[X] | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the Quarterly Period Ended |
[ ] | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the Transition Period From ________ to _________ |
Nevada | 20-0019425 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
321 South 1250 West, Suite 1 | |
Lindon, Utah | 84042 |
(Address of principal executive offices) | (Zip Code) |
Large accelerated filer | [ ] | Accelerated filer | [ ] | |
Non-accelerated filer | [ ] | Smaller reporting company | [X] | |
(Do not check if a smaller reporting company) |
Page | ||
PART I — FINANCIAL INFORMATION | ||
Item 1. Financial Statements | 3 | |
Condensed Consolidated Balance Sheets as of | 3 | |
Condensed Consolidated Statements of Operations and Other Comprehensive Income (Unaudited) for the three and | 4 | |
Condensed Consolidated Statements of Cash Flows (Unaudited) for the | 5 | |
Notes to Condensed Consolidated Financial Statements (Unaudited) | 6 | |
Item 2. Management’s Discussion and Analysis of Financial Condition And Results of Operations | ||
Item 3. Quantitative and Qualitative Disclosure about Market Risk | ||
Item 4. Controls and Procedures | ||
PART II — OTHER INFORMATION | ||
Item 1. Legal Proceedings | ||
Item 1A. Risk Factors | ||
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds | ||
Item 6. Exhibits | ||
Signatures |
PART I. FINANCIAL INFORMATION | PART I. FINANCIAL INFORMATION | |||||||||||||||
Item 1 Financial Information | Item 1 Financial Information | |||||||||||||||
PROFIRE ENERGY, INC. AND SUBSIDIARY | PROFIRE ENERGY, INC. AND SUBSIDIARY | PROFIRE ENERGY, INC. AND SUBSIDIARY | ||||||||||||||
Condensed Consolidated Balance Sheets | Condensed Consolidated Balance Sheets | Condensed Consolidated Balance Sheets | ||||||||||||||
ASSETS | ||||||||||||||||
September 30, | March 31, | |||||||||||||||
2014 | 2014 | December 31, | March 31, | |||||||||||||
(Unaudited) | 2014 | 2014 | ||||||||||||||
ASSETS | (Unaudited) | |||||||||||||||
CURRENT ASSETS | ||||||||||||||||
Cash and cash equivalents | $ | 18,671,824 | $ | 4,456,674 | $ | 15,385,607 | $ | 4,456,674 | ||||||||
Accounts receivable, net | 14,834,952 | 8,873,471 | 11,761,357 | 8,873,471 | ||||||||||||
Inventories | 8,214,485 | 6,579,858 | 11,023,339 | 6,579,858 | ||||||||||||
Deferred tax asset | 341,770 | 420,978 | 666,994 | 420,978 | ||||||||||||
Prepaid expenses | 232,894 | 32,263 | 378,133 | 32,263 | ||||||||||||
Total Current Assets | 42,295,925 | 20,363,244 | 39,215,430 | 20,363,244 | ||||||||||||
PROPERTY AND EQUIPMENT, net | 7,858,497 | 4,385,881 | 9,486,194 | 4,385,881 | ||||||||||||
OTHER ASSETS | ||||||||||||||||
Goodwill | 997,701 | - | ||||||||||||||
Intangible assets, net of accumulated amortization | 664,892 | - | ||||||||||||||
Total Other Assets | 1,662,593 | - | ||||||||||||||
TOTAL ASSETS | $ | 50,154,422 | $ | 24,749,125 | $ | 50,364,217 | $ | 24,749,125 | ||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||||||
CURRENT LIABILITIES | ||||||||||||||||
Accounts payable | $ | 3,574,333 | $ | 1,461,138 | $ | 2,806,165 | $ | 1,461,138 | ||||||||
Accrued liabilities | 410,272 | 193,727 | 647,076 | 193,727 | ||||||||||||
Deferred income tax liability | 107,857 | 107,857 | 239,829 | 107,857 | ||||||||||||
Income taxes payable | 3,053,983 | 1,605,133 | 959,648 | 1,605,133 | ||||||||||||
Total Current Liabilities | 7,146,445 | 3,367,855 | 4,652,718 | 3,367,855 | ||||||||||||
TOTAL LIABILITIES | $ | 7,146,445 | $ | 3,367,855 | 4,652,718 | 3,367,855 | ||||||||||
STOCKHOLDERS' EQUITY | ||||||||||||||||
Preferred shares: $0.001 par value, 10,000,000 shares authorized: no shares issued and outstanding | - | - | - | - | ||||||||||||
Common shares: $0.001 par value, 100,000,000 shares authorized: 52,650,084 and 47,836,543 shares issued and outstanding, respectively | 52,650 | 47,836 | ||||||||||||||
Common shares: $0.001 par value, 100,000,000 shares authorized: 53,053,136 and 47,836,543 shares issued and outstanding, respectively | 53,053 | 47,836 | ||||||||||||||
Additional paid-in capital | 23,978,644 | 6,496,980 | 25,145,712 | 6,496,980 | ||||||||||||
Accumulated other comprehensive income | (389,729 | ) | (231,051 | ) | (770,828 | ) | (231,051 | ) | ||||||||
Retained earnings | 19,366,412 | 15,067,505 | 21,283,562 | 15,067,505 | ||||||||||||
Total Stockholders' Equity | 43,007,977 | 21,381,270 | 45,711,499 | 21,381,270 | ||||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 50,154,422 | $ | 24,749,125 | $ | 50,364,217 | $ | 24,749,125 |
PROFIRE ENERGY, INC. AND SUBSIDIARY | |||||||||||||||||
Condensed Consolidated Statements of Operations and Other Comprehensive Income (Loss) | |||||||||||||||||
(Unaudited) | |||||||||||||||||
For the Three Months Ended | For the Nine Months Ended | ||||||||||||||||
December 31, | December 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
REVENUES | |||||||||||||||||
Sales of goods, net | $ | 11,695,016 | $ | 8,999,070 | $ | 38,640,246 | $ | 24,778,093 | |||||||||
Sales of services, net | 821,683 | 531,767 | 2,742,219 | 1,276,780 | |||||||||||||
Total Revenues | 12,516,699 | 9,530,837 | 41,382,465 | 26,054,873 | |||||||||||||
COST OF SALES | |||||||||||||||||
Cost of goods sold-product | 5,299,912 | 3,894,002 | 16,837,531 | 10,169,122 | |||||||||||||
Cost of goods sold-services | 674,192 | 418,594 | 2,015,796 | 919,041 | |||||||||||||
Total Cost of Goods Sold | 5,974,104 | 4,312,596 | 18,853,327 | 11,088,163 | |||||||||||||
GROSS PROFIT | 6,542,595 | 5,218,241 | 22,529,138 | 14,966,710 | |||||||||||||
OPERATING EXPENSES | |||||||||||||||||
General and administrative expenses | 2,446,896 | 1,977,911 | 7,722,366 | 4,076,226 | |||||||||||||
Research and development | 521,814 | 139,691 | 1,331,834 | 390,710 | |||||||||||||
Payroll expenses | 1,591,397 | 946,878 | 4,624,826 | 2,712,947 | |||||||||||||
Depreciation and amortization expense | 176,371 | 78,685 | 424,014 | 205,610 | |||||||||||||
Total Operating Expenses | 4,736,478 | 3,143,165 | 14,103,040 | 7,385,493 | |||||||||||||
INCOME FROM OPERATIONS | 1,806,117 | 2,075,076 | 8,426,098 | 7,581,217 | |||||||||||||
OTHER INCOME (EXPENSE) | |||||||||||||||||
Interest expense | (14,222 | ) | - | (14,222 | ) | (10,567 | ) | ||||||||||
Gain on disposal of fixed assets | 9,052 | - | 9,052 | 1,617 | |||||||||||||
Other income (expense) | (910 | ) | 311 | 1,954 | 2,501 | ||||||||||||
Interest income | 6,687 | 1,544 | 14,467 | 9,910 | |||||||||||||
Total Other Income (Expense) | 607 | 1,855 | 11,251 | 3,461 | |||||||||||||
NET INCOME BEFORE INCOME TAXES | 1,806,724 | 2,076,931 | 8,437,349 | 7,584,678 | |||||||||||||
INCOME TAX EXPENSE | (110,426 | ) | 870,625 | 2,221,292 | 2,714,839 | ||||||||||||
NET INCOME | $ | 1,917,150 | $ | 1,206,306 | $ | 6,216,057 | $ | 4,869,839 | |||||||||
FOREIGN CURRENCY TRANSLATION GAIN (LOSS) | $ | (381,099 | ) | $ | (178,593 | ) | $ | (539,777 | ) | $ | (378,817 | ) | |||||
TOTAL COMPREHENSIVE INCOME | $ | 1,536,051 | $ | 1,027,713 | $ | 5,676,280 | $ | 4,491,022 | |||||||||
BASIC EARNINGS PER SHARE | $ | 0.04 | $ | 0.03 | $ | 0.12 | $ | 0.11 | |||||||||
FULLY DILUTED EARNINGS PER SHARE | $ | 0.04 | $ | 0.03 | $ | 0.12 | $ | 0.11 | |||||||||
BASIC WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING | 52,884,358 | 46,560,913 | 51,112,924 | 45,705,105 | |||||||||||||
FULLY DILUTED WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING | 52,843,154 | 46,973,885 | 51,389,624 | 46,118,077 |
PROFIRE ENERGY, INC. AND SUBSIDIARY | ||||||||||||||||
Condensed Consolidated Statements of Operations and Other Comprehensive Income (Loss) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
For the Three Months Ended | For the Six Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
REVENUES | ||||||||||||||||
Sales of goods, net | $ | 14,628,718 | $ | 8,940,062 | $ | 26,945,230 | $ | 15,779,023 | ||||||||
Sales of services, net | 1,092,214 | 402,394 | 1,920,536 | 745,013 | ||||||||||||
Total Revenues | 15,720,932 | 9,342,456 | 28,865,766 | 16,524,036 | ||||||||||||
COST OF SALES | ||||||||||||||||
Cost of goods sold-product | 6,469,992 | 3,550,640 | 11,537,619 | 6,275,120 | ||||||||||||
Cost of goods sold-services | 701,497 | 232,250 | 1,341,604 | 500,447 | ||||||||||||
Total Cost of Goods Sold | 7,171,489 | 3,782,890 | 12,879,223 | 6,775,567 | ||||||||||||
GROSS PROFIT | 8,549,443 | 5,559,566 | 15,986,543 | 9,748,469 | ||||||||||||
OPERATING EXPENSES | ||||||||||||||||
General and administrative expenses | 2,866,401 | 1,259,192 | 5,275,470 | 2,098,315 | ||||||||||||
Research and development | 538,793 | 155,089 | 810,020 | 251,019 | ||||||||||||
Payroll expenses | 1,767,730 | 930,993 | 3,033,429 | 1,766,069 | ||||||||||||
Depreciation expense | 122,928 | 65,597 | 247,643 | 126,925 | ||||||||||||
Total Operating Expenses | 5,295,852 | 2,410,871 | 9,366,562 | 4,242,328 | ||||||||||||
INCOME FROM OPERATIONS | 3,253,591 | 3,148,695 | 6,619,981 | 5,506,141 | ||||||||||||
OTHER INCOME (EXPENSE) | ||||||||||||||||
Interest expense | - | (100 | ) | - | (10,567 | ) | ||||||||||
Gain on disposal of fixed assets | - | 1,617 | - | 1,617 | ||||||||||||
Other income (expense) | (257 | ) | 1,575 | 2,864 | 2,190 | |||||||||||
Interest income | 7,543 | 7,565 | 7,780 | 8,366 | ||||||||||||
Total Other Income (Expense) | 7,286 | 10,657 | 10,644 | 1,606 | ||||||||||||
NET INCOME BEFORE INCOME TAXES | 3,260,877 | 3,159,352 | 6,630,625 | 5,507,747 | ||||||||||||
INCOME TAX EXPENSE | 1,182,676 | 1,109,803 | 2,331,718 | 1,844,214 | ||||||||||||
NET INCOME | $ | 2,078,201 | $ | 2,049,549 | $ | 4,298,907 | $ | 3,663,533 | ||||||||
FOREIGN CURRENCY TRANSLATION GAIN (LOSS) | $ | (455,114 | ) | $ | (90,191 | ) | $ | (158,678 | ) | $ | (200,224 | ) | ||||
TOTAL COMPREHENSIVE INCOME | $ | 1,623,087 | $ | 1,959,358 | $ | 4,140,229 | $ | 3,463,309 | ||||||||
BASIC EARNINGS PER SHARE | $ | 0.04 | $ | 0.05 | $ | 0.09 | $ | 0.08 | ||||||||
FULLY DILUTED EARNINGS PER SHARE | $ | 0.04 | $ | 0.04 | $ | 0.08 | $ | 0.08 | ||||||||
BASIC WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING | 52,482,823 | 45,289,301 | 50,222,367 | 45,274,863 | ||||||||||||
FULLY DILUTED WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING | 53,126,287 | 45,905,364 | 50,865,831 | 45,905,364 |
PROFIRE ENERGY, INC. AND SUBSIDIARY | PROFIRE ENERGY, INC. AND SUBSIDIARY | PROFIRE ENERGY, INC. AND SUBSIDIARY | ||||||||||||||
Condensed Consolidated Statements of Cash Flows | Condensed Consolidated Statements of Cash Flows | Condensed Consolidated Statements of Cash Flows | ||||||||||||||
(unaudited) | (unaudited) | (unaudited) | ||||||||||||||
For the Six Months Ended | For the Nine Months Ended | |||||||||||||||
September 30, | December 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
OPERATING ACTIVITIES | ||||||||||||||||
Net Income | $ | 4,298,907 | $ | 3,663,533 | $ | 6,216,057 | $ | 4,869,839 | ||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||
Depreciation expense | 247,643 | 168,020 | 784,193 | 246,542 | ||||||||||||
Gain on disposal of fixed assets | - | (1,617 | ) | (9,052 | ) | (1,617 | ) | |||||||||
Common stock issued for services | 168,004 | 28,350 | - | 28,350 | ||||||||||||
Bad debt expense | (14,832 | ) | 849,531 | |||||||||||||
Stock options issued for services | 712,820 | 180,944 | 1,031,301 | - | ||||||||||||
Unrealized foreign exchange gain | (128,429 | ) | - | |||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||||
Changes in accounts receivable | (5,961,481 | ) | (2,776,585 | ) | (3,035,929 | ) | (2,749,328 | ) | ||||||||
Changes in inventories | (1,634,627 | ) | (2,723,568 | ) | (4,533,903 | ) | (3,572,120 | ) | ||||||||
Changes in prepaid expenses | (200,631 | ) | (60,376 | ) | (345,977 | ) | (44,970 | ) | ||||||||
Changes in deferred tax asset/liability | 79,208 | - | (246,016 | ) | - | |||||||||||
Changes in accounts payable and accrued liabilities | 2,329,740 | 897,043 | 1,831,277 | 519,060 | ||||||||||||
Changes in income taxes payable | 1,448,850 | 870,119 | (478,480 | ) | 1,190,648 | |||||||||||
Net Cash Provided by Operating Activities | 1,360,004 | 245,863 | 1,198,639 | 1,335,935 | ||||||||||||
INVESTING ACTIVITIES | ||||||||||||||||
Proceeds from disposal of equipment | - | 33,910 | 9,052 | 33,910 | ||||||||||||
Cash paid for asset acquisition | (750,000 | ) | ||||||||||||||
Purchase of fixed assets | (3,720,259 | ) | (389,365 | ) | (5,941,953 | ) | (654,057 | ) | ||||||||
Net Cash Used in Investing Activities | (3,720,259 | ) | (355,455 | ) | (6,682,901 | ) | (620,147 | ) | ||||||||
FINANCING ACTIVITIES | ||||||||||||||||
Stock issued for cash | 18,000,000 | - | ||||||||||||||
Stock offering costs | (1,529,057 | ) | - | |||||||||||||
Stock issued for cash, net of stock offering costs | 16,424,688 | 4,332,975 | ||||||||||||||
Stock issued in exercise of stock options | 134,711 | 48,000 | 197,961 | 118,512 | ||||||||||||
Net Cash Used in Financing Activities | 16,605,654 | 48,000 | 16,622,649 | 4,451,487 | ||||||||||||
Effect of exchange rate changes on cash | (30,249 | ) | (144,925 | ) | (209,454 | ) | (161,257 | ) | ||||||||
NET INCREASE (DECREASE) IN CASH | 14,215,150 | (206,517 | ) | 10,928,933 | 5,006,018 | |||||||||||
CASH AT BEGINNING OF PERIOD | 4,456,674 | 808,772 | 4,456,674 | 808,772 | ||||||||||||
CASH AT END OF PERIOD | $ | 18,671,824 | $ | 602,255 | $ | 15,385,607 | $ | 5,814,790 | ||||||||
SUPPLEMENTAL DISCLOSURES OF | ||||||||||||||||
CASH FLOW INFORMATION | ||||||||||||||||
CASH PAID FOR: | ||||||||||||||||
Interest | $ | - | $ | 100 | $ | 14,222 | $ | 10,567 | ||||||||
Income taxes | $ | - | $ | 302,300 | $ | 2,890,769 | $ | 1,655,672 | ||||||||
NON CASH INVESTING AND FINANCING ACTIVITIES: | ||||||||||||||||
None | $ | - | $ | - | ||||||||||||
Stock issued for acquisition | $ | 1,000,000 | $ | - |
September 30, 2014 | March 31, 2014 | December 31, 2014 | March 31, 2014 | |||||||||||||
Raw materials | $ | - | $ | - | $ | - | $ | - | ||||||||
Finished goods | 8,404,244 | 6,665,489 | 11,211,619 | 6,665,489 | ||||||||||||
Work in process | - | - | - | - | ||||||||||||
Subtotal | 8,404,244 | 6,665,489 | 11,211,619 | 6,665,489 | ||||||||||||
Reserve for Obsolescence | (189,759 | ) | (85,631 | ) | (188,280 | ) | (85,631 | ) | ||||||||
Total | $ | 8,214,485 | $ | 6,579,858 | $ | 11,023,339 | $ | 6,579,858 |
Earnings per share footnote | ||||||||||||||||
For the Six Months Ended September 30, | For the Nine Months Ended December 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Net income applicable to common shareholders | $ | 4,298,907 | $ | 3,663,533 | $ | 6,216,057 | $ | 4,869,839 | ||||||||
Weighted average shares outstanding | 50,222,367 | 45,274,863 | 51,112,924 | 45,705,105 | ||||||||||||
Weighted average fully diluted shares outstanding | 50,865,831 | 45,905,364 | 51,389,624 | 46,118,077 | ||||||||||||
Basic earnings per share | $ | 0.09 | $ | 0.08 | $ | 0.12 | $ | 0.11 | ||||||||
Fully diluted earnings per share | $ | 0.08 | $ | 0.08 | $ | 0.12 | $ | 0.11 |
2014 | 2013 | |||||||
Office furniture and equipment | $ | 742,025 | $ | 348,138 | ||||
Service and shop equipment | 592,349 | 294,034 | ||||||
Vehicles | 3,070,191 | 596,514 | ||||||
Land and buildings | 6,831,870 | 1,812,133 | ||||||
Total property and equipment | 11,236,435 | 3,050,819 | ||||||
Accumulated depreciation | (1,750,241 | ) | (507,268 | ) | ||||
Net property and equipment | $ | 9,486,194 | $ | 2,543,551 |
Consideration paid: | ||||
Cash paid | $ | 750,000 | ||
Common stock issued | 1,000,000 | |||
Total purchase price | $ | 1,750,000 | ||
Consideration received: | ||||
Inventory | $ | 54,577 | ||
Intangible assets | 697,722 | |||
$ | 752,299 | |||
Goodwill was recognized as a result of the acquisition as follows: | ||||
Total consideration paid | $ | 1,750,000 | ||
Total consideration received | (752,299 | ) | ||
$ | 997,701 |
December 31, 2014 | December 31, 2013 | |||||||
Distribution agreements | $ | 45,540 | $ | - | ||||
Less: Accumulated amortization | (15,180 | ) | - | |||||
Distribution agreements, net | 30,360 | - | ||||||
Patents, trademarks, copyrights, and domain names | 634,532 | - | ||||||
Total definite-lived intangible assets, net | $ | 664,892 | $ | - |
December 31, 2014 | December 31, 2013 | |||||||
Goodwill | $ | 997,701 | $ | - |
For the Six Months Ended September 30, | For the Nine Months Ended December 31, | |||||||||||||||
Sales | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Canada | $ | 9,533,064 | $ | 7,204,313 | $ | 13,260,794 | $ | 11,492,468 | ||||||||
United States | 19,332,702 | 9,319,723 | 28,121,671 | 14,562,405 | ||||||||||||
Total | $ | 28,865,766 | $ | 16,524,036 | $ | 41,382,465 | $ | 26,054,873 | ||||||||
September 30, | March 31, | December 31, | March 31, | |||||||||||||
Long-lived assets | 2014 | 2014 | 2014 | 2014 | ||||||||||||
Canada | $ | 1,347,366 | $ | 1,392,577 | $ | 1,390,988 | $ | 1,392,577 | ||||||||
United States | 6,511,131 | 2,993,304 | 8,095,206 | 2,993,304 | ||||||||||||
Total | $ | 7,858,497 | $ | 4,385,881 | $ | 9,486,194 | $ | 4,385,881 |
Options | Wtd. Avg. Fair Value | |||||||
Outstanding, March 31, 2013 | 1,808,000 | $ | 0.96 | |||||
Granted | 1,583,000 | 1.85 | ||||||
Exercised | (307,150 | ) | 0.39 | |||||
Forfeited | (9,000 | ) | 1.64 | |||||
Expired | - | - | ||||||
Outstanding, March 31, 2014 | 3,074,850 | $ | 1.47 | |||||
Exercisable, March 31, 2014 | 990,850 | $ | 1.39 | |||||
Options | Wtd. Avg. Fair Value | |||||||
Outstanding, March 31, 2014 | 3,074,850 | $ | 1.47 | |||||
Granted | 133,900 | 4.03 | ||||||
Exercised | (450,635 | ) | 0.44 | |||||
Forfeited | (41,500 | ) | 2.12 | |||||
Expired | - | - | ||||||
Outstanding, December 31, 2014 | 2,716,615 | $ | 1.68 | |||||
Exercisable, December 31,2014 | 906,315 | $ | 2.12 |
Options | Wtd. Avg. | ||||
Outstanding, March 31, 2013 | 1,808,000 | 0.96 | |||
Granted | 1,583,000 | 1.85 | |||
Exercised | (307,150) | 0.39 | |||
Forfeited | (9,000) | 1.64 | |||
Expired | - | - | |||
Outstanding, March 31, 2014 | 3,074,850 | 1.47 | |||
Exercisable, March 31, 2014 | 990,850 | 1.39 | |||
Options | Wtd. Avg. | ||||
Outstanding, March 31, 2014 | 3,074,850 | 1.47 | |||
Granted | 133,900 | 4.03 | |||
Exercised | (273,635) | 0.49 | |||
Forfeited | (41,500) | 2.12 | |||
Expired | - | - | |||
Outstanding, September 30, 2014 | 2,893,615 | 1.68 | |||
Exercisable, September 30, 2014 | 983,315 | 1.63 |
Total Outstanding and Exercisable March 31, 2014 | |||||||||||||||||||||||||||
Range | Range | Outstanding Shares | Average Remaining Life (Yrs) | Exercisable Shares | Weighted Average Exercise Price | ||||||||||||||||||||||
Range | Outstanding Shares | Average Remaining Life (Yrs) | Exercisable Shares | Weighted Average Exercise Price | |||||||||||||||||||||||
$ | 0.30 | 460,000 | 2.88 | 220,000 | 0.30 | 0.30 | 460,000 | 2.88 | 220,000 | $ | 0.30 | ||||||||||||||||
$ | 0.40 | 250,000 | 0.46 | 250,000 | 0.40 | 0.40 | 250,000 | 0.46 | 250,000 | 0.40 | |||||||||||||||||
$ | 1.75 | 784,350 | 3.96 | 320,850 | 1.75 | 1.37 | 1,280,500 | 5.07 | 50,000 | 1.37 | |||||||||||||||||
$ | 1.37 | 1,280,500 | 5.07 | 50,000 | 1.37 | 1.75 | 784,350 | 3.96 | 320,850 | 1.75 | |||||||||||||||||
$ | 3.85 | 200,000 | 5.61 | 100,000 | 3.85 | 3.85 | 200,000 | 5.61 | 100,000 | 3.85 | |||||||||||||||||
$ | 3.95 | 100,000 | 5.86 | 50,000 | 3.95 | 3.95 | 100,000 | 5.86 | 50,000 | 3.95 | |||||||||||||||||
3,074,850 | 4.14 | 990,850 | 1.39 | 3,074,850 | 4.14 | 990,850 | $ | 1.39 | |||||||||||||||||||
Total Outstanding and Exercisable September 30, 2014 | |||||||||||||||||||||||||||
Range | Outstanding Shares | Average Remaining Life (Yrs) | Exercisable Shares | Weighted Average Exercise Price | |||||||||||||||||||||||
$ | 0.30 | 460,000 | 2.31 | 220,000 | 0.30 | ||||||||||||||||||||||
$ | 1.75 | 1,243,000 | 3.43 | 314,600 | 1.75 | ||||||||||||||||||||||
$ | 1.37 | 766,715 | 4.55 | 298,715 | 1.37 | ||||||||||||||||||||||
$ | 3.85 | 200,000 | 5.11 | 100,000 | 3.85 | ||||||||||||||||||||||
$ | 3.95 | 100,000 | 5.36 | 50,000 | 3.95 | ||||||||||||||||||||||
$ | 4.03 | 123,900 | 5.59 | - | 4.03 | ||||||||||||||||||||||
2,893,615 | 4.02 | 983,315 | 1.58 |
Range | Outstanding Shares | Average Remaining Life (Yrs) | Exercisable Shares | Weighted Average Exercise Price | ||||||||||||||
$ | 0.30 | 290,000 | 2.13 | 50,000 | $ | 0.30 | ||||||||||||
$ | 1.37 | 1,243,000 | 4.39 | 314,600 | 1.37 | |||||||||||||
$ | 1.75 | 759,715 | 3.18 | 291,715 | 1.75 | |||||||||||||
$ | 3.85 | 200,000 | 4.85 | 200,000 | 3.85 | |||||||||||||
$ | 3.95 | 100,000 | 5.11 | 50,000 | 3.95 | |||||||||||||
$ | 4.03 | 123,900 | 5.34 | - | 4.03 | |||||||||||||
2,716,615 | 4.02 | 906,315 | $ | 2.12 |
Non-vested options | Options | Wtd. Avg. Grant Date Fair Value | |||
Non-vested at March 31, 2014 | 2,084,000 | 1.51 | |||
Stock options issued during the six months | 133,900 | 4.03 | |||
Stock options canceled | (21,500) | - | |||
Vested during the six months ended September 30, 2014 | (286,100) | 1.37 | |||
Non-vested at September 30, 2014 | 1,910,300 | 1.70 |
Non-vested options | Options | Wtd. Avg. Grant Date Fair Value | ||||||
Non-vested at March 31, 2014 | 2,084,000 | $ | 1.51 | |||||
Stock options issued during the nine months | 133,900 | 4.03 | ||||||
Stock options canceled | (21,500 | ) | - | |||||
Vested during the nine months endeed December 31, 2014 | (386,100 | ) | 2.01 | |||||
Non-vested at December 31, 2014 | 1,810,300 | $ | 1.58 |
Non-vested restricted stock | Restricted Stock | Wtd. Avg. Grant Date Fair Value | |||
Non-vested at March 31, 2014 | - | - | |||
Restricted stock issued during the six months | 259,811 | 4.09 | |||
Restricted stock options canceled | - | - | |||
Vested during the six months ended September 30, 2014 | - | - | |||
Non-vested at September 30, 2014 | 259,811 | 4.09 | |||
Non-vested restricted stock units | Restricted Stock Units | Wtd. Avg. Grant Date Fair Value | |||
Non-vested at March 31, 2014 | - | - | |||
Restricted stock units issued during the six months | 12,000 | 4.21 | |||
Restricted stock units canceled | - | - | |||
Vested during the six months ended September 30, 2014 | - | - | |||
Non-vested at September 30, 2014 | 12,000 | 4.21 |
Non-vested restricted stock | Restricted Stock | Wtd. Avg. Grant Date Fair Value | ||||||
Non-vested at March 31, 2014 | - | $ | - | |||||
Stock options issued during the nine months | 179,999 | 4.03 | ||||||
Stock options canceled | - | - | ||||||
Vested during the nine months ended December 31, 2014 | - | - | ||||||
Non-vested at December 31, 2014 | 179,999 | $ | 4.03 |
Non-vested restricted stock units | Restricted Stock Units | Wtd. Avg. Grant Date Fair Value | ||||||
Non-vested at March 31, 2014 | - | $ | - | |||||
Stock options issued during the nine months | 91,812 | 4.21 | ||||||
Stock options canceled | - | - | ||||||
Vested during the nine months ended December 31, 2014 | (39,904 | ) | 4.21 | |||||
Non-vested at December 31, 2014 | 51,908 | $ | 4.21 |
Nine months ended December 31, 2014 | Nine months ended December 31, 2013 | |||||||
Net cash provided by operating activities | $ | 1,198,639 | $ | 1,335,935 | ||||
Net cash used in investing activities | (6,682,901 | ) | (620,147 | ) | ||||
Net Cash provided by financing activities | 16,622,649 | 4,451,487 | ||||||
Effect of Exchange rate on cash | (209,454 | ) | (161,257 | ) | ||||
Net increase in cash | $ | 10,928,933 | $ | 5,006,018 |
Six months ended September 30, 2014 | Six months ended September 30, 2013 | |||||||
Net cash provided by operating activities | $ | 1,360,004 | $ | 245,863 | ||||
Net cash used in investing activities | (3,720,259 | ) | (355,455 | ) | ||||
Net Cash provided by financing activities | 16,605,654 | 48,000 | ||||||
Effect of Exchange rate on cash | (30,249 | ) | (144,925 | ) | ||||
Net increase in cash | $ | 14,215,150 | $ | (206,517 | ) |
Total | Less than 1 year | 1-3 years | 3-5 years | More than 5 years | Total | Less than 1 year | 1-3 years | 3-5 years | More than 5 years | |||||||||||||||||||||||||||||||
Contractual Commitments | ||||||||||||||||||||||||||||||||||||||||
Consulting Agreement – Al Johnson | $ | 3,800,000 | $ | 400,000 | $ | 800,000 | $ | 800,000 | $ | 1,800,000 | $ | 3,700,000 | $ | 400,000 | $ | 800,000 | $ | 800,000 | $ | 1,700,000 | ||||||||||||||||||||
Total | $ | 3,800,000 | $ | 400,000 | $ | 800,000 | $ | 800,000 | $ | 1,800,000 | $ | 3,700,000 | $ | 400,000 | $ | 800,000 | $ | 800,000 | $ | 1,700,000 |
Item 1. Legal Proceedings |
Item 1A. Risk Factors |
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds |
Exhibit 31.1 | Certification of Principal Executive Officer Pursuant to Rule 13a-14(a) | |
Exhibit 31.2 | Certification of Principal Financial Officer Pursuant to Rule 13a-14(a) | |
Exhibit 32.1 | Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350 | |
Exhibit 32.2 | Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350 | |
Exhibit 101.INS | XBRL Instance Document | |
Exhibit 101.SCH | XBRL Taxonomy Extension Schema Document | |
Exhibit 101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | |
Exhibit 101.DEF | XBRL Taxonomy Definition Linkbase Document | |
Exhibit 101.LAB | XBRL Taxonomy Extension Label Linkbase Document | |
Exhibit 101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document |
PROFIRE ENERGY, INC. |
Date: | By: | /s/ Brenton W. Hatch | |
Brenton W. Hatch | |||
Chief Executive Officer |
Date: | By: | /s/Andrew Limpert | |
Andrew Limpert | |||
Chief Financial Officer |