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LBAS > SEC Filings for LBAS > Form 8-K on 1-Apr-2013All Recent SEC Filings

Show all filings for LOCATION BASED TECHNOLOGIES, INC. | Request a Trial to NEW EDGAR Online Pro



Creation of a Direct Financial Obligation or an Obligation unde

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

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