UNITED
      STATES


SECURITIES
      AND EXCHANGE
      COMMISSION


Washington,
      D.C.
      20549







FORM
        10-KSB/A





(Mark
      One)




xANNUAL
      REPORT UNDER SECTION 13 OR
      15(d) OF THE SECURITIES EXCHANGE ACT OF 1934




For
      the
      fiscal year ended August 31, 2007




oTRANSITION
      REPORT UNDER SECTION 13 OR
      15(d) OF THE SECURITIES EXCHANGE ACT OF 1934




For
      the
      transition period from _______________ to_______________




Commission
      file number 333-139395









LOCATION
      BASED TECHNOLOGIES,
      INC. (fka Springbank Resources, Inc.)


(Name
      of
      small business issuer in its charter)




Nevada
            
            20-4854758(State
                or other jurisdictionof
              incorporation
                or organization)
            
            (I.R.S.
                Employer
              Identification
                No.)




4989
      E. La Palma Avenue,
      Anaheim, California


(Address
      of principal executive offices)




92807


Zip
      Code




800-615-0869


(Issuer’s
      telephone number)







Securities
      registered under Section 12(b) of the Exchange Act:




Title
                of Each
                Class
            
            Name
                of Each Exchange
              on
                Which
                RegisteredNone
            
            None




Securities
      registered under Section 12(g) of the Exchange Act:  None




Check
      whether the issuer is not required to file reports pursuant to Section 13 or
      15(d) of the Exchange Act.  o




Check
      whether the issuer (1) filed all reports required to be filed by Section 13
      or
      15(d) of the Exchange Act during the past 12 months (or for such shorter period
      that the registrant was required to file such reports), and (2) has been subject
      to such filing requirements for the past 90 days.  Yes x No
o




Check
      if
      there is no disclosure of delinquent filers in response to Item 405 of
      Regulation S-B contained in this form, and no disclosure will be contained,
      to
      the best of registrant’s knowledge, in definitive proxy or information
      statements incorporated by reference in Part III of this Form 10-KSB or any
      amendment to this Form 10-KSB.  o




Indicate
      by check mark whether the registrant is a shell company (as defined in Rule
      12b-2 of the Exchange Act).  Yes o No
x




State
      issuer’s revenues for its most recent fiscal year. $26,928.




1




State
        the
        aggregate market value of the voting and non-voting common equity held by
        non-affiliates computed by reference to the price at which the common equity
        was
        sold, or the average bid and asked price of such common equity, as of a
        specified date within the past 60 days.  $24,137,400
  APPLICABLE
        ONLY TO CORPORATE REGISTRANTS
  The
        number of shares outstanding of the issuer’s common equity, as of November 20,
        2007 was 22,722,000.
  DOCUMENTS
        INCORPORATED BY REFERENCE
  If
        the
        following documents are incorporated by reference, briefly describe them
        and
        identify the part of the Form 10-KSB (e.g., Part I, Part II, etc.) into which
        the document is incorporated: (1) any annual report to security holders;
        (2) any
        proxy or information statement; and (3) any prospectus filed pursuant to
        Rule
        424(b) or (c) of the Securities Act of 1933 (“Securities Act”). The listed
        documents should be clearly described for identification purposes (e.g.,
        annual
        report to security holders for fiscal year ended December 24,
        1990).  None
  Transitional
        Small Business Disclosure Format (Check one): Yes 5  No
        Q




Introduction.  This
          amendment revises the Summary Compensation Table in Item 10 only.  In
          all other respects, the information in our Form 10-KSB remains
          unchanged.




Item
      10. Executive
      Compensation




Summary
      Compensation
      Table.  The table set forth below summarizes the annual and
      long-term compensation for services in all capacities to us for the year ended
      payable to our President and our other executive officers during the years
      ending August 31, 2006 and 2007.  Our board of directors may adopt an
      incentive stock option plan for our executive officers which would result in
      additional compensation.




Summary
        Compensation Table
 Name
                    and Principal Position
                Fiscal
                  Year
                  Ended
                  8/31(1)
                
                Salary
                  ($)
                
                
                Bonus
                  ($)
                
                
                Stock
                  Awards
                  ($)
                
                
                Option
                  Awards
                  ($)
                
                
                Non-Equity
                    Incentive Plan
                  Compensation($)
                
                
                Nonqualified
                    Deferred
                  Compensation
                  Earnings
                  ($)
                
                
                All
                    Other
                  Compensation($)
                
                
                Total
                  ($)David
                    M. Morse
                2007
                
                
                120,000
                (2)
                
                
                –
                
                
                
                –
                
                
                
                –
                
                
                
                –
                
                
                
                –
                
                
                
                –
                
                
                
                120,000
                (2)Co-President,
                    Chief Executive Officer and Chairman of the Board
                2006
                
                
                115,000
                (2)
                
                
                –
                
                
                
                –
                
                
                
                –
                
                
                
                –
                
                
                
                –
                
                
                
                50,000
                (5)
                
                
                165,000
                (2)Joseph
                    F. Scalisi
                2007
                
                
                120,000
                (3)
                
                
                –
                
                
                
                –
                
                
                
                –
                
                
                
                –
                
                
                
                –
                
                
                
                –
                
                
                
                120,000
                (3)Co-President,
                    Chief Development Officer and Director
                2006
                
                
                115,000
                (3)
                
                
                –
                
                
                
                –
                
                
                
                –
                
                
                
                –
                
                
                
                –
                
                
                
                50,000
                (5)
                
                
                165,000
                (3)Desiree
                    Mejia
                2007
                
                
                120,000
                (4)
                
                
                –
                
                
                
                –
                
                
                
                –
                
                
                
                –
                
                
                
                –
                
                
                
                –
                
                
                
                120,000
                (4)Chief
                    Operating Officer, Secretary and Director
                2006
                
                
                115,000
                (4)
                
                
                –
                
                
                
                –
                
                
                
                –
                
                
                
                –
                
                
                
                –
                
                
                
                50,000
                (5)
                
                
                165,000
                (4)
  (1)
                The
                    information on this table relates to amounts paid to our executive
                    officers in their capacities as such in the predecessor operating
                    company
                    that was merged into the Company (fka Springbank Resources, Inc.)
                    effective October 11, 2007. Prior to that merger, our then officers
                    and
                    directors resigned. Prior to their resignation, the executive
                    officers and
                    directors of Springbank Resources, Inc. had received no cash
                    compensation.
                    Current management believes that disclosures relating to the
                    ongoing
                    business of the Company are more
                    meaningful.
 (2)
                In
                    2006, $0 was actually paid and $115,000 was accrued for future
                    payment.
 (3)
                In
                    2006, $26,075 was actually paid and $88,925 was accrued for future
                    payment.
 (4)
                In
                    2006, $14,500 was actually paid and $100,500 was accrued for
                    future
                    payment.
 (5)
                  The
                    amounts presented in “All Other Compensation” reflect paper transactions
                    to account for certain equity transactions which occurred at
                    the end of
                    2006 in the operating company that was merged into the Company
                    in October
                    2007.  There were no cash payments or equity awards associated
                    with the other compensation as
                    reported.
  2


Outstanding
      Equity
      Awards.  The table below summarizes the outstanding equity
      awards to our executive offices as of August 31, 2007.




Outstanding
                Equity
                Awards at Fiscal Year-EndName
            
            Number
                of Securities Underlying
                Unexercised Options (#) Exercisable
            
            
            Number
                of Securities Underlying
                Unexercised Options (#) Unexercisable
            
            
            Equity
                Incentive
              Plan
                Awards:
              Number
                of Securities Underlying
                Unexercised Unearned Options
              (#)
            
            Option
              Exercise
              Price
              ($)
            
            Option
              Expiration
              Date
            
            Number
                of Shares or Units of
                Stock That Have Not Vested
              (#)
            
            
            Market
                Value of Shares or Units
                of Stock That Have Not Vested
              ($)
            
            
            Equity
              Incentive
              Plan
                Awards:
              Number
                of Unearned Shares,
                Units or Other rights That Have Not Vested
              (#)
            
            
            Equity
                Incentive
              Plan
                Awards:
              Market
                or Payout Value of
                Unearned Shares, Units or Other Rights That Have Not
                Vested
              ($)David
                Morse
            
            
            --
            
            
            
            2,000,000
            (1)
            
            
            --
            
            $1/share
            
            2017
            
            
            --
            
            
            
            --
            
            
            
            --
            
            
            
            --Joseph
                Scalisi
            
            
            --
            
            
            
            2,000,000
            (1)
            
            
            --
            
            $1/share
            
            2017
            
            
            --
            
            
            
            --
            
            
            
            --
            
            
            
            --Desiree
                Mejia
            
            
            --
            
            
            
            2,000,000
            (1)
            
            
            --
            
            $1/share
            
            2017
            
            
            --
            
            
            
            --
            
            
            
            --
            
            
            
            --




(1)
            Pursuant
                to stock options granted by Old LBT to Messrs, Morse and Scalisi,
                and Ms.
                Mejia, which options were assumed by New LBT when Old LBT was merged
                into
                New LBT, each holds an option to purchase up to 2,000,000 shares
                of New
                LBT common stock at $1 per share.  Options to purchase 1,000,000
                shares each are exercisable when we achieve 100,000 customers, and
                the
                remaining options to purchase 1,000,000 shares each are exercisable
                when
                we achieve a total of 250,000 customers.  None of such options
                is presently exercisable.  All such options vest on a change of
                control of New LBT.  The options expire ten years from the date
                of performance goal achieved.




Long-Term
      Incentive
      Plans.  There are no arrangements or plans in which we provide
      pension, retirement or similar benefits for directors or executive
      officers.  We do have a Stock Incentive Plan that will be governed by
      the board of directors.




Compensation
      of
      Directors.  Our directors who are also our employees receive no
      extra compensation for their service on our board of directors.




Employment
      Contracts.




David
      Morse, our Chief
      Executive Officer, is employed pursuant to a written agreement.  The
      agreement expires on October 11, 2012; provided however, that it is
      automatically extended for additional one-year periods unless either party
      provides written notice to the contrary at least 60 days prior to the end of
      the
      term then in effect.  Mr. Morse is entitled to a base salary of
      $10,000 per month and is entitled to adjustments to his base salary based on
      certain performance standards.  He may participate in any general
      bonus plan established by the board of directors and is entitled to participate
      in the stock incentive plan of the company on such terms as the board deems
      appropriate from time to time.  He will also be entitled to
      participate in any and all benefits and perquisites as are generally provided
      for the benefit of executive employees.  The agreement terminates on
      his death, incapacity (after 180 days), resignation, good cause as defined
      and
      good cause.  If he is terminated without cause, he is entitled to base
      salary, all bonuses otherwise applicable, and medical benefits for two
      years.




3




Joseph
      Scalisi, our
      Co-President and Chief Development Officer, is employed pursuant to a written
      agreement.  The agreement expires on October 11, 2012; provided
      however, that it is automatically extended for additional one-year periods
      unless either party provides written notice to the contrary at least 60 days
      prior to the end of the term then in effect.  Mr. Scalisi is entitled
      to a base salary of $10,000 per month and is entitled to adjustments to his
      base
      salary based on certain performance standards.  He may participate in
      any general bonus plan established by the board of directors and is entitled
      to
      participate in the stock incentive plan of the company on such terms as the
      board deems appropriate from time to time.  He will also be entitled
      to participate in any and all benefits and perquisites as are generally provided
      for the benefit of executive employees.  The agreement terminates on
      his death, incapacity (after 180 days), resignation, good cause as defined
      and
      good cause.  If he is terminated without cause, he is entitled to base
      salary, all bonuses otherwise applicable, and medical benefits for two
      years.




Desiree
      Mejia, our Chief
      Operating Officer and Secretary, is employed pursuant to a written
      agreement.  The agreement expires on October 11, 2012; provided
      however, that it is automatically extended for additional one-year periods
      unless either party provides written notice to the contrary at least 60 days
      prior to the end of the term then in effect.  Ms. Mejia is entitled to
      a base salary of $10,000 per month and is entitled to adjustments to her base
      salary based on certain performance standards.  She may participate in
      any general bonus plan established by the board of directors and is entitled
      to
      participate in the stock incentive plan of the company on such terms as the
      board deems appropriate from time to time.  She will also be entitled
      to participate in any and all benefits and perquisites as are generally provided
      for the benefit of executive employees.  The agreement terminates on
      her death, incapacity (after 180 days), resignation, good cause as defined
      and
      good cause.  If she is terminated without cause, she is entitled to
      base salary, all bonuses otherwise applicable, and medical benefits for two
      years.
























4




Signatures




In
      accordance with Section 13 or 15(d) of the Exchange Act, the company caused
      this
      report to be signed on its behalf by the undersigned, thereunto duly
      authorized.




LOCATION
                  BASED TECHNOLOGIES,
                  INC.
                (Registrant)Date:
                  February
                  5, 2008
              By:
              /s/ David
                M. MorseDavid
                M. MorseCo-
                President and Chief Executive
                Officer






In
      accordance with the Exchange Act, this report has been signed below by the
      following persons on behalf of the company and in the capacities and on the
      dates indicated.




Date:
                  February
                  5, 2008
              By:
              /s/ David
                M. MorseDavid
                M. MorseDirector




Date:
                  February 5, 2008
              By:
              /s/ Joseph
                ScalisiJoseph
                ScalisiDirector




Date:
                  February
                  5, 2008
              By:
              /s/ Desiree
                MejiaDesiree
                MejiaDirector






SUPPLEMENTAL
      INFORMATION TO BE
      FURNISHED WITH REPORTS FILED


PURSUANT
      TO SECTION 15(d) OF THE
      EXCHANGE ACT BY NON-REPORTING ISSUERS




1.
            No
                annual report to security holders covering the company’s last fiscal year
                has been sent as of the date of this
                report.




2.
            No
                proxy statement, form of proxy, or other proxy soliciting material
                has
                been sent to any of the company’s security holders with respect to any
                annual or other meeting of security
                holders.




3.
            If
                such report or proxy material is furnished to security holders subsequent
                to the filing of this Annual Report on Form 10-KSB, the company will
                furnish copies of such material to the Commission at the time it
                is sent
                to security holders.












5