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10-Q Filing

PROFIRE ENERGY INC CIK: 1289636 Q1 2022
Filing Information
Form Type 10-Q
Accession Number 0001289636-22-000015
Period End Date 20220331
Filing Date 20220503
Fiscal Year 2022
Fiscal Period Q1
XBRL Instance pfie-20220331_htm.xml
Filing Contents
Balance Sheet 78 line items
Line Item Tag Value Unit Period
Preferred stock, par value (in dollars per share) PreferredStockParOrStatedValuePerShare $0.00 USD Point-in-time
Preferred stock, par value (in dollars per share) PreferredStockParOrStatedValuePerShare $0.00 USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $6.88M USD Point-in-time
Preferred stock, shares authorized (in shares) PreferredStockSharesAuthorized 10.00M shares Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $8.19M USD Point-in-time
Preferred stock, shares authorized (in shares) PreferredStockSharesAuthorized 10.00M shares Point-in-time
Preferred stock, shares issued (in shares) PreferredStockSharesIssued 0.00 shares Point-in-time
Short-term investments MarketableSecuritiesCurrent $454.05K USD Point-in-time
Short-term investments MarketableSecuritiesCurrent $1.01M USD Point-in-time
Preferred stock, shares issued (in shares) PreferredStockSharesIssued 0.00 shares Point-in-time
Preferred stock, shares outstanding (in shares) PreferredStockSharesOutstanding 0.00 shares Point-in-time
Accounts receivable, net AccountsReceivableNetCurrent $8.14M USD Point-in-time
Accounts receivable, net AccountsReceivableNetCurrent $6.26M USD Point-in-time
Preferred stock, shares outstanding (in shares) PreferredStockSharesOutstanding 0.00 shares Point-in-time
Common stock, par value (in dollars per share) CommonStockParOrStatedValuePerShare $0.00 USD Point-in-time
Common stock, par value (in dollars per share) CommonStockParOrStatedValuePerShare $0.00 USD Point-in-time
Inventories, net (note 3) InventoryNet $7.74M USD Point-in-time
Inventories, net (note 3) InventoryNet $7.19M USD Point-in-time
Prepaid expenses and other current assets (note 4) PrepaidExpenseCurrent $1.07M USD Point-in-time
Prepaid expenses and other current assets (note 4) PrepaidExpenseCurrent $1.03M USD Point-in-time
Common stock, shares authorized (in shares) CommonStockSharesAuthorized 100.00M shares Point-in-time
Common stock, shares authorized (in shares) CommonStockSharesAuthorized 100.00M shares Point-in-time
Common stock, shares issued (in shares) CommonStockSharesIssued 51.86M shares Point-in-time
Income tax receivable IncomeTaxReceivable $560.45K USD Point-in-time
Income tax receivable IncomeTaxReceivable $121.41K USD Point-in-time
Common stock, shares issued (in shares) CommonStockSharesIssued 51.72M shares Point-in-time
Common stock, shares outstanding (in shares) CommonStockSharesOutstanding 47.27M shares Point-in-time
Total Current Assets AssetsCurrent $24.24M USD Point-in-time
Common stock, shares outstanding (in shares) CommonStockSharesOutstanding 47.64M shares Point-in-time
Total Current Assets AssetsCurrent $24.40M USD Point-in-time
Net deferred tax asset DeferredIncomeTaxAssetsNet $163.25K USD Point-in-time
Net deferred tax asset DeferredIncomeTaxAssetsNet $165.80K USD Point-in-time
Long-term investments MarketableSecuritiesNoncurrent $8.26M USD Point-in-time
Long-term investments MarketableSecuritiesNoncurrent $7.85M USD Point-in-time
Financing right-of-use asset FinanceLeaseRightOfUseAsset $65.28K USD Point-in-time
Financing right-of-use asset FinanceLeaseRightOfUseAsset $52.86K USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $11.19M USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $11.17M USD Point-in-time
Intangible assets, net FiniteLivedIntangibleAssetsNet $1.55M USD Point-in-time
Intangible assets, net FiniteLivedIntangibleAssetsNet $1.49M USD Point-in-time
Goodwill Goodwill $2.58M USD Point-in-time
Goodwill Goodwill $2.58M USD Point-in-time
Total Long-Term Assets AssetsNoncurrent $23.31M USD Point-in-time
Total Long-Term Assets AssetsNoncurrent $23.80M USD Point-in-time
TOTAL ASSETS Assets $47.71M USD Point-in-time
TOTAL ASSETS Assets $48.04M USD Point-in-time
Accounts payable AccountsPayableCurrent $1.51M USD Point-in-time
Accounts payable AccountsPayableCurrent $1.82M USD Point-in-time
Accrued liabilities (note 5) AccruedLiabilitiesCurrent $1.69M USD Point-in-time
Accrued liabilities (note 5) AccruedLiabilitiesCurrent $1.87M USD Point-in-time
Current financing lease liability (note 6) FinanceLeaseLiabilityCurrent $22.10K USD Point-in-time
Current financing lease liability (note 6) FinanceLeaseLiabilityCurrent $30.21K USD Point-in-time
Total Current Liabilities LiabilitiesCurrent $3.22M USD Point-in-time
Total Current Liabilities LiabilitiesCurrent $3.73M USD Point-in-time
Net deferred income tax liability DeferredIncomeTaxLiabilitiesNet $183.14K USD Point-in-time
Net deferred income tax liability DeferredIncomeTaxLiabilitiesNet $136.11K USD Point-in-time
Long-term financing lease liability (note 6) FinanceLeaseLiabilityNoncurrent $35.91K USD Point-in-time
Long-term financing lease liability (note 6) FinanceLeaseLiabilityNoncurrent $31.40K USD Point-in-time
TOTAL LIABILITIES Liabilities $3.44M USD Point-in-time
TOTAL LIABILITIES Liabilities $3.90M USD Point-in-time
Preferred stock: $0.001 par value, 10,000,000 shares authorized: no shares issued or outstanding PreferredStockValue - USD Point-in-time
Preferred stock: $0.001 par value, 10,000,000 shares authorized: no shares issued or outstanding PreferredStockValue - USD Point-in-time
Common stock: $0.001 par value, 100,000,000 shares authorized: 51,860,036 issued and 47,273,496 outstanding at March 31, 2022, and 51,720,142 issued and 47,643,233 outstanding at December 31, 2021 CommonStockValue $51.72K USD Point-in-time
Common stock: $0.001 par value, 100,000,000 shares authorized: 51,860,036 issued and 47,273,496 outstanding at March 31, 2022, and 51,720,142 issued and 47,643,233 outstanding at December 31, 2021 CommonStockValue $51.86K USD Point-in-time
Treasury stock, at cost TreasuryStockValue $6.11M USD Point-in-time
Treasury stock, at cost TreasuryStockValue $6.73M USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $30.82M USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $31.08M USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-2.23M USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-2.10M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $21.48M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $22.11M USD Point-in-time
TOTAL STOCKHOLDERS' EQUITY StockholdersEquity $45.00M USD Point-in-time
TOTAL STOCKHOLDERS' EQUITY StockholdersEquity $44.14M USD Point-in-time
TOTAL STOCKHOLDERS' EQUITY StockholdersEquity $45.37M USD Point-in-time
TOTAL STOCKHOLDERS' EQUITY StockholdersEquity $44.28M USD Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY LiabilitiesAndStockholdersEquity $48.04M USD Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY LiabilitiesAndStockholdersEquity $47.71M USD Point-in-time
Income Statement 46 line items
Line Item Tag Value Unit Period
Total Revenues RevenueFromContractWithCustomerExcludingAssessedTax $5.09M USD 1 Quarter
Total Revenues RevenueFromContractWithCustomerExcludingAssessedTax $9.50M USD 1 Quarter
Total Cost of Sales CostOfGoodsAndServicesSold $2.92M USD 1 Quarter
Total Cost of Sales CostOfGoodsAndServicesSold $4.95M USD 1 Quarter
GROSS PROFIT GrossProfit $2.17M USD 1 Quarter
GROSS PROFIT GrossProfit $4.56M USD 1 Quarter
General and administrative GeneralAndAdministrativeExpense $2.55M USD 1 Quarter
General and administrative GeneralAndAdministrativeExpense $3.39M USD 1 Quarter
Research and development ResearchAndDevelopmentExpense $256.89K USD 1 Quarter
Research and development ResearchAndDevelopmentExpense $308.32K USD 1 Quarter
Depreciation and amortization DepreciationNonproduction $167.01K USD 1 Quarter
Depreciation and amortization DepreciationNonproduction $167.49K USD 1 Quarter
Total Operating Expenses OperatingExpenses $3.87M USD 1 Quarter
Total Operating Expenses OperatingExpenses $2.98M USD 1 Quarter
INCOME (LOSS) FROM OPERATIONS OperatingIncomeLoss $688.99K USD 1 Quarter
INCOME (LOSS) FROM OPERATIONS OperatingIncomeLoss $-804.23K USD 1 Quarter
Gain on sale of property and equipment DisposalGroupNotDiscontinuedOperationGainLossOnDisposalAfterForeignCurrencyTranslation $95.84K USD 1 Quarter
Gain on sale of property and equipment DisposalGroupNotDiscontinuedOperationGainLossOnDisposalAfterForeignCurrencyTranslation $73.90K USD 1 Quarter
Other expense OtherNonoperatingIncomeExpense $-18.78K USD 1 Quarter
Other expense OtherNonoperatingIncomeExpense $-97.00 USD 1 Quarter
Interest income InvestmentIncomeInterest $21.55K USD 1 Quarter
Interest income InvestmentIncomeInterest $21.06K USD 1 Quarter
Total Other Income NonoperatingIncomeExpense $98.61K USD 1 Quarter
Total Other Income NonoperatingIncomeExpense $94.87K USD 1 Quarter
INCOME (LOSS) BEFORE INCOME TAXES IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $-709.36K USD 1 Quarter
INCOME (LOSS) BEFORE INCOME TAXES IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $787.60K USD 1 Quarter
INCOME TAX BENEFIT (EXPENSE) IncomeTaxExpenseBenefit $160.44K USD 1 Quarter
INCOME TAX BENEFIT (EXPENSE) IncomeTaxExpenseBenefit $-107.86K USD 1 Quarter
NET INCOME (LOSS) NetIncomeLoss $-601.50K USD 1 Quarter
NET INCOME (LOSS) NetIncomeLoss $627.16K USD 1 Quarter
Foreign currency translation gain OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent $139.61K USD 1 Quarter
Foreign currency translation gain OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent $158.36K USD 1 Quarter
Unrealized losses on investments UnrealizedGainLossOnInvestments $-287.13K USD 1 Quarter
Unrealized losses on investments UnrealizedGainLossOnInvestments $-7.97K USD 1 Quarter
Total Other Comprehensive Income (Loss) OtherComprehensiveIncomeLossNetOfTax $-128.77K USD 1 Quarter
Total Other Comprehensive Income (Loss) OtherComprehensiveIncomeLossNetOfTax $131.63K USD 1 Quarter
TOTAL COMPREHENSIVE INCOME (LOSS) ComprehensiveIncomeNetOfTax $-469.87K USD 1 Quarter
TOTAL COMPREHENSIVE INCOME (LOSS) ComprehensiveIncomeNetOfTax $498.39K USD 1 Quarter
BASIC EARNINGS (LOSS) PER SHARE (in dollars per share) EarningsPerShareBasic $0.01 USD 1 Quarter
BASIC EARNINGS (LOSS) PER SHARE (in dollars per share) EarningsPerShareBasic $-0.01 USD 1 Quarter
FULLY DILUTED EARNINGS (LOSS) PER SHARE (in dollars per share) EarningsPerShareDiluted $0.01 USD 1 Quarter
FULLY DILUTED EARNINGS (LOSS) PER SHARE (in dollars per share) EarningsPerShareDiluted $-0.01 USD 1 Quarter
BASIC WEIGHTED AVG NUMBER OF SHARES OUTSTANDING (in shares) WeightedAverageNumberOfSharesOutstandingBasic 47.48M shares 1 Quarter
BASIC WEIGHTED AVG NUMBER OF SHARES OUTSTANDING (in shares) WeightedAverageNumberOfSharesOutstandingBasic 47.99M shares 1 Quarter
FULLY DILUTED WEIGHTED AVG NUMBER OF SHARES OUTSTANDING (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 47.99M shares 1 Quarter
FULLY DILUTED WEIGHTED AVG NUMBER OF SHARES OUTSTANDING (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 48.54M shares 1 Quarter
Cash Flow Statement 58 line items
Line Item Tag Value Unit Period
Net Income (Loss) NetIncomeLoss $-601.50K USD 1 Quarter
Net Income (Loss) NetIncomeLoss $627.16K USD 1 Quarter
Depreciation and amortization expense DepreciationDepletionAndAmortization $293.62K USD 1 Quarter
Depreciation and amortization expense DepreciationDepletionAndAmortization $281.12K USD 1 Quarter
Gain on sale of property and equipment GainLossOnSaleOfPropertyPlantEquipment $95.84K USD 1 Quarter
Gain on sale of property and equipment GainLossOnSaleOfPropertyPlantEquipment $73.90K USD 1 Quarter
Bad debt expense ProvisionForDoubtfulAccounts $-3.08K USD 1 Quarter
Bad debt expense ProvisionForDoubtfulAccounts $28.45K USD 1 Quarter
Stock awards issued for services IssuanceOfStockAndWarrantsForServicesOrClaims $125.04K USD 1 Quarter
Stock awards issued for services IssuanceOfStockAndWarrantsForServicesOrClaims $138.50K USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $-974.60K USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $1.66M USD 1 Quarter
Income taxes receivable/payable IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable $-94.60K USD 1 Quarter
Income taxes receivable/payable IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable $439.03K USD 1 Quarter
Inventories IncreaseDecreaseInInventories $-342.98K USD 1 Quarter
Inventories IncreaseDecreaseInInventories $530.57K USD 1 Quarter
Prepaid expenses and other current assets IncreaseDecreaseInPrepaidExpense $-49.28K USD 1 Quarter
Prepaid expenses and other current assets IncreaseDecreaseInPrepaidExpense $-906.46K USD 1 Quarter
Deferred tax asset/liability IncomeTaxExpenseBenefitContinuingOperationsAdjustmentOfDeferredTaxAssetLiability $47.03K USD 1 Quarter
Deferred tax asset/liability IncomeTaxExpenseBenefitContinuingOperationsAdjustmentOfDeferredTaxAssetLiability $-707.00 USD 1 Quarter
Accounts payable and accrued liabilities IncreaseDecreaseInAccountsPayableAndAccruedLiabilities $-513.23K USD 1 Quarter
Accounts payable and accrued liabilities IncreaseDecreaseInAccountsPayableAndAccruedLiabilities $-48.24K USD 1 Quarter
Net Cash Provided by (Used in) Operating Activities NetCashProvidedByUsedInOperatingActivities $-1.19M USD 1 Quarter
Net Cash Provided by (Used in) Operating Activities NetCashProvidedByUsedInOperatingActivities $1.82M USD 1 Quarter
Proceeds from sale of property and equipment ProceedsFromSaleOfPropertyPlantAndEquipment $27.78K USD 1 Quarter
Proceeds from sale of property and equipment ProceedsFromSaleOfPropertyPlantAndEquipment $112.98K USD 1 Quarter
Sale (purchase) of investments PaymentsForProceedsFromInvestments $438.83K USD 1 Quarter
Sale (purchase) of investments PaymentsForProceedsFromInvestments $-679.64K USD 1 Quarter
Purchase of property and equipment PaymentsToAcquirePropertyPlantAndEquipment $207.85K USD 1 Quarter
Purchase of property and equipment PaymentsToAcquirePropertyPlantAndEquipment $57.83K USD 1 Quarter
Net Cash Provided by (Used in) Investing Activities NetCashProvidedByUsedInInvestingActivities $-468.87K USD 1 Quarter
Net Cash Provided by (Used in) Investing Activities NetCashProvidedByUsedInInvestingActivities $584.77K USD 1 Quarter
Value of equity awards surrendered by employees for tax liability ValueOfEquityAwardsSurrenderedByEmployeesForTaxLiability $-91.10K USD 1 Quarter
Value of equity awards surrendered by employees for tax liability ValueOfEquityAwardsSurrenderedByEmployeesForTaxLiability $-26.63K USD 1 Quarter
Purchase of treasury stock PaymentsForRepurchaseOfCommonStock $622.26K USD 1 Quarter
Purchase of treasury stock PaymentsForRepurchaseOfCommonStock - USD 1 Quarter
Principal paid towards lease liability FinanceLeasePrincipalPayments $11.23K USD 1 Quarter
Principal paid towards lease liability FinanceLeasePrincipalPayments $12.63K USD 1 Quarter
Net Cash Used in Financing Activities NetCashProvidedByUsedInFinancingActivities $-725.99K USD 1 Quarter
Net Cash Used in Financing Activities NetCashProvidedByUsedInFinancingActivities $-37.86K USD 1 Quarter
Effect of exchange rate changes on cash EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $13.18K USD 1 Quarter
Effect of exchange rate changes on cash EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $24.77K USD 1 Quarter
NET CHANGE IN CASH CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-1.31M USD 1 Quarter
NET CHANGE IN CASH CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $1.33M USD 1 Quarter
CASH AT BEGINNING OF PERIOD CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $10.48M USD Point-in-time
CASH AT BEGINNING OF PERIOD CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $9.15M USD Point-in-time
CASH AT BEGINNING OF PERIOD CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $6.88M USD Point-in-time
CASH AT BEGINNING OF PERIOD CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $8.19M USD Point-in-time
CASH AT END OF PERIOD CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $10.48M USD Point-in-time
CASH AT END OF PERIOD CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $9.15M USD Point-in-time
CASH AT END OF PERIOD CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $6.88M USD Point-in-time
CASH AT END OF PERIOD CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $8.19M USD Point-in-time
Interest InterestPaidNet $697.00 USD 1 Quarter
Interest InterestPaidNet $1.94K USD 1 Quarter
Income taxes IncomeTaxesPaid - USD 1 Quarter
Income taxes IncomeTaxesPaid - USD 1 Quarter
Common stock issued in settlement of accrued bonuses NoncashOrPartNoncashAcquisitionOtherAssetsAcquired1 $212.79K USD 1 Quarter
Common stock issued in settlement of accrued bonuses NoncashOrPartNoncashAcquisitionOtherAssetsAcquired1 - USD 1 Quarter
Stockholders Equity 21 line items
Line Item Tag Value Unit Period
Balance, beginning of period StockholdersEquity $45.00M USD Point-in-time
Balance, beginning of period StockholdersEquity $44.14M USD Point-in-time
Balance, beginning of period StockholdersEquity $45.37M USD Point-in-time
Balance, beginning of period StockholdersEquity $44.28M USD Point-in-time
Stock based compensation AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $138.50K USD 1 Quarter
Stock based compensation AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $125.04K USD 1 Quarter
Stock issued in settlement of RSUs and accrued bonuses StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures $212.79K USD 1 Quarter
Stock issued in settlement of RSUs and accrued bonuses StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures - USD 1 Quarter
Tax withholdings paid related to stock based compensation AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation $26.63K USD 1 Quarter
Tax withholdings paid related to stock based compensation AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation $91.10K USD 1 Quarter
Treasury stock repurchased TreasuryStockValueAcquiredCostMethod $622.26K USD 1 Quarter
Foreign currency translation OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $158.36K USD 1 Quarter
Foreign currency translation OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $139.61K USD 1 Quarter
Unrealized losses on investments OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax $-287.13K USD 1 Quarter
Unrealized losses on investments OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax $-7.97K USD 1 Quarter
Net Income (Loss) NetIncomeLoss $-601.50K USD 1 Quarter
Net Income (Loss) NetIncomeLoss $627.16K USD 1 Quarter
Balance, end of period StockholdersEquity $45.00M USD Point-in-time
Balance, end of period StockholdersEquity $44.14M USD Point-in-time
Balance, end of period StockholdersEquity $45.37M USD Point-in-time
Balance, end of period StockholdersEquity $44.28M USD Point-in-time

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

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