GrowLife, Inc. announced a purchase agreement with Coventry Enterprises, LLC for a convertible promissory note for gross proceeds of $200,000 on November 9, 2022. The principal amount of the note was $250,000. The note accrues interest at a rate of 10% per annum and has a maturity date of November 9, 2023.

The original issue discount on the note was $50,000. The investor may in its option, convert the outstanding principal and interest on the note into shares of our common stock at a conversion price equal to 90% of the lowest daily volume weighted average price of our common stock during the 20 trading days prior to the date of conversion. Additionally, the company issued 200,000 shares of restricted common stock and 1,800 restricted shares of the company's newly designated series A preferred stock, which shall convert into 1,800,000 shares of restricted common stock.

On the same day the company entered into common stock purchase agreement for gross proceeds of $10,000,000.