Forward-looking Statements

There are "forward-looking statements" contained in this quarterly report. All statements that express expectations, estimates, forecasts or projections are forward-looking statements. In addition, other written or oral statements which constitute forward-looking statements may be made by us or on our behalf. Words such as "expect," "anticipate," "intend," "plan," "believe," "seek," "estimate," "project," "forecast," "may," "should," and variations of such words and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions which are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in or suggested by such forward-looking statements. We undertake no obligation to update or revise any of the forward-looking statements after the date of this quarterly report to conform forward-looking statements to actual results. Important factors on which such statements are based are assumptions concerning uncertainties, including but not limited to, uncertainties associated with the following:

? Inadequate capital and barriers to raising the additional capital or to

obtaining the financing needed to implement our business plans;

? Our failure to earn revenues or profits;

? Inadequate capital to continue business;

? Volatility or decline of our stock price;

? Potential fluctuation in quarterly results;

? Rapid and significant changes in markets;

? Litigation with or legal claims and allegations by outside parties; and

? Insufficient revenues to cover operating costs.

The following discussion should be read in conjunction with the financial statements and the notes thereto which are included in this quarterly report. This discussion contains forward-looking statements that involve risks, uncertainties and assumptions. Our actual results may differ substantially from those anticipated in any forward-looking statements included in this discussion as a result of various factors.

OVERVIEW

United States Basketball League, Inc. (OTC: USBL) is an emerging diversified investment vehicle focused on participating in and acquiring interests that are leading edge in their respective market niches, and that have expectations of enhancing shareholder values. Based in Tampa, Florida, the Management, Advisors, and the Board of the Company are currently engaged in evaluating and assessing new business opportunities.

Results of Operations

The three months ended May 31,2022 compared to the three months ended May 31, 2021

Professional Fees

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.

General and Administrative Expense

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.



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Director Compensation

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.

Other Income/Expense

We had no other income or expense for three months ended May 31, 2022. For the three months ended May 31, 2021, we recognized a gain of forgiveness of debt of $66,747.

Net Loss

For the three months ended May 31, 2022, we had a net loss of $38,401 compared to $18,648 for the three months ended May 31, 2021.

Liquidity and Capital Resources

Operating Activities

For the three months ended May 31, 2022, the company used $27,314 in operating activities compared to $52,277 for the three months ended May 31, 2021.

Financing Activities

During the three months ended May 31, 2022, we neither received nor used any funds for financing activities. During the three months ended May 31, 2021, we received $240,000 from the sale of common stock, a cash advance from our CEO of $3,000 and $39,994 from members of the prior management. We also received $3,581 from another party to assist with general operating expenses.

Off Balance Sheet Arrangements

We have no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors.

Critical Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Note 2 to the Financial Statements describes the significant accounting policies and methods used in the preparation of the Financial Statements. Estimates are used for, but not limited to, contingencies and taxes. Actual results could differ materially from those estimates. The following critical accounting policies are impacted significantly by judgments, assumptions, and estimates used in the preparation of the Financial Statements.

Recent Accounting Pronouncements

We have reviewed other recently issued accounting pronouncements and plan to adopt those that are applicable to us. We do not expect the adoption of any other pronouncements to have an impact on our results of operations or financial position.

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