Agassi Sports Entertainment Corp.
For the period ended Jun 30, 2026. Filed Aug 14, 2026.
View on SEC.govAbout this filing
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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What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-05-13.
0001472375-26-000143
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-14.
0001493152-26-038396
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 94 previous paragraphs and 165 current paragraphs.
38 unchanged; 31 reworded; 93 added; 25 removed; 0 previous and 3 current paragraphs rearranged.
Tables are not compared: 8 previous and 7 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 (93)
Current report
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Current report
Website
Current report
The website is a landing page that showcases everything that the Company endeavors to achieve and the mission behind the Company. It will act as an information layer for fans, investors and others who would like to know more about what the Company does. It also includes an e-commerce store, just launched in July 2026, where customers can purchase curated products which form a part of our brand partnership strategy. Currently available products include Agassi and Graf branded pickleball paddles and backpacks, clothing and pickleball accessories. We act as a reseller of products and do not own any product lines or hold any inventory.
Current report
App
Current report
Platform
Current report
Key post-launch features which are planned include:
Current report
The estimated cost for the digital platform is approximately $2,700,000 to implement. The digital platform is expected to include AI-agents based on the digital minds of Andre Agassi and Darren Cahill, exclusive content, instructional videos and ecommerce. Currently, IBM is in the final development of the Platform.
Current report
“Let’s Play” Pickleball and Padel Facilities Initiative
Current report
On August 4, 2026, we announced the launch of our global “Let’s Play” pickleball and padel platform initiative (the “Let’s Play Initiative”), through which we intend to pursue the goal of creating one of the world’s leading networks of pickleball and padel clubs. We intend to pursue this goal through a combination of potential acquisitions of existing facility operators, strategic partnerships, collaborations, and franchising arrangements, rather than through ground-up development alone. We believe this initiative represents a natural extension of our broader strategy of building an integrated global racket sports platform spanning technology, events, media, and, with destination-based physical facilities.
Current report
We intend to create “Let’s Play” locations that we believe will function as more than conventional sports facilities. Our concept envisions destinations that combine recreation, wellness, hospitality, and community programming, and that integrate coaching, events, and technology-enabled experiences, including potentially over time, integration with our planned digital Platform and App, with the goal of creating a differentiated offering for players of all ages and skill levels. We intend to offer operators who join our network branding, programming, and operational support intended to provide consistency in member experience while allowing us to scale more capital-efficiently than through wholly-owned development alone.
Current report
We intend to pursue potential opportunities throughout North America, Europe, Asia Pacific, and other international markets. Our first international efforts are expected to focus on Germany and Australia, markets in which we believe participation in pickleball and padel is accelerating. Our initiative in Germany is expected to be led by Stefanie Graf, a former professional tennis player who won 22 Grand Slam singles titles and who is the Company’s brand partner and the spouse of Andre Agassi, our co-founder and largest beneficial stockholder. Our initiative in Australia is expected to be led by Darren Cahill, a globally recognized tennis coach and broadcaster who has coached four world No. 1-ranked players, including Mr. Agassi, and who currently coaches world No. 1-ranked player Jannik Sinner. Both Ms. Graf and Mr. Cahill are expected to advise on facility design, programming, player development, and regional and local market strategy in connection with the Let’s Play Initiative.
Current report
As of the date of this Report, the Let’s Play Initiative is in the beginning stages of development. We are currently engaged in preliminary discussions with certain facility operators, developers, and strategic partners regarding potential future acquisitions, collaborations, and franchise opportunities. We have not acquired any facilities to date, have not entered into any definitive agreement to acquire any facility, and are not currently party to any strategic partnership, collaboration, or franchising agreement in connection with this initiative. There can be no assurance that any of these discussions will result in definitive agreements, that any resulting transactions will be completed on the terms or timeline we currently anticipate, or at all, or that any facilities we ultimately acquire, develop, partner with, or franchise will perform as we currently expect. See “Risk Factors”, below for a further discussion of the risks associated with this initiative.
Current report
We expect that pursuing the Let’s Play Initiative will require substantial additional capital beyond the funding we currently require to satisfy our existing obligations to the IBM Parties and to support our other planned initiatives, including the digital Platform, App, and World Series of Pickleball. We do not currently have committed financing specifically allocated to this initiative, and our ability to pursue it as currently contemplated, including the scale, timing, and geographic scope of any expansion, will depend on our ability to raise additional capital, on terms that may not be favorable to us, if at all.
Current report
Plans for Expansion; Programs; Content and Facilities
Current report
● Pursue best-in-class acquisition and partnership opportunities.
Current report
● Pursue a scalable, capital-efficient growth strategy through strategic partnerships.
Current report
Name and Likeness License Agreements; Brand Partner Agreement
Current report
As discussed in greater detail “Note 5. Intangible Assets”, to the footnotes to the unaudited financial statements included above, and “Recent Agreements/Transactions—Name and Likeness Agreement with Andre Agassi”, the Company has fifteen year (subject to extensions) Name and Likeness License Agreements in place with Darren Cahill, a former professional tennis player, former coach of Andre K. Agassi and current co-coach of Jannik Sinner, current world No. 1 ranked tennis player by the Association of Tennis Professionals (ATP), and Andre Agassi, former professional tennis player and 8-time tennis Grand Slam winner, co-founder of the Company’s current business operations, and a significant stockholder of the Company. We are also party to a Brand Partner Agreement with Stefanie Graf, the spouse of Andre Agassi, and former professional tennis player (holding ATP No. 1 ranking for 377 consecutive weeks), with among her many accomplishments, winning 22 major singles titles, and being the only player to win the “Golden Grand Slam,” capturing all four majors and an Olympic Gold Medal in the same year.
Current report
Competitive Advantage
Current report
We believe that the name and likeness license agreements with Darren Cahill and Andre Agassi, together with the brand partner agreement with Stefanie Graf, each discussed above, provide the Company with a meaningful strategic advantage in developing, marketing and commercializing its artificial intelligence-powered tennis and pickleball coaching platform and plans to compete in the pickleball industry. The Company’s App is being designed to deliver AI-based swing analysis, coaching and player development tools, and the association with three of the most recognizable and accomplished figures in professional tennis is expected to enhance the credibility and visibility of our technology among players, coaches, clubs, academies and other participants in the racket sports industry. In particular, Mr. Cahill’s reputation as one of the sport’s leading coaches and his experience coaching elite players, including Andre Agassi and current ATP World No. 1 Jannik Sinner, together with Mr. Agassi’s and Ms. Graf’s global recognition and longstanding reputations for excellence in tennis, are expected to support customer acquisition, brand awareness, strategic partnerships and marketing initiatives as we seek to expand our presence in the tennis and rapidly growing pickleball and padel markets. We also believe these relationships will facilitate the creation of authentic coaching content, instructional materials, promotional campaigns and other product features that align with our business strategy. While the Company cannot assure investors that these agreements will result in increased revenues, user adoption or other measurable commercial benefits, we believe they enhance our ability to differentiate our products from competing offerings and strengthen our overall brand within the racket sports industry.
Current report
Recent Agreements/Transactions
Current report
Delphi Agreements
Current report
On May 4, 2026, the Company entered into an Advisor Agreement with Delphi AI, Inc. (“Delphi” and the “Advisor Agreement”). Pursuant to the agreement, we agreed to advise Delphi from time to time on potential business, technology and products, and to work towards meeting certain performance-based milestones. The agreement included customary confidentiality obligations of the parties, and non-solicitation obligations for the Company, and can be terminated at any time by either party with 10 days prior notice.
Current report
In consideration for providing services under the Agreement, we were provided a six month option, but not an obligation, to make a financial investment in Delphi on the following terms, either (a) a Simple Agreement for Future Equity (SAFE) with a $100,000,000 valuation cap; or (b) an investment of up to $250,000, at the Company’s sole discretion, neither of which have been made to date.
Current report
Delphi also agreed to grant us, as consideration for the services we agreed to provide under the Advisor Agreement, an option to purchase shares representing up to 0.55% of Delphi’s common stock on a fully diluted basis, structured as follows: (a) 0.25% of Delphi’s common stock upon completion of the delivery of the required base deliverables; and (b) up to 0.30% of Delphi’s common stock upon performance of certain deliverables, which are subject to certain vesting criteria and certain forfeiture rights, neither of which have been issued to date. The exercise price per share will be equal to the fair market value per share on the date the option is granted or on the Company’s first day of services, whichever is later.
Current report
The Company separately entered into agreements with Delphi whereby Delphi agreed to create AI versions of Darren Cahill and Andre Agassi for the Company, in consideration for $25,000 and $50,000, per year, for the first year of the engagement, respectively, subject in certain circumstances to additional interaction fees.
Current report
Name and Likeness License Agreement with Darren Cahill
Current report
On June 4, 2026, the Company entered into a Name and Likeness License Agreement (the “Cahill License Agreement”), effective the same date, with Darren Cahill, an individual (“Cahill”). Cahill is a former professional tennis player and former coach of Andre K. Agassi and current co-coach of Jannik Sinner, current world No. 1 ranked tennis player by the Association of Tennis Professionals (ATP).
Current report
Pursuant to the Cahill License Agreement, Cahill granted the Company a non-exclusive (except as set forth in the Cahill License Agreement), worldwide right and license to use his name (the “Cahill Name”), together with renderings of his voice, image, and likeness, and all attributes of his personality and appearance (collectively, the “Cahill Likeness”), including any right of publicity, in connection with creation, development, manufacturing, operation, promotion, distribution, and sales of services and products in connection with the Company’s Business (defined below); including, but not limited to, in connection with the Company’s platform (the “Platform Name”), which right of use for the Platform Name is exclusive to the Company. The Company currently plans to create and manage unique content, building sports communities around entertainment, media, wellness, education, commerce, and charitable efforts, with the goal of becoming a leading media and entertainment company in the world of racket sports (the “Business”).
Current report
Nothing in the Cahill License Agreement prohibits Cahill from using the Cahill Name and Cahill Likeness for any purposes whatsoever, except that Cahill shall not provide his name or likeness to any platform, application, website, or similar service, during the term of the Cahill License Agreement in a manner that competes with the Company’s platform, as currently in effect and as may be modified, expanded, or changed, from time to time during the term.
Current report
During the term of the agreement, if, and to the extent, Cahill provides the Company with any content created exclusively by Cahill (“Cahill Content”), then, upon the terms and subject to the conditions of the Cahill License Agreement, Cahill granted to the Company a non-exclusive right and license to use, copy, reproduce, compile, distribute, transmit, broadcast, display, exhibit, project, and otherwise exploit the Cahill Content, or in composite and/or conjunction with other materials, including without limitation, audio, video, animation, text, and graphics, by any means, methods, and technologies now known or hereafter to become known, solely in connection with the creation, development, manufacturing, operation, promotion, distribution, and sales of products under the Business.
Current report
The Company must obtain prior written approval from Cahill to create and exploit derivative works based solely on Cahill Content, unless such Cahill Content is provided to the Company specifically for use in the Business.
Current report
Pursuant to the Cahill License Agreement, the Company agreed to provide all materials featuring use of any of the Cahill Name and Cahill Likeness and/or the Cahill Content (collectively, the “Cahill Licensed IP”) to Cahill for written approval before the Company begins making use of such materials; provided that: (A) the Company is not required to submit for approval the use of the Cahill Name and Cahill Likeness already in use as of the effective date as reflected on the Company’s current products or services or the Company’s website or platform; (B) the Company is not required to submit revised versions of such materials to Cahill for approval, provided that such materials are substantially similar to materials that have already been approved by Cahill; and (C) Cahill will not unreasonably withhold or delay his approval.
Current report
The Parties also agreed to cooperate with each other in good faith to develop and promote the Business for the term of the Cahill License Agreement.
Current report
Pursuant to the Cahill License Agreement, there are no royalty fees due for the Cahill Name and Cahill Likeness for the term of the agreement and instead, in lieu of any royalty fees, in consideration for entering into the Cahill License Agreement and agreeing to the terms thereof, the Company granted Cahill, as a one-time fee, warrants to purchase 250,000 shares of the Company’s common stock with a term of five years, cashless exercise rights, and an exercise price of $5.00 per share.
Current report
The Cahill License Agreement also included indemnification obligations of the parties, limitation of liability language and confidentiality obligations.
Current report
Unless otherwise terminated in accordance with the provisions of the Cahill License Agreement, the Cahill License Agreement continues for a period of fifteen (15) years, provided that the Cahill License Agreement automatically extends for additional five (5) year periods after the initial term, unless either party provides the other with written notice of their intent not to automatically extend the term at least sixty (60) days prior to the end of the initial term or any automatic renewal term.
Current report
Cahill has the right to terminate the Cahill License Agreement for cause in the event of any of the following: (i) the Company conducts itself in a manner that brings the Company, or Cahill into material disrepute and degradation in the eyes of the public and/or the media, as determined by Cahill in his reasonable good faith determination; (ii) the Company becomes subject to court-filed charges by any governmental or administrative entity for fraud, mismanagement, criminal activity, or other similar bad acts; (iii) the Company enters into, or publicly announces its intention to enter into or support, any agreement, binding letter of intent, memorandum of understanding or other contract related to: (a) the sale of all or substantially all of the Company’s assets to a third-party(ies); (b) any merger, consolidation, plan of arrangement, share exchange, tender offer or other acquisition of the Company whereby the voting shareholders of the Company would have less than 50% of the voting power of the resulting entity; or (c) any change in the ownership of more than 50% of the voting capital stock of the Company in one or more related transactions, in each case without the written approval of Cahill; or (iv) upon a material breach of the Company’s obligations under the Cahill License Agreement, which beach is not cured within thirty (30) days’ written notice thereof by Cahill to the Company, to the extent such breach can be cured.
Current report
The Company has the right to terminate the Cahill License Agreement for cause if: (i) Cahill is found guilty, whether by conviction or plea agreement, of a Class A or B federal felony crime or similar class felony crime under state or local laws; or (ii) upon material breach of Cahill’s obligations under the Cahill License Agreement, which beach is not cured within thirty (30) days’ written notice thereof by the Company to Cahill, to the extent such breach can be cured.
Current report
The Company is required, within one hundred twenty (120) days of expiration or termination of the Cahill License Agreement, to cease all use of the Cahill Licensed IP subject to having one hundred eighty (180) days after termination to sell off any existing merchandise or inventory bearing the Cahill Name or Cahill Likeness.
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Removed paragraphs (25)
Previous report
The estimated cost for the digital platform is segmented into two elements. The first is the launch of “Darren AI”. The costs associated with that launch are estimated to be $100,000. The second is the launch of “Agassi Intelligence”, which we estimate to cost a total of approximately $2,400,000 to implement. Currently, IBM is in final development of the platform.
Previous report
Facilities; Programs and Content
Previous report
• Develop our “ACE Program” of certifying facilities, social media communities, content creators, coaches, third-party leagues, and events under a planned marketing brand.
Previous report
We also plan to eventually launch a “Pickleball for All” charitable initiative to introduce, grow, and develop pickleball in underserved and disadvantaged communities across the United States. We expect to work with best of class brands to provide access to our “Fun for Free” courts and equipment in public parks, schools, and other locations that will serve as home courts to communities across the country for social wellness, practice, learning, and pickleball fun for all. We plan to work with select merchandisers and retailers to create quality equipment and offer merchandise at price points which will appeal to beginners and families, with a portion of the revenue to be reinvested into the Pickleball for All program.
Previous report
Material Agreements/Transactions
Previous report
Statement of Work
Previous report
On July 2, 2025, the Company entered into a Statement of Work (the “SOW”) with IBM Norge AS (“IBM”), pursuant to which IBM agreed to support, and provide services to the Company in connection with, the Company’s goal of launching a state-of-the-art racquet sport experience, including design and digital product concept services.
Previous report
The SOW sets forth project responsibilities, timelines and milestones. The project is expected to start on July 7, 2025, and to be completed on or before October 30, 2025, and the Company has agreed to pay IBM $75,000 in consideration for services rendered pursuant to the SOW, payable upon the completion of certain project milestones as described in greater detail in the SOW. The SOW may be terminated by either party with 30 days prior written notice. The SOW was completed and $75,000 was paid in 2025.
Previous report
Collaboration and Licensing Agreement
Previous report
On July 10, 2025, the Company entered into a Collaboration and Licensing Agreement (the “Collaboration Agreement”) with Sport Squad, Inc., which entity owns JOOLA.
Previous report
Pursuant to the Collaboration Agreement, the parties confirmed their intention to identify various ventures (collectively “Ventures”, each a “Venture”) which they might pursue together. Each party may suggest a Venture to the other, and if there is mutual interest, the parties agree to discuss in good faith how they might best collaborate and how such Venture can best be brought to fruition, including the preferred path of development, production and exploitation. Neither party shall be obligated to pursue any particular Venture, or any specific number of Ventures.
Previous report
Ventures may include, without limitation, the development of products or product lines, live events, exhibitions, competitions and tournaments, wellness projects, and content for exploitation in and across various media. It is anticipated that certain Ventures will involve the use of iconic brands, logos, and related trademarks, and/or the name, image and likeness rights of various athletes and celebrities. The acquisition or licensing of the rights in and to any brands, logos, and/or trademarks, and the name, image, and likeness (NIL) rights of celebrities and athletes will be the sole responsibility of the Company to obtain.
Previous report
The Collaboration Agreement continues in effect until terminated by either party thereto with written notice to the non-terminating party and includes customary confidentiality obligations of the parties.
Previous report
No Ventures have been identified as of the date of this Report.
Previous report
Partnership Agreement for Consulting Services
Previous report
On October 31, 2025, the Company entered into a Partnership Agreement for Consulting Services (the “Services Agreement”) and a Commitment Agreement (the “Commitment Agreement”) with IBM. Pursuant to the Services Agreement, IBM will provide us certain consulting services to be described in one or more statements of work. The first statement of work, entered into simultaneously with the Services Agreement (“SoW 1”), provides for IBM to create a website, mobile application, e-commerce, and A.I.-powered video analysis model for the Company (the “A.I. Model”) designed to serve the racquet sports community and create multiple revenue streams between November 1, 2025 and June 30, 2026, in exchange for a total payment of $2,134,716, payable in monthly installments in accordance with the terms of SoW 1, including $100,000 within 15 days after invoice from IBM, for each of November and December 2025, and January and February 2026, with $204,387 due before February 28, 2026 and $613,161 before March 20, 2026, and $229,292 due for each month of March through June 2026. We are also required to reimburse certain travel expenses, living expenses, and reasonable expenses incurred by IBM in connection with the services provided under SoW 1. To date, $604,387 has been paid under the Commitment Agreement.
Previous report
We believe the partnership with IBM supports and will facilitate the acceleration of our mission to build a global commercial digital ecosystem around wellness, learning and entertainment. We expect the partnership, and the A.I. Model, to create strong and recurring revenue streams, while also fostering a fun, thriving and informative racquet sports community on a global scale under our iconic Agassi brand.
Previous report
Brand Partner Agreement
Previous report
In consideration for her services under the Brand Partner Agreement, we granted Ms. Graf warrants to purchase 1,000,000 shares of the Company’s common stock at an exercise price of $5.50 per share (the “Graf Warrants”). The Graf Warrants vested immediately and have a five-year term. The Graf 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. The Graf Warrants may be exercised either by cash payment or via cashless exercise based on a formula set forth in the Graf Warrants.
Previous report
The Brand Partner Agreement may be terminated by either party at any time, with or without cause, upon written notice. The Brand Partner Agreement includes customary representations of the parties and confidentiality provisions. The Company may assign its rights under the Brand Partner Agreement to an affiliate or in connection with the bona fide sale of the Company’s business, whether by way of sale, merger or acquisition, but the Brand Partner Agreement is otherwise non-assignable.
Previous report
IBM Embedded Solution Agreement
Previous report
On February 2, 2026, we and International Business Machines Corporation (“International Business”) entered into an Embedded Solution Agreement – IBM Cloud Enterprise Savings PLAN ESA Transaction Document (the “Embedded Solution Agreement”) and an Embedded Solution Agreement Attachment for Build Fund Cloud Credits (the “Cloud Credits Attachment”).
Previous report
Pursuant to the Embedded Solution Agreement, the Company plans to order and for International Business to integrate certain International Business cloud services in an AI-powered self-improvement mobile application for active tennis and pickleball players to be developed by the Company (the “App”), in exchange for a minimum payment commitment of $500,000 for the period between February 1, 2026 and January 31, 2027 (the “First Commitment Period”) and $3,300,000 for the period between February 1, 2027 and January 31, 2031 (the “Second Commitment Period”). The initial $500,000 commitment is non-refundable and the subsequent $3,300,000 commitment will become non-refundable unless the Company terminates such commitment by written notice to International Business on or before December 31, 2026. The Embedded Solution Agreement has an initial term of one year and will automatically renew for an additional four years (unless the parties agree to a different renewal term), unless the Company terminates it by written notice to International Business on or before December 31, 2026. If International Business and the Company do not execute a renewal for the continued purchase of International Business cloud services after the initial renewal term, the Embedded Solution Agreement will continue on a month-to-month basis until terminated by either the Company or International Business upon 30 days’ prior written notice. International Business will also provide technical support for its cloud services during the term.
Previous report
Pursuant to the Cloud Credits Attachment, International Business will grant the Company up to $250,000 in cloud credits in three installments over the First Commitment Period, with each set of cloud credits expiring six months from the date the credits are applied. Cloud credits are to be used for development and testing of the Company’s embedded solution as part of International Business’s Build Fund Program. International Business may terminate the Company’s cloud credits for any reason, in International Business’s discretion, including if it determines that any information supporting the Company’s eligibility for participation was untrue or if the Company breaches the terms of the Cloud Credits Attachment or the Embedded Solution Agreement.
Previous report
Between November 4, 2024 and November 7, 2024, the Company entered into a series of subscription agreements (the “Subscription Agreements”), in connection with a private placement offering to accredited investors (the “Investors”), which offering closed on November 7, 2024, and pursuant to which we raised aggregate gross proceeds of $2,500,000 (the “Offering”). Under the Subscription Agreements, the maximum amount of the Offering was $2,500,000, which amount was fully subscribed. In connection with the Offering, we sold to 23 Investors, an aggregate of 2,631,543 shares of our restricted common stock, par value $0.001 per share (the “Shares”) for $0.95 per Share.
Reworded paragraphs (31)
Previous wording
We file annual, quarterly, and current reports, proxy statements and other information with the SEC. The SEC maintains an Internet site that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC like us at http://www.sec.gov (our filings can be found at https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000930245). Copies of documents filed by us with the SEC are also available from us without charge, upon oral or written request to our Secretary, who can be contacted at the address and telephone number set forth on the cover page of this Report. Our website address is https://www.agassisports.com. The information on, or that may be accessed through, our website is not incorporated by reference into this Report and should not be considered a part of this Report.
Current wording
We file annual, quarterly, and current reports, proxy statements and other information with the SEC. The SEC maintains an Internet site that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC like us athttp://www.sec.gov (our filings can be found at https://www.sec.gov/cgi-bin/browse edgar?action=getcompany&CIK=0000930245). Copies of documents filed by us with the SEC are also available from us without charge, upon oral or written request to our Secretary, who can be contacted at the address and telephone number set forth on the cover page of this Report. Our website address ishttps://www.agassisports.com. The information on, or that may be accessed through, our website is not incorporated by reference into this Report and should not be considered a part of this Report.
Previous wording
The Company has entered into several agreements with IBM Norge AS and International Business Machines Corporation (collectively, the “IBM Parties”), pursuant to which such entities have agreed to help us create an artificial intelligence (AI)-powered comprehensive digital platform designed to serve as the premier online community and wellness hub for enthusiasts of racket sports, including tennis, padel, and pickleball (the “Platform”). The Platform is initially expected to be accessible through the Company’s website and in the future to be accessible as a mobile application (the “App”).
Current wording
The Company has entered into several agreements with IBM Norge AS (“IBM”) and International Business Machines Corporation (“International Business”, and together with IBM, collectively, the “IBM Parties”), pursuant to which such entities have agreed to help us create an artificial intelligence (AI)-powered comprehensive digital platform designed to serve as the premier online community and wellness hub for enthusiasts of racket sports, including tennis, padel, and pickleball (the “Platform”). The Platform is contemplated as a digital ecosystem including both a functioning website with e-commerce (at agassisports.com), which is currently operational, and a mobile application (the “App”), which is in development and beta testing and expected to be available for both iOS and android, powered by proprietary artificial intelligence (AI) models.
Previous wording
The Platform is expected to be called “Agassi Intelligence”, and be structured as a digital ecosystem designed to support player development, community engagement, and personalized experiences across racquet sports. The Platform is expected to include AI-powered coaching, swing analysis, and tailored equipment recommendations, beginning with tennis and expanding into pickleball and padel through a phased release strategy.
Current wording
The App is expected to include AI-powered coaching, swing analysis, and tailored equipment recommendations, beginning with tennis and expanding into pickleball and padel through a phased release strategy. The AI models used in the App were developed by IBM, but are owned solely by the Company and are expected to be branded as “Agassi Intelligence”. The AI models have been designed to support player development, community engagement, and personalized experiences across racket sports.
Previous wording
The Platform is currently also expected to include what we are calling “Darren AI”, which will allow users to change with an AI agent coded to think like Darren Cahill, Andre Agassi’s former coach.
Current wording
The Platform is currently also expected to allow users to chat with an AI agent that has been trained using thousands of hours of proprietary content by both Darren Cahill (former professional tennis player and elite tennis coach who guided Andre Agassi, Lleyton Hewitt, Simona Halep, and Jannik Sinner to Grand Slam titles and world #1 rankings) and Andre Agassi (former professional tennis player, 8x Grand Slam Champion, and Olympic Gold Medalist). The AI agent is being programed to think, answer and sound like Darren Cahill, Andre Agassi’s former coach and Andre himself.
Previous wording
Our planned subscription-based Platform will aim to foster a holistic approach to racket sports participation, emphasizing not only performance tracking, but also physical, mental, and social well-being.
Current wording
Our planned freemium subscription-based App will aim to foster a holistic approach to racket sports participation, emphasizing not only performance tracking using multiple data points, but also provides access to high quality coaching, learning content and an e-commerce platform.
Previous wording
Key features of the platform are expected to include:
Current wording
Key features of the Platform at launch are expected to include:
Previous wording
Our platform has two main AI powered products, Swing Analysis AI and AI Coaching LLM.
Current wording
Our platform has two main AI powered products, Swing Analysis AI and AI Coaching LLM (Large Language Model).
Previous wording
The Platform, which is currently in beta testing, is currently planned to launch by the end of the second quarter of 2026, with a staggered roll-out of e-commerce (tennis racquets, paddles, sports nutrition, etc.), a personalized racquet/paddle recommender and an AI coaching model.
Current wording
The Platform, which is currently in beta testing, is currently planned to launch by the beginning of the fourth quarter of 2026, with a staggered roll-out of e-commerce (tennis rackets, paddles, sports nutrition, etc.), which e-commerce site launched in July 2026, a personalized racket/paddle recommender and an AI coaching model.
Previous wording
The App launch is anticipated to occur in the third or fourth quarter of 2026, and is planned to include the same coaching AI feature, as well as swing analysis feedback, motivational challenges, progress tracking, and social sharing. While it is expected to initially focus on tennis, the Company’s current goal is to expand all features of the app to pickleball and padel, in the future, with the goal of helping position the platform as a single hub for racquet sports.
Current wording
The App launch is anticipated to occur in the beginning of the fourth quarter of 2026, and is planned to include the same coaching AI feature, as well as swing analysis feedback, motivational challenges, progress tracking, and social sharing. While it is expected to initially focus on tennis, the Company’s current goal is to expand all features of the app to pickleball and padel, in the future, with the goal of helping position the platform as a single hub for racket sports.
Previous wording
We hope that the Platform and App will create strong and recurring revenue streams, while also fostering a fun, thriving and informative racquet sports community on a global scale under the iconic Agassi brand.
Current wording
We anticipate that the Platform and App will create strong and recurring revenue streams, while also fostering a fun, thriving and informative racket sports community on a global scale under the iconic Agassi brand.
Previous wording
On May 31, 2025, we acquired the rights to the trademark for “World Series of Pickleball” (the “Trademark”). Our current plans include launching the World Series of Pickleball, which is intended to be a new championship property owned and developed by the Company.
Current wording
Our current plans include launching the World Series of Pickleball, which is intended to be a new championship property owned and developed by the Company.
Previous wording
The Company hopes that the World Series of Pickleball, which is planned to feature a marquee open, a team-based championship week welcoming players of all skill levels from around the world, with prize purses and global celebrity participants, including involvement from Andre Agassi, alongside everyday competitors and professionals who choose to enter. The World Series of Pickleball is planned to be headquartered and launched in Las Vegas. The multi-day event is expected to bring together competitors from across the globe, supported by planned premium production, hospitality programming, and integrated media distribution which is expected to be designed to deliver a world-class experience for fans and partners.
Current wording
The Company hopes that the World Series of Pickleball, which is planned to feature a marquee open, a team-based championship week welcoming players of all skill levels from around the world, with prize purses and global celebrity participants, including involvement from Andre Agassi, alongside everyday competitors who choose to enter. The World Series of Pickleball is planned to be headquartered and launched in Las Vegas. The multi-day event is expected to bring together competitors from across the globe, supported by planned premium production, hospitality programming, and integrated media distribution which is expected to be designed to deliver a world-class experience for fans and partners.
Previous wording
The following are in the early stages of development, and we expect the World Series of Pickleball and our planned digital platform to take priority in the coming months:
Current wording
While we expect the World Series of Pickleball, our planned digital platform and our “Let’s Play” initiative, to take priority in the coming months, the following additional business plans are also in the early stages of development:
Previous wording
• Acquire, build and/or create physical facilities, leagues, tournaments, events, social communities, and merchandisers.
Current wording
● Acquire, build and/or create physical facilities, leagues, tournaments, events, social communities, and merchandisers (in addition to the “Let’s Play” initiative.
Previous wording
On November 22, 2025, we entered into a Brand Partner Agreement with Stefanie Graf (the “Brand Partner Agreement”), who is the spouse of Andre Agassi, our largest shareholder, and who is a former professional tennis player who among numerous other accolades was ranked as the world No. 1 in women’s singles by the Women's Tennis Association (WTA) for a record 377 weeks, and finished as the year-end No. 1 a record eight times, pursuant to which Ms. Graf (a “Brand Partner”) has agreed to serve as a Company advisor, spokesperson, celebrity endorser and brand partner. Pursuant to the Brand Partner Agreement, the Brand Partner will (i) participate in certain Company projects and initiatives, subject to agreement as to scope and compensation in each instance; (ii) promote the Company’s brand and content through public appearances, interviews, and social media activity, subject to mutual agreement as to each social media post; and (iii) provide advice and consultation upon Company request with respect to the Company’s brand and content. The Brand Partner has also licensed her image, name and likeness to the Company for use in our public relations, advertising and marketing, on a worldwide basis, subject to the Brand Partner’s right to disapprove of any particular use. The Brand Partner Agreement has a five-year term, subject to extension by mutual agreement.
Current wording
The license agreements provide the Company the non-exclusive (except as to certain specified uses, including as to Mr. Cahill our App and as to Mr. Agassi, our corporate name), to use the name and likeness of each of Mr. Cahill and Mr. Agassi in connection with the Company’s business operations. Pursuant to the Brand Partner Agreement, Ms. Graf will (i) participate in certain Company projects and initiatives, subject to agreement as to scope and compensation in each instance; (ii) promote the Company’s brand and content through public appearances, interviews, and social media activity, subject to mutual agreement as to each social media post; and (iii) provide advice and consultation upon Company request with respect to the Company’s brand and content. Ms. Graf has also licensed her image, name and likeness to the Company for use in our public relations, advertising and marketing, on a worldwide basis, subject to her right to disapprove of any particular use. The Brand Partner Agreement has a five-year term, subject to extension by mutual agreement.
Previous wording
On March 13, 2026, the Company entered into two Subscription Agreements with two accredited investors (the “2026 Investors”), pursuant to which the 2026 Investors purchased an aggregate of 80,000 shares of restricted common stock from the Company, for $5.00 per share, or a total of $400,000. The Subscription Agreements included customary representations and warranties of the Investors and the Company and provided piggyback registration rights for the investors.
Current wording
On March 13, 2026, the Company entered into two Subscription Agreements with two accredited investors, pursuant to which the investors purchased an aggregate of 80,000 shares of restricted common stock from the Company, for $5.00 per share, or a total of $400,000. The Subscription Agreements included customary representations and warranties of the investors and the Company and piggy-back registration rights for three years from the date of sale, subject to customary cutbacks and exceptions.
Previous wording
One of the 2026 Investors was the Boreta Lifetime Trust, whose trustee is Ronald S. Boreta, the Company’s President, Chief Executive Officer and director. The Boreta Trust purchased 50,000 shares of restricted common stock for $5.00 per share or $250,000 in aggregate.
Current wording
One of the investors was the Boreta Lifetime Trust, whose trustee is Ronald S. Boreta, the Company’s President, Chief Executive Officer and director. The Boreta Trust purchased 50,000 shares of restricted common stock for $5.00 per share or $250,000 in aggregate.
Previous wording
On April 28, 2026, the Company entered into a Subscription Agreement with Investments AKA, LLC, a limited liability company indirectly controlled by former professional tennis player Andre K. Agassi, 8-time Grand Slam winner, and the Company’s largest stockholder (“Investments AKA”), pursuant to which Investments AKA purchased an aggregate of 50,000 shares of restricted common stock from the Company, for $5.00 per share, or a total of $250,000. The Subscription Agreement included customary representations and warranties of AKA and the Company and piggyback registration rights.
Current wording
On April 28, 2026, the Company entered into a Subscription Agreement with Investments AKA, LLC, a limited liability company indirectly controlled by former professional tennis player Andre K. Agassi, 8-time Grand Slam winner, and the Company’s largest beneficial stockholder, whose Chief Financial Officer is Shawn Cable, our Chief Financial Officer, pursuant to which Investments AKA purchased an aggregate of 50,000 shares of restricted common stock from the Company, for $5.00 per share, or a total of $250,000. The Subscription Agreement included customary representations and warranties of Investments AKA and the Company and piggyback registration rights.
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 used, and plans to continue to use, the net proceeds from the offerings to advance business operations in the global racket sports entertainment business, with an initial focus on consolidating, building and growing pickleball and Padel related opportunities, to pay amounts owed to the IBM Parties, and for working capital and general corporate purposes.
Previous wording
We had a working capital deficit of $873,810 as of March 31, 2026; mainly due to our current liabilities of $1,191,997. We expect to require funding in the future, including to complete payments due under our agreements with the IBM Parties, which require us to make payments to the IBM Parties under the Services Agreement and SoW 1 totaling approximately $2.1 million, payable in monthly installments in accordance with the terms of SoW 1, including $100,000 within 15 days after invoice from IBM, for each of November and December 2025, and January and February 2026, with $204,387 due before February 28, 2026 and $613,161 before March 20, 2026, and $229,292 due for each of March through June 2026, as discussed above. To date, $454,387 has been paid.
Current wording
We had a working capital deficit of $1,962,523 as of June 30, 2026; mainly due to our current liabilities of $2,038,746. We expect to require funding in the future, including to complete payments due under our agreements with the IBM Parties, which require us to make payments to the IBM Parties under the Services Agreement and SoW 1 totaling approximately $2.1 million, payable in monthly installments in accordance with the terms of SoW 1, including $100,000 within 15 days after invoice from IBM, for each of November and December 2025, and January and February 2026, with $204,387 due before February 28, 2026 and $613,161 before March 20, 2026, and $229,292 due for each of March through June 2026, as discussed above. To date, $1,367,548 has been paid under an October 31, 2025, Partnership Agreement for Consulting Services and Commitment Agreement with IBM.
Previous wording
We plan on raising additional required funding through the sale of equity in the future, which is expected to be on similar terms as our recent $1,000,000 raised through the sale of common stock in March and April 2026. We anticipate that this capital will be sufficient to make all monthly payments to the IBM Parties under the Services Agreement.
Current wording
We plan on raising additional required funding through the sale of equity in the future, which is expected to be on similar terms as our recent private offerings. If we are successful in raising this additional capital, we anticipate that it will be sufficient to make the remaining scheduled payments to the IBM Parties under the Services Agreement; however, we have not yet secured commitments for this funding, and there can be no assurance that it will be available on acceptable terms, if at all. See Note 4 – Going Concern to the accompanying unaudited condensed financial statements.
Previous wording
We also hope to begin generating revenues in April 2026 from our Agassi Intelligence software, website and future expected sponsorship relations.
Current wording
We also hope to begin generating revenues in October 2026, from our launch of the App, which will include AI-agents created based off the digital minds of Andre Agassi and Darren Cahill, exclusive content, instructional videos, and ecommerce, as well as from future expected sponsorship relations, and pickleball and padel facilities.
Previous wording
For the three months ended March 31, 2026 and 2025, we had general and administrative expenses, consisting of stock-based compensation, audit fees, amounts paid under the embedded solution agreement with the IBM Parties (as discussed above)(for the three months ended March 31, 2026) and miscellaneous administrative costs, that totaled $2,510,314 and $1,665,246, respectively, an increase of $845,065 from the prior period, which increase was mainly the result of an increase in accounts paid under the agreements with the IBM Parties, discussed above.
Current wording
For the six months ended June 30, 2026 and 2025, we had general and administrative expenses, consisting of stock-based compensation, audit fees, amounts paid under the embedded solution agreement with the IBM Parties (as discussed above)(for the six months ended June 30, 2026) and miscellaneous administrative costs, that totaled $2,703,039 and $2,001,160, respectively, an increase of $701,879 from the prior period, which increase was mainly the result of amounts paid under the agreements with the IBM Parties, discussed above. Share based compensation for the six months ended June 30, 2026 totaled $1,217,254, compared to $1,440,777 of share based compensation for the six months ended June 30, 2025. Share based compensation for the six months ended June 30, 2026 consisted of (i) $981,455 of expense relating to warrants granted to consultants and service providers, including expense recognized during the period on warrants granted in prior periods which vest over time, (ii) $80,799 of expense relating to restricted stock units granted to our Chief Executive Officer, and (iii) $155,000 of expense relating to restricted shares of common stock issued to a consultant and our investor relations firm, in each case as discussed in greater detail in “Note 6. Capital Stock and Share-Based Compensation” to the financial statements included herein. We also had research and development expenses of $91,021 for the six months ended June 30, 2026, and no research and development expenses for the six months ended June 30, 2025.
Previous wording
We had a net loss of $2,510,314 and $1,665,246, for the three months ended March 31, 2026, and 2025, respectively, which net loss increased for the reason described above.
Current wording
We had a net loss of $2,794,060 and $2,001,160, for the six months ended June 30, 2026, and 2025, respectively, which net loss increased for the reasons described above. After giving effect to a deemed dividend of $3,548,508 relating to warrants issued to certain stockholders in consideration for lock-up agreements, net loss attributable to common stockholders was $6,342,568 for the six months ended June 30, 2026 (see Note 2 and Note 6 to the financial statements included herein).
Previous wording
The decrease of $875,785 in working capital was mainly due to an increase in accounts payable from the agreements with the IBM Parties, discussed above.
Current wording
The decrease of $1,964,498 in working capital was mainly due to an increase in accounts payable from the agreements with the IBM Parties, discussed above.
Previous wording
We had $417,620 of net cash used in operating activities for the three months ended March 31, 2026, which was mainly due to $2,510,314 in net loss, offset by $981,455 of stock-based compensation expense, $706,176 of accounts payable and accrued expenses and $399,429 of prepaid expenses and other current assets. 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.
Current wording
We had $981,313 of net cash used in operating activities for the six months ended June 30, 2026, which was mainly due to $2,794,060 in net loss, offset by $1,217,253 of stock-based compensation expense, $20,459 of depreciation and amortization expense, a $176,435 increase in accounts payable and accrued expenses and a $398,600 decrease in prepaid expenses and other current assets. We had $589,364 of net cash used in operating activities for the six months ended June 30, 2025, which was mainly due to $2,001,160 in net loss, offset by $1,440,777 of stock-based compensation expense and $2,709 of depreciation expense.
Previous wording
We had $11,139 of net cash used in investing activities for the three months ended March 31, 2026, which was due solely to the purchase of IT equipment.
Current wording
We had $1,185,239 of net cash used in investing activities for the six months ended June 30, 2026, which was due to $1,167,548 of payments for software development in progress and $17,691 for the purchase of IT equipment. We had $25,000 of net cash used in investing activities for the six months ended June 30, 2025, which was due to the acquisition of an intangible asset.
Previous wording
We had $650,000 of net cash provided by financing activities for the three months ended March 31, 2026, which was solely due to proceeds from shares issued.
Current wording
We had $2,145,000 of net cash provided by financing activities for the six months ended June 30, 2026, which was solely due to proceeds from the sale of 429,000 shares of common stock sold in our private offerings for $5.00 per share. We had no cash provided by financing activities for the six months ended June 30, 2025.
Previous wording
We do not currently have any additional commitments or identified sources of additional capital from third parties or from our officers, directors or majority stockholders. Additional financing may not be available on favorable terms, if at all.
Current wording
Other than the Investments AKA Convertible Note, which was funded on July 28, 2026 by an entity affiliated with Andre Agassi, our largest beneficial stockholder, we do not currently have any additional commitments or identified sources of additional capital from third parties or from our officers, directors or majority stockholders. Additional financing may not be available on favorable terms, if at all.
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 March 31, 2026, we had an accumulated deficit of $42,140,416. In addition, the Company’s current liabilities exceed its current assets by $873,810 as of March 31, 2026.
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 June 30, 2026, we had cash of $74,196 and an accumulated deficit of $42,424,162, and we used $981,313 of cash in operating activities during the six months ended June 30, 2026. In addition, the Company’s current liabilities exceed its current assets by $1,962,523 as of June 30, 2026.
Previous wording
The Company has no significant assets and continues to depend on equity raises to provide funds to pay its ongoing expenses. There can be no assurance however that the Company will be able to raise additional capital when needed, or at terms deemed acceptable, if at all. These factors raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the unaudited condensed financial statements are issued.
Current wording
The Company has limited cash resources and continues to depend on equity raises to provide funds to pay its ongoing expenses. There can be no assurance however that the Company will be able to raise additional capital when needed, or at terms deemed acceptable, if at all. These factors raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the unaudited condensed financial statements are issued.
Rearranged current paragraphs (3)
Current report — wording carried from elsewhere
As discussed in greater detail in “Note 5. Intangible Assets”, to the footnotes to the unaudited financial statements included above, on May 31, 2025, we acquired the rights to the trademark for “World Series of Pickleball” (the “Trademark”).
Current report — wording carried from elsewhere
Results of Operations for the Six Months Ended June 30, 2026 Compared to the Six Months Ended June 30, 2025.
Current report — wording carried from elsewhere
We generated no revenues for the six months ended June 30, 2026 or 2025.