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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">FORM 10-Q</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">&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>August 31,
  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">[ ]&#9;TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
  EXCHANGE &#9;ACT</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&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: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>UNITED STATES BASKETBALL LEAGUE, INC.</U></B></P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact Name of Registrant as Specified in Its
  Charter)</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 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; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>183 Plains Road, Suite 2, Milford, Connecticut
  06461</U></P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Address of Principal Executive Offices)</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>(203) 877-9508</U></P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Registrant&rsquo;s Telephone Number, Including
  Area Code)</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">___________________________________________</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 -->
      <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; Options: Hidden -->&nbsp;<!-- 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-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, a smaller reporting company or an emerging growth
  company. See the definitions of &ldquo;large accelerated filer&rdquo;, &ldquo;accelerated filer&rdquo;, &ldquo;smaller reporting
  company&rdquo;, and &ldquo;emerging growth company&rdquo; in Rule 12b-2 of the Exchange Act.</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="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">&#9744;</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; 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
  December 5, 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>
  
  <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"><B>&nbsp;</B></P>
  
  <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>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></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"></P>
  
  <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></B></P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><B>UNITED STATES BASKETBALL LEAGUE, INC.</B></P>
  
  <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; 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"></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>
  
  <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="padding-right: 5.4pt; padding-left: 5.4pt">
          <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify"><A HREF="#a_003">Balance Sheets</A> &ndash; August 31, 2019      </P>
          <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify">and February 28, 2019</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="padding-right: 5.4pt; padding-left: 5.4pt">
          <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify"><A HREF="#a_004">Statements of
          Operations</A> - for the         three and</P>
          <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify"> six months ended  August 31,
          2019         and 2018</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="padding-right: 5.4pt; padding-left: 5.4pt">
          <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify"><A HREF="#a_005">Statement of
          Stockholders&rsquo; Deficiency </A></P>
          <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify">- for the six  months ended
           August 31, 2019</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 STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
          <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify"><A HREF="#a_006">Statements of
          Cash Flows </A> - for the</P>
          <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 30.6pt; text-align: justify"> six months ended  August 31,
          2019         and 2018</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: 30.6pt; text-align: justify">&nbsp;<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">  <A HREF="#a_008">Management&rsquo;s Discussion and Analysis</A> - of
      Financial Condition and     Results
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">of Operations</P></TD>
      <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">11</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_010">Quantitative and Qualitative Disclosures About Market Risk</A></FONT></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 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_011">Controls and Procedures</A></FONT></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">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_012">OTHER INFORMATION</A></FONT></TD>
      <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">13</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_013">Exhibits</A></FONT></TD>
      <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">13</TD></TR>
  </TABLE>
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
  
  
  <!-- Field: Page; Sequence: 3 -->
      <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 -->3<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
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      <!-- Field: /Page -->
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PART I</B></P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="a_001"></A>FINANCIAL INFORMATION</B></P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="text-transform: uppercase"><A NAME="a_002"></A><B>Item 1.&#9; Financial
  Statements.</B></FONT></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: 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">UNITED STATES BASKETBALL LEAGUE, INC.</TD></TR>
  <TR STYLE="vertical-align: bottom">
      <TD COLSPAN="9" STYLE="text-align: center"><A NAME="a_003"></A>BALANCE SHEETS</TD></TR>
  <TR STYLE="vertical-align: bottom">
      <TD>&nbsp;</TD><TD>&nbsp;</TD>
      <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
      <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
      <TD STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>ASSETS</U></P></TD><TD>&nbsp;</TD>
      <TD COLSPAN="3" STYLE="text-align: center">August 31, <BR>2019</TD><TD>&nbsp;</TD>
      <TD COLSPAN="3" STYLE="text-align: center">February 28, <BR>2019</TD></TR>
  <TR STYLE="vertical-align: bottom">
      <TD>&nbsp;</TD><TD>&nbsp;</TD>
      <TD COLSPAN="3" STYLE="text-align: center">(Unaudited)</TD><TD>&nbsp;</TD>
      <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="text-align: left; padding-left: 5.4pt">CURRENT ASSETS:</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
      <TD STYLE="width: 56%; padding-bottom: 1pt; padding-left: 5.4pt">Cash</TD><TD STYLE="width: 8%; padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: right">40</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: right">295</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="text-align: left; padding-left: 5.4pt">Total current assets</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">295</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
      <TD STYLE="padding-bottom: 1pt; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="text-align: left; padding-bottom: 2.5pt; padding-left: 5.4pt">Total assets</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">40</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">295</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
      <TD STYLE="padding-left: 5.4pt">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="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: White">
      <TD STYLE="padding-left: 5.4pt">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="text-align: left; padding-left: 5.4pt">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: White">
      <TD STYLE="text-align: left; padding-left: 5.4pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">227,041</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">227,638</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="text-align: left; padding-left: 5.4pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit card obligations</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,627</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: White">
      <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">2,153,383</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: 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">Total current liabilities</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,386,051</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,368,232</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="padding-bottom: 1pt; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
      <TD STYLE="text-align: left; padding-bottom: 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">2,386,051</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: 5.4pt">Common stock, $0.01 par value; 30,000,000 <BR>shares authorized; issued and outstanding <BR>3,552,502 and 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: 5.4pt">Preferred stock, $0.01 par value; 2,000,000 <BR>shares authorized; 1,105,679 shares issued <BR>and outstanding</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,057</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,057</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="text-align: left; padding-left: 37.4pt">Additional paid-in-capital</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,679,855</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,679,855</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
      <TD STYLE="padding-left: 37.4pt">Deficit</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5,069,994</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-bottom: 1pt; padding-left: 37.4pt">Treasury stock, at cost; 39,975 shares</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(42,454</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(42,454</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: 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">(2,386,011</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">40</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>
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      <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"><A NAME="a_004"></A>
          <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>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: 9pt Times New Roman, Times, Serif; margin: 0"></P>
  
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  <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">Six 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">August 31, 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">August 31, 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">August 31, 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">August 31, 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">7,500</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">10,400</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">10,902</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">17,625</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">809</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">4,445</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">1,468</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">12,326</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">6,000</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">6,000</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">(588</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">(588</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">191</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">139</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">293</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">475</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">10,912</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">17,984</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">18,075</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">39,459</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">(10,912</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">(17,984</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">(18,075</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">(36,459</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">&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">(175</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">&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">(175</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">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">(10,912</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">(17,984</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">(18,075</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">(36,634</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 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">$</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(10,912</TD><TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(17,984</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">$</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(18,075</TD><TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(36,634</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>
  </TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
  
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&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="37" STYLE="font-size: 13pt; text-align: center"><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"><A NAME="a_005"></A><B>Statement of Stockholders&rsquo; Deficiency</B></P>
  
  <P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Six Months Ended August 31, 2019</B></P>
  
  <P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Unaudited)</B></P>
  
  <P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</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"><P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>Total </U></P></TD></TR>
  <TR STYLE="vertical-align: bottom">
      <TD>&nbsp;</TD><TD STYLE="font-size: 9pt; padding-bottom: 1pt">&nbsp;</TD>
      <TD COLSPAN="3" STYLE="font-size: 9pt; text-align: center; border-bottom: Black 1pt solid">Shares</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
      <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-size: 9pt; padding-bottom: 1pt">&nbsp;</TD>
      <TD COLSPAN="3" STYLE="font-size: 9pt; text-align: center; border-bottom: Black 1pt solid">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; padding-bottom: 1pt">&nbsp;</TD>
      <TD COLSPAN="3" STYLE="font-size: 9pt; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;<U>Outstanding </U></FONT></TD><TD STYLE="font-size: 9pt; padding-bottom: 1pt">&nbsp;</TD>
      <TD COLSPAN="3" STYLE="font-size: 9pt; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;<U>Amount </U></FONT></TD><TD STYLE="font-size: 9pt; padding-bottom: 1pt">&nbsp;</TD>
      <TD COLSPAN="3" STYLE="font-size: 9pt; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;<U>Outstanding </U></FONT></TD><TD STYLE="font-size: 9pt; padding-bottom: 1pt">&nbsp;</TD>
      <TD COLSPAN="3" STYLE="font-size: 9pt; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;<U>Amount </U></FONT></TD><TD STYLE="font-size: 9pt; padding-bottom: 1pt">&nbsp;</TD>
      <TD COLSPAN="3" STYLE="font-size: 9pt; text-align: center; border-bottom: Black 1pt solid">Capital</TD><TD STYLE="font-size: 9pt; padding-bottom: 1pt">&nbsp;</TD>
      <TD COLSPAN="3" STYLE="font-size: 9pt; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;<U>Deficit </U></FONT></TD><TD STYLE="font-size: 9pt; padding-bottom: 1pt">&nbsp;</TD>
      <TD COLSPAN="3" STYLE="font-size: 9pt; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;<U>Shares </U></FONT></TD><TD STYLE="font-size: 9pt; padding-bottom: 1pt">&nbsp;</TD>
      <TD COLSPAN="3" STYLE="font-size: 9pt; text-align: center; border-bottom: Black 1pt solid">Amount</TD><TD STYLE="font-size: 9pt; padding-bottom: 1pt">&nbsp;</TD>
      <TD COLSPAN="3" STYLE="font-size: 9pt; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;<U>Deficiency </U></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="width: 28%; padding-left: 1.5pt">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
      <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
      <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
      <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
      <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
      <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
      <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
      <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
      <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
      <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
      <TD STYLE="font-size: 9pt; padding-left: 1.5pt">Balance, February 28, 2019</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
      <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">3,552,502</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
      <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">35,525</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
      <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">1,105,679</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
      <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">11,057</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
      <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">2,679,855</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
      <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">(5,051,920</TD><TD STYLE="font-size: 9pt; text-align: left">)</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
      <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">39,975</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
      <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">(42,454</TD><TD STYLE="font-size: 9pt; text-align: left">)</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
      <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">(2,367,937</TD><TD STYLE="font-size: 9pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="font-size: 9pt; text-align: left; padding-left: 1.5pt">&nbsp;Net (loss) (Unaudited)</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
      <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">(18,075</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">(18,075</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
      <TD STYLE="font-size: 9pt; padding-bottom: 2.5pt; padding-left: 1.5pt">&nbsp;Balance, August 31, 2019 (Unaudited)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">3,552,502</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; padding-bottom: 2.5pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: right">35,525</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1,105,679</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; padding-bottom: 2.5pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: right">11,057</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; padding-bottom: 2.5pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: right">2,679,855</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(5,069,994</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">(2,386,011</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"></P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt"></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center">See notes to financial statements.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center">&nbsp;</P>
  
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      <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"><U><A NAME="a_006"></A>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"> Six 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"> August 31, <BR>2019</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
      <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid"> August 31, <BR>2018</TD></TR>
  <TR STYLE="vertical-align: bottom">
      <TD>&nbsp;</TD><TD>&nbsp;</TD>
      <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
      <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="text-align: left; padding-left: 5.4pt">CASH FLOWS FROM OPERATING ACTIVITIES:</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
      <TD STYLE="width: 63%; text-align: left; padding-left: 0.5in">Net loss</TD><TD STYLE="width: 1%">&nbsp;</TD>
      <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">(18,075</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 8%">&nbsp;</TD>
      <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">(36,634</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">(597)</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,556</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">(588)</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">280</TD><TD STYLE="padding-bottom: 1pt; text-align: left"></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="padding-left: 5.4pt">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
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      <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">(19,260</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">(31,798</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>
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      <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;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
      <TD STYLE="padding-left: 5.4pt">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="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">19,005</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">31,750</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>
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      <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">19,005</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">31,750</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
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      <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>
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      <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">(255</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(48</TD><TD STYLE="text-align: left">)</TD></TR>
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      <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">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">40</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">282&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="padding-left: 5.4pt">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
      <TD STYLE="text-align: left; padding-left: 5.4pt">SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="padding-left: 5.4pt">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
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      <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">173</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 31.5pt">Income tax paid</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
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      <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>SIX MONTHS ENDED AUGUST 31, 2019</U></P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Unaudited)</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 51.15pt 0 0; text-align: justify">&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"><B>1</B>.&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 Meiseheimer 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. 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">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 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">At August 31, 2019, USBL had negative
  working capital of $2,386,011, and accumulated losses of $5,069,994. 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 six-month period ended
  August 31, 2019 may not necessarily be indicative of the results that may be expected for the year ending February 29, 2020. The
  notes to the financial statements should be read in conjunction with the notes to the financial statements contained in the Company&rsquo;s
  Form 10-K for the year ended February 28, 2019.</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 51.15pt 0 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 51.15pt 0 0; text-align: justify"><B>2</B>.&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 0 0 0.5in; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><B><I>Fair value disclosures &ndash;
  </I></B>The carrying amounts of the Company&rsquo;s financial instruments, which consist of cash, accounts payable and accrued
  expenses, credit card obligations, and due to related parties, approximate their fair value due to their short term nature or based
  upon values of comparable instruments.</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><B><I>Cash and cash equivalents -
  </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; text-align: justify"><B><I>&nbsp;</I></B></P>
  
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  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I></I></B></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; 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>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 (approximately $630,000 at February 28, 2019) attributable to the
  USBL net operating loss carryforward.</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">As of February 28, 2019, USBL had
  a net operating loss carryforward of approximately $3,000,000 available to offset future taxable income. The carryforward expires
  in varying amounts from 2020 to 2039. Current United States income tax laws limit the amount of loss available to offset against
  future taxable income when a substantial change in ownership occurs. Therefore, the amount available to offset future taxable income
  may be limited.</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 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; text-align: justify"><B><I>&nbsp;</I></B></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 August 31, 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 six months ended August 31, 2019 and 2018 as the result would
  have been antidilutive.</FONT></P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><B><I>Comprehensive income</I></B>
  &ndash; Other comprehensive income (loss) refers to revenues, expenses, gains and losses that under generally accepted accounting
  principles are included in comprehensive income but are excluded from net income (loss) as these amounts are recorded directly
  as an adjustment to stockholders&rsquo; equity. Comprehensive income (loss) was equivalent to net income (loss) for all periods
  presented.</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>
  
  <!-- Field: Page; Sequence: 9 -->
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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"></P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><B></B></P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt"><B>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 0.25in; text-align: justify"><B>&nbsp;</B></P>
  
  <P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.25in">Accounts payable and accrued
  expenses consisted of:</P>
  
  <P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
      <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
      <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid">August 31, 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%; text-align: justify; padding-left: 0.5in">Legal and accounting services&rsquo; vendors</TD><TD STYLE="width: 8%">&nbsp;</TD>
      <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">63,173</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%">&nbsp;</TD>
      <TD STYLE="width: 1%; text-align: left">$</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: 0.5in">Transfer agent and EDGAR agent</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,804</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: 0.5in">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">138,000</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: 0.5in">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: 0.5in">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: 0.5in">Other</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">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: 0.5in">Total</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">227,041</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</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; 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"></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; 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 0 0 0.5in; text-align: justify">Due to related parties consists of:</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom"><TD STYLE="font-size: 11pt; padding-bottom: 1pt">&nbsp;</TD>
      <TD COLSPAN="3" STYLE="font-size: 11pt; text-align: center; border-bottom: Black 1pt solid">August 31, 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: 5.4pt">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">$</TD><TD STYLE="width: 12%; font-size: 11pt; text-align: right">1,321,993</TD><TD STYLE="width: 1%; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-size: 11pt">&nbsp;</TD>
      <TD STYLE="width: 1%; font-size: 11pt; text-align: left">$</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: 5.4pt">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: 5.4pt">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: 5.4pt">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: 5.4pt">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: 5.4pt">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-bottom: 1pt; padding-left: 5.4pt">&nbsp;MCREH loan payable to Meisenheimer Capital, Inc. (&ldquo;MCI&rdquo;), <BR>non-interest bearing, due on demand</TD><TD STYLE="font-size: 11pt; padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: right">159,723</TD><TD STYLE="padding-bottom: 1pt; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; padding-bottom: 1pt">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: right">159,723</TD><TD STYLE="padding-bottom: 1pt; font-size: 11pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
      <TD STYLE="font-size: 11pt; text-align: justify; padding-bottom: 2.5pt; padding-left: 5.4pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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">2,153,384</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 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. <BR></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: right; padding-left: 5.4pt">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
      <TD>&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  </TABLE>
  
  <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="text-underline-style: double">&nbsp;</FONT></P>
  
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      <!-- Field: /Page -->
  
  <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;&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 August 31, 2019 and 2018 and the six months ended August 31, 2019 and 2018, USBL included in operating expenses,
          rent incurred to Genvest, LLC (an entity controlled by the two officers of USBL) totaling $3,000, $3,000, $6,000, and $6,000, respectively.</P>
          <P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></TD></TR>
  <TR>
      <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12pt"><FONT STYLE="font-size: 11pt"><B>7.</B></FONT></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"><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 August 31, 2019 and February 28, 2019, accounts payable and accrued expenses
          included accrued rent payable to Genvest totaling $138,000 and $132,000, respectively.</P>
          <P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></TD></TR>
  </TABLE>
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>
  
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  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B></B></FONT></P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><A NAME="a_008"></A><FONT STYLE="text-transform: uppercase"><B></B></FONT></P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B>Item</B></FONT><B>
  2.&#9;<FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase">Management&rsquo;s Discussion and Analysis
  of financial &#9;&#9;condition and results of operations.</FONT></B></P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">OVERVIEW</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company anticipates continued reliance
  on financial assistance from affiliates. Given the current lack of capital, the Company has not been able to develop any new programs
  to revitalize the League, nor has it been able to hire sales and promotional personnel or schedule a season. As a result, the Company
  is currently dependent on the efforts of its officers for all marketing efforts. Their efforts have not resulted in any franchises.</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>CRITICAL ACCOUNTING POLICIES</B></P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Revenue Recognition</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company generally uses the accrual method
  of accounting. However, due to the uncertainty of collecting royalty and franchise fees from the franchisees, USBL recorded these
  revenues upon receipt of cash consideration paid or the performance of related services by the franchisee. Franchise fees earned
  in nonmonetary transactions were recorded at the fair value of the franchise granted or the service received, based on which value
  was 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 AUGUST 31, 2019 AS COMPARED
  TO AUGUST 31, 2018</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">For the three months ended
  August 31, 2019 and 2018, the Company had no franchise fees or advertising revenues as a result of the cancellation of its seasons
  from 2008 through 2019.</P>
  
  <P STYLE="font: 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
  $7,072 from $17,984 for the three months ended August 31, 2018 to $10,912 for the three months ended August 31, 2019. The decrease
  in operating expenses was primarily due to lower professional fees ($7,500) and lower transfer agent and EDGAR agent fees ($809)
  in 2019 as compared to 2018. In the three months ended August 31, 2019, there were charges relating to filing of one Form 10-K;
  there were charges relating to filing of one Form 10-Q.</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Other expenses, net, was
  nil for the three months ended August 31, 2019 as compared to nil for the three months ended August 31, 2018.</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Net loss for the three
  months ended August 31, 2019 was $10,912 as compared to net loss of $17,984 for the three months ended August 31, 2018. The $7,072
  decrease in net loss was due to the $7,072 decrease in operating expenses.</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">SIX MONTHS ENDED AUGUST 31, 2019 AS COMPARED
  TO AUGUST 31, 2018</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">For the six months ended
  August 31, 2019 and 2018, the Company had no franchise fees or advertising revenues as a result of the cancellation of its seasons
  from 2008 through 2019.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Operating expenses decreased
  $18,384 from $36,459 for the six months ended August 31, 2018 to $18,075 for the six months ended August 31, 2019. The decrease
  in operating expenses was primarily due to lower professional fees ($10,902) and lower transfer agent and EDGAR agent fees ($1,468)
  in 2019 as compared to 2018. In the six months ended August 31, 2019, there were charges relating to filings on one Form 10-K and
  on Forms 10-Q; in the six months ended August 31, 2018, there were charges to filings on one Form 10-K and three Forms 10-Q.</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Other expenses, net, was
  nil in 2019 compared to $175 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 six months
  ended August 31, 2019 was $18,075 as compared to net loss of $36,634 for the six months ended August 31, 2018. The $18,559 decrease
  in net loss was due to the $18,384 decrease in operating expenses, and the $175 decrease in other expenses, net.</P>
  
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>
  
  <!-- Field: Page; Sequence: 12 -->
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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; text-indent: 0.5in"></P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">LIQUIDITY AND CAPITAL RESOURCES</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company had cash of
  $40 and a working capital deficit of $2,386,011 at August 31, 2019. The Company's statement of cash flows for the six months ended
  August 31, 2019 reflects cash used in operating activities of $19,260, which results primarily from the $18,075 net loss increased
  by the $597 decrease in accounts payable and accrued expenses, and by the $588 decrease credit card obligation. Net cash provided
  by financing activities was $19,005 in 2019 compared to $31,750 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">The Company expects it
  will continue to have to rely on affiliates for loans to assist it in meeting its current obligations. With respect to long term
  needs, the Company recognizes that in order for USBL and the League to be successful, USBL has to develop a meaningful sales and
  promotional program. This will require an investment of additional capital. Given the Company&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>
  
  <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>
  
  <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><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"><A NAME="a_010"></A>Not applicable.</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: red">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: red"></P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><A NAME="a_011"></A>I<FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase">tem</FONT>
  4.&#9;<FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase">Controls and Procedures.</FONT></B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Under the supervision and
  with the participation of our management, including our principal executive and financial officers, we have evaluated the effectiveness
  of the design and operation of our disclosure controls and procedures as of August 31, 2019 and, based on such evaluation, our
  principal executive and financial officers have concluded that these controls and procedures are effective. There were no changes
  in our internal control over financial reporting that occurred during the quarter ended August 31, 2019 that has materially affected,
  or is reasonably likely to materially affect, our internal control over financial reporting.</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Disclosure controls and
  procedures are our controls and other procedures that are designed to ensure that information required to be disclosed by us in
  the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods
  specified in the Securities and Exchange Commission&rsquo;s rules and forms. Disclosure controls and procedures include, without
  limitation, controls and procedures designed to ensure that information required to be disclosed by us in the reports that we file
  under the Exchange Act is accumulated and communicated to our management, including our principal executive and financial officers,
  as appropriate to allow timely decisions regarding required disclosures.</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; 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"></P>
  
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  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="a_012"></A>PART II</B></P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>OTHER INFORMATION</B></P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><A NAME="a_013"></A><B>Item 6. &#9;Exhibits. </B></P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
      <TD STYLE="width: 48px"><FONT STYLE="font-size: 11pt">31.1* </FONT></TD>
      <TD><FONT STYLE="font-size: 11pt"><A HREF="ex311_usbl08312019.htm">Certification of principal executive officer</A></FONT></TD></TR>
  </TABLE>
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
      <TD STYLE="width: 48px"><FONT STYLE="font-size: 11pt">31.2*</FONT></TD>
      <TD><FONT STYLE="font-size: 11pt"><A HREF="ex312_usbl08312019.htm">Certification of principal financial officer</A></FONT></TD></TR>
  </TABLE>
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
      <TD STYLE="width: 48px"><FONT STYLE="font-size: 11pt">32*</FONT></TD>
      <TD><FONT STYLE="font-size: 11pt"><A HREF="ex32_usbl08312019.htm">Certification pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</A></FONT></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">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
      <TD STYLE="width: 48px">
          <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">101.INS</P>
          <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">101.SCH</P>
          <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">101.CAL</P>
          <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">101.DEF</P>
          <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">101.LAB</P>
          <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">101.PRE</P>
          <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
      <TD>
  
          <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 17.25pt">&nbsp;</P>
          <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 17.25pt">&nbsp;XBRL Instance Document</P>
          <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 17.25pt">XBRL Taxonomy Extension Schema Document</P>
          <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 17.25pt">XBRL Taxonomy Extension Calculation Document</P>
          <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 17.25pt">XBRL Taxonomy Extension Definitions Document</P>
          <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 17.25pt">XBRL Taxonomy Extension Labels Document</P>
          <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 17.25pt">XBRL Taxonomy Extension Presentations Document</P></TD></TR>
  </TABLE>
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;&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">*&nbsp;&nbsp;Filed herewith.</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">&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">&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">&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">&nbsp;</P>
  
  
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  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SIGNATURES</B></P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Pursuant to the requirements
  of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned
  thereunto duly authorized.</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-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"></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>
  
  <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;December
                                                                                                                                                                  20, 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;December
      20, 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="margin-top: 0; margin-bottom: 0">&nbsp;</P>
  
  <P STYLE="margin-top: 0; margin-bottom: 0"></P>
  
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text: UNITED STATES
  SECURITIES AND EXCHANGE COMMISSION
  Washington D.C. 20549
  FORM 10-Q
  (Mark One)
  [
  X
  ]       QUARTERLY REPORT
  UNDER SECTION 13 OR 15 (d) OF THE SECURITIES
  EXCHANGE ACT OF 1934
  For the quarterly period ended
  August 31,
  2019
  [ ]	TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
  EXCHANGE 	ACT
  For the transition period from
  to
  Commission File Number
  1-15913
  UNITED STATES BASKETBALL LEAGUE, INC.
  (Exact Name of Registrant as Specified in Its
  Charter)
  Delaware
  06-1120072
  (State or other jurisdiction of
  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, a smaller reporting company or an emerging growth
  company. See the definitions of "large accelerated filer", "accelerated filer", "smaller reporting
  company", and "emerging growth company" in Rule 12b-2 of the Exchange Act.
  Large accelerated filer
  ☐
  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
  December 5, 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
  – August 31, 2019
  and February 28, 2019
  4
  Statements of
          Operations
  - for the         three and
  six months ended  August 31,
          2019         and 2018
  5
  Statement of
          Stockholders' Deficiency
  - for the six  months ended
           August 31, 2019
  6
  Statements of
          Cash Flows
  - for the
  six months ended  August 31,
          2019         and 2018
  7
  Notes to Financial Statements
  8
  Item 2.
  Management's Discussion and Analysis
  - of
      Financial Condition and     Results
  of Operations
  11
  Item 3.
  Quantitative and Qualitative Disclosures About Market Risk
  12
  Item 4.
  Controls and Procedures
  12
  PART II.
  OTHER INFORMATION
  13
  Item 6.
  Exhibits
  13
  3
  Table of Contents
  PART I
  FINANCIAL INFORMATION
  Item 1.	 Financial
  Statements.
  UNITED STATES BASKETBALL LEAGUE, INC.
  BALANCE SHEETS
  ASSETS
  August 31,
  2019
  February 28,
  2019
  (Unaudited)
  CURRENT ASSETS:
  Cash
  $
  40
  $
  295
  Total current assets
  40
  295
  Total assets
  $
  40
  $
  295
  LIABILITIES AND STOCKHOLDERS' DEFICIENCY
  CURRENT LIABILITIES:
  Accounts payable and accrued expenses
  $
  227,041
  $
  227,638
  Credit card obligations
  5,627
  6,215
  Due to related parties
  2,153,383
  2,134,379
  Total current liabilities
  2,386,051
  2,368,232
  Total liabilities
  2,386,051
  2,368,232
  STOCKHOLDERS' DEFICIENCY
  Common stock, $0.01 par value; 30,000,000
  shares authorized; issued and outstanding
  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
  (5,069,994
  )
  (5,051,920
  )
  Treasury stock, at cost; 39,975 shares
  (42,454
  )
  (42,454
  )
  Total stockholders' deficiency
  (2,386,011
  )
  (2,367,937
  )
  Total liabilities and stockholders' deficiency
  $
  40
  $
  295
  See notes to financial statements.
  4
  Table of Contents
  UNITED STATES BASKETBALL LEAGUE, INC.
  STATEMENTS OF OPERATIONS
  (Unaudited)
  Three Months Ended
  Six Months Ended
  August 31, 2019
  August 31, 2018
  August 31, 2019
  August 31, 2018
  REVENUES:
  $
  —
  $
  —
  $
  —
  $
  —
  OPERATING EXPENSES:
  Professional fees
  7,500
  10,400
  10,902
  17,625
  Transfer agent and
  EDGAR agent fees
  809
  4,445
  1,468
  12,326
  Rent
  3,000
  3,000
  6,000
  6,000
  Travel and promotion
  (588
  )
  —
  (588
  )
  33
  Other
  191
  139
  293
  475
  Total operating expenses
  10,912
  17,984
  18,075
  39,459
  Loss from operations
  (10,912
  )
  (17,984
  )
  (18,075
  )
  (36,459
  )
  OTHER INCOME (EXPENSES):
  Interest expense
  —
  —
  —
  (175
  )
  Total other income (expenses), net
  —
  —
  —
  (175
  )
  Loss before income taxes
  (10,912
  )
  (17,984
  )
  (18,075
  )
  (36,634
  )
  Income taxes
  —
  —
  —
  —
  NET LOSS
  $
  (10,912
  )
  $
  (17,984
  )
  $
  (18,075
  )
  $
  (36,634
  )
  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
  Six Months Ended August 31, 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, 2019
  3,552,502
  $
  35,525
  1,105,679
  $
  11,057
  $
  2,679,855
  $
  (5,051,920
  )
  39,975
  $
  (42,454
  )
  $
  (2,367,937
  )
  Net (loss) (Unaudited)
  —
  —
  —
  —
  —
  (18,075
  )
  —
  —
  (18,075
  )
  Balance, August 31, 2019 (Unaudited)
  3,552,502
  $
  35,525
  1,105,679
  $
  11,057
  $
  2,679,855
  $
  (5,069,994
  )
  39,975
  $
  (42,454
  )
  $
  (2,386,011
  )
  See notes to financial statements.
  6
  Table of Contents
  UNITED STATES BASKETBALL LEAGUE, INC.
  STATEMENTS OF CASH FLOWS
  (Unaudited)
  Six Months Ended
  August 31,
  2019
  August 31,
  2018
  CASH FLOWS FROM OPERATING ACTIVITIES:
  Net loss
  $
  (18,075
  )
  $
  (36,634
  )
  Adjustments to reconcile net loss to net cash used in operating activities:
  Changes in operating assets and liabilities:
  Accounts payable and accrued expenses
  (597)
  4,556
  Credit card obligations
  (588)
  280
  Net cash used in operating activities
  (19,260
  )
  (31,798
  )
  CASH FLOWS FROM INVESTING ACTIVITIES
  —
  —
  CASH FLOWS FROM FINANCING ACTIVITIES:
  Increase (decrease) in due to related parties
  19,005
  31,750
  Net cash provided by financing activities
  19,005
  31,750
  NET INCREASE (DECREASE) IN CASH
  (255
  )
  (48
  )
  CASH, beginning of period
  295
  330
  CASH, end of period
  $
  40
  $
  282
  SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
  Interest paid
  $
  —
  $
  173
  Income tax paid
  $
  —
  $
  —
  See notes to financial statements.
  7
  Table of Contents
  UNITED STATES BASKETBALL LEAGUE, INC.
  NOTES TO FINANCIAL STATEMENTS
  SIX MONTHS ENDED AUGUST 31, 2019
  (Unaudited)
  1
  .
  Description
  of Business and Basis of Presentation
  United States Basketball
  League, Inc. ("USBL") was incorporated in Delaware on May 29, 1984 as a wholly owned subsidiary of Meiseheimer 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. 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 August 31, 2019, USBL had negative
  working capital of $2,386,011, and accumulated losses of $5,069,994. 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 six-month period ended
  August 31, 2019 may not necessarily be indicative of the results that may be expected for the year ending February 29, 2020. The
  notes to the financial statements should be read in conjunction with the notes to the financial statements contained in the Company's
  Form 10-K for the year ended February 28, 2019.
  2
  .
  Summary
  of Significant Accounting Policies
  Fair value disclosures –
  The carrying amounts of the Company's financial instruments, which consist of cash, accounts payable and accrued
  expenses, credit card obligations, and due to related parties, approximate their fair value due to their short term nature or based
  upon values of comparable instruments.
  Cash and cash equivalents -
  The Company considers all highly liquid debt instruments purchased with a maturity of three months or less to be cash equivalents.
  8
  Table of Contents
  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 (approximately $630,000 at February 28, 2019) attributable to the
  USBL net operating loss carryforward.
  As of February 28, 2019, USBL had
  a net operating loss carryforward of approximately $3,000,000 available to offset future taxable income. The carryforward expires
  in varying amounts from 2020 to 2039. Current United States income tax laws limit the amount of loss available to offset against
  future taxable income when a substantial change in ownership occurs. Therefore, the amount available to offset future taxable income
  may be limited.
  USBL files Federal and Connecticut
  income tax returns using a December 31 fiscal year. The last returns filed were for the year ended December 31, 2015.
  Estimates
  – The
  preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management
  to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets
  and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the 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 August 31, 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 six months ended August 31, 2019 and 2018 as the result would
  have been antidilutive.
  Comprehensive income
  – Other comprehensive income (loss) refers to revenues, expenses, gains and losses that under generally accepted accounting
  principles are included in comprehensive income but are excluded from net income (loss) as these amounts are recorded directly
  as an adjustment to stockholders' equity. Comprehensive income (loss) was equivalent to net income (loss) for all periods
  presented.
  9
  Table of Contents
  3.
  Accounts Payable and Accrued Expenses
  Accounts payable and accrued
  expenses consisted of:
  August 31, 2019
  February 28, 2019
  (Unaudited)
  Legal and accounting services' vendors
  $
  63,173
  $
  66,112
  Transfer agent and EDGAR agent
  8,804
  12,462
  Rent due Genvest, LLC (an entity controlled by the
  two officers of USBL)
  138,000
  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
  $
  227,041
  $
  227,638
  4.
  Due to Related Parties
  Due to related parties consists of:
  August 31, 2019
  February 28, 2019
  (Unaudited)
  USBL loans payable to Spectrum Associates, Inc. ("Spectrum"),
  a corporation controlled by the two officers of USBL,
  interest at 6%, due on demand
  $
  1,321,993
  $
  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
  159,723
  159,723
  Total
  2,153,384
  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.
  10
  Table of Contents
  5.
  Stockholders' Equity
  Each share of common stock has one vote.  Each share of preferred stock has five votes, is entitled to a 2% non-cumulative annual dividend, and is convertible at any time into one share of common stock.
  6.
  Related Party Transactions
  For the
          three months ended August 31, 2019 and 2018 and the six months ended August 31, 2019 and 2018, USBL included in operating expenses,
          rent incurred to Genvest, LLC (an entity controlled by the two officers of USBL) totaling $3,000, $3,000, $6,000, and $6,000, 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 August 31, 2019 and February 28, 2019, accounts payable and accrued expenses
          included accrued rent payable to Genvest totaling $138,000 and $132,000, respectively.
  11
  Table of Contents
  Item
  2.
  Management's Discussion and Analysis
  of financial 		condition and results of operations.
  OVERVIEW
  The Company anticipates continued reliance
  on financial assistance from affiliates. Given the current lack of capital, the Company has not been able to develop any new programs
  to revitalize the League, nor has it been able to hire sales and promotional personnel or schedule a season. As a result, the Company
  is currently dependent on the efforts of its officers for all marketing efforts. Their efforts have not resulted in any franchises.
  CRITICAL ACCOUNTING POLICIES
  Revenue Recognition
  The Company generally uses the accrual method
  of accounting. However, due to the uncertainty of collecting royalty and franchise fees from the franchisees, USBL recorded these
  revenues upon receipt of cash consideration paid or the performance of related services by the franchisee. Franchise fees earned
  in nonmonetary transactions were recorded at the fair value of the franchise granted or the service received, based on which value
  was more readily determinable. Upon the granting of the franchise, the Company had performed essentially all material conditions
  related to the sale.
  THREE MONTHS ENDED AUGUST 31, 2019 AS COMPARED
  TO AUGUST 31, 2018
  For the three months ended
  August 31, 2019 and 2018, the Company had no franchise fees or advertising revenues as a result of the cancellation of its seasons
  from 2008 through 2019.
  Operating expenses decreased
  $7,072 from $17,984 for the three months ended August 31, 2018 to $10,912 for the three months ended August 31, 2019. The decrease
  in operating expenses was primarily due to lower professional fees ($7,500) and lower transfer agent and EDGAR agent fees ($809)
  in 2019 as compared to 2018. In the three months ended August 31, 2019, there were charges relating to filing of one Form 10-K;
  there were charges relating to filing of one Form 10-Q.
  Other expenses, net, was
  nil for the three months ended August 31, 2019 as compared to nil for the three months ended August 31, 2018.
  Net loss for the three
  months ended August 31, 2019 was $10,912 as compared to net loss of $17,984 for the three months ended August 31, 2018. The $7,072
  decrease in net loss was due to the $7,072 decrease in operating expenses.
  SIX MONTHS ENDED AUGUST 31, 2019 AS COMPARED
  TO AUGUST 31, 2018
  For the six months ended
  August 31, 2019 and 2018, the Company had no franchise fees or advertising revenues as a result of the cancellation of its seasons
  from 2008 through 2019.
  Operating expenses decreased
  $18,384 from $36,459 for the six months ended August 31, 2018 to $18,075 for the six months ended August 31, 2019. The decrease
  in operating expenses was primarily due to lower professional fees ($10,902) and lower transfer agent and EDGAR agent fees ($1,468)
  in 2019 as compared to 2018. In the six months ended August 31, 2019, there were charges relating to filings on one Form 10-K and
  on Forms 10-Q; in the six months ended August 31, 2018, there were charges to filings on one Form 10-K and three Forms 10-Q.
  Other expenses, net, was
  nil in 2019 compared to $175 in 2018.
  Net loss for the six months
  ended August 31, 2019 was $18,075 as compared to net loss of $36,634 for the six months ended August 31, 2018. The $18,559 decrease
  in net loss was due to the $18,384 decrease in operating expenses, and the $175 decrease in other expenses, net.
  12
  Table of Contents
  LIQUIDITY AND CAPITAL RESOURCES
  The Company had cash of
  $40 and a working capital deficit of $2,386,011 at August 31, 2019. The Company's statement of cash flows for the six months ended
  August 31, 2019 reflects cash used in operating activities of $19,260, which results primarily from the $18,075 net loss increased
  by the $597 decrease in accounts payable and accrued expenses, and by the $588 decrease credit card obligation. Net cash provided
  by financing activities was $19,005 in 2019 compared to $31,750 in 2018.
  The Company expects it
  will continue to have to rely on affiliates for loans to assist it in meeting its current obligations. With respect to long term
  needs, the Company recognizes that in order for USBL and the League to be successful, USBL has to develop a meaningful sales and
  promotional program. This will require an investment of additional capital. Given the Company's current financial condition,
  the Company's ability to raise additional capital other than from affiliates is questionable. At the current time, the Company
  has no definitive plan as to how to raise additional capital and schedule a 2020 season.
  ITEM 3
  .
  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.
  Not applicable.
  I
  tem
  4.
  Controls and Procedures.
  Under the supervision and
  with the participation of our management, including our principal executive and financial officers, we have evaluated the effectiveness
  of the design and operation of our disclosure controls and procedures as of August 31, 2019 and, based on such evaluation, our
  principal executive and financial officers have concluded that these controls and procedures are effective. There were no changes
  in our internal control over financial reporting that occurred during the quarter ended August 31, 2019 that has materially affected,
  or is reasonably likely to materially affect, our internal control over financial reporting.
  Disclosure controls and
  procedures are our controls and other procedures that are designed to ensure that information required to be disclosed by us in
  the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods
  specified in the Securities and Exchange Commission's rules and forms. Disclosure controls and procedures include, without
  limitation, controls and procedures designed to ensure that information required to be disclosed by us in the reports that we file
  under the Exchange Act is accumulated and communicated to our management, including our principal executive and financial officers,
  as appropriate to allow timely decisions regarding required disclosures.
  13
  Table of Contents
  PART II
  OTHER INFORMATION
  Item 6. 	Exhibits.
  31.1*
  Certification of principal executive officer
  31.2*
  Certification of principal financial officer
  32*
  Certification pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
  101.INS
  101.SCH
  101.CAL
  101.DEF
  101.LAB
  101.PRE
  XBRL Instance Document
  XBRL Taxonomy Extension Schema Document
  XBRL Taxonomy Extension Calculation Document
  XBRL Taxonomy Extension Definitions Document
  XBRL Taxonomy Extension Labels Document
  XBRL Taxonomy Extension Presentations Document
  *  Filed herewith.
  14
  Table of Contents
  SIGNATURES
  Pursuant to the requirements
  of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned
  thereunto duly authorized.
  UNITED STATES BASKETBALL
  LEAGUE,
  INC.
  Date:  December
                                                                                                                                                                  20, 2019
  By:
  /s/ Daniel T. Meisenheimer, III
  Daniel T. Meisenheimer III
  Chairman and President
  Date:  December
      20, 2019
  By:
  /s/ Richard C. Meisenheimer
  Richard C. Meisenheimer
  Chief Financial Officer and
  Director
  15