SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 29, 2013
Location Based Technologies, Inc.
(Exact name of registrant as specified in its charter)
49 Discovery, Suite 260, Irvine, California 92618
(Address of Principal Executive Offices) (Zip Code)
(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:
Item 1.01 Entry into a Material Definitive Agreement
On January 29, 2013 Location Based Technologies, Inc. (the Company) amended the Securities Purchase Agreement (the Agreement) previously entered into with ECPC II Capital, LLC (ECPC) on December 12, 2012, pursuant to which the Company issued a Secured Convertible Promissory Note (the Original Note) in exchange for an investment of up to One Million Dollars ($1,000,000). The Company also amended the Note (as amended, the Amended Note).
The Amended Note is convertible into our common stock at $0.20 per share, and is due on July 30, 2013. The loan evidenced by the Amended Note is secured by a security interest in three of the Company's patents.
A copy of the Amended Securities Purchase Agreement, Amended Secured Convertible Promissory Note and Amended Security Agreement are attached as Exhibits 10.1, 10.2 and 10.3 respectively.
Item 9.01. Financial Statements and Exhibits
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.