GrowLife, Inc. announced that it has entered into a purchase agreement with 1800 Diagonal Lending LLC for a convertible promissory note for gross proceeds of $80,000 on October 17, 2022. The principal amount of the note was $88,000. The note accrues interest at a rate of 8% per annum (22% upon the occurrence of an event of default) and has a maturity date of October 17, 2023.

The original issue discount on the note was $8,000. The investor may in its option, at any time beginning 180 days after the date of the Note, convert the outstanding principal and interest on the note into shares of our common stock at a conversion price per share equal to 75% of the lowest daily volume weighted average price (“ VWAP ”) of our common stock during the 15 trading days prior to the date of conversion. The company will bear the expenses $3,500 related to buyer's legal fees and due diligence fee.