10-Q Filing

PROFIRE ENERGY INC CIK: 1289636 Q1 2019

Filing Information

Form Type	10-Q
Accession Number	`0001289636-19-000021`
Period End Date	20190331
Filing Date	20190508
Fiscal Year	2019
Fiscal Period	Q1
XBRL Instance	pfie-20190331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 86 Income Statement 46 Cash Flow Statement 58

Balance Sheet 86 line items

Line Item	Tag	Value	Unit	Period
Preferred stock, par value (dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, par value (dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$10.10M	USD	Point-in-time
Preferred stock, shares authorized (shares)	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$11.45M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$11.46M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$12.20M	USD	Point-in-time
Preferred stock, shares authorized (shares)	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Short-term investments	`MarketableSecuritiesCurrent`	$961.26K	USD	Point-in-time
Preferred stock, shares issued (shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Short-term investments	`MarketableSecuritiesCurrent`	$806.94K	USD	Point-in-time
Preferred stock, shares issued (shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares outstanding (shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Short-term investments - other	`OtherShortTermInvestments`	$3.60M	USD	Point-in-time
Preferred stock, shares outstanding (shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Short-term investments - other	`OtherShortTermInvestments`	$3.06M	USD	Point-in-time
Common stock, par value (dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value (dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$6.44M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$6.89M	USD	Point-in-time
Inventories, net	`InventoryNet`	$9.66M	USD	Point-in-time
Common stock, shares authorized (shares)	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Inventories, net	`InventoryNet`	$9.06M	USD	Point-in-time
Common stock, shares authorized (shares)	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Common stock, shares issued (shares)	`CommonStockSharesIssued`	49.71M	shares	Point-in-time
Prepaid expenses & other current assets	`PrepaidExpenseCurrent`	$473.73K	USD	Point-in-time
Prepaid expenses & other current assets	`PrepaidExpenseCurrent`	$719.30K	USD	Point-in-time
Common stock, shares issued (shares)	`CommonStockSharesIssued`	49.86M	shares	Point-in-time
Common stock, shares outstanding (shares)	`CommonStockSharesOutstanding`	47.93M	shares	Point-in-time
Income tax receivable	`IncomeTaxReceivable`	$173.12K	USD	Point-in-time
Common stock, shares outstanding (shares)	`CommonStockSharesOutstanding`	47.31M	shares	Point-in-time
Income tax receivable	`IncomeTaxReceivable`	$284.81K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$31.84M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$31.85M	USD	Point-in-time
Net deferred tax asset	`DeferredTaxAssetsNet`	$85.09K	USD	Point-in-time
Net deferred tax asset	`DeferredTaxAssetsNet`	-	USD	Point-in-time
Long-term investments	`MarketableSecuritiesNoncurrent`	$8.10M	USD	Point-in-time
Long-term investments	`MarketableSecuritiesNoncurrent`	$7.98M	USD	Point-in-time
Financing right-of-use asset	`FinanceLeaseRightOfUseAsset`	$116.13K	USD	Point-in-time
Financing right-of-use asset	`FinanceLeaseRightOfUseAsset`	-	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$8.02M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$8.28M	USD	Point-in-time
Goodwill	`Goodwill`	$997.70K	USD	Point-in-time
Goodwill	`Goodwill`	$997.70K	USD	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$430.78K	USD	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$429.96K	USD	Point-in-time
Total Long-Term Assets	`AssetsNoncurrent`	$17.92M	USD	Point-in-time
Total Long-Term Assets	`AssetsNoncurrent`	$17.51M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$49.76M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$49.36M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.18M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.07M	USD	Point-in-time
Accrued vacation	`AccruedVacationCurrent`	$311.44K	USD	Point-in-time
Accrued vacation	`AccruedVacationCurrent`	$374.00K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$1.00M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$1.45M	USD	Point-in-time
Current financing lease liability	`FinanceLeaseLiabilityCurrent`	-	USD	Point-in-time
Current financing lease liability	`FinanceLeaseLiabilityCurrent`	$65.10K	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$1.17M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$1.05M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$4.11M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$3.56M	USD	Point-in-time
Net deferred income tax liability	`DeferredIncomeTaxLiabilitiesNet`	$38.67K	USD	Point-in-time
Net deferred income tax liability	`DeferredIncomeTaxLiabilitiesNet`	-	USD	Point-in-time
Long-term financing lease liability	`FinanceLeaseLiabilityNoncurrent`	-	USD	Point-in-time
Long-term financing lease liability	`FinanceLeaseLiabilityNoncurrent`	$51.67K	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$3.65M	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$4.11M	USD	Point-in-time
Preferred shares: $0.001 par value, 10,000,000 shares authorized: no shares issued or outstanding	`PreferredStockValue`	-	USD	Point-in-time
Preferred shares: $0.001 par value, 10,000,000 shares authorized: no shares issued or outstanding	`PreferredStockValue`	-	USD	Point-in-time
Common shares: $0.001 par value, 100,000,000 shares authorized: 49,859,011 issued and 47,308,224 outstanding at March 31, 2019, and 49,707,805 issued and 47,932,305 outstanding at December 31, 2018	`CommonStockValue`	$49.86K	USD	Point-in-time
Common shares: $0.001 par value, 100,000,000 shares authorized: 49,859,011 issued and 47,308,224 outstanding at March 31, 2019, and 49,707,805 issued and 47,932,305 outstanding at December 31, 2018	`CommonStockValue`	$49.71K	USD	Point-in-time
Treasury stock, at cost	`TreasuryStockValue`	$2.61M	USD	Point-in-time
Treasury stock, at cost	`TreasuryStockValue`	$3.94M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$28.33M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$28.03M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-2.68M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-2.90M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$24.35M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$22.68M	USD	Point-in-time
TOTAL STOCKHOLDERS' EQUITY	`StockholdersEquity`	$46.11M	USD	Point-in-time
TOTAL STOCKHOLDERS' EQUITY	`StockholdersEquity`	$44.05M	USD	Point-in-time
TOTAL STOCKHOLDERS' EQUITY	`StockholdersEquity`	$45.26M	USD	Point-in-time
TOTAL STOCKHOLDERS' EQUITY	`StockholdersEquity`	$46.22M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$49.36M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$49.76M	USD	Point-in-time

Income Statement 46 line items

Line Item	Tag	Value	Unit	Period
Total Revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$10.83M	USD	1 Quarter
Total Revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$12.17M	USD	1 Quarter
Total Cost of Goods Sold	`CostOfGoodsAndServicesSold`	$6.04M	USD	1 Quarter
Total Cost of Goods Sold	`CostOfGoodsAndServicesSold`	$5.07M	USD	1 Quarter
GROSS PROFIT	`GrossProfit`	$6.13M	USD	1 Quarter
GROSS PROFIT	`GrossProfit`	$5.76M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$3.34M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$3.16M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$403.22K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$349.06K	USD	1 Quarter
Depreciation and amortization expense	`DepreciationNonproduction`	$128.72K	USD	1 Quarter
Depreciation and amortization expense	`DepreciationNonproduction`	$116.22K	USD	1 Quarter
Total Operating Expenses	`OperatingExpenses`	$3.63M	USD	1 Quarter
Total Operating Expenses	`OperatingExpenses`	$3.87M	USD	1 Quarter
INCOME FROM OPERATIONS	`OperatingIncomeLoss`	$2.26M	USD	1 Quarter
INCOME FROM OPERATIONS	`OperatingIncomeLoss`	$2.14M	USD	1 Quarter
Gain on sale of fixed assets	`DisposalGroupNotDiscontinuedOperationGainLossonDisposalAfterForeignCurrencyTranslation`	$64.83K	USD	1 Quarter
Gain on sale of fixed assets	`DisposalGroupNotDiscontinuedOperationGainLossonDisposalAfterForeignCurrencyTranslation`	$16.93K	USD	1 Quarter
Other income (expense)	`OtherNonoperatingIncomeExpense`	$-1.79K	USD	1 Quarter
Other income (expense)	`OtherNonoperatingIncomeExpense`	$-551.00	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$50.71K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$91.70K	USD	1 Quarter
Total Other Income	`NonoperatingIncomeExpense`	$113.75K	USD	1 Quarter
Total Other Income	`NonoperatingIncomeExpense`	$108.08K	USD	1 Quarter
INCOME BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$2.25M	USD	1 Quarter
INCOME BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$2.37M	USD	1 Quarter
INCOME TAX EXPENSE	`IncomeTaxExpenseBenefit`	$493.82K	USD	1 Quarter
INCOME TAX EXPENSE	`IncomeTaxExpenseBenefit`	$577.52K	USD	1 Quarter
NET INCOME	`NetIncomeLoss`	$1.67M	USD	1 Quarter
NET INCOME	`NetIncomeLoss`	$1.88M	USD	1 Quarter
Foreign currency translation gain (loss)	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$149.41K	USD	1 Quarter
Foreign currency translation gain (loss)	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-239.13K	USD	1 Quarter
Unrealized gains (losses) on investments	`UnrealizedGainLossOnInvestments`	$-33.23K	USD	1 Quarter
Unrealized gains (losses) on investments	`UnrealizedGainLossOnInvestments`	$68.75K	USD	1 Quarter
Total Other Comprehensive Income (Loss)	`OtherComprehensiveIncomeLossNetOfTax`	$-272.36K	USD	1 Quarter
Total Other Comprehensive Income (Loss)	`OtherComprehensiveIncomeLossNetOfTax`	$218.17K	USD	1 Quarter
COMPREHENSIVE INCOME	`ComprehensiveIncomeNetOfTax`	$1.89M	USD	1 Quarter
COMPREHENSIVE INCOME	`ComprehensiveIncomeNetOfTax`	$1.60M	USD	1 Quarter
BASIC EARNINGS PER SHARE (dollars per share)	`EarningsPerShareBasic`	$0.04	USD	1 Quarter
BASIC EARNINGS PER SHARE (dollars per share)	`EarningsPerShareBasic`	$0.04	USD	1 Quarter
FULLY DILUTED EARNINGS PER SHARE (dollars per share)	`EarningsPerShareDiluted`	$0.03	USD	1 Quarter
FULLY DILUTED EARNINGS PER SHARE (dollars per share)	`EarningsPerShareDiluted`	$0.04	USD	1 Quarter
BASIC WEIGHTED AVG NUMBER OF SHARES OUTSTANDING (shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	47.44M	shares	1 Quarter
BASIC WEIGHTED AVG NUMBER OF SHARES OUTSTANDING (shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	48.67M	shares	1 Quarter
FULLY DILUTED WEIGHTED AVG NUMBER OF SHARES OUTSTANDING (shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	48.08M	shares	1 Quarter
FULLY DILUTED WEIGHTED AVG NUMBER OF SHARES OUTSTANDING (shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	49.74M	shares	1 Quarter

Cash Flow Statement 58 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$1.67M	USD	1 Quarter
Net income	`NetIncomeLoss`	$1.88M	USD	1 Quarter
Depreciation and amortization expense	`DepreciationDepletionAndAmortization`	$249.89K	USD	1 Quarter
Depreciation and amortization expense	`DepreciationDepletionAndAmortization`	$220.25K	USD	1 Quarter
Gain on sale of fixed assets	`GainLossOnDispositionOfAssets1`	$64.73K	USD	1 Quarter
Gain on sale of fixed assets	`GainLossOnDispositionOfAssets1`	$16.93K	USD	1 Quarter
Bad debt expense	`ProvisionForDoubtfulAccounts`	$177.91K	USD	1 Quarter
Bad debt expense	`ProvisionForDoubtfulAccounts`	$63.57K	USD	1 Quarter
Stock awards issued for services	`IssuanceOfStockAndWarrantsForServicesOrClaims`	$581.62K	USD	1 Quarter
Stock awards issued for services	`IssuanceOfStockAndWarrantsForServicesOrClaims`	$445.98K	USD	1 Quarter
Changes in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-275.44K	USD	1 Quarter
Changes in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$746.18K	USD	1 Quarter
Changes in income taxes receivable/payable	`IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable`	$591.28K	USD	1 Quarter
Changes in income taxes receivable/payable	`IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable`	$-234.04K	USD	1 Quarter
Changes in inventories	`IncreaseDecreaseInInventories`	$863.15K	USD	1 Quarter
Changes in inventories	`IncreaseDecreaseInInventories`	$-656.99K	USD	1 Quarter
Changes in prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-104.01K	USD	1 Quarter
Changes in prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$239.40K	USD	1 Quarter
Changes in deferred tax asset/liability	`IncomeTaxExpenseBenefitContinuingOperationsAdjustmentOfDeferredTaxAssetLiability`	$123.76K	USD	1 Quarter
Changes in deferred tax asset/liability	`IncomeTaxExpenseBenefitContinuingOperationsAdjustmentOfDeferredTaxAssetLiability`	$-111.41K	USD	1 Quarter
Changes in accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-499.72K	USD	1 Quarter
Changes in accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-198.54K	USD	1 Quarter
Net Cash Provided by Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$1.45M	USD	1 Quarter
Net Cash Provided by Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$2.61M	USD	1 Quarter
Proceeds from sale of equipment	`ProceedsFromSaleOfMachineryAndEquipment`	$18.40K	USD	1 Quarter
Proceeds from sale of equipment	`ProceedsFromSaleOfMachineryAndEquipment`	$139.76K	USD	1 Quarter
Sale (Purchase) of investments	`PaymentsForProceedsFromInvestments`	$-647.74K	USD	1 Quarter
Sale (Purchase) of investments	`PaymentsForProceedsFromInvestments`	$484.14K	USD	1 Quarter
Purchase of fixed assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$234.78K	USD	1 Quarter
Purchase of fixed assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$443.88K	USD	1 Quarter
Net Cash Provided by (Used in) Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-579.16K	USD	1 Quarter
Net Cash Provided by (Used in) Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$222.26K	USD	1 Quarter
Value of equity awards surrendered by employees for tax liability	`ValueOfEquityAwardsSurrenderedByEmployeesForTaxLiability`	$-143.02K	USD	1 Quarter
Value of equity awards surrendered by employees for tax liability	`ValueOfEquityAwardsSurrenderedByEmployeesForTaxLiability`	$-83.60K	USD	1 Quarter
Cash received in exercise of stock options	`ProceedsFromStockOptionsExercised`	-	USD	1 Quarter
Cash received in exercise of stock options	`ProceedsFromStockOptionsExercised`	$74.24K	USD	1 Quarter
Purchase of Treasury stock	`PaymentsForRepurchaseOfCommonStock`	$1.33M	USD	1 Quarter
Purchase of Treasury stock	`PaymentsForRepurchaseOfCommonStock`	-	USD	1 Quarter
Principal paid towards lease liability	`FinanceLeasePrincipalPayments`	$15.72K	USD	1 Quarter
Principal paid towards lease liability	`FinanceLeasePrincipalPayments`	-	USD	1 Quarter
Net Cash Used in Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$-1.49M	USD	1 Quarter
Net Cash Used in Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$-9.36K	USD	1 Quarter
Effect of exchange rate changes on cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$16.51K	USD	1 Quarter
Effect of exchange rate changes on cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-113.64K	USD	1 Quarter
NET INCREASE IN CASH	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$1.35M	USD	1 Quarter
NET INCREASE IN CASH	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$750.78K	USD	1 Quarter
CASH AT BEGINNING OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$10.10M	USD	Point-in-time
CASH AT BEGINNING OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$11.45M	USD	Point-in-time
CASH AT BEGINNING OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$11.46M	USD	Point-in-time
CASH AT BEGINNING OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$12.20M	USD	Point-in-time
CASH AT END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$10.10M	USD	Point-in-time
CASH AT END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$11.45M	USD	Point-in-time
CASH AT END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$11.46M	USD	Point-in-time
CASH AT END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$12.20M	USD	Point-in-time
Interest	`InterestPaidNet`	-	USD	1 Quarter
Interest	`InterestPaidNet`	$1.41K	USD	1 Quarter
Income taxes	`IncomeTaxesPaid`	$711.52K	USD	1 Quarter
Income taxes	`IncomeTaxesPaid`	-	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.