Location Based Technologies : LBAS Q3 FY 2022 Disclosure Statement

``Disclosure Statement Pursuant to the Pink Basic Disclosure Guidelines

Location Based Technologies, Inc.

7545 Irvine Center Dr. Ste. 200

Irvine, CA 92618

_______________________________

[phone]

www.locationbasedtech.comandwww.pocketfinder.com

[e-mail]

517919

QuarterlyReport

For the Period Ending: May 31, 2022

(the "Reporting Period")

As of May 31, 2022, the number of shares outstanding of our Common Stock was: 443,784,483.

As of Feb 28 2022, the number of shares outstanding of our Common Stock was: 368,197,656.

As of Aug 30, 2021, the number of shares outstanding of our Common Stock was: 368,197,656.

Indicate by check mark whether the company is a shell company (as defined in Rule 405 of the Securities Act of 1933 and Rule 12b-2 of the Exchange Act of 1934):

Yes: ☐ No: ☒

Indicate by check mark whether the company's shell status has changed since the previous reporting period:

Yes: ☐

No: ☒

Indicate by check mark whether a Change in Control1 of the company has occurred over this reporting period:

Yes: ☐

No: ☒

1. Name and address(es) of the issuer and its predecessors (if any)

1 "Change in Control" shall mean any events resulting in:

1. Any "person" (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) becoming the "beneficial owner" (as defined in Rule 13d-3 of the Exchange Act), directly or indirectly, of securities of the Company representing fifty percent (50%) or more of the total voting power represented by the Company's then outstanding voting securities;
2. The consummation of the sale or disposition by the Company of all or substantially all of the Company's assets;
3. A change in the composition of the Board occurring within a two (2)-year period, as a result of which fewer than a majority of the directors are directors immediately prior to such change; or
4. The consummation of a merger or consolidation of the Company with any other corporation, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or its parent) at least fifty percent (50%) of the total voting power represented by the voting securities of the Company or such surviving entity or its parent outstanding immediately after such merger or consolidation.

LOCATION BASED TECHNOLOGIES, INC. - DISCLOSURE SCHEDULE

In answering this item, provide the current name of the issuer any names used by predecessor entities, along with the dates of the name changes.

Location Based Technologies, Inc. (formerly known as Springbank Resources, Inc.) (the "Company," "our," or "LBT") was incorporated under the laws of the State of Nevada on April 10, 2006.

Location Based Technologies, Corp. (formerly known as PocketFinder, Inc.) was incorporated under the laws of the State of California on September 16, 2005. On July 7, 2006, it established PocketFinder, LLC ("LLC"), a California Limited Liability Company. On May 29, 2007, PocketFinder, Inc. filed amended articles with the Secretary of State to change its name to Location Based Technologies, Corp.

Merger

On August 24, 2007, Location Based Technologies, Corp. merged with PocketFinder, LLC. The merger was approved by the shareholders of Location Based Technologies, Corp. and PocketFinder, LLC by unanimous written consent. Location Based Technologies, Corp. was the survivor of the merger with PocketFinder, LLC.

Each Class A Membership Unit of the LLC was converted into 150,000 shares of common stock of the Company or fraction thereof and each Class C Membership Unit of the LLC was cancelled. Upon consummation of the merger, 10.9 Class A Membership Units of the LLC were converted into 1,635,000 shares of common stock of the Company.

Stock Exchange Agreement

On October 11, 2007, Location Based Technologies, Corp. effected a stock exchange agreement and plan of reorganization (the "Agreement") with Springbank Resources, Inc. ("SRI") whereby SRI acquired all of the issued and outstanding shares of Location Based Technologies, Corp. in exchange for shares of SRI's common stock.

Subject to the terms and conditions of the Agreement, SRI issued, and the stockholders of Location Based Technologies, Corp. accepted 55,153,500 shares of SRI's common stock in consideration for all of the issued and outstanding shares of Location Based Technologies, Corp. The shares of SRI's common stock were allocated to the shareholders of Location Based Technologies, Corp. in accordance with the Agreement.

The former shareholders of Location Based Technologies, Corp. acquired control of SRI upon the closing of the stock exchange transaction. The exchange was accounted for as a reverse acquisition. Accordingly, for financial statement purposes, Location Based Technologies, Corp. was considered the accounting acquiror, and the related business combination was considered a recapitalization of Location Based Technologies, Corp. rather than an acquisition by SRI. The historical financial statements prior to the Agreement are those of Location Based Technologies, Corp., and the name of the consolidated company was changed to Location Based Technologies, Inc.

Consolidation Policy

The accompanying financial statements include the operations of the Company and its wholly owned subsidiary. Intercompany balances and transactions have been eliminated in consolidation.

Stock Split

All share and per-share amounts in the accompanying financial statements, unless otherwise indicated, have been retroactively restated to reflect a 3 for 1 stock split approved by the Board in October 2008, as if the split had been in effect since inception.

The state of incorporation or registration of the issuer and of each of its predecessors (if any) during the past five years; Please also include the issuer's current standing in its state of incorporation (e.g. active, default, inactive):

Nevada - active.

LOCATION BASED TECHNOLOGIES, INC. - DISCLOSURE SCHEDULE

Describe any trading suspension orders issued by the SEC concerning the issuer or its predecessors since inception:

None

List any stock split, stock dividend, recapitalization, merger, acquisition, spin-off, or reorganization either currently anticipated or that occurred within the past 12 months:

None

The address(es) of the issuer's principal executive office:

7545 Irvine Center Dr. Ste 200

Irvine, CA 92618

The address(es) of the issuer's principal place of business:

Check box if principal executive office and principal place of business are the same address: ☒

Has the issuer or any of its predecessors been in bankruptcy, receivership, or any similar proceeding in the past five years?

Yes: ☐

No: ☒

If this issuer or any of its predecessors have been the subject of such proceedings, please provide additional details in the space below:

2)	Security Information
Trading symbol:	LBAS
Exact title and class of securities outstanding:	Common Stock
CUSIP:		539573105
Par or stated value:	$0.001
Total shares authorized:	450,000,000	as of date: July 10, 2015
Total shares outstanding:	443,784,483	as of date: July 5, 2022
Number of shares in the Public Float:2	169,647,842	as of date: July 5 2022
Total number of shareholders of record:	165	as of date: July 5, 2022

All additional class(es) of publicly traded securities (if any):

None

2 "Public Float" shall mean the total number of unrestricted shares not held directly or indirectly by an officer, director, any person who is the beneficial owner of more than 10 percent of the total shares outstanding (a "control person"), or any affiliates thereof, or any immediate family members of officers, directors and control persons.

LOCATION BASED TECHNOLOGIES, INC. - DISCLOSURE SCHEDULE

Trading symbol:
Exact title and class of securities outstanding:
CUSIP:
Par or stated value:
Total shares authorized:		as of date:
Total shares outstanding:		as of date:
Transfer Agent
Name:	Broadridge Financial Solutions, Inc.
Phone: [phone]
Email:	[e-mail]
Address: 2 Gateway Center| 283 -299Market Street, 15th Floor | Newark, NJ 07102
Is the Transfer Agent registered under the Exchange Act? 3 Yes: ☒	No: ☐

1. Issuance History

The goal of this section is to provide disclosure with respect to each event that resulted in any direct changes to the total shares outstanding of any class of the issuer's securities in the past two completed fiscal years and any subsequent interim period.

Disclosure under this item shall include, in chronological order, all offerings and issuances of securities, including debt convertible into equity securities, whether private or public, and all shares, or any other securities or options to acquire such securities, issued for services. Using the tabular format below, please describe these events.

1. Changes to the Number of Outstanding Shares

Check this box to indicate there were no changes to the number of outstanding shares within the past two completed fiscal years and any subsequent periods: ☐

Shares Outstanding as of Second
Most Recent Fiscal Year End:		*Right-click the rows below and select "Insert" to add rows as needed.
		Opening
Balance
Date September 1, 2020
Common: 368,197,656
Preferred: 0
Date of	Transactio	Number	Class of		Value of	Were the	Individual/	Reason for	Restricted	Exemption
Transaction	n type (e.g.	of Shares	Securities		shares	shares	Entity Shares	share issuance	or	or
	new	Issued (or			issued	issued at	were issued to	(e.g. for cash	Unrestricte	Registratio
	issuance,	cancelled)			($/per	a	(entities must	or debt	d as of this	n Type.
	cancellation					discount	have	conversion)	filing.
	, shares					to market	individual with	-OR-

3 To be included in the Pink Current Information tier, the transfer agent must be registered under the Exchange Act.

LOCATION BASED TECHNOLOGIES, INC. - DISCLOSURE SCHEDULE

	returned to			share) at	price at	voting /	Nature of
	treasury)			Issuance	the time	investment	Services
					of	control	Provided
					issuance?	disclosed).
					(Yes/No)
May 24	New	4750000	Commo	$0.02	No	Desiree	Debt & Bd	Restricted	Rule 144
2022			n			Mejia	Service
May 24	New	325000	Commo	$0.02	No	David Morse	Bd Awarded	Restricted	Rule 144
2022			n			Sr.	Compensati
							on
May 24	New	2511827	Commo	$0.02	No	David Morse	Debt &	Restricted	Rule 144
2022			n			Jr.	Performance
May 24	New	3919875	Commo	$0.05	No	Atlantic	Secured	Restricted	Rule 144
2022			n			Capital	Debt
						Partners	Conversion
May 24	New	7839750	Commo	$0.05	No	Bridge	Secured	Restricted	Rule 144
2022			n			Loans LLC	Debt
							Conversion
May 24	New	940770	Commo	$0.05	No	Chuck Smith	Secured	Restricted	Rule 144
2022			n				Debt
							Conversion
May 24	New	3527888	Commo	$0.05	No	ECPC	Secured	Restricted	Rule 144
2022			n			Capital II	Debt
						LLC	Conversion
May 24	New	1175963	Commo	$0.05	No	Mark Evans	Secured	Restricted	Rule 144
2022			n				Debt
							Conversion
May 24	New	2855467	Commo	$0.05	No	Greggory	Secured	Restricted	Rule 144
2022		4	n			Haugen	Debt
							Conversion
May 24	New	1175962	Commo	$0.05	No	RBC Capital	Secured	Restricted	Rule 144
2022		5	n			Markets	Debt
						LLC	Conversion
May 24	New	2743913	Commo	$0.05	No	Jeffrey Leu	Secured	Restricted	Rule 144
2022			n				Debt
							Conversion
				LOCATION BASED TECHNOLOGIES, INC. - DISCLOSURE SCHEDULE