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 |