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SUBSEQUENT EVENTS
9 Months Ended
Sep. 30, 2013
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

 

NOTE 17– SUBSEQUENT EVENTS

 

On July 22, 2013, the Company named John Genesi as its Chief Financial Officer. The Company also announced that Justin Manns, who had been serving as the Company’s Chief Financial Officer prior to Mr. Genesi, had accepted the Controller position at GrowLife Hydroponics, Inc., a wholly-owned subsidiary of the Company.

 

On August 6, 2013, the Company amended the terms of the Revolving Promissory Note (see NOTE 12 – REVOLVING PROMISSORY NOTE). The amended agreement increases the maximum amount of the advances that the Company can request under the Revolving Note from the original amount of $550,000 to the revised amount of $750,000. The Revolving Note was also amended to state that any additional requests for additional draws by the Company under the Revolving Note shall be at the sole discretion of W-Net. These were the only terms of the Revolving Note that were amended. Immediately after signing the amendment to the Revolving Note, the Company requested a $75,000 advance under the Revolving Note which was promptly granted by the Holder.