Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Aug. 31, 2021 | Oct. 07, 2021 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q/A | |
Document Period End Date | Aug. 31, 2021 | |
Entity Registrant Name | UNITED STATES BASKETBALL LEAGUE INC | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 001-15913 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 06-1120072 | |
Entity Address, Address Line One | 8270 Woodland Center | |
Entity Address, City or Town | Tampa | |
Entity Address, State or Province | FL | |
Entity Address, Postal Zip Code | 33614 | |
City Area Code | 813 | |
Local Phone Number | 769-3500 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | USBL | |
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 | false | |
Entity Common Stock, Shares Outstanding | 7,146,202 | |
Entity Central Index Key | 0000764630 | |
Current Fiscal Year End Date | --02-28 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | true | |
Amendment Description | Amendment No. 1 |
BALANCE SHEETS
BALANCE SHEETS - USD ($) | Aug. 31, 2021 | Feb. 28, 2021 |
Current Assets: | ||
Cash | $ 216,530 | $ 75 |
Prepaid | 5,250 | |
Prepaid stock for services | 125,978 | |
Total Assets | 347,758 | 75 |
Current Liabilities: | ||
Accounts payable and accrued expenses | 2,100 | 271,158 |
Credit card obligations | 5,127 | |
Due to related parties | 2,159,631 | |
Total Current Liabilities | 2,100 | 2,435,916 |
Total Liabilities | 2,100 | 2,435,916 |
Stockholders' Equity (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; 7,146,202 and 3,552,502 shares issued, respectively | 71,462 | 35,525 |
Additional paid-in-capital | 5,649,888 | 2,679,855 |
Accumulated deficit | (5,344,295) | (5,119,824) |
Treasury stock, at cost; 39,975 shares of common stock | (42,454) | (42,454) |
Total Stockholders' Equity (Deficit) | 345,658 | (2,435,841) |
Total Liabilities and Stockholders' Deficit | $ 347,758 | $ 75 |
BALANCE SHEETS (Parenthetical)
BALANCE SHEETS (Parenthetical) - $ / shares | Aug. 31, 2021 | Feb. 28, 2021 |
BALANCE SHEETS | ||
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
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 | 100,000,000 | 100,000,000 |
Common stock, shares issued | 7,146,202 | 3,552,502 |
Treasury stock, shares | 39,975 | 39,975 |
STATEMENTS OF OPERATIONS
STATEMENTS OF OPERATIONS - USD ($) | 3 Months Ended | 6 Months Ended | ||
Aug. 31, 2021 | Aug. 31, 2020 | Aug. 31, 2021 | Aug. 31, 2020 | |
Operating Expenses: | ||||
Professional fees | $ 247 | $ 2,000 | $ 12,272 | $ 4,000 |
General and administrative | 80,096 | 2,143 | 105,466 | 6,534 |
Director compensation | 48,000 | |||
Total operating expenses | 80,343 | 4,143 | 165,738 | 10,534 |
Loss from Operations | (80,343) | (4,143) | (165,738) | (10,534) |
Other Income (Expense): | ||||
Gain on forgiveness of debt | 66,747 | |||
Other income | 2,000 | 2,000 | ||
Loss on conversion of debt - related party | (127,480) | (127,480) | ||
Total other income | (125,480) | (58,733) | ||
Net loss | $ (205,823) | $ (4,143) | $ (224,471) | $ (10,534) |
Loss per Common Share: | ||||
Basic | $ (0.04) | $ 0 | $ (0.05) | $ 0 |
Diluted | $ (0.04) | $ 0 | $ (0.05) | $ 0 |
Weighted Average Number of Common Shares Outstanding: | ||||
Basic | 5,211,993 | 3,552,502 | 4,386,782 | 3,552,502 |
Diluted | 5,211,993 | 3,552,502 | 4,386,782 | 3,552,502 |
STATEMENT OF STOCKHOLDERS' EQUI
STATEMENT OF STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) | Common Stock | Preferred Stock | Common Stock To be Issued | Additional Paid-in Capital | Accumulated Deficit | Treasury Stock | Total |
Beginning balance, value at Feb. 29, 2020 | $ 35,525 | $ 11,057 | $ 2,679,855 | $ (5,093,327) | $ (42,454) | $ (2,409,344) | |
Beginning balance, shares at Feb. 29, 2020 | 3,552,502 | 1,105,679 | 39,975 | ||||
Net Loss | (6,391) | (6,391) | |||||
Ending balance, value at May. 31, 2020 | $ 35,525 | $ 11,057 | 2,679,855 | (5,099,718) | $ (42,454) | (2,415,735) | |
Ending balance, shares at May. 31, 2020 | 3,552,502 | 1,105,679 | 39,975 | ||||
Net Loss | (4,143) | (4,143) | |||||
Ending balance, value at Aug. 31, 2020 | $ 35,525 | $ 11,057 | 2,679,855 | (5,103,861) | $ (42,454) | (2,419,878) | |
Ending balance, shares at Aug. 31, 2020 | 3,552,502 | 1,105,679 | 39,975 | ||||
Beginning balance, value at Feb. 28, 2021 | $ 35,525 | $ 11,057 | 2,679,855 | (5,119,824) | $ (42,454) | (2,435,841) | |
Beginning balance, shares at Feb. 28, 2021 | 3,552,502 | 1,105,679 | 39,975 | ||||
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) | |||||
Ending balance, value at May. 31, 2021 | $ 35,525 | $ 11,057 | 399,250 | 5,023,225 | (5,138,472) | $ (42,454) | 288,131 |
Ending balance, shares at May. 31, 2021 | 3,552,502 | 1,105,679 | 39,975 | ||||
Beginning balance, value at Feb. 28, 2021 | $ 35,525 | $ 11,057 | 2,679,855 | (5,119,824) | $ (42,454) | (2,435,841) | |
Beginning balance, shares at Feb. 28, 2021 | 3,552,502 | 1,105,679 | 39,975 | ||||
Ending balance, value at Aug. 31, 2021 | $ 71,462 | $ 11,057 | 5,649,888 | (5,344,295) | $ (42,454) | 345,658 | |
Ending balance, shares at Aug. 31, 2021 | 7,146,202 | 1,105,679 | 39,975 | ||||
Beginning balance, value at May. 31, 2021 | $ 35,525 | $ 11,057 | 399,250 | 5,023,225 | (5,138,472) | $ (42,454) | 288,131 |
Beginning balance, shares at May. 31, 2021 | 3,552,502 | 1,105,679 | 39,975 | ||||
Common stock issued for services | $ 8,750 | (159,250) | 254,500 | 104,000 | |||
Common stock issued for services (In Shares) | 875,000 | ||||||
Common stock sold for cash | $ 24,000 | $ (240,000) | 216,000 | ||||
Common stock sold for cash (In Shares) | 2,400,000 | ||||||
Common stock issued for loans payable - related party | $ 3,187 | 156,163 | 159,350 | ||||
Common stock issued for loans payable - related party (In Shares) | 318,700 | ||||||
Net Loss | (205,823) | (205,823) | |||||
Ending balance, value at Aug. 31, 2021 | $ 71,462 | $ 11,057 | $ 5,649,888 | $ (5,344,295) | $ (42,454) | $ 345,658 | |
Ending balance, shares at Aug. 31, 2021 | 7,146,202 | 1,105,679 | 39,975 |
STATEMENTS OF CASH FLOWS
STATEMENTS OF CASH FLOWS - USD ($) | 3 Months Ended | 6 Months Ended | ||
Aug. 31, 2021 | Aug. 31, 2020 | Aug. 31, 2021 | Aug. 31, 2020 | |
Cash Flows from Operating Activities: | ||||
Net loss | $ (205,823) | $ (4,143) | $ (224,471) | $ (10,534) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||||
Gain on forgiveness of debt | (66,747) | |||
Loss on conversion of debt - related party | 127,480 | 127,480 | ||
Common stock granted for director fees | 48,000 | |||
Common stock granted for services | 77,978 | |||
Change in operating assets and liabilities: | ||||
Prepaids | 6,044 | |||
Accounts payable and accrued expenses | (50,349) | 10,297 | ||
Net cash used in operating activities | (82,065) | (237) | ||
Cash Flows from Investing Activities | 0 | 0 | ||
Cash Flows from Financing Activities: | ||||
Increase in due to related parties | 58,520 | |||
Loans payable | 3,581 | |||
Repayment of loan payable | (3,581) | |||
Cash proceeds from sale of common stock | 240,000 | |||
Net cash provided by financing activities | 298,520 | |||
Net change in cash | 216,455 | (237) | ||
Cash, beginning of period | 75 | 301 | ||
Cash, end of period | $ 216,530 | $ 64 | 216,530 | 64 |
Supplemental disclosures of cash flow information: | ||||
Interest paid | 0 | 0 | ||
Income tax paid | 0 | $ 0 | ||
Supplemental disclosure of non-cash financing activity: | ||||
Related party loans converted to common stock | $ 31,870 |
ORGANIZATION AND DESCRIPTION OF
ORGANIZATION AND DESCRIPTION OF BUSINESS | 6 Months Ended |
Aug. 31, 2021 | |
ORGANIZATION AND DESCRIPTION OF BUSINESS | |
ORGANIZATION AND DESCRIPTION OF BUSINESS | 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 which it held, to a new investor group. The Sellers also sold 1,105,644 of USBL’s preferred stock at a per share price of $.057 per share to EROP Enterprises, LLC. 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. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Aug. 31, 2021 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 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. |
GOING CONCERN
GOING CONCERN | 6 Months Ended |
Aug. 31, 2021 | |
GOING CONCERN | |
GOING CONCERN | 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 $5,344,295, 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. |
ACCOUNTS PAYABLE AND ACCRUED EX
ACCOUNTS PAYABLE AND ACCRUED EXPENSES | 6 Months Ended |
Aug. 31, 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: August 31, 2021 February 28, 2021 (unaudited) Legal and accounting services’ vendors $ 2,100 $ 101,424 Transfer agent and EDGAR agent — 8,660 Rent due Genvest, LLC (an entity controlled by the — 144,000 Accrued interest on MCREH note payable to — 13,562 Security deposit due CADCOM (an entity controlled by — 2,725 Other — 777 Total $ 2,100 $ 271,158 |
DUE TO PRIOR RELATED PARTIES
DUE TO PRIOR RELATED PARTIES | 6 Months Ended |
Aug. 31, 2021 | |
DUE TO PRIOR RELATED PARTIES | |
DUE TO PRIOR RELATED PARTIES | NOTE 5 – DUE TO PRIOR RELATED PARTIES Due to related parties consist of: August 31, 2021 February 28, 2021 (unaudited) USBL loans payable to Spectrum Associates, Inc. (“Spectrum”), $ — $ 1,324,689 USBL loans payable to the two officers of USBL, — 569,317 USBL loans payable to Daniel T. Meisenheimer, Jr. Trust, a trust — 48,850 MCREH note payable to president of USBL, interest at 7%, due — 48,000 MCREH loan payable to Spectrum, non-interest — 4,500 MCREH loan payable to president of USBL, non-interest — 5,000 MCREH loan payable to Meisenheimer Capital, Inc., — 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. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended |
Aug. 31, 2021 | |
RELATED PARTY TRANSACTIONS | |
RELATED PARTY TRANSACTIONS | NOTE 6 – RELATED PARTY TRANSACTIONS During the six months ended August 31, 2021, Saeb Jannoun, CEO advanced the Company $3,000 for general operating expense. The advance was non-interest bearing and due on demand. On July 26, 2021, Mr. Jannoun converted the $3,000 into 30,000 shares of common stock. The shares were valued at $0.50, the closing stock price on the date of conversion, for a loss on conversion of debt of $12,000. During the six months ended August 31, 2021, EROP Enterprises LLC (“EROP”), a significant shareholder, advanced the Company $28,870 for general operating expense. The advance was non-interest bearing and due on demand. On July 26, 2021, EROP converted the $28,870 into 288,700 shares of common stock. The shares were valued at $0.50, the closing stock price on the date of conversion, for a loss on conversion of debt of $115,480. 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. During the six months ended August 31, 2021, EROP purchased 1,475,000 shares of common stock for $147,500. In addition, the Company granted 200,000 shares of common stock to EROP for services per the terms of a consulting agreement. The shares were valued at $0.52, the closing stock price on the date of grant, for total non-cash expense of $104,000. The expense is being amortized over the one-year term of the service agreement with Verde Capital, LLC. As of August 31, 2021, the Company recognized $21,667 of the expense. |
LOAN PAYABLE
LOAN PAYABLE | 6 Months Ended |
Aug. 31, 2021 | |
LOAN PAYABLE | |
LOAN PAYABLE | NOTE 7 – LOAN PAYABLE During the six months ended August 31, 2021, an individual, advanced the Company $3,581 for general operating expenses. The advance was non-interest bearing and due on demand. The advance was repaid in July 2021. |
PREFERRED STOCK
PREFERRED STOCK | 6 Months Ended |
Aug. 31, 2021 | |
PREFERRED STOCK | |
PREFERRED STOCK | NOTE 8 – PREFERRED STOCK On May 18, 2021, the Company increased its authorized shares of Preferred Stock from 2,000,000 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. There are 1,105,679 Series A Preferred outstanding, 1,105,644 of which are held by EROP. As of August 31, 2021, the Company has not declared any dividends on its preferred stock. |
COMMON STOCK TRANSACTIONS
COMMON STOCK TRANSACTIONS | 6 Months Ended |
Aug. 31, 2021 | |
COMMON STOCK TRANSACTIONS | |
COMMON STOCK TRANSACTIONS | 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 August 31, 2021, the Company recognized $59,167 of the expense. 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 August 31, 2021, the Company recognized $8,438 of the expense. During the six months ended August 31, 2021, the Company sold 925,000 shares of common stock for total cash proceeds of $92,500. 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. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Aug. 31, 2021 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Basis of Presentation | 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 | 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 | 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. |
ACCOUNTS PAYABLE AND ACCRUED _2
ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables) | 6 Months Ended |
Aug. 31, 2021 | |
ACCOUNTS PAYABLE AND ACCRUED EXPENSES | |
Schedule of accounts payable and accrued expenses | August 31, 2021 February 28, 2021 (unaudited) Legal and accounting services’ vendors $ 2,100 $ 101,424 Transfer agent and EDGAR agent — 8,660 Rent due Genvest, LLC (an entity controlled by the — 144,000 Accrued interest on MCREH note payable to — 13,562 Security deposit due CADCOM (an entity controlled by — 2,725 Other — 777 Total $ 2,100 $ 271,158 |
DUE TO PRIOR RELATED PARTIES (T
DUE TO PRIOR RELATED PARTIES (Tables) | 6 Months Ended |
Aug. 31, 2021 | |
DUE TO PRIOR RELATED PARTIES | |
Schedule of due to related parties | August 31, 2021 February 28, 2021 (unaudited) USBL loans payable to Spectrum Associates, Inc. (“Spectrum”), $ — $ 1,324,689 USBL loans payable to the two officers of USBL, — 569,317 USBL loans payable to Daniel T. Meisenheimer, Jr. Trust, a trust — 48,850 MCREH note payable to president of USBL, interest at 7%, due — 48,000 MCREH loan payable to Spectrum, non-interest — 4,500 MCREH loan payable to president of USBL, non-interest — 5,000 MCREH loan payable to Meisenheimer Capital, Inc., — 159,275 Total $ — $ 2,159,631 |
ORGANIZATION AND DESCRIPTION _2
ORGANIZATION AND DESCRIPTION OF BUSINESS - Additional Information (Details) - USD ($) | Apr. 29, 2021 | Apr. 07, 2021 | Aug. 31, 2021 |
Subsidiary, Sale of Stock [Line Items] | |||
Entity Incorporation, Date Of Incorporation | May 29, 1984 | ||
EROP Enterprises LLC | |||
Subsidiary, Sale of Stock [Line Items] | |||
Share issued or sold | 1,475,000 | ||
Additional shares issued value | $ 147,500 | ||
Common Stock | |||
Subsidiary, Sale of Stock [Line Items] | |||
Share issued or sold | 925,000 | ||
Purchase Agreements | |||
Subsidiary, Sale of Stock [Line Items] | |||
Share issued or sold | 125,000 | ||
Purchase Agreements | Investor | |||
Subsidiary, Sale of Stock [Line Items] | |||
Additional shares issued value | $ 240,000 | ||
Purchase Agreements | Verde Capital | |||
Subsidiary, Sale of Stock [Line Items] | |||
Share issued or sold | 150,000 | ||
Purchase Agreements | Series A Preferred Shares | EROP Enterprises LLC | |||
Subsidiary, Sale of Stock [Line Items] | |||
Share issued or sold | 1,105,644 | ||
Price per share | $ 0.057 | ||
Purchase Agreements | Common Stock | |||
Subsidiary, Sale of Stock [Line Items] | |||
Share issued or sold | 125,000 | 2,704,007 | |
Purchase Agreements | Common Stock | Investor | Restricted Stock | |||
Subsidiary, Sale of Stock [Line Items] | |||
Share issued or sold | 2,400,000 |
GOING CONCERN - Additional Info
GOING CONCERN - Additional Information (Details) - USD ($) | Aug. 31, 2021 | Feb. 28, 2021 |
GOING CONCERN | ||
Accumulated deficit | $ 5,344,295 | $ 5,119,824 |
ACCOUNTS PAYABLE AND ACCRUED _3
ACCOUNTS PAYABLE AND ACCRUED EXPENSES - Schedule of Accounts Payable And Accrued Expenses (Details) - USD ($) | Aug. 31, 2021 | Feb. 28, 2021 |
ACCOUNTS PAYABLE AND ACCRUED EXPENSES | ||
Legal and accounting services' vendors | $ 2,100 | $ 101,424 |
Transfer agent and EDGAR agent | 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 | $ 2,100 | $ 271,158 |
ACCOUNTS PAYABLE AND ACCRUED _4
ACCOUNTS PAYABLE AND ACCRUED EXPENSES - Schedule of Accounts Payable And Accrued Expenses (Details) (Parenthetical) | 6 Months Ended |
Aug. 31, 2021person | |
CADCOM | |
Accounts Payable And Accrued Expenses [Line items] | |
Number of former officers | 2 |
Genvest LLC | |
Accounts Payable And Accrued Expenses [Line items] | |
Number of former officers | 2 |
DUE TO PRIOR RELATED PARTIES -
DUE TO PRIOR RELATED PARTIES - Schedule of Due to Related Parties (Details) | Feb. 28, 2021USD ($) |
Related Party Transaction [Line Items] | |
Total | $ 2,159,631 |
USBL loans payable to Spectrum Associates, Inc. ("Spectrum") | |
Related Party Transaction [Line Items] | |
Total | 1,324,689 |
USBL loans payable to the two officers of USBL | |
Related Party Transaction [Line Items] | |
Total | 569,317 |
USBL loans payable to Daniel T. Meisenheimer, Jr. Trust | |
Related Party Transaction [Line Items] | |
Total | 48,850 |
MCREH note payable to president of USBL | |
Related Party Transaction [Line Items] | |
Total | 48,000 |
MCREH loan payable to Spectrum, non-interest bearing, due on demand | |
Related Party Transaction [Line Items] | |
Total | 4,500 |
MCREH loan payable to president of USBL, non-interest bearing, due on demand | |
Related Party Transaction [Line Items] | |
Total | 5,000 |
MCREH loan payable to Meisenheimer Capital, Inc | |
Related Party Transaction [Line Items] | |
Total | $ 159,275 |
DUE TO PRIOR RELATED PARTIES _2
DUE TO PRIOR RELATED PARTIES - Schedule of Due to Related Parties (Details) (Parenthetical) | 6 Months Ended |
Aug. 31, 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% |
DUE TO PRIOR RELATED PARTIES _3
DUE TO PRIOR RELATED PARTIES - Additional Information (Details) - USD ($) | Apr. 07, 2021 | Aug. 31, 2021 |
Related Party Transaction [Line Items] | ||
Gain on forgiveness of debt | $ 66,747 | $ 66,747 |
Purchase Agreements | ||
Related Party Transaction [Line Items] | ||
Agreed to cancel indebtedness amount | 1,318,789 | |
Additional Paid-in Capital | ||
Related Party Transaction [Line Items] | ||
Gain on forgiveness of debt | 2,335,493 | |
Other affiliates | ||
Related Party Transaction [Line Items] | ||
Agreed to cancel indebtedness amount | $ 815,590 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) | Jul. 26, 2021USD ($)$ / sharesshares | Apr. 07, 2021USD ($)director$ / sharesshares | Aug. 31, 2021USD ($)$ / shares | Aug. 31, 2021USD ($)$ / sharesshares |
Related Party Transactions [Line Items] | ||||
Loss on conversion of debt - related party | $ 127,480 | $ 127,480 | ||
Total non-cash expense | 48,000 | |||
EROP Enterprises LLC | ||||
Related Party Transactions [Line Items] | ||||
Other Cost and Expense, Operating | $ 28,870 | |||
Debt amount converted | $ 28,870 | |||
Number of shares issued on conversion of debt | shares | 288,700 | |||
Closing stock price | $ / shares | $ 0.50 | $ 0.52 | $ 0.52 | |
Loss on conversion of debt - related party | $ 115,480 | |||
Common stock issued for services (In Shares) | shares | 200,000 | |||
Total non-cash expense | $ 104,000 | |||
Granted shares of common stock | shares | 1,475,000 | |||
Total purchase price | $ 147,500 | |||
Verde Capital | ||||
Related Party Transactions [Line Items] | ||||
Expense amortized period | 1 year | |||
Share-based payment arrangement, Expense | $ 21,667 | |||
CEO | ||||
Related Party Transactions [Line Items] | ||||
Other Cost and Expense, Operating | $ 3,000 | |||
Debt amount converted | $ 3,000 | |||
Number of shares issued on conversion of debt | shares | 30,000 | |||
Closing stock price | $ / shares | $ 0.50 | |||
Loss on conversion of debt - related party | $ 12,000 | |||
Directors | ||||
Related Party Transactions [Line Items] | ||||
Closing stock price | $ / shares | $ 0.12 | |||
Restricted shares of common stock | shares | 200,000 | |||
Number of Directors | director | 2 | |||
Total non-cash expense | $ 48,000 |
LOAN PAYABLE - Additional Infor
LOAN PAYABLE - Additional Information (Details) | Aug. 31, 2021USD ($) |
LOAN PAYABLE | |
Advance for general operating expenses | $ 3,581 |
PREFERRED STOCK - Additional In
PREFERRED STOCK - Additional Information (Details) | 6 Months Ended | ||
Aug. 31, 2021Voteshares | May 18, 2021shares | Feb. 28, 2021shares | |
Class of Stock [Line Items] | |||
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | |
Number of votes for each share of preferred stock | Vote | 5 | ||
Preferred Stock, Dividend Rate, Percentage | 2.00% | ||
Convertible into share of common stock | 1 | ||
Preferred stock, shares outstanding | 1,105,679 | 1,105,679 | |
Series A Preferred Shares | |||
Class of Stock [Line Items] | |||
Preferred stock, shares outstanding | 1,105,679 | ||
Series A Preferred Shares | EROP Enterprises LLC | |||
Class of Stock [Line Items] | |||
Preferred stock, shares outstanding | 1,105,644 | ||
Preferred Stock | Maximum | |||
Class of Stock [Line Items] | |||
Preferred stock, shares authorized | 2,000,000 | ||
Preferred Stock | Minimum | |||
Class of Stock [Line Items] | |||
Preferred stock, shares authorized | 10,000,000 |
COMMON STOCK TRANSACTIONS (Deta
COMMON STOCK TRANSACTIONS (Details) - USD ($) | Apr. 29, 2021 | Apr. 07, 2021 | Apr. 06, 2021 | Aug. 31, 2021 | May 18, 2021 | Feb. 28, 2021 |
Non-cash expense | $ 77,978 | |||||
Cash proceeds from sale of common stock | $ 240,000 | |||||
Common stock, shares authorized | 100,000,000 | 100,000,000 | ||||
Common Stock | ||||||
Share issued or sold | 925,000 | |||||
Expense amortized period | 1 year | |||||
Non-cash expense | $ 88,750 | |||||
Cash proceeds from sale of common stock | $ 92,500 | |||||
Common stock, shares authorized | 100,000,000 | |||||
Purchase Agreements | ||||||
Share issued or sold | 125,000 | |||||
Purchase Agreements | Common Stock | ||||||
Share issued or sold | 125,000 | 2,704,007 | ||||
Closing stock price | $ 0.71 | |||||
Expense amortized period | 6 months | |||||
Share-based payment arrangement, Expense | $ 59,167 | |||||
Verde Capital | Common Stock | ||||||
Share-based payment arrangement, Expense | $ 8,438 | |||||
Verde Capital | Consulting Services | Common Stock | ||||||
Share issued or sold | 150,000 | |||||
Closing stock price | $ 0.15 | |||||
Non-cash expense | $ 22,500 |