Agassi Sports Entertainment's Losses Widen Amid Pickleball Pivot

TL;DR

**AASP is burning cash at an alarming rate with zero revenue, making its pickleball pivot a high-stakes gamble that could leave investors holding the bag.**

AI Summary

Agassi Sports Entertainment Corp. (AASP) reported a net loss of $755,899 for the three months ended September 30, 2025, an increase from a net loss of $637,013 in the same period of 2024. For the nine months ended September 30, 2025, the net loss significantly widened to $2,757,059, compared to $670,135 in the prior year. Revenue remained at $0 for both periods. General and administrative expenses surged to $2,757,059 for the nine months ended September 30, 2025, up from $670,135 in 2024, indicating substantial operational ramp-up without corresponding revenue. The company's cash and cash equivalents decreased sharply from $2,319,242 at December 31, 2024, to $515,624 at September 30, 2025, reflecting significant cash burn from operating activities, which used $1,778,618 during the nine-month period. AASP acquired the 'World Series of Pickleball' trademark for $25,000 in cash and warrants valued at $283,287, marking its entry into the pickleball and padel industries and transitioning from a 'Shell Company' status on May 31, 2025. The company remains a non-accelerated filer and a smaller reporting company, with 9,785,056 shares of common stock outstanding as of November 4, 2025.

Why It Matters

AASP's substantial increase in net loss and cash burn, despite a strategic pivot into the growing pickleball and padel industries, signals a critical period for investors. The acquisition of the 'World Series of Pickleball' trademark is a significant move, but the lack of revenue generation alongside soaring general and administrative expenses raises questions about the execution and monetization strategy. For employees, the company's ability to secure future funding is paramount for job security and growth. Customers in the pickleball and padel market will be watching to see if AASP can successfully launch and scale its offerings against established and emerging competitors in this increasingly crowded space. The broader market will observe if this pivot can translate into a viable business model, given the company's history as a 'Shell Company' until recently.

Risk Assessment

Risk Level: high — The company reported a net loss of $2,757,059 for the nine months ended September 30, 2025, with zero revenue, and its cash and cash equivalents plummeted from $2,319,242 to $515,624 in the same period. This significant cash burn and lack of revenue, coupled with the explicit mention of 'current negative operating cash flows and a need for additional funding to finance our operating plans' in the forward-looking statements, indicate a high risk of liquidity issues and potential dilution for existing shareholders.

Analyst Insight

Investors should exercise extreme caution and consider avoiding AASP stock until the company demonstrates a clear path to revenue generation and significantly reduces its cash burn. The current financial state suggests a high probability of further dilution or financial distress.

Financial Highlights

debt To Equity

0.04

revenue

$0

operating Margin

N/A

total Assets

$1,626,367

total Debt

$67,324

net Income

-$2,757,059

eps

-$0.28

gross Margin

N/A

cash Position

$515,624

revenue Growth

0.0%

Revenue Breakdown

Key Numbers

• $755,899 — Net Loss (Q3 2025) (Increased from $637,013 in Q3 2024)
• $2,757,059 — Net Loss (9 months ended Sep 30, 2025) (Significantly widened from $670,135 in the prior year period)
• $0 — Revenue (No revenue generated for the reported periods)
• $515,624 — Cash and Cash Equivalents (Sep 30, 2025) (Decreased from $2,319,242 at Dec 31, 2024)
• $1,778,618 — Net Cash Used in Operating Activities (9 months ended Sep 30, 2025) (Indicates significant cash burn)
• $25,000 — Cash paid for 'World Series of Pickleball' trademark (Part of the acquisition cost for the intangible asset)
• $283,287 — Fair value of warrants issued for trademark (Non-cash consideration for the 'World Series of Pickleball' trademark)
• 9,785,056 — Common Shares Outstanding (As of November 4, 2025)

Key Players & Entities

• Agassi Sports Entertainment Corp. (company) — registrant
• Global Acquisitions Corporation (company) — former name of registrant
• Ronald Boreta (person) — recipient of AAGC interest and former creditor
• John Boreta (person) — recipient of AAGC interest and former creditor
• All-American Golf Center, Inc. (company) — former primary asset of the company
• Patrick J. Rolfes (person) — seller of 'World Series of Pickleball' trademark
• Ted Angelo (person) — seller of 'World Series of Pickleball' trademark
• SEC (regulator) — Securities and Exchange Commission

FAQ

Risk Factors

• Significant Cash Burn and Increasing Losses [high — financial]: The company reported a net loss of $755,899 for Q3 2025, widening to $2,757,059 for the nine months ended September 30, 2025. This is coupled with a substantial decrease in cash and cash equivalents from $2,319,242 at December 31, 2024, to $515,624 at September 30, 2025, due to operating activities consuming $1,778,618. This trend indicates a high burn rate without any revenue generation.
• Lack of Revenue Generation [high — operational]: Agassi Sports Entertainment Corp. reported $0 in revenue for both the three and nine months ended September 30, 2025. This lack of revenue, despite significant increases in general and administrative expenses, raises concerns about the company's ability to generate income from its operations or its new ventures.
• Rapid Increase in General and Administrative Expenses [high — operational]: General and administrative expenses surged from $670,135 for the nine months ended September 30, 2024, to $2,757,059 for the same period in 2025. This represents a significant increase of over 300%, indicating substantial operational ramp-up or investment without a corresponding increase in revenue.
• Dependence on Future Capital [high — financial]: With a rapidly depleting cash position and no revenue, the company is highly dependent on its ability to secure future financing. The significant cash burn rate suggests that current cash reserves may not be sufficient for extended operations without additional funding.
• Intangible Asset Valuation and Integration [medium — market]: The acquisition of the 'World Series of Pickleball' trademark for $25,000 cash and $283,287 in warrants introduces an intangible asset. The success of this investment hinges on the company's ability to effectively leverage this trademark and integrate it into its business strategy to generate future revenue.
• Shell Company Transition [medium — regulatory]: The company transitioned from 'Shell Company' status on May 31, 2025. While this indicates a move towards active operations, it also means the company is in a nascent stage of its new business model, with inherent uncertainties and potential regulatory scrutiny as it develops.

Industry Context

Agassi Sports Entertainment Corp. is entering the rapidly growing pickleball and padel industries. These sports have seen a surge in popularity, attracting significant investment and media attention. The competitive landscape is evolving, with established sports entities and new ventures vying for market share in equipment, events, and media rights.

Regulatory Implications

As a company transitioning from shell status and operating in a growing but potentially volatile market, Agassi Sports Entertainment Corp. faces regulatory considerations related to its business operations, financial reporting, and any future capital raises. Maintaining compliance with SEC regulations as a smaller reporting company is crucial.

What Investors Should Do

1. Monitor revenue generation closely: Investors should scrutinize future filings for any signs of revenue generation from the company's new ventures, as current performance shows $0 revenue.
2. Assess cash burn rate: Given the significant cash depletion and increasing losses, investors need to evaluate the company's ability to secure additional funding to sustain operations.
3. Evaluate the strategic value of the 'World Series of Pickleball' trademark: Investors should track how effectively management leverages this intangible asset to drive future growth and profitability.
4. Understand the operational ramp-up costs: The substantial increase in G&A expenses needs to be justified by a clear path to revenue and profitability.

Key Dates

• 2025-09-30: End of Q3 2025 and Nine-Month Period — Reporting period for the 10-Q, showing significant increases in net loss and general and administrative expenses, and a sharp decline in cash.
• 2025-05-31: Transition from Shell Company Status — Marks the company's shift towards active operations and investment in new industries, specifically pickleball and padel.
• 2025-11-04: Common Shares Outstanding Date — Confirms the number of outstanding shares (9,785,056) as of a recent date, relevant for per-share calculations and market capitalization.
• 2024-12-31: End of Fiscal Year 2024 — Provides the comparative balance sheet figures, showing a much higher cash position ($2,319,242) at the start of the reporting year.

Glossary

Accumulated Deficit

The total net losses of a company since its inception that have not been offset by net income. (Shows the company's cumulative losses, which stood at $32,895,627 as of September 30, 2025, indicating a long history of unprofitability or significant investment without returns.)

Intangible Asset, Net

An asset that lacks physical substance but has value, such as patents, trademarks, or goodwill. 'Net' refers to its book value after accumulated amortization. (Represents the 'World Series of Pickleball' trademark acquired for $25,000 cash and $283,287 in warrants, valued at $301,436 net on the balance sheet as of September 30, 2025.)

Warrants

A security that gives the holder the right, but not the obligation, to purchase shares of stock at a specific price (the exercise price) before a certain expiration date. (Warrants valued at $283,287 were issued as part of the consideration for the 'World Series of Pickleball' trademark, representing a non-cash component of the acquisition cost.)

Shell Company

A company that exists only on paper and has no active business operations or significant assets, often used for financial maneuvering or as a vehicle for mergers. (Agassi Sports Entertainment Corp. transitioned from this status on May 31, 2025, indicating a significant change in its business model and operational focus.)

Non-accelerated Filer

A type of SEC filer that does not meet the requirements for accelerated filer status, typically due to smaller public float. (Indicates Agassi Sports Entertainment Corp. is subject to less stringent SEC reporting and compliance requirements compared to larger companies.)

Smaller Reporting Company

A company that meets certain thresholds for public float and annual revenue, allowing it to file simplified disclosures. (Agassi Sports Entertainment Corp. qualifies for this status, meaning its financial reporting may be less detailed than that of larger public companies.)

Year-Over-Year Comparison

Compared to the prior year, Agassi Sports Entertainment Corp. has seen a significant deterioration in its financial performance. For the nine months ended September 30, 2025, the net loss widened dramatically to $2,757,059 from $670,135 in the same period of 2024. This widening loss is primarily driven by a massive surge in general and administrative expenses, which increased from $670,135 to $2,757,059. While revenue remains at $0, the company's cash position has also sharply declined from $2,319,242 at the end of 2024 to $515,624 as of September 30, 2025, indicating a substantial increase in cash burn.

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 7 and 8). The trademark is a

Filing Documents

• ixform10q.htm (10-Q) — 525KB
• exhibit31-1.htm (EX-31.1) — 11KB
• exhibit31-2.htm (EX-31.2) — 11KB
• exhibit32-1.htm (EX-32.1) — 4KB
• exhibit32-2.htm (EX-32.2) — 4KB
• 0001472375-25-000132.txt ( ) — 2828KB
• aasp-20250930.xsd (EX-101.SCH) — 21KB
• aasp-20250930_cal.xml (EX-101.CAL) — 26KB
• aasp-20250930_def.xml (EX-101.DEF) — 76KB
• aasp-20250930_lab.xml (EX-101.LAB) — 225KB
• aasp-20250930_pre.xml (EX-101.PRE) — 185KB
• ixform10q_htm.xml (XML) — 272KB

– 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 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. 17

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk. 24

Controls and Procedures

Item 4. Controls and Procedures. 24

– OTHER INFORMATION

PART II – OTHER INFORMATION. 26

Legal Proceedings

Item 1. Legal Proceedings. 26

Risk Factors

Item 1A. Risk Factors. 26

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 30

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities. 31

Mine Safety Disclosures

Item 4. Mine Safety Disclosures. 31

Other Information

Item 5. Other Information. 31

Exhibits

Item 6. Exhibits. 33 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 " 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

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 made and involve known and unknown risks, uncertainties and 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

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 for our common stock; our ability to effectively manage our growth;

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 September 30, December 31, 2025 2024 ASSETS (unaudited) Current assets: Cash and cash equivalents $ 515,624 $ 2,319,242 Prepaid expenses and other current assets 801,030 38 Total current assets 1,316,654 2,319,280 Property and equipment, net 8,277 9,780 Intangible asset, net 301,436 - Total assets $ 1,626,367 $ 2,329,060 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable and accrued expenses $ 67,324 $ 46,915 Total liabilities 67,324 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 September 31, 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 September 31, 2025 and December 31, 2024 9,785 9,785 Additional paid-in capital 34,444,885 32,410,928 Accumulated deficit ( 32,895,627 ) ( 30,138,568 ) Total stockholders' equity 1,559,043 2,282,145 Total liabilities and stockholders' equity $ 1,626,367 $ 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 September 30, For the Nine Months Ending September 30, 2025 2024 2025 2024 Operating Expenses: General and administrative expenses $ 755,899 $ 637,013 $ 2,757,059 $ 670,135 Total operating expenses 755,899 637,013 2,757,059 670,135 Loss from operations ( 755,899 ) ( 637,013 ) ( 2,757,059 ) ( 670,135 ) Total Expense ( 755,899 ) ( 637,013 ) ( 2,757,059 ) ( 670,135 ) Net

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. 8 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. h. FAIR VALUE OF FINANCIAL INSTRUMENTS The Company adopted Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 820 "Fair Value Measu

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