Shorepower (SPEV) 10-Q 12 Jan 22 2022 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Nov. 30, 2021	Jan. 10, 2022
Document And Entity Information [Abstract]
Document Type	10-Q
Document Period End Date	Nov. 30, 2021
Entity Registrant Name	UNITED STATES BASKETBALL LEAGUE INC
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	001-15913
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	06-1120072
Entity Address, Address Line One	8270 Woodland Center
Entity Address, City or Town	Tampa
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33614
City Area Code	813
Local Phone Number	769-3500
Title of 12(b) Security	Common Stock
Trading Symbol	USBL
Entity Current Reporting Status	No
Entity Interactive Data Current	No
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		7,146,202
Entity Central Index Key	0000764630
Current Fiscal Year End Date	--02-28
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Amendment Flag	false

BALANCE SHEETS

BALANCE SHEETS - USD ($)	Nov. 30, 2021	Feb. 28, 2021
Current Assets:
Cash	$ 192,944	$ 75
Accounts receivable - related party	5,000
Prepaid	3,236
Prepaid stock for services	64,770
Total Assets	265,950	75
Current Liabilities:
Accounts payable and accrued expenses	8,163	271,158
Credit card obligations		5,127
Due to related parties		2,159,631
Total Current Liabilities	8,163	2,435,916
Total Liabilities	8,163	2,435,916
Stockholders' Equity (Deficit):
Preferred stock, $0.01 par value, 10,000,000 shares authorized; 1,105,679 shares issued and outstanding	11,057	11,057
Common stock, $0.01 par value, 100,000,000 shares authorized; 7,146,202 and 3,552,502 shares issued, respectively	71,462	35,525
Additional paid-in-capital	5,649,888	2,679,855
Accumulated deficit	(5,432,166)	(5,119,824)
Treasury stock, at cost; 39,975 shares of common stock	(42,454)	(42,454)
Total Stockholders' Equity (Deficit)	257,787	(2,435,841)
Total Liabilities and Stockholders' Deficit	$ 265,950	$ 75

BALANCE SHEETS (Parenthetical)

BALANCE SHEETS (Parenthetical) - $ / shares	Nov. 30, 2021	Feb. 28, 2021
BALANCE SHEETS
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	1,105,679	1,105,679
Preferred stock, shares outstanding	1,105,679	1,105,679
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	7,146,202	3,552,502
Treasury stock, shares	39,975	39,975

STATEMENTS OF OPERATIONS

STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		9 Months Ended
	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2021	Nov. 30, 2020
STATEMENTS OF OPERATIONS
Revenue - related party	$ 5,000		$ 5,000
Operating Expenses:
Professional fees	5,151	$ 2,750	17,423	$ 6,750
General and administrative	87,720	2,093	193,186	8,627
Director compensation			48,000
Total operating expenses	92,871	4,843	258,609	15,377
Loss from Operations	(87,871)	(4,843)	(253,609)	(15,377)
Other Income (Expense):
Gain on forgiveness of debt			66,747
Other income			2,000
Loss on conversion of debt - related party			(127,480)
Total other income			(58,733)
Net loss	$ (87,871)	$ (4,843)	$ (312,342)	$ (15,377)
Loss per Common Share:
Basic	$ (0.01)	$ 0	$ (0.06)	$ 0
Diluted	$ (0.01)	$ 0	$ (0.06)	$ 0
Weighted Average Number of Common Shares Outstanding:
Basic	7,146,202	3,552,502	5,303,232	3,552,502
Diluted	7,146,202	3,552,502	5,303,232	3,552,502

STATEMENT OF STOCKHOLDERS' EQUI

STATEMENT OF STOCKHOLDERS' EQUITY (DEFICIT) - USD ($)	Common Stock	Preferred Stock	Common Stock To be Issued	Additional Paid-in Capital	Accumulated Deficit	Treasury Stock	Total
Beginning balance, value at Feb. 29, 2020	$ 35,525	$ 11,057		$ 2,679,855	$ (5,093,327)	$ (42,454)	$ (2,409,344)
Beginning balance, shares at Feb. 29, 2020	3,552,502	1,105,679				39,975
Net Loss	$ 0	$ 0		$ 0	$ (6,391)	$ 0	(6,391)
Ending balance, value at May. 31, 2020	$ 35,525	$ 11,057				$ (42,454)	(2,415,735)
Ending balance, shares at May. 31, 2020	3,552,502	1,105,679		2,679,855	(5,099,718)	39,975
Net Loss	$ 0	$ 0		$ 0	$ (4,143)	$ 0	(4,143)
Ending balance, value at Aug. 31, 2020	$ 35,525	$ 11,057		2,679,855	(5,103,861)	$ (42,454)	(2,419,878)
Ending balance, shares at Aug. 31, 2020	3,552,502	1,105,679				39,975
Net Loss	$ 0	$ 0		0	(4,843)	$ 0	(4,843)
Ending balance, value at Nov. 30, 2020	$ 35,525	$ 11,057		2,679,855	(5,108,704)	$ (42,454)	(2,424,721)
Ending balance, shares at Nov. 30, 2020	3,552,502	1,105,679				39,975
Beginning balance, value at Feb. 28, 2021	$ 35,525	$ 11,057		2,679,855	(5,119,824)	$ (42,454)	(2,435,841)
Beginning balance, shares at Feb. 28, 2021	3,552,502	1,105,679				39,975
Common stock issued for services			$ 111,250				111,250
Common stock issued for director services			48,000				48,000
Common stock sold for cash			240,000				240,000
Forgiveness of related party debt				2,343,370			2,343,370
Net Loss					(18,648)		(18,648)
Ending balance, value at May. 31, 2021	$ 35,525	$ 11,057	399,250	5,023,225	(5,138,472)	$ (42,454)	288,131
Ending balance, shares at May. 31, 2021	3,552,502	1,105,679				39,975
Beginning balance, value at Feb. 28, 2021	$ 35,525	$ 11,057		2,679,855	(5,119,824)	$ (42,454)	(2,435,841)
Beginning balance, shares at Feb. 28, 2021	3,552,502	1,105,679				39,975
Ending balance, value at Nov. 30, 2021	$ 71,462	$ 11,057		5,649,888	(5,432,166)	$ (42,454)	257,787
Ending balance, shares at Nov. 30, 2021	7,146,202	1,105,679				39,975
Beginning balance, value at May. 31, 2021	$ 35,525	$ 11,057	399,250	5,023,225	(5,138,472)	$ (42,454)	288,131
Beginning balance, shares at May. 31, 2021	3,552,502	1,105,679				39,975
Common stock issued for services	$ 8,750		(159,250)	254,500			104,000
Common stock issued for services (In Shares)	875,000
Common stock sold for cash	$ 24,000		$ (240,000)	216,000
Common stock sold for cash (In Shares)	2,400,000
Common stock issued for loans payable - related party	$ 3,187			156,163			159,350
Common stock issued for loans payable - related party (In Shares)	318,700
Net Loss					(205,823)		(205,823)
Ending balance, value at Aug. 31, 2021	$ 71,462	$ 11,057		5,649,888	(5,344,295)	$ (42,454)	345,658
Ending balance, shares at Aug. 31, 2021	7,146,202	1,105,679				39,975
Net Loss					(87,871)		(87,871)
Ending balance, value at Nov. 30, 2021	$ 71,462	$ 11,057		$ 5,649,888	$ (5,432,166)	$ (42,454)	$ 257,787
Ending balance, shares at Nov. 30, 2021	7,146,202	1,105,679				39,975

STATEMENTS OF CASH FLOWS

STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended		9 Months Ended
	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2021	Nov. 30, 2020
Cash Flows from Operating Activities:
Net loss	$ (87,871)	$ (4,843)	$ (312,342)	$ (15,377)
Adjustments to reconcile net loss to net cash used in operating activities:
Gain on forgiveness of debt			(66,747)
Loss on conversion of debt - related party			127,480
Common stock granted for director fees			48,000
Common stock granted for services			150,480
Change in operating assets and liabilities:
Accounts receivable			(5,000)
Prepaids			(3,236)
Accounts payable and accrued expenses			(44,286)	14,297
Net cash used in operating activities			(105,651)	(1,080)
Cash Flows from Investing Activities			0	0
Cash Flows from Financing Activities:
Increase in due to related parties			58,520
Loans payable			3,581
Repayment of loan payable			(3,581)
Cash proceeds from sale of common stock			240,000
Net cash provided by financing activities			298,520
Net change in cash			192,869	(80)
Cash, beginning of period			75	301
Cash, end of period	$ 192,944	$ 221	192,944	221
Supplemental disclosures of cash flow information:
Interest paid			0	0
Income tax paid			0	$ 0
Supplemental disclosure of non-cash financing activity:
Related party loans converted to common stock			$ 31,870

ORGANIZATION AND DESCRIPTION OF

ORGANIZATION AND DESCRIPTION OF BUSINESS	9 Months Ended
	Nov. 30, 2021
ORGANIZATION AND DESCRIPTION OF BUSINESS
ORGANIZATION AND DESCRIPTION OF BUSINESS	NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS United States Basketball League, Inc. (“USBL”) is a holding company currently evaluating and assessing new business opportunities. The Company was incorporated in Delaware on May 29, 1984 as a wholly owned subsidiary of Meisenheimer Capital, Inc. (“MCI”) for the purpose of developing and managing a professional basketball league, the United States Basketball League (the “League”). Since the inception of the League, USBL has primarily engaged in selling franchises and managing the League. From 1985 and up to the present time, USBL has sold a total of approximately forty active franchises (teams), a vast majority of which were terminated for non-payment of their respective franchise obligations. Seasons from 2008 through 2018, inclusive, have been cancelled. On April 7, 2021, through a series of Stock Purchase Agreements (the “Purchase Agreements”), the majority owners of the Company, Richard C. Meisenheimer, Daniel T. Meisenheimer, III, James Meisenheimer, Meisenheimer Capital, Inc. and Spectrum Associates, Inc. (the “Sellers”) sold 2,704,007 common shares which it held, to a new investor group. The Sellers also sold 1,105,644 of USBL’s preferred stock at a per share price of $.057 per share to EROP Enterprises, LLC. In addition, the new investor group invested an additional $240,000 and received 2,400,000 shares of restricted common stock. As a result of the sale of common and preferred stock by the Sellers, the Company experienced a change in control. World Equity Markets acted in the capacity of a broker/dealer for the Purchase Agreements and was issued 125,000 shares of common stock for its services, and Verde Capital was issued 150,000 shares for Consulting Services. Effective April 7, 2021, the Board of Directors accepted the resignation of Daniel T. Meisenheimer, III as Chairman of the Board of Directors and President of the Company. Effective April 7, 2021, Saeb Jannoun was appointed to fill the vacancy following the resignation of Daniel T. Meisenheimer, III as Chairman of the Board of Directors and President of the Company. Mr. Michael Pruitt also joined the Board.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Nov. 30, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission ("SEC"), and should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s latest Annual Report on Form 10-K filed with the SEC. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of operations for the full year. Notes to the financial statements which would substantially duplicate the disclosures contained in the audited financial statements for the most recent fiscal year, as reported in the Form 10-K for the fiscal year ended February 28, 2021, have been omitted. Use of Estimates The preparation of the unaudited financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of liabilities, and the disclosure of contingent liabilities at the date of the financial statements, and the reported amounts of expenses during the reporting periods. Management makes these estimates using the best information available at the time; however, actual results could differ materially from those estimates. Revenue Recognition In 2014, the FASB issued guidance on revenue recognition (“ASC 606”), with final amendments issued in 2016. The underlying principle of ASC 606 is to recognize revenue to depict the transfer of goods or services to customers at the amount expected to be collected. ASC 606 creates a five-step model that requires entities to exercise judgment when considering the terms of contracts, which includes (1) identifying the contracts or agreements with a customer, (2) identifying our performance obligations in the contract or agreement, (3) determining the transaction price, (4) allocating the transaction price to the separate performance obligations, and (5) recognizing revenue as each performance obligation is satisfied. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the services it transfers to its clients. The Company has concluded that the new guidance did not require any significant change to its revenue recognition processes. Recently issued accounting pronouncements In November 2019, the FASB issued ASU 2019-10, Financial Instruments—Credit Losses (Topic 326), Derivative and Hedging (Topic 815, and Leases (Topic 841). This new guidance will be effective for annual reporting periods beginning after December 15, 2019, including interim periods within those annual reporting periods. The adoption of ASU 2019-10 does not have a material effect on its financial statements. The Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.

GOING CONCERN

GOING CONCERN	9 Months Ended
	Nov. 30, 2021
GOING CONCERN
GOING CONCERN	NOTE 3 – GOING CONCERN The accompanying unaudited financial stat have been prepared assuming that the Company will continue as a going concern, which contemplates continuity of operations, realization of assets, and liquidation of liabilities in the normal course of business. As shown in the accompanying financial statements, the Company has an accumulated deficit of $5,432,166, and few sources of revenue. Due to these conditions, it raises substantial doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustments relating to the recoverability and classification of asset carrying amounts or the amount and classification of liabilities that may result should the Company be unable to continue as a going concern.

ACCOUNTS PAYABLE AND ACCRUED EX

ACCOUNTS PAYABLE AND ACCRUED EXPENSES	9 Months Ended
	Nov. 30, 2021
ACCOUNTS PAYABLE AND ACCRUED EXPENSES
ACCOUNTS PAYABLE AND ACCRUED EXPENSES	NOTE 4 –ACCOUNTS PAYABLE AND ACCRUED EXPENSES Accounts payable and accrued expenses consisted of: ​ ​ ​ ​ ​ ​ ​ ​ ​ November 30, 2021 February 28, 2021 ​ ​ (unaudited) ​ ​ ​ Legal and accounting services’ vendors ​ $ 8,163 ​ $ 101,424 Transfer agent and EDGAR agent ​ — ​ 8,660 Rent due Genvest, LLC (an entity controlled by the ​ — ​ 144,000 Accrued interest on MCREH note payable to ​ — ​ 13,562 Security deposit due CADCOM (an entity controlled by ​ — ​ 2,725 Other ​ — ​ 777 Total ​ $ 8,163 ​ $ 271,158 ​

DUE TO PRIOR RELATED PARTIES

DUE TO PRIOR RELATED PARTIES	9 Months Ended
	Nov. 30, 2021
DUE TO PRIOR RELATED PARTIES
DUE TO PRIOR RELATED PARTIES	NOTE 5 – DUE TO PRIOR RELATED PARTIES Due to related parties consist of: ​ ​ ​ ​ ​ ​ ​ ​ ​ November 30, 2021 February 28, 2021 ​ ​ (unaudited) ​ ​ ​ USBL loans payable to Spectrum Associates, Inc. (“Spectrum”), ​ $ — ​ $ 1,324,689 USBL loans payable to the two officers of USBL, ​ — ​ 569,317 USBL loans payable to Daniel T. Meisenheimer, Jr. Trust, a trust ​ — ​ 48,850 MCREH note payable to president of USBL, interest at 7%, due ​ — ​ 48,000 MCREH loan payable to Spectrum, non-interest ​ — ​ 4,500 MCREH loan payable to president of USBL, non-interest ​ — ​ 5,000 MCREH loan payable to Meisenheimer Capital, Inc., ​ — ​ 159,275 Total ​ $ — ​ $ 2,159,631 ​ On April 7, 2021, as part of the purchase and sale agreement, the principals of MCI consisting of Daniel Meisenheimer III, Richard Meisenheimer and their affiliated entities have agreed to cancel previously issued and outstanding loans made to the Company. Spectrum Associates agreed to cancel indebtedness in the amount of $1,318,789 and the principals (D. Meisenheimer III and R. Meisenheimer) and their other affiliates agreed to cancel indebtedness in the amount of $815,590. As a result of the debt cancellation the Company recognized a gain on the forgiveness of debt of $66,747 and credited $2,335,493 to additional paid in capital.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Nov. 30, 2021
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	NOTE 6 – RELATED PARTY TRANSACTIONS During the nine months ended November 30, 2021, Saeb Jannoun, CEO advanced the Company $3,000 for general operating expense. The advance was non-interest bearing and due on demand. On July 26, 2021, Mr. Jannoun converted the $3,000 into 30,000 shares of common stock. The shares were valued at $0.50, the closing stock price on the date of conversion, for a loss on conversion of debt of $12,000. During the nine months ended November 30, 2021, EROP Enterprises LLC (“EROP”), a significant shareholder, advanced the Company $28,870 for general operating expense. The advance was non-interest bearing and due on demand. On July 26, 2021, EROP converted the $28,870 into 288,700 shares of common stock. The shares were valued at $0.50, the closing stock price on the date of conversion, for a loss on conversion of debt of $115,480. On April 7, 2021, the Company issued 200,000 restricted shares of common stock each to two of its directors for services. The shares were valued at $0.12, the closing stock price on the date of grant, for total non-cash expense of $48,000. During the nine months ended November 30, 2021, EROP purchased 1,475,000 shares of common stock for $147,500. In addition, the Company granted 200,000 shares of common stock to EROP for services per the terms of a consulting agreement. The shares were valued at $0.52, the closing stock price on the date of grant, for total non-cash expense of $104,000. The expense is being amortized over the one-year term of the service agreement with Verde Capital, LLC. As of November 30, 2021, the Company recognized $47,667 of the expense. During the nine months ended November 30, 2021, the Company was engaged by a relative of a shareholder to provide consulting services. As of November 30, 2021, the Company has recorded $5,000 of consulting revenue and a receivable for services provided.

LOAN PAYABLE

LOAN PAYABLE	9 Months Ended
	Nov. 30, 2021
LOAN PAYABLE
LOAN PAYABLE	NOTE 7 – LOAN PAYABLE During the nine months ended November 30, 2021, an individual, advanced the Company $3,581 for general operating expenses. The advance was non-interest bearing and due on demand. The advance was repaid in July 2021.

PREFERRED STOCK

PREFERRED STOCK	9 Months Ended
	Nov. 30, 2021
PREFERRED STOCK
PREFERRED STOCK	NOTE 8 – PREFERRED STOCK On May 18, 2021, the Company increased its authorized shares of Preferred Stock from 2,000,000 to 10,000,000 shares. Each share of preferred stock has five votes, is entitled to a 2% cumulative annual dividend, and is convertible at any time into one share of common stock. There are 1,105,679 Series A Preferred outstanding, 1,105,644 of which are held by EROP. As of November 30, 2021, the Company has not declared any dividends on its preferred stock.

COMMON STOCK TRANSACTIONS

COMMON STOCK TRANSACTIONS	9 Months Ended
	Nov. 30, 2021
COMMON STOCK TRANSACTIONS
COMMON STOCK TRANSACTIONS	NOTE 9 – COMMON STOCK TRANSACTIONS On April 29, 2021, the Company issued 125,000 shares of common stock to World Equity Markets who acted in the capacity of a broker/dealer for the Purchase Agreements (Note 1). The shares were valued at $0.71, the closing stock price on the date of grant, for total non-cash expense of $88,750. The expense is being amortized over the six-month term of the service agreement with World Equity Markets. As of November 30, 2021, the Company recognized $88,750 of the expense. On April 6, 2021, the Company issued 150,000 shares of common stock to Verde Capital, LLC for consulting services. The shares were valued at $0.15, the closing stock price on the date of grant, for total non-cash expense of $22,500. The expense is being amortized over the one-year term of the service agreement with Verde Capital, LLC. As of November 30, 2021, the Company recognized $14,063 of the expense. During the nine months ended November 30, 2021, the Company sold 2,400,000 shares of common stock for total cash proceeds of $240,000. On May 18, 2021, the Company increased its authorized shares of Common Stock to 100,000,000 shares. Refer to Note 6 for common stock issued to related parties.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Nov. 30, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation	Basis of Presentation The accompanying unaudited financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission ("SEC"), and should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s latest Annual Report on Form 10-K filed with the SEC. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of operations for the full year. Notes to the financial statements which would substantially duplicate the disclosures contained in the audited financial statements for the most recent fiscal year, as reported in the Form 10-K for the fiscal year ended February 28, 2021, have been omitted.
Use of Estimates	Use of Estimates The preparation of the unaudited financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of liabilities, and the disclosure of contingent liabilities at the date of the financial statements, and the reported amounts of expenses during the reporting periods. Management makes these estimates using the best information available at the time; however, actual results could differ materially from those estimates.
Revenue Recognition	Revenue Recognition In 2014, the FASB issued guidance on revenue recognition (“ASC 606”), with final amendments issued in 2016. The underlying principle of ASC 606 is to recognize revenue to depict the transfer of goods or services to customers at the amount expected to be collected. ASC 606 creates a five-step model that requires entities to exercise judgment when considering the terms of contracts, which includes (1) identifying the contracts or agreements with a customer, (2) identifying our performance obligations in the contract or agreement, (3) determining the transaction price, (4) allocating the transaction price to the separate performance obligations, and (5) recognizing revenue as each performance obligation is satisfied. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the services it transfers to its clients. The Company has concluded that the new guidance did not require any significant change to its revenue recognition processes.
Recently issued accounting pronouncements	Recently issued accounting pronouncements In November 2019, the FASB issued ASU 2019-10, Financial Instruments—Credit Losses (Topic 326), Derivative and Hedging (Topic 815, and Leases (Topic 841). This new guidance will be effective for annual reporting periods beginning after December 15, 2019, including interim periods within those annual reporting periods. The adoption of ASU 2019-10 does not have a material effect on its financial statements. The Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.

ACCOUNTS PAYABLE AND ACCRUED _2

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)	9 Months Ended
	Nov. 30, 2021
ACCOUNTS PAYABLE AND ACCRUED EXPENSES
Schedule of accounts payable and accrued expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ November 30, 2021 February 28, 2021 ​ ​ (unaudited) ​ ​ ​ Legal and accounting services’ vendors ​ $ 8,163 ​ $ 101,424 Transfer agent and EDGAR agent ​ — ​ 8,660 Rent due Genvest, LLC (an entity controlled by the ​ — ​ 144,000 Accrued interest on MCREH note payable to ​ — ​ 13,562 Security deposit due CADCOM (an entity controlled by ​ — ​ 2,725 Other ​ — ​ 777 Total ​ $ 8,163 ​ $ 271,158

DUE TO PRIOR RELATED PARTIES (T

DUE TO PRIOR RELATED PARTIES (Tables)	9 Months Ended
	Nov. 30, 2021
DUE TO PRIOR RELATED PARTIES
Schedule of due to related parties	​ ​ ​ ​ ​ ​ ​ ​ ​ November 30, 2021 February 28, 2021 ​ ​ (unaudited) ​ ​ ​ USBL loans payable to Spectrum Associates, Inc. (“Spectrum”), ​ $ — ​ $ 1,324,689 USBL loans payable to the two officers of USBL, ​ — ​ 569,317 USBL loans payable to Daniel T. Meisenheimer, Jr. Trust, a trust ​ — ​ 48,850 MCREH note payable to president of USBL, interest at 7%, due ​ — ​ 48,000 MCREH loan payable to Spectrum, non-interest ​ — ​ 4,500 MCREH loan payable to president of USBL, non-interest ​ — ​ 5,000 MCREH loan payable to Meisenheimer Capital, Inc., ​ — ​ 159,275 Total ​ $ — ​ $ 2,159,631

ORGANIZATION AND DESCRIPTION _2

ORGANIZATION AND DESCRIPTION OF BUSINESS - Additional Information (Details) - USD ($)	Apr. 29, 2021	Apr. 07, 2021	Nov. 30, 2021
Subsidiary, Sale of Stock [Line Items]
Entity Incorporation, Date Of Incorporation			May 29, 1984
EROP Enterprises LLC
Subsidiary, Sale of Stock [Line Items]
Share issued or sold			1,475,000
Additional shares issued value			$ 147,500
Common Stock
Subsidiary, Sale of Stock [Line Items]
Share issued or sold			2,400,000
Purchase Agreements
Subsidiary, Sale of Stock [Line Items]
Share issued or sold		125,000
Purchase Agreements | Investor
Subsidiary, Sale of Stock [Line Items]
Additional shares issued value		$ 240,000
Purchase Agreements | Verde Capital
Subsidiary, Sale of Stock [Line Items]
Share issued or sold		150,000
Purchase Agreements | Series A Preferred Shares | EROP Enterprises LLC
Subsidiary, Sale of Stock [Line Items]
Share issued or sold		1,105,644
Price per share		$ 0.057
Purchase Agreements | Common Stock
Subsidiary, Sale of Stock [Line Items]
Share issued or sold	125,000	2,704,007
Purchase Agreements | Common Stock | Investor | Restricted Stock
Subsidiary, Sale of Stock [Line Items]
Share issued or sold		2,400,000

GOING CONCERN - Additional Info

GOING CONCERN - Additional Information (Details) - USD ($)	Nov. 30, 2021	Feb. 28, 2021
GOING CONCERN
Accumulated deficit	$ 5,432,166	$ 5,119,824

ACCOUNTS PAYABLE AND ACCRUED _3

ACCOUNTS PAYABLE AND ACCRUED EXPENSES - Schedule of Accounts Payable And Accrued Expenses (Details) - USD ($)	Nov. 30, 2021	Feb. 28, 2021
ACCOUNTS PAYABLE AND ACCRUED EXPENSES
Legal and accounting services' vendors	$ 8,163	$ 101,424
Transfer agent and EDGAR agent		8,660
Rent due Genvest, LLC (an entity controlled by the two officers of USBL)		144,000
Accrued interest on MCREH note payable to president of USBL		13,562
Security deposit due CADCOM (an entity controlled by the two officers of USBL)		2,725
Other		777
Total	$ 8,163	$ 271,158

ACCOUNTS PAYABLE AND ACCRUED _4

ACCOUNTS PAYABLE AND ACCRUED EXPENSES - Schedule of Accounts Payable And Accrued Expenses (Details) (Parenthetical)	9 Months Ended
	Nov. 30, 2021person
CADCOM
Accounts Payable And Accrued Expenses [Line items]
Number of former officers	2
Genvest LLC
Accounts Payable And Accrued Expenses [Line items]
Number of former officers	2

DUE TO PRIOR RELATED PARTIES -

DUE TO PRIOR RELATED PARTIES - Schedule of Due to Related Parties (Details)	Feb. 28, 2021USD ($)
Related Party Transaction [Line Items]
Total	$ 2,159,631
USBL loans payable to Spectrum Associates, Inc. ("Spectrum")
Related Party Transaction [Line Items]
Total	1,324,689
USBL loans payable to the two officers of USBL
Related Party Transaction [Line Items]
Total	569,317
USBL loans payable to Daniel T. Meisenheimer, Jr. Trust
Related Party Transaction [Line Items]
Total	48,850
MCREH note payable to president of USBL
Related Party Transaction [Line Items]
Total	48,000
MCREH loan payable to Spectrum, non-interest bearing, due on demand
Related Party Transaction [Line Items]
Total	4,500
MCREH loan payable to president of USBL, non-interest bearing, due on demand
Related Party Transaction [Line Items]
Total	5,000
MCREH loan payable to Meisenheimer Capital, Inc
Related Party Transaction [Line Items]
Total	$ 159,275

DUE TO PRIOR RELATED PARTIES _2

DUE TO PRIOR RELATED PARTIES - Schedule of Due to Related Parties (Details) (Parenthetical)	9 Months Ended
	Nov. 30, 2021person
USBL loans payable to Spectrum Associates, Inc. ("Spectrum")
Related Party Transaction [Line Items]
Number of former officers	2
Percentage of interest due on demand	6.00%
USBL loans payable to the two officers of USBL
Related Party Transaction [Line Items]
Number of former officers	2
Percentage of interest due on demand	6.00%
USBL loans payable to Daniel T. Meisenheimer, Jr. Trust
Related Party Transaction [Line Items]
Number of former officers	2
MCREH note payable to president of USBL
Related Party Transaction [Line Items]
Percentage of interest due on demand	7.00%

DUE TO PRIOR RELATED PARTIES _3

DUE TO PRIOR RELATED PARTIES - Additional Information (Details) - USD ($)	Apr. 07, 2021	Nov. 30, 2021
Related Party Transaction [Line Items]
Gain on forgiveness of debt	$ 66,747	$ 66,747
Purchase Agreements
Related Party Transaction [Line Items]
Agreed to cancel indebtedness amount	1,318,789
Additional Paid-in Capital
Related Party Transaction [Line Items]
Gain on forgiveness of debt	2,335,493
Other affiliates
Related Party Transaction [Line Items]
Agreed to cancel indebtedness amount	$ 815,590

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details)	Jul. 26, 2021USD ($)$ / sharesshares	Apr. 07, 2021USD ($)director$ / sharesshares	Nov. 30, 2021USD ($)$ / shares	Nov. 30, 2021USD ($)$ / sharesshares
Related Party Transactions [Line Items]
Loss on conversion of debt - related party				$ 127,480
Total non-cash expense				48,000
Service revenue from related party			$ 5,000	5,000
EROP Enterprises LLC
Related Party Transactions [Line Items]
Other Cost and Expense, Operating				$ 28,870
Debt amount converted	$ 28,870
Number of shares issued on conversion of debt | shares	288,700
Closing stock price | $ / shares	$ 0.50		$ 0.52	$ 0.52
Loss on conversion of debt - related party	$ 115,480
Common stock issued for services (In Shares) | shares				200,000
Total non-cash expense				$ 104,000
Granted shares of common stock | shares				1,475,000
Total purchase price				$ 147,500
Verde Capital
Related Party Transactions [Line Items]
Expense amortized period				1 year
Share-based payment arrangement, Expense				$ 47,667
CEO
Related Party Transactions [Line Items]
Other Cost and Expense, Operating				$ 3,000
Debt amount converted	$ 3,000
Number of shares issued on conversion of debt | shares	30,000
Closing stock price | $ / shares	$ 0.50
Loss on conversion of debt - related party	$ 12,000
Directors
Related Party Transactions [Line Items]
Closing stock price | $ / shares		$ 0.12
Restricted shares of common stock | shares		200,000
Number of Directors | director		2
Total non-cash expense		$ 48,000

LOAN PAYABLE - Additional Infor

LOAN PAYABLE - Additional Information (Details)	Nov. 30, 2021USD ($)
LOAN PAYABLE
Advance for general operating expenses	$ 3,581

PREFERRED STOCK - Additional In

PREFERRED STOCK - Additional Information (Details)	9 Months Ended
	Nov. 30, 2021Voteshares	May 18, 2021shares	Feb. 28, 2021shares
Class of Stock [Line Items]
Preferred stock, shares authorized	10,000,000		10,000,000
Number of votes for each share of preferred stock | Vote	5
Preferred Stock, Dividend Rate, Percentage	2.00%
Convertible into share of common stock	1
Preferred stock, shares outstanding	1,105,679		1,105,679
Series A Preferred Shares
Class of Stock [Line Items]
Preferred stock, shares outstanding		1,105,679
Series A Preferred Shares | EROP Enterprises LLC
Class of Stock [Line Items]
Preferred stock, shares outstanding		1,105,644
Preferred Stock | Maximum
Class of Stock [Line Items]
Preferred stock, shares authorized		2,000,000
Preferred Stock | Minimum
Class of Stock [Line Items]
Preferred stock, shares authorized		10,000,000

COMMON STOCK TRANSACTIONS (Deta

COMMON STOCK TRANSACTIONS (Details) - USD ($)	Apr. 29, 2021	Apr. 07, 2021	Apr. 06, 2021	Nov. 30, 2021	May 18, 2021	Feb. 28, 2021
Non-cash expense				$ 150,480
Cash proceeds from sale of common stock				$ 240,000
Common stock, shares authorized				100,000,000		100,000,000
Common Stock
Share issued or sold				2,400,000
Expense amortized period				1 year
Non-cash expense	$ 88,750
Cash proceeds from sale of common stock				$ 240,000
Common stock, shares authorized					100,000,000
Purchase Agreements
Share issued or sold		125,000
Purchase Agreements | Common Stock
Share issued or sold	125,000	2,704,007
Closing stock price	$ 0.71
Expense amortized period				6 months
Share-based payment arrangement, Expense				$ 88,750
Verde Capital | Common Stock
Share-based payment arrangement, Expense				$ 14,063
Verde Capital | Consulting Services | Common Stock
Share issued or sold			150,000
Closing stock price			$ 0.15
Non-cash expense			$ 22,500