Exhibit 10.1

SECURITY AGREEMENT

AMENDMENT 1

This Amendment (the "Amendment”) is to amend the Schedule A Security Agreement dated December 10, 2012, (the “Agreement”) by and between Location Based Technologies, Inc., a Nevada corporation (the "Company"), and ECPC Capital II, LLC (the “Lender”) (each a, “Party” both are, “Parties”).

WHEREAS, the Company is a publicly-held corporation with its common stock traded on the OTC Market under the symbol LBAS; and

WHEREAS, on December 10, 2012, the Company entered into a Security Agreement with the Lender in which the Lender may invest capital in the Company of up to One Million Dollars ($1,000,000) in the form of secured convertible debt;

WHEREAS, the Parties desire to amend the Agreement;

NOW THEREFORE, in consideration of the promises and the mutual covenants and agreements of the services rendered by the Lender to the Company, Schedule A to the Agreement is withdrawn and the attached Schedule A shall be in lieu of and substituted therefor and describe the collateral for the Note.

All other terms and conditions of the Agreement remain unchanged.

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IN WITNESS WHEREOF, this Amendment was executed this 29^th day of January, 2013, but shall be effective for all purposes as of December 10, 2012, as of the date first set forth above.

SCHEDULE A

Registered US Patent Number: 8102256

Apparatus and method for determining location and tracking coordinates of a tracking device

Abstract

An apparatus to monitor location coordinates of an electronic tracking device. The apparatus includes a transceiver, a signal processor, an accelerometer, and an antenna. The antenna communicates signal strength to the signal processor associated with the electronic tracking device. In response to signal strength, a battery power monitor controls battery usage by electronic circuitry associated with the electronic tracking device. An accelerometer provides a supplemental location tracking system to improve tracking accuracy of a primary location tracking system of the electronic tracking device.

Registered US Patent Number: 6879244

Call receiving system apparatus and method having a dedicated switch

Abstract

A system and method for a call receiving pager apparatus, system and method utilizing a dedicated switch for providing proprietary access, billing functions and other enhanced features is described. The system utilizes a subscriber apparatus having pager or radiotelephone functions whereby a caller may call the apparatus and gain direct two-way communication with the subscriber. The caller is billed for the communication. A call receiving pager apparatus, system and method wherein a subscriber can initiate an outgoing connection to at least one predetermined telephone number in order to send a pre-recorded voice or data message is also provided. The subscriber is unable to initiate any real time two-way communication with the outgoing connection.

Registered US Patent Number: 7218242

Communication system and method including communication channel mobility

Abstract

A system and method for a communication apparatus to provide advanced features such as communication channel mobility, billing options for communication charges (for instance reverse billing), and definable accessibility controls. A subscriber apparatus (for instance a wireless communication apparatus) includes pager (such as a page phone) or radiotelephone functions. A caller calls the subscriber apparatus. The caller gains two-way communication with the subscriber apparatus. The subscriber apparatus may include a radio frequency power level monitor to control movement of a communication channel of the subscriber apparatus from a first communication system (for instance a regular cellular system) to a second communication system (for instance a local loop). The billing options include reversing communication charges (for instance from a subscriber to a calling party), listening to advertisements to reduce communication charges, or splitting communication charges (for instance between a subscriber and a calling party).