Replies to post #61882 on GrowLife Inc (fka PHOT)

[surfkast]

That was a good analysis. Let's see how the market responds once investors figure it out.

[Trained Monkey]

Preferred stock is a special class of shares which may have any combination of features not possessed by common stock. The following features are usually associated with preferred stock:

Preference in dividends
Preference in assets, in the event of liquidation
Convertibility to common stock.
Callability, at the option of the corporation
Nonvoting

I (we) have no idea what the preferred shares are. They could be worth 300 shares of common. They could be worth 1 share, or have the same value, and have dividend preference for the BOD. They could be worth the same and be nonvoting shares.

We just don't know.

For the record, I respect your POV but just stating we don't have much to go on.

Also, I think you overstate the %'s when most those shares (1.5B) still on the sidelines, but again, I concede the point that the shareholder distribution has skewed. To the negative.

Sterling's new 'boss' is CANX? I disagree. The deal ends with Sterling holding control over OGI and GrowLife. Bill? Please. AJOA and WP may be owned by FITX but in total they get 500M shares and give back 40% of RXNB and 25% of CEN Bio. Plus, they really are PHOT's customer. For the loan and the equipment. But again, you are correct that a new power dynamic is in play here. Things are different now.

I'm more 'pro' than you but you do point out the negatives well. Just in my opinion you overstate them or speculate the worst. Not that there's anything wrong with that.

GLTU

TM

[TITAN]

I guess people can say hi to there new BOSS CEO of FITX,wonder what the next 8k will say.

[Burton1179]

Oh really Global. Then why are you here if your so disgusted. I think we know why. 18 posts in a row with not a single positive comment.

Also according to SEC , your wife owning shares are in fact your inside owned shares. So why are they not reported as inside shares? That's cause its not true.

[Trained Monkey]

There was no change in the preferred stock, this is what GrowLife always has had. Note the title of the proxy statement. Increase the common, not increase the common and the preferred. If the preferred were being changed it must be disclosed.

https://research.scottrade.com/qnr/uploadhandler/z01a7110azd193b12dd67e4462a225b0a82cb09495.htm

PROPOSAL 1

CERTIFICATE OF INCORPORATION TO INCREASE THE AUTHORIZED SHARES OF COMMON STOCK



Also, the details below state there was no change in the preferred. The 10M apparently have always existed, and none are currently outstanding. A/S not O/S.


"The present capital structure of the Company authorizes 1,000,000,000 shares of Common Stock. It also authorizes 10,000,000 shares of “blank check” Preferred Stock, which may be issued from time to time in one or more series with such rights, preferences and privileges as may be determined by the Board of Directors. The Company believes that this capital structure is inadequate for the future needs of the Company. Accordingly, the Board has approved the amendment of the Company’s Certificate of Incorporation (the “Certificate”) to increase the authorized number of shares of Common Stock from 1,000,000,000 to 3,000,000,000 shares (the “Common Stock Proposal”). No change is proposed to be made with respect to the number of authorized shares of Preferred Stock."



The Board believes the Common Stock Proposal more appropriately reflects the present and future needs of the Company and recommends such amendment to the Company’s stockholders for adoption. On the Record Date, there were 738,473,611 shares of Common Stock outstanding and 0 outstanding shares of Preferred Stock

--------------------------------------------------

So in conclusion, the 10M apparently have always existed, and none are currently outstanding. A/S not O/S. Whatever rights they will carry will be decided by the BOD if/when they are issued. As none exist, it is impossible to speculate what rights they may have or their value.


Not saying this is good or bad, but hopefully now we all know what we have.

I had no idea GrowLife had 10M blank check preferred shares at their disposal.

GLTU

TM

[TITAN]

That was a very dumb move by the CEO,to issue this >>>> 10,000,000 shares shall be classified as preferred stock, $0.0001 par value per share (“Preferred Stock”), issuable in series as may be provided from time to time by resolution of the Board of Directors. In other words this going to be used as a ATM at the shareholders expense.

IMO,That just killed this stock, let's hope this holds tomorrow as my self I have a nice amount of shares here also. DUMB DUMB DUMB