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10-Q - FORM 10-Q - Location Based Technologies, Inc.lbt_10q-113012.htm
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EXCEL - IDEA: XBRL DOCUMENT - Location Based Technologies, Inc.Financial_Report.xls
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v2.4.0.6
Consolidated Statements of Operations (Unaudited) (USD $)
3 Months Ended
Nov. 30, 2012
Nov. 30, 2011
Net revenue    
Devices $ 127,856 $ 41,891
Services 80,699 2,225
Total net revenue 208,555 44,116
Cost of revenue    
Devices 105,287 37,454
Services 104,967 42,261
Other 98,786 175,012
Total cost of revenue 309,040 254,727
Gross loss (100,485) (210,611)
Operating expenses    
General and administrative 607,360 448,514
Officer compensation 229,670 135,000
Professional fees 404,928 764,747
Rent 19,527 19,203
Research and development 42,364 356,299
Salaries and wages 150,720  
Loss on asset impairment 455,916  
Total operating expenses 1,910,485 1,723,763
Net operating loss (2,010,970) (1,934,374)
Other income (expense)    
Financing costs (81,000) (15,970)
Amortization of beneficial conversion feature (61,233)  
Amortization of deferred financing costs (81,966) (2,501)
Loss on change in fair value of derivative liabilities (1,144,647)  
Interest income (expense), net (44,872) (17,109)
Foreign currency gain (loss), net (16) 21
Total other income (expense) (1,413,734) (35,559)
Net loss before income taxes (3,424,704) (1,969,933)
Provision for income taxes 800 800
Net Loss $ (3,425,504) $ (1,970,733)
Basic - Earnings (loss) per share (in Dollars per share) $ (0.02) $ (0.01)
Basic - Weighted Average Number of Shares Outstanding (in Shares) 199,734,700 191,570,055