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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
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)
3 Months Ended
Nov. 30, 2012
Nov. 30, 2011
Cash Flows from Operating Activities    
Net loss $ (3,425,504) $ (1,970,733)
Adjustment to reconcile net loss to net cash used in operating activities:    
Loss on change in fair value of derivative liabilities 1,144,647  
Loss on asset impairment 455,916  
Provision for doubtful accounts and sales returns (15,875)  
Depreciation and amortization 26,640 47,610
Amortization of beneficial conversion feature 61,233  
Amortization of prepaid services paid-in common stock 153,125 220,001
Amortization of deferred financing costs 81,966 2,501
Stock based compensation 81,855 0
Changes in operating assets and liabilities:    
(Increase) decrease in accounts receivable 112,349 (431,165)
(Increase) decrease in inventory 57,164 (5,015,603)
(Increase) decrease in prepaid expenses and other assets (10,664) 1,417,352
(Increase) decrease in deposits   2,748,430
Increase (decrease) in accounts payable and accrued expenses 290,608 129,107
Increase (decrease) in accrued officer compensation 93,950 (3,683)
Increase (decrease) in deferred revenue (5,163) 390,180
Increase (decrease) in accrued interest 28,261 405
Net cash used in operating activities (720,119) (2,468,099)
Purchase of property and equipment (120,000) (216,511)
Additions to patents and trademarks   (5,375)
Net cash used in investing activities (120,000) (221,886)
Advances / (repayments) from officers, net   (9,423)
Payments for deferred financing costs (6,000)  
Proceeds from convertible notes payable 250,000  
Proceeds from related party convertible notes payable 350,000  
Net cash provided by (used in) financing activities 594,000 (9,423)
Net decrease in cash and cash equivalents (246,119) (2,699,408)
Cash and cash equivalents, beginning of period 376,554 3,619,576
Cash and cash equivalents, end of period 130,435 920,168
Issuance Of Common Stock For Services [Member]
   
Adjustment to reconcile net loss to net cash used in operating activities:    
Amortization of deferred financing costs 81,966  
Common stock issued for services 49,500  
Stock Issued For Financing Costs [Member]
   
Adjustment to reconcile net loss to net cash used in operating activities:    
Warrants issued for services $ 99,873