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United States Basketball League (USBL)

United States Basketball League, Inc. (“USBL”) is a holding company currently evaluating and assessing new business opportunities. The Company was incorporated in Delaware on May 29, 1984 as a wholly owned subsidiary of Meisenheimer Capital, Inc. (“MCI”) for the purpose of developing and managing a professional basketball league, the United States Basketball League (the “League”). Since the inception of the League, USBL has primarily engaged in selling franchises and managing the League. From 1985 and up to the present time, USBL has sold a total of approximately forty active franchises (teams), a vast majority of which were terminated for non-payment of their respective franchise obligations. Seasons from 2008 through 2018, inclusive, have been cancelled.

Company profile

Ticker
USBL
Exchange
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
SEC CIK

Calendar

14 Jul 22
12 Aug 22
28 Feb 23
Quarter (USD) May 22 Feb 22 Nov 21 Aug 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Feb 22 Feb 21 Feb 20 Feb 19
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 153.44K 153.44K 153.44K 153.44K 153.44K 153.44K
Cash burn (monthly) 9.1K 6.74K 12.8K 21.42K 9.1K 7.75K
Cash used (since last report) 21.88K 16.21K 30.77K 51.49K 21.88K 18.63K
Cash remaining 131.56K 137.23K 122.67K 101.96K 131.56K 134.81K
Runway (months of cash) 14.4 20.3 9.6 4.8 14.4 17.4

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
4 Mar 22 EROP Capital Common stock Grant Acquire A No No 0 1,699,146 0 4,022,805
4 Mar 22 EROP Capital Convertible Preferred Common Stock Conversion Dispose C No No 0 1,105,679 0 0

Financial report summary

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Management Discussion
  • For the three months ended May 31, 2022, the company incurred $7,500 of professional fees compared to $12,025 for the three months ended May 31, 2021, a decrease of $4,525 or 37.6%. Professional fees generally consist of audit, legal, accounting and transfer agent fees expense. The decrease in the current period is mainly due to a decrease of legal fees during the current period.
  • For the three months ended May 31, 2022, the company incurred $30,901 of general and administrative expense compared to $25,370 for the three months ended May 31, 2021 an increase of $5,531 or 21.8%. The increase in the current period is primarily the result of increased consulting expense.
  • For the three months ended May 31, 2022, the company incurred $0 of director compensation expense compared to $48,000 for the three months ended May 31, 2021. During the prior period we issued common stock to two of our directors for total non-cash stock compensation of $48,000.

Content analysis

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Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
8th grade Avg
New words: condensed, GAAP, goodwill, impairment, leaving, prepaid
Removed: accrued, advanced, affiliated, agreed, ASU, bearing, beginning, cancel, cancellation, consisted, controlled, credited, December, declared, demand, Derivative, FASB, guidance, Hedging, individual, interest, invested, Jr, loan, MCREH, November, paid, payable, previously, Refer, related, restricted, stat, Topic, trust
Proxies
No filings