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  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">UNITED STATES</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">SECURITIES AND EXCHANGE COMMISSION</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Washington D.C. 20549</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM 10-Q</B></P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">(Mark One)</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">[<B>X</B>]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QUARTERLY REPORT
  UNDER SECTION 13 OR 15 (d) OF THE SECURITIES</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">EXCHANGE ACT OF 1934</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the quarterly period ended <U>May 31, 2019</U></P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">[ ]&#9;TRANSITION REPORT UNDER SECTION 13 OR
  15(d) OF THE SECURITIES EXCHANGE &#9;ACT</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the transition period from <U>&#9;</U> to</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Commission File Number <U>1-15913</U></P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>UNITED STATES BASKETBALL LEAGUE, INC.</U></B></P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact Name of Registrant as Specified in Its
  Charter)</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><U>Delaware</U>&#9;<U>06-1120072</U></P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">(State or Other Jurisdiction of&#9; (I.R.S.
  Employer</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">Incorporation or Organization)&#9; Identification
  Number)</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>183 Plains Road, Suite 2, Milford, Connecticut
  06461</U></P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Address of Principal Executive Offices)</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>(203) 877-9508</U></P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Registrant&rsquo;s Telephone Number, Including
  Area Code)</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Former Name, Former Address and Former Fiscal
  Year, if Changed</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Since Last Report)</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.2in; text-align: center">Securities registered pursuant to
  Section 12(b) of the Act:</P>
  
  <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: center">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
      <TD STYLE="width: 34%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 0.2in; text-align: center"><FONT STYLE="font-family: Cambria, Times, Serif">Title of each class</FONT></TD>
      <TD STYLE="width: 33%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0.2in; text-align: center"><FONT STYLE="font-family: Cambria, Times, Serif">Trading Symbol(s)</FONT></TD>
      <TD STYLE="width: 33%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0.2in; text-align: center"><FONT STYLE="font-family: Cambria, Times, Serif">Name of each exchange on which registered</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
      <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 0.2in; text-align: center"><FONT STYLE="font-family: Cambria, Times, Serif">Common Stock</FONT></TD>
      <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0.2in; text-align: center"><FONT STYLE="font-family: Cambria, Times, Serif">USBL</FONT></TD>
      <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0.2in; text-align: center"><FONT STYLE="font-family: Cambria, Times, Serif">OTC Pink</FONT></TD></TR>
  </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 2.25in">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Indicate by check mark whether the registrant
  (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding
  12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such
  filing requirements for the past 90 days. Yes [ <B>X </B>] No [ ]</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>
  
  <!-- Field: Page; Sequence: 1 -->
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  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Indicate by check mark whether the registrant
  has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section
  232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit
  and post such files). Yes [ X ] No [ ]</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Indicate by check mark whether the registrant
  is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth
  company. See the definitions of &ldquo;large accelerated filer&rdquo;, &ldquo;accelerated filer&rdquo;, &ldquo;smaller reporting
  company&rdquo;, and &ldquo;emerging growth company&rdquo; in Rule 12b-2 of the Exchange Act.</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
      <TD STYLE="width: 55%; padding-right: 0.7pt; font-family: Dutch801 Rm BT"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Large accelerated filer&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Wingdings; font-size: 11pt">o</FONT></TD>
      <TD STYLE="width: 45%; padding-right: 0.7pt; font-family: Dutch801 Rm BT"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Accelerated filer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Wingdings; font-size: 11pt">o</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
      <TD STYLE="padding-right: 0.7pt">
          <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Non-accelerated filer [x]</P>
          <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Emerging Growth Company [ ]</P></TD>
      <TD STYLE="padding-right: 0.7pt; font-family: Dutch801 Rm BT"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Smaller reporting company&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Wingdings; font-size: 11pt">x</FONT></TD></TR>
  </TABLE>
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 2pt">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 2pt; text-indent: 0.5in">If an emerging growth company, indicate
  by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial
  accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 2pt">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Indicate by check mark whether the registrant
  is a shell company (as defined in Rule 12b-2 of the Exchange Act).&#9; Yes [X] No [ ]</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Indicate the number of shares outstanding of
  each of the issuer&rsquo;s classes of common stock as of the latest practicable date. As of October 4, 2019, there were 3,512,527
  shares of Common Stock, $.01 par value per share, outstanding.</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
  
  
  <!-- Field: Page; Sequence: 2 -->
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  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">UNITED STATES BASKETBALL LEAGUE, INC.</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="TableOfContents" TITLE="Table of Contents"></A>INDEX</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right"></P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right"><U>PAGE</U></P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -1in"></P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Cambria, Times, Serif">
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="width: 10%; text-align: justify; padding-left: 5.4pt">PART I.</TD><TD STYLE="width: 1%">&nbsp;</TD>
      <TD STYLE="width: 81%; text-align: justify; padding-left: 5.4pt"><A HREF="#a_001">FINANCIAL INFORMATION</A></TD><TD STYLE="width: 1%">&nbsp;</TD>
      <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">4</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
      <TD STYLE="text-align: justify; padding-left: 5.4pt">Item 1.</TD><TD STYLE="text-transform: uppercase">&nbsp;</TD>
      <TD STYLE="text-transform: uppercase; text-align: justify; padding-left: 5.4pt"><A HREF="#a_002">Unaudited Financial Statements</A></TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="text-align: justify; padding-left: 5.4pt">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: justify; padding-left: 5.4pt"><A HREF="#a_003">Balance Sheets &ndash; May 31, 2019 and February 28, 2019</A></TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
      <TD STYLE="text-align: justify; padding-left: 5.4pt">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="padding-left: 5.4pt"><A HREF="#a_004">Statements of Operations for the three months ended May 31, 2019 and 2018</A></TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="text-align: justify; padding-left: 5.4pt">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: justify; padding-left: 5.4pt"><A HREF="#a_005">Statement of Stockholders&rsquo; Deficiency for the three months ended May 31, 2019</A></TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
      <TD STYLE="text-align: justify; padding-left: 5.4pt">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: justify; padding-left: 5.4pt"><A HREF="#a_006">Statements of Cash Flows for the three months ended May 31, 2019 and 2018</A></TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="text-align: justify; padding-left: 5.4pt">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: justify; padding-left: 5.4pt"><A HREF="#a_007">Notes to Financial Statements</A></TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
      <TD STYLE="text-align: justify; padding-left: 5.4pt">Item 2.</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: justify; padding-left: 5.4pt"><A HREF="#a_008">Management&rsquo;s Discussion and Analysis of Financial Condition and Results of Operations</A></TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="text-align: justify; padding-left: 5.4pt">Item 3.</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: justify; padding-left: 5.4pt"><A HREF="#a_010">Quantitative and Qualitative Disclosures About Market Risk</A></TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
      <TD STYLE="text-align: justify; padding-left: 5.4pt">Item 4.</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: justify; padding-left: 5.4pt"><A HREF="#a_011">Controls and Procedures</A></TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="text-align: justify; padding-left: 5.4pt">PART II</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: justify; padding-left: 5.4pt"><A HREF="#a_012">OTHER INFORMATION</A></TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
      <TD STYLE="text-align: justify; padding-left: 5.4pt">Item 6</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: justify; padding-left: 5.4pt"><A HREF="#a_013">Exhibits</A></TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  </TABLE>
  
  
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -1in">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -1in">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -1in"></P>
  
  
  <!-- Field: Page; Sequence: 3 -->
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  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PART I</B></P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="a_001"></A>FINANCIAL INFORMATION</B></P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_002"></A>Item 1.&#9; Financial
  Statements</B></FONT></P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
      <TD COLSPAN="9" STYLE="text-align: center; padding-bottom: 1pt">UNITED STATES BASKETBALL LEAGUE, INC.</TD></TR>
  <TR STYLE="vertical-align: bottom">
      <TD COLSPAN="9" STYLE="text-align: center; padding-bottom: 1pt"><A NAME="a_003"></A>BALANCE SHEETS</TD></TR>
  <TR STYLE="vertical-align: bottom">
      <TD>&nbsp;</TD><TD>&nbsp;</TD>
      <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
      <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
      <TD STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>ASSETS</U></P></TD><TD>&nbsp;</TD>
      <TD COLSPAN="3" STYLE="text-align: center">May 31, <BR>2019</TD><TD>&nbsp;</TD>
      <TD COLSPAN="3" STYLE="text-align: center">February 28, <BR>2019</TD></TR>
  <TR STYLE="vertical-align: bottom">
      <TD>&nbsp;</TD><TD>&nbsp;</TD>
      <TD COLSPAN="3" STYLE="text-align: center">(Unaudited)</TD><TD>&nbsp;</TD>
      <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="text-align: left; padding-left: 5.4pt">CURRENT ASSETS:</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
      <TD STYLE="width: 63%; padding-bottom: 1pt; padding-left: 5.4pt">Cash</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: right">34</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: right">295</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="text-align: left; padding-left: 5.4pt">Total current assets</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">295</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
      <TD STYLE="padding-left: 5.4pt">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="padding-bottom: 1pt; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
      <TD STYLE="text-align: left; padding-bottom: 2.5pt; padding-left: 5.4pt">Total assets</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">34</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">295</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="padding-left: 5.4pt">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
      <TD STYLE="text-decoration: underline; text-align: left; padding-left: 5.4pt">LIABILITIES AND STOCKHOLDERS&rsquo; DEFICIENCY</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="padding-left: 5.4pt">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
      <TD STYLE="text-align: left; padding-left: 5.4pt">CURRENT LIABILITIES:</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="text-align: left; padding-left: 5.4pt">Accounts payable and accrued expenses</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">228,540</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">227,638</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
      <TD STYLE="text-align: left; padding-left: 5.4pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit card obligations</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,215</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,215</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Due to related parties</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,140,739</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,134,379</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
      <TD STYLE="padding-left: 5.4pt">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="text-align: left; padding-left: 5.4pt">Total current liabilities</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,375,134</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,368,232</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
      <TD STYLE="padding-left: 5.4pt">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Non-current liabilities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
      <TD STYLE="padding-left: 5.4pt">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Total Liabilities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,375,134</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,368,232</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
      <TD STYLE="padding-left: 5.4pt">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="text-align: left; padding-left: 5.4pt">STOCKHOLDERS&rsquo; DEFICIENCY</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
      <TD STYLE="text-align: left; padding-left: 5.4pt">Common stock, $0.01 par value; 30,000,000 <BR>shares authorized; issued 3,552,502 and 3,552,502 <BR>shares, respectively</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">35,525</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">35,525</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="text-align: left; padding-left: 5.4pt">Preferred stock, $0.01 par value; 2,000,000 <BR>shares authorized; 1,105,679 shares issued <BR>and outstanding</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,057</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,057</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
      <TD STYLE="text-align: left; padding-left: 37.4pt">Additional paid-in-capital</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,679,855</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,679,855</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="padding-left: 37.4pt">Deficit</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5,059,083</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5,051,920</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
      <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 37.4pt">Treasury stock, at cost; 39,975 shares</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(42,454</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(42,454</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Total stockholders&rsquo; deficiency</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2,375,100</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2,367,937</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
      <TD STYLE="padding-left: 5.4pt">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="text-align: left; padding-bottom: 2.5pt; padding-left: 5.4pt">Total liabilities and stockholders&rsquo; deficiency</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">34</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">295</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
      <TD STYLE="padding-left: 5.4pt">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="padding-left: 5.4pt">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  </TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">See notes to financial statements.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><BR STYLE="clear: both">
  </P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
      <TD COLSPAN="9" STYLE="text-align: center">UNITED STATES BASKETBALL LEAGUE, INC.</TD></TR>
  <TR STYLE="vertical-align: bottom">
      <TD COLSPAN="9" STYLE="text-align: center"><A NAME="a_004"></A>STATEMENTS OF OPERATIONS <BR>(Unaudited)</TD></TR>
  <TR STYLE="vertical-align: bottom">
      <TD>&nbsp;</TD><TD>&nbsp;</TD>
      <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
      <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
      <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
      <TD COLSPAN="7" STYLE="text-align: center; border-bottom: Black 1pt solid">Three Months Ended</TD></TR>
  <TR STYLE="vertical-align: bottom">
      <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
      <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid">May 31, <BR>2019</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
      <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid">May 31, <BR>2018</TD></TR>
  <TR STYLE="vertical-align: bottom">
      <TD>&nbsp;</TD><TD>&nbsp;</TD>
      <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
      <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="padding-bottom: 1pt; padding-left: 5.4pt">REVENUES:</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
      <TD STYLE="padding-left: 5.4pt">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="text-align: left; padding-left: 5.4pt">OPERATING EXPENSES:</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
      <TD STYLE="width: 56%; text-align: left; padding-left: 5.4pt">Professional fees</TD><TD STYLE="width: 8%">&nbsp;</TD>
      <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">3,402</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%">&nbsp;</TD>
      <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">7,225</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="text-align: left; padding-left: 5.4pt">Transfer agent and EDGAR agent fees</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">659</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,881</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
      <TD STYLE="padding-left: 5.4pt">Rent</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="padding-left: 5.4pt">Travel and promotion</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">33</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
      <TD STYLE="padding-left: 5.4pt">Other</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">102</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">336</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="padding-left: 5.4pt">Total operating expenses</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">7,163</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">18,475</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
      <TD STYLE="padding-left: 5.4pt">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Loss from operations</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(7,163</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(18,475</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
      <TD STYLE="padding-left: 5.4pt">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="text-align: left; padding-left: 5.4pt">OTHER INCOME (EXPENSES):</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
      <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 37.4pt">Interest expense</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(175</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="padding-left: 5.4pt">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
      <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Total other income (expenses) - net</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(175</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="padding-left: 5.4pt">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
      <TD STYLE="text-align: left; padding-bottom: 2.5pt; padding-left: 5.4pt">NET LOSS</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(7,163</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(18,650</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="padding-left: 5.4pt">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
      <TD STYLE="padding-left: 5.4pt">Earnings (loss) per common share:</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="padding-left: 0.5in">Basic</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(0.00</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(0.00</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
      <TD STYLE="padding-left: 0.5in">Diluted</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(0.00</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(0.00</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="padding-left: 5.4pt">WEIGHTED AVERAGE NUMBER OF <BR>COMMON SHARES OUTSTANDING</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
      <TD STYLE="padding-left: 0.5in">Basic</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,512,527</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,512,527</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="padding-left: 0.5in">Diluted</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,512,527</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,512,527</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
      <TD STYLE="padding-left: 5.4pt">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="text-align: center; padding-left: 5.4pt">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  </TABLE>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B></B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">See notes to financial statements.</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>&nbsp;</I></P>
  
  
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  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
      <TD COLSPAN="37" STYLE="font-size: 13pt; text-align: center"><P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 11pt"><B>UNITED STATES BASKETBALL LEAGUE, INC. </B></FONT></P>
  
  <P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 11pt"><B><A NAME="a_005"></A>Statement of Stockholders&rsquo; Deficiency</B></FONT></P>
  
  <P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 11pt"><B>Three Months Ended May 31, 2019</B></FONT></P>
  
  <P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 11pt"><B>(Unaudited)</B></FONT></P>
  
  </TD></TR>
  <TR STYLE="vertical-align: bottom">
      <TD COLSPAN="37">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
      <TD COLSPAN="37" STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
      <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
      <TD COLSPAN="7" STYLE="font-size: 9pt; text-align: center"><P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>Common Stock</U></P> <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
      <TD COLSPAN="7" STYLE="font-size: 9pt; text-align: center"><P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>Preferred Stock</U></P> <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
      <TD COLSPAN="3" STYLE="font-size: 9pt; text-align: center"><P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>Additional </U></P></TD><TD>&nbsp;</TD>
      <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
      <TD COLSPAN="7" STYLE="font-size: 9pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
      <TD COLSPAN="3" STYLE="font-size: 9pt; text-align: center"><P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>Total </U></P></TD></TR>
  <TR STYLE="vertical-align: bottom">
      <TD>&nbsp;</TD><TD STYLE="font-size: 9pt; padding-bottom: 1pt">&nbsp;</TD>
      <TD COLSPAN="3" STYLE="font-size: 9pt; text-align: center; border-bottom: Black 1pt solid">Shares</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
      <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-size: 9pt; padding-bottom: 1pt">&nbsp;</TD>
      <TD COLSPAN="3" STYLE="font-size: 9pt; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;<U>Shares </U></FONT></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
      <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-size: 9pt; padding-bottom: 1pt">&nbsp;</TD>
      <TD COLSPAN="3" STYLE="font-size: 9pt; text-align: center; border-bottom: Black 1pt solid">Paid-in</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
      <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-size: 9pt; padding-bottom: 1pt">&nbsp;</TD>
      <TD COLSPAN="7" STYLE="font-size: 9pt; text-align: center; border-bottom: Black 1pt solid">Treasury Stock</TD><TD STYLE="font-size: 9pt; padding-bottom: 1pt">&nbsp;</TD>
      <TD COLSPAN="3" STYLE="font-size: 9pt; text-align: center; border-bottom: Black 1pt solid">Stockholders&rsquo;</TD></TR>
  <TR STYLE="vertical-align: bottom">
      <TD>&nbsp;</TD><TD STYLE="font-size: 9pt; padding-bottom: 1pt">&nbsp;</TD>
      <TD COLSPAN="3" STYLE="font-size: 9pt; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;<U>Issued </U></FONT></TD><TD STYLE="font-size: 9pt; padding-bottom: 1pt">&nbsp;</TD>
      <TD COLSPAN="3" STYLE="font-size: 9pt; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;<U>Amount </U></FONT></TD><TD STYLE="font-size: 9pt; padding-bottom: 1pt">&nbsp;</TD>
      <TD COLSPAN="3" STYLE="font-size: 9pt; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;<U>Outstanding </U></FONT></TD><TD STYLE="font-size: 9pt; padding-bottom: 1pt">&nbsp;</TD>
      <TD COLSPAN="3" STYLE="font-size: 9pt; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;<U>Amount </U></FONT></TD><TD STYLE="font-size: 9pt; padding-bottom: 1pt">&nbsp;</TD>
      <TD COLSPAN="3" STYLE="font-size: 9pt; text-align: center; border-bottom: Black 1pt solid">Capital</TD><TD STYLE="font-size: 9pt; padding-bottom: 1pt">&nbsp;</TD>
      <TD COLSPAN="3" STYLE="font-size: 9pt; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;<U>Deficit </U></FONT></TD><TD STYLE="font-size: 9pt; padding-bottom: 1pt">&nbsp;</TD>
      <TD COLSPAN="3" STYLE="font-size: 9pt; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;<U>Shares </U></FONT></TD><TD STYLE="font-size: 9pt; padding-bottom: 1pt">&nbsp;</TD>
      <TD COLSPAN="3" STYLE="font-size: 9pt; text-align: center; border-bottom: Black 1pt solid">Amount</TD><TD STYLE="font-size: 9pt; padding-bottom: 1pt">&nbsp;</TD>
      <TD COLSPAN="3" STYLE="font-size: 9pt; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;<U>Deficiency </U></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="width: 28%; padding-left: 1.5pt">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
      <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
      <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
      <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
      <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
      <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
      <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
      <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
      <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
      <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
      <TD STYLE="font-size: 9pt; padding-left: 1.5pt">Balance, February 28, 2019</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
      <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">3,552,502</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
      <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">35,525</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
      <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">1,105,679</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
      <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">11,057</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
      <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">2,679,855</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
      <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">(5,051,920</TD><TD STYLE="font-size: 9pt; text-align: left">)</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
      <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">39,975</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
      <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">(42,454</TD><TD STYLE="font-size: 9pt; text-align: left">)</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
      <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">(2,367,937</TD><TD STYLE="font-size: 9pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="font-size: 9pt; text-align: left; padding-left: 1.5pt">&nbsp;Net loss (Unaudited)</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
      <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">(7,163</TD><TD STYLE="font-size: 9pt; text-align: left">)</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(7,163</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
      <TD STYLE="font-size: 9pt; padding-bottom: 2.5pt; padding-left: 1.5pt">&nbsp;Balance, May 31, 2019 (Unaudited)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">3,552,502</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; padding-bottom: 2.5pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: right">35,525</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1,105,679</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; padding-bottom: 2.5pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: right">11,057</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; padding-bottom: 2.5pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: right">2,679,855</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(5,059,083</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">39,975</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; padding-bottom: 2.5pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: right">(42,454</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 9pt; text-align: left">)</TD><TD STYLE="font-size: 9pt; padding-bottom: 2.5pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: right">(2,375,100</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 9pt; text-align: left">)</TD></TR>
  </TABLE>
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center">See notes to financial statements.</P>
  
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  <TR STYLE="vertical-align: bottom">
      <TD COLSPAN="9" STYLE="text-align: center"><U>UNITED STATES BASKETBALL LEAGUE, INC.</U></TD></TR>
  <TR STYLE="vertical-align: bottom">
      <TD COLSPAN="9" STYLE="text-align: center"><A NAME="a_006"></A><U>STATEMENTS OF CASH FLOWS</U> <BR>(Unaudited)</TD></TR>
  <TR STYLE="vertical-align: bottom">
      <TD COLSPAN="9">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
      <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
      <TD COLSPAN="7" STYLE="text-align: center; border-bottom: Black 1pt solid"> Three Months Ended</TD></TR>
  <TR STYLE="vertical-align: bottom">
      <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
      <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid">May 31, <BR>2019</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
      <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid">May 31, <BR>2018</TD></TR>
  <TR STYLE="vertical-align: bottom">
      <TD>&nbsp;</TD><TD>&nbsp;</TD>
      <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
      <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="text-align: left; padding-left: 5.4pt">CASH FLOWS FROM OPERATING ACTIVITIES:</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
      <TD STYLE="width: 63%; text-align: left; padding-left: 0.5in">Net loss</TD><TD STYLE="width: 1%">&nbsp;</TD>
      <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">(7,163</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 8%">&nbsp;</TD>
      <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">(18,650</TD><TD STYLE="width: 1%; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="text-align: left; padding-left: 0.5in">Adjustments to reconcile net loss to net cash used in operating activities:</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
      <TD STYLE="text-align: left; padding-left: 0.5in">&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities:</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="text-align: left; padding-left: 0.5in">&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">902</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,140</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
      <TD STYLE="text-align: left; padding-left: 0.5in">&nbsp;&nbsp;&nbsp;Credit card obligations</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(280</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="padding-left: 5.4pt">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
      <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.5in">Net cash used in operating activities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(6,261</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(10,230</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="padding-left: 5.4pt">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
      <TD STYLE="padding-left: 5.4pt">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="padding-left: 5.4pt">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
      <TD STYLE="text-align: left; padding-left: 5.4pt">CASH FLOWS FROM FINANCING ACTIVITIES:</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="padding-left: 5.4pt">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
      <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 31.5pt">Increase (decrease) in due to related parties</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">6,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">9,900</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="padding-left: 31.5pt">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
      <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 31.5pt">Net cash provided by financing activities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">6,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">9,900</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="padding-left: 5.4pt">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
      <TD STYLE="text-align: left; padding-left: 5.4pt">NET INCREASE (DECREASE) IN CASH</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(261</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(330</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="padding-left: 5.4pt">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
      <TD STYLE="padding-bottom: 1pt; padding-left: 5.4pt">CASH, beginning of period</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">295</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">330</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="padding-left: 37.4pt">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
      <TD STYLE="padding-bottom: 2.5pt; padding-left: 5.4pt">CASH, end of period</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">34</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="padding-left: 5.4pt">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
      <TD STYLE="text-align: left; padding-left: 5.4pt">SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="padding-left: 5.4pt">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
      <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 31.5pt">Interest paid</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">175</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 31.5pt">Income tax paid</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
      <TD STYLE="padding-left: 5.4pt">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  </TABLE>
  
  
  <P STYLE="margin-top: 0; margin-bottom: 0"></P>
  
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center">See notes to financial statements.</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
  
  <!-- Field: Page; Sequence: 7 -->
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      <!-- Field: /Page -->
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>UNITED STATES BASKETBALL LEAGUE, INC. </U></P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="a_007"></A><U>NOTES TO FINANCIAL STATEMENTS</U></P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>THREE MONTHS ENDED MAY 31, 2019</U></P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Unaudited)</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 51.15pt 0 0; text-align: justify"></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 51.15pt 0 0; text-align: justify">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt"><B>1.</B></FONT></TD><TD STYLE="text-align: justify; padding-right: 51.15pt"><FONT STYLE="font-size: 11pt"><B><U>Description of Business and Basis of
  Presentation</U></B></FONT></TD></TR></TABLE>
  
  <P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">United States Basketball League,
  Inc. (&ldquo;USBL&rdquo;) was incorporated in Delaware on May 29, 1984 as a wholly owned subsidiary of Meisenheimer Capital, Inc.
  (&ldquo;MCI&rdquo;) for the purpose of developing and managing a professional basketball league, the United States Basketball League
  (the &ldquo;League&rdquo;). 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. The seasons from 2008 through 2019, 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.</P>
  
  <P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">On October 30, 2014, USBL dissolved
  its wholly-owned subsidiary, Meisenheimer Capital Real Estate Holdings, Inc. (&ldquo;MCREH&rdquo;). MCREH owned a commercial building
  in Milford, Connecticut until the sale of the property on June 19, 2014.</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 51.15pt; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">At May 31, 2019, USBL had negative
  working capital of $2,375,100 and accumulated losses of $5,059,083. These factors, as well as the Company&rsquo;s reliance on related
  parties (see Notes 3, 4, and 6), raise substantial doubt as to the Company&rsquo;s ability to continue as a going concern.</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 51.15pt; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">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 the Company be unable to continue as a going concern.</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 15.15pt">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The accompanying unaudited 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 three-month period ended
  May 31, 2019 may not necessarily be indicative of the results that may be expected for the year ending February 29, 2020. The notes
  to the financial statements should be read in conjunction with the notes to the financial statements contained in the Company&rsquo;s
  Form 10-K for the year ended February 28, 2019.</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 51.15pt 0 0; text-align: justify">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt"><B>2.</B></FONT></TD><TD STYLE="text-align: justify; padding-right: 51.15pt"><FONT STYLE="font-size: 11pt"><B><U>Summary of Significant
                                                                                                             Accounting Policies</U></B></FONT></TD></TR></TABLE>
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 51.15pt 0 0; text-align: justify"></P>
  
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><B><I>Fair value disclosures &ndash;
  </I></B>The carrying amounts of the Company&rsquo;s financial instruments, which consist of cash and cash equivalents, accounts
  payable and accrued expenses, credit card obligations, and due to related parties, approximate their fair value due to their short
  term nature or based upon values of comparable instruments.</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><B><I>Cash and cash equivalents &ndash;
  </I></B>The Company considers all highly liquid debt instruments purchased with a maturity of three months or less to be cash equivalents.</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><B><I>Revenue recognition &ndash;
  </I></B>The Company generally uses the accrual method of accounting in these financial statements. However, due to the uncertainty
  of collecting royalty and franchise fees from the franchisees, USBL recorded these revenues upon receipt of cash consideration
  paid or the performance of related services by the franchisee. Franchise fees earned in nonmonetary transactions were recorded
  at the fair value of the franchise granted or the service received, based on which value was more readily determinable. Upon the
  granting of the franchise, the Company had performed essentially all material conditions related to the sale.</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
  
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  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><B><I>Income taxes</I></B> &ndash;
  Deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and
  liabilities, and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to
  reverse. A valuation allowance has been fully provided for the deferred tax asset (approximately $630,000 at February 28, 2019)
  attributable to the USBL net operating loss carryforward.</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">As of February 28, 2019, USBL had
  a net operating loss carryforward of approximately $3,000,000 available to offset future taxable income. The carryforward expires
  in varying amounts from 2020 to 2039. Current United States income tax laws limit the amount of loss available to offset against
  future taxable income when a substantial change in ownership occurs. Therefore, the amount available to offset future taxable income
  may be limited.</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.5in; text-align: justify">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.</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><B><I>Estimates</I></B> &ndash; The
  preparation of 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 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.</P>
  
  <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 170.25pt">&nbsp;</P>
  
  <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><B><I>Stock-based compensation</I></B>
  &ndash; Stock-based compensation is accounted for at fair value in accordance with Accounting Standards Codification (&ldquo;ASC&rdquo;)
  718, &ldquo;Compensation &ndash; Stock Compensation<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">.&rdquo;
  No stock options were granted for the periods presented and none are outstanding at May 31, 2019.</FONT></P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 7pt 0 0 0.5in; text-align: justify; text-indent: 0in"><I>Earnings
  (loss) per common share</I> <FONT STYLE="font-weight: normal">&ndash; ASC 260, &ldquo;Earnings Per Share&rdquo;, 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 months ended May 31, 2019 and 2018 as the result would have been
  antidilutive.</FONT></P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><B><I>Comprehensive income</I></B>
  &ndash; 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&rsquo; equity. Comprehensive income (loss) was equivalent to net income (loss) for all periods
  presented.</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="text-underline-style: double">&nbsp;</FONT></P>
  
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  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="text-underline-style: double">&nbsp;</FONT></P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="text-underline-style: double"></FONT></P>
  
  
  <P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;3. &nbsp;&nbsp;<U>Accounts Payable and Accrued Expenses</U></B></P>
  
  <P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-indent: 20pt"><B>&nbsp;</B></P>
  
  <P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt"><B></B>Accounts payable and accrued expenses consisted
  of:</P>
  
  <P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
      <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
      <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">May 31,</P>
                                                                                 <P STYLE="margin-top: 0; margin-bottom: 0">2019</P></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
      <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid">February 28, 2019</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="font-size: 10pt; text-align: justify; padding-left: 5.4pt">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 11pt">(Unaudited)</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
      <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
      <TD STYLE="width: 70%; padding-left: 0.2in">Legal and accounting services&rsquo; vendors</TD><TD STYLE="width: 1%">&nbsp;</TD>
      <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">67,013</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
      <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">66,112</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="text-align: justify; padding-left: 0.2in">Transfer agent and EDGAR agent</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,462</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,462</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
      <TD STYLE="text-align: justify; padding-left: 0.2in">Rent due Genvest, LLC (an entity controlled by the <BR>two officers of USBL)</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">135,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">132,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="text-align: justify; padding-left: 0.2in">Accrued interest on MCREH note payable to <BR>president of USBL</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,562</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,562</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
      <TD STYLE="text-align: justify; padding-left: 0.2in">Security deposit due CADCOM (an entity controlled by <BR>the two officers of USBL)</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,725</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,725</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="padding-left: 0.5in">Other</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">778</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">777</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
      <TD STYLE="font-size: 10pt; text-align: justify; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
      <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
      <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="padding-left: 0.5in">Total</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">228,540</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">227,638</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>
  
  <P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 2.5in">&nbsp;</P>
  
  <P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>4. &nbsp;&nbsp;<U>Due
  to Related Parties</U></B></P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 40pt"><B></B>Due to related parties consisted
  of:</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom"><TD STYLE="font-size: 11pt; padding-bottom: 1pt">&nbsp;</TD>
      <TD COLSPAN="3" STYLE="font-size: 11pt; text-align: center; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">May 31,</P>
                                                                                  <P STYLE="margin-top: 0; margin-bottom: 0">2019</P></TD><TD STYLE="font-size: 11pt; padding-bottom: 1pt">&nbsp;</TD>
      <TD COLSPAN="3" STYLE="font-size: 11pt; text-align: center; border-bottom: Black 1pt solid">February 28, 2019</TD></TR>
  <TR STYLE="vertical-align: bottom"><TD STYLE="font-size: 11pt">&nbsp;</TD>
      <TD COLSPAN="3" STYLE="font-size: 11pt; text-align: center; vertical-align: bottom">(Unaudited)</TD><TD>&nbsp;</TD>
      <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="width: 70%; font-size: 11pt; padding-left: 0.2in">USBL loans payable to Spectrum Associates, Inc. (&ldquo;Spectrum&rdquo;), <BR>a corporation controlled by the two officers of USBL, <BR>interest at 6%, due on demand</TD><TD STYLE="width: 1%; font-size: 11pt">&nbsp;</TD>
      <TD STYLE="width: 1%; font-size: 11pt; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 11pt; text-align: right">1,314,789</TD><TD STYLE="width: 1%; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 11pt">&nbsp;</TD>
      <TD STYLE="width: 1%; font-size: 11pt; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 11pt; text-align: right">1,314,289</TD><TD STYLE="width: 1%; font-size: 11pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
      <TD STYLE="font-size: 11pt; text-align: justify; padding-left: 0.2in">USBL loans payable to the two officers of USBL, <BR>interest at 6%, due on demand</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
      <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">563,517</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
      <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">558,017</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="font-size: 11pt; padding-left: 0.2in">USBL loans payable to Daniel T. Meisenheimer, Jr. Trust, a trust <BR>controlled by the two officers of USBL, non-interest bearing, <BR>due on demand</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
      <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">48,850</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
      <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">48,850</TD><TD STYLE="font-size: 11pt; text-align: left"></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
      <TD STYLE="font-size: 11pt; padding-left: 0.2in">MCREH note payable to president of USBL, interest at 7%, due on demand</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
      <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">45,000</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
      <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">45,000</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="font-size: 11pt; padding-left: 0.2in">MCREH loan payable to Spectrum, non-interest <BR>bearing, due on demand</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
      <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">4,500</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
      <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">4,500</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
      <TD STYLE="font-size: 11pt; padding-left: 0.2in">MCREH loan payable to president of USBL, non-interest <BR>bearing, due on demand</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
      <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">4,000</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
      <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">4,000</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="font-size: 11pt; text-align: justify; padding-left: 0.2in">MCREH loan payable to Meisenheimer Capital, Inc. (&ldquo;MCI&rdquo;) <BR>non-interest bearing, due on demand</TD><TD STYLE="font-size: 11pt; padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: right">159,723</TD><TD STYLE="padding-bottom: 1pt; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: right">159,723</TD><TD STYLE="padding-bottom: 1pt; font-size: 11pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
      <TD STYLE="font-size: 11pt; text-align: justify; padding-left: 0.5in">Total</TD><TD STYLE="font-size: 11pt; padding-bottom: 2.5pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; text-align: right">2,140,379</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; padding-bottom: 2.5pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; text-align: right">2,134,379</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="text-align: right; padding-left: 5.4pt">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
      <TD STYLE="padding-left: 0.2in"><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0 0 0 1.45pt; text-align: justify; text-indent: -1.45pt">For the three months ended May 31, 2019 and 2018, interest due under the related party loans was waived by the respective lenders.</P> <P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD>&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  </TABLE>
  
  <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="text-underline-style: double">&nbsp;</FONT></P>
  
  <!-- Field: Page; Sequence: 10 -->
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      <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><A HREF="#TableOfContents" TITLE="Table of Contents" STYLE="font-style: italic">Table of Contents</A>&nbsp;</TD></TR></TABLE></DIV>
      <!-- Field: /Page -->
  
  <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="text-underline-style: double"></FONT></P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>
  
  <P STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 12pt; font-size: 11pt; font-weight: bold">5.&nbsp;&nbsp;
  <U>Stockholders&rsquo; Equity</U></P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><TR><TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12pt"></TD>
      <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 12pt"><FONT STYLE="font-size: 11pt">Each share of common stock has one vote.&nbsp;&nbsp;Each share of preferred stock has five votes, is entitled to a 2% non-cumulative annual dividend, and is convertible at any time into one share of common stock.</FONT></TD></TR></TABLE>
  
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 12pt; font-size: 11pt; font-weight: bold">6.&nbsp;&nbsp;
  <U>Related Party Transactions</U></P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><TR><TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0 0 0 1.45pt; text-align: justify; text-indent: -1.45pt">For the
          three months ended May 31, 2019 and 2018, USBL included in other operating expenses rent incurred to Genvest, LLC (an entity controlled
          by the two officers of USBL) totaling $3,000 and $3,000, respectively.</P></TD></TR></TABLE>
  
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 12pt; font-size: 11pt; font-weight: bold">7.
  &nbsp;&nbsp;<U>Commitments and Contingencies</U></P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><TR><TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0 0 0 1.45pt; text-align: justify; text-indent: -1.45pt"><U>Occupancy
          Agreement</U></P>
          <P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0 0 0 1.45pt; text-align: justify; text-indent: -1.45pt">&nbsp;</P>
          <P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0 0 0 1.45pt; text-align: justify; text-indent: -1.45pt">In September
          2007, the Company moved its office to a building owned by Genvest LLC, an organization controlled by the two officers of USBL.
          Improvements to the Company&rsquo;s space there were completed in February 2008. Pursuant to a verbal agreement, the Company is
          to pay Genvest monthly rentals of $1,000 commencing March 2008. At May 31, 2019 and February 28, 2019, accounts payable and accrued
          expenses included accrued rent payable to Genvest totaling $135,000 and $132,000 respectively.</P></TD></TR></TABLE>
  
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>
  
  <!-- Field: Page; Sequence: 11 -->
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      <!-- Field: /Page -->
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="text-transform: uppercase"><B></B></FONT></P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B><A NAME="a_008"></A>Item</B></FONT><B>
  2.&#9;<FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"> &nbsp;&nbsp;Management&rsquo;s Discussion and
  Analysis of financial &#9;&#9;condition and results of operations.</FONT></B></P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">OVERVIEW</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company anticipates continued reliance
  on financial assistance from affiliates. Given the current lack of capital, the Company has not been able to develop any new programs
  to revitalize the League, nor has it been able to hire sales and promotional personnel or schedule a season. As a result, the Company
  is currently dependent on the efforts of its officers for all marketing efforts. Their efforts have not resulted in any franchises.</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>CRITICAL ACCOUNTING POLICIES</B></P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Revenue Recognition</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company generally uses the accrual method
  of accounting. However, due to the uncertainty of collecting royalty and franchise fees from the franchisees, USBL recorded these
  revenues upon receipt of cash consideration paid or the performance of related services by the franchisee. Franchise fees earned
  in nonmonetary transactions were recorded at the fair value of the franchise granted or the service received, based on which value
  was is more readily determinable. Upon the granting of the franchise, the Company had performed essentially all material conditions
  related to the sale.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
  
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      <!-- Field: /Page -->
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">THREE MONTHS ENDED MAY 31, 2019 AS COMPARED
  TO MAY 31, 2018</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">For the three months ended
  May 31, 2019 and 2018, the Company had no franchise fees or advertising revenues as a result of the cancellation of its seasons
  from 2008 through 2019.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Operating expenses decreased
  $11,312 from $18,475 for the three months ended May 31, 2018 to $7,163 for the three months ended May 31, 2019. The decrease in
  operating expenses was primarily due to lower professional fees ($3,402) and lower transfer agent and EDGAR agent fees ($659) in
  2019 as compared to 2018. In the three months ended May 31, 2019, there were charges relating to filing of one Form 10-Q; in the
  three months ended May 31, 2018, there were charges relating to filings of two Forms 10-Q.</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Other expenses, net, decreased
  $175 from $175 in 2018 to $0 in 2019.</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Net loss for the three
  months ended May 31, 2019 was $7,163 as compared to net loss of $18,650 for the three months ended May 31, 2018. The $11,487 decrease
  in net loss was due to the $11,312 decrease in operating expenses in 2019 and the $175 decrease in other expenses, net.</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">LIQUIDITY AND CAPITAL RESOURCES</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company had cash of
  $34 and a working capital deficit of $2,375,100 at May 31, 2019. The Company's statement of cash flows reflects cash used in operating
  activities of $6,261, which results primarily from the $7,163 net loss offset partially by the $902 increase in accounts payable
  and accrued expenses. Net cash provided by financing activities was $6,600 in 2019 compared to $9,900 in 2018.&nbsp;</P>
  
  <P STYLE="font: 10pt Arial Unicode MS; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company expects it
  will continue to have to rely on affiliates for loans to assist it in meeting its current obligations. With respect to long term
  needs, the Company recognizes that in order for USBL and the League to be successful, USBL has to develop a meaningful sales and
  promotional program. This will require an investment of additional capital. Given the Company's current financial condition, the
  ability of the Company&rsquo;s ability to raise additional capital other than from affiliates is questionable. At the current time
  the Company has no definitive plan as to how to raise additional capital and schedule a 2020 season.</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><A NAME="a_010"></A>ITEM 3.
  &nbsp;&nbsp;&nbsp;QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.</P>
  
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">Not applicable.</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: red">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><A NAME="a_011"></A>I<FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase">tem</FONT>
  4. <FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"> &nbsp;&nbsp;&nbsp;Controls and
  Procedures.</FONT></B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Under the supervision and
  with the participation of our management, including our principal executive and financial officers, we have evaluated the effectiveness
  of the design and operation of our disclosure controls and procedures as of May 31, 2019 and, based on such evaluation, our principal
  executive and financial officers have concluded that these controls and procedures are effective. There were no changes in our
  internal control over financial reporting that occurred during the quarter ended May 31, 2019 that has materially affected, or
  is reasonably likely to materially affect, our internal control over financial reporting.</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Disclosure controls and
  procedures are our controls and other procedures that are designed to ensure that information required to be disclosed by us in
  the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods
  specified in the Securities and Exchange Commission&rsquo;s rules and forms. Disclosure controls and procedures include, without
  limitation, controls and procedures designed to ensure that information required to be disclosed by us in the reports that we file
  under the Exchange Act is accumulated and communicated to our management, including our principal executive and financial officers,
  as appropriate to allow timely decisions regarding required disclosures.</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
  
  <!-- Field: Page; Sequence: 13 -->
      <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
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      <!-- Field: /Page -->
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="a_012"></A>PART II</B></P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>OTHER INFORMATION</B></P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><A NAME="a_013"></A><B>ITEM 6.</B></TD><TD STYLE="text-align: justify"><B>EXHIBITS. </B></TD></TR></TABLE>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
      <TD STYLE="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt">
          <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
          <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>Exhibit No.:</U></P></TD>
      <TD STYLE="width: 85%; padding-right: 5.4pt; padding-left: 5.4pt">
          <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.1pt">&nbsp;</P>
          <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.1pt"><U>Description:</U></P></TD></TR>
  <TR STYLE="vertical-align: top">
      <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
      <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 35.1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
      <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 11pt">31.1*</FONT></TD>
      <TD STYLE="padding-right: 5.4pt; padding-left: 40pt; text-align: justify"><FONT STYLE="font-size: 11pt"> <A HREF="ex311_302cert05312019.htm">Certification of President (principal executive officer)</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
      <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
          <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
          <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">31.2*</P></TD>
      <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
          <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 35.1pt; text-align: justify">&nbsp;</P>
          <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 35.1pt; text-align: justify"><A HREF="ex312_302cert05312019.htm">Certification of Chief Financial Officer (principal financial officer)</A></P></TD></TR>
  <TR STYLE="vertical-align: top">
      <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
          <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
          <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">32*</P>
          <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
          <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
          <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">101.INS</P>
          <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">101.SCH</P>
          <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">101.CAL</P>
          <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">101.DEF</P>
          <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">101.LAB</P>
          <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">101.PRE</P>
          <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
          <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">*</P>
          <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></TD>
      <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
          <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 35.1pt; text-align: justify">&nbsp;</P>
          <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 35.1pt; text-align: justify"><A HREF="ex32_906cert05312019.htm">Certification pursuant to 18 U.S.C. Section 1350 adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</A></P>
          <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 35.1pt; text-align: justify">&nbsp;</P>
          <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 35.1pt; text-align: justify">XBRL Instance Document</P>
          <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 35.1pt; text-align: justify">XBRL Taxonomy Extension Schema Document</P>
          <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 35.1pt; text-align: justify">XBRL Taxonomy Extension Calculation
          Document</P>
          <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 35.1pt; text-align: justify">XBRL Taxonomy Extension Definitions
          Document</P>
          <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 35.1pt; text-align: justify">XBRL Taxonomy Extension Labels Document</P>
          <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 35.1pt; text-align: justify">XBRL Taxonomy Extension Presentations
          Document</P>
          <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 35.1pt; text-align: justify">&nbsp;</P>
          <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 35.1pt; text-align: justify">Filed herewith</P>
          <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 35.1pt; text-align: justify">&nbsp;</P></TD></TR>
  </TABLE>
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
  
  <!-- Field: Page; Sequence: 14 -->
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      <!-- Field: /Page -->
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SIGNATURES</B></P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Pursuant to the requirements
  of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned
  thereunto duly authorized.</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 243pt">UNITED STATES BASKETBALL LEAGUE,</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 243pt; text-align: justify">INC.</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 243pt; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 243pt; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
      <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 11pt">Date:&nbsp;&nbsp;October
      9, 2019</FONT></TD>
      <TD STYLE="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
      <TD STYLE="width: 49%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 11pt">By:&nbsp;&nbsp;<U>/s/ Daniel T. Meisenheimer, III</U></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
      <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
      <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
      <TD STYLE="padding-right: 5.4pt; padding-left: 0.3in; text-align: justify"><FONT STYLE="font-size: 11pt">Daniel T. Meisenheimer III</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
      <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
      <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
      <TD STYLE="padding-right: 5.4pt; padding-left: 0.3in; text-align: justify"><FONT STYLE="font-size: 11pt">Chairman and President</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
      <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
      <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
      <TD STYLE="padding-right: 5.4pt; padding-left: 0.3in; text-align: justify"><FONT STYLE="font-size: 11pt">(Principal executive officer)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
      <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
      <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
      <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
      <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 11pt">Date:&nbsp;&nbsp;October
      9, 2019</FONT></TD>
      <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
      <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 11pt">By:&nbsp;&nbsp;<U>/s/ Richard C. Meisenheimer</U></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
      <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
      <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
      <TD STYLE="padding-right: 5.4pt; padding-left: 0.3in; text-align: justify"><FONT STYLE="font-size: 11pt">Richard C. Meisenheimer</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
      <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
      <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
      <TD STYLE="padding-right: 5.4pt; padding-left: 0.3in; text-align: justify"><FONT STYLE="font-size: 11pt">Chief Financial Officer and</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
      <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
      <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
      <TD STYLE="padding-right: 5.4pt; padding-left: 0.3in; text-align: justify"><FONT STYLE="font-size: 11pt">Director</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
      <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
      <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
      <TD STYLE="padding-right: 5.4pt; padding-left: 0.3in; text-align: justify"><FONT STYLE="font-size: 11pt">(Principal financial officer)</FONT></TD></TR></TABLE>
  
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B></B></P>
  
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  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B></B></P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B></B></P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>
  
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  </HTML>
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text: UNITED STATES
  SECURITIES AND EXCHANGE COMMISSION
  Washington D.C. 20549
  FORM 10-Q
  (Mark One)
  [
  X
  ]       QUARTERLY REPORT
  UNDER SECTION 13 OR 15 (d) OF THE SECURITIES
  EXCHANGE ACT OF 1934
  For the quarterly period ended
  May 31, 2019
  [ ]	TRANSITION REPORT UNDER SECTION 13 OR
  15(d) OF THE SECURITIES EXCHANGE 	ACT
  For the transition period from
  to
  Commission File Number
  1-15913
  UNITED STATES BASKETBALL LEAGUE, INC.
  (Exact Name of Registrant as Specified in Its
  Charter)
  Delaware
  06-1120072
  (State or Other Jurisdiction of	 (I.R.S.
  Employer
  Incorporation or Organization)	 Identification
  Number)
  183 Plains Road, Suite 2, Milford, Connecticut
  06461
  (Address of Principal Executive Offices)
  (203) 877-9508
  (Registrant's Telephone Number, Including
  Area Code)
  (Former Name, Former Address and Former Fiscal
  Year, if Changed
  Since Last Report)
  Securities registered pursuant to
  Section 12(b) of the Act:
  Title of each class
  Trading Symbol(s)
  Name of each exchange on which registered
  Common Stock
  USBL
  OTC Pink
  Indicate by check mark whether the registrant
  (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding
  12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such
  filing requirements for the past 90 days. Yes [
  X
  ] No [ ]
  Table of Contents
  Indicate by check mark whether the registrant
  has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section
  232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit
  and post such files). Yes [ X ] No [ ]
  Indicate by check mark whether the registrant
  is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth
  company. See the definitions of "large accelerated filer", "accelerated filer", "smaller reporting
  company", and "emerging growth company" in Rule 12b-2 of the Exchange Act.
  Large accelerated filer
  o
  Accelerated filer
  o
  Non-accelerated filer [x]
  Emerging Growth Company [ ]
  Smaller reporting company
  x
  If an emerging growth company, indicate
  by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial
  accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]
  Indicate by check mark whether the registrant
  is a shell company (as defined in Rule 12b-2 of the Exchange Act).	 Yes [X] No [ ]
  Indicate the number of shares outstanding of
  each of the issuer's classes of common stock as of the latest practicable date. As of October 4, 2019, there were 3,512,527
  shares of Common Stock, $.01 par value per share, outstanding.
  2
  Table of Contents
  UNITED STATES BASKETBALL LEAGUE, INC.
  INDEX
  PAGE
  PART I.
  FINANCIAL INFORMATION
  4
  Item 1.
  Unaudited Financial Statements
  4
  Balance Sheets – May 31, 2019 and February 28, 2019
  4
  Statements of Operations for the three months ended May 31, 2019 and 2018
  5
  Statement of Stockholders' Deficiency for the three months ended May 31, 2019
  6
  Statements of Cash Flows for the three months ended May 31, 2019 and 2018
  7
  Notes to Financial Statements
  8
  Item 2.
  Management's Discussion and Analysis of Financial Condition and Results of Operations
  12
  Item 3.
  Quantitative and Qualitative Disclosures About Market Risk
  13
  Item 4.
  Controls and Procedures
  13
  PART II
  OTHER INFORMATION
  14
  Item 6
  Exhibits
  14
  3
  Table of Contents
  PART I
  FINANCIAL INFORMATION
  Item 1.	 Financial
  Statements
  UNITED STATES BASKETBALL LEAGUE, INC.
  BALANCE SHEETS
  ASSETS
  May 31,
  2019
  February 28,
  2019
  (Unaudited)
  CURRENT ASSETS:
  Cash
  $
  34
  $
  295
  Total current assets
  —
  295
  Total assets
  $
  34
  $
  295
  LIABILITIES AND STOCKHOLDERS' DEFICIENCY
  CURRENT LIABILITIES:
  Accounts payable and accrued expenses
  $
  228,540
  $
  227,638
  Credit card obligations
  6,215
  6,215
  Due to related parties
  2,140,739
  2,134,379
  Total current liabilities
  2,375,134
  2,368,232
  Non-current liabilities
  —
  —
  Total Liabilities
  2,375,134
  2,368,232
  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
  (5,059,083
  )
  (5,051,920
  )
  Treasury stock, at cost; 39,975 shares
  (42,454
  )
  (42,454
  )
  Total stockholders' deficiency
  (2,375,100
  )
  (2,367,937
  )
  Total liabilities and stockholders' deficiency
  $
  34
  $
  295
  See notes to financial statements.
  4
  Table of Contents
  UNITED STATES BASKETBALL LEAGUE, INC.
  STATEMENTS OF OPERATIONS
  (Unaudited)
  Three Months Ended
  May 31,
  2019
  May 31,
  2018
  REVENUES:
  $
  —
  $
  —
  OPERATING EXPENSES:
  Professional fees
  3,402
  7,225
  Transfer agent and EDGAR agent fees
  659
  7,881
  Rent
  3,000
  3,000
  Travel and promotion
  —
  33
  Other
  102
  336
  Total operating expenses
  7,163
  18,475
  Loss from operations
  (7,163
  )
  (18,475
  )
  OTHER INCOME (EXPENSES):
  Interest expense
  0
  (175
  )
  Total other income (expenses) - net
  0
  (175
  )
  NET LOSS
  $
  (7,163
  )
  $
  (18,650
  )
  Earnings (loss) per common share:
  Basic
  $
  (0.00
  )
  $
  (0.00
  )
  Diluted
  $
  (0.00
  )
  $
  (0.00
  )
  WEIGHTED AVERAGE NUMBER OF
  COMMON SHARES OUTSTANDING
  Basic
  3,512,527
  3,512,527
  Diluted
  3,512,527
  3,512,527
  See notes to financial statements.
  5
  Table of Contents
  UNITED STATES BASKETBALL LEAGUE, INC.
  Statement of Stockholders' Deficiency
  Three Months Ended May 31, 2019
  (Unaudited)
  Common Stock
  Preferred Stock
  Additional
  Total
  Shares
  Shares
  Paid-in
  Treasury Stock
  Stockholders'
  Issued
  Amount
  Outstanding
  Amount
  Capital
  Deficit
  Shares
  Amount
  Deficiency
  Balance, February 28, 2019
  3,552,502
  $
  35,525
  1,105,679
  $
  11,057
  $
  2,679,855
  $
  (5,051,920
  )
  39,975
  $
  (42,454
  )
  $
  (2,367,937
  )
  Net loss (Unaudited)
  —
  —
  —
  —
  —
  (7,163
  )
  —
  —
  (7,163
  )
  Balance, May 31, 2019 (Unaudited)
  3,552,502
  $
  35,525
  1,105,679
  $
  11,057
  $
  2,679,855
  $
  (5,059,083
  )
  39,975
  $
  (42,454
  )
  $
  (2,375,100
  )
  See notes to financial statements.
  6
  Table of Contents
  UNITED STATES BASKETBALL LEAGUE, INC.
  STATEMENTS OF CASH FLOWS
  (Unaudited)
  Three Months Ended
  May 31,
  2019
  May 31,
  2018
  CASH FLOWS FROM OPERATING ACTIVITIES:
  Net loss
  $
  (7,163
  )
  $
  (18,650
  )
  Adjustments to reconcile net loss to net cash used in operating activities:
  Changes in operating assets and liabilities:
  Accounts payable and accrued expenses
  902
  8,140
  Credit card obligations
  -
  (280
  )
  Net cash used in operating activities
  (6,261
  )
  (10,230
  )
  CASH FLOWS FROM FINANCING ACTIVITIES:
  Increase (decrease) in due to related parties
  6,000
  9,900
  Net cash provided by financing activities
  6,000
  9,900
  NET INCREASE (DECREASE) IN CASH
  (261
  )
  (330
  )
  CASH, beginning of period
  295
  330
  CASH, end of period
  $
  34
  $
  —
  SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
  Interest paid
  $
  —
  $
  175
  Income tax paid
  $
  —
  $
  —
  See notes to financial statements.
  7
  Table of Contents
  UNITED STATES BASKETBALL LEAGUE, INC.
  NOTES TO FINANCIAL STATEMENTS
  THREE MONTHS ENDED MAY 31, 2019
  (Unaudited)
  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. The seasons from 2008 through 2019, 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 the sale of the property on June 19, 2014.
  At May 31, 2019, USBL had negative
  working capital of $2,375,100 and accumulated losses of $5,059,083. These factors, as well as the Company's reliance on related
  parties (see Notes 3, 4, and 6), raise substantial doubt as to the Company's ability to continue as a going concern.
  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 the Company be unable to continue as a going concern.
  The accompanying unaudited 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 three-month period ended
  May 31, 2019 may not necessarily be indicative of the results that may be expected for the year ending February 29, 2020. The notes
  to the financial statements should be read in conjunction with the notes to the financial statements contained in the Company's
  Form 10-K for the year ended February 28, 2019.
  2.
  Summary of Significant
                                                                                                             Accounting Policies
  Fair value disclosures –
  The carrying amounts of the Company's financial instruments, which consist of cash and cash equivalents, accounts
  payable and accrued expenses, credit card obligations, and due to related parties, approximate their fair value due to their short
  term nature or based upon values of comparable instruments.
  Cash and cash equivalents –
  The Company considers all highly liquid debt instruments purchased with a maturity of three months or less to be cash equivalents.
  Revenue recognition –
  The Company generally uses the accrual method of accounting in these financial statements. However, due to the uncertainty
  of collecting royalty and franchise fees from the franchisees, USBL recorded these revenues upon receipt of cash consideration
  paid or the performance of related services by the franchisee. Franchise fees earned in nonmonetary transactions were recorded
  at the fair value of the franchise granted or the service received, based on which value was more readily determinable. Upon the
  granting of the franchise, the Company had performed essentially all material conditions related to the sale.
  8
  Table of Contents
  Income taxes
  –
  Deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and
  liabilities, and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to
  reverse. A valuation allowance has been fully provided for the deferred tax asset (approximately $630,000 at February 28, 2019)
  attributable to the USBL net operating loss carryforward.
  As of February 28, 2019, USBL had
  a net operating loss carryforward of approximately $3,000,000 available to offset future taxable income. The carryforward expires
  in varying amounts from 2020 to 2039. Current United States income tax laws limit the amount of loss available to 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
  – The
  preparation of 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 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.
  Stock-based compensation
  – Stock-based compensation is accounted for at fair value in accordance with Accounting Standards Codification ("ASC")
  718, "Compensation – Stock Compensation
  ."
  No stock options were granted for the periods presented and none are outstanding at May 31, 2019.
  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 three months ended May 31, 2019 and 2018 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 income (loss) was equivalent to net income (loss) for all periods
  presented.
  9
  Table of Contents
  3.
  Accounts Payable and Accrued Expenses
  Accounts payable and accrued expenses consisted
  of:
  May 31,
  2019
  February 28, 2019
  (Unaudited)
  Legal and accounting services' vendors
  $
  67,013
  $
  66,112
  Transfer agent and EDGAR agent
  9,462
  12,462
  Rent due Genvest, LLC (an entity controlled by the
  two officers of USBL)
  135,000
  132,000
  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
  778
  777
  Total
  $
  228,540
  $
  227,638
  4.
  Due
  to Related Parties
  Due to related parties consisted
  of:
  May 31,
  2019
  February 28, 2019
  (Unaudited)
  USBL loans payable to Spectrum Associates, Inc. ("Spectrum"),
  a corporation controlled by the two officers of USBL,
  interest at 6%, due on demand
  $
  1,314,789
  $
  1,314,289
  USBL loans payable to the two officers of USBL,
  interest at 6%, due on demand
  563,517
  558,017
  USBL loans payable to Daniel T. Meisenheimer, Jr. Trust, a trust
  controlled by the two officers of USBL, non-interest bearing,
  due on demand
  48,850
  48,850
  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
  159,723
  159,723
  Total
  $
  2,140,379
  $
  2,134,379
  For the three months ended May 31, 2019 and 2018, interest due under the related party loans was waived by the respective lenders.
  10
  Table of Contents
  5.
  Stockholders' Equity
  Each share of common stock has one vote.  Each share of preferred stock has five votes, is entitled to a 2% non-cumulative annual dividend, and is convertible at any time into one share of common stock.
  6.
  Related Party Transactions
  For the
          three months ended May 31, 2019 and 2018, USBL included in other operating expenses rent incurred to Genvest, LLC (an entity controlled
          by the two officers of USBL) totaling $3,000 and $3,000, respectively.
  7.
  Commitments and Contingencies
  Occupancy
          Agreement
  In September
          2007, the Company moved its office 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 commencing March 2008. At May 31, 2019 and February 28, 2019, accounts payable and accrued
          expenses included accrued rent payable to Genvest totaling $135,000 and $132,000 respectively.
  11
  Table of Contents
  Item
  2.
  Management's Discussion and
  Analysis of financial 		condition and results of operations.
  OVERVIEW
  The Company anticipates continued reliance
  on financial assistance from affiliates. Given the current lack of capital, the Company has not been able to develop any new programs
  to revitalize the League, nor has it been able to hire sales and promotional personnel or schedule a season. As a result, the Company
  is currently dependent on the efforts of its officers for all marketing efforts. Their efforts have not resulted in any franchises.
  CRITICAL ACCOUNTING POLICIES
  Revenue Recognition
  The Company generally uses the accrual method
  of accounting. However, due to the uncertainty of collecting royalty and franchise fees from the franchisees, USBL recorded these
  revenues upon receipt of cash consideration paid or the performance of related services by the franchisee. Franchise fees earned
  in nonmonetary transactions were recorded at the fair value of the franchise granted or the service received, based on which value
  was is more readily determinable. Upon the granting of the franchise, the Company had performed essentially all material conditions
  related to the sale.
  12
  Table of Contents
  THREE MONTHS ENDED MAY 31, 2019 AS COMPARED
  TO MAY 31, 2018
  For the three months ended
  May 31, 2019 and 2018, the Company had no franchise fees or advertising revenues as a result of the cancellation of its seasons
  from 2008 through 2019.
  Operating expenses decreased
  $11,312 from $18,475 for the three months ended May 31, 2018 to $7,163 for the three months ended May 31, 2019. The decrease in
  operating expenses was primarily due to lower professional fees ($3,402) and lower transfer agent and EDGAR agent fees ($659) in
  2019 as compared to 2018. In the three months ended May 31, 2019, there were charges relating to filing of one Form 10-Q; in the
  three months ended May 31, 2018, there were charges relating to filings of two Forms 10-Q.
  Other expenses, net, decreased
  $175 from $175 in 2018 to $0 in 2019.
  Net loss for the three
  months ended May 31, 2019 was $7,163 as compared to net loss of $18,650 for the three months ended May 31, 2018. The $11,487 decrease
  in net loss was due to the $11,312 decrease in operating expenses in 2019 and the $175 decrease in other expenses, net.
  LIQUIDITY AND CAPITAL RESOURCES
  The Company had cash of
  $34 and a working capital deficit of $2,375,100 at May 31, 2019. The Company's statement of cash flows reflects cash used in operating
  activities of $6,261, which results primarily from the $7,163 net loss offset partially by the $902 increase in accounts payable
  and accrued expenses. Net cash provided by financing activities was $6,600 in 2019 compared to $9,900 in 2018.
  The Company expects it
  will continue to have to rely on affiliates for loans to assist it in meeting its current obligations. With respect to long term
  needs, the Company recognizes that in order for USBL and the League to be successful, USBL has to develop a meaningful sales and
  promotional program. This will require an investment of additional capital. Given the Company's current financial condition, the
  ability of the Company's ability to raise additional capital other than from affiliates is questionable. At the current time
  the Company has no definitive plan as to how to raise additional capital and schedule a 2020 season.
  ITEM 3.
     QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.
  Not applicable.
  I
  tem
  4.
  Controls and
  Procedures.
  Under the supervision and
  with the participation of our management, including our principal executive and financial officers, we have evaluated the effectiveness
  of the design and operation of our disclosure controls and procedures as of May 31, 2019 and, based on such evaluation, our principal
  executive and financial officers have concluded that these controls and procedures are effective. There were no changes in our
  internal control over financial reporting that occurred during the quarter ended May 31, 2019 that has materially affected, or
  is reasonably likely to materially affect, our internal control over financial reporting.
  Disclosure controls and
  procedures are our controls and other procedures that are designed to ensure that information required to be disclosed by us in
  the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods
  specified in the Securities and Exchange Commission's rules and forms. Disclosure controls and procedures include, without
  limitation, controls and procedures designed to ensure that information required to be disclosed by us in the reports that we file
  under the Exchange Act is accumulated and communicated to our management, including our principal executive and financial officers,
  as appropriate to allow timely decisions regarding required disclosures.
  13
  Table of Contents
  PART II
  OTHER INFORMATION
  ITEM 6.
  EXHIBITS.
  Exhibit No.:
  Description:
  31.1*
  Certification of President (principal executive officer)
  31.2*
  Certification of Chief Financial Officer (principal financial officer)
  32*
  101.INS
  101.SCH
  101.CAL
  101.DEF
  101.LAB
  101.PRE
  *
  Certification pursuant to 18 U.S.C. Section 1350 adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
  XBRL Instance Document
  XBRL Taxonomy Extension Schema Document
  XBRL Taxonomy Extension Calculation
          Document
  XBRL Taxonomy Extension Definitions
          Document
  XBRL Taxonomy Extension Labels Document
  XBRL Taxonomy Extension Presentations
          Document
  Filed herewith
  14
  Table of Contents
  SIGNATURES
  Pursuant to the requirements
  of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned
  thereunto duly authorized.
  UNITED STATES BASKETBALL LEAGUE,
  INC.
  Date:  October
      9, 2019
  By:
  /s/ Daniel T. Meisenheimer, III
  Daniel T. Meisenheimer III
  Chairman and President
  (Principal executive officer)
  Date:  October
      9, 2019
  By:
  /s/ Richard C. Meisenheimer
  Richard C. Meisenheimer
  Chief Financial Officer and
  Director
  (Principal financial officer)
  15