Shorepower (SPEV) 10-Q 14 Jul 22 2023 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	May 31, 2022	Jul. 06, 2022
Cover [Abstract]
Document Type	10-Q
Document Period End Date	May 31, 2022
Entity Registrant Name	UNITED STATES BASKETBALL LEAGUE INC
Document Quarterly Report	true
Document Transition Report	false
Securities Act 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 Common Stock, Shares Outstanding		8,845,348
Entity Central Index Key	0000764630
Current Fiscal Year End Date	--02-28
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONDENSED BALANCE SHEETS

CONDENSED BALANCE SHEETS - USD ($)	May 31, 2022	Feb. 28, 2022
Current Assets:
Cash	$ 153,442	$ 180,756
Other prepaids	6,250
Prepaid stock for services	4,333	32,208
Total Assets	164,025	212,964
Current Liabilities:
Accounts payable and accrued expenses	2,940	13,478
Total Current Liabilities	2,940	13,478
Total Liabilities	2,940	13,478
Stockholders' Equity (Deficit):
Common stock, $0.01 par value, 100,000,000 shares authorized; 8,845,348 and 8,845,348 shares issued, respectively	88,453	88,453
Additional paid-in-capital	7,346,701	7,346,701
Accumulated deficit	(7,231,615)	(7,193,214)
Treasury stock, at cost; 39,975 shares of common stock	(42,454)	(42,454)
Total Stockholders' Equity	161,085	199,486
Total Liabilities and Stockholders' Deficit	$ 164,025	$ 212,964

CONDENSED BALANCE SHEETS (Paren

CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares	May 31, 2022	Feb. 28, 2022
CONDENSED BALANCE SHEETS
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0
Preferred stock, shares outstanding		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	8,845,348	8,845,348
Common stock, shares outstanding	0	1,105,679
Treasury stock, shares	39,975	39,975

CONDENSED STATEMENTS OF OPERATI

CONDENSED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended
	May 31, 2022	May 31, 2021
Operating Expenses:
Professional fees	$ 7,500	$ 12,025
General and administrative	30,901	25,370
Director compensation		48,000
Total operating expenses	38,401	85,395
Loss from Operations	(38,401)	(85,395)
Other Income:
Gain on forgiveness of debt		66,747
Total other income		66,747
Net loss	$ (38,401)	$ (18,648)
Loss per Common Share:
Basic	$ 0	$ 0
Diluted	$ 0	$ 0
Weighted Average Number of Common Shares Outstanding:
Basic	8,845,348	6,627,502
Diluted	8,845,348	6,627,502

CONDENSED STATEMENT OF STOCKHOL

CONDENSED 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. 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
Treasury stock beginning balance, shares at Feb. 28, 2021						39,975
Common stock issued for director services			$ 48,000				48,000
Forgiveness of related party debt				(2,343,370)			(2,343,370)
Common stock issued for services			111,250				111,250
Common stock sold for cash			240,000				240,000
Net Loss					(18,648)		(18,648)
Ending balance, value at May. 31, 2021	$ 35,525	$ 11,057	$ 399,250	25,023,225	(5,138,472)	$ (42,454)	288,131
Ending balance, shares at May. 31, 2021	3,552,502	1,105,679
Treasury stock ending balance, shares at May. 31, 2021						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
Treasury stock beginning balance, shares at Feb. 28, 2021						39,975
Ending balance, value at Feb. 28, 2022	$ 88,453			7,346,701	(7,193,214)	$ (42,454)	$ 199,486
Ending balance, shares at Feb. 28, 2022	8,845,348
Treasury stock ending balance, shares at Feb. 28, 2022						39,975	39,975
Net Loss	$ 0			0	(38,401)	$ 0	$ (38,401)
Ending balance, value at May. 31, 2022	$ 88,453			$ 7,346,701	$ (7,231,615)	$ (42,454)	$ 161,085
Ending balance, shares at May. 31, 2022	8,845,348
Treasury stock ending balance, shares at May. 31, 2022						39,975	39,975

STATEMENTS OF CASH FLOWS

STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended
	May 31, 2022	May 31, 2021
Cash Flows from Operating Activities:
Net Loss	$ (38,401)	$ (18,648)
Adjustments to reconcile net loss to net cash used in operating activities:
Gain on forgiveness of debt		(66,747)
Common stock issued for services		66,542
Change in operating assets and liabilities:
Prepaids	21,625
Accounts payable and accrued expenses	(10,538)	(33,424)
Net cash used in operating activities	(27,314)	(52,277)
Cash Flows from Investing Activities	0	0
Cash Flows from Financing Activities:
Increase in due to related parties		42,994
Loans payable		3,581
Cash proceeds from sale of common stock		240,000
Net cash provided by financing activities		286,575
Net change in cash	(27,314)	234,298
Cash, beginning of year	180,756	75
Cash, end of year	153,442	234,373
Supplemental disclosures of cash flow information:
Interest paid	0	0
Income tax paid	$ 0	$ 0

ORGANIZATION AND DESCRIPTION OF

ORGANIZATION AND DESCRIPTION OF BUSINESS	3 Months Ended
	May 31, 2022
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. 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	3 Months Ended
	May 31, 2022
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, 2022, have been omitted. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Company’s accounting estimates include the collectability of receivables, useful lives of long-lived assets and recoverability of those assets, impairment in fair value of goodwill, Recently Issued Accounting Pronouncements The Company has implemented all new applicable 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	3 Months Ended
	May 31, 2022
GOING CONCERN
GOING CONCERN	NOTE 3 – GOING CONCERN The accompanying unaudited financial statements 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 $7,231,615, 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.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	May 31, 2022
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	NOTE 4 – RELATED PARTY TRANSACTIONS During the year ended February 28, 2022, 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 EROP. As of February 28, 2022, the Company recognized $73,667 of the expense. During the three months ended May 31, 2022, another $26,000 was recognized to expense, leaving a prepaid balance of $4,333.

PREFERRED STOCK

PREFERRED STOCK	3 Months Ended
	May 31, 2022
PREFERRED STOCK
PREFERRED STOCK	NOTE 5 – 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 . As of May 31, 2022, there were no shares of preferred stock issued and outstanding .

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	May 31, 2022
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, 2022, have been omitted.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Company’s accounting estimates include the collectability of receivables, useful lives of long-lived assets and recoverability of those assets, impairment in fair value of goodwill,
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements The Company has implemented all new applicable 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.

ORGANIZATION AND DESCRIPTION _2

ORGANIZATION AND DESCRIPTION OF BUSINESS (Details) - $ / shares		3 Months Ended
	Apr. 07, 2021	May 31, 2022
Subsidiary, Sale of Stock [Line Items]
Entity Incorporation, Date of Incorporation		May 29, 1984
Purchase Agreements
Subsidiary, Sale of Stock [Line Items]
Share issued or sold	125,000
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	2,704,007

GOING CONCERN (Details)

GOING CONCERN (Details) - USD ($)	May 31, 2022	Feb. 28, 2022
GOING CONCERN
Accumulated deficit	$ 7,231,615	$ 7,193,214

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($)	3 Months Ended		12 Months Ended
	May 31, 2022	May 31, 2021	Feb. 28, 2022
Related Party Transactions [Line Items]
Total non-cash expense		$ 48,000
Service revenue from related party	$ 26,000
Prepaid stock for services	$ 4,333		$ 32,208
EROP Enterprises LLC
Related Party Transactions [Line Items]
Closing stock price			$ 0.52
Common stock issued for services (In Shares)			200,000
Total non-cash expense			$ 104,000
Verde Capital
Related Party Transactions [Line Items]
Expense amortized period			1 year
Share-based payment arrangement, Expense			$ 73,667

PREFERRED STOCK (Details)

PREFERRED STOCK (Details)	3 Months Ended
	May 31, 2022 Vote shares	Feb. 28, 2022 shares	May 18, 2021 shares
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%
Convertible into share of common stock	1
Preferred Stock, Shares Issued	0
Preferred stock, shares outstanding		1,105,679
Preferred Stock | Maximum
Class of Stock [Line Items]
Preferred stock, shares authorized			10,000,000
Preferred Stock | Minimum
Class of Stock [Line Items]
Preferred stock, shares authorized			2,000,000

N-2

N-2	3 Months Ended
	May 31, 2022
Cover [Abstract]
Entity Central Index Key	0000764630
Amendment Flag	false
Securities Act File Number	001-15913
Document Type	10-Q
Entity Registrant Name	UNITED STATES BASKETBALL LEAGUE INC
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
Entity Emerging Growth Company	false