GROWLIFE, INC.: debt financing — Growlife issues $125K convertible note and 3.125M commitment shares to Fourth Man LLC

GROWLIFE, INC.

Principal $125,000; original issue discount $21,250; net proceeds $92,987.50.
Interest at 10% per annum, first-year interest $12,500 guaranteed; maturity 12 months.
Conversion price $0.01 per share, subject to standard anti-dilution adjustments.
3,125,000 commitment shares issued as additional consideration; 2,125,000 may be cancelled if note repaid by June 21, 2023.
Investor granted piggyback registration rights on shares underlying the note and commitment shares.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

GROWLIFE, INC. incurred convertible notes of $125,000.00 with Fourth Man LLC at ten percent (10%) maturing twelve (12) months from the Issue Date.

Instrument: convertible notes
Principal: $125,000.00
Counterparty: Fourth Man LLC
Rate: ten percent (10%)
Maturity: twelve (12) months from the Issue Date
Event: incurrence

Exact text from the filing

On March 21, 2023 (the “Issue Date”), Growlife, Inc. a Delaware corporation (the “Company”) entered into a Securities Purchase Agreement (the “Purchase Agreement”) with Fourth Man LLC, a Nevada limited liability company (the “Investor”), pursuant to which the Company sold Investor a Convertible Promissory Note (the “Note”) in the principal aggregate amount of $125,000.00

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

GROWLIFE, INC. entered into Securities Purchase Agreement with Fourth Man LLC valued at $125,000.00 (effective 2023-03-21).

Action: entry
Agreement: equity purchase
Counterparty: Fourth Man LLC
Value: $125,000.00
Effective: 2023-03-21

Exact text from the filing

On March 21, 2023 (the “Issue Date”), Growlife, Inc. a Delaware corporation (the “Company”) entered into a Securities Purchase Agreement (the “Purchase Agreement”) with Fourth Man LLC, a Nevada limited liability company (the “Investor”), pursuant to which the Company sold Investor a Convertible Promissory Note (the “Note”) in the principal aggregate amount of $125,000.00

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Source: SEC EDGAR

accession 0001161697-23-000188

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