Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Feb. 28, 2014 | Jun. 12, 2014 | Aug. 31, 2013 | |
Document Information [Line Items] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 28-Feb-14 | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Trading Symbol | 'USBL | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 3,512,527 | ' |
Entity Registrant Name | 'UNITED STATES BASKETBALL LEAGUE INC | ' | ' |
Entity Central Index Key | '0000764630 | ' | ' |
Current Fiscal Year End Date | '--02-28 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Smaller Reporting Company | ' | ' |
Entity Public Float | ' | ' | $35,675 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Feb. 28, 2014 | Feb. 28, 2013 |
Current Assets: | ' | ' |
Cash and cash equivalents | $10,978 | $11,642 |
Marketable equity securities | 0 | 4,106 |
Prepaid expenses | 3,409 | 0 |
Due from related party | 0 | 35,450 |
Total Current Assets | 14,387 | 51,198 |
Property, net of accumulated depreciation of $55,766 and $50,574, respectively | 221,234 | 226,426 |
Total Assets | 235,621 | 277,624 |
Current Liabilities: | ' | ' |
Accounts payable and accrued expenses | 176,232 | 186,517 |
Credit card obligations | 11,655 | 46,295 |
Due to related parties | 2,261,316 | 2,159,449 |
Total Current Liabilities | 2,449,203 | 2,392,261 |
Total Liabilities | 2,449,203 | 2,392,261 |
Stockholders' Deficiency: | ' | ' |
Common stock, $0.01 par value, 30,000,000 shares authorized; 3,552,502 and 3,552,502 shares issued, respectively | 35,525 | 35,525 |
Preferred stock, $0.01 par value, 2,000,000 shares authorized; 1,105,679 shares issued and outstanding | 11,057 | 11,057 |
Additional paid-in capital | 2,679,855 | 2,679,855 |
Deficit | -4,897,565 | -4,798,620 |
Treasury stock, at cost; 39,975 shares of common stock | -42,454 | -42,454 |
Total Stockholders' Deficiency | -2,213,582 | -2,114,637 |
Total Liabilities and Stockholders' Deficiency | $235,621 | $277,624 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Feb. 28, 2014 | Feb. 28, 2013 |
Property, accumulated depreciation | $55,766 | $50,574 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 30,000,000 | 30,000,000 |
Common stock, issued | 3,552,502 | 3,552,502 |
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 |
Treasury stock, shares | 39,975 | 39,975 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | |
Feb. 28, 2014 | Feb. 28, 2013 | |
Revenues: | ' | ' |
Rental income | $47,784 | $37,964 |
Total revenues | 47,784 | 37,964 |
Operating Expenses: | ' | ' |
Professional fees | 49,118 | 45,210 |
Salaries | 18,200 | 44,113 |
Transfer agent and EDGAR agent fees | 22,620 | 22,113 |
Rent | 12,000 | 12,000 |
Travel and promotion | 3,421 | 13,991 |
Depreciation | 5,192 | 5,192 |
Loss on writedown of obsolete inventory | 0 | 5,000 |
Other | 17,934 | 45,970 |
Total operating expenses | 128,485 | 193,589 |
Loss from Operations | -80,701 | -155,625 |
Other Income (Expenses): | ' | ' |
Interest expense | -20,483 | -24,320 |
Gain (loss) on marketable equity securities | 2,239 | -60,158 |
Total other expenses | -18,244 | -84,478 |
Net loss | ($98,945) | ($240,103) |
Net Loss Per Share - basic and diluted | ($0.03) | ($0.07) |
Weighted Average Number of Common Shares Outstanding: | ' | ' |
Basic | 3,512,527 | 3,512,527 |
Diluted | 3,512,527 | 3,512,527 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (Deficiency) (USD $) | Total | Common Stock | Preferred Stock | Additional Paid-in Capital | Deficit | Treasury Stock |
Beginning Balance at Feb. 29, 2012 | ($1,874,534) | $35,225 | $11,057 | $2,679,855 | ($4,558,517) | ($42,454) |
Beginning Balance (in shares) at Feb. 29, 2012 | ' | 3,522,502 | 1,105,679 | ' | ' | 39,975 |
Net Loss | -240,103 | 0 | 0 | 0 | -240,103 | 0 |
Ending Balance at Feb. 28, 2013 | -2,114,637 | 35,525 | 11,057 | 2,679,855 | -4,798,620 | -42,454 |
Ending Balance (in shares) at Feb. 28, 2013 | ' | 3,552,502 | 1,105,679 | ' | ' | 39,975 |
Net Loss | -98,945 | 0 | 0 | 0 | -98,945 | 0 |
Ending Balance at Feb. 28, 2014 | ($2,213,582) | $35,525 | $11,057 | $2,679,855 | ($4,897,565) | ($42,454) |
Ending Balance (in shares) at Feb. 28, 2014 | ' | 3,552,502 | 1,105,679 | ' | ' | 39,975 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | |
Feb. 28, 2014 | Feb. 28, 2013 | |
Cash Flows from Operating Activities: | ' | ' |
Net Loss | ($98,945) | ($240,103) |
Adjustments to reconcile net loss to net cash (used in) operating activities: | ' | ' |
Depreciation | 5,192 | 5,192 |
Loss on writedown of obsolete inventory | 0 | 5,000 |
Changes in operating assets and liabilities: | ' | ' |
Marketable equity securities | 4,106 | 182,662 |
Prepaid expenses | -3,409 | 0 |
Accounts payable and accrued expenses | -10,285 | 14,417 |
Credit card obligations | -34,640 | -40,447 |
Net Cash (Used In) Operating Activities | -137,981 | -73,279 |
Cash Flows from Financing Activities: | ' | ' |
Decrease (Increase) in due from related party | 35,450 | -10,523 |
Increase in due to related parties | 101,867 | 90,610 |
Net Cash Provided By Financing Activities | 137,317 | 80,087 |
Net Increase (Decrease) in Cash and Cash Equivalents | -664 | 6,808 |
Cash and Cash Equivalents, beginning of year | 11,642 | 4,834 |
Cash and Cash Equivalents, end of year | 10,978 | 11,642 |
Supplemental disclosures of cash flow information: | ' | ' |
Interest paid | 12,483 | 16,420 |
Income tax paid | $0 | $0 |
Description_of_Business_and_Ba
Description of Business and Basis of Presentation | 12 Months Ended | ||
Feb. 28, 2014 | |||
Organization, Consolidation and Presentation Of Financial Statements [Abstract] | ' | ||
Business Description and Basis Of Presentation [Text Block] | ' | ||
1 | Description of Business and Basis of Presentation | ||
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. The 2008, 2009, 2010, 2011, 2012, 2013 and 2014 seasons 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. | |||
Meisenheimer Capital Real Estate Holdings, Inc. (“MCREH”), a wholly owned subsidiary of USBL, owns a commercial building in Milford, Connecticut (see note 5). | |||
At February 28, 2014, USBL and MCREH (collectively, the “Company”) had negative working capital of $2,434,816, a stockholders’ deficiency of $2,213,582, and accumulated losses of $4,897,565. These factors, as well as the Company’s reliance on related parties (see note 7), raise substantial doubt as to 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 recorded assets or the amounts or classification of liabilities that might be necessary in the event the Company cannot continue in existence. | |||
The Company is making efforts to raise equity capital, revitalize the league and market new franchises. However, there can be no assurance that the Company will be successful in accomplishing its objectives. The consolidated financial statements do not include any adjustments that might be necessary should the USBL be unable to continue as a going concern. | |||
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |
Feb. 28, 2014 | ||
Accounting Policies [Abstract] | ' | |
Significant Accounting Policies [Text Block] | ' | |
2 | Summary of Significant Accounting Policies | |
Principles of consolidation - The accompanying consolidated financial statements include the accounts of USBL and MCREH. All significant intercompany accounts and transactions have been eliminated in consolidation. | ||
Cash and cash equivalents - The Company considers all highly liquid debt instruments purchased with a maturity of three months or less to be cash equivalents. | ||
Fair value disclosures – The carrying amounts of the Company’s financial instruments, which consist of cash and cash equivalents, marketable equity securities, due from related party, accounts payable and accrued expenses, credit card obligations, and due to related parties, approximate their fair value due to their short term nature or based upon values of comparable instruments. | ||
Marketable equity securities – Marketable equity securities are recorded at fair value with unrealized gains and losses included in income. The Company has classified its investment in marketable equity securities as trading securities. The change in net unrealized holding gain (loss) included in earnings for the years ended February 28, 2014 and February 28, 2013 was $(2,059) and $112,889, respectively. | ||
Depreciation expense - Depreciation is computed using the straight-line method over the building's estimated useful life (approximately 30 years). | ||
Revenue recognition - The Company generally uses the accrual method of accounting in these financial statements. However, due to the uncertainty of collecting royalty and franchise fees from the franchisees, USBL records these revenues upon receipt of cash consideration paid or the performance of related services by the franchisee. Franchise fees earned in nonmonetary transactions are recorded at the fair value of the franchise granted or the service received, based on which value is more readily determinable. Upon the granting of the franchise, the Company has performed essentially all material conditions related to the sale. | ||
Income taxes - Deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities, and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. A valuation allowance has been fully provided for the deferred tax asset (approximately $980,000 at February 28, 2014) attributable to the USBL net operating loss carryforward. | ||
As of February 28, 2014, USBL had a net operating loss carryforward of approximately $2,800,000 available to offset future taxable income. The carryforward expires in varying amounts from 2019 to 2034. Current United States income tax laws limit the amount of loss available to be offset against future taxable income when a substantial change in ownership occurs. Therefore, the amount available to offset future taxable income may be limited. | ||
USBL and MCREH file consolidated Federal and combined separate Connecticut income tax returns. The last returns filed were for the year ended December 31, 2012. | ||
Estimates – The preparation of 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 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. Actual results could differ from those estimates. | ||
Stock-based compensation – Stock-based compensation is accounted for at fair value in accordance with Accounting Standards Codification (“ASC”) 718, “Compensation – Stock Compensation”. No stock options were granted during the years ended February 28, 2014 and February 28, 2013 and none are outstanding at February 28, 2014. | ||
Earnings (loss) per share – ASC 260, “Earnings Per Share”, establishes standards for computing and presenting earnings (loss) per share (EPS). ASC 260 requires dual presentation of basic and diluted EPS. Basic EPS excludes dilution and is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if stock options or convertible securities were exercised or converted into common stock. The Company did not include the 1,105,679 shares of convertible preferred stock in its calculation of diluted loss per share for the years ended February 28, 2014 and February 28, 2013 as the result would have been antidilutive. | ||
Comprehensive income - Other comprehensive income (loss) refers to revenues, expenses, gains and losses that under generally accepted accounting principles are included in comprehensive income but are excluded from net income (loss) as these amounts are recorded directly as an adjustment to stockholders' equity. Comprehensive loss was equivalent to net loss for all periods presented. | ||
Reclassifications – Certain prior year expenses have been reclassified to conform to the current year’s presentation. | ||
Marketable_Equity_Securities
Marketable Equity Securities | 12 Months Ended | ||||||||||
Feb. 28, 2014 | |||||||||||
Marketable Securities [Abstract] | ' | ||||||||||
Marketable Equity Securities [Text Block] | ' | ||||||||||
3 | Marketable Equity Securities | ||||||||||
At February 28, 2013, marketable equity securities consisted of: | |||||||||||
Fair | |||||||||||
Value and | |||||||||||
Carrying | |||||||||||
Security | Shares | Cost | Value | ||||||||
Seafarer Exploration Corp. (SFRX) | 152,064 | 2,047 | 4,106 | ||||||||
Total | $ | 2,047 | $ | 4,106 | |||||||
As discussed in Note 2, the Company has classified its investment in marketable equity securities as trading securities. All fair value measurements are based on Level 1 inputs (i.e. closing trading prices of respective marketable equity securities). | |||||||||||
Gain (loss) on marketable equity securities consisted of: | |||||||||||
Year Ended | |||||||||||
February 28, | February 28, | ||||||||||
2014 | 2013 | ||||||||||
Realized net gain (loss) | $ | 4,298 | $ | -173,047 | |||||||
Unrealized net gain (loss) | -2,059 | 112,889 | |||||||||
Net gain (loss) | $ | 2,239 | $ | -60,158 | |||||||
Due_from_Related_Parties
Due from Related Parties | 12 Months Ended | ||||
Feb. 28, 2014 | |||||
Due From Related Parties, Unclassified [Abstract] | ' | ||||
Due From Related Parties [Text Block] | ' | ||||
4 | Due from Related Parties | ||||
At February 28, 213, due from related party consisted of: | |||||
USBL receivable from Meisenheimer Capital, Inc. | |||||
(“MCI”), controlling stockholder of USBL, non-interest bearing, due on demand | $ | 35,450 | |||
Total | $ | 35,450 | |||
Property_Net
Property, Net | 12 Months Ended | |||||||
Feb. 28, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, Net [Text Block] | ' | |||||||
5 | Property, Net | |||||||
Property, net, consists of: | ||||||||
February 28, | February 28, | |||||||
2014 | 2013 | |||||||
Land | $ | 121,253 | $ | 121,253 | ||||
Building | 155,747 | 155,747 | ||||||
Total | 277,000 | 277,000 | ||||||
Less accumulated depreciation | -55,766 | -50,574 | ||||||
Property, net | $ | 221,234 | $ | 226,426 | ||||
The property is a commercial building owned by MCREH located in Milford, Connecticut. From June 2008 to December 2010, MCREH had no tenants at the property. | ||||||||
In 2011, Spectrum Associates, Inc. (“Spectrum”), a corporation controlled by the two officers of USBL, entered into an informal agreement to rent available space from MCREH for the purpose of storing surplus material. Under this agreement, Spectrum paid MCREH a total of $12,000 rent for the year ended February 29, 2012. | ||||||||
On February 1, 2012, MCREH executed a Lease Agreement with an unrelated entity (the “Tenant”) to rent the MCREH property (on a Net Lease basis) for a term of 11 months from February 1, 2012 to December 31, 2012 at a monthly rent of $3,000. The lease also provided the Tenant an option to renew the lease for two additional periods of one year each at monthly rents of $3,150 (for the year ended December 31, 2013), and $3,300 (for the year ended December 31, 2014). | ||||||||
In December 2013, MCRE executed a Real Estate Contract with two individuals affiliated with the Tenant (the “Buyers”) to sell the MCREH property for $420,000 cash. An aggregate of $12,000 has been placed in escrow for the benefit of the Company towards the purchase price pursuant to the contract upon signing of the agreement. The contract was contingent upon the Buyers obtaining a SBA 504 30 year conventional mortgage commitment in the principal amount of not less than $378,000 by the buyers by January 24, 2014. Pursuant to the terms of the contract, the buyers had an option, which has expired, to terminate the contract via written notice served to the Company by January 30, 2014 and have the $12,000 held in escrow returned to them by the Company. The closing of this transaction has been scheduled by legal counsel for the parties to the contract for June 19, 2014. | ||||||||
Credit_Card_Obligations
Credit Card Obligations | 12 Months Ended | ||
Feb. 28, 2014 | |||
Credit Card Obligations Disclosure [Abstract] | ' | ||
Credit Card Obligations [Text Block] | ' | ||
6 | Credit Card Obligations | ||
USBL uses credit cards of related parties to pay for certain travel and promotion expenses. USBL has agreed to pay the credit card balances, including related interest. The credit card obligations bear interest at rates ranging up to 30% and are due in monthly installments of principal and interest. | |||
Due_to_Related_Parties
Due to Related Parties | 12 Months Ended | |||||||
Feb. 28, 2014 | ||||||||
Due To Related Parties [Abstract] | ' | |||||||
Due to Related Parties [Text Block] | ' | |||||||
7 | Due to Related Parties | |||||||
Due to related parties consist of: | ||||||||
February 28, | February 28, | |||||||
2014 | 2013 | |||||||
USBL loans payable to Spectrum Associates, Inc. (“Spectrum”), a corporation controlled by the two officers of USBL, interest at 6%, due on demand | $ | 1,239,289 | $ | 1,262,289 | ||||
USBL loans payable to the two officers of USBL, interest at 6%, due on demand | 527,041 | 564,560 | ||||||
USBL loan payable to Genvest, LLC (“Genvest”), an entity controlled by the two officers of USBL, non-interest bearing, due on demand | 20,000 | 20,000 | ||||||
USBL loans to Daniel T. Meisenheimer, Jr. Trust, a trust controlled by the two officers of USBL, non-interest bearing, due on demand | 44,100 | 44,100 | ||||||
MCREH notes payable to trusts for the benefit of the two officers of USBL, interest at 6%, due December 31, 2011 | 50,000 | 50,000 | ||||||
MCREH note payable to Spectrum, interest at 7%, due on demand, secured by MCREH property | 25,000 | 25,000 | ||||||
MCREH note payable to president of USBL, interest at 7%, due on demand, secured by MCREH property | 45,000 | 45,000 | ||||||
MCREH note payable to the two officers of USBL, interest at 7%, due on demand, secured by MCREH property | 70,000 | 70,000 | ||||||
MCREH note payable to a trust for the benefit of the two officers of USBL, interest at 4%, due October 22, 2009, secured by MCREH property | 70,000 | 70,000 | ||||||
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 | 4,000 | 4,000 | ||||||
MCREH loan payable to Meisenheimer Capital, inc. (“MCI”), non-interest bearing, due on demand | 162,386 | - | ||||||
Total | 2,261,316 | 2,159,449 | ||||||
Less current portion | -2,261,316 | -2,159,449 | ||||||
Non current portion | $ | - | $ | - | ||||
For the years ended February 28, 2014 and February 28, 2013, interest due under the USBL loans were waived by the respective lenders. | ||||||||
At February 28, 2014 and February 28, 2013, accounts payable and accrued expenses included accrued interest payable to related parties totaling $77,887 and $69,887, respectively. | ||||||||
Stockholders_Equity
Stockholders' Equity | 12 Months Ended | ||
Feb. 28, 2014 | |||
Stockholders' Equity Note [Abstract] | ' | ||
Stockholders' Equity [Text Block] | ' | ||
8 | Stockholders’ Equity | ||
Each share of common stock has one vote. Each share of preferred stock has five votes, is entitled to a 2% non-cumulative annual dividend, and is convertible at any time into one share of common stock. | |||
Related_Party_Transactions
Related Party Transactions | 12 Months Ended | ||
Feb. 28, 2014 | |||
Related Party Transactions [Abstract] | ' | ||
Related Party Transactions [Text Block] | ' | ||
9 | Related Party Transactions | ||
For the years ended February 28, 2014 and February 28, 2013, USBL included in other operating expenses rent, payable to Genvest, LLC totaling $12,000 and $12,000, respectively. | |||
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||
Feb. 28, 2014 | |||
Commitments and Contingencies Disclosure [Abstract] | ' | ||
Commitments and Contingencies [Text Block] | ' | ||
10 | Commitment and Contingencies | ||
Occupancy Agreement | |||
In September 2007, the Company moved its office from the MCREH building to a building owned by Genvest, LLC, an entity controlled by the two officers of USBL. Improvements to the Company’s space were completed in February 2008. Pursuant to a verbal agreement, the Company is to pay Genvest monthly rentals of $1,000 commencing March 2008. At February 28, 2014 and February 28, 2013, accounts payable and accrued expenses included accrued rent payable to Genvest totaling $72,000 and $60,000, respectively. | |||
Cancellation of 2008, 2009, 2010, 2011, 2012, 2013 and 2014 Seasons | |||
USBL cancelled its seasons from 2008 to 2014. These cancellations may result in claims and legal actions from franchisees. | |||
Litigation | |||
On June 30, 2008, a legal action was commenced by Albany Patroons, Inc., a franchisee of USBL, against the Company in the United States District Court for the Northern District of New York. The complaint alleges breach of contract by USBL due to the suspension of the 2008 season and seeks total damages of $285,000. On September 5, 2008, the Company answered the complaint and asserted a counter-claim against plaintiff for breach of franchise agreement and/or memorandum of agreement. This action was discontinued and the parties agreed to proceed with binding arbitration. The Company believes that it has a meritorious defense to the action and does not expect the ultimate resolution of this matter to have a material adverse effect on its consolidated financial condition or results of operations. | |||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Feb. 28, 2014 | |
Accounting Policies [Abstract] | ' |
Consolidation, Policy [Policy Text Block] | ' |
Principles of consolidation - The accompanying consolidated financial statements include the accounts of USBL and MCREH. All significant intercompany accounts and transactions have been eliminated in consolidation. | |
Cash and Cash Equivalents, Policy [Policy Text Block] | ' |
Cash and cash equivalents - The Company considers all highly liquid debt instruments purchased with a maturity of three months or less to be cash equivalents. | |
Fair Value Measurement, Policy [Policy Text Block] | ' |
Fair value disclosures – The carrying amounts of the Company’s financial instruments, which consist of cash and cash equivalents, marketable equity securities, due from related party, accounts payable and accrued expenses, credit card obligations, and due to related parties, approximate their fair value due to their short term nature or based upon values of comparable instruments. | |
Marketable Securities, Policy [Policy Text Block] | ' |
Marketable equity securities – Marketable equity securities are recorded at fair value with unrealized gains and losses included in income. The Company has classified its investment in marketable equity securities as trading securities. The change in net unrealized holding gain (loss) included in earnings for the years ended February 28, 2014 and February 28, 2013 was $(2,059) and $112,889, respectively. | |
Depreciation, Depletion, and Amortization [Policy Text Block] | ' |
Depreciation expense - Depreciation is computed using the straight-line method over the building's estimated useful life (approximately 30 years). | |
Revenue Recognition, Policy [Policy Text Block] | ' |
Revenue recognition - The Company generally uses the accrual method of accounting in these financial statements. However, due to the uncertainty of collecting royalty and franchise fees from the franchisees, USBL records these revenues upon receipt of cash consideration paid or the performance of related services by the franchisee. Franchise fees earned in nonmonetary transactions are recorded at the fair value of the franchise granted or the service received, based on which value is more readily determinable. Upon the granting of the franchise, the Company has performed essentially all material conditions related to the sale. | |
Income Tax, Policy [Policy Text Block] | ' |
Income taxes - Deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities, and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. A valuation allowance has been fully provided for the deferred tax asset (approximately $980,000 at February 28, 2014) attributable to the USBL net operating loss carryforward. | |
As of February 28, 2014, USBL had a net operating loss carryforward of approximately $2,800,000 available to offset future taxable income. The carryforward expires in varying amounts from 2019 to 2034. Current United States income tax laws limit the amount of loss available to be offset against future taxable income when a substantial change in ownership occurs. Therefore, the amount available to offset future taxable income may be limited. | |
USBL and MCREH file consolidated Federal and combined separate Connecticut income tax returns. The last returns filed were for the year ended December 31, 2012. | |
Use of Estimates, Policy [Policy Text Block] | ' |
Estimates – The preparation of 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 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. Actual results could differ from those estimates. | |
Share-based Compensation, Option and Incentive Plans, Director Policy [Policy Text Block] | ' |
Stock-based compensation – Stock-based compensation is accounted for at fair value in accordance with Accounting Standards Codification (“ASC”) 718, “Compensation – Stock Compensation”. No stock options were granted during the years ended February 28, 2014 and February 28, 2013 and none are outstanding at February 28, 2014. | |
Earnings Per Share, Policy [Policy Text Block] | ' |
Earnings (loss) per share – ASC 260, “Earnings Per Share”, establishes standards for computing and presenting earnings (loss) per share (EPS). ASC 260 requires dual presentation of basic and diluted EPS. Basic EPS excludes dilution and is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if stock options or convertible securities were exercised or converted into common stock. The Company did not include the 1,105,679 shares of convertible preferred stock in its calculation of diluted loss per share for the years ended February 28, 2014 and February 28, 2013 as the result would have been antidilutive. | |
Comprehensive Income Policy [Policy TextBlock] | ' |
Comprehensive income - Other comprehensive income (loss) refers to revenues, expenses, gains and losses that under generally accepted accounting principles are included in comprehensive income but are excluded from net income (loss) as these amounts are recorded directly as an adjustment to stockholders' equity. Comprehensive loss was equivalent to net loss for all periods presented. | |
Reclassification, Policy [Policy Text Block] | ' |
Reclassifications – Certain prior year expenses have been reclassified to conform to the current year’s presentation. | |
Marketable_Equity_Securities_T
Marketable Equity Securities (Tables) | 12 Months Ended | ||||||||||
Feb. 28, 2014 | |||||||||||
Marketable Securities [Abstract] | ' | ||||||||||
Marketable Securities [Table Text Block] | ' | ||||||||||
At February 28, 2013, marketable equity securities consisted of: | |||||||||||
Fair | |||||||||||
Value and | |||||||||||
Carrying | |||||||||||
Security | Shares | Cost | Value | ||||||||
Seafarer Exploration Corp. (SFRX) | 152,064 | 2,047 | 4,106 | ||||||||
Total | $ | 2,047 | $ | 4,106 | |||||||
Gain (Loss) on Investments [Table Text Block] | ' | ||||||||||
Gain (loss) on marketable equity securities consisted of: | |||||||||||
Year Ended | |||||||||||
February 28, | February 28, | ||||||||||
2014 | 2013 | ||||||||||
Realized net gain (loss) | $ | 4,298 | $ | -173,047 | |||||||
Unrealized net gain (loss) | -2,059 | 112,889 | |||||||||
Net gain (loss) | $ | 2,239 | $ | -60,158 | |||||||
Due_from_Related_Parties_Table
Due from Related Parties (Tables) | 12 Months Ended | ||||
Feb. 28, 2014 | |||||
Due From Related Parties, Unclassified [Abstract] | ' | ||||
Due From Related Parties [Table Text Block] | ' | ||||
At February 28, 213, due from related party consisted of: | |||||
USBL receivable from Meisenheimer Capital, Inc. | |||||
(“MCI”), controlling stockholder of USBL, non-interest bearing, due on demand | $ | 35,450 | |||
Total | $ | 35,450 | |||
Property_Net_Tables
Property, Net (Tables) | 12 Months Ended | |||||||
Feb. 28, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, Plant and Equipment [Table Text Block] | ' | |||||||
Property, net, consists of: | ||||||||
February 28, | February 28, | |||||||
2014 | 2013 | |||||||
Land | $ | 121,253 | $ | 121,253 | ||||
Building | 155,747 | 155,747 | ||||||
Total | 277,000 | 277,000 | ||||||
Less accumulated depreciation | -55,766 | -50,574 | ||||||
Property, net | $ | 221,234 | $ | 226,426 | ||||
Due_to_Related_Parties_Tables
Due to Related Parties (Tables) | 12 Months Ended | |||||||
Feb. 28, 2014 | ||||||||
Due To Related Parties [Abstract] | ' | |||||||
Due To Related Parties [Table Text Block] | ' | |||||||
Due to related parties consist of: | ||||||||
February 28, | February 28, | |||||||
2014 | 2013 | |||||||
USBL loans payable to Spectrum Associates, Inc. (“Spectrum”), a corporation controlled by the two officers of USBL, interest at 6%, due on demand | $ | 1,239,289 | $ | 1,262,289 | ||||
USBL loans payable to the two officers of USBL, interest at 6%, due on demand | 527,041 | 564,560 | ||||||
USBL loan payable to Genvest, LLC (“Genvest”), an entity controlled by the two officers of USBL, non-interest bearing, due on demand | 20,000 | 20,000 | ||||||
USBL loans to Daniel T. Meisenheimer, Jr. Trust, a trust controlled by the two officers of USBL, non-interest bearing, due on demand | 44,100 | 44,100 | ||||||
MCREH notes payable to trusts for the benefit of the two officers of USBL, interest at 6%, due December 31, 2011 | 50,000 | 50,000 | ||||||
MCREH note payable to Spectrum, interest at 7%, due on demand, secured by MCREH property | 25,000 | 25,000 | ||||||
MCREH note payable to president of USBL, interest at 7%, due on demand, secured by MCREH property | 45,000 | 45,000 | ||||||
MCREH note payable to the two officers of USBL, interest at 7%, due on demand, secured by MCREH property | 70,000 | 70,000 | ||||||
MCREH note payable to a trust for the benefit of the two officers of USBL, interest at 4%, due October 22, 2009, secured by MCREH property | 70,000 | 70,000 | ||||||
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 | 4,000 | 4,000 | ||||||
MCREH loan payable to Meisenheimer Capital, inc. (“MCI”), non-interest bearing, due on demand | 162,386 | - | ||||||
Total | 2,261,316 | 2,159,449 | ||||||
Less current portion | -2,261,316 | -2,159,449 | ||||||
Non current portion | $ | - | $ | - | ||||
Description_of_Business_and_Ba1
Description of Business and Basis of Presentation (Details Textual) (USD $) | 12 Months Ended | ||
Feb. 28, 2014 | Feb. 28, 2013 | Feb. 29, 2012 | |
Entity Incorporation, Date Of Incorporation | 29-May-84 | ' | ' |
Working Capital Deficit | $2,434,816 | ' | ' |
Stockholders' deficiency | -2,213,582 | -2,114,637 | -1,874,534 |
Accumulated losses | ($4,897,565) | ($4,798,620) | ' |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Details Textual) (USD $) | 12 Months Ended | |
Feb. 28, 2014 | Feb. 28, 2013 | |
Unrealized net gain (loss) | ($2,059) | $112,889 |
Property, Plant and Equipment, Useful Life | '30 years | ' |
Deferred Tax Assets, Valuation Allowance | 980,000 | ' |
Operating Loss Carryforwards | $2,800,000 | ' |
Operating Losses Carryforward Expiration Date | '2019 to 2034 | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,105,679 | 1,105,679 |
Marketable_Equity_Securities_D
Marketable Equity Securities (Details) (USD $) | Feb. 28, 2014 | Feb. 28, 2013 |
Cost | ' | $2,047 |
Fair Value and Carrying Value | 0 | 4,106 |
Seafarer Exploration Corp [Member] | ' | ' |
Shares | ' | 152,064 |
Cost | ' | 2,047 |
Fair Value and Carrying Value | ' | $4,106 |
Marketable_Equity_Securities_D1
Marketable Equity Securities (Details 1) (USD $) | 12 Months Ended | |
Feb. 28, 2014 | Feb. 28, 2013 | |
Realized net gain (loss) | $4,298 | ($173,047) |
Unrealized net gain (loss) | -2,059 | 112,889 |
Net gain (loss) | $2,239 | ($60,158) |
Due_from_Related_Parties_Detai
Due from Related Parties (Details) (USD $) | Feb. 28, 2014 | Feb. 28, 2013 |
Due from related parties | $0 | $35,450 |
(bMCIb), controlling stockholder of USBL, non-interest bearing, due on demand | ' | ' |
Due from related parties | ' | $35,450 |
Property_Net_Details
Property, Net (Details) (USD $) | Feb. 28, 2014 | Feb. 28, 2013 |
Land | $121,253 | $121,253 |
Building | 155,747 | 155,747 |
Total | 277,000 | 277,000 |
Less accumulated depreciation | -55,766 | -50,574 |
Property, net | $221,234 | $226,426 |
Property_Net_Details_Textual
Property, Net (Details Textual) (USD $) | Jan. 24, 2014 | Feb. 29, 2012 | Dec. 31, 2012 | Feb. 28, 2014 | Dec. 31, 2013 | Dec. 30, 2013 |
Real Estate Contract [Member] | Spectrum Informal Agreement [Member] | Tenant [Member] | Tenant [Member] | Tenant [Member] | Buyer [Member] | |
Minimum [Member] | Real Estate Contract [Member] | |||||
Proceeds from Rents Received | ' | $12,000 | $3,000 | ' | ' | ' |
Options To Renew Lease At Each Monthly Rates Year One | ' | ' | ' | ' | 3,150 | ' |
Options To Renew Lease At Each Monthly Rates Year Two | ' | ' | ' | 3,300 | ' | ' |
Escrow Deposit | ' | ' | ' | ' | ' | 420,000 |
Escrow Deposits Related to Property Sales | ' | ' | ' | ' | ' | 12,000 |
Mortgage Loans on Real Estate, Face Amount of Mortgages | $378,000 | ' | ' | ' | ' | ' |
Credit_Card_Obligations_Detail
Credit Card Obligations (Details Textual) (Credit Card Obligations [Member]) | 12 Months Ended |
Feb. 28, 2014 | |
Credit Card Obligations [Member] | ' |
Debt Instrument, Interest Rate, Effective Percentage Rate Range, Maximum | 30.00% |
Due_to_Related_Parties_Details
Due to Related Parties (Details) (USD $) | Feb. 28, 2014 | Feb. 28, 2013 |
Due to Related Parties | $2,261,316 | $2,159,449 |
Less current portion | -2,261,316 | -2,159,449 |
Non current portion | 0 | 0 |
USBL loans payable to Spectrum Associates, Inc. (bSpectrumb), a corporation controlled by the two officers of USBL, interest at 6%,due on demand | ' | ' |
Due to Related Parties | 1,239,289 | 1,262,289 |
USBL loans payable to the two officers of USBL, interest at 6%, due on demand | ' | ' |
Due to Related Parties | 527,041 | 564,560 |
USBL loan payable to Genvest, LLC (bGenvestb), an entity controlled by the two officers of USBL, non-interest bearing, due on demand | ' | ' |
Due to Related Parties | 20,000 | 20,000 |
USBL loans to Daniel T. Meisenheimer, Jr. Trust, a trust controlled by the two officers of USBL, non-interest bearing, due on demand | ' | ' |
Due to Related Parties | 44,100 | 44,100 |
MCREH note payable to the two officers of USBL, interest at 6%,due December 31, 2011 | ' | ' |
Due to Related Parties | 50,000 | 50,000 |
MCREH note payable to Spectrum, interest at 7%, due on demand, secured by MCREH property | ' | ' |
Due to Related Parties | 25,000 | 25,000 |
MCREH note payable to president of USBL, interest at 7%, due on demand, secured by MCREH property | ' | ' |
Due to Related Parties | 45,000 | 45,000 |
MCREH note payable to the two officers of USBL, interest at 7%, due on demand, secured by MCREH property | ' | ' |
Due to Related Parties | 70,000 | 70,000 |
MCREH note payable to the two officers of USBL, interest at 4%, due October 22, 2009, secured by MCREH property | ' | ' |
Due to Related Parties | 70,000 | 70,000 |
MCREH loan payable to president of Spectrum, non-interest bearing, due on demand | ' | ' |
Due to Related Parties | 4,500 | 4,500 |
MCREH loan payable to president of USBL, non-interest bearing, due on demand | ' | ' |
Due to Related Parties | 4,000 | 4,000 |
MCREH loan payable to Meisenheimer Capital, Inc. (bMCIb) non-interest bearing,due on demand | ' | ' |
Due to Related Parties | $162,386 | $0 |
Due_to_Related_Parties_Parenth
Due to Related Parties (Parenthetical) (Details) | Feb. 28, 2014 | Feb. 28, 2013 |
USBL loans payable to Spectrum Associates, Inc. (bSpectrumb), a corporation controlled by the two officers of USBL, interest at 6%,due on demand | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | 6.00% |
USBL loans payable to the two officers of USBL, interest at 6%, due on demand | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | 6.00% |
MCREH note payable to the two officers of USBL, interest at 6%,due December 31, 2011 | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | 6.00% |
MCREH note payable to Spectrum, interest at 7%, due on demand, secured by MCREH property | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 7.00% | 7.00% |
MCREH note payable to president of USBL, interest at 7%, due on demand, secured by MCREH property | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 7.00% | 7.00% |
MCREH note payable to the two officers of USBL, interest at 7%, due on demand, secured by MCREH property | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 7.00% | 7.00% |
MCREH note payable to the two officers of USBL, interest at 4%, due October 22, 2009, secured by MCREH property | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 4.00% | 4.00% |
Due_to_Related_Parties_Details1
Due to Related Parties (Details Textual) (USD $) | Feb. 28, 2014 | Feb. 28, 2013 |
Notes Payable, Related Parties | $77,887 | $69,887 |
Stockholders_Equity_Details_Te
Stockholders' Equity (Details Textual) | 12 Months Ended |
Feb. 28, 2014 | |
Preferred Stock, Dividend Rate, Percentage | 2.00% |
Related_Party_Transactions_Det
Related Party Transactions (Details Textual) (USD $) | 12 Months Ended | |
Feb. 28, 2014 | Feb. 28, 2013 | |
Genvest Llc [Member] | ||
Other Cost and Expense, Operating | $12,000 | $12,000 |
Commitments_and_Contingencies_
Commitments and Contingencies (Details Textual) (USD $) | Feb. 28, 2014 | Feb. 28, 2013 | Jun. 30, 2008 | Mar. 31, 2008 |
Genvest Llc [Member] | Genvest Llc [Member] | Albany Patroons Inc [Member] | Occupancy Agreement [Member] | |
Proceeds from Rents Received | ' | ' | ' | $1,000 |
Accrued Rent | 72,000 | 60,000 | ' | ' |
Loss Contingency, Damages Sought, Value | ' | ' | $285,000 | ' |