Location Based Technologies, Inc.

CIK:0001383196|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	May. 31, 2015	May. 31, 2014	May. 31, 2015	May. 31, 2014
Net revenue
Devices	$ 245,762	$ 216,223	$ 608,092	$ 567,196
Services	306,109	238,916	899,707	637,838
Total net revenue	551,871	455,139	1,507,799	1,205,034
Cost of revenue
Devices	247,875	182,960	504,390	418,929
Services	127,306	234,122	443,867	727,365
Total cost of revenue	375,181	417,082	948,257	1,146,294
Gross profit	176,690	38,057	559,542	58,740
Operating expenses
General and administrative	256,625	341,138	793,083	1,360,347
Officer compensation	90,000	142,000	315,000	621,746
Professional fees	100,088	285,717	464,208	834,674
Rent	$ 5,002	$ 19,202	29,745	57,607
Research and development			125,000	99,548
Salaries and wages	$ 156,284	$ 85,762	454,584	195,585
Total operating expenses	607,999	873,819	2,181,620	3,169,507
Net operating loss	(431,309)	(835,762)	(1,622,078)	(3,110,767)
Other income (expense)
Financing costs	$ (58,700)	(105,875)	$ (239,785)	(359,755)
Amortization of beneficial conversion feature		(440)		(61,388)
Amortization of deferred financing costs		(343,805)	$ (5,506)	(452,155)
Amortization of debt discount	$ (51,609)	(55,026)	(154,826)	(260,196)
Interest expense, net	$ (271,331)	$ (203,554)	$ (807,355)	(524,991)
Gain on debt settlement				886,548
Loss on asset disposals				(48,431)
Foreign currency gain (loss), net	$ (25)		$ (66)	(470)
Total other income (expense)	(381,665)	$ (708,700)	(1,207,538)	(820,838)
Net loss before income taxes	(812,974)	$ (1,544,462)	(2,829,616)	(3,931,605)
Provision for income taxes	800		800	800
Net Loss	$ (813,774)	$ (1,544,462)	$ (2,830,416)	$ (3,932,405)
Basic and Diluted - Earnings (loss) Per Share (in dollars per share)	$ 0	$ (0.01)	$ (0.01)	$ (0.02)
Basic and Diluted - Weighted Average Number of Shares Outstanding (in shares)	277,530,645	216,584,974	264,095,650	214,133,373