Location Based Technologies (NASDAQOTCBB:LBAS.OB)

ThePessimist (99.47) Submitted: 9/11/2008 11:57:27 AM : Start Price: $9.00 LBAS.OB Score: +105.74

Okay, so I'm looking at last quarter's results. The company had exactly $0 in revenue, so their $1.4M in expenses resulted in a $1.4M loss. Sure, they're conserving cash by not paying their bills and issuing tons of warrants instead of cash to their consultants. But still, in the past 9 months they've burned through over $3M, and as of 5/31/08 had less than $400K left in the bank.Sure, maybe they'll find another source of dumb money to buy shares or convertible bonds. If they don't, bankruptcy is on the horizon. If they do, any future value is going to be tremendously diluted. Either way, the stock is a loser.