A move in the right direction...
The compensation plan is definitely a move in the right direction, and makes me feel a little more confident about the direction of the company. Obviously, the old compensation plan compensated directors on bad performance, which is never good for the company.
As an accountant, I see the inception of an audit committee to be favorable...however, I would want the company to make sure that the audit committee is comprised of members that are outside of the Board of Directors, and not affiliated with the accounting function as this will cause an area of concern. By having an independent employee perform internal audits of the accounting records, it will, for one, give me more confidence that there is transparency in the reporting function.
The other committees that they are developing, Board Search and Screen, and Mergers and Acquisitions Committee are also steps in the right direction.
I think a search and screen committee should open up potential directors with those that are not already friends/former business associates of the existing directorship, but rather independent parties who understand the concept of a start-up organization, and what it will take to make the company successful from the ground up. Lets face it...although Growlife has been around for while, their success has left much to be desired. I would love to see this company explode in the future, and shareholders recoup and cash that was lost from the SEC suspension.
In my opinion, the deal that they had with FITX smelled of a scam from the get go. With past experiences with mergers and acquisitions, that contract was nothing more than a pump, as I don't see the legitimacy in FITX's operations/future potential. A Mergers and Acquisitions Committee will more thoroughly look at the deals and perform some real due diligence regarding a potential merger or acquisition prior to any contracts being signed.
Just my honest opinion...Good luck to all!
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