UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington D.C. 20549

 

FORM 10-Q

 

(Mark One)

 

x

QUARTERLY REPORT UNDER SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended May 31, 2014

 

¨

TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT

 

For the transition period from           to          

 

Commission File Number 1-15913

 

UNITED STATES BASKETBALL LEAGUE, INC.

(Exact Name of Registrant as Specified in Its Charter)

  

Delaware	06-1120072
(State or Other Jurisdiction of	(I.R.S. Employer
Incorporation or Organization)	Identification Number)

  

183 Plains Road, Suite 2, Milford, Connecticut 06461

(Address of Principal Executive Offices)

 

(203) 877-9508

(Registrant’s Telephone Number, Including Area Code)

 

(Former Name, Former Address and Former Fiscal Year, if Changed

Since Last Report)

 

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 and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x   No ¨

 

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer”, “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer  o	Accelerated filer                   o
Non-accelerated filer o (Do not check if a smaller reporting company)	Smaller reporting company  x

  

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 July 15, 2014, there were 3,512,527 shares of Common Stock, $.01 par value per share, outstanding.

 

 

UNITED STATES BASKETBALL LEAGUE, INC.

INDEX

  

		PAGE
PART I.	FINANCIAL INFORMATION	4
Item 1.	Unaudited Financial Statements.	4
	Consolidated Balance Sheets – May 31, 2014 and February 28, 2014	4
	Consolidated Statements of Operations for the three months Ended May 31, 2014 and 2013	5
	Consolidated Statement of Stockholders’ Deficiency for the three months ended May 31, 2014	6
	Consolidated Statements of Cash Flows for the three months ended May 31, 2014 and 2013	7
	Notes to Consolidated Financial Statements	8
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	15
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	16
Item 4.	Controls and Procedures	16
PART II.	OTHER INFORMATION	17
Item 6.	Exhibits	17

 

 

PART I

FINANCIAL INFORMATION

 

Item 1.

Consolidated Financial Statements

 

 

UNITED STATES BASKETBALL LEAGUE, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
ASSETS		May 31, 2014				February 28, 2014
		(Unaudited)
CURRENT ASSETS:
Cash and cash equivalents		$	13,727			$	10,978
Prepaid expenses			852				3,409
Total current assets			14,579				14,387
PROPERTY, NET of accumulated depreciation of $57,064 and $55,766, respectively			219,936				221,234
Total assets		$	234,515			$	235,621
LIABILITIES AND STOCKHOLDERS’ DEFICIENCY
CURRENT LIABILITIES:
Accounts payable and accrued expenses		$	173,696			$	176,232
Credit card obligations			11,193				11,655
Due to related parties			2,275,734				2,261,316
Total current liabilities			2,460,623				2,449,203
Total Liabilities			2,460,623				2,449,203
STOCKHOLDERS’ DEFICIENCY
Common stock, $0.01 par value; 30,000,000 shares authorized; issued 3,552,502 and 3,552,502 shares, respectively			35,525				35,525
Preferred stock, $0.01 par value; 2,000,000 shares authorized; 1,105,679 shares issued and outstanding			11,057				11,057
Additional paid-in-capital			2,679,855				2,679,855
Deficit			(4,910,091	)			(4,897,565	)
Treasury stock, at cost; 39,975 shares			(42,454	)			(42,454	)
Total stockholders’ deficiency			(2,226,108	)			(2,213,582	)
Total liabilities and stockholders’ deficiency		$	234,515			$	235,621

 

See notes to consolidated financial statements.

 

UNITED STATES BASKETBALL LEAGUE, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
		Three Months Ended
		May 31, 2014				May 31, 2013
REVENUES:
Rental income		$	11,946			$	11,946
			11,946				11,946
OPERATING EXPENSES:
Salaries			-				11,784
Professional fees			8,454				3,680
Transfer agent and EDGAR agent fees			1,294				4,064
Rent			3,000				3,000
Travel and promotion			314				2,041
Depreciation			1,298				1,298
Other			5,698				6,092
			20,058				31,959
Loss from operations			(8,112	)			(20,013	)
OTHER INCOME (EXPENSES):
Net gain (loss) from marketable equity securities			-				2,239
Interest expense			(4,414	)			(5,720	)
			(4,414	)			(3,481	)
NET LOSS		$	(12,526	)		$	(23,494	)
Earnings (loss) per common share:
Basic		$	(0.00	)		$	(0.01	)
Diluted		$	(0.00	)		$	(0.01	)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING
Basic			3,512,527				3,512,527
Diluted			3,512,527				3,512,527

 

See notes to consolidated financial statements.

 

 

UNITED STATES BASKETBALL LEAGUE, INC. AND SUBSIDIARY Consolidated Statements of Stockholders’ Deficiency (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, 2014			3,552,502			$	35,525				1,105,679			$	11,057			$	2,679,855			$	(4,897,565	)			39,975			$	(42,454	)		$	(2,213,582	)
Net loss (Unaudited)			-				-				-				-				-				(12,526	)			-				-				(12,526	)
Balance, May 31, 2014 (Unaudited)			3,552,502			$	35,525				1,105,679			$	11,057			$	2,679,855			$	(4,910,091	)			39,975			$	(42,454	)		$	(2,226,108	)

  

See notes to consolidated financial statements.

 

 

UNITED STATES BASKETBALL LEAGUE, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

 

		Three Months Ended
		May 31, 2014				May 31, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss		$	(12,526	)		$	(23,494	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation			1,298				1,298
Change in operating assets and liabilities:
Marketable equity securities			-				4,106
Prepaid expenses			2,557				-
Accounts payable and accrued expenses			(2,536	)			(9,573	)
Credit card obligations			(462	)			(3,789	)
Net cash used in operating activities			(11,669	)			(31,452	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Decrease (increase) in due from related parties			-				35,450
Increase (decrease) in due to related parties			14,418				(5,821	)
Net cash provided by financing activities			14,418				29,629
NET INCREASE ( DECREASE) IN CASH AND CASH EQUIVALENTS			(2,749	)			(1,823	)
CASH AND CASH EQUIVALENTS, beginning of period			10,978				11,642
CASH AND CASH EQUIVALENTS, end of period		$	13,727			$	9,819
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Interest paid		$	3,047			$	3,018
Income tax paid		$	-			$	-

 

See notes to consolidated financial statements.

 

 

UNITED STATES BASKETBALL LEAGUE, INC. AND SUBSIDIARY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

THREE MONTHS ENDED MAY 31, 2013

(Unaudited)

 

 

1.

Description of Business and Basis of Presentation

 

United States Basketball League, Inc. (“USBL”) was incorporated in Delaware on May 29, 1984 as a wholly owned subsidiary of Meisenheimer Capital, Inc. (“MCI”) for the purpose of developing and managing a professional basketball league, the United States Basketball League (the “League”). Since the inception of the League, USBL has primarily engaged in selling franchises and managing the League. From 1985 and up to the present time, USBL has sold a total of approximately forty active franchises (teams), a vast majority of which were terminated for non-payment of their respective franchise obligations. The 2008, 2009, 2010, 2011, 2012, 2013 and 2014 seasons 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.

 

Meisenheimer Capital Real Estate Holdings, Inc. (“MCREH”), a wholly owned subsidiary of USBL, owned a commercial building in Milford, Connecticut until June 19, 2014 (see Note 4).

 

At May 31, 2014, USBL and its wholly-owned subsidiary, Meisenheimer Capital Real Estate Holdings, Inc. (“MCREH” and collectively with the USBL, the “Company”) had negative working capital of $2,446,044, a stockholders’ deficiency of $2,226,108, and accumulated losses of $4,910,091. These factors, as well as the Company’s reliance on related parties (see Notes 6 and 8), 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 consolidated 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 consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, they may not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. In the opinion of management, the unaudited financial statements reflect all adjustments, which include only normal recurring adjustments, necessary for a fair presentation. Operating results for the three-month period ended May 31, 2014 may not necessarily be indicative of the results that may be expected for the year ending February 28, 2015. The notes to the consolidated financial statements should be read in conjunction with the notes to the consolidated financial statements contained in the Company’s Form 10-K for the year ended February 28, 2014.

 

2.

Summary of Significant Accounting Policies

 

Principles of consolidation - The accompanying consolidated financial statements include the accounts of USBL and MCREH. All significant intercompany accounts and transactions have been eliminated  in consolidation.

 

Fair value disclosures – The carrying amounts of the Company’s financial instruments, which consist of cash and cash equivalents, accounts payable and accrued expenses, credit card obligations, and due to related parties, approximate their fair value due to their short term nature or based upon values of comparable instruments.

 

Cash and cash equivalents - The Company considers all highly liquid debt instruments purchased with a maturity of three months or less to be cash equivalents.

 

Marketable equity securities – Marketable equity securities were recorded at fair value with unrealized gains and losses included in income. The Company classified its investment in marketable equity securities as trading securities. The change in net unrealized holding gain (loss) included in earnings for the three months ended May 31, 2014 and 2013 was $0 and $(2,059), respectively.

 

Depreciation expense - Depreciation is computed using the straight-line method over the building’s estimated useful life (30 years).

 

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 $980,000 at February 28, 2014) attributable to the USBL net operating loss carryforward.

 

As of February 28, 2014, USBL had a net operating loss carryforward of approximately $2,800,000 available to offset future taxable income. The carryforward expires in varying amounts from 2019 to 2034. 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 and MCREH file consolidated Federal and combined separate Connecticut income tax returns. The last returns filed were for the year ended December 31, 2012.

 

Estimates – The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

 

  

Stock-based compensation – Stock-based compensation is accounted for at fair value in accordance with Accounting Standards Codification (“ASC”) 718, “Compensation – Stock Compensation.” No stock options were granted during 2014 and 2013 and none are outstanding at May 31, 2014.

 

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 months ended May 31, 2014 and 2013 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.

 

Reclassifications – Certain prior year expenses have been reclassified to conform to the current period’s presentation.

 

3.

Marketable Equity Securities

 

For the three months ended May 31, 2013 (unaudited), gain (loss) on marketable equity securities consisted of:

 

		2013
Realized net gain (loss)		$	4,298
Unrealized net gain (loss)			(2,059	)
Net gain (loss)		$	2,239

 

 

4.

Property, Net

 

Property, net, consists of:

 

		May 31,				February 28,
		2014				2014
		(Unaudited)
Land		$	121,253			$	121,253
Building			155,747				155,747
Total			277,000				277,000
Less accumulated depreciation			(57,064	)			(55,766	)
Property, net		$	219,936			$	221,234

 

The property is a commercial building owned by MCREH located in Milford, Connecticut. From June 2008 to December 2010, MCREH had no tenants at the property.

 

  

On February 1, 2012, MCREH executed a Lease Agreement with an unrelated entity (“the Tenant”) to rent the property (on a Net Lease basis) for a term of 11 months from February 1, 2012 to December 31, 2012 at a monthly rent of $3,000. The lease also provided the Tenant an option to renew the lease for two additional periods of one year each at monthly rents of $3,150 (for the year ended December 31, 2013), and $3,300 (for the year ended December 31, 2014).

 

On June 19, 2014 (see Note 10), the property was sold to two individuals affiliated with the Tenant for $420,000 cash.

 

5.

Credit Card Obligations

 

USBL uses credit cards of related parties to pay for certain travel and promotion expenses. USBL has agreed to pay the credit card balances, including related interest. The credit card obligations bear interest at rates ranging up to 30% and are due in monthly installments of principal and interest.

 

6.

Due to Related Parties

 

Due to related parties consists of:

 

		May 31, 2014				February 28, 2014
		(Unaudited)
USBL loans payable to Spectrum Associates, Inc. (“Spectrum”), a corporation controlled by the two officers of USBL, interest at 6%, due on demand		$	1,239,289			$	1,239,289
USBL loans payable to the two officers of USBL, interest at 6%, due on demand			526,341				527,041
USBL loan payable to Genvest, LLC (“Genvest”), an entity controlled by the two officers of USBL			20,000				20,000
USBL loans to Daniel T. Meisenheimer, Jr. Trust, a trust controlled by the two officers of USBL, non-interest bearing, due on demand			44,100				44,100
MCREH notes payable to trusts for the benefit of the two officers of USBL, interest at 6%, due December 31, 2011			50,000				50,000
MCREH note payable to Spectrum, interest at 7%, due on demand, secured by MCREH property			25,000				25,000
MCREH note payable to president of USBL, interest at 7%, due on demand, secured by MCREH property			45,000				45,000
MCREH note payable to the two officers of USBL, interest at 7%, due on demand, secured by MCREH property			70,000				70,000
MCREH note payable to a trust for the benefit of the two officers of USBL, interest at 4%, due October 22, 2009, secured by MCREH property			70,000				70,000
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			177,504				162,386
Total			2,275,734				2,261,316
Less current portion			(2,275,734	)			(2,261,316	)
Non current portion		$	-			$	-

 

 

For the three months ended May 31, 2014 and 2013, interest due under the USBL loans was waived by the respective lenders.

 

At May 31, 2014 and February 28, 2014, accounts payable and accrued expenses included accrued interest payable on MCREH notes payable to related parties totaling $79,254 and $77,887, respectively.

 

7.

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.

 

8.

Related Party Transactions

 

For the three months ended May 31, 2014 and 2013, USBL included in other operating expenses, rent incurred to Genvest, LLC totaling $3,000 and $3,000, respectively.

 

9.

Commitments and Contingencies

 

Occupancy Agreement

 

In September 2007, the Company moved its office from the MCREH building to a building owned by Genvest LLC, an organization controlled by the two officers of USBL. Improvements to the Company’s space there were completed in February 2008. Pursuant to a verbal agreement, the Company is to pay Genvest monthly rentals of $1,000 commencing March 2008. At May 31, 2014 and February 28, 2014, accounts payable and accrued expenses included accrued rent payable to Genvest totaling $75,000 and $72,000, respectively.

 

 

Cancellation of 2008, 2009, 2010, 2011, 2012, 2013 and 2014 Seasons

 

USBL cancelled its seasons from 2008 through 2014. These cancellations may result in claims and legal actions from franchisees.

 

Litigation

 

On June 30, 2008, a legal action was commenced by Albany Patroons, Inc., a franchisee of USBL, against the Company in the United States District Court for the Northern District of New York. The complaint alleges breach of contract by USBL due to the suspension of the 2008 season and seeks total damages of $285,000. On September 5, 2008, the Company answered the complaint and asserted a counter-claim against plaintiff for breach of franchise agreement and/or memorandum of agreement. This action was discontinued and the parties agreed to proceed with binding arbitration. The Company believes that it has a meritorious defense to the action and does not expect the ultimate resolution of this matter to have a material adverse effect on its consolidated financial condition or results of operations.

 

10.

Subsequent Events

 

On June 19, 2014, the MCREH property located in Milford, Connecticut (see Note 4) was sold to two individuals affiliated with the Tenant for $420,000 cash. The gain on sale of the property was $192,931, as follows:

 

Sales price		$	420,000
Selling costs			(7,403	)
Net proceeds		$	412,597
Cost of property, net of accumulated depreciation of $57,334			(219,666	)
Gain on sale of property		$	192,931

 

On June 27, 2014, USBL repaid the $20,000 loan payable to Genvest and repaid $61,000 of the $1,239,289 loans payable to Spectrum at May 31, 2014 (see Note 6, “Due to Related Parties”).

 

On June 27, 2014, MCREH repaid the $25,000 note payable to Spectrum, repaid the $70,000 note payable to the two officers of USBL (and $14,998 accrued interest thereon), repaid the $50,000 notes payable to trusts for the benefit of the two officers of USBL (and $18,000 accrued interest thereon), and repaid the $70,000 note payable to a trust for the benefit of the two officers of USBL (and $32,694 accrued interest thereon). (see Note 6, “Due to Related Parties”).

 

 

Item 2. Management’s Discussion and Analysis of financial condition and results of operations.

 

OVERVIEW

 

Exclusive of the $192,931 gain on sale of the MCREH property in June 2014 (see Note 10 to consolidated financial statements), it is anticipated that the Company will continue to operate at a loss for the next twelve months. 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 Daniel Meisenheimer, III and one other employee for all marketing efforts. Their efforts have not resulted in any franchises.

 

CRITICAL ACCOUNTING POLICIES

 

Revenue Recognition

 

The Company generally uses the accrual method of accounting. However, due to the uncertainty of collecting royalty and franchise fees from the franchisees, the USBL records these revenues upon receipt of cash consideration paid or the performance of related services by the franchisee. Franchise fees earned in nonmonetary transactions are recorded at the fair value of the franchise granted or the service received, based on which value is more readily determinable. Upon the granting of the franchise, the Company has performed essentially all material conditions related to the sale.

  

THREE MONTHS ENDED MAY 31, 2014 AS COMPARED TO MAY 31, 2013

 

For the three months ended May 31, 2014 and 2013, the Company had no franchise fees or advertising revenues as a result of the cancellation of its seasons. Rental income was $11,946 in both the 2014 and 2013 three month periods.

 

Operating expenses decreased $11,901 from $31,959 for the three months ended May 31, 2013 to $20,058 for the three months ended May 31, 2014. The decrease in operating expenses was primarily due to the absence of salaries in 2014.

 

 

Other expenses, net, increased $933 from $3,481 in 2013 to $4,414 in 2014. The increase was due to the absence of any net gain from marketable equity securities in 2014 ($2,239 in 2013), offset by $1,306 lower interest expense in 2014.

 

Net loss for the three months ended May 31, 2014 was $12,526 as compared to net loss of $23,494 for the three months ended May 31, 2013. The decrease in net loss was due primarily to the $11,901 decrease in operating expenses in 2014.

 

LIQUIDITY AND CAPITAL RESOURCES

 

The Company had cash and cash equivalents of $13,727 and a working capital deficit of $2,446,044 at May 31, 2014. The Company's statement of cash flows reflects cash used in operating activities of $11,669, which results primarily from the $12,526 net loss. Net cash provided by financing activities was $14,418 in 2014 compared to $29,629 in 2013. 

 

The Company expects it will continue to have to rely on affiliates for loans and revenues to assist it in meeting its current obligations. With respect to long term needs, the Company recognizes that in order for the USBL and League to be successful, USBL has to develop a meaningful sales and promotional program. This will require an investment of additional capital. Given the Company's current financial condition, the ability of the Company’s ability to raise additional capital other than from affiliates is questionable. At the current time the Company has no definitive plan as to how to raise additional capital and schedule a 2014 season.

 

ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

 

Not applicable.

 

Item 4.

Controls and Procedures.

 

Under the supervision and with the participation of our management, including our principal executive and financial officers, we have evaluated the effectiveness of the design and operation of our disclosure controls and procedures as of May 31, 2014 and, based on such evaluation, our principal executive and financial officers have concluded that these controls and procedures are effective. There were no changes in our internal control over financial reporting that occurred during the quarter ended May 31, 2014 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.

 

 

PART II

OTHER INFORMATION

  

ITEM 6.

EXHIBITS.

 

Exhibit No.:	Description:
31.1*	Certification of President (principal executive officer)
31.2*	Certification of Chief Financial Officer (principal financial officer)
32*    101.INS 101.SCH 101.CAL 101.DEF 101.LAB 101.PRE   *	Certification pursuant to 18 U.S.C. Section 1350 adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002   XBRL Instance Document XBRL Taxonomy Extension Schema Document XBRL Taxonomy Extension Calculation Document XBRL Taxonomy Extension Definitions Document XBRL Taxonomy Extension Labels Document XBRL Taxonomy Extension Presentations Document   Filed herewith

 

 

SIGNATURES

 

Pursuant to the requirements of Section 13 or 15 (d) 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 on the 21^st day of July, 2014.

 

	UNITED STATES BASKETBALL LEAGUE, INC.
	By:	/s/ Daniel T. Meisenheimer III
		Daniel T. Meisenheimer III
		Chairman and President
	By:	/s/ Richard C. Meisenheimer
		Richard C. Meisenheimer
		Chief Financial Officer and
		Director

 

 

EXHIBIT INDEX

 

Exhibit No.:	Description:
31.1*	Certification of President (principal executive officer)
31.2*	Certification of Chief Financial Officer (principal financial officer)
32*    101.INS 101.SCH 101.CAL 101.DEF 101.LAB 101.PRE   *	Certification pursuant to 18 U.S.C. Section 1350 adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002   XBRL Instance Document XBRL Taxonomy Extension Schema Document XBRL Taxonomy Extension Calculation Document XBRL Taxonomy Extension Definitions Document XBRL Taxonomy Extension Labels Document XBRL Taxonomy Extension Presentations Document   Filed herewith