Agassi Sports Swings into Pickleball, Net Loss Soars to $2M

TL;DR

**AASP is burning cash on a pickleball bet; avoid until they show revenue.**

AI Summary

Agassi Sports Entertainment Corp. (AASP) reported a significant increase in net loss for the six months ended June 30, 2025, reaching $2,001,160, a substantial rise from the $33,122 net loss in the same period of 2024. This was primarily driven by a surge in general and administrative expenses to $2,001,160 for the six months ended June 30, 2025, compared to $33,122 in 2024. The company's cash and cash equivalents decreased to $1,704,878 as of June 30, 2025, from $2,319,242 at December 31, 2024. AASP acquired an intangible asset, the 'World Series of Pickleball' trademark, for $25,000 in cash and warrants valued at $283,287, signaling a strategic pivot into the pickleball and padel industries. The company remains a 'Non-accelerated filer' and 'Smaller reporting company' with 9,785,056 shares outstanding as of August 13, 2025. Despite the strategic acquisition, the company continues to operate at a net loss and relies on additional funding to support its operational plans, as highlighted in its risk factors.

Why It Matters

This filing reveals Agassi Sports Entertainment Corp.'s aggressive pivot into the booming pickleball and padel markets, a significant strategic shift from its prior 'shell company' status. For investors, the substantial increase in net loss and reliance on future funding indicate high risk, but the acquisition of the 'World Series of Pickleball' trademark could offer long-term growth potential if the company successfully capitalizes on the sport's popularity. Employees and customers might see new opportunities and services in the rapidly expanding racket sports sector. Competitively, AASP is entering a crowded but growing market, challenging established players and new entrants alike, making its execution critical.

Risk Assessment

Risk Level: high — The company reported a net loss of $2,001,160 for the six months ended June 30, 2025, a significant increase from $33,122 in the prior year, indicating substantial cash burn. Cash and cash equivalents decreased by $614,364 during the six months, and the filing explicitly states 'current negative operating cash flows and a need for additional funding to finance our operating plans,' highlighting severe liquidity risk.

Analyst Insight

Investors should exercise extreme caution and consider avoiding AASP stock until the company demonstrates a clear path to profitability and revenue generation from its new pickleball and padel ventures. Monitor future filings for signs of successful market penetration and reduced operating losses.

Financial Highlights

debt To Equity

0.01

revenue

N/A

operating Margin

N/A

total Assets

$2,021,039

total Debt

$15,990

net Income

-$2,001,160

eps

-$0.20

gross Margin

N/A

cash Position

$1,704,878

revenue Growth

N/A

Key Numbers

• $2,001,160 — Net Loss (for the six months ended June 30, 2025, a significant increase from $33,122 in 2024)
• $1,704,878 — Cash and Cash Equivalents (as of June 30, 2025, down from $2,319,242 at December 31, 2024)
• $25,000 — Cash paid for Intangible Asset (for the 'World Series of Pickleball' trademark)
• $283,287 — Warrants issued for Intangible Asset (fair value of warrants issued for the 'World Series of Pickleball' trademark)
• 9,785,056 — Common Shares Outstanding (as of August 13, 2025)
• $0.20 — Net Loss Per Share (for the six months ended June 30, 2025, up from $0.01 in 2024)
• $306,574 — Intangible Asset, net (carrying value as of June 30, 2025, related to the trademark acquisition)
• $589,364 — Net cash used in operating activities (for the six months ended June 30, 2025, indicating significant cash burn)

Key Players & Entities

• Agassi Sports Entertainment Corp. (company) — registrant
• Global Acquisitions Corporation (company) — former name of registrant
• Patrick J. Rolfes (person) — seller of 'World Series of Pickleball' trademark
• Ted Angelo (person) — seller of 'World Series of Pickleball' trademark
• Ronald Boreta (person) — transferee of AAGC interest
• John Boreta (person) — transferee of AAGC interest
• SEC (regulator) — filing oversight
• Bloomberg (company) — publisher
• Avantafile.com (company) — filing service

FAQ

Risk Factors

• Significant Increase in Net Loss and Cash Burn [high — financial]: The company reported a net loss of $2,001,160 for the six months ended June 30, 2025, a substantial increase from $33,122 in the prior year period. This was driven by a surge in general and administrative expenses to $2,001,160. Net cash used in operating activities was $589,364 for the same period, indicating a significant cash burn.
• Decreasing Cash Reserves [high — financial]: Cash and cash equivalents decreased to $1,704,878 as of June 30, 2025, from $2,319,242 at December 31, 2024. This reduction in liquidity, coupled with ongoing operational losses, raises concerns about the company's ability to fund its future operations.
• Reliance on Future Funding [high — operational]: The company explicitly states in its risk factors that it relies on additional funding to support its operational plans. Failure to secure necessary financing could impede its ability to continue as a going concern and execute its strategic initiatives.
• Strategic Pivot into New Industries [medium — market]: AASP has acquired the 'World Series of Pickleball' trademark, signaling a strategic shift into the pickleball and padel industries. While this represents a new growth avenue, the success of this pivot is unproven and carries inherent market risks associated with entering competitive new sectors.
• Valuation of Issued Warrants [medium — financial]: The company issued warrants valued at $283,287 for the acquisition of the 'World Series of Pickleball' trademark. The fair value of these warrants adds to the overall cost of the acquisition and impacts future potential dilution for shareholders.

Industry Context

Agassi Sports Entertainment Corp. is strategically pivoting into the pickleball and padel industries, which have seen significant growth in recent years. These sports are attracting a broad demographic due to their accessibility and social nature. The company's acquisition of the 'World Series of Pickleball' trademark indicates an intent to establish a brand presence in this expanding market.

Regulatory Implications

As a 'Non-accelerated filer' and 'Smaller reporting company,' AASP benefits from scaled disclosure requirements. However, it must still comply with all applicable SEC regulations and accounting standards. Any future growth or significant transactions could potentially change its filer status, leading to increased compliance burdens.

What Investors Should Do

1. Monitor cash burn and future funding rounds.
2. Evaluate the success of the strategic pivot into pickleball/padel.
3. Analyze the impact of warrant dilution.

Key Dates

• 2025-06-30: Six months ended reporting period — Reported a significant increase in net loss to $2,001,160 and a decrease in cash to $1,704,878.
• 2025-08-13: Shares outstanding reported — Confirms 9,785,056 common shares outstanding as of this date.
• 2024-12-31: Previous fiscal year end — Cash and cash equivalents were $2,319,242.

Glossary

Non-accelerated filer

A type of filer with the SEC that is not required to comply with certain accelerated reporting deadlines and audit requirements applicable to larger public companies. (Indicates AASP is a smaller public company with less stringent reporting obligations.)

Smaller reporting company

A company that meets certain revenue and public float thresholds, allowing for scaled disclosure requirements in SEC filings. (Further emphasizes AASP's size and reduced disclosure burden compared to larger corporations.)

Intangible asset, net

An asset that lacks physical substance but has value, such as a trademark, patent, or goodwill. 'Net' refers to its carrying value after accumulated amortization. (Represents the 'World Series of Pickleball' trademark acquired by the company.)

Warrants

Financial instruments that give the holder the right, but not the obligation, to purchase a company's stock at a specified price within a certain timeframe. (A portion of the 'World Series of Pickleball' trademark acquisition was paid for with warrants, representing a potential future dilution.)

Accumulated deficit

The total cumulative net losses of a company since its inception that have not been offset by net income. (Shows the company's history of unprofitability, standing at $(32,139,728) as of June 30, 2025.)

Net cash used in operating activities

The amount of cash a company has spent on its core business operations during a period. A negative number indicates cash is being consumed. (Highlights the significant cash burn of $589,364 for the six months ended June 30, 2025.)

Year-Over-Year Comparison

For the six months ended June 30, 2025, Agassi Sports Entertainment Corp. experienced a dramatic increase in its net loss, soaring to $2,001,160 from $33,122 in the same period of 2024. This surge is primarily attributed to a massive rise in general and administrative expenses. Concurrently, the company's cash position has weakened, with cash and cash equivalents falling from $2,319,242 at the end of 2024 to $1,704,878 as of June 30, 2025. No revenue figures are provided for comparison, but the operational expenses have escalated significantly, leading to a wider net loss per share from ($0.01) to ($0.20).

Key Financial Figures

• $4,267,802 — $ 340,000 . In addition, AAGC cancelled $4,267,802 in advances previously made by it to th
• $25,000 — of, the Trademark, in consideration for $25,000 in cash and warrants to purchase 50,000
• $283,287 — ny's common stock for the fair value of $283,287 (see Notes 6 and 7). The trademark is a

Filing Documents

• ixform10q.htm (10-Q) — 461KB
• exhibit31-1.htm (EX-31.1) — 12KB
• exhibit31-2.htm (EX-31.2) — 12KB
• exhibit32-1.htm (EX-32.1) — 4KB
• exhibit32-2.htm (EX-32.2) — 4KB
• 0001472375-25-000101.txt ( ) — 2579KB
• aasp-20250630.xsd (EX-101.SCH) — 18KB
• aasp-20250630_cal.xml (EX-101.CAL) — 25KB
• aasp-20250630_def.xml (EX-101.DEF) — 65KB
• aasp-20250630_lab.xml (EX-101.LAB) — 210KB
• aasp-20250630_pre.xml (EX-101.PRE) — 172KB
• ixform10q_htm.xml (XML) — 242KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION.. 2

Financial Statements

Item 1. Financial Statements. 2 Condensed Balance Sheets. 2 Condensed Statements of Operations. 3 Condensed Statements of Changes in Stockholders' Deficit 4 Condensed Statements of Cash Flows. 5 Notes to Condensed Financial Statements. 6

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations. 16

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk. 22

Controls and Procedures

Item 4. Controls and Procedures. 23

– OTHER INFORMATION

PART II – OTHER INFORMATION. 24

Legal Proceedings

Item 1. Legal Proceedings. 24

Risk Factors

Item 1A. Risk Factors. 24

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 27

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities. 27

Mine Safety Disclosures

Item 4. Mine Safety Disclosures. 27

Other Information

Item 5. Other Information. 27

Exhibits

Item 6. Exhibits. 27 Cautionary Statement Regarding Forward-Looking Information This Quarterly Report on Form 10-Q (this " Report ") contains forward-looking statements. In some cases, you can identify

forward-looking statements by the following words: " anticipate, " " believe, "

forward-looking statements by the following words: " anticipate, " " believe, " " continue, " " could, " " estimate, " " expect, " " intend, " " may, " " ongoing, " " plan, " " potential, " " predict, " " project, " " should, " or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. Forward-looking statements are not a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved.

Forward-looking statements are based on information available at the time the

Forward-looking statements are based on information available at the time the other factors that may cause our results, levels of activity, performance or achievements to be materially different from the information expressed or implied by the forward-looking statements in this Report. These factors include: our lack of a significant operating history; the ability of the Company to raise funding to support its operational plans, the terms of such financing and potential dilution caused thereby; the ability of the Company to complete the steps necessary to undertake its current operational plan, the costs associated therewith, timing relating thereto, and the ability of the Company to generate revenues associated therewith; the concentration of ownership of the Company's securities; the market for the Company's planned services, including the market for pickleball and padel; competition in the Company's industry; current negative operating cash flows and a need for additional funding to finance our operating plans; the terms of any further financing, which may be highly dilutive and may include onerous terms; increases in interest rates which may make borrowing more expensive and increased inflation which may negatively affect costs, expenses and returns; geopolitical events and regulatory changes; and the effect of changing interest rates and inflation, economic downturns and recessions, tariffs and trade wars, declines in economic activity or global conflicts; the loss of key personnel or failure to attract, integrate and retain additional personnel; corporate governance risks; the level of competition in our industry and our ability to compete; our ability to respond to changes in our industry; our ability to protect our intellectual property and not infringe on others' intellectual property; our ability to scale our business; changes in laws and regulations; the market fo

dilution

dilution to existing stockholders; costs and expenses associated with being a public company; risks of economic slowdowns and recessions; changes in inflation and interest rates, supply constraints, and possible recessions caused thereby; economic downturns both in the United States and globally; risk of increased regulation of our operations; and other risk factors included under "Risk Factors" below. You should read the matters described in "Risk Factors" and the other cautionary statements made in this Report, as being applicable to all related forward-looking statements wherever they appear in this Report. We cannot assure you that the forward-looking statements in this Report will prove to be accurate and therefore prospective investors are encouraged not to place undue reliance on forward-looking statements. Other than as required by law, we undertake no obligation to update or revise these

forward-looking statements, even though our situation may change in the future

forward-looking statements, even though our situation may change in the future. 1

– Financial Information

Part I – Financial Information

Financial Statements

Item 1. Financial Statements Agassi Sports Entertainment Corp., formerly Global Acquisitions Corporation Condensed Balance Sheets June 30, December 31, 2025 2024 ASSETS (unaudited) Current assets: Cash and cash equivalents $ 1,704,878 $ 2,319,242 Prepaid expenses and other current assets 804 38 Total current assets 1,705,682 2,319,280 Property and equipment, net 8,783 9,780 Intangible asset, net 306,574 - Total assets $ 2,021,039 $ 2,329,060 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable and accrued expenses $ 15,990 $ 46,915 Total liabilities 15,990 46,915 Commitments and contingencies - - Stockholders' equity (deficit): Preferred stock, $ 0.001 par value, 5,000,000 shares authorized, no shares issued and outstanding as of both June 30, 2025 and December 31, 2024 - - Common stock, $ 0.001 par value, 500,000,000 shares authorized, 9,785,056 and 9,785,056 shares issued and outstanding as of both June 30, 2025 and December 31, 2024 9,785 9,785 Additional paid-in capital 34,134,992 32,410,928 Accumulated deficit ( 32,139,728 ) ( 30,138,568 ) Total stockholders' equity 2,005,049 2,282,145 Total liabilities and stockholders' equity $ 2,021,039 $ 2,329,060 The accompanying notes are an integral part of these unaudited condensed financial statements. 2 Agassi Sports Entertainment Corp., formerly Global Acquisitions Corporation Condensed Statements of Operations (Unaudited) For the Three Months Ending June 30, For the Six Months Ending June 30, 2025 2024 2025 2024 Operating Expenses: General and administrative expenses $ 335,914 $ 20,212 $ 2,001,160 $ 33,122 Total operating expenses 335,914 20,212 2,001,160 33,122 Loss from operations ( 335,914 ) ( 20,212 ) ( 2,001,160 ) ( 33,122 ) Total Expense ( 335,914 ) ( 20,212 ) ( 2,001,160 ) ( 33,122 ) Net Loss before provision for income tax

financial statements prepared in accordance with generally accepted accounting

financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading. 6 These which, in the opinion of management, are necessary for fair presentation of the information contained therein. It is suggested that these unaudited condensed interim financial statements be read in conjunction with the financial thereto included in the Company's Annual Report on Form 10-K. The Company follows the same accounting policies in the preparation of interim reports. Results of operations for interim periods may not be indicative of annual results. c. BUSINESS ACTIVITIES At this time, the Company is currently focused on opportunities in the pickleball and padel industries. NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES a. USE OF ESTIMATES The preparation of these financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amount of revenues and expenses during the reporting period. Significant estimates and assumptions made by management include, but are not limited to, the determination of the provision for income taxes and fair value of warrants. The Company bases the estimates on historical experience and on various other assumptions that are believed to be reasonable. Actual results could differ from those estimates. b. PROPERTY AND EQUIPMENT, NET Property and equipment are stated at cost less accumulated depreciation and amortization. Property and equipment consist of computer equipment and depreciat

financial statements. Under this method, deferred tax assets and liabilities

financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. The Company records net deferred tax assets to the extent the Company believes these assets will more likely than not be realized. In making such determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies and recent financial operations. A valuation allowance is established against deferred tax assets that do not meet the criteria for recognition. In the event the Company were to determine that it would be able to realize deferred income tax assets in the future in excess of their net recorded amount, the Company would make an adjustment to the valuation allowance which would reduce the provision for income taxes. The Company follows the accounting guidance which provides that a tax benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits. Income tax positions must meet a more-likely-than-not recognition threshold at the effective date to be recognized initially and in subsequent periods. Also included is guidance on measurement, de-recognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. 8 f. FAIR VALUE OF FINANCIAL INSTRUMENTS The Company adopted Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 820 "Fair Value Measur

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