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10-Q - FORM 10-Q - Location Based Technologies, Inc.lbt_10q-113012.htm
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v2.4.0.6
Consolidated Balance Sheets (Unaudited) (USD $)
Nov. 30, 2012
Aug. 31, 2012
CURRENT ASSETS    
Cash and cash equivalents $ 130,435 $ 376,554
Accounts receivable, net 91,799 188,273
Inventory, net - current 1,877,748 1,982,966
Prepaid expenses and other assets 138,245 127,581
Deferred financing costs 96,868 59,334
Total current assets 2,335,095 2,734,708
Property and equipment, net of accumulated depreciation 234,134 123,982
OTHER ASSETS    
Patents and trademarks, net of accumulated amortization 775,900 1,248,608
Inventory - noncurrent 1,350,000 1,350,000
Deposits 30,000 30,000
Total other assets 2,155,900 2,628,608
TOTAL ASSETS 4,725,129 5,487,298
CURRENT LIABILITIES    
Accounts payable and accrued expenses 1,595,256 1,304,648
Deferred compensation 1,092,408 998,458
Deferred revenue 11,376 16,539
Line of credit and accrued interest 1,008,583 1,005,597
Convertible notes payable and accrued interest, net of unamortized beneficial conversion feature 1,969,451 2,041,863
Related party notes payable and accrued interest, net of unamortized beneficial conversion feature 530,356  
Derivative liabilities 1,144,647  
Total current liabilities 7,352,077 5,367,105
TOTAL LIABILITIES 7,352,077 5,367,105
Commitments and contingencies   48,054
STOCKHOLDERS' EQUITY (DEFICIT)    
Preferred stock, $0.001 par value, 10,000,000 shares authorized; no shares issued or outstanding      
Common stock, $0.001 par value; 300,000,000 shares authorized; 201,899,622 and 197,861,157 shares issued and outstanding at November 30, 2012 and August 31, 2012, respectively 139,499 135,461
Additional paid-in capital 46,178,547 45,226,793
Prepaid services paid in common stock (504,375) (275,000)
Accumulated deficit (48,440,466) (45,015,115)
Accumulated other comprehensive income (loss) (153)  
Total stockholders' equity (deficit) (2,626,948) 72,139
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) $ 4,725,129 $ 5,487,298