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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
EX-31.1 - EXHIBIT 31.1 - Location Based Technologies, Inc.ex31-1.htm
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v2.4.0.6
Note 2 - Inventory
3 Months Ended
Nov. 30, 2012
Inventory Disclosure [Text Block]
2.             INVENTORY

Inventory at November 30, 2012 and August 31, 2012 consisted of the following:

   
November 30,
2012
   
August 31,
2012
 
Current:
           
Packaging supplies
  $ -     $ 7,859  
Device components
    452,127       452,298  
Finished goods
    1,484,094       1,522,809  
Inventory valuation reserve
    (58,473 )     -  
Inventories, current
  $ 1,877,748     $ 1,982,966  
                 
Noncurrent:
               
Device components
  $ 1,200,000     $ 1,200,000  
Finished goods
    150,000       150,000  
Inventories, noncurrent
  $ 1,350,000     $ 1,350,000  

In the first quarter of 2012, the Company purchased a substantial amount of inventory components to produce PocketFinder® devices. Management analyzed its inventories based on existing purchase orders and current potential orders for future delivery and determined we may not realize all of the inventory components and finished goods within the next year. Inventories totaling $1,350,000 which may not be realized within a 12-month period have been reclassified as long-term as of November 30, 2012 and August 31, 2012.