Agassi Sports Entertainment Corp.
For the period ended Mar 31, 2025. Filed May 14, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2025 · Filed May 14, 2025
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What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-09-30; filed 2024-11-14.
0001472375-24-000103
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-03-31; filed 2025-05-14.
0001472375-25-000051
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 71 previous paragraphs and 69 current paragraphs.
52 unchanged; 11 reworded; 6 added; 4 removed; 4 previous and 0 current paragraphs rearranged.
Tables are not compared: 3 previous and 3 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (6)
Current report
On March 25, 2025, the Company filed an amendment to the Company’s Articles of Incorporation, as amended (the “Amendment”) with the Secretary of State of the State of Nevada to change the name of the Company from “Global Acquisitions Corporation” to “Agassi Sports Entertainment Corp.” (the “Name Change”). The Name Change became effective at 12:01 A.M. EST on Monday, March 31, 2025. The Name Change was approved by the Board of Directors of the Company, which in accordance with Section 78.390(8) of the Nevada Revised States, can approve amendments to a Nevada corporation’s articles of incorporation, without the approval of the stockholders.
Current report
On March 6, 2025, the Board of Directors of the Company granted (a) warrants to purchase 500,000 shares of common stock to Justin Gimblestob and (b) warrants to purchase 250,000 shares of common stock to Darren Cahill, two consultants of the Company, in consideration for agreeing to provide advisory services to the Company (collectively, the “Consulting Warrants”). The Consulting Warrants have an exercise price of $1.70 per share and a term of five years. The Consulting Warrants vested immediately and are exercisable 1/2 on March 6, 2025 and 1/2 on September 6, 2025. The Consulting Warrants also allow for cashless exercises and customary anti-dilution rights for stock splits, dividends and similar transactions.
Current report
Effective on March 6, 2025, the Board of Directors of the Company, appointed Shawn Cable as the Chief Financial Officer (Principal Accounting/Financial Officer) of the Company (the “Appointment”), which Appointment was effective as of the same date. As a result of the Appointment, Ronald Boreta, the Chief Executive Officer (Principal Executive Officer) of the Company, stepped down from the role of Principal Accounting/Financial Officer and Treasurer of the Company, also effective on March 6, 2025.
Current report
The Company agreed to pay Mr. Cable $75,000 per year, and to grant Mr. Cable warrants to purchase 100,000 shares of common stock with an exercise price of $1.70 per share and a term of five years. The warrants vest immediately and are exercisable 1/2 on March 6, 2025 and 1/2 on September 6, 2025 (the “CFO Warrants”). The CFO Warrants also allow for cashless exercises and customary anti-dilution rights for stock splits, dividends and similar transactions.
Current report
The decrease of $223,974 in working capital was mainly due to a decrease in cash as of March 31, 2025, compared to December 31, 2024, related to payroll and legal expenses paid during the period.
Current report
We had $6,093 of net cash used in operating activities for the three months ended March 31, 2024, which was due to $12,911 of net loss and $112 of prepaid expenses and other current assets, offset by $6,960 of accounts payable and accrued expenses.
Removed paragraphs (4)
Previous report
On July 3, 2024, the Company entered into a share purchase agreement (the “Purchase Agreement” and each, an “Purchase Agreement”) with All American Golf Center, Inc. (the “Creditor”), pursuant to which the Creditor agreed to exchange shares of the Company’s common stock in consideration for the Creditor’s release of obligations of the Company to repay expenses in the aggregate amount of $593,670 (the “Payables”) for expenses of the Company previously paid by the Creditor. Pursuant to the Purchase Agreement, the 1,495,390 shares of common stock to be issued by the Company to the Creditor upon consummation of the exchange was determined based upon an implied price per share of common stock, equal to $0.397. The Creditor is an existing significant stockholder of the Company that is owned and controlled by Ronald S. Boreta, President, Chief Executive Officer, Secretary, Treasurer and a director of the Company, and John Boreta, a director of the Company.
Previous report
Also on July 3, 2024, the Company issued warrants (the “Warrants”) to purchase 2,975,000 shares of common stock at an exercise price of $0.397 per share, (i) to James Askew (“Askew”), an individual, who was subsequently appointed as a member of the Board of Directors of the Company (Warrants to purchase 2,269,583 shares of common stock), and (ii) to Investments AKA, LLC (together with Askew, the “Warrant Holders”), a limited liability company indirectly controlled by Andre K. Agassi (Warrants to purchase 705,417 shares of common stock). The Warrants are vested immediately. The Warrants are exercisable as to one half of the shares of Common Stock immediately, and exercisable as to the remaining half of the shares of Common Stock one year following the grant date of the Warrant.. The Warrants were issued to the Warrant Holders in consideration of services and support previously performed and provided, and expected to be performed or provided, by the Warrant Holders in furtherance of the Company’s business objectives.
Previous report
The Company also entered into a Consulting Agreement, dated July 3, 2024, with Askew with respect to his services and the issuance of his Warrants.
Previous report
The decrease of $543,401 in working capital deficit was mainly due to a decrease in amounts due to related parties to $44,709 as of September 30, 2024, compared to $587,607 as of December 31, 2023, as a result of the terms of the Purchase Agreement, discussed above.
Reworded paragraphs (11)
Previous wording
You should read the matters described in “Risk Factors”, below, and “Cautionary Statement Regarding Forward-Looking Statements”, above, and the other cautionary statements made in this Report, and incorporated by reference herein, 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.
Current wording
You should read the matters described in, and incorporated by reference in, “Risk Factors”, below, and “Cautionary Statement Regarding Forward-Looking Statements”, above, and the other cautionary statements made in this Report, and incorporated by reference herein, 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.
Previous wording
This information should be read in conjunction with the interim unaudited financial statements and the notes thereto included in this Quarterly Report on Form 10-Q, and the audited financial statements and notes thereto and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” contained in our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the Securities and Exchange Commission on March 29, 2024 (the “Annual Report”).
Current wording
This information should be read in conjunction with the interim unaudited financial statements and the notes thereto included in this Quarterly Report on Form 10-Q, and the audited financial statements and notes thereto and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” contained in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission on March 26, 2025 (the “2024 Annual Report”).
Previous wording
Unless the context requires otherwise, references to the “Company,” “we,” “us,” “our,” and “Global Acquisitions Corporation” refer specifically to Global Acquisitions Corporation.
Current wording
Unless the context requires otherwise, references to the “Company,” “we,” “us,” “our,” and “Agassi Sports Entertainment Corp.” refer specifically to Agassi Sports Entertainment Corp.
Previous wording
Our principal executive offices are located at 120 N. Town Center Dr #160, Las Vegas, Nevada 89144, and our telephone number is (702) 317-7302.
Current wording
Our principal executive offices are located at 1120 N. Town Center Dr #160, Las Vegas, Nevada 89144, and our telephone number is (702) 400-4005.
Previous wording
The Company currently plans to use the net proceeds from the Offering to advance business operations in the global racquet sports entertainment business, with an initial focus on consolidating, building and growing pickleball and Padel related opportunities, and for working capital and general corporate purposes.
Current wording
The Company has used to date, and plans to continue to use, the net proceeds from the Offering to advance business operations in the global racquet sports entertainment business, with an initial focus on consolidating, building and growing pickleball and Padel related opportunities, and for working capital and general corporate purposes.
Previous wording
We had a working capital deficit of $66,848 as of September 30, 2024; however, as discussed below, we raised $2.5 million in a private offering in November 2024. We may however require additional funding in the future. We plan to raise additional required funding when required through the sale of debt or equity, which may not be available on favorable terms, if at all, and may, if sold, cause significant dilution to existing stockholders. If we are unable to access additional capital moving forward, it may hurt our ability to grow and to generate revenues.
Current wording
We had a working capital surplus of $2,048,391 as of March 31, 2025; because, as discussed below, we raised $2.5 million in a private offering in November 2024. However, we expect to require funding in the future. We plan to raise additional required funding when required through the sale of debt or equity, which may not be available on favorable terms, if at all, and may, if sold, cause significant dilution to existing stockholders. If we are unable to access additional capital moving forward, it may hurt our ability to grow and to generate revenues.
Previous wording
For the three months ended September 30, 2024 and 2023, general and administrative expenses, consisting of stock based compensation, audit fees and miscellaneous administrative costs that totaled $637,013 and $10,776, respectively, an increase of $626,237 from the prior period, which increase was mainly the result of an increase in stock based compensation in connection with warrants issued to James Askew and AKA, LLC.
Current wording
For the three months ended March 31, 2025 and 2024, we had general and administrative expenses, consisting of stock-based compensation, audit fees and miscellaneous administrative costs that totaled $1,665,246 and $12,911, respectively, an increase of $1,652,335 from the prior period, which increase was mainly the result of an increase in stock-based compensation in connection with warrants issued to Darren Cahill, Shawn Cable and Justin Gimblestob, as discussed above.
Previous wording
We had a net loss of $637,013 and $10,776, for the three months ended September 30, 2024, and 2023, respectively, which net loss increased for the reason described above.
Current wording
We had a net loss of $1,665,246 and $12,911, for the three months ended March 31, 2025, and 2024, respectively, which net loss increased for the reason described above.
Previous wording
We had $89,442 of net cash used in operating activities for the nine months ended September 30, 2024, which was mainly due to $670,135 of net loss, offset by $619,867 of stock-based compensation expense. We had $32,739 of net cash used in operating activities for the nine months ended September 30, 2023, which was mainly due to $47,214 of net loss, offset by $11,709 of due from related party.
Current wording
We had $247,761 of net cash used in operating activities for the three months ended March 31, 2025, which was mainly due to $1,665,246 in net loss, offset by $1,440,777 of stock-based compensation expense and $496 of depreciation expense.
Previous wording
We had $89,442 and $32,739 of net cash provided by financing activities for the nine months ended September 30, 2024 and 2023, respectively, which was due to proceeds from related party in connection with shares issued in exchange for elimination of related party balance due.
Current wording
We had $6,063 of net cash provided by financing activities for the three months ended March 31, 2024, which was solely due to proceeds from related parties.
Previous wording
The accompanying unaudited condensed financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. As of September 30, 2024, we had an accumulated deficit of $30,014,955. In addition, the Company’s current liabilities exceed its current assets by $66,848 as of September 30, 2024.
Current wording
The accompanying unaudited condensed financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. As of March 31, 2025, we had an accumulated deficit of $31,803,814. In addition, the Company’s current assets exceed its current liabilities by $2,048,391 as of March 31, 2025.
Rearranged previous paragraphs (4)
Previous report — wording carried elsewhere
Results of Operations for the Nine Months Ended September 30, 2024 Compared to the Nine Months Ended September 30, 2023.
Previous report — wording carried elsewhere
We generated no revenues for the nine months ended September 30, 2024 or 2023.
Previous report — wording carried elsewhere
For the nine months ended September 30, 2024 and 2023, general and administrative expenses, consisting of stock based compensation, audit fees and miscellaneous administrative costs that totaled $670,135 and $47,214, respectively, an increase of $622,921 from the prior period, which increase was mainly the result of an increase in stock based compensation in connection with warrants issued to James Askew and AKA, LLC.
Previous report — wording carried elsewhere
We had a net loss of $670,135 and $47,214, for the three months ended September 30, 2024, and 2023, respectively, which net loss increased for the reason described above.