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10-Q - FORM 10-Q - Location Based Technologies, Inc.lbt_10q-113012.htm
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EX-32.1 - EXHIBIT 32.1 - Location Based Technologies, Inc.ex32-1.htm
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v2.4.0.6
Note 4 - Related Party Transactions
3 Months Ended
Nov. 30, 2012
Related Party Transactions Disclosure [Text Block]
4.             RELATED PARTY TRANSACTIONS

Services Provided

A relative of the Chief Operating Officer provides bookkeeping and accounting services to the Company for $3,000 per month. During the three months ended November 30, 2012 and 2011, bookkeeping and accounting fees for this related party totaled $9,000 and $7,500, respectively.

On March 30, 2011, the Company entered into an Employment Letter of Intent (“LOI”) with a relative of the Company’s CEO and President, to act as Vice President of Customer Service. Under the terms of the LOI, the related party is paid compensation of $10,000 per month and 250,000 shares of the Company’s common stock as a signing bonus. The common stock was valued at $42,500 on the award date. On March 15, 2012, the Company entered into an Executive Employment Agreement with the related party.  Under the terms of Executive Employment Agreement, the related party is paid compensation of $12,500 per month plus sales commissions and is entitled to earn up to 1,500,000 stock options that vest upon achieving certain milestones. During the three months ended November 30, 2012, total cash compensation under these related party agreements totaled $37,787. In addition, there were 50,000 stock options valued at $11,475 that vested during the three months ended November 30, 2012.

West Coast Customs

In July 2012, an officer of the Company entered into a Subscription Agreement with West Coast Customs ("WCC") to acquire an approximate 1.5% ownership of WCC.  The Company and WCC are under a Manufacturing and Trademark License Agreement for co-branding of the PocketFinder® products.