Executive Summary

MLFB reported no revenue in Q1 FY2019 and a net loss of $0.160M, with ending cash of $0.002M; operating expenses were sharply reduced year over year due to cash constraints .
No Wall Street consensus estimates were available from S&P Global for EPS or revenue; comparisons to expectations cannot be made (S&P Global data unavailable).
Management emphasized urgent funding needs to launch operations, targeting $3M near‑term and $20M subsequently; the timeline was updated across filings, and TV production/marketing agreements were contingent on capital receipt .
Operational steps included facility agreements (Virginia Beach Sportsplex, War Memorial Stadium) and increasing authorized shares to 300M, positioning for financing and execution .

What Went Well and What Went Wrong

What Went Well
- Entered a TV production, sponsorship, and marketing agreement with BDB Entertainment (contingent on $3M proceeds), later extended to April 15, 2019, supporting commercialization plans .
- Secured facility agreements for practice and games (Virginia Beach Sportsplex and War Memorial Stadium), evidencing operational readiness for the 2019 season .
- Increased authorized common shares to 300,000,000 to facilitate financing, a key enabler for capital access .
What Went Wrong
- Continued operating losses and derivative liability volatility; Q1 FY2019 recorded a $0.160M net loss and $0.101M loss from change in fair value of a conversion option liability .
- Legal and creditor pressure persisted (e.g., $70,000 consent judgment in H&J Ventures matter; landlord settlement installments and equipment encumbrances), constraining liquidity and execution .
- Auditor payment delays and filing timeliness issues; prior 8‑K disclosed inability to file the FY2018 10‑K on time due to unpaid audit fees .

Metric	Q1 FY2018 (Jul 31, 2017)	Q1 FY2019 (Jul 31, 2018)
Revenues ($USD Millions)	$0.000	$0.000
Operating Expenses ($USD)	$71,271	$33,939
Operating Loss ($USD)	$(71,271)	$(33,939)
Interest Expense ($USD)	$(36,249)	$(20,114)
Loss from Change in Fair Value of Conversion Option Liability ($USD)	$0	$(101,073)
Net Loss ($USD)	$(79,439)	$(159,802)
Basic/Diluted EPS ($USD)	$(0.00)	$(0.00)

Metric	Q4 FY2018 (Jan 31, 2018)	Q1 FY2019 (Jul 31, 2018)	Q3 FY2019 (Jan 31, 2019)
Revenues ($USD Millions)	$0.000	$0.000	$0.000
Operating Expenses ($USD)	$27,380	$33,939	$95,662
Net Income (Loss) ($USD)	$1,137,417 (includes $1,176,168 waiver income)	$(159,802)	$(372,290)
Basic/Diluted EPS ($USD)	$0.02 / $0.02	$(0.00) / $(0.00)	$(0.01) / $(0.01)
Cash and Equivalents ($USD)	$0	$1,595	$9,858

KPI	Q1 FY2019
Cash from Operations (3M) ($USD)	$(83,930)
Cash and Equivalents ($USD)	$1,595
Working Capital Deficit ($USD)	$(3,447,127)
Accounts Payable ($USD)	$1,545,560
Conversion Option Liability ($USD)	$176,073
Weighted Avg Shares	58,711,177

Note: No segment revenues were reported; football operations had not commenced .

Metric	Period	Previous Guidance	Current Guidance	Change
Funding Required to Launch (near-term)	FY2019 (launch)	Raise ~$3M between Jun–Aug 2018	Raise ~$3M between Mar–Apr 2019	Timing shifted later; maintained magnitude
Funding Required (season execution)	FY2019	~$20M between Sep 2018–Mar 2019	~$20M between Apr–Jul 2019	Timing shifted later; maintained magnitude
Corporate Actions (Authorized Shares)	Feb 2019	200M authorized common; no preferred (post Aug 2018)	Authorized common increased to 300M	Raised capacity for financing
Master Agreements (Commercialization)	FY2019	TV/marketing agreement contingent on $3M proceeds (initial)	Deadline extended to Apr 15, 2019	Extended contingency deadline

No Q1 FY2019 earnings call transcript was found; themes below reflect filings.

Topic	Previous Mentions (Q4 FY2018)	Previous Mentions (Q1 FY2019 filings)	Current Period	Trend
TV production/marketing	No prior BDB agreement disclosed	BDB agreement contingent on $3M	Deadline extended to Apr 15, 2019	Advancing, contingent on funding
Funding timeline	~$3M (Jun–Aug 2018) + ~$20M (Sep 2018–Mar 2019)	Need ~$3M + ~$20M to launch 2019	Shifted to Mar–Apr 2019 and Apr–Jul 2019	Timing delays; magnitude unchanged
Facilities/stadiums	Lease settlement and equipment storage resolved through amendments	Ongoing landlord settlement amendments	Facility agreements (VA Beach, War Memorial)	Operational readiness improving
Legal/regulatory	Delinquent filings; risk of SEC administrative action; various lawsuits	Continued legal settlements and judgments	H&J $70k consent judgment; ongoing vendor claims	Persistent headwinds
Competition (AAF/XFL)	Not discussed	Not discussed	AAF commenced; XFL planned 2020; MLFB differentiates markets/capital needs	Heightened competitive context

“We expect we will need additional short‑term financing as well as financing over the next 12 months… specifically, we will need to raise approximately $3 million between March and April 2019 and a subsequent raise… of $20 million between April 2019 and July 2019” .
“The Agreement [with BDB Entertainment] is contingent on the registrant’s receipt of $3,000,000 in offering proceeds” .
“The Company amended its Articles of Incorporation to increase authorized shares of common stock from 200,000,000 to 300,000,000” .
“Initially, Major League Football teams will operate in either existing collegiate or municipal stadiums during the spring and early summer season” .

No Q1 FY2019 earnings call or Q&A session was found; investor communications occurred via 8‑K/10‑Q filings [ListDocuments returned none for transcripts in period; see 2019 filings list].

No S&P Global Wall Street consensus estimates (EPS, revenue, EBITDA) were available for MLFB; comparisons to Street expectations cannot be made (Values retrieved from S&P Global are unavailable).

Where estimates may need to adjust:

Given zero revenue and persistent operating losses, any third‑party expectations for near‑term revenue/EPS would need to reflect continued pre‑revenue status until financing and season launch milestones are met .

Pre‑revenue status persists; Q1 FY2019 net loss was $0.160M with minimal cash of $0.002M, underscoring dependency on external financing before operations commence .
Funding is the gating factor: management reiterated ~$3M near‑term and ~$20M seasonal capital needs; execution of TV/marketing arrangements and facilities is contingent on this capital .
Operational steps are progressing (Virginia Beach Sportsplex, War Memorial Stadium leases), indicating readiness to monetize once the league launches .
Legal/settlement overhangs (e.g., $70k consent judgment; vendor claims) and delinquent filings increase execution risk and could pressure timing and cost of capital .
Capital structure flexibility improved with authorized shares raised to 300M, which may facilitate equity financing but also implies dilution risk .
Derivative liability volatility and high default‑rate debt amplify P&L noise and cash burn; reducing structured financing with conversion features would stabilize results .
Near‑term trading implication: news on funding closure (equity/convertible proceeds) and finalized broadcast/sponsorship agreements likely drives sentiment more than fundamentals; medium‑term thesis hinges on converting operational readiness into sustainable revenue post‑launch .