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

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

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

----

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

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|     |         |                                                                                             |         | PAGE   |
|----------|--------------|--------------------------------------------------------------------------------------------------|--------------|--------|
| PART I.  |         | FINANCIAL INFORMATION                                                                            |         | 3      |
|     |         |                                                                                             |         |   |
| Item 1.  |         | UNAUDITED FINANCIAL STATEMENTS.                                                                  |         | 3      |
|     |         |                                                                                             |         |   |
|     |         | Consolidated Balance Sheets – May 31, 2011 and February 28, 2011                           |         | 3      |
|     |         |                                                                                             |         |   |
|     |         | Consolidated Statements of Operations for the three months Ended May 31, 2011 and 2010           |         | 4      |
|     |         |                                                                                             |         |   |
|     |         | Consolidated Statement of Stockholders’ Deficiency for the three months ended May 31, 2011 |         | 5      |
|     |         |                                                                                             |         |   |
|     |         | Consolidated Statements of Cash Flows for the three months ended May 31, 2011 and 2010      |         | 6      |
|     |         |                                                                                             |         |   |
|     |         | Notes to Consolidated Financial Statements                                                       |         | 7      |
|     |         |                                                                                             |         |   |
| Item 2.  |         | Management’s Discussion and Analysis of Financial Condition and Results of Operations      |         | 13     |
|     |         |                                                                                             |         |   |
| Item 3.  |         | Quantitative and Qualitative Disclosures About Market Risk                                       |         | 14     |
|     |         |                                                                                             |         |   |
| Item 4.  |         | Controls and Procedures                                                                          |         | 14     |
|     |         |                                                                                             |         |   |
| PART II. |         | OTHER INFORMATION                                                                                |         | 15     |
|     |         |                                                                                             |         |   |
| Item 6.  |    | Exhibits                                                                                         |    | 15     |

----

|                                                                                                                              |   | May 31,2011 |          |   | February 28,2011 |   |
|----------------------------------------------------------------------------------------------------------------------------------------|--------|------------------|---------------|--------|-----------------------|--------|
|                                                                                                                                   |   | (Unaudited)      |          |   |                  |   |
| ASSETS                                                                                                                                 |   |             |          |   |                  |   |
|                                                                                                                                   |   |             |          |   |                  |   |
| CURRENT ASSETS:                                                                                                                        |   |             |          |   |                  |   |
| Cash and cash equivalents                                                                                                              |   | $                | 403           |   |                  | $      | 2,465 |   |
| Marketable equity securities                                                                                                           |   |             | 349,467       |   |                  |   | 244,086 |   |
| Inventory                                                                                                                              |   |             | 5,000         |   |                  |   | 5,000 |   |
| Due from related parties                                                                                                               |   |             | 12,715        |   |                  |   | 7,274 |   |
| Total current assets                                                                                                                   |   |             | 367,585       |   |                  |   | 258,825 |   |
|                                                                                                                                   |   |             |          |   |                  |   |   |   |
| PROPERTY, NET of accumulated depreciation of $41,488 and $40,190, respectively                                                         |   |             | 235,512       |   |                  |   | 236,810 |   |
| Total assets                                                                                                                           |   | $                | 603,097       |   |                  | $      | 495,635 |   |
|                                                                                                                                   |   |             |          |   |                  |   |   |   |
| LIABILITIES AND STOCKHOLDERS’ DEFICIENCY                                                                                         |   |             |          |   |                  |   |   |   |
|                                                                                                                                   |   |             |          |   |                  |   |   |   |
| CURRENT LIABILITIES:                                                                                                                   |   |             |          |   |                  |   |   |   |
| Accounts payable and accrued expenses                                                                                                  |   | $                | 159,570       |   |                  | $      | 148,766 |   |
| Credit card obligations                                                                                                                |   |             | 92,289        |   |                  |   | 92,400 |   |
| Due to related parties                                                                                                                 |   |             | 1,927,677     |   |                  |   | 1,872,087 |   |
|                                                                                                                                   |   |             |          |   |                  |   |   |   |
| Total current liabilities                                                                                                              |   |             | 2,179,536     |   |                  |   | 2,113,253 |   |
| Due to related parties, net of current portion                                                                                         |   |             | -             |   |                  |   | - |   |
| Total Liabilities                                                                                                                      |   |             | 2,179,536     |   |                  |   | 2,113,253 |   |
| 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                                                                                                                                |   |             | (4,260,422    | )      |                  |   | (4,301,601 | ) |
| Treasury stock, at cost; 39,975 shares                                                                                                 |   |             | (42,454       | )      |                  |   | (42,454 | ) |
| Total stockholders’ deficiency                                                                                                   |   |             | (1,576,439    | )      |                  |   | (1,617,618 | ) |
|                                                                                                                                   |   |             |          |   |                  |   |   |   |
| Total liabilities and stockholders’ deficiency                                                                                   |   | $                | 603,097       |   |                  | $      | 495,635 |   |

----

|                                                 |   | Three Months Ended |      |
|------------------------------------------------------|--------|------------------------------|-----------|
|                                                 |   | May 31,2011             |      |   | May 31,2010 |   |
|                                                 |   |                         |      |   |   |   |
| REVENUES:                                            |   |                         |      |   |   |   |
| Consulting fees                                      |   | $                            | -         |   |   | $ | - |   |
|                                                 |   |                         | -         |   |   |   | - |   |
|                                                 |   |                         |      |   |   |   |   |   |
| OPERATING EXPENSES:                                  |   |                         |      |   |   |   |   |   |
| Consulting                                           |   |                         | -         |   |   |   | 16,000 |   |
| Salaries                                             |   |                         | 14,380    |   |   |   | 13,868 |   |
| Travel and promotion                                 |   |                         | 7,031     |   |   |   | 7,557 |   |
| Depreciation                                         |   |                         | 1,298     |   |   |   | 1,298 |   |
| Other                                                |   |                         | 29,791    |   |   |   | 20,656 |   |
|                                                 |   |                         | 52,500    |   |   |   | 59,379 |   |
|                                                 |   |                         |      |   |   |   |   |   |
| Income (loss) from operations                        |   |                         | (52,500   | ) |   |   | (59,379 | ) |
|                                                 |   |                         |      |   |   |   |   |   |
| OTHER INCOME (EXPENSES):                             |   |                         |      |   |   |   |   |   |
| Net gain (loss) from marketable equity securities    |   |                         | 101,738   |   |   |   | 5,308 |   |
| Interest expense                                     |   |                         | (8,059    | ) |   |   | (8,209 | ) |
| Interest income                                      |   |                         | -         |   |   |   | 25 |   |
|                                                 |   |                         | 93,679    |   |   |   | (2,876 | ) |
|                                                 |   |                         |      |   |   |   |   |   |
| NET INCOME (LOSS)                                    |   | $                            | 41,179    |   |   | $ | (62,255 | ) |
|                                                 |   |                         |      |   |   |   |   |   |
| Earnings (loss) per common share:                    |   |                         |      |   |   |   |   |   |
| Basic                                                |   | $                            | 0.01      |   |   | $ | (0.02 | ) |
| Diluted                                              |   | $                            | 0.01      |   |   | $ | (0.02 | ) |
| WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING |   |                         |      |   |   |   |   |   |
| Basic                                                |   |                         | 3,512,527 |   |   |   | 3,491,005 |   |
| Diluted                                              |   |                         | 4,618,206 |   |   |   | 3,491,005 |   |

----

| UNITED STATES BASKETBALL LEAGUE, INC. AND SUBSIDIARYConsolidated 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, 2011 |   |              | 3,522,502 |   |                 | $      | 35,525 |        |   |   | 1,105,679 |   |   | $       | 11,057 |   |    | $      | 2,679,855 |   |   | $ | (4,301,601 | ) |   |   | 39,975 |   |   | $ | (42,454 | ) |   | $ | (1,617,618 | ) |
|                       |   |              |      |   |                 |   |   |        |   |   |      |   |   |    |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net income (loss)          |   |              | -         |   |                 |   | -      |        |   |   | -         |   |   |    | -      |   |    |   | - |   |   |   | (41,179 | ) |   |   | - |   |   |   | - |   |   |   | (41,179 | ) |
|                       |   |              |      |   |                 |   |   |        |   |   |      |   |   |    |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance, May 31, 2011      |   |              | 3,552,502 |   |                 | $      | 35,525 |        |   |   | 1,105,679 |   |   | $       | 11,057 |   |    |   | 2,679,855 |   |   |   | (4,260,422 | ) |   |   | 39,975 |   |   |   | (42,454 | ) |   |   | (1,576,439 | ) |

----

|                                                                                                                   |   | Three Months Ended |
|------------------------------------------------------------------------------------------------------------------------|--------|------------------------------|
|                                                                                                                   |   | May 31,2011             |   |   | May 31,2010 |
|                                                                                                                   |   |                         |   |   |   |
| CASH FLOWS FROM OPERATING ACTIVITIES:                                                                                  |   |                         |   |   |   |
| Net income (loss)                                                                                                      |   | $                            | 41,179 |   |   | $ | (62,255 | ) |
| Adjustments to reconcile net income (loss) to net cash used in operating activities:                                   |   |                         |   |   |   |   |   |   |
| Depreciation                                                                                                           |   |                         | 1,298 |   |   |   | 1,298 |   |
| Non-cash compensation                                                                                                  |   |                         | - |   |   |   | 12,000 |   |
|  Change in operating assets and liabilities:                                                                      |   |                         |   |   |   |   |   |   |
| Marketable equity securities                                                                                           |   |                         | (105,381 | ) |   |   | (47,914 | ) |
| Accounts payable and accrued expenses                                                                                  |   |                         | 10,804 |   |   |   | (2,830 | ) |
| Due in connection with South Korea venture                                                                             |   |                         | - |   |   |   | 65,000 |   |
| Credit card obligations                                                                                                |   |                         | (111 | ) |   |   | (1,832 | ) |
|                                                                                                                   |   |                         |   |   |   |   |   |   |
| Net cash used in operating activities                                                                                  |   |                         | (52,211 | ) |   |   | (36,533 | ) |
|                                                                                                                   |   |                         |   |   |   |   |   |   |
| CASH FLOWS FROM FINANCING ACTIVITIES:                                                                                  |   |                         |   |   |   |   |   |   |
| Decrease (increase) in due from related parties                                                                        |   |                         | (5,441 | ) |   |   | (4,969 | ) |
| Increase (decrease) in due to related parties                                                                          |   |                         | 55,590 |   |   |   | 46,255 |   |
|                                                                                                                   |   |                         |   |   |   |   |   |   |
| Net cash provided by (used in) financing activities                                                                    |   |                         | 50,149 |   |   |   | 41,286 |   |
|                                                                                                                   |   |                         |   |   |   |   |   |   |
| NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS                                                                   |   |                         | (2,062 | ) |   |   | 4,753 |   |
|                                                                                                                   |   |                         |   |   |   |   |   |   |
| CASH AND CASH EQUIVALENTS, beginning of period                                                                         |   |                         | 2,465 |   |   |   | 661 |   |
|                                                                                                                   |   |                         |   |   |   |   |   |   |
| CASH AND CASH EQUIVALENTS, end of period                                                                               |   | $                            | 403 |   |   | $ | 5,414 |   |
|                                                                                                                   |   |                         |   |   |   |   |   |   |
| SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:                                                                     |   |                         |   |   |   |   |   |   |
| Interest paid                                                                                                          |   |                         |   |   |   |   |   |   |
| Income tax paid                                                                                                        |   | $                            | 4,155 |   |   | $ | 4,309 |   |
|                                                                                                                   |   | $                            | - |   |   | $ | - |   |
|                                                                                                                   |   |                         |   |   |   |   |   |   |
| NON-CASH FINANCING ACTIVITY:                                                                                           |   |                         |   |   |   |   |   |   |
| Transfer of amounts due from related parties to USBL president in partial satisfaction of amount due to USBL president |   | $                            | - |   |   |   | 118,783 |   |

----

----

----

|                              |   |   |      |   |   |   |    | Fair           |   |
|-----------------------------------|--------|--------|-----------|--------|--------|--------|---------|----------------|--------|
|                              |   |   |      |   |   |   |    | Value and |   |
|                              |   |   |      |   |   |   |    | Carrying       |   |
| Security                          |   | Shares |      |   | Cost   |   |    | Value          |   |
| Seafarer Exploration Corp. (SFRX) |   |   | 7,252,064 |   |   | $      | 97,642  |           |   | $ | 159,545 |   |
| Pacific Rim Mining Corp. (PFRMF)  |   |   | 350,000   |   |   |   | 83,458  |           |   |   | 70,350 |   |
| Caledonia Mining Corp. (CALVF)    |   |   | 500,000   |   |   |   | 41,584  |           |   |   | 63,750 |   |
| Apex Resources Group Inc. (APXR)  |   |   | 494,850   |   |   |   | 18,321  |           |   |   | 22,268 |   |
| Other                             |   |   |      |   |   |   | 60,345  |           |   |   | 33,554 |   |
|                              |   |   |      |   |   |   |    |           |   |   |   |   |
| Total                             |   |   |      |   |   | $      | 301,350 |           |   | $ | 349,467 |   |

----

|                              |   |   |      |   |   |   |    | Fair      |   |
|-----------------------------------|--------|--------|-----------|--------|--------|--------|---------|-----------|--------|
|                              |   |   |      |   |   |   |    | Value and |   |
|                              |   |   |      |   |   |   |    | Carrying  |   |
| Security                          |   | Shares |      |   | Cost   |   |    | Value     |   |
| Pacific Rim Mining Corp. (PMV)    |   |   | 385,360   |   |   |   | 91,889  |      |   |   | 87,901 |   |
| Caledonia Mining Corp. (CALVF)    |   |   | 505,000   |   |   | $      | 42,000  |      |   | $ | 66,660 |   |
| Apex Resources Group, Inc. (APXR) |   |   | 480,000   |   |   |   | 17,385  |      |   |   | 31,200 |   |
| Seafarer Exploration Corp. (SFRX) |   |   | 6,937,064 |   |   |   | 92,980  |      |   |   | 30,767 |   |
| Other                             |   |   |      |   |   |   | 54,749  |      |   |   | 27,558 |   |
|                              |   |   |      |   |   |   |    |      |   |   |   |   |
| Total                             |   |   |      |   |   | $      | 299,003 |      |   | $ | 244,086 |   |

|                       |   | Three Months Ended May 31, |    |
|----------------------------|--------|----------------------------|---------|
|                       |   | (Unaudited)                |    |
|                       |   | 2011                       |    |   | 2010 |   |
| Realized net gain (loss)   |   | $                          | (1,294  | ) |   | $ | - |   |
| Unrealized net gain (loss) |   |                       | 103,032 |   |   |   | 5,308 |   |
|                       |   |                       |    |   |   |   |   |   |
| Net gain (loss)            |   | $                          | 101,738 |   |   | $ | 5,308 |   |

|                                                                                                                                               |   | May 31,     |   |   | February 28, |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------|--------|--------|--------------|--------|
|                                                                                                                                               |   | 2011        |   |   | 2011         |   |
|                                                                                                                                               |   | (Unaudited) |   |   |         |   |
| USBL receivable  from Meisenheimer Capital, Inc.(“MCI”) controlling stockholder of USBL, non-interest bearing, due on demand |   | $           | 12,715 |   |         | $      | 7,274 |   |
| Total                                                                                                                                              |   | $           | 12,715 |   |         | $      | 7,274 |   |

----

|                          |   | May 31,     |    |   | February 28, |   |
|-------------------------------|--------|-------------|---------|--------|--------------|--------|
|                          |   | 2011        |    |   | 2011         |   |
|                          |   | (Unaudited) |    |   |         |   |
|                          |   |        |    |   |         |   |
| Land                          |   | $           | 121,253 |   |         | $      | 121,253 |   |
| Building                      |   |        | 155,747 |   |         |   | 155,747 |   |
| Total                         |   |        | 277,000 |   |         |   | 277,000 |   |
|                          |   |        |    |   |         |   |   |   |
| Less accumulated depreciation |   |        | (41,488 | )      |         |   | (40,190 | ) |
|                          |   |        |    |   |         |   |   |   |
| Property, net                 |   | $           | 235,512 |   |         | $      | 236,810 |   |

|                                                                                                                                                          |   | May 31, 2011 |          |   | February 28, 2011 |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------|---------------|--------|-------------------|--------|
|                                                                                                                                                          |   | (Unaudited)  |          |   |              |   |
| USBL loans payable to Spectrum Associates, Inc. (“Spectrum”), a corporation controlled by the two officers of USBL, interest at 6%, due on demand |   | $            | 1,178,289     |   |              | $      | 1,152,957 |   |
| USBL loans payable to the two officers of USBL, interest at 6%, due on demand                                                                                 |   |         | 416,788       |   |              |   | 386,530 |   |
| USBL loan payable to Genvest, LLC (“Genvest”), an organization 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 note payable to 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 the two officers of USBL, interest at 4%, due October 22, 2009, secured by MCREH property                                               |   |         |   70,000 |   |              |   |   70,000 |   |
| MCREH loan payable to president of 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 |   |
| Total                                                                                                                                                         |   |         | 1,927,677     |   |              |   | 1,872,087 |   |
| Less current portion                                                                                                                                          |   |         | (1,927,677    | )      |              |   | (1,872,087 | ) |
|                                                                                                                                                          |   |         |          |   |              |   |   |   |
| Non current portion                                                                                                                                           |   | $            | -             |   |              | $      | - |   |

----

----

| ITEM 2. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. |
|---------|----------------------------------------------------------------------------------------------|

----

| ITEM 3. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK. |
|---------|-------------------------------------------------------------|

| ITEM 4. | CONTROLS AND PROCEDURES. |
|---------|--------------------------|

----

| 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 |

----

|   | 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                                 |

| Name                                  |   | Capacity                           |   | Date          |
|---------------------------------------|--------|------------------------------------|--------|---------------|
|                                  |   |                               |   |          |
|   /s/ Daniel T. Meisenheimer III |   |                               |   |          |
| Daniel T. Meisenheimer III            |   | Director and President             |   | July 12, 2011 |
|                                  |   | (principal executive officer)      |   |          |
|   /s/ Richard C. Meisenheimer    |   |                               |   |          |
| Richard C. Meisenheimer               |   | Director and Chief Financial  |   | July 12, 2011 |
|                                  |   | Officer (principal financial and   |   |          |
|                                  |   | accounting officer)                |   |          |

----

| 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 |

----