UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 26, 2013
Location Based Technologies, Inc.
(Exact name of registrant as specified in its charter)
Nevada | 333-139395 | 20-4854758 |
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
49 Discovery, Suite 260, Irvine, California 92618
(Address of Principal Executive Offices) (Zip Code)
(888) 600-1044
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registration under any of the following provisions:
☐ | Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ | Pre-commencement communications pursuant to Rule 14d-2(k) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
On March 26, 2013 Location Based Technologies, Inc. (the “Company”) issued an Unsecured Convertible Promissory Note (the “Note”) to a high net worth investor (“Investor”) evidencing a $500,000 loan by the Investor to the Company. The Note is convertible into our common stock at $0.20 per share, bears interest at a rate of 10% per annum and has a term of 12 months. Additionally, the Investor received 3 year warrants to purchase 1,000,000 shares of our common stock at $0.20 per share.
A copy of the Note is being filed herewith as Exhibit 10.1.
Item 9.01. Financial Statements and Exhibits
Exhibit No. | Description |
10.1 | Unsecured Convertible Promissory Note |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| LOCATION BASED TECHNOLOGIES, INC. | |
| | | |
Date: April 1, 2013 | By: | /s/ David Morse | |
| | David Morse | |
| | Chief Executive Officer | |
