Shorepower (SPEV) 10-K 8 Nov 17 2017 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($)	12 Months Ended
	Feb. 28, 2017	Sep. 29, 2017	Aug. 31, 2016
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Feb. 28, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	FY
Entity Registrant Name	UNITED STATES BASKETBALL LEAGUE INC
Entity Central Index Key	764,630
Current Fiscal Year End Date	--02-28
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	No
Entity Filer Category	Smaller Reporting Company
Entity Public Float			$ 42,000
Trading Symbol	USBL
Entity Common Stock, Shares Outstanding		3,512,527

Balance Sheets

Balance Sheets - USD ($)	Feb. 28, 2017	Feb. 29, 2016
Current Assets:
Cash	$ 280	$ 416
Total Current Assets	280	416
Total Assets	280	416
Current Liabilities:
Accounts payable and accrued expenses	191,792	172,499
Credit card obligations	6,741	5,968
Due to related parties	2,056,044	2,015,128
Total Current Liabilities	2,254,577	2,193,595
Total Liabilities	2,254,577	2,193,595
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	(4,938,280)	(4,877,162)
Treasury stock, at cost; 39,975 shares of common stock	(42,454)	(42,454)
Total Stockholders' Deficiency	(2,254,297)	(2,193,179)
Total Liabilities and Stockholders' Deficiency	$ 280	$ 416

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Feb. 28, 2017	Feb. 29, 2016
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

Statements of Operations

Statements of Operations - USD ($)	12 Months Ended
	Feb. 28, 2017	Feb. 29, 2016
Revenues [Abstract]
Revenues	$ 0	$ 0
Operating Expenses:
Professional fees	24,845	35,211
Transfer agent and EDGAR agent fees	20,530	20,914
Rent	12,000	12,000
Other	2,497	13,309
Total operating expenses	59,872	81,434
Loss from Operations	(59,872)	(81,434)
Other Income (Expenses):
Interest expense	(1,246)	(1,795)
Total other income (expenses) - net	(1,246)	(1,795)
Net loss	$ (61,118)	$ (83,229)
Earnings (Loss) per Common Share:
Basic	$ (0.02)	$ (0.02)
Diluted	$ (0.02)	$ (0.02)
Weighted Average Number of Common Shares Outstanding:
Basic	3,512,527	3,512,527
Diluted	3,512,527	3,512,527

Statements of Stockholders' Equ

Statements of Stockholders' Equity Deficiency - 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		3,522,502	1,105,679			39,975
Net Loss	(83,229)	$ 0	$ 0	0	(83,229)	$ 0
Balance at Feb. 29, 2016	(2,193,179)	$ 35,525	$ 11,057	2,679,855	(4,877,162)	$ (42,454)
Balance (in shares) at Feb. 29, 2016		3,552,502	1,105,679			39,975
Net Loss	(61,118)	$ 0	$ 0	0	(61,118)	$ 0
Balance at Feb. 28, 2017	$ (2,254,297)	$ 35,525	$ 11,057	$ 2,679,855	$ (4,938,280)	$ (42,454)
Balance (in shares) at Feb. 28, 2017		3,552,502	1,105,679			39,975

Statements of Cash Flows

Statements of Cash Flows - USD ($)	12 Months Ended
	Feb. 28, 2017	Feb. 29, 2016
Cash Flows from Operating Activities:
Net income loss	$ (61,118)	$ (83,229)
Changes in operating assets and liabilities:
Accounts payable and accrued expenses	19,293	38,646
Credit card obligations	773	(1,393)
Net cash used in operating activities	(41,052)	(45,976)
Cash Flows from Investing Activities	0	0
Cash Flows from Financing Activities:
Increase in due to related parties	40,916	45,778
Net cash provided by financing activities	40,916	45,778
Net Decrease in Cash	(136)	(198)
Cash, beginning of year	416	614
Cash, end of year	280	416
Supplemental disclosures of cash flow information:
Interest paid	1,246	1,795
Income tax paid	$ 4,290	$ 2,000

Description of Business and Bas

Description of Business and Basis of Presentation	12 Months Ended
	Feb. 28, 2017
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. Seasons from 2008 through 2017, inclusive, have been cancelled. At the present time, USBL does not have any definitive plans as to the scheduling of a new season. USBL is currently in the process of exploring certain strategic alternatives, including the possible sale of the League. On October 30, 2014, USBL dissolved its wholly-owned subsidiary, Meisenheimer Capital Real Estate Holdings, Inc. (“MCREH”). MCREH owned a commercial building in Milford, Connecticut until June 19, 2014. At February 28, 2017, USBL had negative working capital of $ 2,254,297 4,938,280 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 financial statements do not include any adjustments that might be necessary should USBL be unable to continue as a going concern.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Feb. 28, 2017
Accounting Policies [Abstract]
Significant Accounting Policies [Text Block]	2. Summary of Significant Accounting Policies Fair value disclosures Revenue recognition - Income taxes - As of February 28, 2017, USBL had a net operating loss carryforward of approximately $2,900,000 available to offset future taxable income. The carryforward expires in varying amounts from 2019 to 2036. 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 files Federal and Connecticut income tax returns using a December 31 fiscal year. The last returns filed were for the year ended December 31, 2015. Estimates – Stock-based compensation – Earnings (loss) per common 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, 2017 and February 29, 2016 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.

Accounts Payable and Accrued Ex

Accounts Payable and Accrued Expenses	12 Months Ended
	Feb. 28, 2017
Payables and Accruals [Abstract]
Accounts Payable and Accrued Liabilities Disclosure [Text Block]	Accounts Payable and Accrued Expenses February 28, February 29, Legal and accounting services’ vendors $ 54,580 $ 44,985 Transfer agent and EDGAR agent 8,143 6,101 Rent due Genvest, LLC (an entity controlled by the two officers of USBL) 108,000 96,000 Connecticut income taxes 3,664 7,954 Accrued interest on MCREH note payable to president of USBL 13,562 13,562 Security deposit due CADCOM (an entity controlled by the two officers of USBL) 2,725 2,725 Other 1,118 1,172 Total $ 191,792 $ 172,499

Due to Related Parties

Due to Related Parties	12 Months Ended
	Feb. 28, 2017
Due to Related Parties [Abstract]
Due to Related Parties [Text Block]	Due to Related Parties February 28, February 29, USBL loans payable to Spectrum Associates, Inc. (“Spectrum”), a corporation controlled by the two officers of USBL, interest at 6%, due on demand $ 1,270,289 $ 1,233,289 USBL loans payable to the two officers of USBL, interest at 6%, due on demand 528,017 523,917 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., non-interest bearing, due on demand 160,138 162,322 Total $ 2,056,044 $ 2,015,128 For the years ended February 28, 2017 and February 29, 2016, interest due under the related party loans were waived by the respective lenders.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Feb. 28, 2017
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	12 Months Ended
	Feb. 28, 2017
Related Party Transactions [Abstract]
Related Party Transactions [Text Block]	Related Party Transactions For the years ended February 28, 2017 and February 29, 2016, USBL included in operating expenses rent incurred to Genvest, LLC (an entity controlled by the two officers of USBL) totaling $ 12,000 12,000

Commitment and Contingencies

Commitment and Contingencies	12 Months Ended
	Feb. 28, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitment and Contingencies [Text Block]	Commitment and Contingencies Occupancy Agreement In September 2007, the Company moved its office 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 $ 1,000 108,000 96,000

Summary of Significant Accoun14

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Feb. 28, 2017
Accounting Policies [Abstract]
Fair Value Measurement, Policy [Policy Text Block]	Fair value disclosures
Revenue Recognition, Policy [Policy Text Block]	Revenue recognition -
Income Tax, Policy [Policy Text Block]	Income taxes - As of February 28, 2017, USBL had a net operating loss carryforward of approximately $2,900,000 available to offset future taxable income. The carryforward expires in varying amounts from 2019 to 2036. 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 files Federal and Connecticut income tax returns using a December 31 fiscal year. The last returns filed were for the year ended December 31, 2015.
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 common 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
Comprehensive Income Policy [Policy Text Block]	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.

Accounts Payable and Accrued 15

Accounts Payable and Accrued Expenses (Tables)	12 Months Ended
	Feb. 28, 2017
Payables and Accruals [Abstract]
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block]	Accounts payable and accrued expenses consisted of: February 28, February 29, Legal and accounting services’ vendors $ 54,580 $ 44,985 Transfer agent and EDGAR agent 8,143 6,101 Rent due Genvest, LLC (an entity controlled by the two officers of USBL) 108,000 96,000 Connecticut income taxes 3,664 7,954 Accrued interest on MCREH note payable to president of USBL 13,562 13,562 Security deposit due CADCOM (an entity controlled by the two officers of USBL) 2,725 2,725 Other 1,118 1,172 Total $ 191,792 $ 172,499

Due to Related Parties (Tables)

Due to Related Parties (Tables)	12 Months Ended
	Feb. 28, 2017
Due to Related Parties [Abstract]
Due To Related Parties [Table Text Block]	Due to related parties consist of: February 28, February 29, USBL loans payable to Spectrum Associates, Inc. (“Spectrum”), a corporation controlled by the two officers of USBL, interest at 6%, due on demand $ 1,270,289 $ 1,233,289 USBL loans payable to the two officers of USBL, interest at 6%, due on demand 528,017 523,917 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., non-interest bearing, due on demand 160,138 162,322 Total $ 2,056,044 $ 2,015,128

Description of Business and B17

Description of Business and Basis of Presentation (Details Textual) - USD ($)	12 Months Ended
	Feb. 28, 2017	Feb. 29, 2016
Description Of Business And Basis Of Presentation [Line Items]
Entity Incorporation, Date Of Incorporation	May 29, 1984
Working Capital Deficit	$ 2,254,297
Accumulated losses	$ (4,938,280)	$ (4,877,162)

Summary of Significant Accoun18

Summary of Significant Accounting Policies (Details Textual) - USD ($)	12 Months Ended
	Feb. 28, 2017	Feb. 29, 2016
Summary Of Significant Accounting Policies [Line Items]
Deferred Tax Assets, Valuation Allowance	$ 1,015,000
Operating Loss Carryforwards	$ 2,900,000
Operating Losses Carryforward Expiration Date	2019 to 2036
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	1,105,679	1,105,679

Accounts Payable and Accrued 19

Accounts Payable and Accrued Expenses (Details) - USD ($)	Feb. 28, 2017	Feb. 29, 2016
Accounts Payable and Accrued Expenses [Line Items]
Legal and accounting services' vendors	$ 54,580	$ 44,985
Transfer agent and EDGAR agent	8,143	6,101
Rent due Genvest, LLC (an entity controlled by the two officers of USBL)	108,000	96,000
Connecticut income taxes	3,664	7,954
Accrued interest on MCREH note payable to president of USBL	13,562	13,562
Security deposit due CADCOM (an entity controlled by the two officers of USBL)	2,725	2,725
Other	1,118	1,172
Total	$ 191,792	$ 172,499

Due to Related Parties (Details

Due to Related Parties (Details) - USD ($)	Feb. 28, 2017	Feb. 29, 2016
Related Party Transaction [Line Items]
Total	$ 2,056,044	$ 2,015,128
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	1,270,289	1,233,289
USBL loans payable to the two officers of USBL, interest at 6%, due on demand
Related Party Transaction [Line Items]
Total	528,017	523,917
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., non-interest bearing, due on demand
Related Party Transaction [Line Items]
Total	$ 160,138	$ 162,322

Due to Related Parties (Parenth

Due to Related Parties (Parenthetical) (Details)	Feb. 28, 2017	Feb. 29, 2016
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
Related Party Transaction [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	7.00%	7.00%

Stockholders' Equity (Details T

Stockholders' Equity (Details Textual)	12 Months Ended
	Feb. 28, 2017
Class of Stock [Line Items]
Preferred Stock, Dividend Rate, Percentage	2.00%

Related Party Transactions (Det

Related Party Transactions (Details Textual) - USD ($)	12 Months Ended
	Feb. 28, 2017	Feb. 29, 2016
Genvest Llc [Member]
Related Party Transaction [Line Items]
Other Cost and Expense, Operating	$ 12,000	$ 12,000

Commitment and Contingencies (D

Commitment and Contingencies (Details Textual) - USD ($)	1 Months Ended
	Mar. 31, 2008	Feb. 28, 2017	Feb. 29, 2016
Genvest Llc [Member]
Loss Contingencies [Line Items]
Accrued Rent		$ 108,000	$ 96,000
Occupancy Agreement [Member]
Loss Contingencies [Line Items]
Proceeds from Rents Received	$ 1,000