Shorepower (SPEV) 10-Q 30 Dec 15 2016 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Nov. 30, 2015	Dec. 30, 2015
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Nov. 30, 2015
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
Entity Registrant Name	UNITED STATES BASKETBALL LEAGUE INC
Entity Central Index Key	764,630
Current Fiscal Year End Date	--02-28
Entity Filer Category	Smaller Reporting Company
Trading Symbol	USBL
Entity Common Stock, Shares Outstanding		3,512,527

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Nov. 30, 2015	Feb. 28, 2015
CURRENT ASSETS:
Cash and cash equivalents	$ 383	$ 614
Total current assets	383	614
Total assets	383	614
CURRENT LIABILITIES:
Accounts payable and accrued expenses	168,190	133,853
Credit card obligations	5,991	7,361
Due to related parties	2,004,772	1,969,350
Total current liabilities	2,178,953	2,110,564
Total Liabilities	2,178,953	2,110,564
STOCKHOLDERS’ DEFICIENCY
Common stock, $0.01 par value; 30,000,000 shares authorized; issued 3,552,502 and 3,552,502 shares, 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	(4,862,553)	(4,793,933)
Treasury stock, at cost; 39,975 shares of common stock	(42,454)	(42,454)
Total stockholders’ deficiency	(2,178,570)	(2,109,950)
Total liabilities and stockholders’ deficiency	$ 383	$ 614

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Nov. 30, 2015	Feb. 28, 2015
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 Oper

Consolidated Statements of Operations - USD ($)	3 Months Ended		9 Months Ended
	Nov. 30, 2015	Nov. 30, 2014	Nov. 30, 2015	Nov. 30, 2014
REVENUES:
Rental income	$ 0	$ 0	$ 0	$ 13,941
OPERATING EXPENSES:
Officers' compensation	0	8,000	0	8,000
Professional fees	10,279	7,956	31,662	33,352
Transfer agent and EDGAR agent fees	2,243	3,821	13,813	15,802
Rent	3,000	3,000	9,000	9,000
Travel and promotion	(49)	(949)	293	429
Depreciation	0	0	0	1,568
Other	823	1,258	2,936	9,425
Total operating expenses	16,296	23,086	57,704	77,576
Loss from operations	(16,296)	(23,086)	(57,704)	(63,635)
OTHER INCOME (EXPENSES):
Gain of sale of property	0	0	0	192,931
Net gain from marketable equity securities	0	0	0	0
Interest expense	(314)	(427)	(1,525)	(5,329)
Total other income (expenses), net	(314)	(427)	(1,525)	187,602
Income (loss) before income taxes	(16,610)	(23,513)	(59,229)	123,967
Income taxes	0	0	(9,391)	0
NET INCOME (LOSS)	$ (16,610)	$ (23,513)	$ (68,620)	$ 123,967
Earnings (Loss) per Common Share:
Basic	$ (0.01)	$ (0.01)	$ (0.02)	$ 0.04
Diluted	$ (0.01)	$ (0.01)	$ (0.02)	$ 0.03
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING
Basic	3,512,527	3,512,527	3,512,527	3,512,527
Diluted	3,512,527	3,512,527	3,512,527	4,618,206

Consolidated Statement of Stock

Consolidated Statement of Stockholders' Equity Deficiency - 9 months ended Nov. 30, 2015 - USD ($)	Total	Common Stock	Preferred Stock	Additional Paid-in Capital	Deficit	Treasury Stock
Balance at Feb. 28, 2015	$ (2,109,950)	$ 35,525	$ 11,057	$ 2,679,855	$ (4,793,933)	$ (42,454)
Balance (in shares) at Feb. 28, 2015		3,552,502	1,105,679			39,975
Net loss	(68,620)	$ 0	$ 0	0	(68,620)	$ 0
Balance at Nov. 30, 2015	$ (2,178,570)	$ 35,525	$ 11,057	$ 2,679,855	$ (4,862,553)	$ (42,454)
Balance (in shares) at Nov. 30, 2015		3,552,502	1,105,679			39,975

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	9 Months Ended
	Nov. 30, 2015	Nov. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ (68,620)	$ 123,967
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Gain on sale of property	0	(192,931)
Depreciation	0	1,568
Changes in operating assets and liabilities:
Marketable equity securities	0	0
Prepaid expenses	0	3,409
Accounts payable and accrued expenses	34,337	(55,447)
Credit card obligations	(1,370)	(3,182)
Net cash used in operating activities	(35,653)	(122,616)
CASH FLOWS FROM INVESTING ACTIVITES:
Proceeds from sale of property	0	412,597
Net cash provided by investing activities	0	412,597
CASH FLOWS FROM FINANCING ACTIVITIES:
Increase (decrease) in due to related parties	35,422	(296,639)
Net cash provided by (used in) financing activities	35,422	(296,639)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(231)	(6,658)
CASH AND CASH EQUIVALENTS, beginning of period	614	10,978
CASH AND CASH EQUIVALENTS, end of period	383	4,320
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Interest paid	1,525	66,607
Income tax paid	$ 2,000	$ 0

Description of Business and Bas

Description of Business and Basis of Presentation	9 Months Ended
	Nov. 30, 2015
Organization, Consolidation and Presentation Of Financial Statements [Abstract]
Business Description and Basis Of Presentation [Text Block]	Description of Business and Basis of Presentation United States Basketball League, Inc. (“USBL”), was incorporated in Delaware on May 29, 1984 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 (see Note 3). At November 30, 2015, USBL had negative working capital of $ 2,178,570 4,862,553 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 Company be unable to continue as a going concern. The accompanying unaudited consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, they may not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. In the opinion of management, the unaudited financial statements reflect all adjustments, which include only normal recurring adjustments, necessary for a fair presentation. Operating results for the nine-month period ended November 30, 2015 may not necessarily be indicative of the results that may be expected for the year ending February 28, 2016. The notes to the consolidated financial statements should be read in conjunction with the notes to the consolidated financial statements contained in the Company’s Form 10-K for the year ended February 28, 2015.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Nov. 30, 2015
Accounting Policies [Abstract]
Significant Accounting Policies [Text Block]	2. Summary of Significant Accounting Policies Cash and cash equivalents - Depreciation expense – Revenue recognition - Income taxes As of February 28, 2015, USBL had a net operating loss carryforward of approximately $ 2,700,000 2019 to 2034 USBL and MCREH file consolidated Federal and combined separate Connecticut income tax returns. The last returns filed were for the year ended December 31, 2014. At August 31, 2015, the Company recognized an income tax expense of $ 9,391 563 9,954 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 three and nine months ended November 30, 2015 and for the three months ended November 30, 2014 as the result would have been antidilutive. Comprehensive income

Property, Net

Property, Net	9 Months Ended
	Nov. 30, 2015
Property, Plant and Equipment [Abstract]
Property, Net [Text Block]	3. Property, Net From 2003 to June 19, 2014, MCREH owned a commercial building located in Milford, Connecticut. From January 1, 2012 to June 19, 2014, the property was leased to an unrelated entity (the “Tenant”). On June 19, 2014, the property was sold to two individuals affiliated with the Tenant for $ 420,000 192,931 Sale Price $ 420,000 Selling Costs (7,403) Net proceeds 412,597 Cost of property, net of accumulated depreciation of $57,334 (219,666) Gain on sale of property $ 192,931

Due to Related Parties

Due to Related Parties	9 Months Ended
	Nov. 30, 2015
Due To Related Parties [Abstract]
Due to Related Parties [Text Block]	4. Due to Related Parties November 30, February 28, (Unaudited) USBL loans payable to Spectrum Associates, Inc. (“Spectrum”), a corporation controlled by the two officers of USBL, interest at 6%, due on demand $ 1,222,789 $ 1,184,289 USBL loans payable to the two officers of USBL, interest at 6%, due on demand 524,061 525,111 USBL loans payable 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 note payable to president of USBL, interest at 7%, due on demand 45,000 45,000 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 160,322 162,350 Total 2,004,772 1,969,350 Less current portion (2,004,772) (1,969,350) Non current portion $ - $ - For the nine months ended November 30, 2015 and 2014, interest due under the USBL loans was waived by the respective lenders.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Nov. 30, 2015
Stockholders' Equity Note [Abstract]
Stockholders' Equity [Text Block]	5. Stockholders’ Equity Each share of common stock has one vote. Each share of preferred stock has five votes, is entitled to a 2

Related Party Transactions

Related Party Transactions	9 Months Ended
	Nov. 30, 2015
Related Party Transactions [Abstract]
Related Party Transactions [Text Block]	Related Party Transactions For the three months ended November 30, 2015 and 2014 and for the nine months ended November 30, 2015 and 2014, USBL included in other operating expenses, rent incurred to Genvest, LLC totaling $ 3,000 3,000 9,000 9,000

Commitment and Contingencies

Commitment and Contingencies	9 Months Ended
	Nov. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitment and Contingencies [Text Block]	7. Commitments and Contingencies Occupancy Agreement In September 2007, the Company moved its office from the MCREH building to a building owned by Genvest, LLC, an organization controlled by the two officers of USBL. Improvements to the Company’s space there were completed in February 2008. Pursuant to a verbal agreement, the Company is to pay Genvest monthly rentals of $ 1,000 93,000 84,000 Cancellation of 2008, 2009, 2010, 2011, 2012, 2013, 2014, and 2015 Seasons USBL cancelled its seasons from 2008 through 2015. 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

Summary of Significant Accoun14

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Nov. 30, 2015
Accounting Policies [Abstract]
Consolidation, Policy [Policy Text Block]	Principles of consolidation
Fair Value Measurement, Policy [Policy Text Block]	Fair value disclosures –
Cash and Cash Equivalents, Policy [Policy Text Block]	Cash and cash equivalents -
Depreciation, Depletion, and Amortization [Policy Text Block]	Depreciation expense –
Revenue Recognition, Policy [Policy Text Block]	Revenue recognition -
Income Tax, Policy [Policy Text Block]	Income taxes As of February 28, 2015, USBL had a net operating loss carryforward of approximately $ 2,700,000 2019 to 2034 USBL and MCREH file consolidated Federal and combined separate Connecticut income tax returns. The last returns filed were for the year ended December 31, 2014. At August 31, 2015, the Company recognized an income tax expense of $ 9,391 563 9,954
Use of Estimates, Policy [Policy Text Block]	Estimates
Share-based Compensation, Option and Incentive Plans, Director Policy [Policy Text Block]	Stock-based compensation
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 three and nine months ended November 30, 2015 and for the three months ended November 30, 2014 as the result would have been antidilutive.
Comprehensive Income Policy [Policy Text Block]	Comprehensive income

Property, Net (Tables)

Property, Net (Tables)	9 Months Ended
	Nov. 30, 2015
Property, Plant and Equipment [Abstract]
Schedule of gain on sale of property [Table Text Block]	The gain on sale of property was $ 192,931 Sale Price $ 420,000 Selling Costs (7,403) Net proceeds 412,597 Cost of property, net of accumulated depreciation of $57,334 (219,666) Gain on sale of property $ 192,931

Due to Related Parties (Tables)

Due to Related Parties (Tables)	9 Months Ended
	Nov. 30, 2015
Due To Related Parties [Abstract]
Due To Related Parties [Table Text Block]	Due to related parties consist of: November 30, February 28, (Unaudited) USBL loans payable to Spectrum Associates, Inc. (“Spectrum”), a corporation controlled by the two officers of USBL, interest at 6%, due on demand $ 1,222,789 $ 1,184,289 USBL loans payable to the two officers of USBL, interest at 6%, due on demand 524,061 525,111 USBL loans payable 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 note payable to president of USBL, interest at 7%, due on demand 45,000 45,000 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 160,322 162,350 Total 2,004,772 1,969,350 Less current portion (2,004,772) (1,969,350) Non current portion $ - $ -

Description of Business and B17

Description of Business and Basis of Presentation (Details Textual) - USD ($)	9 Months Ended
	Nov. 30, 2015	Feb. 28, 2015
Description Of Business And Basis Of Presentation [Line Items]
Entity Incorporation, Date Of Incorporation	May 29, 1984
Working Capital Deficit	$ 2,178,570
Accumulated losses	$ (4,862,553)	$ (4,793,933)

Summary of Significant Accoun18

Summary of Significant Accounting Policies (Details Textual) - USD ($)	Aug. 31, 2015	Jun. 19, 2014	Nov. 30, 2015	Nov. 30, 2014	Nov. 30, 2015	Nov. 30, 2014	Feb. 28, 2015
Summary Of Significant Accounting Policies [Line Items]
Property, Plant and Equipment, Useful Life		30 years
Deferred Tax Assets, Valuation Allowance							$ 945,000
Operating Loss Carryforwards							$ 2,700,000
Operating Losses Carryforward Expiration Date							2019 to 2034
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount			1,105,679		1,105,679
Income Tax Expense (Benefit)	$ 9,391		$ 0	$ 0	$ 9,391	$ 0
Interest Expense, Other	$ 563
Connecticut Tax Authority [Member]
Summary Of Significant Accounting Policies [Line Items]
Income Tax Expense (Benefit)							$ 9,954

Property, Net (Details)

Property, Net (Details) - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended
	Jun. 19, 2014	Nov. 30, 2015	Nov. 30, 2014	Nov. 30, 2015	Nov. 30, 2014
Property, Plant and Equipment [Line Items]
Sale Price	$ 420,000
Selling Costs	(7,403)
Net proceeds	412,597
Cost of property, net of accumulated depreciation of $57,334	(219,666)
Gain on sale of property	$ 192,931	$ 0	$ 0	$ 0	$ 192,931

Property, Net (Parenthetical) (

Property, Net (Parenthetical) (Details)	Jun. 19, 2014USD ($)
Property, Plant and Equipment [Line Items]
Accumulated depreciation	$ 57,334

Property, Net (Details Textual)

Property, Net (Details Textual) - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended
	Jun. 19, 2014	Nov. 30, 2015	Nov. 30, 2014	Nov. 30, 2015	Nov. 30, 2014
Property, Plant and Equipment [Line Items]
Gain (Loss) on Sale of Properties	$ 192,931	$ 0	$ 0	$ 0	$ 192,931
Buyer [Member] | Real Estate Contract [Member]
Property, Plant and Equipment [Line Items]
Escrow Deposit	$ 420,000

Due to Related Parties (Details

Due to Related Parties (Details) - USD ($)	Nov. 30, 2015	Feb. 28, 2015
Related Party Transaction [Line Items]
Total	$ 2,004,772	$ 1,969,350
Less current portion	(2,004,772)	(1,969,350)
Non current portion	0	0
USBL loans payable to Spectrum Associates, Inc. (“Spectrum”), a corporation controlled by the two officers of USBL, interest at 6%, due on demand
Related Party Transaction [Line Items]
Total	1,222,789	1,184,289
USBL loans payable to the two officers of USBL, interest at 6%, due on demand
Related Party Transaction [Line Items]
Total	524,061	525,111
USBL loans payable to Daniel T. Meisenheimer, Jr. Trust, a trust controlled by the two officers of USBL, non-interest bearing, due on demand
Related Party Transaction [Line Items]
Total	44,100	44,100
MCREH note payable to president of USBL, interest at 7%, due on demand
Related Party Transaction [Line Items]
Total	45,000	45,000
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	4,000	4,000
MCREH loan payable to Meisenheimer Capital, Inc. (“MCI”), non-interest bearing, due on demand
Related Party Transaction [Line Items]
Total	$ 160,322	$ 162,350

Due to Related Parties (Parenth

Due to Related Parties (Parenthetical) (Details)	Nov. 30, 2015	Feb. 28, 2015
USBL loans payable to Spectrum Associates, Inc. (“Spectrum”), a corporation controlled by the two officers of USBL, interest at 6%, due on demand
Related Party Transaction [Line Items]
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
Related Party Transaction [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	6.00%	6.00%
MCREH note payable to president of USBL, interest at 7%, due on demand, secured by MCREH property
Related Party Transaction [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	7.00%	7.00%

Stockholders' Equity (Details T

Stockholders' Equity (Details Textual)	9 Months Ended
	Nov. 30, 2015
Class of Stock [Line Items]
Preferred Stock, Dividend Rate, Percentage	2.00%

Related Party Transactions (Det

Related Party Transactions (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Nov. 30, 2015	Nov. 30, 2014	Nov. 30, 2015	Nov. 30, 2014
Genvest, LLC [Member]
Related Party Transaction [Line Items]
Other Cost and Expense, Operating	$ 3,000	$ 3,000	$ 9,000	$ 9,000

Commitments and Contingencies (

Commitments and Contingencies (Details Textual) - USD ($)	1 Months Ended
	Jun. 30, 2008	Mar. 31, 2008	Nov. 30, 2015	Feb. 28, 2015
Genvest, LLC [Member]
Loss Contingencies [Line Items]
Accrued Rent			$ 93,000	$ 84,000
Albany Patroons Inc [Member]
Loss Contingencies [Line Items]
Loss Contingency, Damages Sought, Value	$ 285,000
Occupancy Agreement [Member]
Loss Contingencies [Line Items]
Proceeds from Rents Received		$ 1,000