Location Based Technologies : FY 2022 2nd QTR Financial Statements

LOCATION BASED TECHNOLOGIES, INC.

FINANCIAL STATEMENTS

FOR THE THREE-MONTHS AND SIX-MONTHS

ENDED FEBRUARY 28, 2022

LOCATION BASED TECHNOLOGIES, INC.

CONTENTS

PAGE
Financial Statements
Balance Sheet	1
Statement of Operations	2
Statement of Changes in Stockholders' Equity (Deficit)	3
Statement of Cash Flows	4
Notes to Financial Statements	5

Location Based Technologies, Inc.

BALANCE SHEET February 28, 2022

February 28, 2022

ASSETS

CURRENT ASSETS

$	429,341
5,055
81,253
16,731
532,380
66,770
52,539
52,539
$	651,689
CURRENT LIABILITIES
Accounts payable and accrued expenses	$	202,944
Deferred compensation	1,426,428
Deferred revenue	1,774
Advances from officers	298,000
Convertible notes payable and accrued interest	2,475,603
Related party notes payable and accrued interest	2,070,873
Related party convertible notes payable and accrued interest	258,039
Total current liabilities	6,733,661
TOTAL LIABILITIES	6,733,661
Commitments and contingencies	-
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; 450,000,000 shares authorized;
368,197,656 shares issued and outstanding	368,198
Common stock to be issued	70,000
Additional paid-in capital	55,687,751
Accumulated deficit	(62,207,921)
Total stockholders' equity (deficit)	(6,081,972)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)	$	651,689
1

LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)

Cash and cash equivalents

Accounts receivable, net of allowances Inventory, net of reserves

Prepaid expenses

Total current assets

Property and equipment, net of accumulated depreciation

OTHER ASSETS

Intangible assets

Total other assets

TOTAL ASSETS

Location Based Technologies, Inc. STATEMENT OF OPERATIONS For the three-months and six-months ended February 28, 2022

NET REVENUE

Devices Services

Total net revenue

COST OF REVENUE

Devices

Services

Total cost of revenue

$

149,849 244,811

42,145 51,885

11,675 20,717

53,820 72,602

GROSS PROFIT

OPERATING EXPENSES

General and administrative Officer compensation Salaries and wages Professional fees

Total operating expenses

NET OPERATING LOSS

OTHER INCOME (EXPENSE)

Interest expense

Gain on sale of tangible assets Gain on sale of intangible assets Stimulus grants

Total other income (expense)

NET INCOME BEFORE INCOME TAXES

Provision for income taxes

NET INCOME

2

$

Three-months ended February 28, 2022

Six-months ended February 28, 2022

81,759 $ 91,511

68,090 153,300

96,029 172,209

87,768 215,476

45,000 45,000

83,859 149,828

13,508 39,831

230,135 450,135

(134,106) (277,926)

(59,207) (193,330)

19,232 384,120 - 344,145

19,232 1,234,120 15,000 1,075,022

210,039

797,096

-

800

210,039

$

796,296

Location Based Technologies, Inc.

STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT)

For the six-months ended February 28, 2022

Balance, Aug. 31, 2021

Net incomeBalance, Feb. 28, 2022

Preferred Stock	Common Stock	Common	Additional	Total
Number	Number	Stock	Paid-In	Accumulated	Stockholders'
of Shares Amount	of Shares Amount	To Be Issued	Capital	Deficit	Equity (Deficit)
$ 55,757,751	$ (63,004,217)	$ (6,878,268)
(70,000)	796,296	796,296
$ 55,687,751	$ (62,207,921)	$ (6,081,972)

-

$

• - 368,197,656

--

-

-

• $ -368,197,656

$ 368,198

$

-

-

70,000

$ 368,198

$ 70,000

3