**FORM        10-QSB**

| (Mark                  One)                                                                                                                        |
|----------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                               |   |
| x  QUARTERLY                  REPORT UNDER SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT                  OF                  1934 |
|                                                                                                                                               |   |
|                                                                                                                                               | For                  the quarterly period ended November 30, 2007 |
|                                                                                                                                               |   |
| o TRANSITION                  REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT                                                            |
|                                                                                                                                               |   |
|                                                                                                                                               | For                  the transition period from                                                   to |
|                                                                                                                                               |   |
|                                                                                                                                               | Commission                  File Number 1-15913 |

**UNITED        STATES BASKETBALL LEAGUE, INC.**

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

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| Yeso                  No x |  |
|----------------------------|--|

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|                     |   |                                                                                                                                              | PAGE   |
|--------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| PART I.             |   | FINANCIAL                INFORMATION                                                                                                              |   |
|                     |   |                                                                                                                                              |   |
| Item 1.             |   | UNAUDITED                  FINANCIAL STATEMENTS.                                                                                                  |   |
|                     |   |                                                                                                                                              |   |
|                     |   | Consolidated                Balance Sheets – November 30, 2007 and February 28,                2007                                    | 3      |
|                     |   |                                                                                                                                              |   |
|                     |   | Consolidated                Statements of Operations for the three and nine months ended November                30,                2007 and 2006 | 4      |
|                     |   |                                                                                                                                              |   |
|                     |   | Consolidated                Statement of Stockholders’ Deficiency                                                                           | 5      |
|                     |   |                                                                                                                                              |   |
|                     |   | Consolidated                Statements of Cash Flows for the nine months ended November 30, 2007                and                2006           | 6      |
|                     |   |                                                                                                                                              |   |
|                     |   | Notes                to Consolidated Financial Statements                                                                                         | 7      |
|                     |   |                                                                                                                                              |   |
| Item 2.   |   | Management’s                Discussion and Analysis or Plan of Operation                                                                    | 12     |
|                     |   |                                                                                                                                              |   |
| Item 3.        |   | Controls                and Procedures                                                                                                            | 13     |
|                     |   |                                                                                                                                              |   |
| PART II.            |   | OTHER                INFORMATION                                                                                                                  | 14     |
|                     |   |                                                                                                                                              |   |
| Item 6.   |   | Exhibits                                                                                                                                          | 14     |

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**PART      I**

**FINANCIAL      INFORMATION**

**ITEM      1.  CONSOLIDATED      FINANCIAL STATEMENTS.**

|                                                                                                                                                                          |   | November 30,2007 |       | February 28,2007 |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------|------------|-----------------------|--------|
|                                                                                                                                                                          |   | (Unaudited)           |       |                  |   |
| ASSETS                                                                                                                                                                        |   |                  |       |                  |   |
|                                                                                                                                                                          |   |                  |       |                  |   |
| CURRENT                ASSETS:                                                                                                                                                |   |                  |       |                  |   |
| Cash                and cash equivalents                                                                                                                                      |   | $                     | 501        |                  | $      | 4,061 |   |
| Marketable                equity securities                                                                                                                                   |   |                  | 3,642      |                  |   | 1,149 |   |
| Inventory                                                                                                                                                                     |   |                  | 8,573      |                  |   | 8,573 |   |
| Prepaid                expenses and other current assets                                                                                                                      |   |                  | 600        |                  |   | 600 |   |
| Due                from related party                                                                                                                                         |   |                  | 25,106     |                  |   | 14,459 |   |
| Total                current assets                                                                                                                                           |   |                  | 38,422     |                  |   | 28,842 |   |
|                                                                                                                                                                          |   |                  |       |                  |   |   |   |
|                                                                                                                                                                          |   |                  |       |                  |   |   |   |
| PROPERTY,                NET                                                                                                                                                  |   |                  | 253,684    |                  |   | 257,578 |   |
| Total                assets                                                                                                                                                   |   | $                     | 292,106    |                  | $      | 286,420 |   |
|                                                                                                                                                                          |   |                  |       |                  |   |   |   |
| LIABILITIES                AND STOCKHOLDERS’ DEFICIENCY                                                                                                                 |   |                  |       |                  |   |   |   |
|                                                                                                                                                                          |   |                  |       |                  |   |   |   |
| CURRENT                LIABILITIES:                                                                                                                                           |   |                  |       |                  |   |   |   |
| Accounts                payable and accrued expenses                                                                                                                          |   | $                     | 43,385     |                  | $      | 59,902 |   |
| Judgment                Reserve                                                                                                                                               |   |                  | -          |                  |   | 150,000 |   |
| Credit                card obligations                                                                                                                                        |   |                  | 102,087    |                  |   | 91,558 |   |
| Due                to related parties                                                                                                                                         |   |                  | 935,731    |                  |   | 691,432 |   |
| Current                portion of mortgage payable                                                                                                                            |   |                  | 76,987     |                  |   | 10,697 |   |
|                                                                                                                                                                          |   |                  |       |                  |   |   |   |
| Total                current liabilities                                                                                                                                      |   |                  | 1,158,190  |                  |   | 1,003,589 |   |
| Due                to related parties, net of current portion                                                                                                                 |   |                  | 50,000     |                  |   | 50,000 |   |
| Mortgage                payable, net of current portion                                                                                                                       |   |                  | -          |                  |   | 74,178 |   |
| Total                Liabilities                                                                                                                                              |   |                  | 1,208,190  |                  |   | 1,127,767 |   |
| STOCKHOLDERS’                DEFICIENCY                                                                                                                                 |   |                  |       |                  |   |   |   |
| Common                stock, $0.01 par value; 30,000,000 shares                authorized; issued and outstanding 3,522,502                and 3,522,502, shares respectively |   |                  | 35,225     |                  |   | 35,225 |   |
| 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                                                                                                                                     |   |                  | 2,668,155  |                  |   | 2,668,155 |   |
| Deficit                                                                                                                                                                       |   |                  | (3,588,067 | )                     |   | (3,513,330 | ) |
| Treasury                stock, at cost; 39,975 shares                                                                                                                         |   |                  | (42,454    | )                     |   | (42,454 | ) |
| Total                stockholders’ deficiency                                                                                                                           |   |                  | (916,084   | )                     |   | (841,347 | ) |
|                                                                                                                                                                          |   |                  |       |                  |   |   |   |
| Total                liabilities and stockholders’ deficiency                                                                                                           |   | $                     | 292,106    |                  | $      | 286,420 |   |

----

|                                                                               |   | Three Months Ended |      | Nine Months Ended |   |
|------------------------------------------------------------------------------------|--------|------------------------------|-----------|-----------------------------|--------|
|                                                                               |   | November 30,2007        |      | November 30,2006       |   | November 30,2007 |   | November 30,2006 |   |
|                                                                               |   |                         |      |                        |   |   |   |   |   |
| REVENUES:                                                                          |   |                         |      |                        |   |   |   |   |   |
| Initial                franchise fees                                              |   | $                            | -         |                        | $      | - |   | $ | - |   | $ | - |   |
| Continuing                franchise fees                                           |   |                         | -         |                        |   | 5,000 |   |   | 85,000 |   |   | 109,250 |   |
| Sponsorship/advertising                                                            |   |                         | -         |                        |   | 61,000 |   |   | 45,000 |   |   | 188,500 |   |
| Other                                                                              |   |                         | 16,575    |                        |   | 16,274 |   |   | 49,698 |   |   | 43,930 |   |
|                                                                                    |   |                              | 16,575    |                             |        | 82,274 |  |  | 179,698 |  |  | 341,680 |   |
|                                                                               |   |                         |      |                        |   |   |   |   |   |   |   |   |   |
| OPERATING                EXPENSES:                                                 |   |                         |      |                        |   |   |   |   |   |   |   |   |   |
| Consulting                                                                         |   |                         | 1,000     |                        |   | 2,850 |   |   | 79,500 |   |   | 105,850 |   |
| Judgment                Reserve                                                    |   |                         | -         |                        |   | 150,000 |   |   | - |   |   | 150,000 |   |
| Referee                fees                                                        |   |                         | -         |                        |   | 600 |   |   | 20,200 |   |   | 46,141 |   |
| Salaries                                                                           |   |                         | 14,950    |                        |   | 14,950 |   |   | 44,850 |   |   | 44,850 |   |
| Travel                and promotion                                                |   |                         | 15,635    |                        |   | 14,659 |   |   | 19,013 |   |   | 61,231 |   |
| Depreciation                                                                       |   |                         | 1,298     |                        |   | 1,298 |   |   | 3,894 |   |   | 3,894 |   |
| Other                                                                              |   |                         | 15,105    |                        |   | 16,236 |   |   | 63,463 |   |   | 63,318 |   |
|                                                                               |   |                         | 47,988    |                        |   | 200,593 |   |   | 230,920 |   |   | 475,284 |   |
|                                                                               |   |                         |      |                        |   |   |   |   |   |   |   |   |   |
| Income                (loss) from operations                                       |   |                         | (31,413   | )                           |   | (118,319 | ) |   | (51,222 | ) |   | (133,604 | ) |
|                                                                               |   |                         |      |                        |   |   |   |   |   |   |   |   |   |
| OTHER                INCOME (EXPENSES):                                            |   |                         |      |                        |   |   |   |   |   |   |   |   |   |
| Net                gain (loss) from marketable equity securities                   |   |                         | 307       |                        |   | (10,621 | ) |   | (714 | ) |   | (11,877 | ) |
| Interest                expense                                                    |   |                         | (9,882    | )                           |   | (9,635 | ) |   | (22,817 | ) |   | (22,692 | ) |
| Interest                and dividend income                                        |   |                         | 2         |                        |   | 9 |   |   | 16 |   |   | 97 |   |
|                                                                               |   |                         | (9,573    | )                           |   | (20,247 | ) |   | (23,515 | ) |   | (34,472 | ) |
| NET                INCOME (LOSS)                                                   |   | $                            | (40,986   | )                           | $      | (138,566 | ) | $ | (74,737 | ) | $ | (168,076 | ) |
|                                                                               |   |                         |      |                        |   |   |   |   |   |   |   |   |   |
| Earnings                (loss) per common share:                                   |   |                         |      |                        |   |   |   |   |   |   |   |   |   |
| Basic                                                                              |   | $                            | (.01      | )                           | $      | (.04 | ) | $ | (.02 | ) | $ | (.05 | ) |
| Diluted                                                                            |   | $                            | (.01      | )                           | $      | (.04 | ) | $ | (.02 | ) | $ | (.05 | ) |
| WEIGHTED                AVERAGE NUMBER OF COMMON                SHARES OUTSTANDING |   |                         |      |                        |   |   |   |   |   |   |   |   |   |
| Basic                                                                              |   |                         | 3,482,527 |                        |   | 3,482,527 |   |   | 3,482,527 |   |   | 3,483,377 |   |
| Diluted                                                                            |   |                         | 4,588,206 |                        |   | 4,588,206 |   |   | 4,588,206 |   |   | 4,589,056 |   |

----

**(Unaudited)**

|                                     |   | Common Stock |      | Preferred Stock |   | Additional        |   |   |      |           |   | Total   |   |
|------------------------------------------|--------|-------------------|-----------|----------------------|--------|-------------------|--------|--------|-----------|----------------|--------|---------|--------|
|                                     |   | SharesOutstanding |      | Amount               |   | SharesOutstanding |   | Amount |      | Paid-inCapital |   | Deficit |   | TreasuryStock |   | Stockholders’Deficiency |   |
| Balance                February 28, 2007 |   |              | 3,522,502 |                 | $      | 35,225            |   |   | 1,105,679 |           | $      | 11,057  |   | $ | 2,668,155 |   | $ | (3,513,330 | )  | $ | (42,454 | )  | $ | (841,347 | ) |
| Net                loss                  |   |              | -         |                 |   | -                 |   |   | -         |           |   | -       |   |   | - |   |   | (74,737 | ) |   | - |   |   | (74,737 | ) |
|                                     |   |              |      |                 |   |              |   |   |      |           |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance                November 30, 2007 |   |              | 3,522,502 |                 | $      | 35,225            |   |   | 1,105,679 |           | $      | 11,057  |   | $ | 2,668,155 |   | $ | (3,588,067 | ) | $ | (42,454 | ) | $ | (916,084 | ) |

----

|                                                                                                                            |   | Nine Months Ended |     |
|---------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------|----------|
|                                                                                                                            |   | November 30,2007       |     | November 30,2006 |   |
|                                                                                                                            |   |                        |     |   |   |
| CASH                FLOWS FROM OPERATING ACTIVITIES:                                                                            |   |                        |     |   |   |
| Net                income (loss)                                                                                                |   | $                           | (74,737  | ) | $ | (168,076 | ) |
| Adjustments                to reconcile net income(loss) to net                cash provided by (used in) operating activities: |   |                        |     |   |   |   |   |
| Depreciation                                                                                                                    |   |                        | 3,894    |   |   | 3,894 |   |
| Judgment                Reserve                                                                                                 |   |                        | (150,000 | ) |   | 150,000 |   |
| Non-cash                compensation                                                                                            |   |                        | -        |   |   | (3,825 | ) |
| Change                in operating assets and liabilities:                                                                      |   |                        |     |   |   |   |   |
| Marketable                equity securities                                                                                     |   |                        | (2,493   | ) |   | 5,291 |   |
| Accounts                payable and accrued expenses                                                                            |   |                        | (16,517  | ) |   | (21,076 | ) |
| Credit                card obligations                                                                                          |   |                        | 10,529   |   |   | 20,300 |   |
|                                                                                                                            |   |                        |          |   |   |   |   |
| Net                cash used in operating activities                                                                            |   |                        | (229,324 | ) |   | (13,492 | ) |
|                                                                                                                            |   |                        |     |   |   |   |   |
| CASH                FLOWS FROM FINANCING ACTIVITIES:                                                                            |   |                        |          |   |   |   |   |
| Loans                from (repayments to) related parties                                                                       |   |                        | 233,652  |   |   | 23,319 |   |
| Decrease                in mortgage payable                                                                                     |   |                        | (7,888   | ) |   | (7,359 | ) |
|                                                                                                                            |   |                        |     |   |   |   |   |
| Net                cash provided by financing activities                                                              |   |                        | 225,764  |   |   | 15,960 |   |
|                                                                                                                            |   |                        |     |   |   |   |   |
| NET                INCREASE(DECREASE) IN CASH AND CASH EQUIVALENTS                                                              |   |                        | (3,560   | ) |   | 2,468 |   |
|                                                                                                                            |   |                        |     |   |   |   |   |
| CASH                AND CASH EQUIVALENTS, beginning of period                                                                   |   |                        | 4,061    |   |   | 5,517 |   |
|                                                                                                                            |   |                        |     |   |   |   |   |
| CASH                AND CASH EQUIVALENTS, end of period                                                                         |   | $                           | 501      |   | $ | 7,985 |   |
| SUPPLEMENTAL                DISCLOSURES OF CASH FLOW INFORMATION:                                                               |   |                        |     |   |   |   |   |
| Interest                paid                                                                                                    |   | $                           | 20,179   |  | $ | 22,817 |   |
| Income                tax paid                                                                                                  |        | $                           | -        |   | $ | -  |   |

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| 1. | **Description                  of Business and Basis of Presentation**: |
|----|-------------------------------------------------------------------------|

| 2. | **Summary                of Significant Accounting Policies**: |
|----|----------------------------------------------------------------|

***Principles      of consolidation***

***Fair      value disclosures –***

----

***Cash      and cash equivalents -***

***Marketable      equity securities ***
*–      *

***Inventory      -***

***Depreciation      expense -***

***Revenue      recognition -***

***Income      taxes***

***Estimates***
*–*

----

***Advertising      costs***

***Stock-based      compensation***

***Earnings      (loss) per share***
**      - **
*.*

***Comprehensive      income***
*–*

***Referee      fees***
*–*

| **3.** | **Due                From Related Party** |
|--------|-------------------------------------------|

| **4.** | **Property,                Net** |
|--------|----------------------------------|

|                                    |   | November 30,2007 |    | February 28,2007 |   |
|-----------------------------------------|--------|-----------------------|---------|-----------------------|--------|
|                                    |   | (unaudited)           |    |                  |   |
|                                    |   |                  |    |                  |   |
| Land                                    |   | $                     | 121,253 |                  | $      | 121,253 |   |
| Building                                |   |                  | 155,747 |                  |   | 155,747 |   |
| Total                                   |   |                  | 277,000 |                  |   | 277,000 |   |
|                                    |   |                  |    |                  |   |   |   |
| Accumulated                depreciation |   |                  | (23,316 | )                     |   | (19,422 | ) |
|                                    |   |                  |    |                  |   |   |   |
| Property,                net            |   | $                     | 253,684 |                  | $      | 257,578 |   |

----

| **5.** | **Judgment                Reserve** |
|--------|-------------------------------------|

| **6.** | **Credit                Card Obligations** |
|--------|--------------------------------------------|

| **7.** | **Due                to Related Parties** |
|--------|-------------------------------------------|

|                                                                                                                                                                                                      |   | November 30,2007 |     | February 28,2007 |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------|----------|-----------------------|--------|
|                                                                                                                                                                                                      |   | Unaudited             |     |                  |   |
| USBL                loans payable to Spectrum Associates, Inc. (“Spectrum”), a corporation                controlled by the two officers of USBL, interest at 6% due                on demand |   | $                     | 518,920  |                  | $      | 436,920 |   |
| USBL                loans payable to the two officers of USBL, interest                at 6% due on demand                                                                                                |   |                  | 276,811  |                  |   | 254,512 |   |
| MCREH                note payable to mother 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   |                  |   | - |   |
| MCREH                note payable to president of USBL, interest at 7%, due                on demand, secured by MCREH property                                                                           |   |                  | 45,000   |                  |   | - |   |
| MCREH                note payable to mother of the two officers of USBL, interest                at 7%, due on demand, secured by MCREH property                                                          |   |                  | 70,000   |                  |   | 70,000 |   |
|                                                                                                                                                                                                      |   |                  |     |                  |   |   |   |
| Total                                                                                                                                                                                                     |   |                  | 985,731  |                  |   | 741,432 |   |
| Less                current portion                                                                                                                                                                       |   |                  | (935,731 | )                     |   | (691,432 | ) |
| Noncurrent                portion                                                                                                                                                                         |   | $                     | 50,000   |                  | $      | 50,000 |   |

----

| **8.** | **Mortgage                Payable** |
|--------|-------------------------------------|

| Year                Ending February 28, |   |   |   |
|-----------------------------------------|--------|--------|--------|
| 2008                                    |   | $      | 2,930  |   |
| 2009                                    |   |   | 74,057 |   |
|                                    |   |   |   |   |
| Total                                   |   | $      | 76,987 |   |

| **9.** | **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. |

| **10.** | **Related                Party Transactions**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|    | In                the three and nine months ended November 30, 2007 and 2006, USBL                included                in continuing franchise fees revenues from MCI of $0, $75,000, $0,                and                $75,000 respectively. In                the three and nine months ended November 30, 2007 and 2006, USBL                received                advertising revenues from Spectrum totaling $0, $45,000, $61,000,                and                $188,500, respectively. In                the three and nine months ended November 30, 2007 and 2006, MCREH                received                rental income from Cadcom, Inc., a corporation controlled by the                two                officers of USBL, totaling $16,500, $49,500, $16,200, and $42,600,                respectively. In                the three and nine months ended November 30, 2007 and 2006, USBL                included                in consulting fees expenses to MCI of $0, $75,000, $0, and $90,000                respectively. |
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| **11.** | **Commitment**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |

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| **ITEM 2.** | **MANAGEMENT’S                DISCUSSION AND ANALYSIS OR PLAN OF OPERATION.**** ** |
|------------------|-----------------------------------------------------------------------------------------------|

----

| **ITEM 3.** | **CONTROLS                  AND PROCEDURES.** **** |
|------------------|---------------------------------------------------------|

----

**PART      II**

**OTHER      INFORMATION**

| **ITEM 6.** | ****Exhibits.**** |
|------------------|-------------------|

| Exhibit No.: |   | Description:                                                                                                                                                    |
|-------------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|
|              |   |                                                                                                                                                            |
| 31.1              |   | Certification                of principal executive officer                                                                                                     |
|              |   |                                                                                                                                                            |
| 31.2              |   | Certification                of principal financial officer                                                                                                     |
|              |   |                                                                                                                                                            |
| 32                |   | Certification                pursuant to 18 U.S.C. Section 1350 adopted pursuant to Section 906                of the                Sarbanes-Oxley Act of 2002 |

----

**SIGNATURES**

| 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 principal executive officer                                                                                                     |
|              |   |                                                                                                                                                            |
| 31.2              |   | Certification                of principal financial officer                                                                                                     |
|              |   |                                                                                                                                                            |
| 32                |   | Certification                pursuant to 18 U.S.C. Section 1350 adopted pursuant to Section 906                of the                Sarbanes-Oxley Act of 2002 |

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