Location Based Technologies : FY 2022 Q1 Financial Statement

LOCATION BASED TECHNOLOGIES, INC.

FINANCIAL STATEMENTS

FOR THE QUARTER ENDED NOVEMBER 30, 2021

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

November 30, 2021

ASSETS

CURRENT ASSETS

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

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; 368,197,656 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)

		November 30,
		2021
	$	165,520
		5,184
		92,232
		15,614
		278,550
		-
		52,539
		52,539
	$	331,089
	$	189,607
		1,387,585
		2,591
		298,000
		2,450,329
		2,042,788
		252,201
		6,623,101
		6,623,101
		-
		-
		368,198
		70,000
		55,687,751
		(62,417,961)
		(6,292,012)
	$	331,089

1

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

Location Based Technologies, Inc.

STATEMENT OF OPERATIONS

For the quarter ended November 30, 2021

NET REVENUE

Devices

Services

Total net revenue

COST OF REVENUE

Devices

Services

Total cost of revenue

GROSS PROFIT

OPERATING EXPENSES

General and administrative

Officer compensation

Salaries and wages

Professional fees

Total operating expenses

NET OPERATING LOSS

OTHER INCOME (EXPENSE)

Interest income (expense), net

Gain on sale of intangible assets

Stimulus grants

Total other income (expense)

NET INCOME BEFORE INCOME TAXES

Provision for income taxes

NET INCOME

For the quarter ended

November 30,

2021

$	9,867
	85,210
	95,077
	9,854
	9,043
	18,897
	76,180
	79,208
	45,000
	65,970
	26,323
	216,501
	(140,321)
	(134,124)
	850,000
	15,000
	730,876
	590,555
	800
$	589,755

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 quarter ended November 30, 2021

		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)
Balance, Aug. 31, 2021	-		$	-				368,197,656	$	368,198	$	-		$	55,757,751		$	(63,007,716)	$	(6,881,767)
Net income		-				-				-			-				70,000			(70,000)		589,755				589,755
Balance, Nov. 30, 2021		-			$	-				368,197,656		$	368,198		$	70,000		$	55,687,751		$	(62,417,961)	$	(6,292,012)

3

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