SECURITIES AND EXCHANGE COMMISSION
                      Washington D.C. 20549


                            FORM 10-QSB

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


For the Three Months Ended                               Commission File Number
   November 30, 2001                                            1-15913


                 UNITED STATES BASKETBALL LEAGUE, INC.
                           46 Quirk Road
                      Milford, Connecticut 06460
                         Tel: 203-877-9501


 Delaware                                                06-1120072
(State of Incorporation)                    (I.R.S. Employer Identification No.)



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,  and (2) has  been  subject  to such  filing
requirements for the past 90 days.
                                                                   Yes x
                                                                   No




As of January 15, 2002, the latest practicable date, there were 3,485,502 shares
of Common Stock, $.01 par value per share issued and outstanding.
<PAGE>

                  UNITED STATES BASKETBALL LEAGUE, INC.


                               INDEX

                                                                   PAGE

PART I.           FINANCIAL INFORMATION

Item 1.           Unaudited Financial Statements:

Balance Sheets - November 30, 2001 and February 28, 2001.............3

Statements of Operations for the Three Months and Nine
Months Ended November 30, 2001 and 2000 .............................4

Statement of Stockholders' Deficiency for
the Nine Months Ended November 30, 2001. ............................5

Statements of Cash Flow for the Nine Months
Ended November 30, 2001 and 2000 ....................................6

Notes to Consolidated Financial Statements.........................7-9


Item 2.           Management's Discussion and Analysis of
                  Financial Condition and Results of Operations.  10-12


PART II.          OTHER INFORMATION..................................13


                                                         2

<PAGE>











                   UNITED STATES BASKETBALL LEAGUE, INC.
                           FINANCIAL STATEMENTS
                            NINE MONTHS ENDED

                            NOVEMBER 30, 2001























<PAGE>

<TABLE>
<CAPTION>



                                       UNITED STATES BASKETBALL LEAGUE, INC.
                                                  BALANCE SHEETS

                                        November 30,                February 28,
                                           2001                        2001
         ASSETS                         (Unaudited)
<S>     <C>    <C>    <C>    <C>    <C>    <C>

CURRENT ASSETS:
         Cash                         $    9,397                 $      587
         Due from affiliates             330,063                    277,058
         Inventory                        30,651                     29,534
         Prepaid Advertising Credits        -0-                     100,000
         Other current assets                600                        600
                                          --------                   ------
                  Total current assets    370,711                   407,779

EQUIPMENT, net                              4,076                     8,918
                                          -------                 ---------
                                       $  374,787                $  416,697
                                          =======                  ========


                  LIABILITIES AND STOCKHOLDERS' DEFICIENCY

CURRENT LIABILITIES:
         Accounts payable and
          accrued expenses             $   54,983                $  74,981
         Due to affiliates                196,867                  136,867
         Loans payable -
          stockholders                    258,498                  270,064
                                          -------                  -------
            Total current liabilities     510,348                  481,912
                                          -------                  -------
STOCKHOLDERS' DEFICIENCY
     Common stock, $0.01 par value
     30,000,000 shares authorized;
     3,485,502 shares issued
           and outstanding                 34,855                   34,855
     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     2,619,692                2,612,192
         Deficit                       (2,758,711)              (2,680,865)
         Treasury stock, at cost;
         39,975 shares                    (42,454)                 (42,454)
                                         ---------               ----------
     Total stockholders'deficiency       (135,561)                 (65,215)
                                          --------                ---------

                                     $    374,787              $   416,697
                                        =========               ==========

                                         See notes to financial statements

                                                         3
<PAGE>


                        UNITED STATES BASKETBALL LEAGUE, INC.
                            STATEMENTS OF OPERATIONS
                                   (Unaudited)

                                                Three Months Ended                                   Nine Months Ended

                                         November 30,             November 30,           November 30,             November 30,
                                            2001                     2000                   2001                      2000

REVENUES:
   Initial franchise fees           $      20,000          $         -0-           $        170,000           $    251,000
   Continuing franchise fees               71,935                   88,500                  187,212                211,500
   Sponsorship/Advertising                   -0-                     -0-                     65,000                 27,000
   Other                                    6,302                   21,071                    9,875                 28,208
                                           -------                 -------                  -------                -------
                                           98,237                  109,571                  432,087                517,708
                                           -------                 -------                  -------                -------
OPERATING EXPENSES:
   Consulting                               5,900                    9,400                  111,984                111,121
   Team expenses                             -0-                    19,369                   80,248                 59,466
   Advertising                              1,510                    9.961                   23,761                 22,349
   Salaries                                17,525                   10,500                   40,525                 37,700
   Travel                                   6,356                   18,615                   36,325                 47,468
   Depreciation                             1,614                    1,614                    4,842                  4,842
   Professional fees                        2,700                    1,385                    5,840                 11,945
   Asset Impairment                       100,000                     -0-                   100,000                   -0-
   Other                                   10,561                   32,455                  101,958                121,988
                                          -------                   ------                  -------                -------
                                          146,166                  103,299                  505,483                416,879
                                          -------                  -------                  -------                -------

(LOSS) Income from operations             (47,929)                   6,272                  (73,396)               100,829
                                          --------                 -------                  -------                -------
OTHER INCOME (EXPENSES):
   Interest expense                        (1,334)                  (1,535)                  (4,534)                (3,710)
   Interest income                            41                      32                        84                    186
                                          --------                  -------                  -------                -------
                                           (1,293)                  (1,503)                  (4,450)                (3,524)

NET (LOSS) INCOME                   $     (49,222)           $       4,769          $       (77,846)          $     97,305
                                          --------                   ------                  -------                -------
NET (LOSS) INCOME
     PER SHARE                      $       (.01)            $         -0-          $        (.02)            $       .03
WEIGHTED AVERAGE                          --------                   ------                  -------               --------
NUMBER OF COMMON
SHARES OUTSTANDING                      3,445,527                3,443,527                3,445,527              3,443,527
                                        =========                =========                ==========              =========




                                                     See notes to financial statements

                                                                     4

<PAGE>




                                          UNITED STATES BASKETBALL LEAGUE, INC.
                                         STATEMENT OF STOCKHOLDERS' DEFICIENCY



                      Common Stock                 Preferred Stock          Additional                          Total
                      Shares                       Shares                   Paid-in                  Treasury   Stockholders'
                      Outstanding      Amount      Outstanding    Amount    Capital      Deficit     Stock      Deficiency

Balance,
March 1, 2001         3,485,502        $34,855     1,105,679     $11,057    $2,612,192  $(2,680,865) $(42,454)  $ (65,215)

Contributed Services      -               -           -            -             7,500       -            -         7,500

Net Loss                  -               -           -            -              -         (77,846)      -       (77,846)
                      ---------        -------     ---------     -------    ----------  ------------   -------   ---------

Balance,
November 30, 2001     3,485,502        $34,855     1,105,679     $11,057    $2,619,692  $(2,758,711) $(42,454)  $(135,561)
                      =========        =======     =========     =======    ==========  ============  =======    ========






                                                     See notes to financial statements


                                                                    5

<PAGE>



                        UNITED STATES BASKETBALL LEAGUE, INC.

                             STATEMENTS OF CASH FLOWS
                                   (Unaudited)


                                                                                                Nine Months Ended

                                                                                      November 30,               November 30,
                                                                                          2001                      2000
                                                                                      ------------               ------------
CASH FLOWS FROM OPERATING ACTIVITIES:
         Net (loss) Income                                                      $      (77,846)             $      97,305
                                                                                       ---------                  -------
         Adjustments to reconcile net (loss) income to
           net cash provided by operating activities:
                  Depreciation                                                           4,842                      4,842
                  Asset Impairment                                                     100,000                       -0-
                  Contributed Services                                                   7,500                       -0-
                  (Increase) in assets
                    Inventory                                                           (1,117)                    (5,836)
                  Increase (decrease) in liabilities:
                    Accounts payable and accrued expenses                              (19,998)                    37,519
                                                                                       --------                    ------
                                                                                        91,227                     36,525
                                                                                        -------                   -------
         Net cash provided by operating activities                                      13,381                    133,830
                                                                                        -------                   -------
CASH FLOWS FROM FINANCING ACTIVITIES:
         Decrease (increase) due from (to) affiliates                                    6,995                    (73,672)
         (Decrease) in stockholders' loans                                             (11,566)                   (40,075)
                  Net cash used in financing                                            ------                    --------
                    activities                                                          (4,571)                  (113,747)
                                                                                        ------                    --------
NET INCREASE IN CASH                                                                     8,810                     20,083

CASH AND CASH EQUIVALENTS, beginning of period                                             587                      6,196
                                                                                        ------                  ----------
CASH AND CASH EQUIVALENTS, end of period                                        $         9,397              $     26,279
                                                                                       ========                 =========



                        See notes to financial statements


                                     6
</TABLE>

<PAGE>



                        UNITED STATES BASKETBALL LEAGUE, INC.
                           NOTES TO FINANCIAL STATEMENTS
                        NINE MONTHS ENDED NOVEMBER 30, 2001

1)       Description of Business and Basis of Presentation:

The United States Basketball League, Inc. (the "USBL" or the "Company") operates
a professional summer basketball league through franchises located in the United
States.

The Company has incurred an accumulated deficit of approximately  $2,759,000. In
addition,  the USBL's reliance on both  substantial  non-cash  transactions  and
related  parties  (see  Notes 4 and 5) create an  uncertainty  as to the  USBL'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 USBL will be
successful  in  accomplishing  its  objectives.  Because  of  the  uncertainties
surrounding  the  ability of the Company to continue  its  operations,  there is
substantial  doubt about the Company's  ability to continue as a going  concern.
The financial  statements do not include any adjustments that might be necessary
should the USBL to unable to continue as a going concern.

2)       Summary of Significant Accounting Policies:

         a.       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 assets  (approximating  $688,000)  resulting from the net operating
loss carryforward.

As of November 30, 2001, a net  operating  loss  carryforward  of  approximately
$1,720,000  is  available  through  November 30, 2020 to offset  future  taxable
income.

         b.       Advertising costs

Advertising  costs are expensed as incurred and were  approximately  $23,800 and
$22,300 for the nine  months  ended  November  30,  2001 and  November  30, 2000
respectively.

                                     7
<PAGE>

2.       Summary of Significant Accounting Policies: (Cont'd)

         c.       Earnings (loss) per share

Statement of Financial  Accounting Standards No. 128, "Earnings Per Share" (SFAS
No. 128) establishes  standards for computing and presenting earnings (loss) per
share (EPS).  SFAS No. 128 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.  Basic and dilutive EPS were equivalent for all periods  presented as the
effect of common stock equivalents was antidilutive or immaterial.

3.       Equipment:

         Equipment, at cost, consists of the following

                                    November 30,              February 28,
                                        2001                       2001
                                    (Unaudited)

Equipment                             $ 8,606                    $ 8,606
Transportation equipment               46,120                     46,120
                                       54,726                     54,726
Less accumulated depreciation          50,650                     45,808

                                     $  4,076                   $  8,918


4.       Related Party Transactions:

The Company has entered into the following transactions with related parties:

a. The USBL's president,  personally,  through family members and other entities
controlled by the family (the "Meisenheimer Group"),  controls approximately 81%
of the USBL's common stock and 100% of the Company's preferred stock.

The Company is a majority-owned subsidiary (60.6%) of Meisenheimer Capital, Inc.
Meisenheimer Capital, Inc. is an entity in the Meisenheimer Group.

b. As of November 30, 2001, loans payable to stockholders,  including  interest,
approximated  $258,000.  As of February 28, 2001,  loans payable to stockholders
approximated $270,000. Interest rates on these obligations are 6% per annum.


                                       8
<PAGE>

4.       Related Party Transactions: (Cont'd)



with the  Meisenheimer  Group  approximating  $208,000 and $204,000 for the nine
months ended November 30, 2001 and November 30, 2000 respectively.

d. The Company leases its office from Meisenheimer Capital Real Estate Holdings,
Inc., a wholly-owned  subsidiary of Meisenheimer  Capital,  Inc. Rent expense on
this operating lease totaled $22,500 for the nine months ended November 30, 2001
and November 30, 2000.

e. An officer/shareholder  contributed management services to the Company for no
consideration during the period September 1, 2001 through November 30, 2001. The
Company  recorded a charge to operations for these services of $7,500.  Prior to
September  1,  2001,  management  services  were  recorded  under  a  management
agreement  with  Meisenheimer  Capital,  Inc.,  which  provided  for  an  annual
consulting fee of $90.000.

5.       Non-Cash Transactions:

The  Company  receives  consulting  fees,   promotional  services,  and  expense
reimbursements  in lieu of cash, as consideration  for franchise and advertising
fees. The value of this consideration approximated $110,000 and $130,000 for the
nine months ended November 30, 2001 and 2000, respectively.

The  deferred  charge on the  balance  sheet at  February  28,  2001 of $100,000
represents the unused amount of the deferred advertising expense relating to the
advertising  due bills earned through fiscal 2001.  These  advertising due bills
can be traded for various  goods and services and they can be assigned,  sold or
transferred.  However,  they are not recognized as currency in the United States
although they can be traded as such.  The  advertising  credits were recorded at
management's  estimate  of the fair value of the due bills.  During the  quarter
ended November 30, 2001,  based on the December 2001  expiration date of the due
bills,  and its  inability  to find a buyer for them,  the Company  adjusted the
carrying value of the due bills to $-0-,  resulting in a noncash impairment loss
of $100,000.
                                     9

<PAGE>


MANAGEMENT'S DISCUSSION AND ANALYSIS RESULTS OF OPERATIONS

NINE MONTHS ENDED NOVEMBER 30, 2001 AS COMPARED TO NOVEMBER 30,
2000

Initial  franchise  fees for the nine months  ended  November  30, 2001 and 2000
approximated  $170,000  and  $251,000,  respectively.  In  addition,  continuing
franchise fees decreased  from $211,500 to $187,212.  The aggregate  decrease of
$105,288 (23%) is a result of slower collections from certain  franchises.  This
reflects the sluggishness of the general economy. No new franchises were sold in
the nine months ended November 30, 2001 and 2000, respectively.  Advertising and
sponsorship  revenue  totaled  $65,000 and  $27,000  for the nine  months  ended
November 30, 2001 and 2000, respectively. Approximately $208,000 and $204,000 of
the 2001 and 2000 revenues, respectively, were
derived from various related parties.

Operating  expenses  for the  nine  months  ended  November  30,  2001  and 2000
approximated  $505,000  and  $417,000,  respectively.  The  increase  of $88,000
principally  reflects the recognition of an asset  impairment on the value of
prepaid advertising  credits.  It also reflects higher team expenses,  resulting
from higher  insurance  and travel costs,  incurred  during the six months ended
August 31, 2001, offset by reductions in other operating expenses as a result of
the Company's efforts to control costs.

Net loss for the nine months ended November 30, 2001  approximated  $77,800,  as
compared to net income of $97,300 for the nine months  ended  November 30, 2000.
The decrease reflects the decline in revenues generated, as discussed above, and
the charge for the asset impairment.

THREE MONTHS ENDED NOVEMBER 30, 2001 AS COMPARED TO NOVEMBER 30,
2000

Initial franchise fees for the three months ended November 30, 2001 approximated
$20,000. There were no initial franchise fees recorded in the three months ended
November 30, 2000.  Continuing franchise fees decreased from $88,500 to $71,900.
The decrease of $3,400 reflects slower collections from certain franchises. This
reflects the sluggishness of the general economy. No new franchises were sold in
the three months ended November 30, 2001 and 2000, respectively.  No advertising
or sponsorship  revenue was recorded in the three months ended November 30, 2001
and 2000,  respectively.  Approximately $10,000 and $42,000 of the 2001 and 2000
revenues, respectively, were derived from various related parties.

                                    10

<PAGE>

Operating  expenses  for the  three  months  ended  November  30,  2001 and 2000
approximated  $146,000  and  $103,000,  respectively.  The  increase  of $43,000
principally  reflects the  recognition of a $100,000  impairment in the value of
prepaid advertising credits. It also reflects lower team expenses,  advertising,
travel,  and other  operating  expenses,  a result of the  Company's  efforts to
control  costs and the decision in the third  quarter to cease  supporting  team
operations.

As a result of operations for the nine and three months ended November 30, 2001,
it is  anticipated  that the Company will  continue to operate at a loss for the
next twelve months.  The Company has not been able to attract any new franchises
for the  forthcoming  2002  season,  which  starts in May.  While there was some
interest by third parties,  no sales were consummated,  primarily due to current
general economic  conditions.  Further, the Company is unable to predict whether
there will be any marked  increase in attendance at games.  If attendance  falls
off,  this  could  impair  the  ability of the  franchises  to pay their  annual
franchise fees and other charges,  which would then result in the Company having
to rely  on  affiliates  for  loans  and  revenue-generating  transactions.  The
Meisenheimer  family is fully  committed  to  making  the  Company a  profitable
operation and also making the League a viable one.

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  additional
sales and promotional personnel. As a result, the Company is currently dependent
on the efforts of Daniel  Meisenheimer,  III and two existing  employees for all
marketing efforts. Their efforts have not resulted in increasing the number of
franchises.

Recently,  the NBA  established a developmental  basketball  league known as the
National Basketball  Development League ("NBDL").  The Company believes that the
establishment of this new league, consisting of eight teams, will have no effect
on the Company's  season,  since the NBDL season as presently  constituted  runs
from November  through  March.  Further,  nothing  prohibits an NBDL player from
playing in the USBL.  Accordingly,  and as of the present time, the Company does
not perceive the NBDL as a competitor.  However,  with the  establishment of the
NBDL it is unlikely  that at least for the present  time the Company can develop
any meaningful working relationship with the NBA.

Net loss for the three months ended November 30, 2001 approximated  $49,200,  as
compared to net income of $4,800 for the three months  ended  November 30, 2000.
The  decrease  reflects  the  charge  for the  asset  impairment,  offset by the
reduction in operating costs.
                                  11

<PAGE>

LIQUIDITY AND CAPITAL RESOURCES

The Company had a working capital deficit of approximately  $139,000 at November
30, 2001.

The  Company's  statement of cash flows  reflects cash provided by operations of
approximately  $13,400,  consisting principally of net loss of $77,800 offset by
the non-cash charges of an asset impairment  ($100,000) and contributed services
($7,500). Net cash used in financing activities approximated $4,600,  consisting
of a decrease in loans to stockholder  loans ($11,600)  offset by a net decrease
in amounts due from (to) affiliates ($7,000).

The  Company's  ability  to  generate  cash flow  from  initial  and  continuing
franchise  fees  is  dependent  on the  financial  stability  of the  individual
franchises  constituting  the League.  Each franchise is confronted with meeting
its own  fixed  costs  and  expenses  which are  primarily  paid  from  revenues
generated from attendance.  Experience has shown that USBL is generally the last
creditor to be paid by the franchise and if attendance  has been poor,  USBL has
only  received  partial  payment  and in some cases,  no payments at all.  Since
potential revenues are predicated on attendance, USBL cannot project future cash
flows or  liquidity.  If any capital  deficiencies  should arise,  however,  the
Company will look to affiliates for financial assistance.  As previously stated,
the Meisenheimer family is committed to assist the Company when necessary, which
has already been demonstrated for many years.the  Company when necessary,  which
has already been demonstrated over many years.




                                      12


<PAGE>


Part II   Other Information

Item 1.           Legal Proceedings

There are no legal proceedings pending or threatened.

Item 2.           Changes in Securities

N/A

Item 3.           Defaults upon Senior Securities

N/A

Item 4.           Submission of Matters to a Vote of Shareholders

During the nine months ended November 30, 2001, there were no matters  submitted
to a vote of security holders through the solicitation of proxies or otherwise.

Item 5.           Other Information

N/A

Item 6.           Exhibits and Reports on Form 8-K

                  There were no reports filed on Form 8-K.


                                      13

<PAGE>


                               SIGNATURES



Pursuant to the  requirements  of the  Securities  and 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.
                                              (Registrant)

                                      /s/ Daniel T. Meisenheimer III
                                          Daniel T. Meisenheimer III
                                          Chairman and President

                                      /s/ Richard C. Meisenheimer
                                          Richard C. Meisenheimer
                                          Vice President, Secretary and Director

Date:  January 18, 2002