Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Feb. 28, 2021 | Jul. 02, 2021 | Aug. 31, 2020 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Document Period End Date | Feb. 28, 2021 | ||
Entity Registrant Name | UNITED STATES BASKETBALL LEAGUE INC | ||
Title of 12(b) Security | Common Stock | ||
Trading Symbol | USBL | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | No | ||
Entity Interactive Data Current | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | true | ||
Entity Public Float | $ 105,000 | ||
Entity Common Stock, Shares Outstanding | 3,512,527 | ||
Entity Central Index Key | 0000764630 | ||
Current Fiscal Year End Date | --02-28 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
BALANCE SHEETS
BALANCE SHEETS - USD ($) | Feb. 28, 2021 | Feb. 29, 2020 |
Current Assets: | ||
Cash | $ 75 | $ 301 |
Total Assets | 75 | 301 |
Current Liabilities: | ||
Accounts payable and accrued expenses | 271,158 | 245,887 |
Credit card obligations | 5,127 | 5,127 |
Due to related parties | 2,159,631 | 2,158,631 |
Total Current Liabilities | 2,435,916 | 2,409,645 |
Total Liabilities | 2,435,916 | 2,409,645 |
Stockholders' Deficit: | ||
Preferred stock, $0.01 par value, 2,000,000 shares authorized; 1,105,679 shares issued and outstanding | 11,057 | 11,057 |
Common stock, $0.01 par value, 30,000,000 shares authorized; 3,552,502 shares issued | 35,525 | 35,525 |
Additional paid-in capital | 2,679,855 | 2,679,855 |
Accumulated deficit | (5,119,824) | (5,093,327) |
Treasury stock, at cost; 39,975 shares of common stock | (42,454) | (42,454) |
Total Stockholders' Deficit | (2,435,841) | (2,409,344) |
Total Liabilities and Stockholders' Deficit | $ 75 | $ 301 |
BALANCE SHEETS (Parenthetical)
BALANCE SHEETS (Parenthetical) - $ / shares | Feb. 28, 2021 | Feb. 29, 2020 |
BALANCE SHEETS | ||
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 2,000,000 | 2,000,000 |
Preferred stock, shares issued | 1,105,679 | 1,105,679 |
Preferred stock, shares outstanding | 1,105,679 | 1,105,679 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 30,000,000 | 30,000,000 |
Common stock, shares issued | 3,552,502 | 3,552,502 |
Treasury stock, shares | 39,975 | 39,975 |
STATEMENTS OF OPERATIONS
STATEMENTS OF OPERATIONS - USD ($) | 12 Months Ended | |
Feb. 28, 2021 | Feb. 29, 2020 | |
Operating Expenses: | ||
Professional fees | $ 13,750 | $ 25,640 |
General and administrative | 12,747 | 3,767 |
Rent | 12,000 | |
Total operating expenses | 26,497 | 41,407 |
Loss from Operations | (26,497) | (41,407) |
Net loss | $ (26,497) | $ (41,407) |
Loss per Common Share: | ||
Basic & Diluted | $ (0.01) | $ (0.01) |
Weighted Average Number of Common Shares Outstanding: | ||
Basic & Diluted | 3,512,527 | 3,512,527 |
STATEMENT OF STOCKHOLDERS' DEFI
STATEMENT OF STOCKHOLDERS' DEFICIT - USD ($) | Common Stock | Preferred Stock | Additional Paid-in Capital | Accumulated Deficit | Treasury Stock | Total |
Beginning balance, value at Feb. 28, 2019 | $ 35,525 | $ 11,057 | $ 2,679,855 | $ (5,051,920) | $ (42,454) | $ (2,367,937) |
Beginning balance, shares at Feb. 28, 2019 | 3,552,502 | 1,105,679 | 39,975 | |||
Net Loss | (41,407) | (41,407) | ||||
Ending balance, value at Feb. 29, 2020 | $ 35,525 | $ 11,057 | 2,679,855 | (5,093,327) | $ (42,454) | (2,409,344) |
Ending balance, shares at Feb. 29, 2020 | 3,552,502 | 1,105,679 | 39,975 | |||
Net Loss | (26,497) | (26,497) | ||||
Ending balance, value at Feb. 28, 2021 | $ 35,525 | $ 11,057 | $ 2,679,855 | $ (5,119,824) | $ (42,454) | $ (2,435,841) |
Ending balance, shares at Feb. 28, 2021 | 3,552,502 | 1,105,679 | 39,975 |
STATEMENTS OF CASH FLOWS
STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | |
Feb. 28, 2021 | Feb. 29, 2020 | |
Cash Flows from Operating Activities: | ||
Net loss | $ (26,497) | $ (41,407) |
Change in operating assets and liabilities: | ||
Accounts payable and accrued expenses | 25,271 | 18,249 |
Credit card obligations | (1,088) | |
Net cash used in operating activities | (1,226) | (24,246) |
Cash Flows from Investing Activities | 0 | 0 |
Cash Flows from Financing Activities: | ||
Increase in due to related parties | 1,000 | 24,252 |
Net cash provided by financing activities | 1,000 | 24,252 |
Net (decrease) increase in Cash | (226) | 6 |
Cash, beginning of year | 301 | 295 |
Cash, end of year | 75 | 301 |
Supplemental disclosures of cash flow information: | ||
Interest paid | 0 | 0 |
Income tax paid | $ 0 | $ 0 |
ORGANIZATION AND DESCRIPTION OF
ORGANIZATION AND DESCRIPTION OF BUSINESS | 12 Months Ended |
Feb. 28, 2021 | |
ORGANIZATION AND DESCRIPTION OF BUSINESS | |
ORGANIZATION AND DESCRIPTION OF BUSINESS | NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS United States Basketball League, Inc. (“USBL”) 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. At the present time, USBL does not have any definitive plans as to the scheduling of a new season. USBL is currently in the process of exploring certain strategic alternatives, including the possible sale of the League. On October 30, 2014, USBL dissolved its wholly owned subsidiary, Meisenheimer Capital Real Estate Holdings, Inc. (“MCREH”). MCREH owned a commercial building in Milford, Connecticut until June 19, 2014. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Feb. 28, 2021 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation The Company’s financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Use of estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include the estimated useful lives of property and equipment. Actual results could differ from those estimates. Concentrations of Credit Risk We maintain our cash in bank deposit accounts, the balances of which at times may exceed federally insured limits. We continually monitor our banking relationships and consequently have not experienced any losses in our accounts. We believe we are not exposed to any significant credit risk on cash. Cash equivalents The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. There were no cash equivalents for the year ended February 28, 2021 or February 29, 2020. Fair value of financial instruments The Company follows paragraph 825‑10‑50‑10 of the FASB Accounting Standards Codification for disclosures about fair value of its financial instruments and paragraph 820‑10‑35‑37 of the FASB Accounting Standards Codification (“Paragraph 820‑10‑35‑37”) to measure the fair value of its financial instruments. Paragraph 820‑10‑35‑37 establishes a framework for measuring fair value in accounting principles generally accepted in the United States of America (U.S. GAAP), and expands disclosures about fair value measurements. To increase consistency and comparability in fair value measurements and related disclosures, Paragraph 820‑10‑35‑37 establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three (3) broad levels. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The three (3) levels of fair value hierarchy defined by Paragraph 820‑10‑35‑37 are described below: Level 1: Quoted market prices available in active markets for identical assets or liabilities as of the reporting date. Level 2: Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 3: Pricing inputs that are generally unobservable inputs and not corroborated by market data. The carrying amount of the Company’s financial assets and liabilities, such as cash, prepaid expenses and accrued expenses approximate their fair value because of the short maturity of those instruments. The Company’s notes payable approximates the fair value of such instruments based upon management’s best estimate of interest rates that would be available to the Company for similar financial arrangements on February 28, 2021 and February 29, 2020. Income taxes The Company follows Section 740‑10‑30 of the FASB Accounting Standards Codification, which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are based on the differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the fiscal year in which the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance to the extent management concludes it is more likely than not that the assets will not be realized. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the fiscal years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the Statements of Income in the period that includes the enactment date. The Company adopted section 740‑10‑25 of the FASB Accounting Standards Codification (“Section 740‑10‑25”) with regards to uncertainty income taxes. Section 740‑10‑25 addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under Section 740‑10‑25, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent (50%) likelihood of being realized upon ultimate settlement. Section 740‑10‑25 also provides guidance on de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures. The Company had no material adjustments to its liabilities for unrecognized income tax benefits according to the provisions of Section 740‑10‑25. Net income (loss) per common share Net income (loss) per common share is computed pursuant to section 260‑10‑45 of the FASB Accounting Standards Codification. Basic net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period. Diluted net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock and potentially outstanding shares of common stock during the period. The weighted average number of common shares outstanding and potentially outstanding common shares assumes that the Company incorporated as of the beginning of the first period presented. 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. While the Company is continuing to assess the potential impacts of ASU 2019-10, it does not expect ASU 2019-10 to 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. |
GOING CONCERN
GOING CONCERN | 12 Months Ended |
Feb. 28, 2021 | |
GOING CONCERN | |
GOING CONCERN | NOTE 3 – GOING CONCERN The accompanying financial statements 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 $5,119,824, liabilities of $2,435,916 and no source of revenue. For the year ended February 28, 2021 the Company had a net loss of $26,497, with $1,226 of cash used in operating activities. 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. |
ACCOUNTS PAYABLE AND ACCRUED EX
ACCOUNTS PAYABLE AND ACCRUED EXPENSES | 12 Months Ended |
Feb. 28, 2021 | |
ACCOUNTS PAYABLE AND ACCRUED EXPENSES | |
ACCOUNTS PAYABLE AND ACCRUED EXPENSES | NOTE 4 – ACCOUNTS PAYABLE AND ACCRUED EXPENSES Accounts payable and accrued expenses consisted of: February 28, February 29, 2021 2020 Legal and accounting services’ vendors $ 89,163 $ 76,163 Transfer agent and EDGAR agent 20,931 8,660 Rent due Genvest, LLC (an entity controlled by the two officers of USBL) 144,000 144,000 Accrued interest on MCREH note payable to president of USBL 13,562 13,562 Security deposit due CADCOM (an entity controlled by the two officers of USBL) 2,725 2,725 Other 777 777 Total $ 271,158 $ 245,887 |
DUE TO RELATED PARTIES
DUE TO RELATED PARTIES | 12 Months Ended |
Feb. 28, 2021 | |
DUE TO RELATED PARTIES | |
DUE TO RELATED PARTIES | NOTE 5 – DUE TO RELATED PARTIES Due to related parties consist of: February 28, February 29, 2021 2020 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 $ 1,324,689 USBL loans payable to the two officers of USBL, interest at 6%, due on demand 569,317 569,317 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 48,850 MCREH note payable to president of USBL, interest at 7%, due on demand 48,000 48,000 MCREH loan payable to Spectrum, non-interest bearing, due on demand 4,500 4,500 MCREH loan payable to president of USBL, non-interest bearing, due on demand 5,000 4,000 MCREH loan payable to Meisenheimer Capital, Inc., non-interest bearing, due on demand 159,275 159,275 Total $ 2,159,631 $ 2,158,631 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Feb. 28, 2021 | |
RELATED PARTY TRANSACTIONS | |
RELATED PARTY TRANSACTIONS | NOTE 6 – RELATED PARTY TRANSACTIONS For the years ended February 28, 2021, and February 29, 2020, USBL included in operating expenses rent incurred to Genvest, LLC (an entity controlled by the two officers of USBL) totaling $0 and $12,000, respectively. |
PREFERRED STOCK
PREFERRED STOCK | 12 Months Ended |
Feb. 28, 2021 | |
PREFERRED STOCK | |
PREFERRED STOCK | NOTE 7 – PREFERRED STOCK 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. As of February 28, 2021, the Company has not declared any dividends on its preferred stock. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Feb. 28, 2021 | |
SUBSEQUENT EVENTS | |
SUBSEQUENT EVENTS | NOTE 8 – SUBSEQUENT EVENTS 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 a total of 2,744,007 existing common shares of USBL’s common stock at a per share price of $.065, issued 2,400,000 shares of USBL’s common stock at a per share price of $.10 and sold 1,105,644 of USBL’s existing preferred stock at a per share price of $.057 for a total purchase price of $481,066. There were two purchasers of over 5% of the issued and outstanding shares of USBL’s capital stock following these sales, Equity Markets Advisory which owns 8.29% of the issued and outstanding shares of USBL’s common stock and EROP Enterprises LLC which owns 29.24% of the issued and outstanding shares of USBL’s common stock and 100% of the issued and outstanding shares of preferred 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. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Feb. 28, 2021 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Basis of presentation | Basis of presentation The Company’s financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). |
Use of estimates | Use of estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include the estimated useful lives of property and equipment. Actual results could differ from those estimates. |
Concentrations of Credit Risk | Concentrations of Credit Risk We maintain our cash in bank deposit accounts, the balances of which at times may exceed federally insured limits. We continually monitor our banking relationships and consequently have not experienced any losses in our accounts. We believe we are not exposed to any significant credit risk on cash. |
Cash equivalents | Cash equivalents The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. There were no cash equivalents for the year ended February 28, 2021 or February 29, 2020. |
Fair value of financial instruments | Fair value of financial instruments The Company follows paragraph 825‑10‑50‑10 of the FASB Accounting Standards Codification for disclosures about fair value of its financial instruments and paragraph 820‑10‑35‑37 of the FASB Accounting Standards Codification (“Paragraph 820‑10‑35‑37”) to measure the fair value of its financial instruments. Paragraph 820‑10‑35‑37 establishes a framework for measuring fair value in accounting principles generally accepted in the United States of America (U.S. GAAP), and expands disclosures about fair value measurements. To increase consistency and comparability in fair value measurements and related disclosures, Paragraph 820‑10‑35‑37 establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three (3) broad levels. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The three (3) levels of fair value hierarchy defined by Paragraph 820‑10‑35‑37 are described below: Level 1: Quoted market prices available in active markets for identical assets or liabilities as of the reporting date. Level 2: Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 3: Pricing inputs that are generally unobservable inputs and not corroborated by market data. The carrying amount of the Company’s financial assets and liabilities, such as cash, prepaid expenses and accrued expenses approximate their fair value because of the short maturity of those instruments. The Company’s notes payable approximates the fair value of such instruments based upon management’s best estimate of interest rates that would be available to the Company for similar financial arrangements on February 28, 2021 and February 29, 2020. |
Income taxes | Income taxes The Company follows Section 740‑10‑30 of the FASB Accounting Standards Codification, which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are based on the differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the fiscal year in which the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance to the extent management concludes it is more likely than not that the assets will not be realized. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the fiscal years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the Statements of Income in the period that includes the enactment date. The Company adopted section 740‑10‑25 of the FASB Accounting Standards Codification (“Section 740‑10‑25”) with regards to uncertainty income taxes. Section 740‑10‑25 addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under Section 740‑10‑25, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent (50%) likelihood of being realized upon ultimate settlement. Section 740‑10‑25 also provides guidance on de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures. The Company had no material adjustments to its liabilities for unrecognized income tax benefits according to the provisions of Section 740‑10‑25. |
Net income (loss) per common share | Net income (loss) per common share Net income (loss) per common share is computed pursuant to section 260‑10‑45 of the FASB Accounting Standards Codification. Basic net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period. Diluted net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock and potentially outstanding shares of common stock during the period. The weighted average number of common shares outstanding and potentially outstanding common shares assumes that the Company incorporated as of the beginning of the first period presented. |
Recently issued accounting pronouncements | 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. While the Company is continuing to assess the potential impacts of ASU 2019-10, it does not expect ASU 2019-10 to 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. |
ACCOUNTS PAYABLE AND ACCRUED _2
ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables) | 12 Months Ended |
Feb. 28, 2021 | |
ACCOUNTS PAYABLE AND ACCRUED EXPENSES | |
Schedule of accounts payable and accrued expenses | February 28, February 29, 2021 2020 Legal and accounting services’ vendors $ 89,163 $ 76,163 Transfer agent and EDGAR agent 20,931 8,660 Rent due Genvest, LLC (an entity controlled by the two officers of USBL) 144,000 144,000 Accrued interest on MCREH note payable to president of USBL 13,562 13,562 Security deposit due CADCOM (an entity controlled by the two officers of USBL) 2,725 2,725 Other 777 777 Total $ 271,158 $ 245,887 |
DUE TO RELATED PARTIES (Tables)
DUE TO RELATED PARTIES (Tables) | 12 Months Ended |
Feb. 28, 2021 | |
DUE TO RELATED PARTIES | |
Schedule of due to related parties | February 28, February 29, 2021 2020 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 $ 1,324,689 USBL loans payable to the two officers of USBL, interest at 6%, due on demand 569,317 569,317 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 48,850 MCREH note payable to president of USBL, interest at 7%, due on demand 48,000 48,000 MCREH loan payable to Spectrum, non-interest bearing, due on demand 4,500 4,500 MCREH loan payable to president of USBL, non-interest bearing, due on demand 5,000 4,000 MCREH loan payable to Meisenheimer Capital, Inc., non-interest bearing, due on demand 159,275 159,275 Total $ 2,159,631 $ 2,158,631 |
ORGANIZATION AND DESCRIPTION _2
ORGANIZATION AND DESCRIPTION OF BUSINESS - Additional Information (Details) | 12 Months Ended |
Feb. 28, 2021 | |
ORGANIZATION AND DESCRIPTION OF BUSINESS | |
Entity Incorporation, Date Of Incorporation | May 29, 1984 |
GOING CONCERN - Additional Info
GOING CONCERN - Additional Information (Details) - USD ($) | 12 Months Ended | |
Feb. 28, 2021 | Feb. 29, 2020 | |
GOING CONCERN | ||
Accumulated deficit | $ 5,119,824 | $ 5,093,327 |
Liabilities | 2,435,916 | 2,409,645 |
Net loss | (26,497) | (41,407) |
Cash used in operating activities | $ (1,226) | $ (24,246) |
ACCOUNTS PAYABLE AND ACCRUED _3
ACCOUNTS PAYABLE AND ACCRUED EXPENSES - Schedule of Accounts Payable And Accrued Expenses (Details) - USD ($) | Feb. 28, 2021 | Feb. 29, 2020 |
ACCOUNTS PAYABLE AND ACCRUED EXPENSES | ||
Legal and accounting services' vendors | $ 89,163 | $ 76,163 |
Transfer agent and EDGAR agent | 20,931 | 8,660 |
Rent due Genvest, LLC (an entity controlled by the two officers of USBL) | 144,000 | 144,000 |
Accrued interest on MCREH note payable to president of USBL | 13,562 | 13,562 |
Security deposit due CADCOM (an entity controlled by the two officers of USBL) | 2,725 | 2,725 |
Other | 777 | 777 |
Total | $ 271,158 | $ 245,887 |
ACCOUNTS PAYABLE AND ACCRUED _4
ACCOUNTS PAYABLE AND ACCRUED EXPENSES - Schedule of Accounts Payable And Accrued Expenses (Details) (Parenthetical) | 12 Months Ended |
Feb. 28, 2021person | |
Genvest LLC | |
Accounts Payable And Accrued Expenses [Line items] | |
Number of former officers | 2 |
CADCOM | |
Accounts Payable And Accrued Expenses [Line items] | |
Number of former officers | 2 |
DUE TO RELATED PARTIES - Schedu
DUE TO RELATED PARTIES - Schedule of Due to Related Parties (Details) - USD ($) | Feb. 28, 2021 | Feb. 29, 2020 |
Related Party Transaction [Line Items] | ||
Total | $ 2,159,631 | $ 2,158,631 |
USBL loans payable to Spectrum Associates, Inc. ("Spectrum") | ||
Related Party Transaction [Line Items] | ||
Total | 1,324,689 | 1,324,689 |
USBL loans payable to the two officers of USBL | ||
Related Party Transaction [Line Items] | ||
Total | 569,317 | 569,317 |
USBL loans payable to Daniel T. Meisenheimer, Jr. Trust | ||
Related Party Transaction [Line Items] | ||
Total | 48,850 | 48,850 |
MCREH note payable to president of USBL | ||
Related Party Transaction [Line Items] | ||
Total | 48,000 | 48,000 |
MCREH loan payable to Spectrum, non-interest bearing, due on demand | ||
Related Party Transaction [Line Items] | ||
Total | 4,500 | 4,500 |
MCREH loan payable to president of USBL, non-interest bearing, due on demand | ||
Related Party Transaction [Line Items] | ||
Total | 5,000 | 4,000 |
MCREH loan payable to Meisenheimer Capital, Inc | ||
Related Party Transaction [Line Items] | ||
Total | $ 159,275 | $ 159,275 |
DUE TO RELATED PARTIES - Sche_2
DUE TO RELATED PARTIES - Schedule of Due to Related Parties (Details) (Parenthetical) | 12 Months Ended |
Feb. 28, 2021person | |
USBL loans payable to Spectrum Associates, Inc. ("Spectrum") | |
Related Party Transaction [Line Items] | |
Number of former officers | 2 |
Percentage of interest due on demand | 6.00% |
USBL loans payable to the two officers of USBL | |
Related Party Transaction [Line Items] | |
Number of former officers | 2 |
Percentage of interest due on demand | 6.00% |
USBL loans payable to Daniel T. Meisenheimer, Jr. Trust | |
Related Party Transaction [Line Items] | |
Number of former officers | 2 |
MCREH note payable to president of USBL | |
Related Party Transaction [Line Items] | |
Percentage of interest due on demand | 7.00% |
RELATED PARTY TRANSACTIONS - Ad
RELATED PARTY TRANSACTIONS - Additional Information (Details) | 12 Months Ended | |
Feb. 28, 2021USD ($)person | Feb. 29, 2020USD ($) | |
Related Party Transactions [Line Items] | ||
Operating expenses rent incurred | $ | $ 0 | $ 12,000 |
Genvest LLC | ||
Related Party Transactions [Line Items] | ||
Number of former officers | person | 2 |
PREFERRED STOCK - Additional In
PREFERRED STOCK - Additional Information (Details) | 12 Months Ended |
Feb. 28, 2021Voteshares | |
PREFERRED STOCK | |
Number of votes for each share of preferred stock | Vote | 5 |
Preferred Stock, Dividend Rate, Percentage | 2.00% |
Convertible into share of common stock | shares | 1 |
SUBSEQUENT EVENTS - Additional
SUBSEQUENT EVENTS - Additional Information (Details) - Subsequent Event - Purchase Agreements | Apr. 07, 2021USD ($)$ / sharesshares |
Subsequent Event [Line Items] | |
Share issued or sold | 125,000 |
Total purchase price | $ | $ 481,066 |
Two Purchasers of Capital Stock | |
Subsequent Event [Line Items] | |
Percentage of ownership on common stock | 5.00% |
Emerging Markets Advisory | |
Subsequent Event [Line Items] | |
Percentage of ownership on common stock | 8.29% |
EROP Enterprises LLC | |
Subsequent Event [Line Items] | |
Percentage of ownership on common stock | 29.24% |
Verde Capital | |
Subsequent Event [Line Items] | |
Share issued or sold | 150,000 |
Common Stock at Per Share Price of $.065 | |
Subsequent Event [Line Items] | |
Share issued or sold | 2,744,007 |
Price per share | $ / shares | $ 0.065 |
Common Stock at Per Share Price of $.10 | |
Subsequent Event [Line Items] | |
Share issued or sold | 2,400,000 |
Price per share | $ / shares | $ 0.10 |
Preferred Stock | |
Subsequent Event [Line Items] | |
Share issued or sold | 1,105,644 |
Price per share | $ / shares | $ 0.057 |
Percentage of ownership on preferred stock | 100.00% |