Location Based Technologies : LBAS Q3 FY 2022 Financial Reports

LOCATION BASED TECHNOLOGIES, INC.

FINANCIAL STATEMENTS

FOR THE THREE-MONTHS AND NINE-MONTHS

ENDED MAY 31, 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

May 31, 2022

ASSETS

CURRENT ASSETS

Cash and cash equivalents

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

LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)

CURRENT LIABILITIES

Accounts payable and accrued expenses

Deferred compensation

Deferred revenue

Advances from officers

Convertible notes payable and accrued interest

Related party notes payable and accrued interest

Related party convertible notes payable and accrued interest

Total current liabilities

TOTAL LIABILITIES

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; 443,784,483 shares issued and outstanding

Common stock to be issued Additional paid-in capital Accumulated deficit

Total stockholders' equity (deficit)

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)

		May 31, 2022
	$	275,609
		66,362
		8,253
		350,224
		66,770
		52,539
		52,539
	$	469,533
	$	165,655
		1,293,965
		806
		298,000
		2,501,439
		1,909,520
		264,007
		6,433,392
		6,433,392
		-
		-
		443,784
		2,000
		56,031,216
		(62,440,859)
		(5,963,859)
	$	469,533

1

The accompanying notes are an integral part of these financial statements.

Location Based Technologies, Inc.

STATEMENT OF OPERATIONS

For the three-months and nine-months

ended May 31 2022

			Three-months ended		Nine-months ended
			May 31, 2022				May 31, 2022
NET REVENUE
Devices	$	33,277				$	124,787
Services		53,683					209,511
Total net revenue		86,960					334,298
COST OF REVENUE
Devices		21,242					73,127
Services		20,648					40,141
Total cost of revenue		41,890					113,268
GROSS PROFIT		45,070					221,030
OPERATING EXPENSES
General and administrative		70,658					247,222
Officer compensation		46,527					136,527
Salaries and wages		86,121					235,950
Professional fees		13,741					57,027
Total operating expenses		217,047					676,726
NET OPERATING LOSS		(171,977)				(455,696)
OTHER INCOME (EXPENSE)
Interest expense		(61,300)				(254,656)
Gain on sale of tangible assets		6,157					25,390
Gain on sale of intangible assets		-					1,234,120
Stimulus grants		-					15,000
Total other income (expense)		(55,143)				1,019,854
NET INCOME (LOSS) BEFORE INCOME TAXES
	(227,120)				564,158
Provision for income taxes		-					800
NET INCOME (LOSS)	$	(227,120)			$	563,358

2

The accompanying notes are an integral part of these financial statements.

Location Based Technologies, Inc.

STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT)

For the nine-months ended May 31, 2022

Balance, August 31, 2021

Issuance of common stock in connection with conversion of notes payable, May 24, 2022

Issuance of common stock for conversion of deferred compensation and related accrued interest, May 24, 2022

Issuance of common stock in connection for officer compensation, May 24, 2022

Net income

Balance, May 31, 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)
	-	$	-	368,197,656	$	368,198	$	-	$	55,757,751		$	(63,004,217)	$	(6,878,268)
	-			-	68,000,000			68,000				2,000			(70,000)		-			-
	-			-	7,261,827			7,261				-			342,261			-			349,522
	-			-	325,000			325				-			1,204			-			1,529
	-			-		-			-				-			-			563,358			563,358
	-		$	-		443,784,483		$	443,784		$	2,000		$	56,031,216		$	(62,440,859)	$	(5,963,859)

3

The accompanying notes are an integral part of these financial statements.