Agassi Sports Entertainment Corp.
For the period ended Jun 30, 2026. Filed Aug 14, 2026.
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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.
Jun 30, 2026 · Filed Aug 14, 2026
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
| ☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|
For the fiscal quarter ended June 30,2026
| ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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FOR THE TRANSITION PERIOD FROM _____________ TO _____________
Commission File Number000-24970
Agassi Sports Entertainment Corp.
(Exact name of registrant as specified in its charter)
| Nevada | 88-0203976 |
|---|---|
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
| 1120 N Town Center Drive, Suite 160 Las Vegas, Nevada | 89144 |
| (Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code:(702) 400-4005
Securities registered pursuant to Section 12(b) of the Act:None.
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 (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒Yes ☐ No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒Yes ☐ No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| Large accelerated filer ☐ | Accelerated filer ☐ |
|---|---|
| Non-accelerated Filer ☒ | Smaller reporting company ☒ |
| Emerging growth company ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes☒ No
The number of shares of common stock, $0.001 par value, outstanding on August 12, 2026 was 13,096,824 shares.
TABLE OF CONTENTS
| PART I – FINANCIAL INFORMATION | 2 | |
|---|---|---|
| Item 1. Financial Statements | 2 | |
| Condensed Balance Sheets | 2 | |
| Condensed Statements of Operations | 3 | |
| Condensed Statements of Changes in Stockholders’ Equity | 4 | |
| Condensed Statements of Cash Flows | 5 | |
| Notes to Condensed Financial Statements | 6 | |
| Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations | 20 | |
| Item 3. Quantitative and Qualitative Disclosures about Market Risk | 37 | |
| Item 4. Controls and Procedures | 37 | |
| PART II – OTHER INFORMATION | 38 | |
| Item 1. Legal Proceedings | 38 | |
| Item 1A. Risk Factors | 38 | |
| Item 2. Unregistered Sales of Equity Securities and Use of Proceeds | 46 | |
| Item 3. Defaults Upon Senior Securities | 47 | |
| Item 4. Mine Safety Disclosures | 47 | |
| Item 5. Other Information. | 48 | |
| Item 6. Exhibits | 48 |
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
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,” “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 statements are 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:
| ● | our limited operating history, history of losses and lack of experience in certain aspects of our business, including the court sports industry; |
| ● | our ability to continue as a going concern and to generate sufficient revenues to achieve and sustain profitability; |
| ● | our need for additional capital to fund operations and satisfy obligations, including under agreements with the IBM Parties (defined below), the availability and terms of such financing and potential dilution to existing stockholders; |
| ● | our ability to execute our business plan, including the development, launch and commercialization of our planned platform and mobile application, the timing and costs associated therewith and the extent to which we generate revenues from such initiatives; |
| ● | revenues we are able to generate and profitability from our e-commerce site, the ability to keep such site online, avoid security breaches, and obtain and retain customers; |
| ● | our ability to execute our newly announced “Let’s Play” pickleball and padel facilities initiative, including our ability to identify, negotiate, and complete acquisitions, partnerships, collaborations, and franchise arrangements, on the timeline anticipated, on favorable terms, or at all; |
| ● | the anticipated benefits of our arrangements with the IBM Parties (as defined below) and the extent to which such benefits are realized, as well as the demands such arrangements place on our management and resources; |
| ● | the acceptance by consumers of our products and services and their willingness to adopt and pay for our offerings; |
| ● | the size, growth and development of the markets in which we operate, including pickleball and padel, and for our planned platform and application; |
| ● | our ability to compete effectively in a highly competitive and evolving industry and to respond to changes in market conditions and consumer preferences; |
| ● | the impact of general economic, financial and business conditions, including inflation, interest rates, tariffs, trade policies, economic slowdowns or recessions and geopolitical events, on discretionary spending and demand for our products, services and events; |
| ● | our ability to successfully plan, launch and operate events, including the planned World Series of Pickleball, including securing venues, obtaining permits, attracting sponsorships, partners and participants, and managing operational and logistical challenges; |
| ● | risks related to injuries, accidents, security incidents or other liabilities arising from our operations or events and the adequacy of our insurance coverage; |
| ● | disruptions to our information technology systems, cybersecurity threats and unauthorized access to data, and the resulting operational, legal and reputational risks; |
| ● | risks associated with our use of artificial intelligence technologies, including regulatory, operational, reputational and competitive risks; |
| ● | our ability to attract, retain and manage key personnel and to effectively manage our growth, including increased operational scale and complexity; |
| ● | our ability to protect our intellectual property and avoid infringing on the intellectual property rights of others; |
| ● | our ability to establish and maintain brand recognition and customer loyalty; |
| ● | changes in laws, regulations and regulatory requirements applicable to our business; |
| ● | corporate governance risks and risks related to being a public company, including increased costs and compliance obligations; |
| ● | the concentration of ownership of our securities and its impact on corporate decision-making; |
| ● | the market price and liquidity of our common stock; and |
| ● | other risk factors discussed or incorporated by reference in “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.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.