Replies to post #13804 on GrowLife Inc (PHOT)

[IWillBeSpokenOf]

WRONG!!!

At one point in time it was necessary to fund the company with shares, but this is no longer the case. I wouldn't be the least bit surprised to hear about the company buying back shares when they release their Q2 (audited of course!).


Revolving Promissory Note

On June 7, 2013, GrowLife, Inc. (the "Company") entered into a Revolving Promissory Note (the "Revolving Note") with W-Net Fund I, L.P. ("W-Net"). Under the terms of the Revolving Note, W-Net agreed to advance to the Company, from time to time and at W-Net's discretion, amounts up to an aggregate of $550,000 pursuant to requests made by the Company until July 31, 2014. All advances shall be paid on or before July 31, 2014 and interest shall accrue from the date of any advance on any principal amount withdrawn, and on accrued and unpaid interest thereon, at the rate of seven percent (7%) per annum, compounded annually.