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

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| Title of Each      Class |   | Name of Each Exchange      on Which      Registered |
|--------------------------|--------|-----------------------------------------------------|
| None                     |   | None                                                |

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|    Name      and Principal Position                            |  FiscalYearEnded8/31(1) |   |   Salary($) |    |   |   Bonus($) |   |    |  StockAwards($) |   |   |   Option      Awards($) |   |   | 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 andChairman      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.  At the election of the officer, accrued officer      compensation may be converted into common stock of the Company at a rate      of $1 per share. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | In      2006, $26,075 was actually paid and $88,925 was accrued for future      payment.  At the election of the officer, accrued officer      compensation may be converted into common stock of the Company at a rate      of $1 per share. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | In      2006, $14,500 was actually paid and $100,500 was accrued for future      payment.  At the election of the officer, accrued officer      compensation may be converted into common stock of the Company at a rate      of $1 per share. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (5) | The      amounts presented in “All Other Compensation” reflect the value of Class C      membership units issued to officers of the Company when they were members      of PocketFinder, LLC, a predecessor entity.  Upon the merger of      Location Based Technologies Corp. and PocketFinder, LLC, to form a single      entity prior to the acquisition of that entity by Springbank Resources,      Inc., in October 2007, the Class C membership units were cancelled and      have no value.  As such, there were no cash payments or equity      awards associated with the other compensation as    reported. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|      Name |   |   Number      of Securities Underlying Unexercised Options (#)    Exercisable |   |   Number      of Securities Underlying Unexercised Options (#)    Unexercisable |   | EquityIncentivePlan      Awards: Number of      Securities Underlying Unexercised UnearnedOptions(#) |   |     Option      ExercisePrice($) |   |      Option      Expiration Date |   | Number      of Shares or Units ofStock      That Have Not Vested(#) |   | MarketValue      ofShares      orUnits      ofStock      ThatHave      NotVested($) |   | EquityIncentive      Plan      Awards: Numberof      UnearnedShares,      Unitsor      Other rightsThat      HaveNot      Vested(#) |   | EquityIncentive      Plan Awards: Marketor      Payout Valueof      UnearnedShares,      Unitsor      Other RightsThat      HaveNot      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. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|                     | LOCATION BASED TECHNOLOGIES,      INC.(Registrant) |                                           |
|--------------------------|----------------------------------------------------|------------------------------------------------|
|                     |                                               |                                           |   |
| Date: April      4, 2008 | By:                                                | /s/ David      M. Morse                   |   |
|                     |                                               | David M. Morse                                 |   |
|                     |                                               | Co- President and Chief Executive      Officer |   |

| Date: April      4, 2008 | By:    | /s/ David      M. Morse |   |
|--------------------------|--------|------------------------------|--------|
|                     |   | David M. Morse               |   |
|                     |   | Director                     |   |

| Date:      April 4, 2008 | By:    | /s/ Joseph      Scalisi |   |
|--------------------------|--------|------------------------------|--------|
|                     |   | Joseph      Scalisi          |   |
|                     |   | Director                     |   |

| Date: April      4, 2008 | By:    | /s/ Desiree Mejia |   |
|--------------------------|--------|------------------------|--------|
|                     |   | Desiree Mejia          |   |
|                     |   | Director               |   |

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

| 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 securityholders. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 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. |
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