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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: 11pt 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-top: 0; margin-bottom: 0; text-align: center">For the quarterly period ended <U>November 30,
  2019</U></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">[ ]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TRANSITION
  REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT</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; margin-bottom: 0; text-align: center">For the transition period from <U>&#9;</U> to
  <U>&#9;</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-top: 0; margin-bottom: 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: 11pt 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>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse"><TR><TD STYLE="vertical-align: top; width: 50%; text-align: center"><FONT STYLE="font-size: 11pt"><U>Delaware</U></FONT></TD>
      <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
      <TD STYLE="vertical-align: top; width: 49%; text-align: center"><FONT STYLE="font-size: 11pt"><U>06-1120072</U></FONT></TD></TR>
  <TR>
      <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">(State or other jurisdiction of</FONT><BR>
  <FONT STYLE="font-size: 10pt">incorporation or organization)</FONT></TD>
      <TD STYLE="vertical-align: bottom">&nbsp;</TD>
      <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">(I.R.S. Employer</FONT><BR>
  <FONT STYLE="font-size: 10pt">Identification No.)</FONT></TD></TR>
  <TR>
      <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
      <TD STYLE="vertical-align: bottom">&nbsp;</TD>
      <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR></TABLE>
  <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: 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">___________________________________________</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: justify">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: 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: bottom">
      <TD STYLE="width: 34%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 0.2in; text-align: center">Title of each class</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">Trading Symbol(s)</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">Name of each exchange on which registered</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">Common Stock</TD>
      <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0.2in; text-align: center">USBL</TD>
      <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0.2in; text-align: center">OTC Pink</TD></TR>
  </TABLE>
  <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; text-align: justify">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 [ ]</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; text-align: justify">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
  such files). Yes [ X ] No [ ]</P>
  
  
  <!-- Field: Page; Sequence: 1 -->
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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: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify">Indicate by check mark whether the registrant
  is a large accelerated filer, an accelerated filer, a non-accelerated filer, 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"></P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 2pt">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 55%; padding-right: 0.7pt; font: 10pt Dutch801 Rm BT"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Large accelerated filer&nbsp;&nbsp;</FONT><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&#9744;</FONT></TD>
      <TD STYLE="width: 45%; padding-right: 0.7pt; font: 10pt Dutch801 Rm BT"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">Accelerated filer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&#9744;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
      <TD STYLE="padding-right: 0.7pt">
          <P STYLE="font: 11pt Dutch801 Rm BT; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Non-accelerated filer&nbsp;&nbsp;&nbsp;
          </FONT><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&#9746;</FONT></P>
          <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><I></I></P></TD>
      <TD STYLE="font: 10pt Dutch801 Rm BT; padding-right: 0.7pt"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">Smaller reporting company&nbsp;&nbsp;</FONT><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&#9746;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
      <TD STYLE="font: 10pt Dutch801 Rm BT; padding-right: 0.7pt"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">Emerging Growth Company </FONT><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&#9744;</FONT></TD>
      <TD STYLE="font: 10pt Dutch801 Rm BT; padding-right: 0.7pt">&nbsp;</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"></P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify">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; text-indent: 0.5in">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify">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; text-align: justify">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 November 30, 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-align: justify">&nbsp;</P>
  
  
  <!-- Field: Page; Sequence: 2 -->
      <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 -->2<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
      <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: 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"><B>UNITED STATES BASKETBALL LEAGUE, INC.</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><A NAME="TableOfContents" TITLE="Table Of Contents"></A>INDEX</B></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: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
      <TD STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
      <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
      <TD STYLE="width: 76%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
      <TD STYLE="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt"><U>PAGE</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: 5.4pt; text-align: justify">&nbsp;</TD>
      <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&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">PART I.</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"><A HREF="#a_001">FINANCIAL INFORMATION</A></FONT></TD>
      <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">4</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>
      <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&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">Item 1.</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; text-transform: uppercase"><A HREF="#a_002">Unaudited Financial Statements</A></FONT><FONT STYLE="font-size: 11pt">.</FONT></TD>
      <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</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>
      <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</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"></TD>
      <TD STYLE="vertical-align: top; text-align: left">
          <P STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><A HREF="#a_003">Balance Sheets &ndash; November 30, 2019 and February 28, 2019</A></P></TD>
      <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">4</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>
      <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</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="vertical-align: middle; text-align: left">
          <P STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><A HREF="#a_004">Statements of Operations - for the three and nine months ended November 30, 2019 and 2018</A></P></TD>
      <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5</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>
      <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</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="vertical-align: middle; text-align: left">
          <P STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><A HREF="#a_006">Statement of Stockholders Deficiency - for the nine months ended November 30, 2019</A></P></TD>
      <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">6</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>
      <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</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>
          <P STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><A HREF="#a_006">Statements of Cash Flows - for the nine months ended November 30, 2019 and 2018</A></P></TD>
      <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">7</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>
      <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</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"><FONT STYLE="font-size: 11pt"><A HREF="#a_007">Notes to Financial Statements</A></FONT></TD>
      <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">8</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>
      <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&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">Item 2.&nbsp;&nbsp;</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">  <A HREF="#a_008">Management&rsquo;s Discussion and Analysis - of Financial Condition and Results of Operations</A><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P></TD>
      <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">12</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>
      <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&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">Item 3.</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"><A HREF="#a_009">Quantitative and Qualitative Disclosures About Market Risk</A></FONT></TD>
      <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">14</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>
      <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&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">Item 4.</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"><A HREF="#a_010">Controls and Procedures</A></FONT></TD>
      <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">14</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>
      <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&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">PART II.</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"><A HREF="#a_011">OTHER INFORMATION</A></FONT></TD>
      <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">15</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>
      <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&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">Item 6.&nbsp;&nbsp;</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"><A HREF="#a_012">Exhibits</A></FONT></TD>
      <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">15</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"></P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>
  
  
  <!-- Field: Page; Sequence: 3 -->
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      <!-- Field: /Page -->
  
  <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: 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><A NAME="a_001"></A>PART I</B></P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>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; text-align: justify"><A NAME="a_002"></A><FONT STYLE="text-transform: uppercase"><B>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; padding-bottom: 1pt"><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 STYLE="padding-bottom: 1pt">&nbsp;</TD>
      <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid">November 30, <BR>2019</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
      <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid">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: 56%; padding-left: 0.5in">Cash</TD><TD STYLE="width: 8%; padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: right">642</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</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-bottom: 1pt; padding-left: 5.4pt">Total current assets</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">642</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">295</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 assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">642</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">295</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="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: 0.5in">Accounts payable and accrued expenses</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">233,885</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">$</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: 0.5in">Credit card obligations</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,127</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-left: 0.5in">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">2,155,883</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="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 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">2,394,895</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: 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 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">2,394,895</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: 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">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="text-align: left; padding-left: 0.5in">Common stock, $0.01 par value; 30,000,000 <BR>shares authorized; issued 3,552,502 and <BR>3,552,502 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: White">
      <TD STYLE="text-align: left; padding-left: 0.5in">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: rgb(204,238,255)">
      <TD STYLE="text-align: left; padding-left: 0.5in">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: White">
      <TD STYLE="padding-left: 0.5in">Deficit</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5,078,236</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: rgb(204,238,255)">
      <TD STYLE="text-align: left; padding-left: 0.5in">Treasury stock, at cost; 39,975 shares <BR>of common stock</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: White">
      <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">(2,394,253</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: 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">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">642</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 COLSPAN="9" STYLE="text-align: center; padding-left: 5.4pt">See notes to financial statements.</TD></TR>
  </TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
  
  
  <!-- Field: Page; Sequence: 4 -->
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      <!-- Field: /Page -->
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
      <TD STYLE="width: 100%; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt"><U>UNITED STATES BASKETBALL LEAGUE, INC. </U></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
      <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
          <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U><A NAME="a_004"></A>STATEMENTS OF OPERATIONS</U></P>
          <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Unaudited)</P></TD></TR>
  </TABLE>
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B></B></P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></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>&nbsp;</TD><TD>&nbsp;</TD>
      <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
      <TD COLSPAN="3">&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="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
      <TD COLSPAN="7" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: center; border-bottom: Black 1pt solid">Three Months Ended</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
      <TD COLSPAN="7" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: center; border-bottom: Black 1pt solid"> Nine
      Months Ended</TD></TR>
  <TR STYLE="vertical-align: bottom">
      <TD>&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
      <TD COLSPAN="3" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom">
      November 30, 2019</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
      <TD COLSPAN="3" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom">
      November 30, 2018</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
      <TD COLSPAN="3" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom">
      November 30, 2019</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
      <TD COLSPAN="3" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom">
      November 30, 2018</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><TD>&nbsp;</TD>
      <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
      <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
      <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
      <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
      <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
      <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
      <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; padding-left: 5.4pt">REVENUES:</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; 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><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="font: 9pt Arial, Helvetica, Sans-Serif; 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><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: 40%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 10pt">Professional fees</TD><TD STYLE="width: 3%; font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
      <TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">4,988</TD><TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
      <TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">10,749</TD><TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
      <TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">15,890</TD><TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
      <TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">28,374</TD><TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 10pt">Transfer agent and <BR>EDGAR agent fees</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
      <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">665</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
      <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">3,403</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
      <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">2,133</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
      <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">15,729</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
      <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 10pt">Rent</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
      <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">3,000</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
      <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">3,000</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
      <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">9,000</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
      <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">9,000</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 10pt">Travel and promotion</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
      <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(592</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
      <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
      <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(1,180</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
      <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">33</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
      <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; padding-left: 10pt">Other</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">181</TD><TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">229</TD><TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">474</TD><TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">704</TD><TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt; padding-left: 10pt">Total operating expenses</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">8,242</TD><TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">17,381</TD><TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">26,317</TD><TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">53,840</TD><TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; 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><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="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Loss from operations</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(8,242</TD><TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(17,381</TD><TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(26,317</TD><TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(53,840</TD><TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; 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><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="font: 9pt Arial, Helvetica, Sans-Serif; 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><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="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt; padding-left: 10pt">Interest expense</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(588</TD><TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(763</TD><TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; 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><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="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt; padding-left: 10pt">Total other income (expenses), net</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(588</TD><TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(763</TD><TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; 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><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="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 5.4pt">Income (loss) before income
      taxes</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
      <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(8,242</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
      <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(17,969</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
      <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(26,317</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
      <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(54,603</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; 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><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="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Income taxes</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; 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><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="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">NET INCOME
      (LOSS)</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(8,242</TD><TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(17,969</TD><TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(26,317</TD><TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(54,603</TD><TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; 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><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="font: 9pt Arial, Helvetica, Sans-Serif; 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><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="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; padding-left: 10pt">Basic</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(.01</TD><TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(.01</TD><TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(.01</TD><TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(.01</TD><TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
      <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; padding-left: 10pt">Diluted</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(.01</TD><TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(.01</TD><TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(.01</TD><TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(.01</TD><TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; 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><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="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt">WEIGHTED AVERAGE NUMBER OF&nbsp;&nbsp;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><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><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="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; padding-left: 10pt">Basic</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">3,512,527</TD><TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">3,512,527</TD><TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">3,512,527</TD><TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">3,512,527</TD><TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; padding-left: 10pt">Diluted</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">3,512,527</TD><TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">3,512,527</TD><TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">3,512,527</TD><TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">3,512,527</TD><TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; 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><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 COLSPAN="17" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: center; padding-left: 5.4pt">See notes to financial statements.</TD></TR>
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  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</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"></P>
  
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  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 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">&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"></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="37" STYLE="font-size: 13pt; text-align: center"><P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B></B></P>
  
  <P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNITED STATES BASKETBALL LEAGUE, INC. </B></P>
  
  <P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="a_005"></A>Statement of Stockholders&rsquo; Deficiency</B></P>
  
  <P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Nine Months Ended November 30, 2019</B></P>
  
  <P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Unaudited)</B></P>
  
  </TD></TR>
  <TR STYLE="vertical-align: bottom">
      <TD COLSPAN="13">&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><TD>&nbsp;</TD>
      <TD COLSPAN="3" STYLE="text-align: center">&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><TD>&nbsp;</TD>
      <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
      <TD STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
      <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
      <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
      <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
      <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
      <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
      <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
      <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
      <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
      <TD COLSPAN="3" 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">Additional</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">Total</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">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">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">&nbsp;</TD>
      <TD COLSPAN="3" STYLE="font-size: 9pt; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;<U>Outstanding </U></FONT></TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
      <TD COLSPAN="3" STYLE="font-size: 9pt; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;<U>Amount </U></FONT></TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
      <TD COLSPAN="3" STYLE="font-size: 9pt; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;<U>Outstanding </U></FONT></TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
      <TD COLSPAN="3" STYLE="font-size: 9pt; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;<U>Amount </U></FONT></TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
      <TD COLSPAN="3" STYLE="font-size: 9pt; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;<U>Capital </U></FONT></TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
      <TD COLSPAN="3" STYLE="font-size: 9pt; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;<U>Deficit </U></FONT></TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
      <TD COLSPAN="3" STYLE="font-size: 9pt; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;<U>Shares </U></FONT></TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
      <TD COLSPAN="3" STYLE="font-size: 9pt; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;<U>Amount </U></FONT></TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
      <TD COLSPAN="3" STYLE="font-size: 9pt; text-align: center"><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, 2018</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="padding-left: 1.5pt">&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><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><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><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><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="font-size: 9pt; text-align: left; padding-left: 1.5pt">&nbsp;Net loss</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">(26,316</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">(26,316</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="font-size: 9pt; padding-bottom: 2.5pt; padding-left: 1.5pt">&nbsp;Balance, November 30, 2019</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">(5,078,236</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">(2,394,253</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 9pt; text-align: left">)</TD></TR>
  </TABLE>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 11pt 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 0 6pt; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center">&nbsp;</P>
  
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  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"></P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"></P>
  
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  <TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
  <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">  Nine 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">  November 30, <BR>2019</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
      <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid">  November 30, <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">$</TD><TD STYLE="width: 12%; text-align: right">(26,317</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 8%">&nbsp;</TD>
      <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">(54,603</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: 1in">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: 1in">Accounts payable and accrued expenses</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,247</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,210</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: 1in">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">(1,088</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">868</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">(21,158</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">(37,525</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="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">CASH FLOWS FROM INVESTING 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">&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">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</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="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">21,504</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">37,250</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">21,504</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">37,250</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">346</TD><TD STYLE="text-align: left"></TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(275</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">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">642</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">55</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">763</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">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</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: White">
      <TD COLSPAN="9" STYLE="text-align: center; padding-left: 5.4pt">See notes to financial statements.</TD></TR>
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  <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"><U><A NAME="a_007"></A>NOTES TO FINANCIAL STATEMENTS</U></P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>NINE MONTHS ENDED NOVEMBER 30, 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">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 51.15pt 0 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 51.15pt 0 0; text-align: justify">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Description
  of Business and Basis of Presentation</U></B>:</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 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; text-indent: 0in">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 been 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 Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">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 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 November 30, 2019, USBL had negative
  working capital of $2,394,253, and accumulated losses of $5,078,236. 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 nine-month period ended
  November 30, 2019 may not necessarily be indicative of the results that may be expected for the year ending February 29, 2020.
  The notes to the consolidated 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>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 51.15pt 0 0; text-align: justify">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Summary
  of Significant Accounting Policies</U></B>:</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 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"><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>
  
  <!-- Field: Page; Sequence: 8 -->
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      <!-- Field: /Page -->
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; 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>Cash and cash equivalents -
  </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 51.15pt 0 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>Revenue recognition - </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">&nbsp;</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> - 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 (approximating $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 0 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">&nbsp;</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 reported period.
  Actual results could differ from those estimates.</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>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.&rdquo; No stock options were granted for the periods presented and none are
  outstanding at November 30, 2019.</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 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 and nine months ended November 30, 2019 and 2018 as the result
  would have been antidilutive.</FONT></P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 51.15pt 0 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 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"></P>
  
  <!-- Field: Page; Sequence: 9 -->
      <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"></DIV>
      <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"></DIV>
      <!-- Field: /Page -->
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"></P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"></P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B></B></P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; 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>3.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt"><B><U>Accounts Payable and Accrued Expenses</U></B></FONT></TD></TR>
  </TABLE>
  
  <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 0.75in; text-align: justify">Accounts payable and accrued expenses
  consisted of:</P>
  
  <P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0.5in">&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">November 30, 2019</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: right"><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: 56%; font-size: 10pt; text-align: justify; padding-left: 5.4pt"><P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.75in">Legal and accounting services&rsquo; vendors</P></TD><TD STYLE="width: 8%">&nbsp;</TD>
      <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">67,161</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%">&nbsp;</TD>
      <TD STYLE="width: 1%; text-align: left">$</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: 0.75in">Transfer agent and EDGAR agent</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,660</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: 0.75in">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">141,000</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: 0.75in">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: 0.75in">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="text-align: justify; padding-left: 0.75in">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">777</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="text-align: justify; padding-left: 0.75in">Total</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">233,885</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</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: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; 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"></P>
  
  
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; 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>4.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt"><B><U>Due to Related Parties</U></B></FONT></TD></TR>
  </TABLE>
  
  <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"></P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"></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"> November 30, 2019</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">(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: 56%; font-size: 11pt; text-align: justify; padding-left: 0.75in">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: 8%; font-size: 11pt">&nbsp;</TD>
      <TD STYLE="width: 1%; font-size: 11pt; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 11pt; text-align: right">1,324,689</TD><TD STYLE="width: 1%; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-size: 11pt">&nbsp;</TD>
      <TD STYLE="width: 1%; font-size: 11pt; text-align: left">$</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: 0.75in">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">569,317</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; text-align: justify; padding-left: 0.75in">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; text-align: justify; padding-left: 0.75in">MCREH note payable to president of USBL, interest at 7% due
  on
  demand.<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P><P STYLE="font-size: 11pt; text-align: justify; padding-left: 5.4pt"></P></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; text-align: justify; padding-left: 0.75in">MCREH loan payable to Spectrum, 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">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; text-align: justify; padding-left: 0.75in">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: 0.75in">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">159,275</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: 0.75in">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">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; text-align: right">2,155,883</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">&nbsp;</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="font-size: 11pt; text-align: right; padding-left: 5.4pt"><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>&nbsp;</B></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>&nbsp;</B></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: White">
      <TD COLSPAN="9" STYLE="font-size: 11pt; text-align: justify; padding-left: 10pt">For the six months ended August 31, 2019 and
      2018, interest due under the related party loans was waived by the respective lenders. </TD></TR>
  </TABLE>
  <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; text-align: justify"><B>&nbsp;</B></P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B></B></P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B></B></P>
  
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      <!-- Field: /Page -->
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B></B></P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B></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"></P>
  
  <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="text-underline-style: double"></FONT></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; width: 4%; padding-right: 5.4pt; padding-left: 5.4pt">
          <P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>&nbsp;</B></P>
          <P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>5.</B></P></TD>
      <TD STYLE="vertical-align: bottom; width: 96%; padding: 12pt 5.4pt 3pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>Stockholders&rsquo; Equity</U></B></FONT></TD></TR>
  <TR>
      <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12pt">&nbsp;</TD>
      <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 12pt">&nbsp;</TD></TR>
  <TR>
      <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12pt">&nbsp;</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;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>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
      <TD STYLE="vertical-align: top; width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12pt"><FONT STYLE="font-size: 11pt"><B>6.</B></FONT></TD>
      <TD STYLE="vertical-align: bottom; width: 96%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 12pt"><B><U>Related Party Transactions</U></B></TD></TR>
  <TR>
      <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12pt">&nbsp;</TD>
      <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">&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">For
          the         three months ended  November 30, 2019 and 2018 and for the  nine months ended  November 30, 2019 and 2018, USBL
          included         in operating expenses,         rent incurred to Genvest, LLC totaling         $3,000, $3,000, $9,000, and $9,000, respectively.</P>
          <P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P></TD></TR>
  </TABLE>
  
  <P STYLE="margin: 0">&nbsp;</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; width: 4%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 11pt"><B></B></FONT></P>
                                                                                  <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 11pt"><B>7.</B></FONT></P></TD>
      <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 1.45pt; text-align: justify; line-height: 12pt; font-size: 11pt; text-indent: -1.45pt; width: 96%"><B><U>Commitments and Contingencies</U></B></TD></TR>
  <TR>
      <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12pt">&nbsp;</TD>
      <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 1.45pt; text-align: justify; line-height: 12pt; font-size: 11pt; text-indent: -1.45pt">&nbsp;</TD></TR>
  <TR>
      <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12pt">&nbsp;</TD>
      <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 entity 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  November 30,
          2019 and February 28, 2019, accounts payable and accrued expenses         included accrued rent payable to Genvest totaling
          $142,000 and $132,000, respectively.</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>
  
  <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"><A NAME="a_008"></A>&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B>Item</B></FONT><B> 2.</B></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B>Management&rsquo;s Discussion and Analysis
  OF FINANCIAL CONDITION AND RESULTS of Operation.</B></FONT></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">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, the 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>
  
  
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">THREE MONTHS ENDED NOVEMBER 30, 2019 AS COMPARED
  TO NOVEMBER 30, 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
  November 30, 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: 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">Operating expenses decreased
  $9,139 from $17,381 for the three months ended November 30, 2018 to $8,242 for the three months ended November 30, 2019. The decrease
  in operating expenses was due to lower professional fees ($4,988), lower transfer agent and EDGAR agent fees ($665), lower travel
  and promotion $592, and lower other operating expenses ($181). In the three months ended November 30, 2019, the Company made one
  periodic SEC filing: the August 31, 2019 Form 10-Q.</P>
  
  <P STYLE="font: 11pt 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">Other income (expenses),
  net, was $0 in 2019 compared to ($588) in 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">Net loss for the three
  months ended November 30, 2019 was $8,242 as compared to net loss of $17,969 for the three months ended November 30, 2018. The
  $9,727 decrease in 2019 was due primarily to the $9,139 decrease in operating expenses.</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">NINE MONTHS ENDED NOVEMBER 30, 2019 AS COMPARED
  TO NOVEMBER 30, 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 nine months ended
  November 30, 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: 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">Operating expenses decreased
  $27,523 from $53,840 for the nine months ended November 30, 2018 to $26,317 for the nine months ended November 30, 2019. The decrease
  in operating expenses was due to lower professional fees ($15,890), lower transfer agent and EDGAR agent fees ($2,133), and lower
  travel and promotion ($1,180) offset by lower other operating expenses ($474). In the nine months, the Company made three (3) periodic
  SEC filings: the February 28, 2019 Form 10-K, the May 31, 2019 Form 10-Q, and the August 31, 2019 Form 10-Q. In the nine months
  ended November 30, 2018, the Company made four (4) periodic SEC filings: The November 30, 2017 Form 10-Q, the February 28, 2018
  Form 10-K, the May 31, 2018 Form 10-Q, and the August 31, 2018 Form 10-Q.</P>
  
  <P STYLE="font: 11pt 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">Other expenses, net, was
  $0 in 2019 compared to $763 in 2018.</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">Net loss for the nine months
  ended November 30, 2019 was $26,317 as compared to net loss of $54,603 for the nine months ended November 30, 2018. The $28,286
  decrease in net loss was due to the $27,523 decrease in operating expenses and the $763 decrease in other expenses, net.</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">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
  $642 and a working capital deficit of $2,394,253 at November 30, 2019. The Company's statement of cash flows for the nine months
  ended November 30, 2019 reflects cash provided in operating activities of $26,317, which results primarily from the $26,317 net
  loss offset by the $6,247 increase in accounts payable and accrued expenses. Net cash provided by financing activities was $21,504
  in 2019 compared to $37,250 in 2018.</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 the 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&rsquo;s current financial condition,
  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>
  
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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"><A NAME="a_009"></A>&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></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"><B>ITEM 3.</B></TD><TD STYLE="text-align: justify"><B>QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.</B></TD></TR></TABLE>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -1in"><B>&nbsp;</B></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"><A NAME="a_010"></A>&nbsp;</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"><B>ITEM 4. </B></TD><TD STYLE="text-align: justify"><B>CONTROLS AND PROCEDURES.</B></TD></TR></TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></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 November 30, 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 November 30, 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; 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: center"><A NAME="a_011"></A><B>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"><B>ITEM 6.</B></TD><TD STYLE="text-align: justify"><B><A NAME="a_012"></A>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: 40pt; padding-left: 40pt; text-align: justify"><FONT STYLE="font-size: 11pt"> <A HREF="ex311_usbl11302019.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_usbl11302019.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_usbl11302019.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>
          <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">&nbsp;</P></TD></TR>
  </TABLE>
  
  
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B></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>&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>&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>&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>&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>
  
  <!-- Field: Page; Sequence: 15 -->
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      <!-- Field: /Page -->
  
  <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: 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: center"><B>&nbsp;</B></P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Pursuant to the requirements 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-align: center; text-indent: 2.75in">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>
  
  <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;February
                                                                                                                                                                  11, 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"></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;February
      11, 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"></FONT></TD></TR></TABLE>
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 243pt; text-align: justify"></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"></P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
  
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metadata_filer: {"company-data": {"conformed-name": "UNITED STATES BASKETBALL LEAGUE INC", "cik": "0000764630", "assigned-sic": "6794", "irs-number": "061120072", "state-of-incorporation": "DE", "fiscal-year-end": "0228"}, "filing-values": {"form-type": "10-Q", "act": "34", "file-number": "001-15913", "film-number": "20595741"}, "business-address": {"street1": "46 QUIRK ROAD", "city": "MILFORD", "state": "CT", "zip": "06460", "phone": "2038779508"}, "mail-address": {"street1": "46 QUIRK ROAD", "city": "MILFORD", "state": "CT", "zip": "06460"}}
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
  November 30,
  2019
  [ ]       TRANSITION
  REPORT UNDER SECTION 13 OR 15(d) OF THE 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
  incorporation or organization)
  (I.R.S. Employer
  Identification No.)
  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 [ ]
  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
  such files). Yes [ X ] No [ ]
  Table of Contents
  Indicate by check mark whether the registrant
  is a large accelerated filer, an accelerated filer, a non-accelerated filer, 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
  ☐
  Accelerated filer
  ☐
  Non-accelerated filer
  ☒
  Smaller reporting company
  ☒
  Emerging Growth Company
  ☐
  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 November 30, 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
  .
  Balance Sheets – November 30, 2019 and February 28, 2019
  4
  Statements of Operations - for the three and nine months ended November 30, 2019 and 2018
  5
  Statement of Stockholders Deficiency - for the nine months ended November 30, 2019
  6
  Statements of Cash Flows - for the nine months ended November 30, 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
  14
  Item 4.
  Controls and Procedures
  14
  PART II.
  OTHER INFORMATION
  15
  Item 6.
  Exhibits
  15
  3
  Table of Contents
  PART I
  FINANCIAL INFORMATION
  Item
  1.	Financial Statements.
  UNITED STATES BASKETBALL LEAGUE, INC.
  BALANCE SHEETS
  ASSETS
  November 30,
  2019
  February 28,
  2019
  (Unaudited)
  CURRENT ASSETS:
  Cash
  $
  642
  $
  295
  Total current assets
  642
  295
  Total assets
  $
  642
  $
  295
  LIABILITIES AND STOCKHOLDERS' DEFICIENCY
  CURRENT LIABILITIES:
  Accounts payable and accrued expenses
  $
  233,885
  $
  227,638
  Credit card obligations
  5,127
  6,215
  Due to related parties
  2,155,883
  2,134,379
  Total current liabilities
  2,394,895
  2,368,232
  Total Liabilities
  2,394,895
  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
  (5,078,236
  )
  (5,051,920
  )
  Treasury stock, at cost; 39,975 shares
  of common stock
  (42,454
  )
  (42,454
  )
  Total stockholders' deficiency
  (2,394,253
  )
  (2,367,937
  )
  Total liabilities and stockholders' deficiency
  $
  642
  $
  295
  See notes to financial statements.
  4
  Table of Contents
  UNITED STATES BASKETBALL LEAGUE, INC.
  STATEMENTS OF OPERATIONS
  (Unaudited)
  Three Months Ended
  Nine
      Months Ended
  November 30, 2019
  November 30, 2018
  November 30, 2019
  November 30, 2018
  REVENUES:
  $
  —
  $
  —
  $
  —
  $
  —
  OPERATING EXPENSES:
  Professional fees
  4,988
  10,749
  15,890
  28,374
  Transfer agent and
  EDGAR agent fees
  665
  3,403
  2,133
  15,729
  Rent
  3,000
  3,000
  9,000
  9,000
  Travel and promotion
  (592
  )
  —
  (1,180
  )
  33
  Other
  181
  229
  474
  704
  Total operating expenses
  8,242
  17,381
  26,317
  53,840
  Loss from operations
  (8,242
  )
  (17,381
  )
  (26,317
  )
  (53,840
  )
  OTHER INCOME (EXPENSES):
  Interest expense
  —
  (588
  )
  —
  (763
  )
  Total other income (expenses), net
  —
  (588
  )
  —
  (763
  )
  Income (loss) before income
      taxes
  (8,242
  )
  (17,969
  )
  (26,317
  )
  (54,603
  )
  Income taxes
  —
  —
  —
  —
  NET INCOME
      (LOSS)
  $
  (8,242
  )
  $
  (17,969
  )
  $
  (26,317
  )
  $
  (54,603
  )
  Earnings (loss) per common share:
  Basic
  $
  (.01
  )
  $
  (.01
  )
  $
  (.01
  )
  $
  (.01
  )
  Diluted
  $
  (.01
  )
  $
  (.01
  )
  $
  (.01
  )
  $
  (.01
  )
  WEIGHTED AVERAGE NUMBER OF  COMMON SHARES OUTSTANDING
  Basic
  3,512,527
  3,512,527
  3,512,527
  3,512,527
  Diluted
  3,512,527
  3,512,527
  3,512,527
  3,512,527
  See notes to financial statements.
  5
  Table of Contents
  UNITED STATES BASKETBALL LEAGUE, INC.
  Statement of Stockholders' Deficiency
  Nine Months Ended November 30, 2019
  (Unaudited)
  Common Stock
  Preferred Stock
  Additional
  Total
  Shares
  Shares
  Paid-in
  Treasury Stock
  Stockholders'
  Outstanding
  Amount
  Outstanding
  Amount
  Capital
  Deficit
  Shares
  Amount
  Deficiency
  Balance, February 28, 2018
  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
  —
  —
  —
  —
  —
  (26,316
  )
  —
  —
  (26,316
  )
  Balance, November 30, 2019
  3,552,502
  $
  35,525
  1,105,679
  $
  11,057
  $
  2,679,855
  $
  (5,078,236
  )
  39,975
  $
  (42,454
  )
  $
  (2,394,253
  )
  See notes to financial statements
  6
  Table of Contents
  UNITED STATES BASKETBALL LEAGUE, INC.
  STATEMENTS OF CASH FLOWS
  (Unaudited)
  Nine Months Ended
  November 30,
  2019
  November 30,
  2018
  CASH FLOWS FROM OPERATING ACTIVITIES:
  Net loss
  $
  (26,317
  )
  $
  (54,603
  )
  Adjustments to reconcile net loss to net cash used in operating activities:
  Changes in operating assets and liabilities:
  Accounts payable and accrued expenses
  6,247
  16,210
  Credit card obligations
  (1,088
  )
  868
  Net cash used in operating activities
  (21,158
  )
  (37,525
  )
  CASH FLOWS FROM INVESTING ACTIVITIES
  —
  —
  CASH FLOWS FROM FINANCING ACTIVITIES:
  Increase (decrease) in due to related parties
  21,504
  37,250
  Net cash provided by financing activities
  21,504
  37,250
  NET INCREASE (DECREASE) IN CASH
  346
  (275
  )
  CASH, beginning of period
  295
  330
  CASH, end of period
  $
  642
  $
  55
  SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
  Interest paid
  $
  —
  $
  763
  Income tax paid
  $
  —
  $
  —
  See notes to financial statements.
  7
  Table of Contents
  UNITED STATES BASKETBALL LEAGUE, INC.
  NOTES TO FINANCIAL STATEMENTS
  NINE MONTHS ENDED NOVEMBER 30, 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 been 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 June 19, 2014.
  At November 30, 2019, USBL had negative
  working capital of $2,394,253, and accumulated losses of $5,078,236. 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 nine-month period ended
  November 30, 2019 may not necessarily be indicative of the results that may be expected for the year ending February 29, 2020.
  The notes to the consolidated 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.
  8
  Table of Contents
  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.
  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 (approximating $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 reported 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 November 30, 2019.
  Earnings
  (loss) per 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 and nine months ended November 30, 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.
  3.
  Accounts Payable and Accrued Expenses
  Accounts payable and accrued expenses
  consisted of:
  November 30, 2019
  February 28, 2019
  (Unaudited)
  Legal and accounting services' vendors
  $
  67,161
  $
  66,112
  Transfer agent and EDGAR agent
  8,660
  12,462
  Rent due Genvest, LLC (an entity controlled by the
  two officers of USBL)
  141,000
  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
  777
  777
  Total
  $
  233,885
  $
  227,638
  4.
  Due to Related Parties
  November 30, 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
  $
  1,324,689
  $
  1,314,289
  USBL loans payable to the two officers of USBL,
  interest at 6%, due on demand
  569,317
  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
  159,275
  159,723
  Total
  2,155,883
  2,134,379
  For the six months ended August 31, 2019 and
      2018, interest due under the related party loans was waived by the respective lenders.
  9
  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  November 30, 2019 and 2018 and for the  nine months ended  November 30, 2019 and 2018, USBL
          included         in operating expenses,         rent incurred to Genvest, LLC totaling         $3,000, $3,000, $9,000, and $9,000, respectively.
  7.
  Commitments and Contingencies
  Occupancy
          Agreement
  In
          September         2007, the Company moved its office to a building owned by Genvest LLC, an entity controlled by the two
          officers of USBL. Improvements         to the Company's space 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  November 30,
          2019 and February 28, 2019, accounts payable and accrued expenses         included accrued rent payable to Genvest totaling
          $142,000 and $132,000, respectively.
  10
  Table of Contents
  Item
  2.
  Management's Discussion and Analysis
  OF FINANCIAL CONDITION AND RESULTS of Operation.
  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, the 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.
  THREE MONTHS ENDED NOVEMBER 30, 2019 AS COMPARED
  TO NOVEMBER 30, 2018
  For the three months ended
  November 30, 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
  $9,139 from $17,381 for the three months ended November 30, 2018 to $8,242 for the three months ended November 30, 2019. The decrease
  in operating expenses was due to lower professional fees ($4,988), lower transfer agent and EDGAR agent fees ($665), lower travel
  and promotion $592, and lower other operating expenses ($181). In the three months ended November 30, 2019, the Company made one
  periodic SEC filing: the August 31, 2019 Form 10-Q.
  Other income (expenses),
  net, was $0 in 2019 compared to ($588) in 2018.
  Net loss for the three
  months ended November 30, 2019 was $8,242 as compared to net loss of $17,969 for the three months ended November 30, 2018. The
  $9,727 decrease in 2019 was due primarily to the $9,139 decrease in operating expenses.
  11
  Table of Contents
  NINE MONTHS ENDED NOVEMBER 30, 2019 AS COMPARED
  TO NOVEMBER 30, 2018
  For the nine months ended
  November 30, 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
  $27,523 from $53,840 for the nine months ended November 30, 2018 to $26,317 for the nine months ended November 30, 2019. The decrease
  in operating expenses was due to lower professional fees ($15,890), lower transfer agent and EDGAR agent fees ($2,133), and lower
  travel and promotion ($1,180) offset by lower other operating expenses ($474). In the nine months, the Company made three (3) periodic
  SEC filings: the February 28, 2019 Form 10-K, the May 31, 2019 Form 10-Q, and the August 31, 2019 Form 10-Q. In the nine months
  ended November 30, 2018, the Company made four (4) periodic SEC filings: The November 30, 2017 Form 10-Q, the February 28, 2018
  Form 10-K, the May 31, 2018 Form 10-Q, and the August 31, 2018 Form 10-Q.
  Other expenses, net, was
  $0 in 2019 compared to $763 in 2018.
  Net loss for the nine months
  ended November 30, 2019 was $26,317 as compared to net loss of $54,603 for the nine months ended November 30, 2018. The $28,286
  decrease in net loss was due to the $27,523 decrease in operating expenses and the $763 decrease in other expenses, net.
  LIQUIDITY AND CAPITAL RESOURCES
  The Company had cash of
  $642 and a working capital deficit of $2,394,253 at November 30, 2019. The Company's statement of cash flows for the nine months
  ended November 30, 2019 reflects cash provided in operating activities of $26,317, which results primarily from the $26,317 net
  loss offset by the $6,247 increase in accounts payable and accrued expenses. Net cash provided by financing activities was $21,504
  in 2019 compared to $37,250 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 the 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 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.
  12
  Table of Contents
  ITEM 3.
  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.
  Not applicable
  ITEM 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 November 30, 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 November 30, 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 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:  February
                                                                                                                                                                  11, 2019
  By:
  /s/ Daniel T. Meisenheimer, III
  Daniel T. Meisenheimer III
  Chairman and President
  Date:  February
      11, 2019
  By:
  /s/ Richard C. Meisenheimer
  Richard C. Meisenheimer
  Chief Financial Officer and
  Director
  15