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Agassi Sports Entertainment Corp. (AASP) filed its Q3 2025 report, showing no revenue and a larger loss as it ramps up a new sports media strategy. Net loss was $755,899 for the quarter and $2,757,059 year‑to‑date. Operating expenses reached $755,899 in Q3. Cash was $515,624, with a working capital surplus of $1,249,330 as of September 30, 2025.
Management disclosed “substantial doubt” about continuing as a going concern given the accumulated deficit of $32,895,627 and planned spending needs. The company exited shell status after acquiring the “World Series of Pickleball” trademark for $25,000 plus warrants valued at $283,287, and recorded an intangible carrying value of $301,436.
Subsequent to quarter‑end, AASP signed IBM agreements to build a website, mobile app, e‑commerce, and an AI video analysis model for $2,134,716 payable between November 2025 and June 2026, alongside a longer‑term commitment framework. 9,785,056 common shares were outstanding as of November 4, 2025. Disclosure controls were deemed not effective due to limited personnel.
Agassi Sports Entertainment Corp. signed a Services and Commitment Agreement with IBM Norge AS. The initial statement of work covers building a website, mobile app, e‑commerce, and an A.I.-powered video analysis model for racquet sports for $2,134,716, with monthly installments between November 2025 and June 2026. Scheduled payments include $100,000 for each of November and December 2025 and January and February 2026, $204,387 before February 28, 2026, $613,161 before March 20, 2026, and $229,292 for each of March through June 2026, plus reimbursable travel and related expenses.
Under a separate Commitment Agreement, once the mobile app launches, the company will purchase additional IBM Consulting services during a period beginning on or before June 30, 2026 and ending on October 31, 2030. IBM will receive a 2%–2.5% performance bonus on the company’s net revenue derived from its agreements with IBM, minus IBM’s costs. IBM will provide $2,953,000 in investments via in‑kind value and reduced rates; this is not cash and involves no equity. The A.I. model will be owned by the company. Either agreement may be terminated for convenience with three months’ notice, but not before the six‑month anniversary; a fee applies if the Commitment Agreement is terminated for convenience.
Agassi Sports Entertainment Corp. furnished an updated corporate presentation as an exhibit to a current report. The presentation, dated October 2025, is provided under Regulation FD to share information with investors and the public on an equal-access basis. It is furnished, not filed, which means it is not automatically subject to certain liability provisions or incorporated into other securities filings unless specifically referenced. The company also emphasizes that the presentation contains forward-looking statements that are subject to risks and uncertainties described in its recent Form 10-Q for the quarter ended June 30, 2025 and Form 10-K for the year ended December 31, 2024.
Amendment No. 1 to Schedule 13D reports a change in beneficial ownership of Agassi Sports Entertainment Corp. common stock following private assignments effective June 30, 2025. Ronald S. Boreta now beneficially owns 2,458,403 shares, representing 25.1% of the 9,785,056 shares outstanding, reflecting sole ownership of 602,229 shares and shared voting/dispositive power over 1,856,174 shares. All-American Golf Center, Inc. holds 1,495,390 shares (15.3%), and Boreta Enterprises, Ltd. holds 360,784 shares (3.7%). The filing states the transfer resulted from Mr. John Boreta assigning ownership of AAGC to Ronald Boreta, and that John Boreta will file a separate Schedule 13G. The Reporting Persons state they currently have no plans to effect extraordinary corporate actions but reserve the right to buy or sell shares in the future.