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
    August 31, 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
                                                             No    [root]

As of October 15, 2001, 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 - August 31, 2001
          and February 28, 2001...............................................3

          Statements of Operations for the
          Three Months and Six Months Ended
          August 31, 2001 and 2000............................................4

          Statement of Stockholders' Deficiency for
          the Six Months Ended August 31, 2001  . . . . . . . . . . . . . . . 5

          Consolidated Statements of Cash Flow for the
          Six Months Ended August 31, 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..................  10-11


PART II.  OTHER INFORMATION..................................................12


                                                         2

<PAGE>

<TABLE>
<CAPTION>



                     UNITED STATES BASKETBALL LEAGUE, INC.
                               BALANCE SHEETS

                                                           August 31,                February 28,
                                                             2001                        2001
         ASSETS                                            (Unaudited)
<S>     <C>    <C>    <C>    <C>    <C>    <C>

CURRENT ASSETS:
         Cash                                                 $   783                 $      587
         Due from affiliates                                  291,488                    277,058
         Inventory                                             30,651                     29,534
         Prepaid Advertising Credits                          100,000                    100,000
         Other current assets                                     600                        600
                                                              -------                    -------
                  Total current assets                        423,522                    407,779

EQUIPMENT, net                                                  5,690                      8,918
                                                              -------                     ------
                                                             $429,212                  $ 416,697
                                                             ========                   ========


         LIABILITIES AND STOCKHOLDERS' DEFICIENCY

CURRENT LIABILITIES:
         Accounts payable and accrued expenses                $82,020                   $ 74,981
         Due to affiliates                                    184,367                    136,867
         Loans payable - stockholders                         256,664                    270,064
                                                              -------                    -------
                  Total current liabilities                   523,051                    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                         2,612,192                  2,612,192
         Deficit                                           (2,709,489)                (2,680,865)
         Treasury stock, at cost; 39,975 shares               (42,454)                   (42,454)
                                                            ----------                 ----------
                  Total stockholders' deficiency              (93,839)                   (65,215)
                                                            ----------                 ----------

                                                           $  429,212              $     416,697
                                                           ===========              =============
                                         See notes to financial statements

                                                         3

<PAGE>



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

                                                Three Months Ended                        Six Months Ended

                                           August 31,           August 31,             August 31,       August 31,
                                              2001                 2000                   2001           2000

REVENUES:
   Initial franchise fees                    $80,000          $    92,000              $ 150,000      $ 251,000
   Continuing franchise fees                  65,277               48,000                115,277        123,000
   Sponsorship/Advertising                    30,000               27,000                 65,000         27,000
   Other                                       1,104                2,679                  3,573          7,137
                                             -------              -------                -------        -------
                                             176,381              169,679                333,850        408,137
                                             =======              =======                =======        =======
OPERATING EXPENSES:
   Consulting                                 53,653               50,536                106,084        101,721
   Team expenses                              47,532               21,492                 80,248         40,097
   Advertising                                 1,934                4,533                 22,251         12,388
   Salaries                                   11,000               13,200                 23,000         27,200
   Travel                                     19,773               15,939                 29,969         28,853
   Depreciation                                1,614                1,614                  3,228          3,228
   Professional fees                             685                5,450                  3,140         10,560
   Other                                      51,508               42,830                 91,397         89,533
                                             -------              -------                -------         ------
                                             187,699              155,594                359,317        313,580
                                             -------              -------                -------        -------

(Loss) Income from operations                (11,318)              14,085                (25,467)        94,557
                                             -------               ------                --------        ------
OTHER INCOME (EXPENSES):
   Interest expense                           (1,850)              (1,050)                (3,200)        (2,175)
   Interest income                                31                  33                      43           154
                                             -------               -------                 ------        -------
                                              (1,819)              (1,017)                (3,157)        (2,021)

NET INCOME (LOSS)                   $        (13,137)      $       13,068             $  (28,624)       $92,536
                                             --------              -------               --------        -------

NET INCOME PER SHARE                $          (.01)    $             .01         $        (.01)      $    .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)

Net Loss                        -                -         -             -          -          (28,624)     -        (28,624)
                               ---------      --------  --------     -------    ----------   ----------  --------    ---------

Balance, August 31, 2001       3,485,502      $34,855  1,105,679     $11,057    $2,612,192 $(2,709,489) $(42,454)   $(93,839)
                               =========      =======  =========     =======    ==========  ===========  ========    ========















                                                     See notes to financial statements





                                                                     5

<PAGE>


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

                                                                         Six Months Ended
                                                                August 31,        August 31,
                                                                 2001                2000

CASH FLOWS FROM OPERATING ACTIVITIES:
  Net (loss) Income                                        $     (28,624)         $ 92,536
  Adjustments to reconcile net (loss) income to                 ---------          -------
   net cash provided by (used in) operating activities:
     Depreciation                                                  3,228             3,228
    (Increase) Decrease in assets:
     Inventory                                                    (1,117)              296
     Increase in liabilities:
     Accounts payable and accrued expenses                         7,039            32,601
                                                                 --------         --------
                                                                   9,150            36,125
                                                                 --------         --------
Net cash (used in) provided by operating activities              (19,474)          128,661
                                                                 --------         --------
CASH FLOWS FROM FINANCING ACTIVITIES:
     Decrease (increase) due from (to) affiliates                 33,070           (81,971)
    (Decrease) in stockholders' loans                            (13,400)          (48,775)
     Net cash provided by (used in) financing                    --------          -------
       activities                                                 19,670          (130,746)
                                                                 --------         ---------
NET INCREASE (DECREASE) IN CASH                                      196            (2,085)

CASH AND CASH EQUIVALENTS, beginning of period                       587             6,196
                                                                 --------          --------
CASH AND CASH EQUIVALENTS, end of period                     $       783       $     4,111
                                                                 ========          ========



                                                     See notes to financial statements








                                                                     6
</TABLE>

<PAGE>

                      UNITED STATES BASKETBALL LEAGUE, INC.
                          NOTES TO FINANCIAL STATEMENTS
                         SIX MONTHS ENDED AUGUST 31, 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  $2,709,000. 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  $525,000)  resulting from the net operating
loss carry forward.

As of August 31,  2001,  a net  operating  loss carry  forward of  approximately
$1,678,000 is available through August 31, 2020 to offset future taxable income.

         b.       Advertising costs

Advertising  costs are expensed as incurred and were  approximately  $22,300 and
$12,400  for  the  six  months  ended  August  31,  2001  and  August  31,  2000
respectively.


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


                                                         7

<PAGE>



         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

                                       August 31,                 February 28,
                                          2001                          2001
                                      (Unaudited)

Equipment                               $ 8,606                   $ 8,606
Transportation equipment                 46,120                    46,120
                                         54,726                    54,726
Less accumulated depreciation            49,036                    45,808

                                       $  5,690                  $  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 August 31, 2001,  loans payable to  stockholders,  including  interest,
approximated  $257,000.  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)


c.  Included in revenues  are amounts  received  from  various  related  parties
affiliated with the Meisenheimer Group  approximating  $198,000 and $162,000 for
the six months ended August 31, 2001 and August 31, 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  $15,000 for the six months ended August 31, 2001
and August 31, 2000.

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 $96,000 for the
six months ended August 31, 2001 and 2000, respectively.

The  deferred  charge  on the  balance  sheet at  August  31,  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 credit will be  amortized at the time
the  advertising  is  utilized.   The   advertising   credits  are  recorded  at
management's  estimate  of the fair  value  of the due  bills.  However,  if the
Company is unable to realize the  recorded  value of this asset,  a  significant
reduction in overall equity may result.
                                                         9

<PAGE>


MANAGEMENT'S DISCUSSION AND ANALYSIS
RESULTS OF OPERATIONS

SIX MONTHS ENDED AUGUST 31, 2001 AS COMPARED TO AUGUST 31, 2000

Initial  franchise  fees  for the six  months  ended  August  31,  2001 and 2000
approximated  $150,000  and  $251,000,  respectively.  In  addition,  continuing
franchise fees decreased  from $123,000 to $115,277.  The aggregate  decrease of
$109,000 (29%) is a result of slower collections from certain  franchises.  This
reflects the sluggishness of the general economy. No new franchises were sold in
the six months ended  August 31, 2001 and 2000,  respectively.  Advertising  and
sponsorship  revenue totaled $65,000 and $27,000 for the six months ended August
31, 2001 and 2000, respectively. Approximately $198,000 and $162,000 of the 2001
and 2000 revenues, respectively, were derived from various related parties.

Operating   expenses  for  the  six  months  ended  August  31,  2001  and  2000
approximated  $359,000  and  $314,000,  respectively.  The  increase  of $45,000
reflects higher team expenses, resulting from higher insurance and travel costs.
Other  operating  expenses  remained  relatively  consistent  as a result of the
Company's efforts to control costs.

Net loss for the six months  ended  August 31,  2001  approximated  $29,600,  as
compared to net income of $92,500  for the six months  ended May 31,  2000.  The
decrease reflects the decline in revenues generated, as discussed above.

THREE MONTHS ENDED AUGUST 31, 2001 AS COMPARED TO AUGUST 31, 2000

Initial  franchise  fees for the three  months  ended  August 31,  2001 and 2000
approximated  $80,000  and  $92,000,   respectively.   In  addition,  continuing
franchise  fees  increased  from $48,000 to $65,277.  The aggregate  decrease of
$5,000  slower   collections   from  certain   franchises.   This  reflects  the
sluggishness  of the general  economy.  No new franchises were sold in the three
months ended August 31, 2001 and 2000, respectively. Advertising and sponsorship
revenue  totaled  $30,000 and $27,000 for the three months ended August 31, 2001
and 2000, respectively.  Approximately $128,000 and $97,000 of the 2001 and 2000
revenues, respectively, were derived from various related parties.

Operating  expenses  for the  three  months  ended  August  31,  2001  and  2000
approximated  $188,000  and  $156,000,  respectively.  The  increase  of $32,000
reflects higher team expenses, resulting from higher insurance and travel costs.
Other  operating  expenses  remained  relatively  consistent  as a result of the
Company's efforts to control costs.

Net loss for the three  months ended August 31, 2001  approximated  $13,000,  as
compared to net income of $13,000 for the three  months  ended  August 31, 2000.
The  decrease  reflects the increase in team  expenses  without a  corresponding
increase in revenues, as discussed above.



                                                        10

<PAGE>

LIQUIDITY AND CAPITAL RESOURCES

The Company had a working capital deficit of approximately  $100,000 at August ,
2001.

The  Company's  statement  of cash flows  reflects  cash used in  operations  of
approximately  $19,500,  consisting principally of net loss of $29,000 offset by
an  increase  in accounts  payable  and  accrued  expenses  of $7,000.  Net cash
provided by financing activities approximated $19,700, consisting principally of
a net decrease in amounts due from (to) affiliates.




                                                        11

<PAGE>



Part II   Other Information

Item 4  Submission  of Matters to a Vote of  Shareholders  During the six months
ended  August 31,  2001,  there were no matters  submitted to a vote of security
holders through the solicitation of proxies or otherwise.

Item 5            Other Information

This report on Form 10-QSB was required to be filed within 45 days after the end
of the fiscal quarter, August 31, 2001. As such, it was due on October 15, 2001.
The Company is late in this filing.

Item 6            Exhibits and Reports on Form 8-K

                  There were no reports filed on Form 8-K.


                                                        12

<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:  November 12, 2001











                                                        13