertake no obligation to update or revise any of the forward-looking statements after the date of this quarterly report to conform forward-looking statements to actual results. Important factors on which such statements are based are assumptions concerning uncertainties, including but not limited to, uncertainties associated with the following:

 

●

Inadequate capital and barriers to raising the additional capital or to obtaining the financing needed to implement our business plans;

 

●

Our failure to earn revenues or profits;

 

●

Inadequate capital to continue business;

 

●

Volatility or decline of our stock price;

 

●

Potential fluctuation in quarterly results;

 

●

Rapid and significant changes in markets;

 

●

Litigation with or legal claims and allegations by outside parties; and

 

●

Insufficient revenues to cover operating costs.

 

The following discussion should be read in conjunction with the financial statements and the notes thereto which are included in this quarterly report. This discussion contains forward-looking statements that involve risks, uncertainties and assumptions. Our actual results may differ substantially from those anticipated in any forward-looking statements included in this discussion as a result of various factors.

 

OVERVIEW

 

The Company anticipates continued reliance on financial assistance from affiliates. Given the current lack of capital, the Company has not been able to develop any new programs to revitalize the League, nor has it been able to hire sales and promotional personnel or schedule a season. As a result, the Company is currently dependent on the efforts of its officers for all marketing efforts. Their efforts have not resulted in any franchises.

 

 

Results of Operations

 

The three months ended May 31, 2021compared to the three months ended May 31, 2020

 

Revenue

The Company recognized no revenue for the three months ended May 31, 2021 and 2020. 

 

Professional Fees

For the three months ended May 31, 2021, the company incurred $12,025 of professional fees compared to $2,000 for the three months ended May 31, 2020, an increase of $10,025. Professional fees generally consist of audit, legal and accounting expense. The increase in the current period is primarily the result of increased legal fees.

 

General and Administrative Expense

For the three months ended May 31, 2021, the company incurred $25,370 of general and administrative expense compared to $4,391 for the three months ended May 31, 2020 an increase of $20,979. The increase in the current period is primarily the result of stock compensation of $18,542 as well as an increase of transfer agent fees.

 

Director Compensation

For the three months ended May 31, 2021, the company incurred $48,000 of director compensation expense compared to $0 for the three months ended May 31, 2020. During the current period we issued common stock to two of our directors for total non-cash stock compensation of $48,000.

 

Other Income

During the three months ended May 31, 2021, the recognized a gain of forgiveness of debt of $66,747 (Note 5).

 

Net Loss

For the three months ended May 31, 2021, we had a note loss of $18,648 compared to $6,391 for the three months ended May 31, 2020.

 

Liquidity and Capital Resources

 

Operating Activities

For the three months ended May 31, 2021, the company used $52,277 in operating activities compared to $94 for the three months ended May 31, 2020.

 

Financing Activities

During the three months ended May 31, 2021, we received $240,000 from the sale of common stock. The funds were being held in a trust account until they were transferred to the Company in June 2021. We received a cash advances from our CEO of $3,000 and $39,994 from members of the prior management. We also received $3,581 from another party to assist with general operating expenses.

 

Off Balance Sheet Arrangements

 

We have no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors.

 

Critical Accounting Policies

 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.  Note 2 to the Financial Statements describes the significant accounting policies and methods used in the preparation of the Financial Statements. Estimates are used for, but not limited to, contingencies and taxes.  Actual results could differ materially from those estimates. The following critical accounting policies are impacted significantly by judgments, assumptions, and estimates used in the preparation of the Financial Statements.

 

 

Recent Accounting Pronouncements

 

We have reviewed other recently issued accounting pronouncements and plan to adopt those that are applicable to us. We do not expect the adoption of any other pronouncements to have an impact on our results of operations or financial position.

 

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

 

We are a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and, as such, are not required to provide the information under this Item.

 

ITEM 4. CONTROLS AND PROCEDURES

 

Disclosure Controls and Procedures

 

Each of our principal executive and principal financial officer has evaluated the effectiveness of our disclosure controls and procedures, as defined in Rules 13a - 15(e) and 15d - 15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), as of the end of the period covered by this quarterly report. Based on their evaluation, each such person concluded that our disclosure controls and procedures were not effective as of May 31, 2021.

 

In designing and evaluating disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable, not absolute assurance of achieving the desired objectives. Also, the design of a control system must reflect the fact that there are resource constraints and the benefits of controls must be considered relative to their costs.

 

Changes in Internal Control over Financial Reporting.

 

Our management has evaluated whether any change in our internal control over financial reporting occurred during the last fiscal quarter. Based on that evaluation, management concluded that there has been no change in our internal control over financial reporting during the relevant period that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

 

   

PART II - OTHER INFORMATION

 

ITEM 1. LEGAL PROCEEDINGS

 

None

 

ITEM 1A. RISK FACTORS

 

We are a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and, as such, are not required to provide the information under this Item.

 

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

 

None.

 

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

 

None

 

ITEM 4. MINE SAFETY DISCLOSURES

 

Not applicable

 

ITEM 5. OTHER INFORMATION

 

None 

 

 

ITEM 6. EXHIBITS

  

Exhibit No.		Description
31.1		Certification of the Chief Executive Officer and Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1		Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS		XBRL Instance Document
101.SCH		XBRL Taxonomy Extension Schema Document
101.CAL		XBRL Taxonomy Calculation Linkbase Document
101.DEF		XBRL Taxonomy Extension Definition Linkbase Document
101.LAB		XBRL Taxonomy Label Linkbase Document
101.PRE		XBRL Taxonomy Presentation Linkbase Document

 

 

 

SIGNATURES

 

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

 

	UNITED STATES BASKETBALL LEAGUE, INC.
	By:	/s/ Saeb Jannoun
		Saeb Jannoun Chairman and President
		July 21, 2021

 

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.